vs
FORWARD AIR CORP（FWRD）与PIPER SANDLER COMPANIES（PIPR）财务数据对比。点击上方公司名可切换其他公司
PIPER SANDLER COMPANIES的季度营收约是FORWARD AIR CORP的1.1倍（$667.0M vs $631.2M），PIPER SANDLER COMPANIES净利率更高（17.1% vs -4.5%，领先21.6%），PIPER SANDLER COMPANIES同比增速更快（37.4% vs -0.3%），过去两年PIPER SANDLER COMPANIES的营收复合增速更高（39.2% 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。
Piper Sandler是一家美国跨国投资银行及金融服务提供商，核心业务覆盖并购重组、财务重整、公开募股、公共财政、机构经纪、投资管理、证券研究等领域，通过旗下核心子公司Piper Sandler & Co.为企业、机构投资者及公共组织提供专业金融服务。
FWRD vs PIPR — 直观对比
营收规模更大
PIPR
是对方的1.1倍
$631.2M
营收增速更快
PIPR
高出37.7%
-0.3%
净利率更高
PIPR
高出21.6%
-4.5%
两年增速更快
PIPR
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $667.0M |
| 净利润 | $-28.3M | $114.0M |
| 毛利率 | — | — |
| 营业利润率 | -0.5% | 28.3% |
| 净利率 | -4.5% | 17.1% |
| 营收同比 | -0.3% | 37.4% |
| 净利润同比 | 22.2% | 65.0% |
| 每股收益（稀释后） | $-0.90 | $6.41 |
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FWRDPIPR
| Q4 25 | $631.2M | $667.0M | ||
| Q3 25 | $631.8M | $480.1M | ||
| Q2 25 | $618.8M | $398.6M | ||
| Q1 25 | $613.3M | $358.6M | ||
| Q4 24 | $632.8M | $485.4M | ||
| Q3 24 | $655.9M | $360.9M | ||
| Q2 24 | $643.7M | $340.8M | ||
| Q1 24 | $541.8M | $344.4M |
净利润FWRDPIPR
| Q4 25 | $-28.3M | $114.0M | ||
| Q3 25 | $-16.3M | $60.3M | ||
| Q2 25 | $-12.6M | $42.2M | ||
| Q1 25 | $-50.6M | $64.9M | ||
| Q4 24 | $-36.4M | $69.1M | ||
| Q3 24 | $-73.4M | $34.8M | ||
| Q2 24 | $-645.4M | $34.8M | ||
| Q1 24 | $-61.7M | $42.5M |
营业利润率FWRDPIPR
| Q4 25 | -0.5% | 28.3% | ||
| Q3 25 | 2.4% | 22.4% | ||
| Q2 25 | 3.2% | 12.3% | ||
| Q1 25 | 0.8% | 8.2% | ||
| Q4 24 | 12.0% | 16.9% | ||
| Q3 24 | 3.5% | 15.4% | ||
| Q2 24 | -170.2% | 8.3% | ||
| Q1 24 | -12.1% | 15.2% |
净利率FWRDPIPR
| Q4 25 | -4.5% | 17.1% | ||
| Q3 25 | -2.6% | 12.6% | ||
| Q2 25 | -2.0% | 10.6% | ||
| Q1 25 | -8.3% | 18.1% | ||
| Q4 24 | -5.8% | 14.2% | ||
| Q3 24 | -11.2% | 9.6% | ||
| Q2 24 | -100.3% | 10.2% | ||
| Q1 24 | -11.4% | 12.3% |
每股收益（稀释后）FWRDPIPR
| Q4 25 | $-0.90 | $6.41 | ||
| Q3 25 | $-0.52 | $3.38 | ||
| Q2 25 | $-0.41 | $2.38 | ||
| Q1 25 | $-1.68 | $3.65 | ||
| Q4 24 | $-1.69 | $3.88 | ||
| Q3 24 | $-2.66 | $1.96 | ||
| Q2 24 | $-23.47 | $1.97 | ||
| Q1 24 | $-2.81 | $2.43 |
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 | — |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $113.3M | $1.4B |
| 总资产 | $2.7B | $2.6B |
| 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FWRDPIPR
| Q4 25 | $106.0M | — | ||
| Q3 25 | $140.4M | — | ||
| Q2 25 | $95.1M | — | ||
| Q1 25 | $116.3M | — | ||
| Q4 24 | $104.9M | — | ||
| Q3 24 | $136.6M | — | ||
| Q2 24 | $84.9M | — | ||
| Q1 24 | $152.0M | — |
总债务FWRDPIPR
| 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FWRDPIPR
| Q4 25 | $113.3M | $1.4B | ||
| Q3 25 | $139.8M | $1.3B | ||
| Q2 25 | $151.8M | $1.2B | ||
| Q1 25 | $154.6M | $1.2B | ||
| Q4 24 | $201.7M | $1.2B | ||
| Q3 24 | $226.1M | $1.2B | ||
| Q2 24 | $283.8M | $1.1B | ||
| Q1 24 | $926.1M | $1.1B |
总资产FWRDPIPR
| Q4 25 | $2.7B | $2.6B | ||
| Q3 25 | $2.8B | $2.2B | ||
| Q2 25 | $2.8B | $2.0B | ||
| Q1 25 | $2.8B | $1.8B | ||
| Q4 24 | $2.8B | $2.3B | ||
| Q3 24 | $3.1B | $2.0B | ||
| Q2 24 | $3.1B | $1.9B | ||
| Q1 24 | $4.0B | $1.8B |
负债/权益比FWRDPIPR
| 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 | — | $729.8M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | 1.3% | — |
| 现金转化率经营现金流/净利润 | — | 6.40× |
| 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FWRDPIPR
| Q4 25 | — | $729.8M | ||
| Q3 25 | $52.7M | $31.9M | ||
| Q2 25 | — | $32.1M | ||
| Q1 25 | $27.6M | $-207.2M | ||
| Q4 24 | $-23.2M | $163.8M | ||
| Q3 24 | $51.2M | $80.1M | ||
| Q2 24 | $-45.2M | $266.5M | ||
| Q1 24 | $-51.7M | $-197.2M |
自由现金流FWRDPIPR
| Q4 25 | — | — | ||
| Q3 25 | $48.6M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $15.7M | — | ||
| Q4 24 | $-30.5M | — | ||
| Q3 24 | $40.7M | — | ||
| Q2 24 | $-59.6M | — | ||
| Q1 24 | $-56.7M | — |
自由现金流率FWRDPIPR
| Q4 25 | — | — | ||
| Q3 25 | 7.7% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | -4.8% | — | ||
| Q3 24 | 6.2% | — | ||
| Q2 24 | -9.3% | — | ||
| Q1 24 | -10.5% | — |
资本支出强度FWRDPIPR
| Q4 25 | 1.3% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 1.9% | — | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 0.9% | — |
现金转化率FWRDPIPR
| Q4 25 | — | 6.40× | ||
| Q3 25 | — | 0.53× | ||
| Q2 25 | — | 0.76× | ||
| Q1 25 | — | -3.19× | ||
| Q4 24 | — | 2.37× | ||
| Q3 24 | — | 2.30× | ||
| Q2 24 | — | 7.66× | ||
| Q1 24 | — | -4.64× |
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% |
PIPR
| Advisory Services | $402.6M | 60% |
| Equities Financing | $66.7M | 10% |
| Equity Salesand Trading | $64.2M | 10% |
| Fixed Income Salesand Trading | $47.9M | 7% |
| Other | $46.7M | 7% |
| Debt Financing | $38.9M | 6% |
