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FORWARD AIR CORP（FWRD）与迈心诺（MASI）财务数据对比。点击上方公司名可切换其他公司
FORWARD AIR CORP的季度营收约是迈心诺的1.7倍（$631.2M vs $371.5M），FORWARD AIR CORP净利率更高（-4.5% vs -27.0%，领先22.5%），FORWARD AIR CORP同比增速更快（-0.3% vs -26.4%），过去两年FORWARD AIR CORP的营收复合增速更高（7.9% vs -17.7%）
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。
迈心诺（Masimo Corporation）是总部位于美国加利福尼亚州尔湾的健康科技及消费电子企业，核心产品包括面向医院及家用场景的患者监护设备、无创传感器及配套软件平台，同时也布局了消费级音频和可穿戴设备赛道。
FWRD vs MASI — 直观对比
营收规模更大
FWRD
是对方的1.7倍
$371.5M
营收增速更快
FWRD
高出26.1%
-26.4%
净利率更高
FWRD
高出22.5%
-27.0%
两年增速更快
FWRD
近两年复合增速
-17.7%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $371.5M |
| 净利润 | $-28.3M | $-100.4M |
| 毛利率 | — | 62.1% |
| 营业利润率 | -0.5% | 22.5% |
| 净利率 | -4.5% | -27.0% |
| 营收同比 | -0.3% | -26.4% |
| 净利润同比 | 22.2% | -1124.5% |
| 每股收益（稀释后） | $-0.90 | $-1.84 |
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FWRDMASI
| Q4 25 | $631.2M | — | ||
| Q3 25 | $631.8M | $371.5M | ||
| Q2 25 | $618.8M | $370.9M | ||
| Q1 25 | $613.3M | $372.0M | ||
| Q4 24 | $632.8M | $600.7M | ||
| Q3 24 | $655.9M | $504.6M | ||
| Q2 24 | $643.7M | $496.3M | ||
| Q1 24 | $541.8M | $492.8M |
净利润FWRDMASI
| Q4 25 | $-28.3M | — | ||
| Q3 25 | $-16.3M | $-100.4M | ||
| Q2 25 | $-12.6M | $51.3M | ||
| Q1 25 | $-50.6M | $-170.7M | ||
| Q4 24 | $-36.4M | $-349.6M | ||
| Q3 24 | $-73.4M | $9.8M | ||
| Q2 24 | $-645.4M | $16.0M | ||
| Q1 24 | $-61.7M | $18.9M |
毛利率FWRDMASI
| Q4 25 | — | — | ||
| Q3 25 | — | 62.1% | ||
| Q2 25 | — | 62.9% | ||
| Q1 25 | — | 62.9% | ||
| Q4 24 | — | 40.7% | ||
| Q3 24 | — | 52.2% | ||
| Q2 24 | — | 51.3% | ||
| Q1 24 | — | 49.0% |
营业利润率FWRDMASI
| Q4 25 | -0.5% | — | ||
| Q3 25 | 2.4% | 22.5% | ||
| Q2 25 | 3.2% | 17.4% | ||
| Q1 25 | 0.8% | 21.0% | ||
| Q4 24 | 12.0% | -59.8% | ||
| Q3 24 | 3.5% | 6.0% | ||
| Q2 24 | -170.2% | 5.7% | ||
| Q1 24 | -12.1% | 6.9% |
净利率FWRDMASI
| Q4 25 | -4.5% | — | ||
| Q3 25 | -2.6% | -27.0% | ||
| Q2 25 | -2.0% | 13.8% | ||
| Q1 25 | -8.3% | -45.9% | ||
| Q4 24 | -5.8% | -58.2% | ||
| Q3 24 | -11.2% | 1.9% | ||
| Q2 24 | -100.3% | 3.2% | ||
| Q1 24 | -11.4% | 3.8% |
每股收益（稀释后）FWRDMASI
| Q4 25 | $-0.90 | — | ||
| Q3 25 | $-0.52 | $-1.84 | ||
| Q2 25 | $-0.41 | $0.94 | ||
| Q1 25 | $-1.68 | $-3.12 | ||
| Q4 24 | $-1.69 | $-6.54 | ||
| Q3 24 | $-2.66 | $0.18 | ||
| Q2 24 | $-23.47 | $0.29 | ||
| Q1 24 | $-2.81 | $0.35 |
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 | $312.3M |
| 总债务越低越好 | $1.7B | $559.1M |
| 股东权益账面价值 | $113.3M | $810.0M |
| 总资产 | $2.7B | $1.8B |
| 负债/权益比越低杠杆越低 | 14.89× | 0.69× |
8季度趋势，按日历期对齐
现金及短期投资FWRDMASI
| Q4 25 | $106.0M | — | ||
| Q3 25 | $140.4M | $312.3M | ||
| Q2 25 | $95.1M | $149.6M | ||
| Q1 25 | $116.3M | $130.8M | ||
| Q4 24 | $104.9M | $177.6M | ||
| Q3 24 | $136.6M | $158.5M | ||
| Q2 24 | $84.9M | $129.6M | ||
| Q1 24 | $152.0M | $157.6M |
总债务FWRDMASI
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | $559.1M | ||
| Q2 25 | — | $613.7M | ||
| Q1 25 | — | $651.0M | ||
| Q4 24 | — | $765.2M | ||
| Q3 24 | — | $772.6M | ||
| Q2 24 | — | $781.6M | ||
| Q1 24 | $1.7B | $876.0M |
股东权益FWRDMASI
| Q4 25 | $113.3M | — | ||
| Q3 25 | $139.8M | $810.0M | ||
| Q2 25 | $151.8M | $1.0B | ||
| Q1 25 | $154.6M | $946.4M | ||
| Q4 24 | $201.7M | $1.1B | ||
| Q3 24 | $226.1M | $1.5B | ||
| Q2 24 | $283.8M | $1.4B | ||
| Q1 24 | $926.1M | $1.4B |
总资产FWRDMASI
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.8B | $1.8B | ||
| Q2 25 | $2.8B | $2.4B | ||
| Q1 25 | $2.8B | $2.3B | ||
| Q4 24 | $2.8B | $2.6B | ||
| Q3 24 | $3.1B | $3.1B | ||
| Q2 24 | $3.1B | $2.9B | ||
| Q1 24 | $4.0B | $3.0B |
负债/权益比FWRDMASI
| Q4 25 | 14.89× | — | ||
| Q3 25 | 12.05× | 0.69× | ||
| Q2 25 | — | 0.59× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.53× | ||
| Q2 24 | — | 0.57× | ||
| Q1 24 | 1.81× | 0.64× |
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 | — | $56.8M |
| 自由现金流经营现金流 - 资本支出 | — | $50.9M |
| 自由现金流率自由现金流/营收 | — | 13.7% |
| 资本支出强度资本支出/营收 | 1.3% | 1.6% |
| 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 | — | $191.0M |
8季度趋势，按日历期对齐
经营现金流FWRDMASI
| Q4 25 | — | — | ||
| Q3 25 | $52.7M | $56.8M | ||
| Q2 25 | — | $69.4M | ||
| Q1 25 | $27.6M | $31.1M | ||
| Q4 24 | $-23.2M | $50.5M | ||
| Q3 24 | $51.2M | $25.6M | ||
| Q2 24 | $-45.2M | $74.5M | ||
| Q1 24 | $-51.7M | $45.8M |
自由现金流FWRDMASI
| Q4 25 | — | — | ||
| Q3 25 | $48.6M | $50.9M | ||
| Q2 25 | — | $65.6M | ||
| Q1 25 | $15.7M | $28.5M | ||
| Q4 24 | $-30.5M | $46.0M | ||
| Q3 24 | $40.7M | $16.9M | ||
| Q2 24 | $-59.6M | $66.9M | ||
| Q1 24 | $-56.7M | $37.6M |
自由现金流率FWRDMASI
| Q4 25 | — | — | ||
| Q3 25 | 7.7% | 13.7% | ||
| Q2 25 | — | 17.7% | ||
| Q1 25 | 2.6% | 7.7% | ||
| Q4 24 | -4.8% | 7.7% | ||
| Q3 24 | 6.2% | 3.3% | ||
| Q2 24 | -9.3% | 13.5% | ||
| Q1 24 | -10.5% | 7.6% |
资本支出强度FWRDMASI
| Q4 25 | 1.3% | — | ||
| Q3 25 | 0.7% | 1.6% | ||
| Q2 25 | 0.8% | 1.0% | ||
| Q1 25 | 1.9% | 0.7% | ||
| Q4 24 | 1.1% | 0.7% | ||
| Q3 24 | 1.6% | 1.7% | ||
| Q2 24 | 2.2% | 1.5% | ||
| Q1 24 | 0.9% | 1.7% |
现金转化率FWRDMASI
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.35× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.61× | ||
| Q2 24 | — | 4.66× | ||
| Q1 24 | — | 2.42× |
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% |
MASI
暂无分部数据
