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FORWARD AIR CORP（FWRD）与MSC INDUSTRIAL DIRECT CO INC（MSM）财务数据对比。点击上方公司名可切换其他公司
MSC INDUSTRIAL DIRECT CO INC的季度营收约是FORWARD AIR CORP的1.5倍（$965.7M vs $631.2M），MSC INDUSTRIAL DIRECT CO INC净利率更高（5.4% vs -4.5%，领先9.9%），MSC INDUSTRIAL DIRECT CO INC同比增速更快（4.0% vs -0.3%），过去两年FORWARD AIR CORP的营收复合增速更高（7.9% vs -3.4%）
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。
MSC工业直销公司（MSC）通过旗下主要子公司MSC工业供应公司，是美国规模最大的工业设备分销商之一，可提供超过150万种金属加工及其他工业类产品，广泛服务于工业制造、维修运维等领域的客户需求。
FWRD vs MSM — 直观对比
营收规模更大
MSM
是对方的1.5倍
$631.2M
营收增速更快
MSM
高出4.3%
-0.3%
净利率更高
MSM
高出9.9%
-4.5%
两年增速更快
FWRD
近两年复合增速
-3.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $965.7M |
| 净利润 | $-28.3M | $51.8M |
| 毛利率 | — | 40.7% |
| 营业利润率 | -0.5% | 7.9% |
| 净利率 | -4.5% | 5.4% |
| 营收同比 | -0.3% | 4.0% |
| 净利润同比 | 22.2% | 11.1% |
| 每股收益（稀释后） | $-0.90 | $0.93 |
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FWRDMSM
| Q4 25 | $631.2M | $965.7M | ||
| Q3 25 | $631.8M | $978.2M | ||
| Q2 25 | $618.8M | $971.1M | ||
| Q1 25 | $613.3M | — | ||
| Q4 24 | $632.8M | $928.5M | ||
| Q3 24 | $655.9M | — | ||
| Q2 24 | $643.7M | $979.4M | ||
| Q1 24 | $541.8M | $935.3M |
净利润FWRDMSM
| Q4 25 | $-28.3M | $51.8M | ||
| Q3 25 | $-16.3M | $56.5M | ||
| Q2 25 | $-12.6M | $56.8M | ||
| Q1 25 | $-50.6M | — | ||
| Q4 24 | $-36.4M | $46.6M | ||
| Q3 24 | $-73.4M | — | ||
| Q2 24 | $-645.4M | $71.7M | ||
| Q1 24 | $-61.7M | $61.8M |
毛利率FWRDMSM
| Q4 25 | — | 40.7% | ||
| Q3 25 | — | 40.4% | ||
| Q2 25 | — | 41.0% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 40.7% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 40.9% | ||
| Q1 24 | — | 41.5% |
营业利润率FWRDMSM
| Q4 25 | -0.5% | 7.9% | ||
| Q3 25 | 2.4% | 8.6% | ||
| Q2 25 | 3.2% | 8.5% | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 12.0% | 7.8% | ||
| Q3 24 | 3.5% | — | ||
| Q2 24 | -170.2% | 10.9% | ||
| Q1 24 | -12.1% | 9.7% |
净利率FWRDMSM
| Q4 25 | -4.5% | 5.4% | ||
| Q3 25 | -2.6% | 5.8% | ||
| Q2 25 | -2.0% | 5.9% | ||
| Q1 25 | -8.3% | — | ||
| Q4 24 | -5.8% | 5.0% | ||
| Q3 24 | -11.2% | — | ||
| Q2 24 | -100.3% | 7.3% | ||
| Q1 24 | -11.4% | 6.6% |
每股收益（稀释后）FWRDMSM
| Q4 25 | $-0.90 | $0.93 | ||
| Q3 25 | $-0.52 | $1.02 | ||
| Q2 25 | $-0.41 | $1.02 | ||
| Q1 25 | $-1.68 | — | ||
| Q4 24 | $-1.69 | $0.83 | ||
| Q3 24 | $-2.66 | — | ||
| Q2 24 | $-23.47 | $1.27 | ||
| Q1 24 | $-2.81 | $1.10 |
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 | $40.3M |
| 总债务越低越好 | $1.7B | $214.1M |
| 股东权益账面价值 | $113.3M | $1.4B |
| 总资产 | $2.7B | $2.5B |
| 负债/权益比越低杠杆越低 | 14.89× | 0.16× |
8季度趋势，按日历期对齐
现金及短期投资FWRDMSM
| Q4 25 | $106.0M | $40.3M | ||
| Q3 25 | $140.4M | $56.2M | ||
| Q2 25 | $95.1M | $71.7M | ||
| Q1 25 | $116.3M | — | ||
| Q4 24 | $104.9M | $57.3M | ||
| Q3 24 | $136.6M | — | ||
| Q2 24 | $84.9M | $25.9M | ||
| Q1 24 | $152.0M | $22.2M |
总债务FWRDMSM
| Q4 25 | $1.7B | $214.1M | ||
| Q3 25 | $1.7B | $168.8M | ||
| Q2 25 | — | $285.0M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $289.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $299.8M | ||
| Q1 24 | $1.7B | $294.5M |
股东权益FWRDMSM
| Q4 25 | $113.3M | $1.4B | ||
| Q3 25 | $139.8M | $1.4B | ||
| Q2 25 | $151.8M | $1.4B | ||
| Q1 25 | $154.6M | — | ||
| Q4 24 | $201.7M | $1.4B | ||
| Q3 24 | $226.1M | — | ||
| Q2 24 | $283.8M | $1.4B | ||
| Q1 24 | $926.1M | $1.4B |
总资产FWRDMSM
| Q4 25 | $2.7B | $2.5B | ||
| Q3 25 | $2.8B | $2.5B | ||
| Q2 25 | $2.8B | $2.5B | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $2.8B | $2.5B | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.1B | $2.5B | ||
| Q1 24 | $4.0B | $2.5B |
负债/权益比FWRDMSM
| Q4 25 | 14.89× | 0.16× | ||
| Q3 25 | 12.05× | 0.12× | ||
| Q2 25 | — | 0.21× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.21× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.21× | ||
| Q1 24 | 1.81× | 0.21× |
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 | — | $29.4M |
| 自由现金流经营现金流 - 资本支出 | — | $7.4M |
| 自由现金流率自由现金流/营收 | — | 0.8% |
| 资本支出强度资本支出/营收 | 1.3% | 2.3% |
| 现金转化率经营现金流/净利润 | — | 0.57× |
| 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FWRDMSM
| Q4 25 | — | $29.4M | ||
| Q3 25 | $52.7M | — | ||
| Q2 25 | — | $151.6M | ||
| Q1 25 | $27.6M | — | ||
| Q4 24 | $-23.2M | $101.9M | ||
| Q3 24 | $51.2M | — | ||
| Q2 24 | $-45.2M | $143.5M | ||
| Q1 24 | $-51.7M | $78.7M |
自由现金流FWRDMSM
| Q4 25 | — | $7.4M | ||
| Q3 25 | $48.6M | — | ||
| Q2 25 | — | $100.7M | ||
| Q1 25 | $15.7M | — | ||
| Q4 24 | $-30.5M | $81.7M | ||
| Q3 24 | $40.7M | — | ||
| Q2 24 | $-59.6M | $114.0M | ||
| Q1 24 | $-56.7M | $53.4M |
自由现金流率FWRDMSM
| Q4 25 | — | 0.8% | ||
| Q3 25 | 7.7% | — | ||
| Q2 25 | — | 10.4% | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | -4.8% | 8.8% | ||
| Q3 24 | 6.2% | — | ||
| Q2 24 | -9.3% | 11.6% | ||
| Q1 24 | -10.5% | 5.7% |
资本支出强度FWRDMSM
| Q4 25 | 1.3% | 2.3% | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.8% | 5.2% | ||
| Q1 25 | 1.9% | — | ||
| Q4 24 | 1.1% | 2.2% | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 2.2% | 3.0% | ||
| Q1 24 | 0.9% | 2.7% |
现金转化率FWRDMSM
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.67× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.18× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.00× | ||
| Q1 24 | — | 1.27× |
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% |
MSM
暂无分部数据
