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FORWARD AIR CORP（FWRD）与EPLUS INC（PLUS）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EPLUS INC的1.0倍（$631.2M vs $614.8M），EPLUS INC净利率更高（5.7% vs -4.5%，领先10.2%），EPLUS INC同比增速更快（20.3% vs -0.3%），过去两年FORWARD AIR CORP的营收复合增速更高（7.9% vs 2.3%）
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。
ePlus Inc.是美国的科技咨询解决方案提供商，业务覆盖网络安全、云计算、网络架构、协作办公、人工智能及前沿技术领域，为超5000家客户提供定制化解决方案、专业咨询与托管服务，助力企业实现数字化转型与技术升级。
FWRD vs PLUS — 直观对比
营收规模更大
FWRD
是对方的1.0倍
$614.8M
营收增速更快
PLUS
高出20.6%
-0.3%
净利率更高
PLUS
高出10.2%
-4.5%
两年增速更快
FWRD
近两年复合增速
2.3%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $614.8M |
| 净利润 | $-28.3M | $35.1M |
| 毛利率 | — | 25.8% |
| 营业利润率 | -0.5% | 7.1% |
| 净利率 | -4.5% | 5.7% |
| 营收同比 | -0.3% | 20.3% |
| 净利润同比 | 22.2% | 45.2% |
| 每股收益（稀释后） | $-0.90 | $1.33 |
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FWRDPLUS
| Q4 25 | $631.2M | $614.8M | ||
| Q3 25 | $631.8M | $608.8M | ||
| Q2 25 | $618.8M | $637.3M | ||
| Q1 25 | $613.3M | — | ||
| Q4 24 | $632.8M | $493.2M | ||
| Q3 24 | $655.9M | $493.4M | ||
| Q2 24 | $643.7M | $535.7M | ||
| Q1 24 | $541.8M | — |
净利润FWRDPLUS
| Q4 25 | $-28.3M | $35.1M | ||
| Q3 25 | $-16.3M | $34.9M | ||
| Q2 25 | $-12.6M | $37.7M | ||
| Q1 25 | $-50.6M | — | ||
| Q4 24 | $-36.4M | $24.1M | ||
| Q3 24 | $-73.4M | $31.3M | ||
| Q2 24 | $-645.4M | $27.3M | ||
| Q1 24 | $-61.7M | — |
毛利率FWRDPLUS
| Q4 25 | — | 25.8% | ||
| Q3 25 | — | 26.6% | ||
| Q2 25 | — | 23.3% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 25.4% | ||
| Q3 24 | — | 25.8% | ||
| Q2 24 | — | 23.7% | ||
| Q1 24 | — | — |
营业利润率FWRDPLUS
| Q4 25 | -0.5% | 7.1% | ||
| Q3 25 | 2.4% | 8.0% | ||
| Q2 25 | 3.2% | 5.7% | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 12.0% | 3.3% | ||
| Q3 24 | 3.5% | 5.5% | ||
| Q2 24 | -170.2% | 5.9% | ||
| Q1 24 | -12.1% | — |
净利率FWRDPLUS
| Q4 25 | -4.5% | 5.7% | ||
| Q3 25 | -2.6% | 5.7% | ||
| Q2 25 | -2.0% | 5.9% | ||
| Q1 25 | -8.3% | — | ||
| Q4 24 | -5.8% | 4.9% | ||
| Q3 24 | -11.2% | 6.3% | ||
| Q2 24 | -100.3% | 5.1% | ||
| Q1 24 | -11.4% | — |
每股收益（稀释后）FWRDPLUS
| Q4 25 | $-0.90 | $1.33 | ||
| Q3 25 | $-0.52 | $1.32 | ||
| Q2 25 | $-0.41 | $1.43 | ||
| Q1 25 | $-1.68 | — | ||
| Q4 24 | $-1.69 | $0.91 | ||
| Q3 24 | $-2.66 | $1.17 | ||
| Q2 24 | $-23.47 | $1.02 | ||
| 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 | $326.3M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $113.3M | $1.1B |
| 总资产 | $2.7B | $1.8B |
| 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FWRDPLUS
| Q4 25 | $106.0M | $326.3M | ||
| Q3 25 | $140.4M | $402.2M | ||
| Q2 25 | $95.1M | $480.2M | ||
| Q1 25 | $116.3M | — | ||
| Q4 24 | $104.9M | $253.1M | ||
| Q3 24 | $136.6M | $187.5M | ||
| Q2 24 | $84.9M | $349.9M | ||
| Q1 24 | $152.0M | — |
总债务FWRDPLUS
| 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FWRDPLUS
| Q4 25 | $113.3M | $1.1B | ||
| Q3 25 | $139.8M | $1.0B | ||
| Q2 25 | $151.8M | $1.0B | ||
| Q1 25 | $154.6M | — | ||
| Q4 24 | $201.7M | $962.3M | ||
| Q3 24 | $226.1M | $947.0M | ||
| Q2 24 | $283.8M | $921.9M | ||
| Q1 24 | $926.1M | — |
总资产FWRDPLUS
| Q4 25 | $2.7B | $1.8B | ||
| Q3 25 | $2.8B | $1.8B | ||
| Q2 25 | $2.8B | $1.8B | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $2.8B | $1.8B | ||
| Q3 24 | $3.1B | $1.7B | ||
| Q2 24 | $3.1B | $1.7B | ||
| Q1 24 | $4.0B | — |
负债/权益比FWRDPLUS
| 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 | — | $-87.4M |
| 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 | — | -2.49× |
| 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FWRDPLUS
| Q4 25 | — | $-87.4M | ||
| Q3 25 | $52.7M | $-34.8M | ||
| Q2 25 | — | $-99.0M | ||
| Q1 25 | $27.6M | — | ||
| Q4 24 | $-23.2M | $65.7M | ||
| Q3 24 | $51.2M | $-21.6M | ||
| Q2 24 | $-45.2M | $97.1M | ||
| Q1 24 | $-51.7M | — |
自由现金流FWRDPLUS
| 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FWRDPLUS
| 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FWRDPLUS
| 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FWRDPLUS
| Q4 25 | — | -2.49× | ||
| Q3 25 | — | -1.00× | ||
| Q2 25 | — | -2.63× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.72× | ||
| Q3 24 | — | -0.69× | ||
| Q2 24 | — | 3.55× | ||
| 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% |
PLUS
| All Others Customer End Market | $107.0M | 17% |
| Technology Customer End Market | $89.4M | 15% |
| Health Care Customer End Market | $81.5M | 13% |
| Financial Services Customer End Market | $66.1M | 11% |
| Professional Services Reporting Unit | $64.1M | 10% |
| Security | $61.1M | 10% |
| State And Local Government And Educational Institutions | $59.9M | 10% |
| Managed Services Reporting Unit | $48.8M | 8% |
| Other Product | $21.1M | 3% |
| Collaboration | $13.4M | 2% |
