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FORWARD AIR CORP（FWRD）与SCANSOURCE, INC.（SCSC）财务数据对比。点击上方公司名可切换其他公司
SCANSOURCE, INC.的季度营收约是FORWARD AIR CORP的1.2倍（$766.5M vs $631.2M），SCANSOURCE, INC.净利率更高（2.2% vs -4.5%，领先6.6%），SCANSOURCE, INC.同比增速更快（2.5% vs -0.3%），过去两年FORWARD AIR CORP的营收复合增速更高（7.9% vs 0.9%）
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。
ScanSource是全球领先的专业技术分销商，主营销售点系统、条码扫描设备、网络安全产品、云服务及通信解决方案，面向北美、拉美、欧洲的增值经销商、服务提供商及企业客户，覆盖零售、医疗、工业、公共部门等领域。
FWRD vs SCSC — 直观对比
营收规模更大
SCSC
是对方的1.2倍
$631.2M
营收增速更快
SCSC
高出2.8%
-0.3%
净利率更高
SCSC
高出6.6%
-4.5%
两年增速更快
FWRD
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $766.5M |
| 净利润 | $-28.3M | $16.5M |
| 毛利率 | — | 13.4% |
| 营业利润率 | -0.5% | 2.3% |
| 净利率 | -4.5% | 2.2% |
| 营收同比 | -0.3% | 2.5% |
| 净利润同比 | 22.2% | -3.3% |
| 每股收益（稀释后） | $-0.90 | $0.75 |
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FWRDSCSC
| Q4 25 | $631.2M | $766.5M | ||
| Q3 25 | $631.8M | $739.6M | ||
| Q2 25 | $618.8M | $812.9M | ||
| Q1 25 | $613.3M | $704.8M | ||
| Q4 24 | $632.8M | $747.5M | ||
| Q3 24 | $655.9M | $775.6M | ||
| Q2 24 | $643.7M | $746.1M | ||
| Q1 24 | $541.8M | $752.6M |
净利润FWRDSCSC
| Q4 25 | $-28.3M | $16.5M | ||
| Q3 25 | $-16.3M | $19.9M | ||
| Q2 25 | $-12.6M | $20.1M | ||
| Q1 25 | $-50.6M | $17.4M | ||
| Q4 24 | $-36.4M | $17.1M | ||
| Q3 24 | $-73.4M | $17.0M | ||
| Q2 24 | $-645.4M | $16.1M | ||
| Q1 24 | $-61.7M | $12.8M |
毛利率FWRDSCSC
| Q4 25 | — | 13.4% | ||
| Q3 25 | — | 14.5% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 14.2% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | — | 13.0% | ||
| Q1 24 | — | 12.6% |
营业利润率FWRDSCSC
| Q4 25 | -0.5% | 2.3% | ||
| Q3 25 | 2.4% | 3.5% | ||
| Q2 25 | 3.2% | 3.3% | ||
| Q1 25 | 0.8% | 3.2% | ||
| Q4 24 | 12.0% | 2.5% | ||
| Q3 24 | 3.5% | 2.3% | ||
| Q2 24 | -170.2% | 2.9% | ||
| Q1 24 | -12.1% | 2.3% |
净利率FWRDSCSC
| Q4 25 | -4.5% | 2.2% | ||
| Q3 25 | -2.6% | 2.7% | ||
| Q2 25 | -2.0% | 2.5% | ||
| Q1 25 | -8.3% | 2.5% | ||
| Q4 24 | -5.8% | 2.3% | ||
| Q3 24 | -11.2% | 2.2% | ||
| Q2 24 | -100.3% | 2.2% | ||
| Q1 24 | -11.4% | 1.7% |
每股收益（稀释后）FWRDSCSC
| Q4 25 | $-0.90 | $0.75 | ||
| Q3 25 | $-0.52 | $0.89 | ||
| Q2 25 | $-0.41 | $0.87 | ||
| Q1 25 | $-1.68 | $0.74 | ||
| Q4 24 | $-1.69 | $0.70 | ||
| Q3 24 | $-2.66 | $0.69 | ||
| Q2 24 | $-23.47 | $0.66 | ||
| Q1 24 | $-2.81 | $0.50 |
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 | $83.5M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $113.3M | $910.9M |
| 总资产 | $2.7B | $1.7B |
| 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FWRDSCSC
| Q4 25 | $106.0M | $83.5M | ||
| Q3 25 | $140.4M | $124.9M | ||
| Q2 25 | $95.1M | $126.2M | ||
| Q1 25 | $116.3M | $146.3M | ||
| Q4 24 | $104.9M | $110.5M | ||
| Q3 24 | $136.6M | $145.0M | ||
| Q2 24 | $84.9M | $185.5M | ||
| Q1 24 | $152.0M | $159.1M |
总债务FWRDSCSC
| 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FWRDSCSC
| Q4 25 | $113.3M | $910.9M | ||
| Q3 25 | $139.8M | $914.0M | ||
| Q2 25 | $151.8M | $906.4M | ||
| Q1 25 | $154.6M | $901.7M | ||
| Q4 24 | $201.7M | $900.7M | ||
| Q3 24 | $226.1M | $920.9M | ||
| Q2 24 | $283.8M | $924.3M | ||
| Q1 24 | $926.1M | $944.1M |
总资产FWRDSCSC
| Q4 25 | $2.7B | $1.7B | ||
| Q3 25 | $2.8B | $1.7B | ||
| Q2 25 | $2.8B | $1.8B | ||
| Q1 25 | $2.8B | $1.7B | ||
| Q4 24 | $2.8B | $1.7B | ||
| Q3 24 | $3.1B | $1.8B | ||
| Q2 24 | $3.1B | $1.8B | ||
| Q1 24 | $4.0B | $1.8B |
负债/权益比FWRDSCSC
| 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 | — | $30.8M |
| 自由现金流经营现金流 - 资本支出 | — | $28.9M |
| 自由现金流率自由现金流/营收 | — | 3.8% |
| 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 | — | 1.87× |
| 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FWRDSCSC
| Q4 25 | — | $30.8M | ||
| Q3 25 | $52.7M | $23.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | $27.6M | $66.1M | ||
| Q4 24 | $-23.2M | $-6.2M | ||
| Q3 24 | $51.2M | $44.8M | ||
| Q2 24 | $-45.2M | — | ||
| Q1 24 | $-51.7M | $160.2M |
自由现金流FWRDSCSC
| Q4 25 | — | $28.9M | ||
| Q3 25 | $48.6M | $20.8M | ||
| Q2 25 | — | — | ||
| Q1 25 | $15.7M | $64.6M | ||
| Q4 24 | $-30.5M | $-8.2M | ||
| Q3 24 | $40.7M | $42.5M | ||
| Q2 24 | $-59.6M | — | ||
| Q1 24 | $-56.7M | $157.7M |
自由现金流率FWRDSCSC
| Q4 25 | — | 3.8% | ||
| Q3 25 | 7.7% | 2.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.6% | 9.2% | ||
| Q4 24 | -4.8% | -1.1% | ||
| Q3 24 | 6.2% | 5.5% | ||
| Q2 24 | -9.3% | — | ||
| Q1 24 | -10.5% | 21.0% |
资本支出强度FWRDSCSC
| Q4 25 | 1.3% | 0.3% | ||
| Q3 25 | 0.7% | 0.3% | ||
| Q2 25 | 0.8% | 0.3% | ||
| Q1 25 | 1.9% | 0.2% | ||
| Q4 24 | 1.1% | 0.3% | ||
| Q3 24 | 1.6% | 0.3% | ||
| Q2 24 | 2.2% | 0.2% | ||
| Q1 24 | 0.9% | 0.3% |
现金转化率FWRDSCSC
| Q4 25 | — | 1.87× | ||
| Q3 25 | — | 1.17× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.79× | ||
| Q4 24 | — | -0.36× | ||
| Q3 24 | — | 2.64× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 12.51× |
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% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
