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FORWARD AIR CORP（FWRD）与SPX Technologies, Inc.（SPXC）财务数据对比。点击上方公司名可切换其他公司
SPX Technologies, Inc.的季度营收约是FORWARD AIR CORP的1.0倍（$637.3M vs $631.2M），SPX Technologies, Inc.净利率更高（12.2% vs -4.5%，领先16.7%），SPX Technologies, Inc.同比增速更快（19.4% vs -0.3%），过去两年SPX Technologies, Inc.的营收复合增速更高（17.0% 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。
SPX Technologies是美国头部制造企业，总部位于北卡罗来纳州夏洛特市，业务布局暖通空调、检测测量、输发电及工程解决方案四大核心领域，产品涵盖冷却塔、锅炉、地下管线定位仪、电力变压器、热交换器等，旗下拥有Waukesha、Dielectric、Genfare等多个知名品牌。
FWRD vs SPXC — 直观对比
营收规模更大
SPXC
是对方的1.0倍
$631.2M
营收增速更快
SPXC
高出19.7%
-0.3%
净利率更高
SPXC
高出16.7%
-4.5%
两年增速更快
SPXC
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $637.3M |
| 净利润 | $-28.3M | $77.9M |
| 毛利率 | — | 39.8% |
| 营业利润率 | -0.5% | 15.7% |
| 净利率 | -4.5% | 12.2% |
| 营收同比 | -0.3% | 19.4% |
| 净利润同比 | 22.2% | 36.4% |
| 每股收益（稀释后） | $-0.90 | $1.56 |
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FWRDSPXC
| Q4 25 | $631.2M | $637.3M | ||
| Q3 25 | $631.8M | $592.8M | ||
| Q2 25 | $618.8M | $552.4M | ||
| Q1 25 | $613.3M | $482.6M | ||
| Q4 24 | $632.8M | $533.7M | ||
| Q3 24 | $655.9M | $483.7M | ||
| Q2 24 | $643.7M | $501.3M | ||
| Q1 24 | $541.8M | $465.2M |
净利润FWRDSPXC
| Q4 25 | $-28.3M | $77.9M | ||
| Q3 25 | $-16.3M | $62.7M | ||
| Q2 25 | $-12.6M | $52.2M | ||
| Q1 25 | $-50.6M | $51.2M | ||
| Q4 24 | $-36.4M | $57.1M | ||
| Q3 24 | $-73.4M | $50.2M | ||
| Q2 24 | $-645.4M | $44.2M | ||
| Q1 24 | $-61.7M | $49.0M |
毛利率FWRDSPXC
| Q4 25 | — | 39.8% | ||
| Q3 25 | — | 40.4% | ||
| Q2 25 | — | 41.4% | ||
| Q1 25 | — | 40.6% | ||
| Q4 24 | — | 40.9% | ||
| Q3 24 | — | 40.9% | ||
| Q2 24 | — | 40.1% | ||
| Q1 24 | — | 39.3% |
营业利润率FWRDSPXC
| Q4 25 | -0.5% | 15.7% | ||
| Q3 25 | 2.4% | 16.4% | ||
| Q2 25 | 3.2% | 15.7% | ||
| Q1 25 | 0.8% | 13.8% | ||
| Q4 24 | 12.0% | 16.9% | ||
| Q3 24 | 3.5% | 16.3% | ||
| Q2 24 | -170.2% | 14.9% | ||
| Q1 24 | -12.1% | 13.9% |
净利率FWRDSPXC
| Q4 25 | -4.5% | 12.2% | ||
| Q3 25 | -2.6% | 10.6% | ||
| Q2 25 | -2.0% | 9.4% | ||
| Q1 25 | -8.3% | 10.6% | ||
| Q4 24 | -5.8% | 10.7% | ||
| Q3 24 | -11.2% | 10.4% | ||
| Q2 24 | -100.3% | 8.8% | ||
| Q1 24 | -11.4% | 10.5% |
每股收益（稀释后）FWRDSPXC
| Q4 25 | $-0.90 | $1.56 | ||
| Q3 25 | $-0.52 | $1.28 | ||
| Q2 25 | $-0.41 | $1.10 | ||
| Q1 25 | $-1.68 | $1.09 | ||
| Q4 24 | $-1.69 | $1.21 | ||
| Q3 24 | $-2.66 | $1.06 | ||
| Q2 24 | $-23.47 | $0.94 | ||
| Q1 24 | $-2.81 | $1.05 |
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 | $364.0M |
| 总债务越低越好 | $1.7B | $496.7M |
| 股东权益账面价值 | $113.3M | $2.2B |
| 总资产 | $2.7B | $3.6B |
| 负债/权益比越低杠杆越低 | 14.89× | 0.22× |
8季度趋势，按日历期对齐
现金及短期投资FWRDSPXC
| Q4 25 | $106.0M | $364.0M | ||
| Q3 25 | $140.4M | $229.4M | ||
| Q2 25 | $95.1M | $132.8M | ||
| Q1 25 | $116.3M | $177.8M | ||
| Q4 24 | $104.9M | $156.9M | ||
| Q3 24 | $136.6M | $124.8M | ||
| Q2 24 | $84.9M | $128.1M | ||
| Q1 24 | $152.0M | $100.5M |
总债务FWRDSPXC
| Q4 25 | $1.7B | $496.7M | ||
| Q3 25 | $1.7B | $499.8M | ||
| Q2 25 | — | $950.3M | ||
| Q1 25 | — | $872.0M | ||
| Q4 24 | — | $577.0M | ||
| Q3 24 | — | $665.2M | ||
| Q2 24 | — | $509.9M | ||
| Q1 24 | $1.7B | $516.6M |
股东权益FWRDSPXC
| Q4 25 | $113.3M | $2.2B | ||
| Q3 25 | $139.8M | $2.1B | ||
| Q2 25 | $151.8M | $1.5B | ||
| Q1 25 | $154.6M | $1.4B | ||
| Q4 24 | $201.7M | $1.4B | ||
| Q3 24 | $226.1M | $1.4B | ||
| Q2 24 | $283.8M | $1.3B | ||
| Q1 24 | $926.1M | $1.2B |
总资产FWRDSPXC
| Q4 25 | $2.7B | $3.6B | ||
| Q3 25 | $2.8B | $3.4B | ||
| Q2 25 | $2.8B | $3.3B | ||
| Q1 25 | $2.8B | $3.1B | ||
| Q4 24 | $2.8B | $2.7B | ||
| Q3 24 | $3.1B | $2.8B | ||
| Q2 24 | $3.1B | $2.8B | ||
| Q1 24 | $4.0B | $2.8B |
负债/权益比FWRDSPXC
| Q4 25 | 14.89× | 0.22× | ||
| Q3 25 | 12.05× | 0.23× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.42× | ||
| Q3 24 | — | 0.49× | ||
| Q2 24 | — | 0.40× | ||
| Q1 24 | 1.81× | 0.42× |
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 | — | $195.2M |
| 自由现金流经营现金流 - 资本支出 | — | $126.7M |
| 自由现金流率自由现金流/营收 | — | 19.9% |
| 资本支出强度资本支出/营收 | 1.3% | 10.7% |
| 现金转化率经营现金流/净利润 | — | 2.51× |
| 过去12个月自由现金流最近4个季度 | — | $241.2M |
8季度趋势，按日历期对齐
经营现金流FWRDSPXC
| Q4 25 | — | $195.2M | ||
| Q3 25 | $52.7M | $106.5M | ||
| Q2 25 | — | $42.5M | ||
| Q1 25 | $27.6M | $-10.9M | ||
| Q4 24 | $-23.2M | $166.5M | ||
| Q3 24 | $51.2M | $51.4M | ||
| Q2 24 | $-45.2M | $57.5M | ||
| Q1 24 | $-51.7M | $10.5M |
自由现金流FWRDSPXC
| Q4 25 | — | $126.7M | ||
| Q3 25 | $48.6M | $96.1M | ||
| Q2 25 | — | $34.8M | ||
| Q1 25 | $15.7M | $-16.4M | ||
| Q4 24 | $-30.5M | $156.7M | ||
| Q3 24 | $40.7M | $43.5M | ||
| Q2 24 | $-59.6M | $47.1M | ||
| Q1 24 | $-56.7M | $600.0K |
自由现金流率FWRDSPXC
| Q4 25 | — | 19.9% | ||
| Q3 25 | 7.7% | 16.2% | ||
| Q2 25 | — | 6.3% | ||
| Q1 25 | 2.6% | -3.4% | ||
| Q4 24 | -4.8% | 29.4% | ||
| Q3 24 | 6.2% | 9.0% | ||
| Q2 24 | -9.3% | 9.4% | ||
| Q1 24 | -10.5% | 0.1% |
资本支出强度FWRDSPXC
| Q4 25 | 1.3% | 10.7% | ||
| Q3 25 | 0.7% | 1.8% | ||
| Q2 25 | 0.8% | 1.4% | ||
| Q1 25 | 1.9% | 1.1% | ||
| Q4 24 | 1.1% | 1.8% | ||
| Q3 24 | 1.6% | 1.6% | ||
| Q2 24 | 2.2% | 2.1% | ||
| Q1 24 | 0.9% | 2.1% |
现金转化率FWRDSPXC
| Q4 25 | — | 2.51× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 0.81× | ||
| Q1 25 | — | -0.21× | ||
| Q4 24 | — | 2.92× | ||
| Q3 24 | — | 1.02× | ||
| Q2 24 | — | 1.30× | ||
| Q1 24 | — | 0.21× |
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% |
SPXC
| Package And Process Cooling Equipment And Services And Engineered Air Movement And Handling Solutions | $258.5M | 41% |
| Detectionand Measurement Reportable Segment | $206.2M | 32% |
| CA | $57.7M | 9% |
| Kranze Technology Solutions Inc | $37.9M | 6% |
| GB | $32.0M | 5% |
| Other Foreign Countries | $28.6M | 4% |
| Other | $16.4M | 3% |
