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FORWARD AIR CORP（FWRD）与Kodiak Gas Services, Inc.（KGS）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Kodiak Gas Services, Inc.的1.9倍（$631.2M vs $332.9M），Kodiak Gas Services, Inc.净利率更高（7.4% vs -4.5%，领先11.9%），Kodiak Gas Services, Inc.同比增速更快（7.5% vs -0.3%），过去两年Kodiak Gas Services, Inc.的营收复合增速更高（24.3% 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。
Kodiak Gas Services是北美知名的天然气压缩服务供应商，主要服务油气行业上下游客户，提供定制化压缩设备、运维及运营支持，帮助客户优化陆上天然气收集、处理与运输全流程的运营效率。
FWRD vs KGS — 直观对比
营收规模更大
FWRD
是对方的1.9倍
$332.9M
营收增速更快
KGS
高出7.8%
-0.3%
净利率更高
KGS
高出11.9%
-4.5%
两年增速更快
KGS
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $332.9M |
| 净利润 | $-28.3M | $24.6M |
| 毛利率 | — | — |
| 营业利润率 | -0.5% | 26.1% |
| 净利率 | -4.5% | 7.4% |
| 营收同比 | -0.3% | 7.5% |
| 净利润同比 | 22.2% | 29.0% |
| 每股收益（稀释后） | $-0.90 | $0.30 |
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FWRDKGS
| Q4 25 | $631.2M | $332.9M | ||
| Q3 25 | $631.8M | $322.7M | ||
| Q2 25 | $618.8M | $322.8M | ||
| Q1 25 | $613.3M | $329.6M | ||
| Q4 24 | $632.8M | $309.5M | ||
| Q3 24 | $655.9M | $324.6M | ||
| Q2 24 | $643.7M | $309.7M | ||
| Q1 24 | $541.8M | $215.5M |
净利润FWRDKGS
| Q4 25 | $-28.3M | $24.6M | ||
| Q3 25 | $-16.3M | $-14.0M | ||
| Q2 25 | $-12.6M | $39.5M | ||
| Q1 25 | $-50.6M | $30.4M | ||
| Q4 24 | $-36.4M | $19.1M | ||
| Q3 24 | $-73.4M | $-5.6M | ||
| Q2 24 | $-645.4M | $6.2M | ||
| Q1 24 | $-61.7M | $30.2M |
毛利率FWRDKGS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 37.5% | ||
| Q2 24 | — | 36.5% | ||
| Q1 24 | — | 39.4% |
营业利润率FWRDKGS
| Q4 25 | -0.5% | 26.1% | ||
| Q3 25 | 2.4% | 19.9% | ||
| Q2 25 | 3.2% | 30.9% | ||
| Q1 25 | 0.8% | 27.1% | ||
| Q4 24 | 12.0% | 22.3% | ||
| Q3 24 | 3.5% | 20.4% | ||
| Q2 24 | -170.2% | 17.5% | ||
| Q1 24 | -12.1% | 27.9% |
净利率FWRDKGS
| Q4 25 | -4.5% | 7.4% | ||
| Q3 25 | -2.6% | -4.3% | ||
| Q2 25 | -2.0% | 12.2% | ||
| Q1 25 | -8.3% | 9.2% | ||
| Q4 24 | -5.8% | 6.2% | ||
| Q3 24 | -11.2% | -1.7% | ||
| Q2 24 | -100.3% | 2.0% | ||
| Q1 24 | -11.4% | 14.0% |
每股收益（稀释后）FWRDKGS
| Q4 25 | $-0.90 | $0.30 | ||
| Q3 25 | $-0.52 | $-0.17 | ||
| Q2 25 | $-0.41 | $0.43 | ||
| Q1 25 | $-1.68 | $0.33 | ||
| Q4 24 | $-1.69 | $0.18 | ||
| Q3 24 | $-2.66 | $-0.07 | ||
| Q2 24 | $-23.47 | $0.06 | ||
| Q1 24 | $-2.81 | $0.39 |
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 | $3.2M |
| 总债务越低越好 | $1.7B | $2.6B |
| 股东权益账面价值 | $113.3M | $1.2B |
| 总资产 | $2.7B | $4.3B |
| 负债/权益比越低杠杆越低 | 14.89× | 2.12× |
8季度趋势，按日历期对齐
现金及短期投资FWRDKGS
| Q4 25 | $106.0M | $3.2M | ||
| Q3 25 | $140.4M | $724.0K | ||
| Q2 25 | $95.1M | $5.4M | ||
| Q1 25 | $116.3M | $1.9M | ||
| Q4 24 | $104.9M | $4.8M | ||
| Q3 24 | $136.6M | $7.4M | ||
| Q2 24 | $84.9M | $3.9M | ||
| Q1 24 | $152.0M | $9.3M |
总债务FWRDKGS
| Q4 25 | $1.7B | $2.6B | ||
| Q3 25 | $1.7B | $2.6B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | $1.7B | — |
股东权益FWRDKGS
| Q4 25 | $113.3M | $1.2B | ||
| Q3 25 | $139.8M | $1.3B | ||
| Q2 25 | $151.8M | $1.3B | ||
| Q1 25 | $154.6M | $1.4B | ||
| Q4 24 | $201.7M | $1.4B | ||
| Q3 24 | $226.1M | $1.4B | ||
| Q2 24 | $283.8M | $1.5B | ||
| Q1 24 | $926.1M | $1.1B |
总资产FWRDKGS
| Q4 25 | $2.7B | $4.3B | ||
| Q3 25 | $2.8B | $4.4B | ||
| Q2 25 | $2.8B | $4.4B | ||
| Q1 25 | $2.8B | $4.4B | ||
| Q4 24 | $2.8B | $4.4B | ||
| Q3 24 | $3.1B | $4.5B | ||
| Q2 24 | $3.1B | $4.4B | ||
| Q1 24 | $4.0B | $3.3B |
负债/权益比FWRDKGS
| Q4 25 | 14.89× | 2.12× | ||
| Q3 25 | 12.05× | 2.08× | ||
| Q2 25 | — | 1.89× | ||
| Q1 25 | — | 1.91× | ||
| Q4 24 | — | 1.88× | ||
| Q3 24 | — | 1.86× | ||
| Q2 24 | — | 1.71× | ||
| 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 | — | $194.9M |
| 自由现金流经营现金流 - 资本支出 | — | $142.0M |
| 自由现金流率自由现金流/营收 | — | 42.7% |
| 资本支出强度资本支出/营收 | 1.3% | 15.9% |
| 现金转化率经营现金流/净利润 | — | 7.91× |
| 过去12个月自由现金流最近4个季度 | — | $284.3M |
8季度趋势，按日历期对齐
经营现金流FWRDKGS
| Q4 25 | — | $194.9M | ||
| Q3 25 | $52.7M | $113.4M | ||
| Q2 25 | — | $177.2M | ||
| Q1 25 | $27.6M | $114.3M | ||
| Q4 24 | $-23.2M | $118.5M | ||
| Q3 24 | $51.2M | $36.9M | ||
| Q2 24 | $-45.2M | $121.1M | ||
| Q1 24 | $-51.7M | $51.5M |
自由现金流FWRDKGS
| Q4 25 | — | $142.0M | ||
| Q3 25 | $48.6M | $10.9M | ||
| Q2 25 | — | $94.6M | ||
| Q1 25 | $15.7M | $36.8M | ||
| Q4 24 | $-30.5M | $45.2M | ||
| Q3 24 | $40.7M | $-49.7M | ||
| Q2 24 | $-59.6M | $4.0M | ||
| Q1 24 | $-56.7M | $-8.6M |
自由现金流率FWRDKGS
| Q4 25 | — | 42.7% | ||
| Q3 25 | 7.7% | 3.4% | ||
| Q2 25 | — | 29.3% | ||
| Q1 25 | 2.6% | 11.2% | ||
| Q4 24 | -4.8% | 14.6% | ||
| Q3 24 | 6.2% | -15.3% | ||
| Q2 24 | -9.3% | 1.3% | ||
| Q1 24 | -10.5% | -4.0% |
资本支出强度FWRDKGS
| Q4 25 | 1.3% | 15.9% | ||
| Q3 25 | 0.7% | 31.7% | ||
| Q2 25 | 0.8% | 25.6% | ||
| Q1 25 | 1.9% | 23.5% | ||
| Q4 24 | 1.1% | 23.7% | ||
| Q3 24 | 1.6% | 26.7% | ||
| Q2 24 | 2.2% | 37.8% | ||
| Q1 24 | 0.9% | 27.9% |
现金转化率FWRDKGS
| Q4 25 | — | 7.91× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.49× | ||
| Q1 25 | — | 3.76× | ||
| Q4 24 | — | 6.21× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 19.44× | ||
| 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% |
KGS
| Other Services | $126.8M | 38% |
| Other | $112.2M | 34% |
| Transferred At Point In Time | $93.8M | 28% |
