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FORWARD AIR CORP（FWRD）与泰尼特医疗（HCSG）财务数据对比。点击上方公司名可切换其他公司
FORWARD AIR CORP的季度营收约是泰尼特医疗的1.4倍（$631.2M vs $466.7M），泰尼特医疗同比增速更快（6.6% vs -0.3%），过去两年FORWARD AIR CORP的营收复合增速更高（7.9% vs 5.0%）
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。
泰尼特医疗集团是一家总部位于达拉斯的美国上市营利性跨国医疗服务企业，旗下通过品牌、子公司、合资企业及合作项目（包括联合外科合作伙伴国际USPI），运营着65家医院与超450家医疗机构，此外还经营康尼弗医疗解决方案，为医疗系统及其他客户提供医疗配套服务支持。
FWRD vs HCSG — 直观对比
营收规模更大
FWRD
是对方的1.4倍
$466.7M
营收增速更快
HCSG
高出6.8%
-0.3%
两年增速更快
FWRD
近两年复合增速
5.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $466.7M |
| 净利润 | $-28.3M | — |
| 毛利率 | — | 15.4% |
| 营业利润率 | -0.5% | 6.1% |
| 净利率 | -4.5% | — |
| 营收同比 | -0.3% | 6.6% |
| 净利润同比 | 22.2% | — |
| 每股收益（稀释后） | $-0.90 | $0.43 |
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FWRDHCSG
| Q4 25 | $631.2M | $466.7M | ||
| Q3 25 | $631.8M | $464.3M | ||
| Q2 25 | $618.8M | $458.5M | ||
| Q1 25 | $613.3M | $447.7M | ||
| Q4 24 | $632.8M | $437.8M | ||
| Q3 24 | $655.9M | $428.1M | ||
| Q2 24 | $643.7M | $426.3M | ||
| Q1 24 | $541.8M | $423.4M |
净利润FWRDHCSG
| Q4 25 | $-28.3M | — | ||
| Q3 25 | $-16.3M | $43.0M | ||
| Q2 25 | $-12.6M | $-32.4M | ||
| Q1 25 | $-50.6M | $17.2M | ||
| Q4 24 | $-36.4M | — | ||
| Q3 24 | $-73.4M | $14.0M | ||
| Q2 24 | $-645.4M | $-1.8M | ||
| Q1 24 | $-61.7M | $15.3M |
毛利率FWRDHCSG
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 20.8% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 15.2% | ||
| Q4 24 | — | 13.4% | ||
| Q3 24 | — | 14.8% | ||
| Q2 24 | — | 9.7% | ||
| Q1 24 | — | 15.2% |
营业利润率FWRDHCSG
| Q4 25 | -0.5% | 6.1% | ||
| Q3 25 | 2.4% | 12.3% | ||
| Q2 25 | 3.2% | -9.1% | ||
| Q1 25 | 0.8% | 5.3% | ||
| Q4 24 | 12.0% | 3.4% | ||
| Q3 24 | 3.5% | 4.4% | ||
| Q2 24 | -170.2% | -0.5% | ||
| Q1 24 | -12.1% | 5.0% |
净利率FWRDHCSG
| Q4 25 | -4.5% | — | ||
| Q3 25 | -2.6% | 9.3% | ||
| Q2 25 | -2.0% | -7.1% | ||
| Q1 25 | -8.3% | 3.8% | ||
| Q4 24 | -5.8% | — | ||
| Q3 24 | -11.2% | 3.3% | ||
| Q2 24 | -100.3% | -0.4% | ||
| Q1 24 | -11.4% | 3.6% |
每股收益（稀释后）FWRDHCSG
| Q4 25 | $-0.90 | $0.43 | ||
| Q3 25 | $-0.52 | $0.59 | ||
| Q2 25 | $-0.41 | $-0.44 | ||
| Q1 25 | $-1.68 | $0.23 | ||
| Q4 24 | $-1.69 | $0.15 | ||
| Q3 24 | $-2.66 | $0.19 | ||
| Q2 24 | $-23.47 | $-0.02 | ||
| Q1 24 | $-2.81 | $0.21 |
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 | $168.0M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $113.3M | $510.2M |
| 总资产 | $2.7B | $794.3M |
| 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FWRDHCSG
| Q4 25 | $106.0M | $168.0M | ||
| Q3 25 | $140.4M | $177.5M | ||
| Q2 25 | $95.1M | $134.5M | ||
| Q1 25 | $116.3M | $114.8M | ||
| Q4 24 | $104.9M | $107.3M | ||
| Q3 24 | $136.6M | $103.8M | ||
| Q2 24 | $84.9M | $105.6M | ||
| Q1 24 | $152.0M | $104.9M |
总债务FWRDHCSG
| 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FWRDHCSG
| Q4 25 | $113.3M | $510.2M | ||
| Q3 25 | $139.8M | $496.0M | ||
| Q2 25 | $151.8M | $477.0M | ||
| Q1 25 | $154.6M | $514.2M | ||
| Q4 24 | $201.7M | $499.9M | ||
| Q3 24 | $226.1M | $488.7M | ||
| Q2 24 | $283.8M | $471.4M | ||
| Q1 24 | $926.1M | $474.6M |
总资产FWRDHCSG
| Q4 25 | $2.7B | $794.3M | ||
| Q3 25 | $2.8B | $804.3M | ||
| Q2 25 | $2.8B | $802.2M | ||
| Q1 25 | $2.8B | $823.0M | ||
| Q4 24 | $2.8B | $802.8M | ||
| Q3 24 | $3.1B | $805.8M | ||
| Q2 24 | $3.1B | $799.7M | ||
| Q1 24 | $4.0B | $803.9M |
负债/权益比FWRDHCSG
| 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 | — | $17.4M |
| 自由现金流经营现金流 - 资本支出 | — | $16.0M |
| 自由现金流率自由现金流/营收 | — | 3.4% |
| 资本支出强度资本支出/营收 | 1.3% | 0.3% |
| 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 | — | $139.2M |
8季度趋势，按日历期对齐
经营现金流FWRDHCSG
| Q4 25 | — | $17.4M | ||
| Q3 25 | $52.7M | $71.3M | ||
| Q2 25 | — | $28.8M | ||
| Q1 25 | $27.6M | $27.5M | ||
| Q4 24 | $-23.2M | $36.2M | ||
| Q3 24 | $51.2M | $4.3M | ||
| Q2 24 | $-45.2M | $16.3M | ||
| Q1 24 | $-51.7M | $-26.0M |
自由现金流FWRDHCSG
| Q4 25 | — | $16.0M | ||
| Q3 25 | $48.6M | $70.0M | ||
| Q2 25 | — | $27.4M | ||
| Q1 25 | $15.7M | $25.8M | ||
| Q4 24 | $-30.5M | $34.8M | ||
| Q3 24 | $40.7M | $2.9M | ||
| Q2 24 | $-59.6M | $15.0M | ||
| Q1 24 | $-56.7M | $-28.2M |
自由现金流率FWRDHCSG
| Q4 25 | — | 3.4% | ||
| Q3 25 | 7.7% | 15.1% | ||
| Q2 25 | — | 6.0% | ||
| Q1 25 | 2.6% | 5.8% | ||
| Q4 24 | -4.8% | 7.9% | ||
| Q3 24 | 6.2% | 0.7% | ||
| Q2 24 | -9.3% | 3.5% | ||
| Q1 24 | -10.5% | -6.7% |
资本支出强度FWRDHCSG
| Q4 25 | 1.3% | 0.3% | ||
| Q3 25 | 0.7% | 0.3% | ||
| Q2 25 | 0.8% | 0.3% | ||
| Q1 25 | 1.9% | 0.4% | ||
| Q4 24 | 1.1% | 0.3% | ||
| Q3 24 | 1.6% | 0.3% | ||
| Q2 24 | 2.2% | 0.3% | ||
| Q1 24 | 0.9% | 0.5% |
现金转化率FWRDHCSG
| Q4 25 | — | — | ||
| Q3 25 | — | 1.66× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.60× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.31× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -1.70× |
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% |
HCSG
| Dietary Services | $255.9M | 55% |
| Other | $210.8M | 45% |
