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FORWARD AIR CORP（FWRD）与ROYAL GOLD INC（RGLD）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ROYAL GOLD INC的1.7倍（$631.2M vs $375.3M），ROYAL GOLD INC净利率更高（24.9% vs -4.5%，领先29.4%），ROYAL GOLD INC同比增速更快（85.3% vs -0.3%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% 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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
FWRD vs RGLD — 直观对比
营收规模更大
FWRD
是对方的1.7倍
$375.3M
营收增速更快
RGLD
高出85.5%
-0.3%
净利率更高
RGLD
高出29.4%
-4.5%
两年增速更快
RGLD
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $375.3M |
| 净利润 | $-28.3M | $93.6M |
| 毛利率 | — | 64.6% |
| 营业利润率 | -0.5% | 56.2% |
| 净利率 | -4.5% | 24.9% |
| 营收同比 | -0.3% | 85.3% |
| 净利润同比 | 22.2% | -12.8% |
| 每股收益（稀释后） | $-0.90 | $1.04 |
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FWRDRGLD
| Q4 25 | $631.2M | $375.3M | ||
| Q3 25 | $631.8M | $252.1M | ||
| Q2 25 | $618.8M | $209.6M | ||
| Q1 25 | $613.3M | $193.4M | ||
| Q4 24 | $632.8M | $202.6M | ||
| Q3 24 | $655.9M | $193.8M | ||
| Q2 24 | $643.7M | $174.1M | ||
| Q1 24 | $541.8M | $148.9M |
净利润FWRDRGLD
| Q4 25 | $-28.3M | $93.6M | ||
| Q3 25 | $-16.3M | $126.8M | ||
| Q2 25 | $-12.6M | $132.3M | ||
| Q1 25 | $-50.6M | $113.5M | ||
| Q4 24 | $-36.4M | $107.4M | ||
| Q3 24 | $-73.4M | $96.2M | ||
| Q2 24 | $-645.4M | $81.2M | ||
| Q1 24 | $-61.7M | $47.2M |
毛利率FWRDRGLD
| Q4 25 | — | 64.6% | ||
| Q3 25 | — | 73.6% | ||
| Q2 25 | — | 72.6% | ||
| Q1 25 | — | 69.4% | ||
| Q4 24 | — | 70.3% | ||
| Q3 24 | — | 66.6% | ||
| Q2 24 | — | 64.7% | ||
| Q1 24 | — | 58.4% |
营业利润率FWRDRGLD
| Q4 25 | -0.5% | 56.2% | ||
| Q3 25 | 2.4% | 64.4% | ||
| Q2 25 | 3.2% | 67.7% | ||
| Q1 25 | 0.8% | 63.6% | ||
| Q4 24 | 12.0% | 65.9% | ||
| Q3 24 | 3.5% | 61.3% | ||
| Q2 24 | -170.2% | 58.6% | ||
| Q1 24 | -12.1% | 50.7% |
净利率FWRDRGLD
| Q4 25 | -4.5% | 24.9% | ||
| Q3 25 | -2.6% | 50.3% | ||
| Q2 25 | -2.0% | 63.1% | ||
| Q1 25 | -8.3% | 58.7% | ||
| Q4 24 | -5.8% | 53.0% | ||
| Q3 24 | -11.2% | 49.7% | ||
| Q2 24 | -100.3% | 46.6% | ||
| Q1 24 | -11.4% | 31.7% |
每股收益（稀释后）FWRDRGLD
| Q4 25 | $-0.90 | $1.04 | ||
| Q3 25 | $-0.52 | $1.92 | ||
| Q2 25 | $-0.41 | $2.01 | ||
| Q1 25 | $-1.68 | $1.72 | ||
| Q4 24 | $-1.69 | $1.63 | ||
| Q3 24 | $-2.66 | $1.46 | ||
| Q2 24 | $-23.47 | $1.23 | ||
| Q1 24 | $-2.81 | $0.72 |
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 | $233.7M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $113.3M | $7.2B |
| 总资产 | $2.7B | $9.5B |
| 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FWRDRGLD
| Q4 25 | $106.0M | $233.7M | ||
| Q3 25 | $140.4M | $172.8M | ||
| Q2 25 | $95.1M | $248.2M | ||
| Q1 25 | $116.3M | $240.8M | ||
| Q4 24 | $104.9M | $195.5M | ||
| Q3 24 | $136.6M | $127.9M | ||
| Q2 24 | $84.9M | $74.2M | ||
| Q1 24 | $152.0M | $137.9M |
总债务FWRDRGLD
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $50.0M | ||
| Q1 24 | $1.7B | — |
股东权益FWRDRGLD
| Q4 25 | $113.3M | $7.2B | ||
| Q3 25 | $139.8M | $3.4B | ||
| Q2 25 | $151.8M | $3.3B | ||
| Q1 25 | $154.6M | $3.2B | ||
| Q4 24 | $201.7M | $3.1B | ||
| Q3 24 | $226.1M | $3.0B | ||
| Q2 24 | $283.8M | $3.0B | ||
| Q1 24 | $926.1M | $2.9B |
总资产FWRDRGLD
| Q4 25 | $2.7B | $9.5B | ||
| Q3 25 | $2.8B | $4.5B | ||
| Q2 25 | $2.8B | $3.6B | ||
| Q1 25 | $2.8B | $3.5B | ||
| Q4 24 | $2.8B | $3.4B | ||
| Q3 24 | $3.1B | $3.3B | ||
| Q2 24 | $3.1B | $3.3B | ||
| Q1 24 | $4.0B | $3.3B |
负债/权益比FWRDRGLD
| Q4 25 | 14.89× | — | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.02× | ||
| 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 | — | $241.7M |
| 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 | — | 2.58× |
| 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FWRDRGLD
| Q4 25 | — | $241.7M | ||
| Q3 25 | $52.7M | $174.0M | ||
| Q2 25 | — | $152.8M | ||
| Q1 25 | $27.6M | $136.4M | ||
| Q4 24 | $-23.2M | $141.1M | ||
| Q3 24 | $51.2M | $136.7M | ||
| Q2 24 | $-45.2M | $113.5M | ||
| Q1 24 | $-51.7M | $138.3M |
自由现金流FWRDRGLD
| 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FWRDRGLD
| 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FWRDRGLD
| 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FWRDRGLD
| Q4 25 | — | 2.58× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | — | 1.20× | ||
| Q4 24 | — | 1.31× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | — | 1.40× | ||
| Q1 24 | — | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
