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FORWARD AIR CORP（FWRD）与RADIANT LOGISTICS, INC（RLGT）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RADIANT LOGISTICS, INC的2.7倍（$631.2M vs $232.1M）。RADIANT LOGISTICS, INC净利率更高（2.3% vs -4.5%，领先6.8%）。FORWARD AIR CORP同比增速更快（-0.3% vs -12.3%）。过去两年RADIANT LOGISTICS, INC的营收复合增速更高（12.1% 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。
Radiant Logistics, Inc.是一家知名第三方物流服务商，提供端到端供应链解决方案、国内外货运代理、仓储及末端配送服务，核心市场覆盖北美，客户涵盖零售、制造、电商、工业等多个领域，助力企业优化物流流程、降低运营成本。
FWRD vs RLGT — 直观对比
营收规模更大
FWRD
是对方的2.7倍
$232.1M
营收增速更快
FWRD
高出12.0%
-12.3%
净利率更高
RLGT
高出6.8%
-4.5%
两年增速更快
RLGT
近两年复合增速
7.9%
损益表 — Q4 2025 vs Q2 2026
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $232.1M |
| 净利润 | $-28.3M | $5.3M |
| 毛利率 | — | — |
| 营业利润率 | -0.5% | 3.2% |
| 净利率 | -4.5% | 2.3% |
| 营收同比 | -0.3% | -12.3% |
| 净利润同比 | 22.2% | -18.0% |
| 每股收益（稀释后） | $-0.90 | $0.11 |
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FWRDRLGT
| Q4 25 | $631.2M | $232.1M | ||
| Q3 25 | $631.8M | $226.7M | ||
| Q2 25 | $618.8M | $220.6M | ||
| Q1 25 | $613.3M | $214.0M | ||
| Q4 24 | $632.8M | $264.5M | ||
| Q3 24 | $655.9M | $203.6M | ||
| Q2 24 | $643.7M | $206.0M | ||
| Q1 24 | $541.8M | $184.6M |
净利润FWRDRLGT
| Q4 25 | $-28.3M | $5.3M | ||
| Q3 25 | $-16.3M | $1.3M | ||
| Q2 25 | $-12.6M | $4.9M | ||
| Q1 25 | $-50.6M | $2.5M | ||
| Q4 24 | $-36.4M | $6.5M | ||
| Q3 24 | $-73.4M | $3.4M | ||
| Q2 24 | $-645.4M | $4.8M | ||
| Q1 24 | $-61.7M | $-703.0K |
营业利润率FWRDRLGT
| Q4 25 | -0.5% | 3.2% | ||
| Q3 25 | 2.4% | 0.9% | ||
| Q2 25 | 3.2% | 2.4% | ||
| Q1 25 | 0.8% | 1.6% | ||
| Q4 24 | 12.0% | 3.3% | ||
| Q3 24 | 3.5% | 1.9% | ||
| Q2 24 | -170.2% | 2.4% | ||
| Q1 24 | -12.1% | -0.5% |
净利率FWRDRLGT
| Q4 25 | -4.5% | 2.3% | ||
| Q3 25 | -2.6% | 0.6% | ||
| Q2 25 | -2.0% | 2.2% | ||
| Q1 25 | -8.3% | 1.2% | ||
| Q4 24 | -5.8% | 2.4% | ||
| Q3 24 | -11.2% | 1.7% | ||
| Q2 24 | -100.3% | 2.3% | ||
| Q1 24 | -11.4% | -0.4% |
每股收益（稀释后）FWRDRLGT
| Q4 25 | $-0.90 | $0.11 | ||
| Q3 25 | $-0.52 | $0.03 | ||
| Q2 25 | $-0.41 | $0.10 | ||
| Q1 25 | $-1.68 | $0.05 | ||
| Q4 24 | $-1.69 | $0.13 | ||
| Q3 24 | $-2.66 | $0.07 | ||
| Q2 24 | $-23.47 | $0.11 | ||
| Q1 24 | $-2.81 | $-0.02 |
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 | $31.9M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $113.3M | $229.8M |
| 总资产 | $2.7B | $439.4M |
| 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FWRDRLGT
| Q4 25 | $106.0M | $31.9M | ||
| Q3 25 | $140.4M | $28.1M | ||
| Q2 25 | $95.1M | $22.9M | ||
| Q1 25 | $116.3M | $19.0M | ||
| Q4 24 | $104.9M | $19.9M | ||
| Q3 24 | $136.6M | $10.4M | ||
| Q2 24 | $84.9M | $24.9M | ||
| Q1 24 | $152.0M | $31.2M |
总债务FWRDRLGT
| 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FWRDRLGT
| Q4 25 | $113.3M | $229.8M | ||
| Q3 25 | $139.8M | $225.7M | ||
| Q2 25 | $151.8M | $226.0M | ||
| Q1 25 | $154.6M | $218.2M | ||
| Q4 24 | $201.7M | $214.4M | ||
| Q3 24 | $226.1M | $212.4M | ||
| Q2 24 | $283.8M | $209.4M | ||
| Q1 24 | $926.1M | $206.0M |
总资产FWRDRLGT
| Q4 25 | $2.7B | $439.4M | ||
| Q3 25 | $2.8B | $445.3M | ||
| Q2 25 | $2.8B | $426.8M | ||
| Q1 25 | $2.8B | $414.5M | ||
| Q4 24 | $2.8B | $386.8M | ||
| Q3 24 | $3.1B | $375.3M | ||
| Q2 24 | $3.1B | $371.2M | ||
| Q1 24 | $4.0B | $364.0M |
负债/权益比FWRDRLGT
| 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 | — | $12.4M |
| 自由现金流经营现金流 - 资本支出 | — | $11.6M |
| 自由现金流率自由现金流/营收 | — | 5.0% |
| 资本支出强度资本支出/营收 | 1.3% | 0.3% |
| 现金转化率经营现金流/净利润 | — | 2.33× |
| 过去12个月自由现金流最近4个季度 | — | $8.5M |
8季度趋势，按日历期对齐
经营现金流FWRDRLGT
| Q4 25 | — | $12.4M | ||
| Q3 25 | $52.7M | $2.5M | ||
| Q2 25 | — | $3.1M | ||
| Q1 25 | $27.6M | $-5.7M | ||
| Q4 24 | $-23.2M | $15.7M | ||
| Q3 24 | $51.2M | $205.0K | ||
| Q2 24 | $-45.2M | $1.3M | ||
| Q1 24 | $-51.7M | $3.9M |
自由现金流FWRDRLGT
| Q4 25 | — | $11.6M | ||
| Q3 25 | $48.6M | $977.0K | ||
| Q2 25 | — | $2.2M | ||
| Q1 25 | $15.7M | $-6.4M | ||
| Q4 24 | $-30.5M | $14.1M | ||
| Q3 24 | $40.7M | $-1.9M | ||
| Q2 24 | $-59.6M | $-185.0K | ||
| Q1 24 | $-56.7M | $1.8M |
自由现金流率FWRDRLGT
| Q4 25 | — | 5.0% | ||
| Q3 25 | 7.7% | 0.4% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | 2.6% | -3.0% | ||
| Q4 24 | -4.8% | 5.3% | ||
| Q3 24 | 6.2% | -0.9% | ||
| Q2 24 | -9.3% | -0.1% | ||
| Q1 24 | -10.5% | 1.0% |
资本支出强度FWRDRLGT
| Q4 25 | 1.3% | 0.3% | ||
| Q3 25 | 0.7% | 0.7% | ||
| Q2 25 | 0.8% | 0.4% | ||
| Q1 25 | 1.9% | 0.3% | ||
| Q4 24 | 1.1% | 0.6% | ||
| Q3 24 | 1.6% | 1.0% | ||
| Q2 24 | 2.2% | 0.7% | ||
| Q1 24 | 0.9% | 1.2% |
现金转化率FWRDRLGT
| Q4 25 | — | 2.33× | ||
| Q3 25 | — | 1.90× | ||
| Q2 25 | — | 0.63× | ||
| Q1 25 | — | -2.26× | ||
| Q4 24 | — | 2.43× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.26× | ||
| Q1 24 | — | — |
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% |
RLGT
| Transferred Over Time | $201.2M | 87% |
| Other | $25.0M | 11% |
| Value Added Services | $4.2M | 2% |
| Transferred At Point In Time | $1.8M | 1% |
