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FORWARD AIR CORP（FWRD）与RAYONIER ADVANCED MATERIALS INC.（RYAM）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RAYONIER ADVANCED MATERIALS INC.的1.5倍（$631.2M vs $417.5M），FORWARD AIR CORP净利率更高（-4.5% vs -5.0%，领先0.6%），FORWARD AIR CORP同比增速更快（-0.3% vs -1.2%），过去两年FORWARD AIR CORP的营收复合增速更高（7.9% vs 3.8%）
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。
RYAM（原雷尼尔先进材料公司）是一家美国全球性纤维素技术企业，主打高纯度特种纤维素产品，所生产的天然聚合物广泛应用于过滤器生产、食品加工、医药制造及各类工业领域，同时也为造纸和包装行业供应相关产品，在纤维素技术领域拥有较高的行业认可度。
FWRD vs RYAM — 直观对比
营收规模更大
FWRD
是对方的1.5倍
$417.5M
营收增速更快
FWRD
高出0.9%
-1.2%
净利率更高
FWRD
高出0.6%
-5.0%
两年增速更快
FWRD
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $417.5M |
| 净利润 | $-28.3M | $-21.1M |
| 毛利率 | — | 8.9% |
| 营业利润率 | -0.5% | 2.6% |
| 净利率 | -4.5% | -5.0% |
| 营收同比 | -0.3% | -1.2% |
| 净利润同比 | 22.2% | -31.9% |
| 每股收益（稀释后） | $-0.90 | $-0.33 |
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FWRDRYAM
| Q4 25 | $631.2M | $417.5M | ||
| Q3 25 | $631.8M | $352.8M | ||
| Q2 25 | $618.8M | $340.0M | ||
| Q1 25 | $613.3M | $356.0M | ||
| Q4 24 | $632.8M | $422.5M | ||
| Q3 24 | $655.9M | $401.1M | ||
| Q2 24 | $643.7M | $419.0M | ||
| Q1 24 | $541.8M | $387.7M |
净利润FWRDRYAM
| Q4 25 | $-28.3M | $-21.1M | ||
| Q3 25 | $-16.3M | $-4.5M | ||
| Q2 25 | $-12.6M | $-363.2M | ||
| Q1 25 | $-50.6M | $-32.0M | ||
| Q4 24 | $-36.4M | $-16.0M | ||
| Q3 24 | $-73.4M | $-32.6M | ||
| Q2 24 | $-645.4M | $11.4M | ||
| Q1 24 | $-61.7M | $-1.6M |
毛利率FWRDRYAM
| Q4 25 | — | 8.9% | ||
| Q3 25 | — | 9.7% | ||
| Q2 25 | — | 7.0% | ||
| Q1 25 | — | 6.8% | ||
| Q4 24 | — | 8.7% | ||
| Q3 24 | — | 10.9% | ||
| Q2 24 | — | 11.5% | ||
| Q1 24 | — | 9.5% |
营业利润率FWRDRYAM
| Q4 25 | -0.5% | 2.6% | ||
| Q3 25 | 2.4% | 2.8% | ||
| Q2 25 | 3.2% | -0.4% | ||
| Q1 25 | 0.8% | -4.2% | ||
| Q4 24 | 12.0% | 2.6% | ||
| Q3 24 | 3.5% | -4.2% | ||
| Q2 24 | -170.2% | 6.7% | ||
| Q1 24 | -12.1% | 4.4% |
净利率FWRDRYAM
| Q4 25 | -4.5% | -5.0% | ||
| Q3 25 | -2.6% | -1.3% | ||
| Q2 25 | -2.0% | -106.8% | ||
| Q1 25 | -8.3% | -9.0% | ||
| Q4 24 | -5.8% | -3.8% | ||
| Q3 24 | -11.2% | -8.1% | ||
| Q2 24 | -100.3% | 2.7% | ||
| Q1 24 | -11.4% | -0.4% |
每股收益（稀释后）FWRDRYAM
| Q4 25 | $-0.90 | $-0.33 | ||
| Q3 25 | $-0.52 | $-0.07 | ||
| Q2 25 | $-0.41 | $-5.44 | ||
| Q1 25 | $-1.68 | $-0.49 | ||
| Q4 24 | $-1.69 | $-0.25 | ||
| Q3 24 | $-2.66 | $-0.49 | ||
| Q2 24 | $-23.47 | $0.17 | ||
| 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 | $75.4M |
| 总债务越低越好 | $1.7B | $758.1M |
| 股东权益账面价值 | $113.3M | $316.6M |
| 总资产 | $2.7B | $1.8B |
| 负债/权益比越低杠杆越低 | 14.89× | 2.39× |
8季度趋势，按日历期对齐
现金及短期投资FWRDRYAM
| Q4 25 | $106.0M | $75.4M | ||
| Q3 25 | $140.4M | $77.0M | ||
| Q2 25 | $95.1M | $70.7M | ||
| Q1 25 | $116.3M | $129.9M | ||
| Q4 24 | $104.9M | $125.2M | ||
| Q3 24 | $136.6M | $136.1M | ||
| Q2 24 | $84.9M | $114.1M | ||
| Q1 24 | $152.0M | $54.6M |
总债务FWRDRYAM
| Q4 25 | $1.7B | $758.1M | ||
| Q3 25 | $1.7B | $763.5M | ||
| Q2 25 | — | $720.4M | ||
| Q1 25 | — | $707.0M | ||
| Q4 24 | — | $706.4M | ||
| Q3 24 | — | $747.7M | ||
| Q2 24 | — | $752.8M | ||
| Q1 24 | $1.7B | $755.6M |
股东权益FWRDRYAM
| Q4 25 | $113.3M | $316.6M | ||
| Q3 25 | $139.8M | $338.2M | ||
| Q2 25 | $151.8M | $342.3M | ||
| Q1 25 | $154.6M | $688.1M | ||
| Q4 24 | $201.7M | $713.9M | ||
| Q3 24 | $226.1M | $732.7M | ||
| Q2 24 | $283.8M | $755.1M | ||
| Q1 24 | $926.1M | $741.8M |
总资产FWRDRYAM
| Q4 25 | $2.7B | $1.8B | ||
| Q3 25 | $2.8B | $1.8B | ||
| Q2 25 | $2.8B | $1.8B | ||
| Q1 25 | $2.8B | $2.1B | ||
| Q4 24 | $2.8B | $2.1B | ||
| Q3 24 | $3.1B | $2.2B | ||
| Q2 24 | $3.1B | $2.2B | ||
| Q1 24 | $4.0B | $2.1B |
负债/权益比FWRDRYAM
| Q4 25 | 14.89× | 2.39× | ||
| Q3 25 | 12.05× | 2.26× | ||
| Q2 25 | — | 2.10× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | — | 0.99× | ||
| Q3 24 | — | 1.02× | ||
| Q2 24 | — | 1.00× | ||
| Q1 24 | 1.81× | 1.02× |
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 | — | $32.3M |
| 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 | — | — |
| 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FWRDRYAM
| Q4 25 | — | $32.3M | ||
| Q3 25 | $52.7M | $-17.8M | ||
| Q2 25 | — | $-30.2M | ||
| Q1 25 | $27.6M | $39.6M | ||
| Q4 24 | $-23.2M | $54.9M | ||
| Q3 24 | $51.2M | $49.8M | ||
| Q2 24 | $-45.2M | $87.6M | ||
| Q1 24 | $-51.7M | $11.3M |
自由现金流FWRDRYAM
| 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FWRDRYAM
| 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FWRDRYAM
| 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FWRDRYAM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 7.69× | ||
| 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% |
RYAM
| Cellulose Specialties | $249.6M | 60% |
| Other | $86.2M | 21% |
| Paperboard | $44.2M | 11% |
| High Yield Pulp | $28.3M | 7% |
| Biomaterials | $9.2M | 2% |
