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FORWARD AIR CORP（FWRD）与Loews Corporation（L）财务数据对比。点击上方公司名可切换其他公司
Loews Corporation的季度营收约是FORWARD AIR CORP的1.3倍（$827.0M vs $631.2M），Loews Corporation净利率更高（48.6% vs -4.5%，领先53.1%），Loews Corporation同比增速更快（4.8% vs -0.3%），过去两年FORWARD AIR CORP的营收复合增速更高（7.9% 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。
Loews Corporation是一家总部位于美国的多元化综合企业集团，旗下子公司业务覆盖财产保险、天然气管道运输、酒店运营、油气勘探生产等核心领域，主要服务北美市场的商业、消费者及工业客户。
FWRD vs L — 直观对比
营收规模更大
L
是对方的1.3倍
$631.2M
营收增速更快
L
高出5.1%
-0.3%
净利率更高
L
高出53.1%
-4.5%
两年增速更快
FWRD
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $827.0M |
| 净利润 | $-28.3M | $402.0M |
| 毛利率 | — | — |
| 营业利润率 | -0.5% | 65.4% |
| 净利率 | -4.5% | 48.6% |
| 营收同比 | -0.3% | 4.8% |
| 净利润同比 | 22.2% | 115.0% |
| 每股收益（稀释后） | $-0.90 | $1.93 |
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FWRDL
| Q4 25 | $631.2M | $827.0M | ||
| Q3 25 | $631.8M | $732.0M | ||
| Q2 25 | $618.8M | $769.0M | ||
| Q1 25 | $613.3M | $846.0M | ||
| Q4 24 | $632.8M | $789.0M | ||
| Q3 24 | $655.9M | $683.0M | ||
| Q2 24 | $643.7M | $711.0M | ||
| Q1 24 | $541.8M | $710.0M |
净利润FWRDL
| Q4 25 | $-28.3M | $402.0M | ||
| Q3 25 | $-16.3M | $504.0M | ||
| Q2 25 | $-12.6M | $391.0M | ||
| Q1 25 | $-50.6M | $370.0M | ||
| Q4 24 | $-36.4M | $187.0M | ||
| Q3 24 | $-73.4M | $401.0M | ||
| Q2 24 | $-645.4M | $369.0M | ||
| Q1 24 | $-61.7M | $457.0M |
营业利润率FWRDL
| Q4 25 | -0.5% | 65.4% | ||
| Q3 25 | 2.4% | 94.1% | ||
| Q2 25 | 3.2% | 70.1% | ||
| Q1 25 | 0.8% | 60.8% | ||
| Q4 24 | 12.0% | 23.8% | ||
| Q3 24 | 3.5% | 80.5% | ||
| Q2 24 | -170.2% | 71.3% | ||
| Q1 24 | -12.1% | 88.6% |
净利率FWRDL
| Q4 25 | -4.5% | 48.6% | ||
| Q3 25 | -2.6% | 68.9% | ||
| Q2 25 | -2.0% | 50.8% | ||
| Q1 25 | -8.3% | 43.7% | ||
| Q4 24 | -5.8% | 23.7% | ||
| Q3 24 | -11.2% | 58.7% | ||
| Q2 24 | -100.3% | 51.9% | ||
| Q1 24 | -11.4% | 64.4% |
每股收益（稀释后）FWRDL
| Q4 25 | $-0.90 | $1.93 | ||
| Q3 25 | $-0.52 | $2.43 | ||
| Q2 25 | $-0.41 | $1.87 | ||
| Q1 25 | $-1.68 | $1.74 | ||
| Q4 24 | $-1.69 | $0.87 | ||
| Q3 24 | $-2.66 | $1.82 | ||
| Q2 24 | $-23.47 | $1.67 | ||
| Q1 24 | $-2.81 | $2.05 |
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 | $6.0B |
| 总债务越低越好 | $1.7B | $8.4B |
| 股东权益账面价值 | $113.3M | $18.7B |
| 总资产 | $2.7B | $86.3B |
| 负债/权益比越低杠杆越低 | 14.89× | 0.45× |
8季度趋势，按日历期对齐
现金及短期投资FWRDL
| Q4 25 | $106.0M | $6.0B | ||
| Q3 25 | $140.4M | $5.4B | ||
| Q2 25 | $95.1M | $4.5B | ||
| Q1 25 | $116.3M | $4.4B | ||
| Q4 24 | $104.9M | $4.6B | ||
| Q3 24 | $136.6M | $5.2B | ||
| Q2 24 | $84.9M | $4.9B | ||
| Q1 24 | $152.0M | $5.4B |
总债务FWRDL
| Q4 25 | $1.7B | $8.4B | ||
| Q3 25 | $1.7B | $8.4B | ||
| Q2 25 | — | $7.9B | ||
| Q1 25 | — | $8.4B | ||
| Q4 24 | — | $8.9B | ||
| Q3 24 | — | $8.8B | ||
| Q2 24 | — | $8.6B | ||
| Q1 24 | $1.7B | $8.4B |
股东权益FWRDL
| Q4 25 | $113.3M | $18.7B | ||
| Q3 25 | $139.8M | $18.3B | ||
| Q2 25 | $151.8M | $17.5B | ||
| Q1 25 | $154.6M | $17.2B | ||
| Q4 24 | $201.7M | $17.1B | ||
| Q3 24 | $226.1M | $17.4B | ||
| Q2 24 | $283.8M | $16.4B | ||
| Q1 24 | $926.1M | $16.2B |
总资产FWRDL
| Q4 25 | $2.7B | $86.3B | ||
| Q3 25 | $2.8B | $85.9B | ||
| Q2 25 | $2.8B | $84.7B | ||
| Q1 25 | $2.8B | $83.1B | ||
| Q4 24 | $2.8B | $81.9B | ||
| Q3 24 | $3.1B | $83.6B | ||
| Q2 24 | $3.1B | $81.1B | ||
| Q1 24 | $4.0B | $80.9B |
负债/权益比FWRDL
| Q4 25 | 14.89× | 0.45× | ||
| Q3 25 | 12.05× | 0.46× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | 0.49× | ||
| Q4 24 | — | 0.52× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 0.52× | ||
| Q1 24 | 1.81× | 0.52× |
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 | — | $617.0M |
| 自由现金流经营现金流 - 资本支出 | — | $426.0M |
| 自由现金流率自由现金流/营收 | — | 51.5% |
| 资本支出强度资本支出/营收 | 1.3% | 23.1% |
| 现金转化率经营现金流/净利润 | — | 1.53× |
| 过去12个月自由现金流最近4个季度 | — | $2.7B |
8季度趋势，按日历期对齐
经营现金流FWRDL
| Q4 25 | — | $617.0M | ||
| Q3 25 | $52.7M | $920.0M | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | $27.6M | $736.0M | ||
| Q4 24 | $-23.2M | $941.0M | ||
| Q3 24 | $51.2M | $934.0M | ||
| Q2 24 | $-45.2M | $952.0M | ||
| Q1 24 | $-51.7M | $198.0M |
自由现金流FWRDL
| Q4 25 | — | $426.0M | ||
| Q3 25 | $48.6M | $764.0M | ||
| Q2 25 | — | $872.0M | ||
| Q1 25 | $15.7M | $638.0M | ||
| Q4 24 | $-30.5M | $767.0M | ||
| Q3 24 | $40.7M | $794.0M | ||
| Q2 24 | $-59.6M | $793.0M | ||
| Q1 24 | $-56.7M | $39.0M |
自由现金流率FWRDL
| Q4 25 | — | 51.5% | ||
| Q3 25 | 7.7% | 104.4% | ||
| Q2 25 | — | 113.4% | ||
| Q1 25 | 2.6% | 75.4% | ||
| Q4 24 | -4.8% | 97.2% | ||
| Q3 24 | 6.2% | 116.3% | ||
| Q2 24 | -9.3% | 111.5% | ||
| Q1 24 | -10.5% | 5.5% |
资本支出强度FWRDL
| Q4 25 | 1.3% | 23.1% | ||
| Q3 25 | 0.7% | 21.3% | ||
| Q2 25 | 0.8% | 17.4% | ||
| Q1 25 | 1.9% | 11.6% | ||
| Q4 24 | 1.1% | 22.1% | ||
| Q3 24 | 1.6% | 20.5% | ||
| Q2 24 | 2.2% | 22.4% | ||
| Q1 24 | 0.9% | 22.4% |
现金转化率FWRDL
| Q4 25 | — | 1.53× | ||
| Q3 25 | — | 1.83× | ||
| Q2 25 | — | 2.57× | ||
| Q1 25 | — | 1.99× | ||
| Q4 24 | — | 5.03× | ||
| Q3 24 | — | 2.33× | ||
| Q2 24 | — | 2.58× | ||
| Q1 24 | — | 0.43× |
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% |
L
| Transportation And Storage Of Natural Gas And NG Ls And Ethane Supply And Transportation Services | $601.0M | 73% |
| Lodging And Related Services | $226.0M | 27% |
