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FORWARD AIR CORP（FWRD）与ICU MEDICAL INC（ICUI）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ICU MEDICAL INC的1.2倍（$631.2M vs $540.7M），ICU MEDICAL INC净利率更高（-2.9% vs -4.5%，领先1.6%），FORWARD AIR CORP同比增速更快（-0.3% vs -14.1%），过去两年FORWARD AIR CORP的营收复合增速更高（7.9% vs -2.3%）
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。
ICU医疗是总部位于美国加利福尼亚州圣克莱门特的医疗科技企业，专注于研发预防血流感染、保护医护人员免受传染病或危险药物侵害的医疗产品，产品线覆盖静脉治疗用品、输液泵、无针血管通路设备、定制输液套装、危险药物密闭处理系统、传感导管以及无针封闭式血液采样系统等。
FWRD vs ICUI — 直观对比
营收规模更大
FWRD
是对方的1.2倍
$540.7M
营收增速更快
FWRD
高出13.9%
-14.1%
净利率更高
ICUI
高出1.6%
-4.5%
两年增速更快
FWRD
近两年复合增速
-2.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $540.7M |
| 净利润 | $-28.3M | $-15.7M |
| 毛利率 | — | 37.5% |
| 营业利润率 | -0.5% | 1.0% |
| 净利率 | -4.5% | -2.9% |
| 营收同比 | -0.3% | -14.1% |
| 净利润同比 | 22.2% | 34.0% |
| 每股收益（稀释后） | $-0.90 | $-0.63 |
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FWRDICUI
| Q4 25 | $631.2M | $540.7M | ||
| Q3 25 | $631.8M | $537.0M | ||
| Q2 25 | $618.8M | $548.9M | ||
| Q1 25 | $613.3M | $604.7M | ||
| Q4 24 | $632.8M | $629.8M | ||
| Q3 24 | $655.9M | $589.1M | ||
| Q2 24 | $643.7M | $596.5M | ||
| Q1 24 | $541.8M | $566.7M |
净利润FWRDICUI
| Q4 25 | $-28.3M | $-15.7M | ||
| Q3 25 | $-16.3M | $-3.4M | ||
| Q2 25 | $-12.6M | $35.3M | ||
| Q1 25 | $-50.6M | $-15.5M | ||
| Q4 24 | $-36.4M | $-23.8M | ||
| Q3 24 | $-73.4M | $-33.0M | ||
| Q2 24 | $-645.4M | $-21.4M | ||
| Q1 24 | $-61.7M | $-39.5M |
毛利率FWRDICUI
| Q4 25 | — | 37.5% | ||
| Q3 25 | — | 37.4% | ||
| Q2 25 | — | 37.9% | ||
| Q1 25 | — | 34.7% | ||
| Q4 24 | — | 36.1% | ||
| Q3 24 | — | 34.8% | ||
| Q2 24 | — | 34.8% | ||
| Q1 24 | — | 32.7% |
营业利润率FWRDICUI
| Q4 25 | -0.5% | 1.0% | ||
| Q3 25 | 2.4% | 2.6% | ||
| Q2 25 | 3.2% | 1.9% | ||
| Q1 25 | 0.8% | 2.1% | ||
| Q4 24 | 12.0% | 6.0% | ||
| Q3 24 | 3.5% | 1.4% | ||
| Q2 24 | -170.2% | 1.3% | ||
| Q1 24 | -12.1% | -1.9% |
净利率FWRDICUI
| Q4 25 | -4.5% | -2.9% | ||
| Q3 25 | -2.6% | -0.6% | ||
| Q2 25 | -2.0% | 6.4% | ||
| Q1 25 | -8.3% | -2.6% | ||
| Q4 24 | -5.8% | -3.8% | ||
| Q3 24 | -11.2% | -5.6% | ||
| Q2 24 | -100.3% | -3.6% | ||
| Q1 24 | -11.4% | -7.0% |
每股收益（稀释后）FWRDICUI
| Q4 25 | $-0.90 | $-0.63 | ||
| Q3 25 | $-0.52 | $-0.14 | ||
| Q2 25 | $-0.41 | $1.43 | ||
| Q1 25 | $-1.68 | $-0.63 | ||
| Q4 24 | $-1.69 | $-0.97 | ||
| Q3 24 | $-2.66 | $-1.35 | ||
| Q2 24 | $-23.47 | $-0.88 | ||
| Q1 24 | $-2.81 | $-1.63 |
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 | — |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $113.3M | $2.1B |
| 总资产 | $2.7B | $4.1B |
| 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FWRDICUI
| Q4 25 | $106.0M | — | ||
| Q3 25 | $140.4M | — | ||
| Q2 25 | $95.1M | — | ||
| Q1 25 | $116.3M | — | ||
| Q4 24 | $104.9M | $308.6M | ||
| Q3 24 | $136.6M | $312.5M | ||
| Q2 24 | $84.9M | $302.6M | ||
| Q1 24 | $152.0M | $251.4M |
总债务FWRDICUI
| 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FWRDICUI
| Q4 25 | $113.3M | $2.1B | ||
| Q3 25 | $139.8M | $2.1B | ||
| Q2 25 | $151.8M | $2.1B | ||
| Q1 25 | $154.6M | $2.0B | ||
| Q4 24 | $201.7M | $2.0B | ||
| Q3 24 | $226.1M | $2.0B | ||
| Q2 24 | $283.8M | $2.0B | ||
| Q1 24 | $926.1M | $2.1B |
总资产FWRDICUI
| Q4 25 | $2.7B | $4.1B | ||
| Q3 25 | $2.8B | $4.1B | ||
| Q2 25 | $2.8B | $4.1B | ||
| Q1 25 | $2.8B | $4.2B | ||
| Q4 24 | $2.8B | $4.2B | ||
| Q3 24 | $3.1B | $4.3B | ||
| Q2 24 | $3.1B | $4.3B | ||
| Q1 24 | $4.0B | $4.3B |
负债/权益比FWRDICUI
| 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 | — | $60.6M |
| 自由现金流经营现金流 - 资本支出 | — | $36.0M |
| 自由现金流率自由现金流/营收 | — | 6.6% |
| 资本支出强度资本支出/营收 | 1.3% | 4.6% |
| 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 | — | $91.8M |
8季度趋势，按日历期对齐
经营现金流FWRDICUI
| Q4 25 | — | $60.6M | ||
| Q3 25 | $52.7M | $56.7M | ||
| Q2 25 | — | $11.2M | ||
| Q1 25 | $27.6M | $51.3M | ||
| Q4 24 | $-23.2M | $40.2M | ||
| Q3 24 | $51.2M | $36.1M | ||
| Q2 24 | $-45.2M | $82.0M | ||
| Q1 24 | $-51.7M | $45.8M |
自由现金流FWRDICUI
| Q4 25 | — | $36.0M | ||
| Q3 25 | $48.6M | $27.6M | ||
| Q2 25 | — | $-8.5M | ||
| Q1 25 | $15.7M | $36.7M | ||
| Q4 24 | $-30.5M | $16.1M | ||
| Q3 24 | $40.7M | $16.2M | ||
| Q2 24 | $-59.6M | $62.5M | ||
| Q1 24 | $-56.7M | $29.9M |
自由现金流率FWRDICUI
| Q4 25 | — | 6.6% | ||
| Q3 25 | 7.7% | 5.1% | ||
| Q2 25 | — | -1.5% | ||
| Q1 25 | 2.6% | 6.1% | ||
| Q4 24 | -4.8% | 2.6% | ||
| Q3 24 | 6.2% | 2.7% | ||
| Q2 24 | -9.3% | 10.5% | ||
| Q1 24 | -10.5% | 5.3% |
资本支出强度FWRDICUI
| Q4 25 | 1.3% | 4.6% | ||
| Q3 25 | 0.7% | 5.4% | ||
| Q2 25 | 0.8% | 3.6% | ||
| Q1 25 | 1.9% | 2.4% | ||
| Q4 24 | 1.1% | 3.8% | ||
| Q3 24 | 1.6% | 3.4% | ||
| Q2 24 | 2.2% | 3.3% | ||
| Q1 24 | 0.9% | 2.8% |
现金转化率FWRDICUI
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.32× | ||
| Q1 25 | — | — | ||
| 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
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
ICUI
| Infusion Consumables | $284.7M | 53% |
| Infusion Systems | $176.3M | 33% |
| Vital Care | $79.7M | 15% |
