vs
FORWARD AIR CORP（FWRD）与Martin Marietta Materials（MLM）财务数据对比。点击上方公司名可切换其他公司
Martin Marietta Materials的季度营收约是FORWARD AIR CORP的1.8倍（$1.1B vs $631.2M），Martin Marietta Materials净利率更高（24.5% vs -4.5%，领先29.0%），FORWARD AIR CORP同比增速更快（-0.3% vs -30.1%），过去两年FORWARD AIR CORP的营收复合增速更高（7.9% vs -4.5%）
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。
马丁·玛丽埃塔材料公司是美国大型集料及重型建筑材料供应商，业务覆盖美国26个州、加拿大及加勒比地区，主要为道路、人行道、地基等各类基建项目提供所需原材料。
FWRD vs MLM — 直观对比
营收规模更大
MLM
是对方的1.8倍
$631.2M
营收增速更快
FWRD
高出29.9%
-30.1%
净利率更高
MLM
高出29.0%
-4.5%
两年增速更快
FWRD
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $1.1B |
| 净利润 | $-28.3M | $279.0M |
| 毛利率 | — | 35.0% |
| 营业利润率 | -0.5% | 24.6% |
| 净利率 | -4.5% | 24.5% |
| 营收同比 | -0.3% | -30.1% |
| 净利润同比 | 22.2% | -4.8% |
| 每股收益（稀释后） | $-0.90 | $4.59 |
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FWRDMLM
| Q4 25 | $631.2M | $1.1B | ||
| Q3 25 | $631.8M | $1.8B | ||
| Q2 25 | $618.8M | $1.8B | ||
| Q1 25 | $613.3M | $1.4B | ||
| Q4 24 | $632.8M | $1.6B | ||
| Q3 24 | $655.9M | $1.9B | ||
| Q2 24 | $643.7M | $1.8B | ||
| Q1 24 | $541.8M | $1.3B |
净利润FWRDMLM
| Q4 25 | $-28.3M | $279.0M | ||
| Q3 25 | $-16.3M | $414.0M | ||
| Q2 25 | $-12.6M | $328.0M | ||
| Q1 25 | $-50.6M | $116.0M | ||
| Q4 24 | $-36.4M | $293.0M | ||
| Q3 24 | $-73.4M | $363.0M | ||
| Q2 24 | $-645.4M | $294.0M | ||
| Q1 24 | $-61.7M | $1.0B |
毛利率FWRDMLM
| Q4 25 | — | 35.0% | ||
| Q3 25 | — | 33.1% | ||
| Q2 25 | — | 30.0% | ||
| Q1 25 | — | 24.8% | ||
| Q4 24 | — | 30.0% | ||
| Q3 24 | — | 31.7% | ||
| Q2 24 | — | 29.3% | ||
| Q1 24 | — | 21.7% |
营业利润率FWRDMLM
| Q4 25 | -0.5% | 24.6% | ||
| Q3 25 | 2.4% | 27.4% | ||
| Q2 25 | 3.2% | 25.3% | ||
| Q1 25 | 0.8% | 14.3% | ||
| Q4 24 | 12.0% | 24.4% | ||
| Q3 24 | 3.5% | 25.9% | ||
| Q2 24 | -170.2% | 22.6% | ||
| Q1 24 | -12.1% | — |
净利率FWRDMLM
| Q4 25 | -4.5% | 24.5% | ||
| Q3 25 | -2.6% | 22.4% | ||
| Q2 25 | -2.0% | 18.1% | ||
| Q1 25 | -8.3% | 8.6% | ||
| Q4 24 | -5.8% | 18.0% | ||
| Q3 24 | -11.2% | 19.2% | ||
| Q2 24 | -100.3% | 16.7% | ||
| Q1 24 | -11.4% | 83.5% |
每股收益（稀释后）FWRDMLM
| Q4 25 | $-0.90 | $4.59 | ||
| Q3 25 | $-0.52 | $6.85 | ||
| Q2 25 | $-0.41 | $5.43 | ||
| Q1 25 | $-1.68 | $1.90 | ||
| Q4 24 | $-1.69 | $4.87 | ||
| Q3 24 | $-2.66 | $5.91 | ||
| Q2 24 | $-23.47 | $4.76 | ||
| Q1 24 | $-2.81 | $16.87 |
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 | $67.0M |
| 总债务越低越好 | $1.7B | $5.3B |
| 股东权益账面价值 | $113.3M | $10.0B |
| 总资产 | $2.7B | $18.7B |
| 负债/权益比越低杠杆越低 | 14.89× | 0.53× |
8季度趋势，按日历期对齐
现金及短期投资FWRDMLM
| Q4 25 | $106.0M | $67.0M | ||
| Q3 25 | $140.4M | $57.0M | ||
| Q2 25 | $95.1M | $225.0M | ||
| Q1 25 | $116.3M | $101.0M | ||
| Q4 24 | $104.9M | $670.0M | ||
| Q3 24 | $136.6M | $52.0M | ||
| Q2 24 | $84.9M | $109.0M | ||
| Q1 24 | $152.0M | $2.6B |
总债务FWRDMLM
| Q4 25 | $1.7B | $5.3B | ||
| Q3 25 | $1.7B | $5.5B | ||
| Q2 25 | — | $5.4B | ||
| Q1 25 | — | $5.4B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $4.3B | ||
| Q1 24 | $1.7B | $4.3B |
股东权益FWRDMLM
| Q4 25 | $113.3M | $10.0B | ||
| Q3 25 | $139.8M | $9.7B | ||
| Q2 25 | $151.8M | $9.4B | ||
| Q1 25 | $154.6M | $9.1B | ||
| Q4 24 | $201.7M | $9.5B | ||
| Q3 24 | $226.1M | $9.2B | ||
| Q2 24 | $283.8M | $8.8B | ||
| Q1 24 | $926.1M | $8.9B |
总资产FWRDMLM
| Q4 25 | $2.7B | $18.7B | ||
| Q3 25 | $2.8B | $18.7B | ||
| Q2 25 | $2.8B | $18.1B | ||
| Q1 25 | $2.8B | $17.7B | ||
| Q4 24 | $2.8B | $18.2B | ||
| Q3 24 | $3.1B | $16.5B | ||
| Q2 24 | $3.1B | $16.3B | ||
| Q1 24 | $4.0B | $16.2B |
负债/权益比FWRDMLM
| Q4 25 | 14.89× | 0.53× | ||
| Q3 25 | 12.05× | 0.57× | ||
| Q2 25 | — | 0.58× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.57× | ||
| Q3 24 | — | 0.44× | ||
| Q2 24 | — | 0.49× | ||
| Q1 24 | 1.81× | 0.49× |
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 | — | $629.0M |
| 自由现金流经营现金流 - 资本支出 | — | $424.0M |
| 自由现金流率自由现金流/营收 | — | 37.2% |
| 资本支出强度资本支出/营收 | 1.3% | 18.0% |
| 现金转化率经营现金流/净利润 | — | 2.25× |
| 过去12个月自由现金流最近4个季度 | — | $978.0M |
8季度趋势，按日历期对齐
经营现金流FWRDMLM
| Q4 25 | — | $629.0M | ||
| Q3 25 | $52.7M | $551.0M | ||
| Q2 25 | — | $387.0M | ||
| Q1 25 | $27.6M | $218.0M | ||
| Q4 24 | $-23.2M | $686.0M | ||
| Q3 24 | $51.2M | $600.0M | ||
| Q2 24 | $-45.2M | $1.0M | ||
| Q1 24 | $-51.7M | $172.0M |
自由现金流FWRDMLM
| Q4 25 | — | $424.0M | ||
| Q3 25 | $48.6M | $361.0M | ||
| Q2 25 | — | $208.0M | ||
| Q1 25 | $15.7M | $-15.0M | ||
| Q4 24 | $-30.5M | $453.0M | ||
| Q3 24 | $40.7M | $317.0M | ||
| Q2 24 | $-59.6M | $-138.0M | ||
| Q1 24 | $-56.7M | $-28.0M |
自由现金流率FWRDMLM
| Q4 25 | — | 37.2% | ||
| Q3 25 | 7.7% | 19.6% | ||
| Q2 25 | — | 11.5% | ||
| Q1 25 | 2.6% | -1.1% | ||
| Q4 24 | -4.8% | 27.8% | ||
| Q3 24 | 6.2% | 16.8% | ||
| Q2 24 | -9.3% | -7.8% | ||
| Q1 24 | -10.5% | -2.2% |
资本支出强度FWRDMLM
| Q4 25 | 1.3% | 18.0% | ||
| Q3 25 | 0.7% | 10.3% | ||
| Q2 25 | 0.8% | 9.9% | ||
| Q1 25 | 1.9% | 17.2% | ||
| Q4 24 | 1.1% | 14.3% | ||
| Q3 24 | 1.6% | 15.0% | ||
| Q2 24 | 2.2% | 7.9% | ||
| Q1 24 | 0.9% | 16.0% |
现金转化率FWRDMLM
| Q4 25 | — | 2.25× | ||
| Q3 25 | — | 1.33× | ||
| Q2 25 | — | 1.18× | ||
| Q1 25 | — | 1.88× | ||
| Q4 24 | — | 2.34× | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.16× |
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% |
MLM
| Building Materials Business East Group | $774.0M | 68% |
| Building Materials Business West Group | $233.0M | 20% |
| Services | $88.0M | 8% |
| Other | $45.0M | 4% |
