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FORWARD AIR CORP（FWRD）与Tyler Technologies（TYL）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Tyler Technologies的1.0倍（$631.2M vs $613.5M），Tyler Technologies净利率更高（13.2% vs -4.5%，领先17.7%），Tyler Technologies同比增速更快（8.6% vs -0.3%），过去两年FORWARD AIR CORP的营收复合增速更高（7.9% vs 6.5%）
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。
Tyler Technologies, Inc.是总部位于美国得克萨斯州普莱诺的科技企业，主营面向美国公共部门提供自研专有软件，目前在全美17个州设有办事处，另在加拿大安大略省多伦多市设有一处办公网点。
FWRD vs TYL — 直观对比
营收规模更大
FWRD
是对方的1.0倍
$613.5M
营收增速更快
TYL
高出8.8%
-0.3%
净利率更高
TYL
高出17.7%
-4.5%
两年增速更快
FWRD
近两年复合增速
6.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $613.5M |
| 净利润 | $-28.3M | $81.2M |
| 毛利率 | — | 48.3% |
| 营业利润率 | -0.5% | 16.3% |
| 净利率 | -4.5% | 13.2% |
| 营收同比 | -0.3% | 8.6% |
| 净利润同比 | 22.2% | — |
| 每股收益（稀释后） | $-0.90 | $1.88 |
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FWRDTYL
| Q1 26 | — | $613.5M | ||
| Q4 25 | $631.2M | $575.2M | ||
| Q3 25 | $631.8M | $595.9M | ||
| Q2 25 | $618.8M | $596.1M | ||
| Q1 25 | $613.3M | $565.2M | ||
| Q4 24 | $632.8M | $541.1M | ||
| Q3 24 | $655.9M | $543.3M | ||
| Q2 24 | $643.7M | $541.0M |
净利润FWRDTYL
| Q1 26 | — | $81.2M | ||
| Q4 25 | $-28.3M | $65.5M | ||
| Q3 25 | $-16.3M | $84.4M | ||
| Q2 25 | $-12.6M | $84.6M | ||
| Q1 25 | $-50.6M | $81.1M | ||
| Q4 24 | $-36.4M | $65.2M | ||
| Q3 24 | $-73.4M | $75.9M | ||
| Q2 24 | $-645.4M | $67.7M |
毛利率FWRDTYL
| Q1 26 | — | 48.3% | ||
| Q4 25 | — | 45.5% | ||
| Q3 25 | — | 47.2% | ||
| Q2 25 | — | 45.8% | ||
| Q1 25 | — | 47.3% | ||
| Q4 24 | — | 43.8% | ||
| Q3 24 | — | 43.7% | ||
| Q2 24 | — | 44.0% |
营业利润率FWRDTYL
| Q1 26 | — | 16.3% | ||
| Q4 25 | -0.5% | 13.0% | ||
| Q3 25 | 2.4% | 16.4% | ||
| Q2 25 | 3.2% | 16.0% | ||
| Q1 25 | 0.8% | 15.8% | ||
| Q4 24 | 12.0% | 13.2% | ||
| Q3 24 | 3.5% | 15.2% | ||
| Q2 24 | -170.2% | 14.4% |
净利率FWRDTYL
| Q1 26 | — | 13.2% | ||
| Q4 25 | -4.5% | 11.4% | ||
| Q3 25 | -2.6% | 14.2% | ||
| Q2 25 | -2.0% | 14.2% | ||
| Q1 25 | -8.3% | 14.3% | ||
| Q4 24 | -5.8% | 12.1% | ||
| Q3 24 | -11.2% | 14.0% | ||
| Q2 24 | -100.3% | 12.5% |
每股收益（稀释后）FWRDTYL
| Q1 26 | — | $1.88 | ||
| Q4 25 | $-0.90 | $1.50 | ||
| Q3 25 | $-0.52 | $1.93 | ||
| Q2 25 | $-0.41 | $1.93 | ||
| Q1 25 | $-1.68 | $1.84 | ||
| Q4 24 | $-1.69 | $1.48 | ||
| Q3 24 | $-2.66 | $1.74 | ||
| Q2 24 | $-23.47 | $1.57 |
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 | $346.4M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $113.3M | $3.6B |
| 总资产 | $2.7B | $4.8B |
| 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FWRDTYL
| Q1 26 | — | $346.4M | ||
| Q4 25 | $106.0M | $1.1B | ||
| Q3 25 | $140.4M | $950.8M | ||
| Q2 25 | $95.1M | $892.3M | ||
| Q1 25 | $116.3M | $807.4M | ||
| Q4 24 | $104.9M | $768.0M | ||
| Q3 24 | $136.6M | $544.3M | ||
| Q2 24 | $84.9M | $258.0M |
总债务FWRDTYL
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $599.7M | ||
| Q3 25 | $1.7B | $599.2M | ||
| Q2 25 | — | $598.8M | ||
| Q1 25 | — | $598.4M | ||
| Q4 24 | — | $597.9M | ||
| Q3 24 | — | $597.5M | ||
| Q2 24 | — | $597.1M |
股东权益FWRDTYL
| Q1 26 | — | $3.6B | ||
| Q4 25 | $113.3M | $3.7B | ||
| Q3 25 | $139.8M | $3.6B | ||
| Q2 25 | $151.8M | $3.6B | ||
| Q1 25 | $154.6M | $3.5B | ||
| Q4 24 | $201.7M | $3.4B | ||
| Q3 24 | $226.1M | $3.3B | ||
| Q2 24 | $283.8M | $3.1B |
总资产FWRDTYL
| Q1 26 | — | $4.8B | ||
| Q4 25 | $2.7B | $5.6B | ||
| Q3 25 | $2.8B | $5.5B | ||
| Q2 25 | $2.8B | $5.4B | ||
| Q1 25 | $2.8B | $5.2B | ||
| Q4 24 | $2.8B | $5.2B | ||
| Q3 24 | $3.1B | $5.0B | ||
| Q2 24 | $3.1B | $4.8B |
负债/权益比FWRDTYL
| Q1 26 | — | — | ||
| Q4 25 | 14.89× | 0.16× | ||
| Q3 25 | 12.05× | 0.17× | ||
| Q2 25 | — | 0.16× | ||
| Q1 25 | — | 0.17× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | — | 0.19× |
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 | — | $107.3M |
| 自由现金流经营现金流 - 资本支出 | — | $2.0M |
| 自由现金流率自由现金流/营收 | — | 0.3% |
| 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 | — | 1.32× |
| 过去12个月自由现金流最近4个季度 | — | $585.7M |
8季度趋势，按日历期对齐
经营现金流FWRDTYL
| Q1 26 | — | $107.3M | ||
| Q4 25 | — | $243.9M | ||
| Q3 25 | $52.7M | $255.2M | ||
| Q2 25 | — | $98.3M | ||
| Q1 25 | $27.6M | $56.2M | ||
| Q4 24 | $-23.2M | $224.8M | ||
| Q3 24 | $51.2M | $263.7M | ||
| Q2 24 | $-45.2M | $64.3M |
自由现金流FWRDTYL
| Q1 26 | — | $2.0M | ||
| Q4 25 | — | $239.6M | ||
| Q3 25 | $48.6M | $251.3M | ||
| Q2 25 | — | $92.8M | ||
| Q1 25 | $15.7M | $53.8M | ||
| Q4 24 | $-30.5M | $221.0M | ||
| Q3 24 | $40.7M | $260.8M | ||
| Q2 24 | $-59.6M | $57.7M |
自由现金流率FWRDTYL
| Q1 26 | — | 0.3% | ||
| Q4 25 | — | 41.7% | ||
| Q3 25 | 7.7% | 42.2% | ||
| Q2 25 | — | 15.6% | ||
| Q1 25 | 2.6% | 9.5% | ||
| Q4 24 | -4.8% | 40.8% | ||
| Q3 24 | 6.2% | 48.0% | ||
| Q2 24 | -9.3% | 10.7% |
资本支出强度FWRDTYL
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 0.8% | ||
| Q3 25 | 0.7% | 0.7% | ||
| Q2 25 | 0.8% | 0.9% | ||
| Q1 25 | 1.9% | 0.4% | ||
| Q4 24 | 1.1% | 0.7% | ||
| Q3 24 | 1.6% | 0.5% | ||
| Q2 24 | 2.2% | 1.2% |
现金转化率FWRDTYL
| Q1 26 | — | 1.32× | ||
| Q4 25 | — | 3.72× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 1.16× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | — | 3.45× | ||
| Q3 24 | — | 3.47× | ||
| Q2 24 | — | 0.95× |
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% |
TYL
| Subscriptions | $429.7M | 70% |
| Maintenance | $108.9M | 18% |
| Other | $74.9M | 12% |
