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FORWARD AIR CORP（FWRD）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
明晟的季度营收约是FORWARD AIR CORP的1.3倍（$822.5M vs $631.2M），明晟净利率更高（34.6% vs -4.5%，领先39.1%），明晟同比增速更快（10.6% vs -0.3%），过去两年明晟的营收复合增速更高（10.0% 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。
MSCI（明晟）是总部位于美国纽约的金融服务企业，为全球市场提供股票、固定收益、房地产指数、多资产组合分析工具及ESG、气候金融相关产品，旗下运营MSCI全球指数、MSCI新兴市场指数、MSCI全球所有国家（ACWI）指数等多款知名指数产品。
FWRD vs MSCI — 直观对比
营收规模更大
MSCI
是对方的1.3倍
$631.2M
营收增速更快
MSCI
高出10.9%
-0.3%
净利率更高
MSCI
高出39.1%
-4.5%
两年增速更快
MSCI
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $822.5M |
| 净利润 | $-28.3M | $284.7M |
| 毛利率 | — | — |
| 营业利润率 | -0.5% | 56.4% |
| 净利率 | -4.5% | 34.6% |
| 营收同比 | -0.3% | 10.6% |
| 净利润同比 | 22.2% | -6.8% |
| 每股收益（稀释后） | $-0.90 | $3.81 |
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FWRDMSCI
| Q4 25 | $631.2M | $822.5M | ||
| Q3 25 | $631.8M | $793.4M | ||
| Q2 25 | $618.8M | $772.7M | ||
| Q1 25 | $613.3M | $745.8M | ||
| Q4 24 | $632.8M | $743.5M | ||
| Q3 24 | $655.9M | $724.7M | ||
| Q2 24 | $643.7M | $707.9M | ||
| Q1 24 | $541.8M | $680.0M |
净利润FWRDMSCI
| Q4 25 | $-28.3M | $284.7M | ||
| Q3 25 | $-16.3M | $325.4M | ||
| Q2 25 | $-12.6M | $303.6M | ||
| Q1 25 | $-50.6M | $288.6M | ||
| Q4 24 | $-36.4M | $305.5M | ||
| Q3 24 | $-73.4M | $280.9M | ||
| Q2 24 | $-645.4M | $266.8M | ||
| Q1 24 | $-61.7M | $256.0M |
营业利润率FWRDMSCI
| Q4 25 | -0.5% | 56.4% | ||
| Q3 25 | 2.4% | 56.4% | ||
| Q2 25 | 3.2% | 55.0% | ||
| Q1 25 | 0.8% | 50.6% | ||
| Q4 24 | 12.0% | 54.5% | ||
| Q3 24 | 3.5% | 55.4% | ||
| Q2 24 | -170.2% | 54.0% | ||
| Q1 24 | -12.1% | 49.9% |
净利率FWRDMSCI
| Q4 25 | -4.5% | 34.6% | ||
| Q3 25 | -2.6% | 41.0% | ||
| Q2 25 | -2.0% | 39.3% | ||
| Q1 25 | -8.3% | 38.7% | ||
| Q4 24 | -5.8% | 41.1% | ||
| Q3 24 | -11.2% | 38.8% | ||
| Q2 24 | -100.3% | 37.7% | ||
| Q1 24 | -11.4% | 37.6% |
每股收益（稀释后）FWRDMSCI
| Q4 25 | $-0.90 | $3.81 | ||
| Q3 25 | $-0.52 | $4.25 | ||
| Q2 25 | $-0.41 | $3.92 | ||
| Q1 25 | $-1.68 | $3.71 | ||
| Q4 24 | $-1.69 | $3.89 | ||
| Q3 24 | $-2.66 | $3.57 | ||
| Q2 24 | $-23.47 | $3.37 | ||
| Q1 24 | $-2.81 | $3.22 |
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 | $515.3M |
| 总债务越低越好 | $1.7B | $6.2B |
| 股东权益账面价值 | $113.3M | $-2.7B |
| 总资产 | $2.7B | $5.7B |
| 负债/权益比越低杠杆越低 | 14.89× | — |
8季度趋势，按日历期对齐
现金及短期投资FWRDMSCI
| Q4 25 | $106.0M | $515.3M | ||
| Q3 25 | $140.4M | $400.1M | ||
| Q2 25 | $95.1M | $347.3M | ||
| Q1 25 | $116.3M | $360.7M | ||
| Q4 24 | $104.9M | $409.4M | ||
| Q3 24 | $136.6M | $501.0M | ||
| Q2 24 | $84.9M | $451.4M | ||
| Q1 24 | $152.0M | $519.3M |
总债务FWRDMSCI
| Q4 25 | $1.7B | $6.2B | ||
| Q3 25 | $1.7B | $5.5B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B | ||
| Q1 24 | $1.7B | $4.5B |
股东权益FWRDMSCI
| Q4 25 | $113.3M | $-2.7B | ||
| Q3 25 | $139.8M | $-1.9B | ||
| Q2 25 | $151.8M | $-886.2M | ||
| Q1 25 | $154.6M | $-958.6M | ||
| Q4 24 | $201.7M | $-940.0M | ||
| Q3 24 | $226.1M | $-751.0M | ||
| Q2 24 | $283.8M | $-734.5M | ||
| Q1 24 | $926.1M | $-650.5M |
总资产FWRDMSCI
| Q4 25 | $2.7B | $5.7B | ||
| Q3 25 | $2.8B | $5.4B | ||
| Q2 25 | $2.8B | $5.4B | ||
| Q1 25 | $2.8B | $5.3B | ||
| Q4 24 | $2.8B | $5.4B | ||
| Q3 24 | $3.1B | $5.4B | ||
| Q2 24 | $3.1B | $5.5B | ||
| Q1 24 | $4.0B | $5.5B |
负债/权益比FWRDMSCI
| Q4 25 | 14.89× | — | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | — | ||
| 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 | — | $501.1M |
| 自由现金流经营现金流 - 资本支出 | — | $488.7M |
| 自由现金流率自由现金流/营收 | — | 59.4% |
| 资本支出强度资本支出/营收 | 1.3% | 1.5% |
| 现金转化率经营现金流/净利润 | — | 1.76× |
| 过去12个月自由现金流最近4个季度 | — | $1.5B |
8季度趋势，按日历期对齐
经营现金流FWRDMSCI
| Q4 25 | — | $501.1M | ||
| Q3 25 | $52.7M | $449.4M | ||
| Q2 25 | — | $336.1M | ||
| Q1 25 | $27.6M | $301.7M | ||
| Q4 24 | $-23.2M | $430.6M | ||
| Q3 24 | $51.2M | $421.6M | ||
| Q2 24 | $-45.2M | $349.2M | ||
| Q1 24 | $-51.7M | $300.1M |
自由现金流FWRDMSCI
| Q4 25 | — | $488.7M | ||
| Q3 25 | $48.6M | $445.5M | ||
| Q2 25 | — | $324.7M | ||
| Q1 25 | $15.7M | $290.2M | ||
| Q4 24 | $-30.5M | $416.4M | ||
| Q3 24 | $40.7M | $415.0M | ||
| Q2 24 | $-59.6M | $340.6M | ||
| Q1 24 | $-56.7M | $295.9M |
自由现金流率FWRDMSCI
| Q4 25 | — | 59.4% | ||
| Q3 25 | 7.7% | 56.2% | ||
| Q2 25 | — | 42.0% | ||
| Q1 25 | 2.6% | 38.9% | ||
| Q4 24 | -4.8% | 56.0% | ||
| Q3 24 | 6.2% | 57.3% | ||
| Q2 24 | -9.3% | 48.1% | ||
| Q1 24 | -10.5% | 43.5% |
资本支出强度FWRDMSCI
| Q4 25 | 1.3% | 1.5% | ||
| Q3 25 | 0.7% | 0.5% | ||
| Q2 25 | 0.8% | 1.5% | ||
| Q1 25 | 1.9% | 1.5% | ||
| Q4 24 | 1.1% | 1.9% | ||
| Q3 24 | 1.6% | 0.9% | ||
| Q2 24 | 2.2% | 1.2% | ||
| Q1 24 | 0.9% | 0.6% |
现金转化率FWRDMSCI
| Q4 25 | — | 1.76× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | — | 1.50× | ||
| Q2 24 | — | 1.31× | ||
| Q1 24 | — | 1.17× |
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% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
