vs
FORWARD AIR CORP（FWRD）与MSA Safety Inc（MSA）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MSA Safety Inc的1.2倍（$631.2M vs $510.9M），MSA Safety Inc净利率更高（17.0% vs -4.5%，领先21.5%），MSA Safety Inc同比增速更快（2.2% vs -0.3%），过去两年MSA Safety Inc的营收复合增速更高（11.2% 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。
MSA安全是美国专业安全设备生产供应商，面向建筑、军事、消防、化工、油气等存在高危作业场景的多个行业提供安全防护产品及解决方案，总部位于美国匹兹堡近郊的克兰伯里。
FWRD vs MSA — 直观对比
营收规模更大
FWRD
是对方的1.2倍
$510.9M
营收增速更快
MSA
高出2.5%
-0.3%
净利率更高
MSA
高出21.5%
-4.5%
两年增速更快
MSA
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $510.9M |
| 净利润 | $-28.3M | $86.9M |
| 毛利率 | — | 46.9% |
| 营业利润率 | -0.5% | 22.3% |
| 净利率 | -4.5% | 17.0% |
| 营收同比 | -0.3% | 2.2% |
| 净利润同比 | 22.2% | -1.2% |
| 每股收益（稀释后） | $-0.90 | $2.22 |
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FWRDMSA
| Q4 25 | $631.2M | $510.9M | ||
| Q3 25 | $631.8M | $468.4M | ||
| Q2 25 | $618.8M | $474.1M | ||
| Q1 25 | $613.3M | $421.3M | ||
| Q4 24 | $632.8M | $499.7M | ||
| Q3 24 | $655.9M | $432.7M | ||
| Q2 24 | $643.7M | $462.5M | ||
| Q1 24 | $541.8M | $413.3M |
净利润FWRDMSA
| Q4 25 | $-28.3M | $86.9M | ||
| Q3 25 | $-16.3M | $69.6M | ||
| Q2 25 | $-12.6M | $62.8M | ||
| Q1 25 | $-50.6M | $59.6M | ||
| Q4 24 | $-36.4M | $87.9M | ||
| Q3 24 | $-73.4M | $66.6M | ||
| Q2 24 | $-645.4M | $72.2M | ||
| Q1 24 | $-61.7M | $58.1M |
毛利率FWRDMSA
| Q4 25 | — | 46.9% | ||
| Q3 25 | — | 46.5% | ||
| Q2 25 | — | 46.6% | ||
| Q1 25 | — | 45.9% | ||
| Q4 24 | — | 46.9% | ||
| Q3 24 | — | 47.9% | ||
| Q2 24 | — | 48.2% | ||
| Q1 24 | — | 47.3% |
营业利润率FWRDMSA
| Q4 25 | -0.5% | 22.3% | ||
| Q3 25 | 2.4% | 20.1% | ||
| Q2 25 | 3.2% | 18.1% | ||
| Q1 25 | 0.8% | 18.5% | ||
| Q4 24 | 12.0% | 23.5% | ||
| Q3 24 | 3.5% | 21.1% | ||
| Q2 24 | -170.2% | 21.6% | ||
| Q1 24 | -12.1% | 19.4% |
净利率FWRDMSA
| Q4 25 | -4.5% | 17.0% | ||
| Q3 25 | -2.6% | 14.9% | ||
| Q2 25 | -2.0% | 13.2% | ||
| Q1 25 | -8.3% | 14.1% | ||
| Q4 24 | -5.8% | 17.6% | ||
| Q3 24 | -11.2% | 15.4% | ||
| Q2 24 | -100.3% | 15.6% | ||
| Q1 24 | -11.4% | 14.1% |
每股收益（稀释后）FWRDMSA
| Q4 25 | $-0.90 | $2.22 | ||
| Q3 25 | $-0.52 | $1.77 | ||
| Q2 25 | $-0.41 | $1.59 | ||
| Q1 25 | $-1.68 | $1.51 | ||
| Q4 24 | $-1.69 | $2.22 | ||
| Q3 24 | $-2.66 | $1.69 | ||
| Q2 24 | $-23.47 | $1.83 | ||
| Q1 24 | $-2.81 | $1.47 |
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 | $165.1M |
| 总债务越低越好 | $1.7B | $580.9M |
| 股东权益账面价值 | $113.3M | $1.4B |
| 总资产 | $2.7B | $2.6B |
| 负债/权益比越低杠杆越低 | 14.89× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资FWRDMSA
| Q4 25 | $106.0M | $165.1M | ||
| Q3 25 | $140.4M | $170.0M | ||
| Q2 25 | $95.1M | $147.0M | ||
| Q1 25 | $116.3M | $170.6M | ||
| Q4 24 | $104.9M | $164.6M | ||
| Q3 24 | $136.6M | $154.4M | ||
| Q2 24 | $84.9M | $146.8M | ||
| Q1 24 | $152.0M | $148.3M |
总债务FWRDMSA
| Q4 25 | $1.7B | $580.9M | ||
| Q3 25 | $1.7B | $628.6M | ||
| Q2 25 | — | $679.3M | ||
| Q1 25 | — | $502.1M | ||
| Q4 24 | — | $508.0M | ||
| Q3 24 | — | $554.7M | ||
| Q2 24 | — | $588.2M | ||
| Q1 24 | $1.7B | $596.2M |
股东权益FWRDMSA
| Q4 25 | $113.3M | $1.4B | ||
| Q3 25 | $139.8M | $1.3B | ||
| Q2 25 | $151.8M | $1.3B | ||
| Q1 25 | $154.6M | $1.2B | ||
| Q4 24 | $201.7M | $1.1B | ||
| Q3 24 | $226.1M | $1.1B | ||
| Q2 24 | $283.8M | $1.0B | ||
| Q1 24 | $926.1M | $994.8M |
总资产FWRDMSA
| Q4 25 | $2.7B | $2.6B | ||
| Q3 25 | $2.8B | $2.6B | ||
| Q2 25 | $2.8B | $2.6B | ||
| Q1 25 | $2.8B | $2.2B | ||
| Q4 24 | $2.8B | $2.2B | ||
| Q3 24 | $3.1B | $2.2B | ||
| Q2 24 | $3.1B | $2.2B | ||
| Q1 24 | $4.0B | $2.2B |
负债/权益比FWRDMSA
| Q4 25 | 14.89× | 0.42× | ||
| Q3 25 | 12.05× | 0.48× | ||
| Q2 25 | — | 0.54× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | — | 0.44× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 0.57× | ||
| Q1 24 | 1.81× | 0.60× |
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 | — | $122.4M |
| 自由现金流经营现金流 - 资本支出 | — | $106.0M |
| 自由现金流率自由现金流/营收 | — | 20.8% |
| 资本支出强度资本支出/营收 | 1.3% | 3.2% |
| 现金转化率经营现金流/净利润 | — | 1.41× |
| 过去12个月自由现金流最近4个季度 | — | $295.4M |
8季度趋势，按日历期对齐
经营现金流FWRDMSA
| Q4 25 | — | $122.4M | ||
| Q3 25 | $52.7M | $112.5M | ||
| Q2 25 | — | $67.2M | ||
| Q1 25 | $27.6M | $61.8M | ||
| Q4 24 | $-23.2M | $107.9M | ||
| Q3 24 | $51.2M | $84.3M | ||
| Q2 24 | $-45.2M | $53.3M | ||
| Q1 24 | $-51.7M | $50.9M |
自由现金流FWRDMSA
| Q4 25 | — | $106.0M | ||
| Q3 25 | $48.6M | $100.5M | ||
| Q2 25 | — | $37.9M | ||
| Q1 25 | $15.7M | $51.0M | ||
| Q4 24 | $-30.5M | $93.5M | ||
| Q3 24 | $40.7M | $70.1M | ||
| Q2 24 | $-59.6M | $39.0M | ||
| Q1 24 | $-56.7M | $39.7M |
自由现金流率FWRDMSA
| Q4 25 | — | 20.8% | ||
| Q3 25 | 7.7% | 21.4% | ||
| Q2 25 | — | 8.0% | ||
| Q1 25 | 2.6% | 12.1% | ||
| Q4 24 | -4.8% | 18.7% | ||
| Q3 24 | 6.2% | 16.2% | ||
| Q2 24 | -9.3% | 8.4% | ||
| Q1 24 | -10.5% | 9.6% |
资本支出强度FWRDMSA
| Q4 25 | 1.3% | 3.2% | ||
| Q3 25 | 0.7% | 2.6% | ||
| Q2 25 | 0.8% | 6.2% | ||
| Q1 25 | 1.9% | 2.6% | ||
| Q4 24 | 1.1% | 2.9% | ||
| Q3 24 | 1.6% | 3.3% | ||
| Q2 24 | 2.2% | 3.1% | ||
| Q1 24 | 0.9% | 2.7% |
现金转化率FWRDMSA
| Q4 25 | — | 1.41× | ||
| Q3 25 | — | 1.62× | ||
| Q2 25 | — | 1.07× | ||
| Q1 25 | — | 1.04× | ||
| Q4 24 | — | 1.23× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | — | 0.74× | ||
| Q1 24 | — | 0.88× |
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% |
MSA
| Americas Segment | $335.2M | 66% |
| International Segment | $175.7M | 34% |
