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FORWARD AIR CORP（FWRD）与SPORTSMAN'S WAREHOUSE HOLDINGS, INC.（SPWH）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SPORTSMAN'S WAREHOUSE HOLDINGS, INC.的1.9倍（$631.2M vs $331.3M），SPORTSMAN'S WAREHOUSE HOLDINGS, INC.净利率更高（0.0% vs -4.5%，领先4.5%），SPORTSMAN'S WAREHOUSE HOLDINGS, INC.同比增速更快（2.2% vs -0.3%），过去两年FORWARD AIR CORP的营收复合增速更高（7.9% vs -5.4%）
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。
运动员仓库控股（Sportsman's Warehouse）是美国户外体育用品零售商，门店遍布全美29个州，主要面向狩猎、射击、露营、垂钓等各类户外休闲运动爱好者，销售户外服饰、鞋履及专业运动装备。
FWRD vs SPWH — 直观对比
营收规模更大
FWRD
是对方的1.9倍
$331.3M
营收增速更快
SPWH
高出2.4%
-0.3%
净利率更高
SPWH
高出4.5%
-4.5%
两年增速更快
FWRD
近两年复合增速
-5.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $331.3M |
| 净利润 | $-28.3M | $8.0K |
| 毛利率 | — | 32.8% |
| 营业利润率 | -0.5% | 1.3% |
| 净利率 | -4.5% | 0.0% |
| 营收同比 | -0.3% | 2.2% |
| 净利润同比 | 22.2% | -97.8% |
| 每股收益（稀释后） | $-0.90 | $0.00 |
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FWRDSPWH
| Q4 25 | $631.2M | $331.3M | ||
| Q3 25 | $631.8M | $293.9M | ||
| Q2 25 | $618.8M | $249.1M | ||
| Q1 25 | $613.3M | $340.4M | ||
| Q4 24 | $632.8M | $324.3M | ||
| Q3 24 | $655.9M | $288.7M | ||
| Q2 24 | $643.7M | $244.2M | ||
| Q1 24 | $541.8M | $370.4M |
净利润FWRDSPWH
| Q4 25 | $-28.3M | $8.0K | ||
| Q3 25 | $-16.3M | $-7.1M | ||
| Q2 25 | $-12.6M | $-21.3M | ||
| Q1 25 | $-50.6M | $-8.7M | ||
| Q4 24 | $-36.4M | $-364.0K | ||
| Q3 24 | $-73.4M | $-5.9M | ||
| Q2 24 | $-645.4M | $-18.1M | ||
| Q1 24 | $-61.7M | $-8.7M |
毛利率FWRDSPWH
| Q4 25 | — | 32.8% | ||
| Q3 25 | — | 32.0% | ||
| Q2 25 | — | 30.4% | ||
| Q1 25 | — | 30.4% | ||
| Q4 24 | — | 31.8% | ||
| Q3 24 | — | 31.2% | ||
| Q2 24 | — | 30.2% | ||
| Q1 24 | — | 26.8% |
营业利润率FWRDSPWH
| Q4 25 | -0.5% | 1.3% | ||
| Q3 25 | 2.4% | -1.1% | ||
| Q2 25 | 3.2% | -7.9% | ||
| Q1 25 | 0.8% | 1.1% | ||
| Q4 24 | 12.0% | 1.0% | ||
| Q3 24 | 3.5% | -1.5% | ||
| Q2 24 | -170.2% | -8.4% | ||
| Q1 24 | -12.1% | -2.1% |
净利率FWRDSPWH
| Q4 25 | -4.5% | 0.0% | ||
| Q3 25 | -2.6% | -2.4% | ||
| Q2 25 | -2.0% | -8.5% | ||
| Q1 25 | -8.3% | -2.6% | ||
| Q4 24 | -5.8% | -0.1% | ||
| Q3 24 | -11.2% | -2.0% | ||
| Q2 24 | -100.3% | -7.4% | ||
| Q1 24 | -11.4% | -2.4% |
每股收益（稀释后）FWRDSPWH
| Q4 25 | $-0.90 | $0.00 | ||
| Q3 25 | $-0.52 | $-0.18 | ||
| Q2 25 | $-0.41 | $-0.56 | ||
| Q1 25 | $-1.68 | $-0.22 | ||
| Q4 24 | $-1.69 | $-0.01 | ||
| Q3 24 | $-2.66 | $-0.16 | ||
| Q2 24 | $-23.47 | $-0.48 | ||
| Q1 24 | $-2.81 | $-0.22 |
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 | $2.2M |
| 总债务越低越好 | $1.7B | $44.0M |
| 股东权益账面价值 | $113.3M | $209.5M |
| 总资产 | $2.7B | $913.9M |
| 负债/权益比越低杠杆越低 | 14.89× | 0.21× |
8季度趋势，按日历期对齐
现金及短期投资FWRDSPWH
| Q4 25 | $106.0M | $2.2M | ||
| Q3 25 | $140.4M | $1.8M | ||
| Q2 25 | $95.1M | $3.6M | ||
| Q1 25 | $116.3M | $2.8M | ||
| Q4 24 | $104.9M | $2.7M | ||
| Q3 24 | $136.6M | $2.6M | ||
| Q2 24 | $84.9M | $2.2M | ||
| Q1 24 | $152.0M | $3.1M |
总债务FWRDSPWH
| Q4 25 | $1.7B | $44.0M | ||
| Q3 25 | $1.7B | $43.9M | ||
| Q2 25 | — | $24.1M | ||
| Q1 25 | — | $24.1M | ||
| Q4 24 | — | $24.0M | ||
| Q3 24 | — | $24.0M | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.7B | — |
股东权益FWRDSPWH
| Q4 25 | $113.3M | $209.5M | ||
| Q3 25 | $139.8M | $208.9M | ||
| Q2 25 | $151.8M | $215.1M | ||
| Q1 25 | $154.6M | $235.7M | ||
| Q4 24 | $201.7M | $243.6M | ||
| Q3 24 | $226.1M | $243.0M | ||
| Q2 24 | $283.8M | $247.5M | ||
| Q1 24 | $926.1M | $264.6M |
总资产FWRDSPWH
| Q4 25 | $2.7B | $913.9M | ||
| Q3 25 | $2.8B | $948.9M | ||
| Q2 25 | $2.8B | $929.7M | ||
| Q1 25 | $2.8B | $852.1M | ||
| Q4 24 | $2.8B | $967.7M | ||
| Q3 24 | $3.1B | $901.9M | ||
| Q2 24 | $3.1B | $930.4M | ||
| Q1 24 | $4.0B | $886.2M |
负债/权益比FWRDSPWH
| Q4 25 | 14.89× | 0.21× | ||
| Q3 25 | 12.05× | 0.21× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.10× | ||
| Q4 24 | — | 0.10× | ||
| Q3 24 | — | 0.10× | ||
| 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 | — | $16.3M |
| 自由现金流经营现金流 - 资本支出 | — | $8.7M |
| 自由现金流率自由现金流/营收 | — | 2.6% |
| 资本支出强度资本支出/营收 | 1.3% | 2.3% |
| 现金转化率经营现金流/净利润 | — | 2038.00× |
| 过去12个月自由现金流最近4个季度 | — | $-39.7M |
8季度趋势，按日历期对齐
经营现金流FWRDSPWH
| Q4 25 | — | $16.3M | ||
| Q3 25 | $52.7M | $-26.6M | ||
| Q2 25 | — | $-60.2M | ||
| Q1 25 | $27.6M | $52.8M | ||
| Q4 24 | $-23.2M | $-2.5M | ||
| Q3 24 | $51.2M | $18.5M | ||
| Q2 24 | $-45.2M | $-34.6M | ||
| Q1 24 | $-51.7M | $68.9M |
自由现金流FWRDSPWH
| Q4 25 | — | $8.7M | ||
| Q3 25 | $48.6M | $-33.9M | ||
| Q2 25 | — | $-64.0M | ||
| Q1 25 | $15.7M | $49.6M | ||
| Q4 24 | $-30.5M | $-6.2M | ||
| Q3 24 | $40.7M | $14.1M | ||
| Q2 24 | $-59.6M | $-38.0M | ||
| Q1 24 | $-56.7M | $60.2M |
自由现金流率FWRDSPWH
| Q4 25 | — | 2.6% | ||
| Q3 25 | 7.7% | -11.5% | ||
| Q2 25 | — | -25.7% | ||
| Q1 25 | 2.6% | 14.6% | ||
| Q4 24 | -4.8% | -1.9% | ||
| Q3 24 | 6.2% | 4.9% | ||
| Q2 24 | -9.3% | -15.5% | ||
| Q1 24 | -10.5% | 16.2% |
资本支出强度FWRDSPWH
| Q4 25 | 1.3% | 2.3% | ||
| Q3 25 | 0.7% | 2.5% | ||
| Q2 25 | 0.8% | 1.5% | ||
| Q1 25 | 1.9% | 1.0% | ||
| Q4 24 | 1.1% | 1.1% | ||
| Q3 24 | 1.6% | 1.5% | ||
| Q2 24 | 2.2% | 1.4% | ||
| Q1 24 | 0.9% | 2.4% |
现金转化率FWRDSPWH
| Q4 25 | — | 2038.00× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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% |
SPWH
暂无分部数据
