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FORWARD AIR CORP（FWRD）与NGL Energy Partners LP（NGL）财务数据对比。点击上方公司名可切换其他公司
NGL Energy Partners LP的季度营收约是FORWARD AIR CORP的1.4倍（$909.8M vs $631.2M），NGL Energy Partners LP净利率更高（5.2% vs -4.5%，领先9.7%），FORWARD AIR CORP同比增速更快（-0.3% vs -41.3%），过去两年FORWARD AIR CORP的营收复合增速更高（7.9% vs -6.4%）
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。
NGL Energy Partners LP是一家总部位于美国的中游能源服务企业，主营原油、液化天然气、可再生燃料的运输、存储及物流服务，同时为上游能源生产商提供水资源管理解决方案，业务主要覆盖北美市场。
FWRD vs NGL — 直观对比
营收规模更大
NGL
是对方的1.4倍
$631.2M
营收增速更快
FWRD
高出41.0%
-41.3%
净利率更高
NGL
高出9.7%
-4.5%
两年增速更快
FWRD
近两年复合增速
-6.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $909.8M |
| 净利润 | $-28.3M | $47.2M |
| 毛利率 | — | 29.0% |
| 营业利润率 | -0.5% | 12.1% |
| 净利率 | -4.5% | 5.2% |
| 营收同比 | -0.3% | -41.3% |
| 净利润同比 | 22.2% | 249.3% |
| 每股收益（稀释后） | $-0.90 | — |
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FWRDNGL
| Q4 25 | $631.2M | $909.8M | ||
| Q3 25 | $631.8M | $674.7M | ||
| Q2 25 | $618.8M | $622.2M | ||
| Q1 25 | $613.3M | $971.1M | ||
| Q4 24 | $632.8M | $982.4M | ||
| Q3 24 | $655.9M | $756.5M | ||
| Q2 24 | $643.7M | $759.2M | ||
| Q1 24 | $541.8M | $1.0B |
净利润FWRDNGL
| Q4 25 | $-28.3M | $47.2M | ||
| Q3 25 | $-16.3M | $29.3M | ||
| Q2 25 | $-12.6M | $68.9M | ||
| Q1 25 | $-50.6M | $13.7M | ||
| Q4 24 | $-36.4M | $13.5M | ||
| Q3 24 | $-73.4M | $2.5M | ||
| Q2 24 | $-645.4M | $9.7M | ||
| Q1 24 | $-61.7M | $-236.8M |
毛利率FWRDNGL
| Q4 25 | — | 29.0% | ||
| Q3 25 | — | 37.6% | ||
| Q2 25 | — | 38.5% | ||
| Q1 25 | — | 26.9% | ||
| Q4 24 | — | 25.1% | ||
| Q3 24 | — | 30.9% | ||
| Q2 24 | — | 29.0% | ||
| Q1 24 | — | 21.8% |
营业利润率FWRDNGL
| Q4 25 | -0.5% | 12.1% | ||
| Q3 25 | 2.4% | 14.0% | ||
| Q2 25 | 3.2% | 15.7% | ||
| Q1 25 | 0.8% | 8.4% | ||
| Q4 24 | 12.0% | 8.6% | ||
| Q3 24 | 3.5% | 10.8% | ||
| Q2 24 | -170.2% | 10.8% | ||
| Q1 24 | -12.1% | -9.4% |
净利率FWRDNGL
| Q4 25 | -4.5% | 5.2% | ||
| Q3 25 | -2.6% | 4.3% | ||
| Q2 25 | -2.0% | 11.1% | ||
| Q1 25 | -8.3% | 1.4% | ||
| Q4 24 | -5.8% | 1.4% | ||
| Q3 24 | -11.2% | 0.3% | ||
| Q2 24 | -100.3% | 1.3% | ||
| Q1 24 | -11.4% | -22.8% |
每股收益（稀释后）FWRDNGL
| Q4 25 | $-0.90 | — | ||
| Q3 25 | $-0.52 | — | ||
| Q2 25 | $-0.41 | — | ||
| Q1 25 | $-1.68 | — | ||
| Q4 24 | $-1.69 | — | ||
| Q3 24 | $-2.66 | — | ||
| Q2 24 | $-23.47 | — | ||
| Q1 24 | $-2.81 | — |
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 | $6.5M |
| 总债务越低越好 | $1.7B | $2.9B |
| 股东权益账面价值 | $113.3M | — |
| 总资产 | $2.7B | $4.4B |
| 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FWRDNGL
| Q4 25 | $106.0M | $6.5M | ||
| Q3 25 | $140.4M | $8.7M | ||
| Q2 25 | $95.1M | $5.4M | ||
| Q1 25 | $116.3M | $13.5M | ||
| Q4 24 | $104.9M | $5.7M | ||
| Q3 24 | $136.6M | $4.5M | ||
| Q2 24 | $84.9M | $5.3M | ||
| Q1 24 | $152.0M | $38.9M |
总债务FWRDNGL
| Q4 25 | $1.7B | $2.9B | ||
| Q3 25 | $1.7B | $2.9B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | $1.7B | $2.9B |
股东权益FWRDNGL
| Q4 25 | $113.3M | — | ||
| Q3 25 | $139.8M | — | ||
| Q2 25 | $151.8M | — | ||
| Q1 25 | $154.6M | — | ||
| Q4 24 | $201.7M | — | ||
| Q3 24 | $226.1M | — | ||
| Q2 24 | $283.8M | — | ||
| Q1 24 | $926.1M | — |
总资产FWRDNGL
| Q4 25 | $2.7B | $4.4B | ||
| Q3 25 | $2.8B | $4.3B | ||
| Q2 25 | $2.8B | $4.2B | ||
| Q1 25 | $2.8B | $4.6B | ||
| Q4 24 | $2.8B | $4.8B | ||
| Q3 24 | $3.1B | $4.9B | ||
| Q2 24 | $3.1B | $4.8B | ||
| Q1 24 | $4.0B | $5.0B |
负债/权益比FWRDNGL
| 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 | — | $182.3M |
| 自由现金流经营现金流 - 资本支出 | — | $45.7M |
| 自由现金流率自由现金流/营收 | — | 5.0% |
| 资本支出强度资本支出/营收 | 1.3% | 15.0% |
| 现金转化率经营现金流/净利润 | — | 3.86× |
| 过去12个月自由现金流最近4个季度 | — | $126.7M |
8季度趋势，按日历期对齐
经营现金流FWRDNGL
| Q4 25 | — | $182.3M | ||
| Q3 25 | $52.7M | $40.5M | ||
| Q2 25 | — | $33.2M | ||
| Q1 25 | $27.6M | $155.0M | ||
| Q4 24 | $-23.2M | $153.8M | ||
| Q3 24 | $51.2M | $6.7M | ||
| Q2 24 | $-45.2M | $-18.1M | ||
| Q1 24 | $-51.7M | $152.2M |
自由现金流FWRDNGL
| Q4 25 | — | $45.7M | ||
| Q3 25 | $48.6M | $9.5M | ||
| Q2 25 | — | $11.1M | ||
| Q1 25 | $15.7M | $60.4M | ||
| Q4 24 | $-30.5M | $152.1M | ||
| Q3 24 | $40.7M | $-82.9M | ||
| Q2 24 | $-59.6M | $-78.0M | ||
| Q1 24 | $-56.7M | $119.8M |
自由现金流率FWRDNGL
| Q4 25 | — | 5.0% | ||
| Q3 25 | 7.7% | 1.4% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | 2.6% | 6.2% | ||
| Q4 24 | -4.8% | 15.5% | ||
| Q3 24 | 6.2% | -11.0% | ||
| Q2 24 | -9.3% | -10.3% | ||
| Q1 24 | -10.5% | 11.5% |
资本支出强度FWRDNGL
| Q4 25 | 1.3% | 15.0% | ||
| Q3 25 | 0.7% | 4.6% | ||
| Q2 25 | 0.8% | 3.6% | ||
| Q1 25 | 1.9% | 9.7% | ||
| Q4 24 | 1.1% | 0.2% | ||
| Q3 24 | 1.6% | 11.8% | ||
| Q2 24 | 2.2% | 7.9% | ||
| Q1 24 | 0.9% | 3.1% |
现金转化率FWRDNGL
| Q4 25 | — | 3.86× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | 11.29× | ||
| Q4 24 | — | 11.39× | ||
| Q3 24 | — | 2.74× | ||
| Q2 24 | — | -1.87× | ||
| Q1 24 | — | — |
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% |
NGL
| Water Solutions Segment | $208.6M | 23% |
| Services | $193.3M | 21% |
| Butane | $192.5M | 21% |
| Service Fees | $182.8M | 20% |
| Public Utilities Inventory Propane | $93.9M | 10% |
| Crude Oil | $23.3M | 3% |
| Crude Oil Transportation And Other | $6.5M | 1% |
| Liquids Logistics Segment | $2.5M | 0% |
| Crude Oil Logistics Segment | $1.2M | 0% |
