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FORWARD AIR CORP（FWRD）与罗塞塔石碑（STEP）财务数据对比。点击上方公司名可切换其他公司
FORWARD AIR CORP的季度营收约是罗塞塔石碑的1.1倍（$631.2M vs $586.5M），FORWARD AIR CORP净利率更高（-4.5% vs -21.0%，领先16.6%），罗塞塔石碑同比增速更快（73.0% vs -0.3%），过去两年罗塞塔石碑的营收复合增速更高（28.2% 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。
罗塞塔石碑是美国教育科技软件企业，开发语言学习、读写能力提升及脑训练类软件，旗下语言学习产品知名度极高。2013年公司收购Livemocha、Lexia Learning等品牌拓展教育科技业务矩阵，2021年正式成为IXL Learning的子公司。
FWRD vs STEP — 直观对比
营收规模更大
FWRD
是对方的1.1倍
$586.5M
营收增速更快
STEP
高出73.3%
-0.3%
净利率更高
FWRD
高出16.6%
-21.0%
两年增速更快
STEP
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $586.5M |
| 净利润 | $-28.3M | $-123.5M |
| 毛利率 | — | — |
| 营业利润率 | -0.5% | -33.2% |
| 净利率 | -4.5% | -21.0% |
| 营收同比 | -0.3% | 73.0% |
| 净利润同比 | 22.2% | 35.7% |
| 每股收益（稀释后） | $-0.90 | $-1.55 |
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FWRDSTEP
| Q4 25 | $631.2M | $586.5M | ||
| Q3 25 | $631.8M | $454.2M | ||
| Q2 25 | $618.8M | $364.3M | ||
| Q1 25 | $613.3M | $377.7M | ||
| Q4 24 | $632.8M | $339.0M | ||
| Q3 24 | $655.9M | $271.7M | ||
| Q2 24 | $643.7M | $186.4M | ||
| Q1 24 | $541.8M | $356.8M |
净利润FWRDSTEP
| Q4 25 | $-28.3M | $-123.5M | ||
| Q3 25 | $-16.3M | $-366.1M | ||
| Q2 25 | $-12.6M | $-38.4M | ||
| Q1 25 | $-50.6M | $-18.5M | ||
| Q4 24 | $-36.4M | $-192.0M | ||
| Q3 24 | $-73.4M | $17.6M | ||
| Q2 24 | $-645.4M | $13.3M | ||
| Q1 24 | $-61.7M | $30.8M |
营业利润率FWRDSTEP
| Q4 25 | -0.5% | -33.2% | ||
| Q3 25 | 2.4% | -148.8% | ||
| Q2 25 | 3.2% | -5.6% | ||
| Q1 25 | 0.8% | 2.6% | ||
| Q4 24 | 12.0% | -101.7% | ||
| Q3 24 | 3.5% | 21.3% | ||
| Q2 24 | -170.2% | 29.4% | ||
| Q1 24 | -12.1% | 26.5% |
净利率FWRDSTEP
| Q4 25 | -4.5% | -21.0% | ||
| Q3 25 | -2.6% | -80.6% | ||
| Q2 25 | -2.0% | -10.5% | ||
| Q1 25 | -8.3% | -4.9% | ||
| Q4 24 | -5.8% | -56.6% | ||
| Q3 24 | -11.2% | 6.5% | ||
| Q2 24 | -100.3% | 7.2% | ||
| Q1 24 | -11.4% | 8.6% |
每股收益（稀释后）FWRDSTEP
| Q4 25 | $-0.90 | $-1.55 | ||
| Q3 25 | $-0.52 | $-4.66 | ||
| Q2 25 | $-0.41 | $-0.49 | ||
| Q1 25 | $-1.68 | $-0.37 | ||
| Q4 24 | $-1.69 | $-2.61 | ||
| Q3 24 | $-2.66 | $0.26 | ||
| Q2 24 | $-23.47 | $0.20 | ||
| Q1 24 | $-2.81 | $0.47 |
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 | — |
| 总债务越低越好 | $1.7B | $270.2M |
| 股东权益账面价值 | $113.3M | $-378.8M |
| 总资产 | $2.7B | $5.2B |
| 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FWRDSTEP
| Q4 25 | $106.0M | — | ||
| Q3 25 | $140.4M | — | ||
| Q2 25 | $95.1M | — | ||
| Q1 25 | $116.3M | — | ||
| Q4 24 | $104.9M | — | ||
| Q3 24 | $136.6M | — | ||
| Q2 24 | $84.9M | — | ||
| Q1 24 | $152.0M | — |
总债务FWRDSTEP
| Q4 25 | $1.7B | $270.2M | ||
| Q3 25 | $1.7B | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | — | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | $1.7B | $148.8M |
股东权益FWRDSTEP
| Q4 25 | $113.3M | $-378.8M | ||
| Q3 25 | $139.8M | $-233.5M | ||
| Q2 25 | $151.8M | $153.9M | ||
| Q1 25 | $154.6M | $179.4M | ||
| Q4 24 | $201.7M | $209.8M | ||
| Q3 24 | $226.1M | $397.5M | ||
| Q2 24 | $283.8M | $366.9M | ||
| Q1 24 | $926.1M | $324.5M |
总资产FWRDSTEP
| Q4 25 | $2.7B | $5.2B | ||
| Q3 25 | $2.8B | $5.3B | ||
| Q2 25 | $2.8B | $4.8B | ||
| Q1 25 | $2.8B | $4.6B | ||
| Q4 24 | $2.8B | $4.3B | ||
| Q3 24 | $3.1B | $4.0B | ||
| Q2 24 | $3.1B | $3.8B | ||
| Q1 24 | $4.0B | $3.8B |
负债/权益比FWRDSTEP
| Q4 25 | 14.89× | — | ||
| Q3 25 | 12.05× | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | 1.81× | 0.46× |
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 | — | $27.2M |
| 自由现金流经营现金流 - 资本支出 | — | $26.7M |
| 自由现金流率自由现金流/营收 | — | 4.6% |
| 资本支出强度资本支出/营收 | 1.3% | 0.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $18.6M |
8季度趋势，按日历期对齐
经营现金流FWRDSTEP
| Q4 25 | — | $27.2M | ||
| Q3 25 | $52.7M | $16.2M | ||
| Q2 25 | — | $46.3M | ||
| Q1 25 | $27.6M | $-66.5M | ||
| Q4 24 | $-23.2M | $27.6M | ||
| Q3 24 | $51.2M | $53.7M | ||
| Q2 24 | $-45.2M | $50.2M | ||
| Q1 24 | $-51.7M | $7.6M |
自由现金流FWRDSTEP
| Q4 25 | — | $26.7M | ||
| Q3 25 | $48.6M | $15.9M | ||
| Q2 25 | — | $45.2M | ||
| Q1 25 | $15.7M | $-69.2M | ||
| Q4 24 | $-30.5M | $27.0M | ||
| Q3 24 | $40.7M | $52.4M | ||
| Q2 24 | $-59.6M | $49.6M | ||
| Q1 24 | $-56.7M | $6.7M |
自由现金流率FWRDSTEP
| Q4 25 | — | 4.6% | ||
| Q3 25 | 7.7% | 3.5% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | 2.6% | -18.3% | ||
| Q4 24 | -4.8% | 8.0% | ||
| Q3 24 | 6.2% | 19.3% | ||
| Q2 24 | -9.3% | 26.6% | ||
| Q1 24 | -10.5% | 1.9% |
资本支出强度FWRDSTEP
| Q4 25 | 1.3% | 0.1% | ||
| Q3 25 | 0.7% | 0.1% | ||
| Q2 25 | 0.8% | 0.3% | ||
| Q1 25 | 1.9% | 0.7% | ||
| Q4 24 | 1.1% | 0.2% | ||
| Q3 24 | 1.6% | 0.5% | ||
| Q2 24 | 2.2% | 0.3% | ||
| Q1 24 | 0.9% | 0.3% |
现金转化率FWRDSTEP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.05× | ||
| Q2 24 | — | 3.76× | ||
| Q1 24 | — | 0.25× |
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% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
