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FORWARD AIR CORP（FWRD）与STARWOOD PROPERTY TRUST, INC.（STWD）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STARWOOD PROPERTY TRUST, INC.的1.3倍（$631.2M vs $492.9M），STARWOOD PROPERTY TRUST, INC.净利率更高（19.7% vs -4.5%，领先24.1%），STARWOOD PROPERTY TRUST, INC.同比增速更快（8.5% vs -0.3%），过去两年FORWARD AIR CORP的营收复合增速更高（7.9% vs -2.9%）
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。
喜达屋酒店及度假村国际集团是全球规模最大的酒店企业之一，业务涵盖酒店、度假村、水疗中心、住宅及度假产权物业的持有、运营、特许经营与管理。集团前身为1969年成立的房地产投资信托基金，1995年完成收购重组，旗下共11个品牌，管理及特许经营的物业共计1297处。
FWRD vs STWD — 直观对比
营收规模更大
FWRD
是对方的1.3倍
$492.9M
营收增速更快
STWD
高出8.7%
-0.3%
净利率更高
STWD
高出24.1%
-4.5%
两年增速更快
FWRD
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $492.9M |
| 净利润 | $-28.3M | $96.9M |
| 毛利率 | — | — |
| 营业利润率 | -0.5% | 26.6% |
| 净利率 | -4.5% | 19.7% |
| 营收同比 | -0.3% | 8.5% |
| 净利润同比 | 22.2% | 87.7% |
| 每股收益（稀释后） | $-0.90 | $0.25 |
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FWRDSTWD
| Q4 25 | $631.2M | $492.9M | ||
| Q3 25 | $631.8M | $488.9M | ||
| Q2 25 | $618.8M | $444.3M | ||
| Q1 25 | $613.3M | $418.2M | ||
| Q4 24 | $632.8M | $454.4M | ||
| Q3 24 | $655.9M | $479.5M | ||
| Q2 24 | $643.7M | $489.8M | ||
| Q1 24 | $541.8M | $523.1M |
净利润FWRDSTWD
| Q4 25 | $-28.3M | $96.9M | ||
| Q3 25 | $-16.3M | $72.6M | ||
| Q2 25 | $-12.6M | $129.8M | ||
| Q1 25 | $-50.6M | $112.3M | ||
| Q4 24 | $-36.4M | $51.6M | ||
| Q3 24 | $-73.4M | $76.1M | ||
| Q2 24 | $-645.4M | $77.9M | ||
| Q1 24 | $-61.7M | $154.3M |
营业利润率FWRDSTWD
| Q4 25 | -0.5% | 26.6% | ||
| Q3 25 | 2.4% | 19.1% | ||
| Q2 25 | 3.2% | 30.5% | ||
| Q1 25 | 0.8% | 28.7% | ||
| Q4 24 | 12.0% | 15.1% | ||
| Q3 24 | 3.5% | 17.2% | ||
| Q2 24 | -170.2% | 19.1% | ||
| Q1 24 | -12.1% | 30.8% |
净利率FWRDSTWD
| Q4 25 | -4.5% | 19.7% | ||
| Q3 25 | -2.6% | 14.8% | ||
| Q2 25 | -2.0% | 29.2% | ||
| Q1 25 | -8.3% | 26.8% | ||
| Q4 24 | -5.8% | 11.4% | ||
| Q3 24 | -11.2% | 15.9% | ||
| Q2 24 | -100.3% | 15.9% | ||
| Q1 24 | -11.4% | 29.5% |
每股收益（稀释后）FWRDSTWD
| Q4 25 | $-0.90 | $0.25 | ||
| Q3 25 | $-0.52 | $0.19 | ||
| Q2 25 | $-0.41 | $0.38 | ||
| Q1 25 | $-1.68 | $0.33 | ||
| Q4 24 | $-1.69 | $0.15 | ||
| Q3 24 | $-2.66 | $0.23 | ||
| Q2 24 | $-23.47 | $0.24 | ||
| Q1 24 | $-2.81 | $0.48 |
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 | $499.5M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $113.3M | $6.8B |
| 总资产 | $2.7B | $63.2B |
| 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FWRDSTWD
| Q4 25 | $106.0M | $499.5M | ||
| Q3 25 | $140.4M | $301.1M | ||
| Q2 25 | $95.1M | $259.9M | ||
| Q1 25 | $116.3M | $440.6M | ||
| Q4 24 | $104.9M | $377.8M | ||
| Q3 24 | $136.6M | $357.9M | ||
| Q2 24 | $84.9M | $259.3M | ||
| Q1 24 | $152.0M | $327.4M |
总债务FWRDSTWD
| 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FWRDSTWD
| Q4 25 | $113.3M | $6.8B | ||
| Q3 25 | $139.8M | $6.9B | ||
| Q2 25 | $151.8M | $6.4B | ||
| Q1 25 | $154.6M | $6.4B | ||
| Q4 24 | $201.7M | $6.4B | ||
| Q3 24 | $226.1M | $6.5B | ||
| Q2 24 | $283.8M | $6.2B | ||
| Q1 24 | $926.1M | $6.3B |
总资产FWRDSTWD
| Q4 25 | $2.7B | $63.2B | ||
| Q3 25 | $2.8B | $62.4B | ||
| Q2 25 | $2.8B | $62.4B | ||
| Q1 25 | $2.8B | $62.2B | ||
| Q4 24 | $2.8B | $62.6B | ||
| Q3 24 | $3.1B | $64.2B | ||
| Q2 24 | $3.1B | $64.1B | ||
| Q1 24 | $4.0B | $66.2B |
负债/权益比FWRDSTWD
| 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 | — | $488.8M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | 1.3% | — |
| 现金转化率经营现金流/净利润 | — | 5.04× |
| 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FWRDSTWD
| Q4 25 | — | $488.8M | ||
| Q3 25 | $52.7M | $337.6M | ||
| Q2 25 | — | $-87.4M | ||
| Q1 25 | $27.6M | $238.9M | ||
| Q4 24 | $-23.2M | $295.6M | ||
| Q3 24 | $51.2M | $241.8M | ||
| Q2 24 | $-45.2M | $53.3M | ||
| Q1 24 | $-51.7M | $55.9M |
自由现金流FWRDSTWD
| Q4 25 | — | — | ||
| Q3 25 | $48.6M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $15.7M | — | ||
| Q4 24 | $-30.5M | — | ||
| Q3 24 | $40.7M | — | ||
| Q2 24 | $-59.6M | — | ||
| Q1 24 | $-56.7M | — |
自由现金流率FWRDSTWD
| Q4 25 | — | — | ||
| Q3 25 | 7.7% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | -4.8% | — | ||
| Q3 24 | 6.2% | — | ||
| Q2 24 | -9.3% | — | ||
| Q1 24 | -10.5% | — |
资本支出强度FWRDSTWD
| Q4 25 | 1.3% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 1.9% | — | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 0.9% | — |
现金转化率FWRDSTWD
| Q4 25 | — | 5.04× | ||
| Q3 25 | — | 4.65× | ||
| Q2 25 | — | -0.67× | ||
| Q1 25 | — | 2.13× | ||
| Q4 24 | — | 5.72× | ||
| Q3 24 | — | 3.18× | ||
| Q2 24 | — | 0.68× | ||
| Q1 24 | — | 0.36× |
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% |
STWD
| Commercial And Residential Lending Segment | $335.2M | 68% |
| Infrastructure Lending Segment | $70.3M | 14% |
| Property Segment | $57.8M | 12% |
| Other | $29.7M | 6% |
