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FORWARD AIR CORP（FWRD）与麦格劳希尔（MH）财务数据对比。点击上方公司名可切换其他公司
FORWARD AIR CORP的季度营收约是麦格劳希尔的1.5倍（$631.2M vs $434.2M），FORWARD AIR CORP净利率更高（-4.5% vs -4.7%，领先0.2%），FORWARD AIR CORP同比增速更快（-0.3% vs -35.1%）
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。
麦格劳希尔是美国知名教育科技企业，面向K12、高等教育及职业领域的师生提供多元教育内容、软件与服务。核心产品包含教材、数字学习工具及自适应技术，助力优化学习体验、提升学习效果，是与霍顿米夫林哈考特、培生教育齐名的全球三大教育出版商之一。
FWRD vs MH — 直观对比
营收规模更大
FWRD
是对方的1.5倍
$434.2M
营收增速更快
FWRD
高出34.9%
-35.1%
净利率更高
FWRD
高出0.2%
-4.7%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $434.2M |
| 净利润 | $-28.3M | $-20.2M |
| 毛利率 | — | 85.3% |
| 营业利润率 | -0.5% | 7.0% |
| 净利率 | -4.5% | -4.7% |
| 营收同比 | -0.3% | -35.1% |
| 净利润同比 | 22.2% | -119.2% |
| 每股收益（稀释后） | $-0.90 | $-0.11 |
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FWRDMH
| Q4 25 | $631.2M | $434.2M | ||
| Q3 25 | $631.8M | $669.2M | ||
| Q2 25 | $618.8M | $535.7M | ||
| Q1 25 | $613.3M | — | ||
| Q4 24 | $632.8M | — | ||
| Q3 24 | $655.9M | — | ||
| Q2 24 | $643.7M | — | ||
| Q1 24 | $541.8M | — |
净利润FWRDMH
| Q4 25 | $-28.3M | $-20.2M | ||
| Q3 25 | $-16.3M | $105.3M | ||
| Q2 25 | $-12.6M | $502.0K | ||
| Q1 25 | $-50.6M | — | ||
| Q4 24 | $-36.4M | — | ||
| Q3 24 | $-73.4M | — | ||
| Q2 24 | $-645.4M | — | ||
| Q1 24 | $-61.7M | — |
毛利率FWRDMH
| Q4 25 | — | 85.3% | ||
| Q3 25 | — | 79.2% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率FWRDMH
| Q4 25 | -0.5% | 7.0% | ||
| Q3 25 | 2.4% | 23.4% | ||
| Q2 25 | 3.2% | 18.0% | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 12.0% | — | ||
| Q3 24 | 3.5% | — | ||
| Q2 24 | -170.2% | — | ||
| Q1 24 | -12.1% | — |
净利率FWRDMH
| Q4 25 | -4.5% | -4.7% | ||
| Q3 25 | -2.6% | 15.7% | ||
| Q2 25 | -2.0% | 0.1% | ||
| Q1 25 | -8.3% | — | ||
| Q4 24 | -5.8% | — | ||
| Q3 24 | -11.2% | — | ||
| Q2 24 | -100.3% | — | ||
| Q1 24 | -11.4% | — |
每股收益（稀释后）FWRDMH
| Q4 25 | $-0.90 | $-0.11 | ||
| Q3 25 | $-0.52 | $0.57 | ||
| Q2 25 | $-0.41 | $0.00 | ||
| Q1 25 | $-1.68 | — | ||
| Q4 24 | $-1.69 | — | ||
| Q3 24 | $-2.66 | — | ||
| Q2 24 | $-23.47 | — | ||
| Q1 24 | $-2.81 | — |
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 | $514.4M |
| 总债务越低越好 | $1.7B | $2.6B |
| 股东权益账面价值 | $113.3M | $775.3M |
| 总资产 | $2.7B | $5.6B |
| 负债/权益比越低杠杆越低 | 14.89× | 3.36× |
8季度趋势，按日历期对齐
现金及短期投资FWRDMH
| Q4 25 | $106.0M | $514.4M | ||
| Q3 25 | $140.4M | $463.2M | ||
| Q2 25 | $95.1M | $247.3M | ||
| Q1 25 | $116.3M | — | ||
| Q4 24 | $104.9M | — | ||
| Q3 24 | $136.6M | — | ||
| Q2 24 | $84.9M | — | ||
| Q1 24 | $152.0M | — |
总债务FWRDMH
| Q4 25 | $1.7B | $2.6B | ||
| Q3 25 | $1.7B | $2.8B | ||
| Q2 25 | — | $3.2B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.7B | — |
股东权益FWRDMH
| Q4 25 | $113.3M | $775.3M | ||
| Q3 25 | $139.8M | $794.6M | ||
| Q2 25 | $151.8M | $283.3M | ||
| Q1 25 | $154.6M | — | ||
| Q4 24 | $201.7M | — | ||
| Q3 24 | $226.1M | — | ||
| Q2 24 | $283.8M | — | ||
| Q1 24 | $926.1M | — |
总资产FWRDMH
| Q4 25 | $2.7B | $5.6B | ||
| Q3 25 | $2.8B | $6.0B | ||
| Q2 25 | $2.8B | $5.7B | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.1B | — | ||
| Q1 24 | $4.0B | — |
负债/权益比FWRDMH
| Q4 25 | 14.89× | 3.36× | ||
| Q3 25 | 12.05× | 3.52× | ||
| Q2 25 | — | 11.17× | ||
| 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 | — | $309.0M |
| 自由现金流经营现金流 - 资本支出 | — | $285.4M |
| 自由现金流率自由现金流/营收 | — | 65.7% |
| 资本支出强度资本支出/营收 | 1.3% | 5.4% |
| 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 | — | — |
8季度趋势，按日历期对齐
经营现金流FWRDMH
| Q4 25 | — | $309.0M | ||
| Q3 25 | $52.7M | $265.0M | ||
| Q2 25 | — | $-96.7M | ||
| Q1 25 | $27.6M | — | ||
| Q4 24 | $-23.2M | — | ||
| Q3 24 | $51.2M | — | ||
| Q2 24 | $-45.2M | — | ||
| Q1 24 | $-51.7M | — |
自由现金流FWRDMH
| Q4 25 | — | $285.4M | ||
| Q3 25 | $48.6M | $243.8M | ||
| Q2 25 | — | $-112.9M | ||
| Q1 25 | $15.7M | — | ||
| Q4 24 | $-30.5M | — | ||
| Q3 24 | $40.7M | — | ||
| Q2 24 | $-59.6M | — | ||
| Q1 24 | $-56.7M | — |
自由现金流率FWRDMH
| Q4 25 | — | 65.7% | ||
| Q3 25 | 7.7% | 36.4% | ||
| Q2 25 | — | -21.1% | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | -4.8% | — | ||
| Q3 24 | 6.2% | — | ||
| Q2 24 | -9.3% | — | ||
| Q1 24 | -10.5% | — |
资本支出强度FWRDMH
| Q4 25 | 1.3% | 5.4% | ||
| Q3 25 | 0.7% | 3.2% | ||
| Q2 25 | 0.8% | 3.0% | ||
| Q1 25 | 1.9% | — | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 0.9% | — |
现金转化率FWRDMH
| Q4 25 | — | — | ||
| Q3 25 | — | 2.52× | ||
| Q2 25 | — | -192.53× | ||
| 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% |
MH
| Higher Education | $225.4M | 52% |
| Digital | $103.5M | 24% |
| Other | $44.4M | 10% |
| Global Professional | $36.2M | 8% |
| $24.7M | 6% |
