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FORWARD AIR CORP（FWRD）与Pinnacle West Capital（PNW）财务数据对比。点击上方公司名可切换其他公司
Pinnacle West Capital的季度营收约是FORWARD AIR CORP的1.8倍（$1.1B vs $631.2M），Pinnacle West Capital净利率更高（1.6% vs -4.5%，领先6.0%），Pinnacle West Capital同比增速更快（3.0% vs -0.3%），过去两年Pinnacle West Capital的营收复合增速更高（8.9% 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。
Pinnacle West Capital是美国公用事业控股企业，旗下拥有亚利桑那州规模最大的公用事业公司亚利桑那公共服务（APS）。公司于纽约证券交易所上市，是标普500指数成分股，运营受亚利桑那州公司委员会监管。
FWRD vs PNW — 直观对比
营收规模更大
PNW
是对方的1.8倍
$631.2M
营收增速更快
PNW
高出3.2%
-0.3%
净利率更高
PNW
高出6.0%
-4.5%
两年增速更快
PNW
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $1.1B |
| 净利润 | $-28.3M | $17.6M |
| 毛利率 | — | — |
| 营业利润率 | -0.5% | 10.7% |
| 净利率 | -4.5% | 1.6% |
| 营收同比 | -0.3% | 3.0% |
| 净利润同比 | 22.2% | 798.0% |
| 每股收益（稀释后） | $-0.90 | $0.12 |
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FWRDPNW
| Q4 25 | $631.2M | $1.1B | ||
| Q3 25 | $631.8M | $1.8B | ||
| Q2 25 | $618.8M | $1.4B | ||
| Q1 25 | $613.3M | $1.0B | ||
| Q4 24 | $632.8M | $1.1B | ||
| Q3 24 | $655.9M | $1.8B | ||
| Q2 24 | $643.7M | $1.3B | ||
| Q1 24 | $541.8M | $951.7M |
净利润FWRDPNW
| Q4 25 | $-28.3M | $17.6M | ||
| Q3 25 | $-16.3M | $417.5M | ||
| Q2 25 | $-12.6M | $196.9M | ||
| Q1 25 | $-50.6M | $-338.0K | ||
| Q4 24 | $-36.4M | $-2.5M | ||
| Q3 24 | $-73.4M | $399.3M | ||
| Q2 24 | $-645.4M | $208.1M | ||
| Q1 24 | $-61.7M | $21.2M |
营业利润率FWRDPNW
| Q4 25 | -0.5% | 10.7% | ||
| Q3 25 | 2.4% | 32.0% | ||
| Q2 25 | 3.2% | 22.6% | ||
| Q1 25 | 0.8% | 5.5% | ||
| Q4 24 | 12.0% | 7.7% | ||
| Q3 24 | 3.5% | 30.9% | ||
| Q2 24 | -170.2% | 24.0% | ||
| Q1 24 | -12.1% | 7.0% |
净利率FWRDPNW
| Q4 25 | -4.5% | 1.6% | ||
| Q3 25 | -2.6% | 22.9% | ||
| Q2 25 | -2.0% | 14.5% | ||
| Q1 25 | -8.3% | -0.0% | ||
| Q4 24 | -5.8% | -0.2% | ||
| Q3 24 | -11.2% | 22.6% | ||
| Q2 24 | -100.3% | 15.9% | ||
| Q1 24 | -11.4% | 2.2% |
每股收益（稀释后）FWRDPNW
| Q4 25 | $-0.90 | $0.12 | ||
| Q3 25 | $-0.52 | $3.39 | ||
| Q2 25 | $-0.41 | $1.58 | ||
| Q1 25 | $-1.68 | $-0.04 | ||
| Q4 24 | $-1.69 | $-0.04 | ||
| Q3 24 | $-2.66 | $3.37 | ||
| Q2 24 | $-23.47 | $1.76 | ||
| Q1 24 | $-2.81 | $0.15 |
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 | $6.6M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $113.3M | $7.0B |
| 总资产 | $2.7B | $30.0B |
| 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FWRDPNW
| Q4 25 | $106.0M | $6.6M | ||
| Q3 25 | $140.4M | $30.9M | ||
| Q2 25 | $95.1M | $18.8M | ||
| Q1 25 | $116.3M | $10.0M | ||
| Q4 24 | $104.9M | $3.8M | ||
| Q3 24 | $136.6M | $49.2M | ||
| Q2 24 | $84.9M | $4.0M | ||
| Q1 24 | $152.0M | $9.6M |
总债务FWRDPNW
| 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FWRDPNW
| Q4 25 | $113.3M | $7.0B | ||
| Q3 25 | $139.8M | $7.2B | ||
| Q2 25 | $151.8M | $6.7B | ||
| Q1 25 | $154.6M | $6.7B | ||
| Q4 24 | $201.7M | $6.8B | ||
| Q3 24 | $226.1M | $6.6B | ||
| Q2 24 | $283.8M | $6.2B | ||
| Q1 24 | $926.1M | $6.2B |
总资产FWRDPNW
| Q4 25 | $2.7B | $30.0B | ||
| Q3 25 | $2.8B | $29.9B | ||
| Q2 25 | $2.8B | $29.2B | ||
| Q1 25 | $2.8B | $27.2B | ||
| Q4 24 | $2.8B | $26.1B | ||
| Q3 24 | $3.1B | $26.3B | ||
| Q2 24 | $3.1B | $25.7B | ||
| Q1 24 | $4.0B | $24.8B |
负债/权益比FWRDPNW
| 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 | — | $476.8M |
| 自由现金流经营现金流 - 资本支出 | — | $-192.7M |
| 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% | 59.3% |
| 现金转化率经营现金流/净利润 | — | 27.09× |
| 过去12个月自由现金流最近4个季度 | — | $-819.5M |
8季度趋势，按日历期对齐
经营现金流FWRDPNW
| Q4 25 | — | $476.8M | ||
| Q3 25 | $52.7M | $665.0M | ||
| Q2 25 | — | $261.4M | ||
| Q1 25 | $27.6M | $401.9M | ||
| Q4 24 | $-23.2M | $439.5M | ||
| Q3 24 | $51.2M | $633.2M | ||
| Q2 24 | $-45.2M | $189.8M | ||
| Q1 24 | $-51.7M | $347.4M |
自由现金流FWRDPNW
| Q4 25 | — | $-192.7M | ||
| Q3 25 | $48.6M | $42.0M | ||
| Q2 25 | — | $-448.1M | ||
| Q1 25 | $15.7M | $-220.7M | ||
| Q4 24 | $-30.5M | $-92.1M | ||
| Q3 24 | $40.7M | $-32.7M | ||
| Q2 24 | $-59.6M | $-344.2M | ||
| Q1 24 | $-56.7M | $-170.4M |
自由现金流率FWRDPNW
| Q4 25 | — | -17.1% | ||
| Q3 25 | 7.7% | 2.3% | ||
| Q2 25 | — | -33.0% | ||
| Q1 25 | 2.6% | -21.4% | ||
| Q4 24 | -4.8% | -8.4% | ||
| Q3 24 | 6.2% | -1.8% | ||
| Q2 24 | -9.3% | -26.3% | ||
| Q1 24 | -10.5% | -17.9% |
资本支出强度FWRDPNW
| Q4 25 | 1.3% | 59.3% | ||
| Q3 25 | 0.7% | 34.2% | ||
| Q2 25 | 0.8% | 52.2% | ||
| Q1 25 | 1.9% | 60.3% | ||
| Q4 24 | 1.1% | 48.5% | ||
| Q3 24 | 1.6% | 37.6% | ||
| Q2 24 | 2.2% | 40.8% | ||
| Q1 24 | 0.9% | 54.4% |
现金转化率FWRDPNW
| Q4 25 | — | 27.09× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.33× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.59× | ||
| Q2 24 | — | 0.91× | ||
| Q1 24 | — | 16.41× |
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% |
PNW
| Electricand Transmission Service | $1.1B | 100% |
| Other Services | $4.4M | 0% |
