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FORWARD AIR CORP（FWRD）与UiPath, Inc.（PATH）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UiPath, Inc.的1.5倍（$631.2M vs $411.1M），UiPath, Inc.净利率更高（48.4% vs -4.5%，领先52.9%），UiPath, Inc.同比增速更快（15.9% vs -0.3%），过去两年FORWARD AIR CORP的营收复合增速更高（7.9% vs 0.7%）
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。
UiPath是一家全球化软件企业，专注于开发人工智能、智能自动化及流程编排类软件，其产品支持用户搭建与调度AI代理，实现复杂业务流程、工作流的自动化运行，助力各行业客户提升运营效率、降低人力成本。
FWRD vs PATH — 直观对比
营收规模更大
FWRD
是对方的1.5倍
$411.1M
营收增速更快
PATH
高出16.2%
-0.3%
净利率更高
PATH
高出52.9%
-4.5%
两年增速更快
FWRD
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $411.1M |
| 净利润 | $-28.3M | $198.8M |
| 毛利率 | — | 83.3% |
| 营业利润率 | -0.5% | 3.2% |
| 净利率 | -4.5% | 48.4% |
| 营收同比 | -0.3% | 15.9% |
| 净利润同比 | 22.2% | 1966.2% |
| 每股收益（稀释后） | $-0.90 | $0.37 |
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FWRDPATH
| Q4 25 | $631.2M | $411.1M | ||
| Q3 25 | $631.8M | $361.7M | ||
| Q2 25 | $618.8M | $356.6M | ||
| Q1 25 | $613.3M | $423.6M | ||
| Q4 24 | $632.8M | $354.7M | ||
| Q3 24 | $655.9M | $316.3M | ||
| Q2 24 | $643.7M | $335.1M | ||
| Q1 24 | $541.8M | $405.3M |
净利润FWRDPATH
| Q4 25 | $-28.3M | $198.8M | ||
| Q3 25 | $-16.3M | $1.6M | ||
| Q2 25 | $-12.6M | $-22.6M | ||
| Q1 25 | $-50.6M | $51.8M | ||
| Q4 24 | $-36.4M | $-10.7M | ||
| Q3 24 | $-73.4M | $-86.1M | ||
| Q2 24 | $-645.4M | $-28.7M | ||
| Q1 24 | $-61.7M | $33.9M |
毛利率FWRDPATH
| Q4 25 | — | 83.3% | ||
| Q3 25 | — | 82.2% | ||
| Q2 25 | — | 82.1% | ||
| Q1 25 | — | 84.8% | ||
| Q4 24 | — | 82.0% | ||
| Q3 24 | — | 80.0% | ||
| Q2 24 | — | 83.5% | ||
| Q1 24 | — | 86.8% |
营业利润率FWRDPATH
| Q4 25 | -0.5% | 3.2% | ||
| Q3 25 | 2.4% | -5.6% | ||
| Q2 25 | 3.2% | -4.6% | ||
| Q1 25 | 0.8% | 7.9% | ||
| Q4 24 | 12.0% | -12.2% | ||
| Q3 24 | 3.5% | -32.7% | ||
| Q2 24 | -170.2% | -14.8% | ||
| Q1 24 | -12.1% | 3.7% |
净利率FWRDPATH
| Q4 25 | -4.5% | 48.4% | ||
| Q3 25 | -2.6% | 0.4% | ||
| Q2 25 | -2.0% | -6.3% | ||
| Q1 25 | -8.3% | 12.2% | ||
| Q4 24 | -5.8% | -3.0% | ||
| Q3 24 | -11.2% | -27.2% | ||
| Q2 24 | -100.3% | -8.6% | ||
| Q1 24 | -11.4% | 8.4% |
每股收益（稀释后）FWRDPATH
| Q4 25 | $-0.90 | $0.37 | ||
| Q3 25 | $-0.52 | $0.00 | ||
| Q2 25 | $-0.41 | $-0.04 | ||
| Q1 25 | $-1.68 | $0.09 | ||
| Q4 24 | $-1.69 | $-0.02 | ||
| Q3 24 | $-2.66 | $-0.15 | ||
| Q2 24 | $-23.47 | $-0.05 | ||
| Q1 24 | $-2.81 | $0.07 |
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 | $1.4B |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $113.3M | $1.9B |
| 总资产 | $2.7B | $2.9B |
| 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FWRDPATH
| Q4 25 | $106.0M | $1.4B | ||
| Q3 25 | $140.4M | $1.4B | ||
| Q2 25 | $95.1M | $1.6B | ||
| Q1 25 | $116.3M | $1.6B | ||
| Q4 24 | $104.9M | $1.6B | ||
| Q3 24 | $136.6M | $1.7B | ||
| Q2 24 | $84.9M | $1.9B | ||
| Q1 24 | $152.0M | $1.9B |
总债务FWRDPATH
| 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FWRDPATH
| Q4 25 | $113.3M | $1.9B | ||
| Q3 25 | $139.8M | $1.7B | ||
| Q2 25 | $151.8M | $1.7B | ||
| Q1 25 | $154.6M | $1.8B | ||
| Q4 24 | $201.7M | $1.7B | ||
| Q3 24 | $226.1M | $1.8B | ||
| Q2 24 | $283.8M | $2.0B | ||
| Q1 24 | $926.1M | $2.0B |
总资产FWRDPATH
| Q4 25 | $2.7B | $2.9B | ||
| Q3 25 | $2.8B | $2.6B | ||
| Q2 25 | $2.8B | $2.6B | ||
| Q1 25 | $2.8B | $2.9B | ||
| Q4 24 | $2.8B | $2.7B | ||
| Q3 24 | $3.1B | $2.7B | ||
| Q2 24 | $3.1B | $2.8B | ||
| Q1 24 | $4.0B | $3.0B |
负债/权益比FWRDPATH
| 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 | — | $28.3M |
| 自由现金流经营现金流 - 资本支出 | — | $25.1M |
| 自由现金流率自由现金流/营收 | — | 6.1% |
| 资本支出强度资本支出/营收 | 1.3% | 0.8% |
| 现金转化率经营现金流/净利润 | — | 0.14× |
| 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FWRDPATH
| Q4 25 | — | $28.3M | ||
| Q3 25 | $52.7M | $41.6M | ||
| Q2 25 | — | $119.0M | ||
| Q1 25 | $27.6M | $146.1M | ||
| Q4 24 | $-23.2M | $28.1M | ||
| Q3 24 | $51.2M | $46.4M | ||
| Q2 24 | $-45.2M | $100.0M | ||
| Q1 24 | $-51.7M | $145.6M |
自由现金流FWRDPATH
| Q4 25 | — | $25.1M | ||
| Q3 25 | $48.6M | — | ||
| Q2 25 | — | $106.2M | ||
| Q1 25 | $15.7M | $138.7M | ||
| Q4 24 | $-30.5M | $23.2M | ||
| Q3 24 | $40.7M | $45.0M | ||
| Q2 24 | $-59.6M | $98.8M | ||
| Q1 24 | $-56.7M | $141.8M |
自由现金流率FWRDPATH
| Q4 25 | — | 6.1% | ||
| Q3 25 | 7.7% | — | ||
| Q2 25 | — | 29.8% | ||
| Q1 25 | 2.6% | 32.7% | ||
| Q4 24 | -4.8% | 6.5% | ||
| Q3 24 | 6.2% | 14.2% | ||
| Q2 24 | -9.3% | 29.5% | ||
| Q1 24 | -10.5% | 35.0% |
资本支出强度FWRDPATH
| Q4 25 | 1.3% | 0.8% | ||
| Q3 25 | 0.7% | 0.0% | ||
| Q2 25 | 0.8% | 3.6% | ||
| Q1 25 | 1.9% | 1.7% | ||
| Q4 24 | 1.1% | 1.4% | ||
| Q3 24 | 1.6% | 0.4% | ||
| Q2 24 | 2.2% | 0.4% | ||
| Q1 24 | 0.9% | 0.9% |
现金转化率FWRDPATH
| Q4 25 | — | 0.14× | ||
| Q3 25 | — | 26.25× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 2.82× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 4.29× |
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% |
PATH
| Subscription Services | $247.6M | 60% |
| License | $150.0M | 36% |
| Professional Services And Other | $13.5M | 3% |
