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Elastic N.V.（ESTC）与FORWARD AIR CORP（FWRD）财务数据对比。点击上方公司名可切换其他公司
FORWARD AIR CORP的季度营收约是Elastic N.V.的1.5倍（$631.2M vs $423.5M），FORWARD AIR CORP净利率更高（-4.5% vs -12.1%，领先7.6%），Elastic N.V.同比增速更快（15.9% vs -0.3%），过去两年Elastic N.V.的营收复合增速更高（13.6% vs 7.9%）
Elastic是荷美合资软件企业，2012年成立于荷兰阿姆斯特丹，运营总部分设于荷兰及美国加利福尼亚州旧金山市，于纽交所上市。公司提供企业级搜索、可观测性、网络安全平台，可支持用户实现大规模数据搜索分析、系统性能监测及异常检测。
Forward Air Corp是北美领先的轻资产物流运输服务商，核心业务包括加急零担货运、最后一公里配送、多式联运、仓储及供应链解决方案，服务覆盖美加墨地区，主要服务电商、零售、制造、汽车等行业。
ESTC vs FWRD — 直观对比
营收规模更大
FWRD
是对方的1.5倍
$423.5M
营收增速更快
ESTC
高出16.2%
-0.3%
净利率更高
FWRD
高出7.6%
-12.1%
两年增速更快
ESTC
近两年复合增速
7.9%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $423.5M | $631.2M |
| 净利润 | $-51.3M | $-28.3M |
| 毛利率 | 75.9% | — |
| 营业利润率 | -1.9% | -0.5% |
| 净利率 | -12.1% | -4.5% |
| 营收同比 | 15.9% | -0.3% |
| 净利润同比 | -101.5% | 22.2% |
| 每股收益（稀释后） | $-0.48 | $-0.90 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ESTCFWRD
| Q4 25 | $423.5M | $631.2M | ||
| Q3 25 | $415.3M | $631.8M | ||
| Q2 25 | $388.4M | $618.8M | ||
| Q1 25 | $382.1M | $613.3M | ||
| Q4 24 | $365.4M | $632.8M | ||
| Q3 24 | $347.4M | $655.9M | ||
| Q2 24 | $335.0M | $643.7M | ||
| Q1 24 | $328.0M | $541.8M |
净利润ESTCFWRD
| Q4 25 | $-51.3M | $-28.3M | ||
| Q3 25 | $-24.6M | $-16.3M | ||
| Q2 25 | $-16.4M | $-12.6M | ||
| Q1 25 | $-17.1M | $-50.6M | ||
| Q4 24 | $-25.4M | $-36.4M | ||
| Q3 24 | $-49.2M | $-73.4M | ||
| Q2 24 | $-41.1M | $-645.4M | ||
| Q1 24 | $176.1M | $-61.7M |
毛利率ESTCFWRD
| Q4 25 | 75.9% | — | ||
| Q3 25 | 76.7% | — | ||
| Q2 25 | 74.8% | — | ||
| Q1 25 | 74.6% | — | ||
| Q4 24 | 74.5% | — | ||
| Q3 24 | 73.6% | — | ||
| Q2 24 | 73.8% | — | ||
| Q1 24 | 74.2% | — |
营业利润率ESTCFWRD
| Q4 25 | -1.9% | -0.5% | ||
| Q3 25 | -2.3% | 2.4% | ||
| Q2 25 | -3.1% | 3.2% | ||
| Q1 25 | -1.2% | 0.8% | ||
| Q4 24 | -1.2% | 12.0% | ||
| Q3 24 | -9.7% | 3.5% | ||
| Q2 24 | -13.6% | -170.2% | ||
| Q1 24 | -8.1% | -12.1% |
净利率ESTCFWRD
| Q4 25 | -12.1% | -4.5% | ||
| Q3 25 | -5.9% | -2.6% | ||
| Q2 25 | -4.2% | -2.0% | ||
| Q1 25 | -4.5% | -8.3% | ||
| Q4 24 | -7.0% | -5.8% | ||
| Q3 24 | -14.2% | -11.2% | ||
| Q2 24 | -12.3% | -100.3% | ||
| Q1 24 | 53.7% | -11.4% |
每股收益（稀释后）ESTCFWRD
| Q4 25 | $-0.48 | $-0.90 | ||
| Q3 25 | $-0.23 | $-0.52 | ||
| Q2 25 | $-0.15 | $-0.41 | ||
| Q1 25 | $-0.16 | $-1.68 | ||
| Q4 24 | $-0.25 | $-1.69 | ||
| Q3 24 | $-0.48 | $-2.66 | ||
| Q2 24 | $-0.35 | $-23.47 | ||
| Q1 24 | $1.69 | $-2.81 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.4B | $106.0M |
| 总债务越低越好 | $570.3M | $1.7B |
| 股东权益账面价值 | $891.1M | $113.3M |
| 总资产 | $2.5B | $2.7B |
| 负债/权益比越低杠杆越低 | 0.64× | 14.89× |
8季度趋势，按日历期对齐
现金及短期投资ESTCFWRD
| Q4 25 | $1.4B | $106.0M | ||
| Q3 25 | $1.5B | $140.4M | ||
| Q2 25 | $1.4B | $95.1M | ||
| Q1 25 | $584.0M | $116.3M | ||
| Q4 24 | $658.5M | $104.9M | ||
| Q3 24 | $594.9M | $136.6M | ||
| Q2 24 | $1.1B | $84.9M | ||
| Q1 24 | $526.9M | $152.0M |
总债务ESTCFWRD
| Q4 25 | $570.3M | $1.7B | ||
| Q3 25 | $570.0M | $1.7B | ||
| Q2 25 | $569.7M | — | ||
| Q1 25 | $569.4M | — | ||
| Q4 24 | $569.2M | — | ||
| Q3 24 | $568.9M | — | ||
| Q2 24 | $568.6M | — | ||
| Q1 24 | $568.3M | $1.7B |
股东权益ESTCFWRD
| Q4 25 | $891.1M | $113.3M | ||
| Q3 25 | $971.4M | $139.8M | ||
| Q2 25 | $927.2M | $151.8M | ||
| Q1 25 | $859.1M | $154.6M | ||
| Q4 24 | $811.5M | $201.7M | ||
| Q3 24 | $759.4M | $226.1M | ||
| Q2 24 | $738.2M | $283.8M | ||
| Q1 24 | $707.8M | $926.1M |
总资产ESTCFWRD
| Q4 25 | $2.5B | $2.7B | ||
| Q3 25 | $2.5B | $2.8B | ||
| Q2 25 | $2.6B | $2.8B | ||
| Q1 25 | $2.3B | $2.8B | ||
| Q4 24 | $2.2B | $2.8B | ||
| Q3 24 | $2.2B | $3.1B | ||
| Q2 24 | $2.2B | $3.1B | ||
| Q1 24 | $2.1B | $4.0B |
负债/权益比ESTCFWRD
| Q4 25 | 0.64× | 14.89× | ||
| Q3 25 | 0.59× | 12.05× | ||
| Q2 25 | 0.61× | — | ||
| Q1 25 | 0.66× | — | ||
| Q4 24 | 0.70× | — | ||
| Q3 24 | 0.75× | — | ||
| Q2 24 | 0.77× | — | ||
| Q1 24 | 0.80× | 1.81× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $26.6M | — |
| 自由现金流经营现金流 - 资本支出 | $26.0M | — |
| 自由现金流率自由现金流/营收 | 6.1% | — |
| 资本支出强度资本支出/营收 | 0.1% | 1.3% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $302.3M | — |
8季度趋势，按日历期对齐
经营现金流ESTCFWRD
| Q4 25 | $26.6M | — | ||
| Q3 25 | $104.8M | $52.7M | ||
| Q2 25 | $87.0M | — | ||
| Q1 25 | $88.1M | $27.6M | ||
| Q4 24 | $38.4M | $-23.2M | ||
| Q3 24 | $52.8M | $51.2M | ||
| Q2 24 | $60.9M | $-45.2M | ||
| Q1 24 | $52.4M | $-51.7M |
自由现金流ESTCFWRD
| Q4 25 | $26.0M | — | ||
| Q3 25 | $104.2M | $48.6M | ||
| Q2 25 | $84.9M | — | ||
| Q1 25 | $87.3M | $15.7M | ||
| Q4 24 | $37.7M | $-30.5M | ||
| Q3 24 | $52.0M | $40.7M | ||
| Q2 24 | $60.1M | $-59.6M | ||
| Q1 24 | $51.3M | $-56.7M |
自由现金流率ESTCFWRD
| Q4 25 | 6.1% | — | ||
| Q3 25 | 25.1% | 7.7% | ||
| Q2 25 | 21.8% | — | ||
| Q1 25 | 22.8% | 2.6% | ||
| Q4 24 | 10.3% | -4.8% | ||
| Q3 24 | 15.0% | 6.2% | ||
| Q2 24 | 17.9% | -9.3% | ||
| Q1 24 | 15.6% | -10.5% |
资本支出强度ESTCFWRD
| Q4 25 | 0.1% | 1.3% | ||
| Q3 25 | 0.2% | 0.7% | ||
| Q2 25 | 0.5% | 0.8% | ||
| Q1 25 | 0.2% | 1.9% | ||
| Q4 24 | 0.2% | 1.1% | ||
| Q3 24 | 0.2% | 1.6% | ||
| Q2 24 | 0.3% | 2.2% | ||
| Q1 24 | 0.3% | 0.9% |
现金转化率ESTCFWRD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.30× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ESTC
| Self Managed Subscription | $192.0M | 45% |
| Saa S Self Managed Annual | $156.9M | 37% |
| Saa S Self Managed Monthly | $48.8M | 12% |
| Professional Services | $25.8M | 6% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
