vs
FORWARD AIR CORP（FWRD）与Cloudflare, Inc.（NET）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Cloudflare, Inc.的1.0倍（$631.2M vs $614.5M），Cloudflare, Inc.净利率更高（-2.0% vs -4.5%，领先2.5%），Cloudflare, Inc.同比增速更快（33.6% vs -0.3%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% 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。
Cloudflare是总部位于美国加利福尼亚州旧金山的科技企业，提供内容分发网络（CDN）、云网络安全、DDoS防护等多元互联网服务，同时是ICANN认证的域名注册商。其服务作为网站访客与客户托管服务商之间的反向代理，可有效提升访问性能，抵御恶意流量。
FWRD vs NET — 直观对比
营收规模更大
FWRD
是对方的1.0倍
$614.5M
营收增速更快
NET
高出33.9%
-0.3%
净利率更高
NET
高出2.5%
-4.5%
两年增速更快
NET
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $614.5M |
| 净利润 | $-28.3M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | -0.5% | -8.0% |
| 净利率 | -4.5% | -2.0% |
| 营收同比 | -0.3% | 33.6% |
| 净利润同比 | 22.2% | 6.0% |
| 每股收益（稀释后） | $-0.90 | $-0.03 |
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FWRDNET
| Q4 25 | $631.2M | $614.5M | ||
| Q3 25 | $631.8M | $562.0M | ||
| Q2 25 | $618.8M | $512.3M | ||
| Q1 25 | $613.3M | $479.1M | ||
| Q4 24 | $632.8M | $459.9M | ||
| Q3 24 | $655.9M | $430.1M | ||
| Q2 24 | $643.7M | $401.0M | ||
| Q1 24 | $541.8M | $378.6M |
净利润FWRDNET
| Q4 25 | $-28.3M | $-12.1M | ||
| Q3 25 | $-16.3M | $-1.3M | ||
| Q2 25 | $-12.6M | $-50.4M | ||
| Q1 25 | $-50.6M | $-38.5M | ||
| Q4 24 | $-36.4M | $-12.8M | ||
| Q3 24 | $-73.4M | $-15.3M | ||
| Q2 24 | $-645.4M | $-15.1M | ||
| Q1 24 | $-61.7M | $-35.5M |
毛利率FWRDNET
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.5% |
营业利润率FWRDNET
| Q4 25 | -0.5% | -8.0% | ||
| Q3 25 | 2.4% | -6.7% | ||
| Q2 25 | 3.2% | -13.1% | ||
| Q1 25 | 0.8% | -11.1% | ||
| Q4 24 | 12.0% | -7.5% | ||
| Q3 24 | 3.5% | -7.2% | ||
| Q2 24 | -170.2% | -8.7% | ||
| Q1 24 | -12.1% | -14.4% |
净利率FWRDNET
| Q4 25 | -4.5% | -2.0% | ||
| Q3 25 | -2.6% | -0.2% | ||
| Q2 25 | -2.0% | -9.8% | ||
| Q1 25 | -8.3% | -8.0% | ||
| Q4 24 | -5.8% | -2.8% | ||
| Q3 24 | -11.2% | -3.6% | ||
| Q2 24 | -100.3% | -3.8% | ||
| Q1 24 | -11.4% | -9.4% |
每股收益（稀释后）FWRDNET
| Q4 25 | $-0.90 | $-0.03 | ||
| Q3 25 | $-0.52 | $0.00 | ||
| Q2 25 | $-0.41 | $-0.15 | ||
| Q1 25 | $-1.68 | $-0.11 | ||
| Q4 24 | $-1.69 | $-0.05 | ||
| Q3 24 | $-2.66 | $-0.04 | ||
| Q2 24 | $-23.47 | $-0.04 | ||
| Q1 24 | $-2.81 | $-0.10 |
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 | $943.5M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $113.3M | $1.5B |
| 总资产 | $2.7B | $6.0B |
| 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FWRDNET
| Q4 25 | $106.0M | $943.5M | ||
| Q3 25 | $140.4M | $1.1B | ||
| Q2 25 | $95.1M | $1.5B | ||
| Q1 25 | $116.3M | $204.5M | ||
| Q4 24 | $104.9M | $147.7M | ||
| Q3 24 | $136.6M | $182.9M | ||
| Q2 24 | $84.9M | $157.0M | ||
| Q1 24 | $152.0M | $254.4M |
总债务FWRDNET
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.7B | — |
股东权益FWRDNET
| Q4 25 | $113.3M | $1.5B | ||
| Q3 25 | $139.8M | $1.3B | ||
| Q2 25 | $151.8M | $1.2B | ||
| Q1 25 | $154.6M | $1.4B | ||
| Q4 24 | $201.7M | $1.0B | ||
| Q3 24 | $226.1M | $973.1M | ||
| Q2 24 | $283.8M | $881.5M | ||
| Q1 24 | $926.1M | $797.2M |
总资产FWRDNET
| Q4 25 | $2.7B | $6.0B | ||
| Q3 25 | $2.8B | $5.8B | ||
| Q2 25 | $2.8B | $5.6B | ||
| Q1 25 | $2.8B | $3.7B | ||
| Q4 24 | $2.8B | $3.3B | ||
| Q3 24 | $3.1B | $3.1B | ||
| Q2 24 | $3.1B | $2.9B | ||
| Q1 24 | $4.0B | $2.8B |
负债/权益比FWRDNET
| 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 | — | $190.4M |
| 自由现金流经营现金流 - 资本支出 | — | $105.2M |
| 自由现金流率自由现金流/营收 | — | 17.1% |
| 资本支出强度资本支出/营收 | 1.3% | 13.9% |
| 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 | — | $287.5M |
8季度趋势，按日历期对齐
经营现金流FWRDNET
| Q4 25 | — | $190.4M | ||
| Q3 25 | $52.7M | $167.1M | ||
| Q2 25 | — | $99.8M | ||
| Q1 25 | $27.6M | $145.8M | ||
| Q4 24 | $-23.2M | $127.3M | ||
| Q3 24 | $51.2M | $104.7M | ||
| Q2 24 | $-45.2M | $74.8M | ||
| Q1 24 | $-51.7M | $73.6M |
自由现金流FWRDNET
| Q4 25 | — | $105.2M | ||
| Q3 25 | $48.6M | $82.5M | ||
| Q2 25 | — | $39.9M | ||
| Q1 25 | $15.7M | $59.9M | ||
| Q4 24 | $-30.5M | $54.2M | ||
| Q3 24 | $40.7M | $54.5M | ||
| Q2 24 | $-59.6M | $45.2M | ||
| Q1 24 | $-56.7M | $41.5M |
自由现金流率FWRDNET
| Q4 25 | — | 17.1% | ||
| Q3 25 | 7.7% | 14.7% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | 2.6% | 12.5% | ||
| Q4 24 | -4.8% | 11.8% | ||
| Q3 24 | 6.2% | 12.7% | ||
| Q2 24 | -9.3% | 11.3% | ||
| Q1 24 | -10.5% | 11.0% |
资本支出强度FWRDNET
| Q4 25 | 1.3% | 13.9% | ||
| Q3 25 | 0.7% | 15.1% | ||
| Q2 25 | 0.8% | 11.7% | ||
| Q1 25 | 1.9% | 17.9% | ||
| Q4 24 | 1.1% | 15.9% | ||
| Q3 24 | 1.6% | 11.7% | ||
| Q2 24 | 2.2% | 7.4% | ||
| Q1 24 | 0.9% | 8.5% |
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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
