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FORWARD AIR CORP（FWRD）与SSR MINING INC.（SSRM）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SSR MINING INC.的1.2倍（$631.2M vs $521.7M），SSR MINING INC.净利率更高（34.8% vs -4.5%，领先39.3%），SSR MINING INC.同比增速更快（61.4% vs -0.3%），过去两年SSR MINING INC.的营收复合增速更高（50.5% 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。
SSR Mining Inc.（前身为白银标准资源公司）总部位于美国科罗拉多州丹佛，主营金、银、铜、铅、锌矿产开采，拥有阿根廷最大的银矿，同时在美洲全境及土耳其开展矿产勘探业务。2020年与阿拉瑟黄金合并后迁至丹佛，现任总裁兼首席执行官为罗德尼·P·安塔尔。
FWRD vs SSRM — 直观对比
营收规模更大
FWRD
是对方的1.2倍
$521.7M
营收增速更快
SSRM
高出61.7%
-0.3%
净利率更高
SSRM
高出39.3%
-4.5%
两年增速更快
SSRM
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $521.7M |
| 净利润 | $-28.3M | $181.5M |
| 毛利率 | — | — |
| 营业利润率 | -0.5% | 38.8% |
| 净利率 | -4.5% | 34.8% |
| 营收同比 | -0.3% | 61.4% |
| 净利润同比 | 22.2% | 3166.6% |
| 每股收益（稀释后） | $-0.90 | $0.84 |
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FWRDSSRM
| Q4 25 | $631.2M | $521.7M | ||
| Q3 25 | $631.8M | $385.8M | ||
| Q2 25 | $618.8M | $405.5M | ||
| Q1 25 | $613.3M | $316.6M | ||
| Q4 24 | $632.8M | $323.2M | ||
| Q3 24 | $655.9M | $257.4M | ||
| Q2 24 | $643.7M | $184.8M | ||
| Q1 24 | $541.8M | $230.2M |
净利润FWRDSSRM
| Q4 25 | $-28.3M | $181.5M | ||
| Q3 25 | $-16.3M | $65.4M | ||
| Q2 25 | $-12.6M | $90.1M | ||
| Q1 25 | $-50.6M | $58.8M | ||
| Q4 24 | $-36.4M | $5.6M | ||
| Q3 24 | $-73.4M | $10.6M | ||
| Q2 24 | $-645.4M | $9.7M | ||
| Q1 24 | $-61.7M | $-287.1M |
营业利润率FWRDSSRM
| Q4 25 | -0.5% | 38.8% | ||
| Q3 25 | 2.4% | 21.6% | ||
| Q2 25 | 3.2% | 26.9% | ||
| Q1 25 | 0.8% | 21.1% | ||
| Q4 24 | 12.0% | 10.6% | ||
| Q3 24 | 3.5% | 3.5% | ||
| Q2 24 | -170.2% | 5.8% | ||
| Q1 24 | -12.1% | -163.5% |
净利率FWRDSSRM
| Q4 25 | -4.5% | 34.8% | ||
| Q3 25 | -2.6% | 17.0% | ||
| Q2 25 | -2.0% | 22.2% | ||
| Q1 25 | -8.3% | 18.6% | ||
| Q4 24 | -5.8% | 1.7% | ||
| Q3 24 | -11.2% | 4.1% | ||
| Q2 24 | -100.3% | 5.2% | ||
| Q1 24 | -11.4% | -124.7% |
每股收益（稀释后）FWRDSSRM
| Q4 25 | $-0.90 | $0.84 | ||
| Q3 25 | $-0.52 | $0.31 | ||
| Q2 25 | $-0.41 | $0.42 | ||
| Q1 25 | $-1.68 | $0.28 | ||
| Q4 24 | $-1.69 | $0.03 | ||
| Q3 24 | $-2.66 | $0.05 | ||
| Q2 24 | $-23.47 | $0.05 | ||
| Q1 24 | $-2.81 | $-1.42 |
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 | $575.6M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $113.3M | $3.5B |
| 总资产 | $2.7B | $6.1B |
| 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FWRDSSRM
| Q4 25 | $106.0M | $575.6M | ||
| Q3 25 | $140.4M | $445.4M | ||
| Q2 25 | $95.1M | $438.5M | ||
| Q1 25 | $116.3M | $341.3M | ||
| Q4 24 | $104.9M | $417.3M | ||
| Q3 24 | $136.6M | $365.8M | ||
| Q2 24 | $84.9M | $384.4M | ||
| Q1 24 | $152.0M | $492.0M |
总债务FWRDSSRM
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $228.6M | ||
| Q3 24 | — | $228.3M | ||
| Q2 24 | — | $228.0M | ||
| Q1 24 | $1.7B | $228.7M |
股东权益FWRDSSRM
| Q4 25 | $113.3M | $3.5B | ||
| Q3 25 | $139.8M | $3.3B | ||
| Q2 25 | $151.8M | $3.3B | ||
| Q1 25 | $154.6M | $3.2B | ||
| Q4 24 | $201.7M | $3.1B | ||
| Q3 24 | $226.1M | $3.1B | ||
| Q2 24 | $283.8M | $3.1B | ||
| Q1 24 | $926.1M | $3.1B |
总资产FWRDSSRM
| Q4 25 | $2.7B | $6.1B | ||
| Q3 25 | $2.8B | $5.9B | ||
| Q2 25 | $2.8B | $5.8B | ||
| Q1 25 | $2.8B | $5.6B | ||
| Q4 24 | $2.8B | $5.2B | ||
| Q3 24 | $3.1B | $5.1B | ||
| Q2 24 | $3.1B | $5.2B | ||
| Q1 24 | $4.0B | $5.3B |
负债/权益比FWRDSSRM
| Q4 25 | 14.89× | — | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.07× | ||
| Q3 24 | — | 0.07× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | 1.81× | 0.07× |
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 | — | $172.1M |
| 自由现金流经营现金流 - 资本支出 | — | $106.4M |
| 自由现金流率自由现金流/营收 | — | 20.4% |
| 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 | — | 0.95× |
| 过去12个月自由现金流最近4个季度 | — | $241.6M |
8季度趋势，按日历期对齐
经营现金流FWRDSSRM
| Q4 25 | — | $172.1M | ||
| Q3 25 | $52.7M | $57.2M | ||
| Q2 25 | — | $157.8M | ||
| Q1 25 | $27.6M | $84.8M | ||
| Q4 24 | $-23.2M | $95.0M | ||
| Q3 24 | $51.2M | $-1.3M | ||
| Q2 24 | $-45.2M | $-78.1M | ||
| Q1 24 | $-51.7M | $24.6M |
自由现金流FWRDSSRM
| Q4 25 | — | $106.4M | ||
| Q3 25 | $48.6M | $-2.4M | ||
| Q2 25 | — | $98.4M | ||
| Q1 25 | $15.7M | $39.3M | ||
| Q4 24 | $-30.5M | $56.4M | ||
| Q3 24 | $40.7M | $-34.1M | ||
| Q2 24 | $-59.6M | $-116.3M | ||
| Q1 24 | $-56.7M | $-9.4M |
自由现金流率FWRDSSRM
| Q4 25 | — | 20.4% | ||
| Q3 25 | 7.7% | -0.6% | ||
| Q2 25 | — | 24.3% | ||
| Q1 25 | 2.6% | 12.4% | ||
| Q4 24 | -4.8% | 17.5% | ||
| Q3 24 | 6.2% | -13.2% | ||
| Q2 24 | -9.3% | -62.9% | ||
| Q1 24 | -10.5% | -4.1% |
资本支出强度FWRDSSRM
| Q4 25 | 1.3% | 12.6% | ||
| Q3 25 | 0.7% | 15.4% | ||
| Q2 25 | 0.8% | 14.7% | ||
| Q1 25 | 1.9% | 14.4% | ||
| Q4 24 | 1.1% | 11.9% | ||
| Q3 24 | 1.6% | 12.7% | ||
| Q2 24 | 2.2% | 20.7% | ||
| Q1 24 | 0.9% | 14.8% |
现金转化率FWRDSSRM
| Q4 25 | — | 0.95× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.44× | ||
| Q4 24 | — | 17.10× | ||
| Q3 24 | — | -0.13× | ||
| Q2 24 | — | -8.06× | ||
| 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% |
SSRM
| Gold | $369.3M | 71% |
| Concentrate Sales | $124.4M | 24% |
| Other | $19.1M | 4% |
| Lead | $9.0M | 2% |
