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FORWARD AIR CORP（FWRD）与PTC Inc.（PTC）财务数据对比。点击上方公司名可切换其他公司
PTC Inc.的季度营收约是FORWARD AIR CORP的1.2倍（$774.3M vs $631.2M），PTC Inc.净利率更高（76.3% vs -4.5%，领先80.8%），PTC Inc.同比增速更快（21.7% vs -0.3%），过去两年PTC Inc.的营收复合增速更高（22.2% 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。
PTC是1985年成立的美国计算机软件与服务企业，总部位于马萨诸塞州波士顿。公司1988年率先推出参数化关联特征驱动的三维CAD建模软件，1998年发布基于互联网的产品生命周期管理（PLM）产品，目前面向合作伙伴与开发者提供物联网、增强现实（AR）平台及相关产品服务。
FWRD vs PTC — 直观对比
营收规模更大
PTC
是对方的1.2倍
$631.2M
营收增速更快
PTC
高出21.9%
-0.3%
净利率更高
PTC
高出80.8%
-4.5%
两年增速更快
PTC
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $774.3M |
| 净利润 | $-28.3M | $590.7M |
| 毛利率 | — | 99.1% |
| 营业利润率 | -0.5% | 38.2% |
| 净利率 | -4.5% | 76.3% |
| 营收同比 | -0.3% | 21.7% |
| 净利润同比 | 22.2% | 141.2% |
| 每股收益（稀释后） | $-0.90 | $4.98 |
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FWRDPTC
| Q1 26 | — | $774.3M | ||
| Q4 25 | $631.2M | $685.8M | ||
| Q3 25 | $631.8M | $893.8M | ||
| Q2 25 | $618.8M | $643.9M | ||
| Q1 25 | $613.3M | $636.4M | ||
| Q4 24 | $632.8M | $565.1M | ||
| Q3 24 | $655.9M | $626.5M | ||
| Q2 24 | $643.7M | $518.6M |
净利润FWRDPTC
| Q1 26 | — | $590.7M | ||
| Q4 25 | $-28.3M | $166.5M | ||
| Q3 25 | $-16.3M | $347.8M | ||
| Q2 25 | $-12.6M | $141.3M | ||
| Q1 25 | $-50.6M | $162.6M | ||
| Q4 24 | $-36.4M | $82.2M | ||
| Q3 24 | $-73.4M | $126.5M | ||
| Q2 24 | $-645.4M | $69.0M |
毛利率FWRDPTC
| Q1 26 | — | 99.1% | ||
| Q4 25 | — | 82.8% | ||
| Q3 25 | — | 86.9% | ||
| Q2 25 | — | 82.9% | ||
| Q1 25 | — | 83.3% | ||
| Q4 24 | — | 80.2% | ||
| Q3 24 | — | 82.0% | ||
| Q2 24 | — | 78.4% |
营业利润率FWRDPTC
| Q1 26 | — | 38.2% | ||
| Q4 25 | -0.5% | 32.2% | ||
| Q3 25 | 2.4% | 48.5% | ||
| Q2 25 | 3.2% | 32.6% | ||
| Q1 25 | 0.8% | 35.1% | ||
| Q4 24 | 12.0% | 20.4% | ||
| Q3 24 | 3.5% | 31.0% | ||
| Q2 24 | -170.2% | 18.5% |
净利率FWRDPTC
| Q1 26 | — | 76.3% | ||
| Q4 25 | -4.5% | 24.3% | ||
| Q3 25 | -2.6% | 38.9% | ||
| Q2 25 | -2.0% | 21.9% | ||
| Q1 25 | -8.3% | 25.6% | ||
| Q4 24 | -5.8% | 14.6% | ||
| Q3 24 | -11.2% | 20.2% | ||
| Q2 24 | -100.3% | 13.3% |
每股收益（稀释后）FWRDPTC
| Q1 26 | — | $4.98 | ||
| Q4 25 | $-0.90 | $1.39 | ||
| Q3 25 | $-0.52 | $2.88 | ||
| Q2 25 | $-0.41 | $1.17 | ||
| Q1 25 | $-1.68 | $1.35 | ||
| Q4 24 | $-1.69 | $0.68 | ||
| Q3 24 | $-2.66 | $1.05 | ||
| Q2 24 | $-23.47 | $0.57 |
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 | $439.1M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $113.3M | $3.9B |
| 总资产 | $2.7B | $6.5B |
| 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FWRDPTC
| Q1 26 | — | $439.1M | ||
| Q4 25 | $106.0M | $209.7M | ||
| Q3 25 | $140.4M | $184.4M | ||
| Q2 25 | $95.1M | $199.3M | ||
| Q1 25 | $116.3M | $235.2M | ||
| Q4 24 | $104.9M | $196.3M | ||
| Q3 24 | $136.6M | $265.8M | ||
| Q2 24 | $84.9M | $247.7M |
总债务FWRDPTC
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.3B |
股东权益FWRDPTC
| Q1 26 | — | $3.9B | ||
| Q4 25 | $113.3M | $3.8B | ||
| Q3 25 | $139.8M | $3.8B | ||
| Q2 25 | $151.8M | $3.5B | ||
| Q1 25 | $154.6M | $3.4B | ||
| Q4 24 | $201.7M | $3.2B | ||
| Q3 24 | $226.1M | $3.2B | ||
| Q2 24 | $283.8M | $3.0B |
总资产FWRDPTC
| Q1 26 | — | $6.5B | ||
| Q4 25 | $2.7B | $6.4B | ||
| Q3 25 | $2.8B | $6.6B | ||
| Q2 25 | $2.8B | $6.2B | ||
| Q1 25 | $2.8B | $6.2B | ||
| Q4 24 | $2.8B | $6.1B | ||
| Q3 24 | $3.1B | $6.4B | ||
| Q2 24 | $3.1B | $6.1B |
负债/权益比FWRDPTC
| Q1 26 | — | — | ||
| Q4 25 | 14.89× | 0.31× | ||
| Q3 25 | 12.05× | 0.31× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | — | 0.32× | ||
| Q3 24 | — | 0.38× | ||
| Q2 24 | — | 0.43× |
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 | — | $320.9M |
| 自由现金流经营现金流 - 资本支出 | — | $318.0M |
| 自由现金流率自由现金流/营收 | — | 41.1% |
| 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 | — | 0.54× |
| 过去12个月自由现金流最近4个季度 | — | $927.9M |
8季度趋势，按日历期对齐
经营现金流FWRDPTC
| Q1 26 | — | $320.9M | ||
| Q4 25 | — | $269.7M | ||
| Q3 25 | $52.7M | $104.0M | ||
| Q2 25 | — | $243.9M | ||
| Q1 25 | $27.6M | $281.3M | ||
| Q4 24 | $-23.2M | $238.4M | ||
| Q3 24 | $51.2M | $98.1M | ||
| Q2 24 | $-45.2M | $213.8M |
自由现金流FWRDPTC
| Q1 26 | — | $318.0M | ||
| Q4 25 | — | $267.4M | ||
| Q3 25 | $48.6M | $100.5M | ||
| Q2 25 | — | $242.0M | ||
| Q1 25 | $15.7M | $278.5M | ||
| Q4 24 | $-30.5M | $235.7M | ||
| Q3 24 | $40.7M | $93.6M | ||
| Q2 24 | $-59.6M | $212.2M |
自由现金流率FWRDPTC
| Q1 26 | — | 41.1% | ||
| Q4 25 | — | 39.0% | ||
| Q3 25 | 7.7% | 11.2% | ||
| Q2 25 | — | 37.6% | ||
| Q1 25 | 2.6% | 43.8% | ||
| Q4 24 | -4.8% | 41.7% | ||
| Q3 24 | 6.2% | 14.9% | ||
| Q2 24 | -9.3% | 40.9% |
资本支出强度FWRDPTC
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 0.3% | ||
| Q3 25 | 0.7% | 0.4% | ||
| Q2 25 | 0.8% | 0.3% | ||
| Q1 25 | 1.9% | 0.4% | ||
| Q4 24 | 1.1% | 0.5% | ||
| Q3 24 | 1.6% | 0.7% | ||
| Q2 24 | 2.2% | 0.3% |
现金转化率FWRDPTC
| Q1 26 | — | 0.54× | ||
| Q4 25 | — | 1.62× | ||
| Q3 25 | — | 0.30× | ||
| Q2 25 | — | 1.73× | ||
| Q1 25 | — | 1.73× | ||
| Q4 24 | — | 2.90× | ||
| Q3 24 | — | 0.78× | ||
| Q2 24 | — | 3.10× |
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% |
PTC
| Recurring revenue | $743.4M | 96% |
| Other | $24.0M | 3% |
| Perpetual license | $6.9M | 1% |
