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FORWARD AIR CORP（FWRD）与RH（RH）财务数据对比。点击上方公司名可切换其他公司
RH的季度营收约是FORWARD AIR CORP的1.4倍（$883.8M vs $631.2M），RH净利率更高（4.1% vs -4.5%，领先8.6%），RH同比增速更快（8.9% vs -0.3%），过去两年RH的营收复合增速更高（9.4% 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。
RH是美国高端家居品牌，总部位于加利福尼亚州科尔特马德拉。品牌通过线下零售门店、产品目录和线上渠道发售家居商品，截至2018年8月，在美国和加拿大共运营70家展示馆、18家全系列设计展示馆、3家婴童家居展示馆，另有36家奥莱门店。
FWRD vs RH — 直观对比
营收规模更大
RH
是对方的1.4倍
$631.2M
营收增速更快
RH
高出9.1%
-0.3%
净利率更高
RH
高出8.6%
-4.5%
两年增速更快
RH
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $883.8M |
| 净利润 | $-28.3M | $36.3M |
| 毛利率 | — | 44.1% |
| 营业利润率 | -0.5% | 12.0% |
| 净利率 | -4.5% | 4.1% |
| 营收同比 | -0.3% | 8.9% |
| 净利润同比 | 22.2% | 9.3% |
| 每股收益（稀释后） | $-0.90 | $1.83 |
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FWRDRH
| Q4 25 | $631.2M | $883.8M | ||
| Q3 25 | $631.8M | $899.2M | ||
| Q2 25 | $618.8M | $814.0M | ||
| Q1 25 | $613.3M | $812.4M | ||
| Q4 24 | $632.8M | $811.7M | ||
| Q3 24 | $655.9M | $829.7M | ||
| Q2 24 | $643.7M | $727.0M | ||
| Q1 24 | $541.8M | $738.3M |
净利润FWRDRH
| Q4 25 | $-28.3M | $36.3M | ||
| Q3 25 | $-16.3M | $51.7M | ||
| Q2 25 | $-12.6M | $8.0M | ||
| Q1 25 | $-50.6M | $13.9M | ||
| Q4 24 | $-36.4M | $33.2M | ||
| Q3 24 | $-73.4M | $29.0M | ||
| Q2 24 | $-645.4M | $-3.6M | ||
| Q1 24 | $-61.7M | $11.4M |
毛利率FWRDRH
| Q4 25 | — | 44.1% | ||
| Q3 25 | — | 45.5% | ||
| Q2 25 | — | 43.7% | ||
| Q1 25 | — | 44.7% | ||
| Q4 24 | — | 44.5% | ||
| Q3 24 | — | 45.2% | ||
| Q2 24 | — | 43.5% | ||
| Q1 24 | — | 43.5% |
营业利润率FWRDRH
| Q4 25 | -0.5% | 12.0% | ||
| Q3 25 | 2.4% | 14.3% | ||
| Q2 25 | 3.2% | 6.9% | ||
| Q1 25 | 0.8% | 8.7% | ||
| Q4 24 | 12.0% | 12.5% | ||
| Q3 24 | 3.5% | 11.6% | ||
| Q2 24 | -170.2% | 7.5% | ||
| Q1 24 | -12.1% | 8.7% |
净利率FWRDRH
| Q4 25 | -4.5% | 4.1% | ||
| Q3 25 | -2.6% | 5.8% | ||
| Q2 25 | -2.0% | 1.0% | ||
| Q1 25 | -8.3% | 1.7% | ||
| Q4 24 | -5.8% | 4.1% | ||
| Q3 24 | -11.2% | 3.5% | ||
| Q2 24 | -100.3% | -0.5% | ||
| Q1 24 | -11.4% | 1.5% |
每股收益（稀释后）FWRDRH
| Q4 25 | $-0.90 | $1.83 | ||
| Q3 25 | $-0.52 | $2.62 | ||
| Q2 25 | $-0.41 | $0.40 | ||
| Q1 25 | $-1.68 | $0.71 | ||
| Q4 24 | $-1.69 | $1.66 | ||
| Q3 24 | $-2.66 | $1.45 | ||
| Q2 24 | $-23.47 | $-0.20 | ||
| Q1 24 | $-2.81 | $0.91 |
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 | $43.1M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $113.3M | $3.3M |
| 总资产 | $2.7B | $4.8B |
| 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FWRDRH
| Q4 25 | $106.0M | $43.1M | ||
| Q3 25 | $140.4M | $34.6M | ||
| Q2 25 | $95.1M | $46.1M | ||
| Q1 25 | $116.3M | $30.4M | ||
| Q4 24 | $104.9M | $87.0M | ||
| Q3 24 | $136.6M | $78.3M | ||
| Q2 24 | $84.9M | $101.8M | ||
| Q1 24 | $152.0M | $123.7M |
总债务FWRDRH
| 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FWRDRH
| Q4 25 | $113.3M | $3.3M | ||
| Q3 25 | $139.8M | $-40.9M | ||
| Q2 25 | $151.8M | $-110.8M | ||
| Q1 25 | $154.6M | $-163.6M | ||
| Q4 24 | $201.7M | $-183.0M | ||
| Q3 24 | $226.1M | $-234.7M | ||
| Q2 24 | $283.8M | $-289.9M | ||
| Q1 24 | $926.1M | $-297.4M |
总资产FWRDRH
| Q4 25 | $2.7B | $4.8B | ||
| Q3 25 | $2.8B | $4.7B | ||
| Q2 25 | $2.8B | $4.7B | ||
| Q1 25 | $2.8B | $4.6B | ||
| Q4 24 | $2.8B | $4.5B | ||
| Q3 24 | $3.1B | $4.4B | ||
| Q2 24 | $3.1B | $4.2B | ||
| Q1 24 | $4.0B | $4.1B |
负债/权益比FWRDRH
| 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 | — | $131.9M |
| 自由现金流经营现金流 - 资本支出 | — | $83.0M |
| 自由现金流率自由现金流/营收 | — | 9.4% |
| 资本支出强度资本支出/营收 | 1.3% | 5.5% |
| 现金转化率经营现金流/净利润 | — | 3.64× |
| 过去12个月自由现金流最近4个季度 | — | $128.1M |
8季度趋势，按日历期对齐
经营现金流FWRDRH
| Q4 25 | — | $131.9M | ||
| Q3 25 | $52.7M | $137.7M | ||
| Q2 25 | — | $86.6M | ||
| Q1 25 | $27.6M | $-18.8M | ||
| Q4 24 | $-23.2M | $-31.4M | ||
| Q3 24 | $51.2M | $11.2M | ||
| Q2 24 | $-45.2M | $56.1M | ||
| Q1 24 | $-51.7M | $-114.0M |
自由现金流FWRDRH
| Q4 25 | — | $83.0M | ||
| Q3 25 | $48.6M | $80.7M | ||
| Q2 25 | — | $34.1M | ||
| Q1 25 | $15.7M | $-69.7M | ||
| Q4 24 | $-30.5M | $-96.0M | ||
| Q3 24 | $40.7M | $-37.9M | ||
| Q2 24 | $-59.6M | $-10.1M | ||
| Q1 24 | $-56.7M | $-251.5M |
自由现金流率FWRDRH
| Q4 25 | — | 9.4% | ||
| Q3 25 | 7.7% | 9.0% | ||
| Q2 25 | — | 4.2% | ||
| Q1 25 | 2.6% | -8.6% | ||
| Q4 24 | -4.8% | -11.8% | ||
| Q3 24 | 6.2% | -4.6% | ||
| Q2 24 | -9.3% | -1.4% | ||
| Q1 24 | -10.5% | -34.1% |
资本支出强度FWRDRH
| Q4 25 | 1.3% | 5.5% | ||
| Q3 25 | 0.7% | 6.3% | ||
| Q2 25 | 0.8% | 6.5% | ||
| Q1 25 | 1.9% | 6.3% | ||
| Q4 24 | 1.1% | 8.0% | ||
| Q3 24 | 1.6% | 5.9% | ||
| Q2 24 | 2.2% | 9.1% | ||
| Q1 24 | 0.9% | 18.6% |
现金转化率FWRDRH
| Q4 25 | — | 3.64× | ||
| Q3 25 | — | 2.66× | ||
| Q2 25 | — | 10.78× | ||
| Q1 25 | — | -1.35× | ||
| Q4 24 | — | -0.95× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -10.01× |
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% |
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
