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FORWARD AIR CORP（FWRD）与朗美通（LITE）财务数据对比。点击上方公司名可切换其他公司
朗美通的季度营收约是FORWARD AIR CORP的1.1倍（$665.5M vs $631.2M），朗美通净利率更高（11.8% vs -4.5%，领先16.2%），朗美通同比增速更快（65.5% vs -0.3%），过去两年朗美通的营收复合增速更高（34.8% 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。
朗美通控股（Lumentum Holdings Inc.）是全球知名光电产品供应商，前身为美国捷迪讯（JDSU）旗下光电器件及激光业务板块，2015年8月随捷迪讯分拆独立运营，总部位于美国加利福尼亚州米尔皮塔斯，主营光通信网络设备、激光器、定制光学解决方案等多元产品。
FWRD vs LITE — 直观对比
营收规模更大
LITE
是对方的1.1倍
$631.2M
营收增速更快
LITE
高出65.7%
-0.3%
净利率更高
LITE
高出16.2%
-4.5%
两年增速更快
LITE
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $665.5M |
| 净利润 | $-28.3M | $78.2M |
| 毛利率 | — | 36.1% |
| 营业利润率 | -0.5% | 9.7% |
| 净利率 | -4.5% | 11.8% |
| 营收同比 | -0.3% | 65.5% |
| 净利润同比 | 22.2% | 228.4% |
| 每股收益（稀释后） | $-0.90 | $0.89 |
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FWRDLITE
| Q4 25 | $631.2M | $665.5M | ||
| Q3 25 | $631.8M | $533.8M | ||
| Q2 25 | $618.8M | $480.7M | ||
| Q1 25 | $613.3M | $425.2M | ||
| Q4 24 | $632.8M | $402.2M | ||
| Q3 24 | $655.9M | $336.9M | ||
| Q2 24 | $643.7M | $308.3M | ||
| Q1 24 | $541.8M | $366.5M |
净利润FWRDLITE
| Q4 25 | $-28.3M | $78.2M | ||
| Q3 25 | $-16.3M | $4.2M | ||
| Q2 25 | $-12.6M | $213.3M | ||
| Q1 25 | $-50.6M | $-44.1M | ||
| Q4 24 | $-36.4M | $-60.9M | ||
| Q3 24 | $-73.4M | $-82.4M | ||
| Q2 24 | $-645.4M | $-252.5M | ||
| Q1 24 | $-61.7M | $-127.0M |
毛利率FWRDLITE
| Q4 25 | — | 36.1% | ||
| Q3 25 | — | 34.0% | ||
| Q2 25 | — | 33.3% | ||
| Q1 25 | — | 28.8% | ||
| Q4 24 | — | 24.8% | ||
| Q3 24 | — | 23.1% | ||
| Q2 24 | — | 16.6% | ||
| Q1 24 | — | 16.2% |
营业利润率FWRDLITE
| Q4 25 | -0.5% | 9.7% | ||
| Q3 25 | 2.4% | 1.3% | ||
| Q2 25 | 3.2% | -1.7% | ||
| Q1 25 | 0.8% | -8.9% | ||
| Q4 24 | 12.0% | -12.8% | ||
| Q3 24 | 3.5% | -24.5% | ||
| Q2 24 | -170.2% | -43.3% | ||
| Q1 24 | -12.1% | -31.3% |
净利率FWRDLITE
| Q4 25 | -4.5% | 11.8% | ||
| Q3 25 | -2.6% | 0.8% | ||
| Q2 25 | -2.0% | 44.4% | ||
| Q1 25 | -8.3% | -10.4% | ||
| Q4 24 | -5.8% | -15.1% | ||
| Q3 24 | -11.2% | -24.5% | ||
| Q2 24 | -100.3% | -81.9% | ||
| Q1 24 | -11.4% | -34.7% |
每股收益（稀释后）FWRDLITE
| Q4 25 | $-0.90 | $0.89 | ||
| Q3 25 | $-0.52 | $0.05 | ||
| Q2 25 | $-0.41 | $3.10 | ||
| Q1 25 | $-1.68 | $-0.64 | ||
| Q4 24 | $-1.69 | $-0.88 | ||
| Q3 24 | $-2.66 | $-1.21 | ||
| Q2 24 | $-23.47 | $-3.75 | ||
| Q1 24 | $-2.81 | $-1.88 |
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 | $1.2B |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $113.3M | $846.6M |
| 总资产 | $2.7B | $4.8B |
| 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FWRDLITE
| Q4 25 | $106.0M | $1.2B | ||
| Q3 25 | $140.4M | $1.1B | ||
| Q2 25 | $95.1M | $877.1M | ||
| Q1 25 | $116.3M | $866.7M | ||
| Q4 24 | $104.9M | $896.7M | ||
| Q3 24 | $136.6M | $916.1M | ||
| Q2 24 | $84.9M | $887.0M | ||
| Q1 24 | $152.0M | $870.9M |
总债务FWRDLITE
| 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FWRDLITE
| Q4 25 | $113.3M | $846.6M | ||
| Q3 25 | $139.8M | $780.8M | ||
| Q2 25 | $151.8M | $1.1B | ||
| Q1 25 | $154.6M | $879.5M | ||
| Q4 24 | $201.7M | $872.3M | ||
| Q3 24 | $226.1M | $895.9M | ||
| Q2 24 | $283.8M | $957.3M | ||
| Q1 24 | $926.1M | $1.2B |
总资产FWRDLITE
| Q4 25 | $2.7B | $4.8B | ||
| Q3 25 | $2.8B | $4.6B | ||
| Q2 25 | $2.8B | $4.2B | ||
| Q1 25 | $2.8B | $4.0B | ||
| Q4 24 | $2.8B | $4.0B | ||
| Q3 24 | $3.1B | $4.0B | ||
| Q2 24 | $3.1B | $3.9B | ||
| Q1 24 | $4.0B | $4.2B |
负债/权益比FWRDLITE
| 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 | — | $126.7M |
| 自由现金流经营现金流 - 资本支出 | — | $43.1M |
| 自由现金流率自由现金流/营收 | — | 6.5% |
| 资本支出强度资本支出/营收 | 1.3% | 12.6% |
| 现金转化率经营现金流/净利润 | — | 1.62× |
| 过去12个月自由现金流最近4个季度 | — | $-29.5M |
8季度趋势，按日历期对齐
经营现金流FWRDLITE
| Q4 25 | — | $126.7M | ||
| Q3 25 | $52.7M | $57.9M | ||
| Q2 25 | — | $64.0M | ||
| Q1 25 | $27.6M | $-1.6M | ||
| Q4 24 | $-23.2M | $24.3M | ||
| Q3 24 | $51.2M | $39.6M | ||
| Q2 24 | $-45.2M | $35.5M | ||
| Q1 24 | $-51.7M | $-7.0M |
自由现金流FWRDLITE
| Q4 25 | — | $43.1M | ||
| Q3 25 | $48.6M | $-18.3M | ||
| Q2 25 | — | $10.1M | ||
| Q1 25 | $15.7M | $-64.4M | ||
| Q4 24 | $-30.5M | $-15.9M | ||
| Q3 24 | $40.7M | $-34.5M | ||
| Q2 24 | $-59.6M | $10.9M | ||
| Q1 24 | $-56.7M | $-26.6M |
自由现金流率FWRDLITE
| Q4 25 | — | 6.5% | ||
| Q3 25 | 7.7% | -3.4% | ||
| Q2 25 | — | 2.1% | ||
| Q1 25 | 2.6% | -15.1% | ||
| Q4 24 | -4.8% | -4.0% | ||
| Q3 24 | 6.2% | -10.2% | ||
| Q2 24 | -9.3% | 3.5% | ||
| Q1 24 | -10.5% | -7.3% |
资本支出强度FWRDLITE
| Q4 25 | 1.3% | 12.6% | ||
| Q3 25 | 0.7% | 14.3% | ||
| Q2 25 | 0.8% | 11.2% | ||
| Q1 25 | 1.9% | 14.8% | ||
| Q4 24 | 1.1% | 10.0% | ||
| Q3 24 | 1.6% | 22.0% | ||
| Q2 24 | 2.2% | 8.0% | ||
| Q1 24 | 0.9% | 5.3% |
现金转化率FWRDLITE
| Q4 25 | — | 1.62× | ||
| Q3 25 | — | 13.79× | ||
| Q2 25 | — | 0.30× | ||
| 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% |
LITE
| Components | $443.7M | 67% |
| Systems | $221.8M | 33% |
