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FORWARD AIR CORP（FWRD）与美森（MATX）财务数据对比。点击上方公司名可切换其他公司
美森的季度营收约是FORWARD AIR CORP的1.3倍（$851.9M vs $631.2M），美森净利率更高（16.8% vs -4.5%，领先21.3%），FORWARD AIR CORP同比增速更快（-0.3% vs -4.3%），过去两年美森的营收复合增速更高（8.6% 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。
美森公司（Matson, Inc.）是美国知名航运服务企业，总部位于夏威夷州火奴鲁鲁，成立于1882年。旗下子公司美森航运主营跨太平洋海运业务，服务覆盖夏威夷、阿拉斯加、关岛、密克罗尼西亚、太平洋诸岛、中国及日本等地区。
FWRD vs MATX — 直观对比
营收规模更大
MATX
是对方的1.3倍
$631.2M
营收增速更快
FWRD
高出4.1%
-4.3%
净利率更高
MATX
高出21.3%
-4.5%
两年增速更快
MATX
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $851.9M |
| 净利润 | $-28.3M | $143.1M |
| 毛利率 | — | — |
| 营业利润率 | -0.5% | 16.9% |
| 净利率 | -4.5% | 16.8% |
| 营收同比 | -0.3% | -4.3% |
| 净利润同比 | 22.2% | 11.8% |
| 每股收益（稀释后） | $-0.90 | $4.47 |
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FWRDMATX
| Q4 25 | $631.2M | $851.9M | ||
| Q3 25 | $631.8M | $880.1M | ||
| Q2 25 | $618.8M | $830.5M | ||
| Q1 25 | $613.3M | $782.0M | ||
| Q4 24 | $632.8M | $890.3M | ||
| Q3 24 | $655.9M | $962.0M | ||
| Q2 24 | $643.7M | $847.4M | ||
| Q1 24 | $541.8M | $722.1M |
净利润FWRDMATX
| Q4 25 | $-28.3M | $143.1M | ||
| Q3 25 | $-16.3M | $134.7M | ||
| Q2 25 | $-12.6M | $94.7M | ||
| Q1 25 | $-50.6M | $72.3M | ||
| Q4 24 | $-36.4M | $128.0M | ||
| Q3 24 | $-73.4M | $199.1M | ||
| Q2 24 | $-645.4M | $113.2M | ||
| Q1 24 | $-61.7M | $36.1M |
营业利润率FWRDMATX
| Q4 25 | -0.5% | 16.9% | ||
| Q3 25 | 2.4% | 18.3% | ||
| Q2 25 | 3.2% | 13.6% | ||
| Q1 25 | 0.8% | 10.5% | ||
| Q4 24 | 12.0% | 16.6% | ||
| Q3 24 | 3.5% | 25.2% | ||
| Q2 24 | -170.2% | 14.7% | ||
| Q1 24 | -12.1% | 5.1% |
净利率FWRDMATX
| Q4 25 | -4.5% | 16.8% | ||
| Q3 25 | -2.6% | 15.3% | ||
| Q2 25 | -2.0% | 11.4% | ||
| Q1 25 | -8.3% | 9.2% | ||
| Q4 24 | -5.8% | 14.4% | ||
| Q3 24 | -11.2% | 20.7% | ||
| Q2 24 | -100.3% | 13.4% | ||
| Q1 24 | -11.4% | 5.0% |
每股收益（稀释后）FWRDMATX
| Q4 25 | $-0.90 | $4.47 | ||
| Q3 25 | $-0.52 | $4.24 | ||
| Q2 25 | $-0.41 | $2.92 | ||
| Q1 25 | $-1.68 | $2.18 | ||
| Q4 24 | $-1.69 | $3.69 | ||
| Q3 24 | $-2.66 | $5.89 | ||
| Q2 24 | $-23.47 | $3.31 | ||
| Q1 24 | $-2.81 | $1.04 |
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 | $141.9M |
| 总债务越低越好 | $1.7B | $361.2M |
| 股东权益账面价值 | $113.3M | $2.8B |
| 总资产 | $2.7B | $4.6B |
| 负债/权益比越低杠杆越低 | 14.89× | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资FWRDMATX
| Q4 25 | $106.0M | $141.9M | ||
| Q3 25 | $140.4M | $92.7M | ||
| Q2 25 | $95.1M | $59.1M | ||
| Q1 25 | $116.3M | $122.0M | ||
| Q4 24 | $104.9M | $266.8M | ||
| Q3 24 | $136.6M | $270.3M | ||
| Q2 24 | $84.9M | $168.2M | ||
| Q1 24 | $152.0M | $25.9M |
总债务FWRDMATX
| Q4 25 | $1.7B | $361.2M | ||
| Q3 25 | $1.7B | $370.9M | ||
| Q2 25 | — | $341.3M | ||
| Q1 25 | — | $351.1M | ||
| Q4 24 | — | $361.2M | ||
| Q3 24 | — | $370.9M | ||
| Q2 24 | — | $381.0M | ||
| Q1 24 | $1.7B | $390.8M |
股东权益FWRDMATX
| Q4 25 | $113.3M | $2.8B | ||
| Q3 25 | $139.8M | $2.7B | ||
| Q2 25 | $151.8M | $2.6B | ||
| Q1 25 | $154.6M | $2.6B | ||
| Q4 24 | $201.7M | $2.7B | ||
| Q3 24 | $226.1M | $2.6B | ||
| Q2 24 | $283.8M | $2.4B | ||
| Q1 24 | $926.1M | $2.4B |
总资产FWRDMATX
| Q4 25 | $2.7B | $4.6B | ||
| Q3 25 | $2.8B | $4.6B | ||
| Q2 25 | $2.8B | $4.5B | ||
| Q1 25 | $2.8B | $4.5B | ||
| Q4 24 | $2.8B | $4.6B | ||
| Q3 24 | $3.1B | $4.4B | ||
| Q2 24 | $3.1B | $4.3B | ||
| Q1 24 | $4.0B | $4.2B |
负债/权益比FWRDMATX
| Q4 25 | 14.89× | 0.13× | ||
| Q3 25 | 12.05× | 0.14× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | 0.15× | ||
| Q2 24 | — | 0.16× | ||
| Q1 24 | 1.81× | 0.16× |
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 | — | $176.9M |
| 自由现金流经营现金流 - 资本支出 | — | $42.2M |
| 自由现金流率自由现金流/营收 | — | 5.0% |
| 资本支出强度资本支出/营收 | 1.3% | 15.8% |
| 现金转化率经营现金流/净利润 | — | 1.24× |
| 过去12个月自由现金流最近4个季度 | — | $153.7M |
8季度趋势，按日历期对齐
经营现金流FWRDMATX
| Q4 25 | — | $176.9M | ||
| Q3 25 | $52.7M | $175.6M | ||
| Q2 25 | — | $105.6M | ||
| Q1 25 | $27.6M | $89.0M | ||
| Q4 24 | $-23.2M | $174.7M | ||
| Q3 24 | $51.2M | $248.6M | ||
| Q2 24 | $-45.2M | $307.9M | ||
| Q1 24 | $-51.7M | $36.6M |
自由现金流FWRDMATX
| Q4 25 | — | $42.2M | ||
| Q3 25 | $48.6M | $92.4M | ||
| Q2 25 | — | $19.3M | ||
| Q1 25 | $15.7M | $-200.0K | ||
| Q4 24 | $-30.5M | $49.3M | ||
| Q3 24 | $40.7M | $189.0M | ||
| Q2 24 | $-59.6M | $238.1M | ||
| Q1 24 | $-56.7M | $-18.7M |
自由现金流率FWRDMATX
| Q4 25 | — | 5.0% | ||
| Q3 25 | 7.7% | 10.5% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | 2.6% | -0.0% | ||
| Q4 24 | -4.8% | 5.5% | ||
| Q3 24 | 6.2% | 19.6% | ||
| Q2 24 | -9.3% | 28.1% | ||
| Q1 24 | -10.5% | -2.6% |
资本支出强度FWRDMATX
| Q4 25 | 1.3% | 15.8% | ||
| Q3 25 | 0.7% | 9.5% | ||
| Q2 25 | 0.8% | 10.4% | ||
| Q1 25 | 1.9% | 11.4% | ||
| Q4 24 | 1.1% | 14.1% | ||
| Q3 24 | 1.6% | 6.2% | ||
| Q2 24 | 2.2% | 8.2% | ||
| Q1 24 | 0.9% | 7.7% |
现金转化率FWRDMATX
| Q4 25 | — | 1.24× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | 1.23× | ||
| Q4 24 | — | 1.36× | ||
| Q3 24 | — | 1.25× | ||
| Q2 24 | — | 2.72× | ||
| Q1 24 | — | 1.01× |
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% |
MATX
| Ocean Transportation Segment | $704.2M | 83% |
| Logistics Services Segment | $147.7M | 17% |
