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FTAI Infrastructure Inc.（FIP）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FTAI Infrastructure Inc.的4.4倍（$631.2M vs $143.5M），FORWARD AIR CORP净利率更高（-4.5% vs -68.1%，领先63.6%），FTAI Infrastructure Inc.同比增速更快（77.7% vs -0.3%），过去两年FTAI Infrastructure Inc.的营收复合增速更高（31.9% vs 7.9%）
FTAI基础设施有限公司持有、运营并投资交通物流、中游能源、发电等核心领域的优质关键基础设施资产，主要面向北美市场，聚焦拥有稳定长期现金流、合同约定收入流的项目，为利益相关方创造可持续回报。
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。
FIP vs FWRD — 直观对比
营收规模更大
FWRD
是对方的4.4倍
$143.5M
营收增速更快
FIP
高出78.0%
-0.3%
净利率更高
FWRD
高出63.6%
-68.1%
两年增速更快
FIP
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $143.5M | $631.2M |
| 净利润 | $-97.7M | $-28.3M |
| 毛利率 | — | — |
| 营业利润率 | -45.7% | -0.5% |
| 净利率 | -68.1% | -4.5% |
| 营收同比 | 77.7% | -0.3% |
| 净利润同比 | 21.6% | 22.2% |
| 每股收益（稀释后） | $-1.04 | $-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FIPFWRD
| Q4 25 | $143.5M | $631.2M | ||
| Q3 25 | $140.6M | $631.8M | ||
| Q2 25 | $122.3M | $618.8M | ||
| Q1 25 | $96.2M | $613.3M | ||
| Q4 24 | $80.8M | $632.8M | ||
| Q3 24 | $83.3M | $655.9M | ||
| Q2 24 | $84.9M | $643.7M | ||
| Q1 24 | $82.5M | $541.8M |
净利润FIPFWRD
| Q4 25 | $-97.7M | $-28.3M | ||
| Q3 25 | $-104.5M | $-16.3M | ||
| Q2 25 | $-70.0M | $-12.6M | ||
| Q1 25 | $120.2M | $-50.6M | ||
| Q4 24 | $-124.7M | $-36.4M | ||
| Q3 24 | $-43.0M | $-73.4M | ||
| Q2 24 | $-48.1M | $-645.4M | ||
| Q1 24 | $-50.3M | $-61.7M |
营业利润率FIPFWRD
| Q4 25 | -45.7% | -0.5% | ||
| Q3 25 | -70.8% | 2.4% | ||
| Q2 25 | -56.4% | 3.2% | ||
| Q1 25 | 81.8% | 0.8% | ||
| Q4 24 | -152.7% | 12.0% | ||
| Q3 24 | -51.7% | 3.5% | ||
| Q2 24 | -56.4% | -170.2% | ||
| Q1 24 | -58.8% | -12.1% |
净利率FIPFWRD
| Q4 25 | -68.1% | -4.5% | ||
| Q3 25 | -74.4% | -2.6% | ||
| Q2 25 | -57.2% | -2.0% | ||
| Q1 25 | 125.0% | -8.3% | ||
| Q4 24 | -154.4% | -5.8% | ||
| Q3 24 | -51.6% | -11.2% | ||
| Q2 24 | -56.7% | -100.3% | ||
| Q1 24 | -60.9% | -11.4% |
每股收益（稀释后）FIPFWRD
| Q4 25 | $-1.04 | $-0.90 | ||
| Q3 25 | $-1.38 | $-0.52 | ||
| Q2 25 | $-0.73 | $-0.41 | ||
| Q1 25 | $0.89 | $-1.68 | ||
| Q4 24 | $-1.21 | $-1.69 | ||
| Q3 24 | $-0.45 | $-2.66 | ||
| Q2 24 | $-0.52 | $-23.47 | ||
| Q1 24 | $-0.54 | $-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 | $57.4M | $106.0M |
| 总债务越低越好 | $3.8B | $1.7B |
| 股东权益账面价值 | $21.3M | $113.3M |
| 总资产 | $5.7B | $2.7B |
| 负债/权益比越低杠杆越低 | 176.99× | 14.89× |
8季度趋势，按日历期对齐
现金及短期投资FIPFWRD
| Q4 25 | $57.4M | $106.0M | ||
| Q3 25 | $34.7M | $140.4M | ||
| Q2 25 | $33.6M | $95.1M | ||
| Q1 25 | $26.3M | $116.3M | ||
| Q4 24 | $27.8M | $104.9M | ||
| Q3 24 | $20.3M | $136.6M | ||
| Q2 24 | $33.1M | $84.9M | ||
| Q1 24 | $23.0M | $152.0M |
总债务FIPFWRD
| Q4 25 | $3.8B | $1.7B | ||
| Q3 25 | $3.7B | $1.7B | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.3B | $1.7B |
股东权益FIPFWRD
| Q4 25 | $21.3M | $113.3M | ||
| Q3 25 | $181.1M | $139.8M | ||
| Q2 25 | $375.5M | $151.8M | ||
| Q1 25 | $476.2M | $154.6M | ||
| Q4 24 | $202.7M | $201.7M | ||
| Q3 24 | $370.8M | $226.1M | ||
| Q2 24 | $394.8M | $283.8M | ||
| Q1 24 | $402.5M | $926.1M |
总资产FIPFWRD
| Q4 25 | $5.7B | $2.7B | ||
| Q3 25 | $5.5B | $2.8B | ||
| Q2 25 | $4.4B | $2.8B | ||
| Q1 25 | $4.1B | $2.8B | ||
| Q4 24 | $2.4B | $2.8B | ||
| Q3 24 | $2.4B | $3.1B | ||
| Q2 24 | $2.5B | $3.1B | ||
| Q1 24 | $2.3B | $4.0B |
负债/权益比FIPFWRD
| Q4 25 | 176.99× | 14.89× | ||
| Q3 25 | 20.59× | 12.05× | ||
| Q2 25 | 8.21× | — | ||
| Q1 25 | 5.79× | — | ||
| Q4 24 | 7.84× | — | ||
| Q3 24 | 4.14× | — | ||
| Q2 24 | 3.94× | — | ||
| Q1 24 | 3.34× | 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 | $-2.8M | — |
| 自由现金流经营现金流 - 资本支出 | $-68.6M | — |
| 自由现金流率自由现金流/营收 | -47.8% | — |
| 资本支出强度资本支出/营收 | 45.9% | 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 | $-398.5M | — |
8季度趋势，按日历期对齐
经营现金流FIPFWRD
| Q4 25 | $-2.8M | — | ||
| Q3 25 | $-24.4M | $52.7M | ||
| Q2 25 | $-5.2M | — | ||
| Q1 25 | $-85.7M | $27.6M | ||
| Q4 24 | $-8.1M | $-23.2M | ||
| Q3 24 | $14.2M | $51.2M | ||
| Q2 24 | $-17.6M | $-45.2M | ||
| Q1 24 | $-3.9M | $-51.7M |
自由现金流FIPFWRD
| Q4 25 | $-68.6M | — | ||
| Q3 25 | $-90.7M | $48.6M | ||
| Q2 25 | $-87.5M | — | ||
| Q1 25 | $-151.7M | $15.7M | ||
| Q4 24 | $-34.3M | $-30.5M | ||
| Q3 24 | $-11.7M | $40.7M | ||
| Q2 24 | $-32.1M | $-59.6M | ||
| Q1 24 | $-16.7M | $-56.7M |
自由现金流率FIPFWRD
| Q4 25 | -47.8% | — | ||
| Q3 25 | -64.5% | 7.7% | ||
| Q2 25 | -71.6% | — | ||
| Q1 25 | -157.7% | 2.6% | ||
| Q4 24 | -42.4% | -4.8% | ||
| Q3 24 | -14.0% | 6.2% | ||
| Q2 24 | -37.9% | -9.3% | ||
| Q1 24 | -20.3% | -10.5% |
资本支出强度FIPFWRD
| Q4 25 | 45.9% | 1.3% | ||
| Q3 25 | 47.2% | 0.7% | ||
| Q2 25 | 67.3% | 0.8% | ||
| Q1 25 | 68.6% | 1.9% | ||
| Q4 24 | 32.5% | 1.1% | ||
| Q3 24 | 31.1% | 1.6% | ||
| Q2 24 | 17.2% | 2.2% | ||
| Q1 24 | 15.6% | 0.9% |
现金转化率FIPFWRD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.71× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
