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FORWARD AIR CORP（FWRD）与SAIA INC（SAIA）财务数据对比。点击上方公司名可切换其他公司
SAIA INC的季度营收约是FORWARD AIR CORP的1.3倍（$790.0M vs $631.2M），SAIA INC净利率更高（6.0% vs -4.5%，领先10.5%），SAIA INC同比增速更快（0.1% vs -0.3%），过去两年FORWARD AIR CORP的营收复合增速更高（7.9% vs 2.3%）
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。
Saia是美国知名零担货运企业，1924年创立于路易斯安那州霍马。成立最初五十年仅在路易斯安那州和得克萨斯州运营，1980年后逐步向美国南部多州扩张，后续通过同业并购将服务覆盖至36个州，目前位列美国零担承运商前十，年营收超18亿美元。
FWRD vs SAIA — 直观对比
营收规模更大
SAIA
是对方的1.3倍
$631.2M
营收增速更快
SAIA
高出0.4%
-0.3%
净利率更高
SAIA
高出10.5%
-4.5%
两年增速更快
FWRD
近两年复合增速
2.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $790.0M |
| 净利润 | $-28.3M | $47.5M |
| 毛利率 | — | — |
| 营业利润率 | -0.5% | 8.1% |
| 净利率 | -4.5% | 6.0% |
| 营收同比 | -0.3% | 0.1% |
| 净利润同比 | 22.2% | -37.6% |
| 每股收益（稀释后） | $-0.90 | $1.77 |
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FWRDSAIA
| Q4 25 | $631.2M | $790.0M | ||
| Q3 25 | $631.8M | $839.6M | ||
| Q2 25 | $618.8M | $817.1M | ||
| Q1 25 | $613.3M | $787.6M | ||
| Q4 24 | $632.8M | $789.0M | ||
| Q3 24 | $655.9M | $842.1M | ||
| Q2 24 | $643.7M | $823.2M | ||
| Q1 24 | $541.8M | $754.8M |
净利润FWRDSAIA
| Q4 25 | $-28.3M | $47.5M | ||
| Q3 25 | $-16.3M | $86.3M | ||
| Q2 25 | $-12.6M | $71.4M | ||
| Q1 25 | $-50.6M | $49.8M | ||
| Q4 24 | $-36.4M | $76.1M | ||
| Q3 24 | $-73.4M | $92.7M | ||
| Q2 24 | $-645.4M | $102.5M | ||
| Q1 24 | $-61.7M | $90.7M |
营业利润率FWRDSAIA
| Q4 25 | -0.5% | 8.1% | ||
| Q3 25 | 2.4% | 14.1% | ||
| Q2 25 | 3.2% | 12.2% | ||
| Q1 25 | 0.8% | 8.9% | ||
| Q4 24 | 12.0% | 12.9% | ||
| Q3 24 | 3.5% | 14.9% | ||
| Q2 24 | -170.2% | 16.7% | ||
| Q1 24 | -12.1% | 15.6% |
净利率FWRDSAIA
| Q4 25 | -4.5% | 6.0% | ||
| Q3 25 | -2.6% | 10.3% | ||
| Q2 25 | -2.0% | 8.7% | ||
| Q1 25 | -8.3% | 6.3% | ||
| Q4 24 | -5.8% | 9.6% | ||
| Q3 24 | -11.2% | 11.0% | ||
| Q2 24 | -100.3% | 12.5% | ||
| Q1 24 | -11.4% | 12.0% |
每股收益（稀释后）FWRDSAIA
| Q4 25 | $-0.90 | $1.77 | ||
| Q3 25 | $-0.52 | $3.22 | ||
| Q2 25 | $-0.41 | $2.67 | ||
| Q1 25 | $-1.68 | $1.86 | ||
| Q4 24 | $-1.69 | $2.84 | ||
| Q3 24 | $-2.66 | $3.46 | ||
| Q2 24 | $-23.47 | $3.83 | ||
| Q1 24 | $-2.81 | $3.38 |
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 | $19.7M |
| 总债务越低越好 | $1.7B | $163.0M |
| 股东权益账面价值 | $113.3M | $2.6B |
| 总资产 | $2.7B | $3.5B |
| 负债/权益比越低杠杆越低 | 14.89× | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资FWRDSAIA
| Q4 25 | $106.0M | $19.7M | ||
| Q3 25 | $140.4M | $35.5M | ||
| Q2 25 | $95.1M | $18.8M | ||
| Q1 25 | $116.3M | $16.5M | ||
| Q4 24 | $104.9M | $19.5M | ||
| Q3 24 | $136.6M | $14.4M | ||
| Q2 24 | $84.9M | $11.2M | ||
| Q1 24 | $152.0M | $12.3M |
总债务FWRDSAIA
| Q4 25 | $1.7B | $163.0M | ||
| Q3 25 | $1.7B | $218.0M | ||
| Q2 25 | — | $307.1M | ||
| Q1 25 | — | $291.8M | ||
| Q4 24 | — | $195.0M | ||
| Q3 24 | — | $184.2M | ||
| Q2 24 | — | $169.1M | ||
| Q1 24 | $1.7B | $76.6M |
股东权益FWRDSAIA
| Q4 25 | $113.3M | $2.6B | ||
| Q3 25 | $139.8M | $2.5B | ||
| Q2 25 | $151.8M | $2.4B | ||
| Q1 25 | $154.6M | $2.4B | ||
| Q4 24 | $201.7M | $2.3B | ||
| Q3 24 | $226.1M | $2.2B | ||
| Q2 24 | $283.8M | $2.1B | ||
| Q1 24 | $926.1M | $2.0B |
总资产FWRDSAIA
| Q4 25 | $2.7B | $3.5B | ||
| Q3 25 | $2.8B | $3.5B | ||
| Q2 25 | $2.8B | $3.5B | ||
| Q1 25 | $2.8B | $3.4B | ||
| Q4 24 | $2.8B | $3.2B | ||
| Q3 24 | $3.1B | $3.1B | ||
| Q2 24 | $3.1B | $3.0B | ||
| Q1 24 | $4.0B | $2.8B |
负债/权益比FWRDSAIA
| Q4 25 | 14.89× | 0.06× | ||
| Q3 25 | 12.05× | 0.09× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.12× | ||
| Q4 24 | — | 0.08× | ||
| Q3 24 | — | 0.08× | ||
| Q2 24 | — | 0.08× | ||
| Q1 24 | 1.81× | 0.04× |
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 | — | $137.3M |
| 自由现金流经营现金流 - 资本支出 | — | $37.5M |
| 自由现金流率自由现金流/营收 | — | 4.7% |
| 资本支出强度资本支出/营收 | 1.3% | 12.6% |
| 现金转化率经营现金流/净利润 | — | 2.89× |
| 过去12个月自由现金流最近4个季度 | — | $27.3M |
8季度趋势，按日历期对齐
经营现金流FWRDSAIA
| Q4 25 | — | $137.3M | ||
| Q3 25 | $52.7M | $177.8M | ||
| Q2 25 | — | $170.7M | ||
| Q1 25 | $27.6M | $109.1M | ||
| Q4 24 | $-23.2M | $164.7M | ||
| Q3 24 | $51.2M | $181.7M | ||
| Q2 24 | $-45.2M | $130.8M | ||
| Q1 24 | $-51.7M | $106.5M |
自由现金流FWRDSAIA
| Q4 25 | — | $37.5M | ||
| Q3 25 | $48.6M | $87.6M | ||
| Q2 25 | — | $-3.9M | ||
| Q1 25 | $15.7M | $-93.8M | ||
| Q4 24 | $-30.5M | $-3.5M | ||
| Q3 24 | $40.7M | $-11.7M | ||
| Q2 24 | $-59.6M | $-94.0M | ||
| Q1 24 | $-56.7M | $-350.7M |
自由现金流率FWRDSAIA
| Q4 25 | — | 4.7% | ||
| Q3 25 | 7.7% | 10.4% | ||
| Q2 25 | — | -0.5% | ||
| Q1 25 | 2.6% | -11.9% | ||
| Q4 24 | -4.8% | -0.4% | ||
| Q3 24 | 6.2% | -1.4% | ||
| Q2 24 | -9.3% | -11.4% | ||
| Q1 24 | -10.5% | -46.5% |
资本支出强度FWRDSAIA
| Q4 25 | 1.3% | 12.6% | ||
| Q3 25 | 0.7% | 10.8% | ||
| Q2 25 | 0.8% | 21.4% | ||
| Q1 25 | 1.9% | 25.8% | ||
| Q4 24 | 1.1% | 21.3% | ||
| Q3 24 | 1.6% | 23.0% | ||
| Q2 24 | 2.2% | 27.3% | ||
| Q1 24 | 0.9% | 60.6% |
现金转化率FWRDSAIA
| Q4 25 | — | 2.89× | ||
| Q3 25 | — | 2.06× | ||
| Q2 25 | — | 2.39× | ||
| Q1 25 | — | 2.19× | ||
| Q4 24 | — | 2.16× | ||
| Q3 24 | — | 1.96× | ||
| Q2 24 | — | 1.28× | ||
| Q1 24 | — | 1.17× |
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% |
SAIA
暂无分部数据
