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FULLER H B CO（FUL）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
FULLER H B CO的季度营收约是FORWARD AIR CORP的1.4倍（$892.0M vs $631.2M），FULLER H B CO净利率更高（7.5% vs -4.5%，领先12.0%），FORWARD AIR CORP同比增速更快（-0.3% vs -2.8%），过去两年FORWARD AIR CORP的营收复合增速更高（7.9% vs 5.0%）
H.B.富勒公司是总部位于美国明尼苏达州圣保罗的跨国粘合剂制造企业，全球第四大粘合剂及密封剂生产商。公司拥有超过20000种产品，广泛应用于建筑、工程、电子、卫生用品、食品包装等领域，在26个国家设有81座生产基地，2024年员工规模约7500人。
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。
FUL vs FWRD — 直观对比
营收规模更大
FUL
是对方的1.4倍
$631.2M
营收增速更快
FWRD
高出2.6%
-2.8%
净利率更高
FUL
高出12.0%
-4.5%
两年增速更快
FWRD
近两年复合增速
5.0%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $892.0M | $631.2M |
| 净利润 | $67.2M | $-28.3M |
| 毛利率 | 32.0% | — |
| 营业利润率 | 12.3% | -0.5% |
| 净利率 | 7.5% | -4.5% |
| 营收同比 | -2.8% | -0.3% |
| 净利润同比 | 21.3% | 22.2% |
| 每股收益（稀释后） | $1.22 | $-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FULFWRD
| Q4 25 | — | $631.2M | ||
| Q3 25 | $892.0M | $631.8M | ||
| Q2 25 | $898.1M | $618.8M | ||
| Q1 25 | — | $613.3M | ||
| Q4 24 | — | $632.8M | ||
| Q3 24 | $917.9M | $655.9M | ||
| Q2 24 | — | $643.7M | ||
| Q1 24 | $810.4M | $541.8M |
净利润FULFWRD
| Q4 25 | — | $-28.3M | ||
| Q3 25 | $67.2M | $-16.3M | ||
| Q2 25 | $41.8M | $-12.6M | ||
| Q1 25 | — | $-50.6M | ||
| Q4 24 | — | $-36.4M | ||
| Q3 24 | $55.4M | $-73.4M | ||
| Q2 24 | — | $-645.4M | ||
| Q1 24 | $31.0M | $-61.7M |
毛利率FULFWRD
| Q4 25 | — | — | ||
| Q3 25 | 32.0% | — | ||
| Q2 25 | 31.9% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 30.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 29.5% | — |
营业利润率FULFWRD
| Q4 25 | — | -0.5% | ||
| Q3 25 | 12.3% | 2.4% | ||
| Q2 25 | 11.1% | 3.2% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 12.0% | ||
| Q3 24 | 11.4% | 3.5% | ||
| Q2 24 | — | -170.2% | ||
| Q1 24 | 8.3% | -12.1% |
净利率FULFWRD
| Q4 25 | — | -4.5% | ||
| Q3 25 | 7.5% | -2.6% | ||
| Q2 25 | 4.7% | -2.0% | ||
| Q1 25 | — | -8.3% | ||
| Q4 24 | — | -5.8% | ||
| Q3 24 | 6.0% | -11.2% | ||
| Q2 24 | — | -100.3% | ||
| Q1 24 | 3.8% | -11.4% |
每股收益（稀释后）FULFWRD
| Q4 25 | — | $-0.90 | ||
| Q3 25 | $1.22 | $-0.52 | ||
| Q2 25 | $0.76 | $-0.41 | ||
| Q1 25 | — | $-1.68 | ||
| Q4 24 | — | $-1.69 | ||
| Q3 24 | $0.98 | $-2.66 | ||
| Q2 24 | — | $-23.47 | ||
| Q1 24 | $0.55 | $-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 | $122.5M | $106.0M |
| 总债务越低越好 | — | $1.7B |
| 股东权益账面价值 | $2.0B | $113.3M |
| 总资产 | $5.2B | $2.7B |
| 负债/权益比越低杠杆越低 | — | 14.89× |
8季度趋势，按日历期对齐
现金及短期投资FULFWRD
| Q4 25 | — | $106.0M | ||
| Q3 25 | $122.5M | $140.4M | ||
| Q2 25 | $96.8M | $95.1M | ||
| Q1 25 | — | $116.3M | ||
| Q4 24 | — | $104.9M | ||
| Q3 24 | $131.4M | $136.6M | ||
| Q2 24 | — | $84.9M | ||
| Q1 24 | $165.2M | $152.0M |
总债务FULFWRD
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.7B |
股东权益FULFWRD
| Q4 25 | — | $113.3M | ||
| Q3 25 | $2.0B | $139.8M | ||
| Q2 25 | $1.9B | $151.8M | ||
| Q1 25 | — | $154.6M | ||
| Q4 24 | — | $201.7M | ||
| Q3 24 | $1.8B | $226.1M | ||
| Q2 24 | — | $283.8M | ||
| Q1 24 | $1.8B | $926.1M |
总资产FULFWRD
| Q4 25 | — | $2.7B | ||
| Q3 25 | $5.2B | $2.8B | ||
| Q2 25 | $5.1B | $2.8B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | $5.0B | $3.1B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | $4.7B | $4.0B |
负债/权益比FULFWRD
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 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 | $99.0M | — |
| 自由现金流经营现金流 - 资本支出 | $68.9M | — |
| 自由现金流率自由现金流/营收 | 7.7% | — |
| 资本支出强度资本支出/营收 | 3.4% | 1.3% |
| 现金转化率经营现金流/净利润 | 1.47× | — |
| 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FULFWRD
| Q4 25 | — | — | ||
| Q3 25 | $99.0M | $52.7M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $27.6M | ||
| Q4 24 | — | $-23.2M | ||
| Q3 24 | $169.4M | $51.2M | ||
| Q2 24 | — | $-45.2M | ||
| Q1 24 | $47.4M | $-51.7M |
自由现金流FULFWRD
| Q4 25 | — | — | ||
| Q3 25 | $68.9M | $48.6M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $15.7M | ||
| Q4 24 | — | $-30.5M | ||
| Q3 24 | $99.9M | $40.7M | ||
| Q2 24 | — | $-59.6M | ||
| Q1 24 | $4.1M | $-56.7M |
自由现金流率FULFWRD
| Q4 25 | — | — | ||
| Q3 25 | 7.7% | 7.7% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | -4.8% | ||
| Q3 24 | 10.9% | 6.2% | ||
| Q2 24 | — | -9.3% | ||
| Q1 24 | 0.5% | -10.5% |
资本支出强度FULFWRD
| Q4 25 | — | 1.3% | ||
| Q3 25 | 3.4% | 0.7% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 7.6% | 1.6% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | 5.3% | 0.9% |
现金转化率FULFWRD
| Q4 25 | — | — | ||
| Q3 25 | 1.47× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.06× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.53× | — |
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
FUL
| Hygiene Health And Consumable Adhesives | $386.1M | 43% |
| Engineering Adhesives | $272.3M | 31% |
| Building Adhesives Solutions | $233.7M | 26% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
