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FORWARD AIR CORP（FWRD）与3M（MMM）财务数据对比。点击上方公司名可切换其他公司
3M的季度营收约是FORWARD AIR CORP的9.6倍（$6.0B vs $631.2M）。3M净利率更高（10.8% vs -4.5%，领先15.3%）。3M同比增速更快（1.3% vs -0.3%）。过去两年FORWARD AIR CORP的营收复合增速更高（7.9% vs -1.8%）
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。
3M是美国知名跨国综合企业，业务覆盖工业、劳动者安全防护、消费品等多个领域，总部位于圣保罗郊区的枫木市。公司现有超6万款产品，涵盖胶粘剂、研磨材料、防火防护产品、个人防护装备、窗膜、车漆保护膜、电子连接绝缘材料、汽车养护产品、光学膜等品类。
FWRD vs MMM — 直观对比
营收规模更大
MMM
是对方的9.6倍
$631.2M
营收增速更快
MMM
高出1.6%
-0.3%
净利率更高
MMM
高出15.3%
-4.5%
两年增速更快
FWRD
近两年复合增速
-1.8%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $6.0B |
| 净利润 | $-28.3M | $653.0M |
| 毛利率 | — | 40.7% |
| 营业利润率 | -0.5% | 23.2% |
| 净利率 | -4.5% | 10.8% |
| 营收同比 | -0.3% | 1.3% |
| 净利润同比 | 22.2% | -41.5% |
| 每股收益（稀释后） | $-0.90 | $1.23 |
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FWRDMMM
| Q1 26 | — | $6.0B | ||
| Q4 25 | $631.2M | $6.1B | ||
| Q3 25 | $631.8M | $6.5B | ||
| Q2 25 | $618.8M | $6.3B | ||
| Q1 25 | $613.3M | $6.0B | ||
| Q4 24 | $632.8M | $6.0B | ||
| Q3 24 | $655.9M | $6.3B | ||
| Q2 24 | $643.7M | $6.3B |
净利润FWRDMMM
| Q1 26 | — | $653.0M | ||
| Q4 25 | $-28.3M | $577.0M | ||
| Q3 25 | $-16.3M | $834.0M | ||
| Q2 25 | $-12.6M | $723.0M | ||
| Q1 25 | $-50.6M | $1.1B | ||
| Q4 24 | $-36.4M | $728.0M | ||
| Q3 24 | $-73.4M | $1.4B | ||
| Q2 24 | $-645.4M | $1.1B |
毛利率FWRDMMM
| Q1 26 | — | 40.7% | ||
| Q4 25 | — | 33.6% | ||
| Q3 25 | — | 41.8% | ||
| Q2 25 | — | 42.5% | ||
| Q1 25 | — | 41.6% | ||
| Q4 24 | — | 51.7% | ||
| Q3 24 | — | 42.1% | ||
| Q2 24 | — | 42.9% |
营业利润率FWRDMMM
| Q1 26 | — | 23.2% | ||
| Q4 25 | -0.5% | 13.0% | ||
| Q3 25 | 2.4% | 22.2% | ||
| Q2 25 | 3.2% | 18.0% | ||
| Q1 25 | 0.8% | 20.9% | ||
| Q4 24 | 12.0% | 12.2% | ||
| Q3 24 | 3.5% | 20.9% | ||
| Q2 24 | -170.2% | 20.3% |
净利率FWRDMMM
| Q1 26 | — | 10.8% | ||
| Q4 25 | -4.5% | 9.4% | ||
| Q3 25 | -2.6% | 12.8% | ||
| Q2 25 | -2.0% | 11.4% | ||
| Q1 25 | -8.3% | 18.7% | ||
| Q4 24 | -5.8% | 12.1% | ||
| Q3 24 | -11.2% | 21.8% | ||
| Q2 24 | -100.3% | 18.3% |
每股收益（稀释后）FWRDMMM
| Q1 26 | — | $1.23 | ||
| Q4 25 | $-0.90 | $1.07 | ||
| Q3 25 | $-0.52 | $1.55 | ||
| Q2 25 | $-0.41 | $1.34 | ||
| Q1 25 | $-1.68 | $2.04 | ||
| Q4 24 | $-1.69 | $1.33 | ||
| Q3 24 | $-2.66 | $2.48 | ||
| Q2 24 | $-23.47 | $2.07 |
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 | $3.7B |
| 总债务越低越好 | $1.7B | $10.9B |
| 股东权益账面价值 | $113.3M | $3.3B |
| 总资产 | $2.7B | $35.4B |
| 负债/权益比越低杠杆越低 | 14.89× | 3.29× |
8季度趋势，按日历期对齐
现金及短期投资FWRDMMM
| Q1 26 | — | $3.7B | ||
| Q4 25 | $106.0M | — | ||
| Q3 25 | $140.4M | — | ||
| Q2 25 | $95.1M | — | ||
| Q1 25 | $116.3M | — | ||
| Q4 24 | $104.9M | — | ||
| Q3 24 | $136.6M | — | ||
| Q2 24 | $84.9M | — |
总债务FWRDMMM
| Q1 26 | — | $10.9B | ||
| Q4 25 | $1.7B | $12.6B | ||
| Q3 25 | $1.7B | $12.6B | ||
| Q2 25 | — | $13.1B | ||
| Q1 25 | — | $13.5B | ||
| Q4 24 | — | $13.0B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | $13.1B |
股东权益FWRDMMM
| Q1 26 | — | $3.3B | ||
| Q4 25 | $113.3M | $4.7B | ||
| Q3 25 | $139.8M | $4.6B | ||
| Q2 25 | $151.8M | $4.3B | ||
| Q1 25 | $154.6M | $4.5B | ||
| Q4 24 | $201.7M | $3.8B | ||
| Q3 24 | $226.1M | $4.6B | ||
| Q2 24 | $283.8M | $3.9B |
总资产FWRDMMM
| Q1 26 | — | $35.4B | ||
| Q4 25 | $2.7B | $37.7B | ||
| Q3 25 | $2.8B | $37.6B | ||
| Q2 25 | $2.8B | $38.0B | ||
| Q1 25 | $2.8B | $40.0B | ||
| Q4 24 | $2.8B | $39.9B | ||
| Q3 24 | $3.1B | $40.9B | ||
| Q2 24 | $3.1B | $43.4B |
负债/权益比FWRDMMM
| Q1 26 | — | 3.29× | ||
| Q4 25 | 14.89× | 2.68× | ||
| Q3 25 | 12.05× | 2.72× | ||
| Q2 25 | — | 3.06× | ||
| Q1 25 | — | 3.02× | ||
| Q4 24 | — | 3.40× | ||
| Q3 24 | — | 2.84× | ||
| Q2 24 | — | 3.34× |
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 | — | — |
| 自由现金流经营现金流 - 资本支出 | — | $2.0B |
| 自由现金流率自由现金流/营收 | — | 33.6% |
| 资本支出强度资本支出/营收 | 1.3% | — |
| 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 | — | $3.7B |
8季度趋势，按日历期对齐
经营现金流FWRDMMM
| Q1 26 | — | — | ||
| Q4 25 | — | $1.6B | ||
| Q3 25 | $52.7M | $1.8B | ||
| Q2 25 | — | $-954.0M | ||
| Q1 25 | $27.6M | $-79.0M | ||
| Q4 24 | $-23.2M | $1.8B | ||
| Q3 24 | $51.2M | $-1.8B | ||
| Q2 24 | $-45.2M | $1.0B |
自由现金流FWRDMMM
| Q1 26 | — | $2.0B | ||
| Q4 25 | — | $1.3B | ||
| Q3 25 | $48.6M | $1.5B | ||
| Q2 25 | — | $-1.2B | ||
| Q1 25 | $15.7M | $-315.0M | ||
| Q4 24 | $-30.5M | $1.5B | ||
| Q3 24 | $40.7M | $-2.0B | ||
| Q2 24 | $-59.6M | $752.0M |
自由现金流率FWRDMMM
| Q1 26 | — | 33.6% | ||
| Q4 25 | — | 21.8% | ||
| Q3 25 | 7.7% | 23.6% | ||
| Q2 25 | — | -18.3% | ||
| Q1 25 | 2.6% | -5.3% | ||
| Q4 24 | -4.8% | 25.4% | ||
| Q3 24 | 6.2% | -32.3% | ||
| Q2 24 | -9.3% | 12.0% |
资本支出强度FWRDMMM
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 4.0% | ||
| Q3 25 | 0.7% | 3.3% | ||
| Q2 25 | 0.8% | 3.3% | ||
| Q1 25 | 1.9% | 4.0% | ||
| Q4 24 | 1.1% | 4.8% | ||
| Q3 24 | 1.6% | 3.9% | ||
| Q2 24 | 2.2% | 4.3% |
现金转化率FWRDMMM
| Q1 26 | — | — | ||
| Q4 25 | — | 2.74× | ||
| Q3 25 | — | 2.11× | ||
| Q2 25 | — | -1.32× | ||
| Q1 25 | — | -0.07× | ||
| Q4 24 | — | 2.50× | ||
| Q3 24 | — | -1.30× | ||
| Q2 24 | — | 0.89× |
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% |
MMM
| Safety and Industrial business segment | $2.9B | 49% |
| Transportation and Electronics business segment | $1.8B | 31% |
| Consumer business segment | $1.1B | 19% |
| Corporate | $121.0M | 2% |
