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FORWARD AIR CORP（FWRD）与First Watch Restaurant Group, Inc.（FWRG）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First Watch Restaurant Group, Inc.的2.0倍（$631.2M vs $316.4M），First Watch Restaurant Group, Inc.同比增速更快（20.2% vs -0.3%），过去两年First Watch Restaurant Group, Inc.的营收复合增速更高（14.2% vs 7.9%）
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。
该企业原信息存在公司混淆错误，实际First Watch Restaurant Group是美国餐饮集团，主打鲜制早餐、早午餐与午餐，在美国多个州运营自营与特许加盟餐厅，聚焦日间休闲餐饮市场，为消费者提供新鲜健康的美式餐食选择。
FWRD vs FWRG — 直观对比
营收规模更大
FWRD
是对方的2.0倍
$316.4M
营收增速更快
FWRG
高出20.4%
-0.3%
两年增速更快
FWRG
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $316.4M |
| 净利润 | $-28.3M | — |
| 毛利率 | — | — |
| 营业利润率 | -0.5% | 2.9% |
| 净利率 | -4.5% | — |
| 营收同比 | -0.3% | 20.2% |
| 净利润同比 | 22.2% | — |
| 每股收益（稀释后） | $-0.90 | $0.24 |
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FWRDFWRG
| Q4 25 | $631.2M | $316.4M | ||
| Q3 25 | $631.8M | $316.0M | ||
| Q2 25 | $618.8M | $307.9M | ||
| Q1 25 | $613.3M | $282.2M | ||
| Q4 24 | $632.8M | $263.3M | ||
| Q3 24 | $655.9M | $251.6M | ||
| Q2 24 | $643.7M | $258.6M | ||
| Q1 24 | $541.8M | $242.4M |
净利润FWRDFWRG
| Q4 25 | $-28.3M | — | ||
| Q3 25 | $-16.3M | $3.0M | ||
| Q2 25 | $-12.6M | $2.1M | ||
| Q1 25 | $-50.6M | $-829.0K | ||
| Q4 24 | $-36.4M | — | ||
| Q3 24 | $-73.4M | $2.1M | ||
| Q2 24 | $-645.4M | $8.9M | ||
| Q1 24 | $-61.7M | $7.2M |
营业利润率FWRDFWRG
| Q4 25 | -0.5% | 2.9% | ||
| Q3 25 | 2.4% | 3.2% | ||
| Q2 25 | 3.2% | 2.4% | ||
| Q1 25 | 0.8% | 0.4% | ||
| Q4 24 | 12.0% | 1.5% | ||
| Q3 24 | 3.5% | 2.5% | ||
| Q2 24 | -170.2% | 6.4% | ||
| Q1 24 | -12.1% | 5.1% |
净利率FWRDFWRG
| Q4 25 | -4.5% | — | ||
| Q3 25 | -2.6% | 0.9% | ||
| Q2 25 | -2.0% | 0.7% | ||
| Q1 25 | -8.3% | -0.3% | ||
| Q4 24 | -5.8% | — | ||
| Q3 24 | -11.2% | 0.8% | ||
| Q2 24 | -100.3% | 3.4% | ||
| Q1 24 | -11.4% | 3.0% |
每股收益（稀释后）FWRDFWRG
| Q4 25 | $-0.90 | $0.24 | ||
| Q3 25 | $-0.52 | $0.05 | ||
| Q2 25 | $-0.41 | $0.03 | ||
| Q1 25 | $-1.68 | $-0.01 | ||
| Q4 24 | $-1.69 | $0.01 | ||
| Q3 24 | $-2.66 | $0.03 | ||
| Q2 24 | $-23.47 | $0.14 | ||
| Q1 24 | $-2.81 | $0.12 |
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 | $106.0M | $21.2M |
| 总债务越低越好 | $1.7B | $269.1M |
| 股东权益账面价值 | $113.3M | $626.3M |
| 总资产 | $2.7B | $1.7B |
| 负债/权益比越低杠杆越低 | 14.89× | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资FWRDFWRG
| Q4 25 | $106.0M | $21.2M | ||
| Q3 25 | $140.4M | $20.7M | ||
| Q2 25 | $95.1M | $19.2M | ||
| Q1 25 | $116.3M | $18.6M | ||
| Q4 24 | $104.9M | $33.3M | ||
| Q3 24 | $136.6M | $51.1M | ||
| Q2 24 | $84.9M | $45.1M | ||
| Q1 24 | $152.0M | $43.2M |
总债务FWRDFWRG
| Q4 25 | $1.7B | $269.1M | ||
| Q3 25 | $1.7B | $251.0M | ||
| Q2 25 | — | $250.0M | ||
| Q1 25 | — | $191.5M | ||
| Q4 24 | — | $189.0M | ||
| Q3 24 | — | $189.7M | ||
| Q2 24 | — | $192.1M | ||
| Q1 24 | $1.7B | $122.7M |
股东权益FWRDFWRG
| Q4 25 | $113.3M | $626.3M | ||
| Q3 25 | $139.8M | $607.3M | ||
| Q2 25 | $151.8M | $601.3M | ||
| Q1 25 | $154.6M | $596.3M | ||
| Q4 24 | $201.7M | $595.4M | ||
| Q3 24 | $226.1M | $589.1M | ||
| Q2 24 | $283.8M | $585.8M | ||
| Q1 24 | $926.1M | $574.4M |
总资产FWRDFWRG
| Q4 25 | $2.7B | $1.7B | ||
| Q3 25 | $2.8B | $1.7B | ||
| Q2 25 | $2.8B | $1.7B | ||
| Q1 25 | $2.8B | $1.5B | ||
| Q4 24 | $2.8B | $1.5B | ||
| Q3 24 | $3.1B | $1.5B | ||
| Q2 24 | $3.1B | $1.4B | ||
| Q1 24 | $4.0B | $1.3B |
负债/权益比FWRDFWRG
| Q4 25 | 14.89× | 0.43× | ||
| Q3 25 | 12.05× | 0.41× | ||
| Q2 25 | — | 0.42× | ||
| Q1 25 | — | 0.32× | ||
| Q4 24 | — | 0.32× | ||
| Q3 24 | — | 0.32× | ||
| Q2 24 | — | 0.33× | ||
| Q1 24 | 1.81× | 0.21× |
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 | — | $18.5M |
| 自由现金流经营现金流 - 资本支出 | — | $-18.3M |
| 自由现金流率自由现金流/营收 | — | -5.8% |
| 资本支出强度资本支出/营收 | 1.3% | 11.6% |
| 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 | — | $-31.0M |
8季度趋势，按日历期对齐
经营现金流FWRDFWRG
| Q4 25 | — | $18.5M | ||
| Q3 25 | $52.7M | $47.9M | ||
| Q2 25 | — | $39.4M | ||
| Q1 25 | $27.6M | $20.1M | ||
| Q4 24 | $-23.2M | $22.9M | ||
| Q3 24 | $51.2M | $35.9M | ||
| Q2 24 | $-45.2M | $31.9M | ||
| Q1 24 | $-51.7M | $25.0M |
自由现金流FWRDFWRG
| Q4 25 | — | $-18.3M | ||
| Q3 25 | $48.6M | $5.5M | ||
| Q2 25 | — | $-1.7M | ||
| Q1 25 | $15.7M | $-16.4M | ||
| Q4 24 | $-30.5M | $-17.7M | ||
| Q3 24 | $40.7M | $6.8M | ||
| Q2 24 | $-59.6M | $2.3M | ||
| Q1 24 | $-56.7M | $-3.6M |
自由现金流率FWRDFWRG
| Q4 25 | — | -5.8% | ||
| Q3 25 | 7.7% | 1.7% | ||
| Q2 25 | — | -0.5% | ||
| Q1 25 | 2.6% | -5.8% | ||
| Q4 24 | -4.8% | -6.7% | ||
| Q3 24 | 6.2% | 2.7% | ||
| Q2 24 | -9.3% | 0.9% | ||
| Q1 24 | -10.5% | -1.5% |
资本支出强度FWRDFWRG
| Q4 25 | 1.3% | 11.6% | ||
| Q3 25 | 0.7% | 13.4% | ||
| Q2 25 | 0.8% | 13.4% | ||
| Q1 25 | 1.9% | 13.0% | ||
| Q4 24 | 1.1% | 15.4% | ||
| Q3 24 | 1.6% | 11.6% | ||
| Q2 24 | 2.2% | 11.5% | ||
| Q1 24 | 0.9% | 11.8% |
现金转化率FWRDFWRG
| Q4 25 | — | — | ||
| Q3 25 | — | 16.01× | ||
| Q2 25 | — | 18.72× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 16.98× | ||
| Q2 24 | — | 3.59× | ||
| Q1 24 | — | 3.46× |
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
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
FWRG
| In Restaurant Dining Sales | $254.1M | 80% |
| Third Party Delivery Sales | $38.6M | 12% |
| Take Out Sales | $21.3M | 7% |
| Royalty And System Fund Contributions | $2.3M | 1% |
