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FORWARD AIR CORP（FWRD）与KIRBY CORP（KEX）财务数据对比。点击上方公司名可切换其他公司
KIRBY CORP的季度营收约是FORWARD AIR CORP的1.3倍（$851.8M vs $631.2M），KIRBY CORP净利率更高（10.8% vs -4.5%，领先15.3%），KIRBY CORP同比增速更快（6.2% vs -0.3%），过去两年FORWARD AIR CORP的营收复合增速更高（7.9% vs 2.7%）
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。
总部位于美国得克萨斯州休斯顿的Kirby Corporation是美国最大的罐驳船运营商，业务覆盖密西西比河水系、海湾沿岸航道、美国三大海岸沿线及阿拉斯加、夏威夷地区，主营通过罐驳船运输石化产品、黑油、精炼石油制品、农化产品，同时拥有并运营8组远洋驳船及拖船运输单元。
FWRD vs KEX — 直观对比
营收规模更大
KEX
是对方的1.3倍
$631.2M
营收增速更快
KEX
高出6.4%
-0.3%
净利率更高
KEX
高出15.3%
-4.5%
两年增速更快
FWRD
近两年复合增速
2.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $851.8M |
| 净利润 | $-28.3M | $91.8M |
| 毛利率 | — | — |
| 营业利润率 | -0.5% | 15.2% |
| 净利率 | -4.5% | 10.8% |
| 营收同比 | -0.3% | 6.2% |
| 净利润同比 | 22.2% | 114.4% |
| 每股收益（稀释后） | $-0.90 | $1.68 |
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FWRDKEX
| Q4 25 | $631.2M | $851.8M | ||
| Q3 25 | $631.8M | $871.2M | ||
| Q2 25 | $618.8M | $855.5M | ||
| Q1 25 | $613.3M | $785.7M | ||
| Q4 24 | $632.8M | $802.3M | ||
| Q3 24 | $655.9M | $831.1M | ||
| Q2 24 | $643.7M | $824.4M | ||
| Q1 24 | $541.8M | $808.0M |
净利润FWRDKEX
| Q4 25 | $-28.3M | $91.8M | ||
| Q3 25 | $-16.3M | $92.5M | ||
| Q2 25 | $-12.6M | $94.3M | ||
| Q1 25 | $-50.6M | $76.0M | ||
| Q4 24 | $-36.4M | $42.8M | ||
| Q3 24 | $-73.4M | $90.0M | ||
| Q2 24 | $-645.4M | $83.9M | ||
| Q1 24 | $-61.7M | $70.1M |
营业利润率FWRDKEX
| Q4 25 | -0.5% | 15.2% | ||
| Q3 25 | 2.4% | 14.8% | ||
| Q2 25 | 3.2% | 15.4% | ||
| Q1 25 | 0.8% | 13.4% | ||
| Q4 24 | 12.0% | 6.3% | ||
| Q3 24 | 3.5% | 15.3% | ||
| Q2 24 | -170.2% | 14.6% | ||
| Q1 24 | -12.1% | 12.6% |
净利率FWRDKEX
| Q4 25 | -4.5% | 10.8% | ||
| Q3 25 | -2.6% | 10.6% | ||
| Q2 25 | -2.0% | 11.0% | ||
| Q1 25 | -8.3% | 9.7% | ||
| Q4 24 | -5.8% | 5.3% | ||
| Q3 24 | -11.2% | 10.8% | ||
| Q2 24 | -100.3% | 10.2% | ||
| Q1 24 | -11.4% | 8.7% |
每股收益（稀释后）FWRDKEX
| Q4 25 | $-0.90 | $1.68 | ||
| Q3 25 | $-0.52 | $1.65 | ||
| Q2 25 | $-0.41 | $1.67 | ||
| Q1 25 | $-1.68 | $1.33 | ||
| Q4 24 | $-1.69 | $0.74 | ||
| Q3 24 | $-2.66 | $1.55 | ||
| Q2 24 | $-23.47 | $1.43 | ||
| Q1 24 | $-2.81 | $1.19 |
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 | $78.8M |
| 总债务越低越好 | $1.7B | $919.3M |
| 股东权益账面价值 | $113.3M | $3.4B |
| 总资产 | $2.7B | $6.0B |
| 负债/权益比越低杠杆越低 | 14.89× | 0.27× |
8季度趋势，按日历期对齐
现金及短期投资FWRDKEX
| Q4 25 | $106.0M | $78.8M | ||
| Q3 25 | $140.4M | $47.0M | ||
| Q2 25 | $95.1M | $68.4M | ||
| Q1 25 | $116.3M | $51.1M | ||
| Q4 24 | $104.9M | $74.4M | ||
| Q3 24 | $136.6M | $67.1M | ||
| Q2 24 | $84.9M | $53.5M | ||
| Q1 24 | $152.0M | $75.2M |
总债务FWRDKEX
| Q4 25 | $1.7B | $919.3M | ||
| Q3 25 | $1.7B | $1.0B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $874.9M | ||
| Q3 24 | — | $978.6M | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | $1.7B | $1.1B |
股东权益FWRDKEX
| Q4 25 | $113.3M | $3.4B | ||
| Q3 25 | $139.8M | $3.4B | ||
| Q2 25 | $151.8M | $3.4B | ||
| Q1 25 | $154.6M | $3.3B | ||
| Q4 24 | $201.7M | $3.4B | ||
| Q3 24 | $226.1M | $3.3B | ||
| Q2 24 | $283.8M | $3.3B | ||
| Q1 24 | $926.1M | $3.2B |
总资产FWRDKEX
| Q4 25 | $2.7B | $6.0B | ||
| Q3 25 | $2.8B | $6.1B | ||
| Q2 25 | $2.8B | $6.1B | ||
| Q1 25 | $2.8B | $6.0B | ||
| Q4 24 | $2.8B | $5.9B | ||
| Q3 24 | $3.1B | $5.9B | ||
| Q2 24 | $3.1B | $5.9B | ||
| Q1 24 | $4.0B | $5.8B |
负债/权益比FWRDKEX
| Q4 25 | 14.89× | 0.27× | ||
| Q3 25 | 12.05× | 0.31× | ||
| Q2 25 | — | 0.33× | ||
| Q1 25 | — | 0.33× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.30× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | 1.81× | 0.33× |
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 | — | $312.2M |
| 自由现金流经营现金流 - 资本支出 | — | $265.2M |
| 自由现金流率自由现金流/营收 | — | 31.1% |
| 资本支出强度资本支出/营收 | 1.3% | 5.5% |
| 现金转化率经营现金流/净利润 | — | 3.40× |
| 过去12个月自由现金流最近4个季度 | — | $405.7M |
8季度趋势，按日历期对齐
经营现金流FWRDKEX
| Q4 25 | — | $312.2M | ||
| Q3 25 | $52.7M | $227.5M | ||
| Q2 25 | — | $93.9M | ||
| Q1 25 | $27.6M | $36.5M | ||
| Q4 24 | $-23.2M | $247.4M | ||
| Q3 24 | $51.2M | $206.5M | ||
| Q2 24 | $-45.2M | $179.3M | ||
| Q1 24 | $-51.7M | $123.3M |
自由现金流FWRDKEX
| Q4 25 | — | $265.2M | ||
| Q3 25 | $48.6M | $160.3M | ||
| Q2 25 | — | $22.4M | ||
| Q1 25 | $15.7M | $-42.1M | ||
| Q4 24 | $-30.5M | $150.7M | ||
| Q3 24 | $40.7M | $130.1M | ||
| Q2 24 | $-59.6M | $90.8M | ||
| Q1 24 | $-56.7M | $42.2M |
自由现金流率FWRDKEX
| Q4 25 | — | 31.1% | ||
| Q3 25 | 7.7% | 18.4% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | 2.6% | -5.4% | ||
| Q4 24 | -4.8% | 18.8% | ||
| Q3 24 | 6.2% | 15.7% | ||
| Q2 24 | -9.3% | 11.0% | ||
| Q1 24 | -10.5% | 5.2% |
资本支出强度FWRDKEX
| Q4 25 | 1.3% | 5.5% | ||
| Q3 25 | 0.7% | 7.7% | ||
| Q2 25 | 0.8% | 8.4% | ||
| Q1 25 | 1.9% | 10.0% | ||
| Q4 24 | 1.1% | 12.0% | ||
| Q3 24 | 1.6% | 9.2% | ||
| Q2 24 | 2.2% | 10.7% | ||
| Q1 24 | 0.9% | 10.0% |
现金转化率FWRDKEX
| Q4 25 | — | 3.40× | ||
| Q3 25 | — | 2.46× | ||
| Q2 25 | — | 1.00× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 5.78× | ||
| Q3 24 | — | 2.30× | ||
| Q2 24 | — | 2.14× | ||
| Q1 24 | — | 1.76× |
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% |
KEX
| Inland Transportation | $379.2M | 45% |
| Power Generation | $191.1M | 22% |
| Commercial And Industrial | $149.4M | 18% |
| Coastal Transportation | $102.5M | 12% |
| Oil And Gas | $29.6M | 3% |
