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FORWARD AIR CORP（FWRD）与Ubiquiti Inc.（UI）财务数据对比。点击上方公司名可切换其他公司
Ubiquiti Inc.的季度营收约是FORWARD AIR CORP的1.3倍（$814.9M vs $631.2M），Ubiquiti Inc.净利率更高（28.7% vs -4.5%，领先33.2%），Ubiquiti Inc.同比增速更快（35.8% vs -0.3%），过去两年Ubiquiti Inc.的营收复合增速更高（28.6% 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。
Ubiquiti Inc.是一家美国科技企业，2003年于加利福尼亚州圣何塞成立，目前总部位于纽约。公司旗下拥有多个品牌，主营面向企业及家庭用户的有线、无线数据通信产品的研发、生产与销售。
FWRD vs UI — 直观对比
营收规模更大
UI
是对方的1.3倍
$631.2M
营收增速更快
UI
高出36.1%
-0.3%
净利率更高
UI
高出33.2%
-4.5%
两年增速更快
UI
近两年复合增速
7.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $814.9M |
| 净利润 | $-28.3M | $233.6M |
| 毛利率 | — | 45.9% |
| 营业利润率 | -0.5% | 35.9% |
| 净利率 | -4.5% | 28.7% |
| 营收同比 | -0.3% | 35.8% |
| 净利润同比 | 22.2% | 70.8% |
| 每股收益（稀释后） | $-0.90 | $3.86 |
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FWRDUI
| Q4 25 | $631.2M | $814.9M | ||
| Q3 25 | $631.8M | $733.8M | ||
| Q2 25 | $618.8M | $759.2M | ||
| Q1 25 | $613.3M | $664.2M | ||
| Q4 24 | $632.8M | $599.9M | ||
| Q3 24 | $655.9M | $550.3M | ||
| Q2 24 | $643.7M | $507.5M | ||
| Q1 24 | $541.8M | $493.0M |
净利润FWRDUI
| Q4 25 | $-28.3M | $233.6M | ||
| Q3 25 | $-16.3M | $207.9M | ||
| Q2 25 | $-12.6M | $266.7M | ||
| Q1 25 | $-50.6M | $180.4M | ||
| Q4 24 | $-36.4M | $136.8M | ||
| Q3 24 | $-73.4M | $128.0M | ||
| Q2 24 | $-645.4M | $103.8M | ||
| Q1 24 | $-61.7M | $76.3M |
毛利率FWRDUI
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 46.0% | ||
| Q2 25 | — | 45.1% | ||
| Q1 25 | — | 44.5% | ||
| Q4 24 | — | 41.2% | ||
| Q3 24 | — | 42.1% | ||
| Q2 24 | — | 40.2% | ||
| Q1 24 | — | 35.3% |
营业利润率FWRDUI
| Q4 25 | -0.5% | 35.9% | ||
| Q3 25 | 2.4% | 35.7% | ||
| Q2 25 | 3.2% | 34.4% | ||
| Q1 25 | 0.8% | 34.2% | ||
| Q4 24 | 12.0% | 29.8% | ||
| Q3 24 | 3.5% | 30.7% | ||
| Q2 24 | -170.2% | 27.3% | ||
| Q1 24 | -12.1% | 22.6% |
净利率FWRDUI
| Q4 25 | -4.5% | 28.7% | ||
| Q3 25 | -2.6% | 28.3% | ||
| Q2 25 | -2.0% | 35.1% | ||
| Q1 25 | -8.3% | 27.2% | ||
| Q4 24 | -5.8% | 22.8% | ||
| Q3 24 | -11.2% | 23.3% | ||
| Q2 24 | -100.3% | 20.5% | ||
| Q1 24 | -11.4% | 15.5% |
每股收益（稀释后）FWRDUI
| Q4 25 | $-0.90 | $3.86 | ||
| Q3 25 | $-0.52 | $3.43 | ||
| Q2 25 | $-0.41 | $4.40 | ||
| Q1 25 | $-1.68 | $2.98 | ||
| Q4 24 | $-1.69 | $2.26 | ||
| Q3 24 | $-2.66 | $2.12 | ||
| Q2 24 | $-23.47 | $1.72 | ||
| Q1 24 | $-2.81 | $1.26 |
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 | $302.8M |
| 总债务越低越好 | $1.7B | $47.5M |
| 股东权益账面价值 | $113.3M | $1.0B |
| 总资产 | $2.7B | $1.6B |
| 负债/权益比越低杠杆越低 | 14.89× | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资FWRDUI
| Q4 25 | $106.0M | $302.8M | ||
| Q3 25 | $140.4M | $177.2M | ||
| Q2 25 | $95.1M | $149.7M | ||
| Q1 25 | $116.3M | $151.0M | ||
| Q4 24 | $104.9M | $133.1M | ||
| Q3 24 | $136.6M | $165.2M | ||
| Q2 24 | $84.9M | $126.3M | ||
| Q1 24 | $152.0M | $102.5M |
总债务FWRDUI
| Q4 25 | $1.7B | $47.5M | ||
| Q3 25 | $1.7B | $133.8M | ||
| Q2 25 | — | $250.0M | ||
| Q1 25 | — | $340.0M | ||
| Q4 24 | — | $406.3M | ||
| Q3 24 | — | $552.5M | ||
| Q2 24 | — | $708.1M | ||
| Q1 24 | $1.7B | $877.5M |
股东权益FWRDUI
| Q4 25 | $113.3M | $1.0B | ||
| Q3 25 | $139.8M | $828.4M | ||
| Q2 25 | $151.8M | $668.3M | ||
| Q1 25 | $154.6M | $436.1M | ||
| Q4 24 | $201.7M | $290.4M | ||
| Q3 24 | $226.1M | $188.1M | ||
| Q2 24 | $283.8M | $95.1M | ||
| Q1 24 | $926.1M | $25.9M |
总资产FWRDUI
| Q4 25 | $2.7B | $1.6B | ||
| Q3 25 | $2.8B | $1.5B | ||
| Q2 25 | $2.8B | $1.5B | ||
| Q1 25 | $2.8B | $1.3B | ||
| Q4 24 | $2.8B | $1.2B | ||
| Q3 24 | $3.1B | $1.2B | ||
| Q2 24 | $3.1B | $1.2B | ||
| Q1 24 | $4.0B | $1.2B |
负债/权益比FWRDUI
| Q4 25 | 14.89× | 0.05× | ||
| Q3 25 | 12.05× | 0.16× | ||
| Q2 25 | — | 0.37× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 2.94× | ||
| Q2 24 | — | 7.45× | ||
| Q1 24 | 1.81× | 33.92× |
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 | — | $263.9M |
| 自由现金流经营现金流 - 资本支出 | — | $260.3M |
| 自由现金流率自由现金流/营收 | — | 31.9% |
| 资本支出强度资本支出/营收 | 1.3% | 0.4% |
| 现金转化率经营现金流/净利润 | — | 1.13× |
| 过去12个月自由现金流最近4个季度 | — | $699.5M |
8季度趋势，按日历期对齐
经营现金流FWRDUI
| Q4 25 | — | $263.9M | ||
| Q3 25 | $52.7M | $198.5M | ||
| Q2 25 | — | $130.4M | ||
| Q1 25 | $27.6M | $123.6M | ||
| Q4 24 | $-23.2M | $152.4M | ||
| Q3 24 | $51.2M | $233.7M | ||
| Q2 24 | $-45.2M | $231.4M | ||
| Q1 24 | $-51.7M | $163.9M |
自由现金流FWRDUI
| Q4 25 | — | $260.3M | ||
| Q3 25 | $48.6M | $193.3M | ||
| Q2 25 | — | $125.2M | ||
| Q1 25 | $15.7M | $120.7M | ||
| Q4 24 | $-30.5M | $150.4M | ||
| Q3 24 | $40.7M | $231.1M | ||
| Q2 24 | $-59.6M | $229.5M | ||
| Q1 24 | $-56.7M | $160.6M |
自由现金流率FWRDUI
| Q4 25 | — | 31.9% | ||
| Q3 25 | 7.7% | 26.3% | ||
| Q2 25 | — | 16.5% | ||
| Q1 25 | 2.6% | 18.2% | ||
| Q4 24 | -4.8% | 25.1% | ||
| Q3 24 | 6.2% | 42.0% | ||
| Q2 24 | -9.3% | 45.2% | ||
| Q1 24 | -10.5% | 32.6% |
资本支出强度FWRDUI
| Q4 25 | 1.3% | 0.4% | ||
| Q3 25 | 0.7% | 0.7% | ||
| Q2 25 | 0.8% | 0.7% | ||
| Q1 25 | 1.9% | 0.4% | ||
| Q4 24 | 1.1% | 0.3% | ||
| Q3 24 | 1.6% | 0.5% | ||
| Q2 24 | 2.2% | 0.4% | ||
| Q1 24 | 0.9% | 0.7% |
现金转化率FWRDUI
| Q4 25 | — | 1.13× | ||
| Q3 25 | — | 0.95× | ||
| Q2 25 | — | 0.49× | ||
| Q1 25 | — | 0.68× | ||
| Q4 24 | — | 1.11× | ||
| Q3 24 | — | 1.83× | ||
| Q2 24 | — | 2.23× | ||
| Q1 24 | — | 2.15× |
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% |
UI
| Enterprise Technology | $729.0M | 89% |
| Service Provider Technology | $85.9M | 11% |
