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FirstCash Holdings, Inc.（FCFS）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FirstCash Holdings, Inc.的1.3倍（$631.2M vs $501.3M），FirstCash Holdings, Inc.净利率更高（20.8% vs -4.5%，领先25.3%），FirstCash Holdings, Inc.同比增速更快（21.2% vs -0.3%），过去两年FirstCash Holdings, Inc.的营收复合增速更高（16.9% vs 7.9%）
FirstCash Holdings, Inc.是总部位于美国得克萨斯州沃斯堡的典当企业，在美国及拉丁美洲多地运营线下典当零售门店，为纳斯达克证券交易所公开上市企业，在美洲典当服务领域拥有成熟的业务布局与完善的运营网络。
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。
FCFS vs FWRD — 直观对比
营收规模更大
FWRD
是对方的1.3倍
$501.3M
营收增速更快
FCFS
高出21.4%
-0.3%
净利率更高
FCFS
高出25.3%
-4.5%
两年增速更快
FCFS
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $501.3M | $631.2M |
| 净利润 | $104.2M | $-28.3M |
| 毛利率 | — | — |
| 营业利润率 | 28.5% | -0.5% |
| 净利率 | 20.8% | -4.5% |
| 营收同比 | 21.2% | -0.3% |
| 净利润同比 | 24.7% | 22.2% |
| 每股收益（稀释后） | $2.35 | $-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FCFSFWRD
| Q4 25 | $501.3M | $631.2M | ||
| Q3 25 | $411.0M | $631.8M | ||
| Q2 25 | $385.1M | $618.8M | ||
| Q1 25 | $371.1M | $613.3M | ||
| Q4 24 | $413.7M | $632.8M | ||
| Q3 24 | $363.1M | $655.9M | ||
| Q2 24 | $363.5M | $643.7M | ||
| Q1 24 | $366.8M | $541.8M |
净利润FCFSFWRD
| Q4 25 | $104.2M | $-28.3M | ||
| Q3 25 | $82.8M | $-16.3M | ||
| Q2 25 | $59.8M | $-12.6M | ||
| Q1 25 | $83.6M | $-50.6M | ||
| Q4 24 | $83.5M | $-36.4M | ||
| Q3 24 | $64.8M | $-73.4M | ||
| Q2 24 | $49.1M | $-645.4M | ||
| Q1 24 | $61.4M | $-61.7M |
营业利润率FCFSFWRD
| Q4 25 | 28.5% | -0.5% | ||
| Q3 25 | 27.4% | 2.4% | ||
| Q2 25 | 21.1% | 3.2% | ||
| Q1 25 | 30.0% | 0.8% | ||
| Q4 24 | 26.5% | 12.0% | ||
| Q3 24 | 23.5% | 3.5% | ||
| Q2 24 | 18.2% | -170.2% | ||
| Q1 24 | 22.3% | -12.1% |
净利率FCFSFWRD
| Q4 25 | 20.8% | -4.5% | ||
| Q3 25 | 20.1% | -2.6% | ||
| Q2 25 | 15.5% | -2.0% | ||
| Q1 25 | 22.5% | -8.3% | ||
| Q4 24 | 20.2% | -5.8% | ||
| Q3 24 | 17.9% | -11.2% | ||
| Q2 24 | 13.5% | -100.3% | ||
| Q1 24 | 16.7% | -11.4% |
每股收益（稀释后）FCFSFWRD
| Q4 25 | $2.35 | $-0.90 | ||
| Q3 25 | $1.86 | $-0.52 | ||
| Q2 25 | $1.34 | $-0.41 | ||
| Q1 25 | $1.87 | $-1.68 | ||
| Q4 24 | $1.86 | $-1.69 | ||
| Q3 24 | $1.44 | $-2.66 | ||
| Q2 24 | $1.08 | $-23.47 | ||
| Q1 24 | $1.35 | $-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 | $125.2M | $106.0M |
| 总债务越低越好 | $2.2B | $1.7B |
| 股东权益账面价值 | $2.3B | $113.3M |
| 总资产 | $5.3B | $2.7B |
| 负债/权益比越低杠杆越低 | 0.98× | 14.89× |
8季度趋势，按日历期对齐
现金及短期投资FCFSFWRD
| Q4 25 | $125.2M | $106.0M | ||
| Q3 25 | $130.2M | $140.4M | ||
| Q2 25 | $101.5M | $95.1M | ||
| Q1 25 | $146.0M | $116.3M | ||
| Q4 24 | $175.1M | $104.9M | ||
| Q3 24 | $106.3M | $136.6M | ||
| Q2 24 | $113.7M | $84.9M | ||
| Q1 24 | $135.1M | $152.0M |
总债务FCFSFWRD
| Q4 25 | $2.2B | $1.7B | ||
| Q3 25 | $2.2B | $1.7B | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.5B | $1.7B |
股东权益FCFSFWRD
| Q4 25 | $2.3B | $113.3M | ||
| Q3 25 | $2.2B | $139.8M | ||
| Q2 25 | $2.1B | $151.8M | ||
| Q1 25 | $2.1B | $154.6M | ||
| Q4 24 | $2.1B | $201.7M | ||
| Q3 24 | $2.0B | $226.1M | ||
| Q2 24 | $2.0B | $283.8M | ||
| Q1 24 | $2.0B | $926.1M |
总资产FCFSFWRD
| Q4 25 | $5.3B | $2.7B | ||
| Q3 25 | $5.2B | $2.8B | ||
| Q2 25 | $4.5B | $2.8B | ||
| Q1 25 | $4.4B | $2.8B | ||
| Q4 24 | $4.5B | $2.8B | ||
| Q3 24 | $4.4B | $3.1B | ||
| Q2 24 | $4.3B | $3.1B | ||
| Q1 24 | $4.2B | $4.0B |
负债/权益比FCFSFWRD
| Q4 25 | 0.98× | 14.89× | ||
| Q3 25 | 1.01× | 12.05× | ||
| Q2 25 | 0.79× | — | ||
| Q1 25 | 0.83× | — | ||
| Q4 24 | 0.85× | — | ||
| Q3 24 | 0.87× | — | ||
| Q2 24 | 0.85× | — | ||
| Q1 24 | 0.75× | 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 | $206.6M | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | 1.3% |
| 现金转化率经营现金流/净利润 | 1.98× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流FCFSFWRD
| Q4 25 | $206.6M | — | ||
| Q3 25 | $135.8M | $52.7M | ||
| Q2 25 | $116.9M | — | ||
| Q1 25 | $126.6M | $27.6M | ||
| Q4 24 | $198.1M | $-23.2M | ||
| Q3 24 | $113.1M | $51.2M | ||
| Q2 24 | $106.2M | $-45.2M | ||
| Q1 24 | $122.5M | $-51.7M |
自由现金流FCFSFWRD
| Q4 25 | — | — | ||
| Q3 25 | — | $48.6M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $15.7M | ||
| Q4 24 | — | $-30.5M | ||
| Q3 24 | — | $40.7M | ||
| Q2 24 | — | $-59.6M | ||
| Q1 24 | — | $-56.7M |
自由现金流率FCFSFWRD
| Q4 25 | — | — | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | -4.8% | ||
| Q3 24 | — | 6.2% | ||
| Q2 24 | — | -9.3% | ||
| Q1 24 | — | -10.5% |
资本支出强度FCFSFWRD
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | 0.9% |
现金转化率FCFSFWRD
| Q4 25 | 1.98× | — | ||
| Q3 25 | 1.64× | — | ||
| Q2 25 | 1.95× | — | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 2.37× | — | ||
| Q3 24 | 1.74× | — | ||
| Q2 24 | 2.16× | — | ||
| Q1 24 | 2.00× | — |
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
FCFS
| US Pawn Segment | $292.2M | 58% |
| Retail POS Payment Solutions | $209.8M | 42% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
