vs
FORWARD AIR CORP（FWRD）与Ryman Hospitality Properties, Inc.（RHP）财务数据对比。点击上方公司名可切换其他公司
Ryman Hospitality Properties, Inc.的季度营收约是FORWARD AIR CORP的1.2倍（$737.8M vs $631.2M），Ryman Hospitality Properties, Inc.净利率更高（10.1% vs -4.5%，领先14.6%），Ryman Hospitality Properties, Inc.同比增速更快（13.9% vs -0.3%），过去两年Ryman Hospitality Properties, Inc.的营收复合增速更高（18.2% 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。
莱曼酒店地产是一家主营酒店、度假村、娱乐及媒体业务的企业，得名于旗下位于田纳西州纳什维尔的国家历史地标莱曼礼堂。公司历史可追溯至曾为俄克拉荷马出版公司子公司时期，1983年收购WSM公司后奠定现代业务基础，同时将知名演出IP大奥普里等核心资产纳入麾下。
FWRD vs RHP — 直观对比
营收规模更大
RHP
是对方的1.2倍
$631.2M
营收增速更快
RHP
高出14.2%
-0.3%
净利率更高
RHP
高出14.6%
-4.5%
两年增速更快
RHP
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $737.8M |
| 净利润 | $-28.3M | $74.5M |
| 毛利率 | — | 41.4% |
| 营业利润率 | -0.5% | 19.4% |
| 净利率 | -4.5% | 10.1% |
| 营收同比 | -0.3% | 13.9% |
| 净利润同比 | 22.2% | 3.0% |
| 每股收益（稀释后） | $-0.90 | $1.12 |
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FWRDRHP
| Q4 25 | $631.2M | $737.8M | ||
| Q3 25 | $631.8M | $592.5M | ||
| Q2 25 | $618.8M | $659.5M | ||
| Q1 25 | $613.3M | $587.3M | ||
| Q4 24 | $632.8M | $647.6M | ||
| Q3 24 | $655.9M | $550.0M | ||
| Q2 24 | $643.7M | $613.3M | ||
| Q1 24 | $541.8M | $528.3M |
净利润FWRDRHP
| Q4 25 | $-28.3M | $74.5M | ||
| Q3 25 | $-16.3M | $34.9M | ||
| Q2 25 | $-12.6M | $71.8M | ||
| Q1 25 | $-50.6M | $63.0M | ||
| Q4 24 | $-36.4M | $72.3M | ||
| Q3 24 | $-73.4M | $59.0M | ||
| Q2 24 | $-645.4M | $100.8M | ||
| Q1 24 | $-61.7M | $42.8M |
毛利率FWRDRHP
| Q4 25 | — | 41.4% | ||
| Q3 25 | — | 40.9% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 44.4% | ||
| Q4 24 | — | 40.4% | ||
| Q3 24 | — | 43.1% | ||
| Q2 24 | — | 48.4% | ||
| Q1 24 | — | 41.5% |
营业利润率FWRDRHP
| Q4 25 | -0.5% | 19.4% | ||
| Q3 25 | 2.4% | 15.0% | ||
| Q2 25 | 3.2% | 21.1% | ||
| Q1 25 | 0.8% | 19.8% | ||
| Q4 24 | 12.0% | 18.6% | ||
| Q3 24 | 3.5% | 19.3% | ||
| Q2 24 | -170.2% | 27.4% | ||
| Q1 24 | -12.1% | 18.2% |
净利率FWRDRHP
| Q4 25 | -4.5% | 10.1% | ||
| Q3 25 | -2.6% | 5.9% | ||
| Q2 25 | -2.0% | 10.9% | ||
| Q1 25 | -8.3% | 10.7% | ||
| Q4 24 | -5.8% | 11.2% | ||
| Q3 24 | -11.2% | 10.7% | ||
| Q2 24 | -100.3% | 16.4% | ||
| Q1 24 | -11.4% | 8.1% |
每股收益（稀释后）FWRDRHP
| Q4 25 | $-0.90 | $1.12 | ||
| Q3 25 | $-0.52 | $0.53 | ||
| Q2 25 | $-0.41 | $1.12 | ||
| Q1 25 | $-1.68 | $1.00 | ||
| Q4 24 | $-1.69 | $1.12 | ||
| Q3 24 | $-2.66 | $0.94 | ||
| Q2 24 | $-23.47 | $1.65 | ||
| Q1 24 | $-2.81 | $0.67 |
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 | $471.4M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $113.3M | $750.2M |
| 总资产 | $2.7B | $6.2B |
| 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FWRDRHP
| Q4 25 | $106.0M | $471.4M | ||
| Q3 25 | $140.4M | $483.3M | ||
| Q2 25 | $95.1M | $420.6M | ||
| Q1 25 | $116.3M | $413.9M | ||
| Q4 24 | $104.9M | $477.7M | ||
| Q3 24 | $136.6M | $534.9M | ||
| Q2 24 | $84.9M | $498.4M | ||
| Q1 24 | $152.0M | $465.3M |
总债务FWRDRHP
| 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FWRDRHP
| Q4 25 | $113.3M | $750.2M | ||
| Q3 25 | $139.8M | $758.5M | ||
| Q2 25 | $151.8M | $800.4M | ||
| Q1 25 | $154.6M | $531.5M | ||
| Q4 24 | $201.7M | $549.0M | ||
| Q3 24 | $226.1M | $551.9M | ||
| Q2 24 | $283.8M | $562.6M | ||
| Q1 24 | $926.1M | $529.9M |
总资产FWRDRHP
| Q4 25 | $2.7B | $6.2B | ||
| Q3 25 | $2.8B | $6.2B | ||
| Q2 25 | $2.8B | $6.1B | ||
| Q1 25 | $2.8B | $5.2B | ||
| Q4 24 | $2.8B | $5.2B | ||
| Q3 24 | $3.1B | $5.2B | ||
| Q2 24 | $3.1B | $5.1B | ||
| Q1 24 | $4.0B | $5.1B |
负债/权益比FWRDRHP
| 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 | — | $164.7M |
| 自由现金流经营现金流 - 资本支出 | — | $58.5M |
| 自由现金流率自由现金流/营收 | — | 7.9% |
| 资本支出强度资本支出/营收 | 1.3% | 14.4% |
| 现金转化率经营现金流/净利润 | — | 2.21× |
| 过去12个月自由现金流最近4个季度 | — | $232.4M |
8季度趋势，按日历期对齐
经营现金流FWRDRHP
| Q4 25 | — | $164.7M | ||
| Q3 25 | $52.7M | $205.2M | ||
| Q2 25 | — | $122.5M | ||
| Q1 25 | $27.6M | $98.2M | ||
| Q4 24 | $-23.2M | $166.6M | ||
| Q3 24 | $51.2M | $218.1M | ||
| Q2 24 | $-45.2M | $184.3M | ||
| Q1 24 | $-51.7M | $7.5M |
自由现金流FWRDRHP
| Q4 25 | — | $58.5M | ||
| Q3 25 | $48.6M | $135.4M | ||
| Q2 25 | — | $53.0M | ||
| Q1 25 | $15.7M | $-14.5M | ||
| Q4 24 | $-30.5M | $76.0M | ||
| Q3 24 | $40.7M | $85.7M | ||
| Q2 24 | $-59.6M | $78.8M | ||
| Q1 24 | $-56.7M | $-72.0M |
自由现金流率FWRDRHP
| Q4 25 | — | 7.9% | ||
| Q3 25 | 7.7% | 22.9% | ||
| Q2 25 | — | 8.0% | ||
| Q1 25 | 2.6% | -2.5% | ||
| Q4 24 | -4.8% | 11.7% | ||
| Q3 24 | 6.2% | 15.6% | ||
| Q2 24 | -9.3% | 12.9% | ||
| Q1 24 | -10.5% | -13.6% |
资本支出强度FWRDRHP
| Q4 25 | 1.3% | 14.4% | ||
| Q3 25 | 0.7% | 11.8% | ||
| Q2 25 | 0.8% | 10.5% | ||
| Q1 25 | 1.9% | 19.2% | ||
| Q4 24 | 1.1% | 14.0% | ||
| Q3 24 | 1.6% | 24.1% | ||
| Q2 24 | 2.2% | 17.2% | ||
| Q1 24 | 0.9% | 15.0% |
现金转化率FWRDRHP
| Q4 25 | — | 2.21× | ||
| Q3 25 | — | 5.88× | ||
| Q2 25 | — | 1.71× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | — | 2.30× | ||
| Q3 24 | — | 3.70× | ||
| Q2 24 | — | 1.83× | ||
| Q1 24 | — | 0.17× |
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% |
RHP
| Hotel Other | $157.7M | 21% |
| Gaylord Opryland | $147.4M | 20% |
| Hotel Transient Rooms | $93.6M | 13% |
| Hotel Food And Beverage Outlets | $92.2M | 12% |
| Gaylord Palms | $88.2M | 12% |
| Jw Marriott Hill Country | $53.7M | 7% |
| Entertainment Admissions And Ticketing | $43.1M | 6% |
| Entertainment Food And Beverage | $38.1M | 5% |
| Entertainment Retail And Other | $28.3M | 4% |
| Ac Hotel | $2.4M | 0% |
