vs
FORWARD AIR CORP（FWRD）与Worthington Steel, Inc.（WS）财务数据对比。点击上方公司名可切换其他公司
Worthington Steel, Inc.的季度营收约是FORWARD AIR CORP的1.4倍（$871.9M vs $631.2M），Worthington Steel, Inc.净利率更高（2.2% vs -4.5%，领先6.6%），Worthington Steel, Inc.同比增速更快（18.0% vs -0.3%），过去两年FORWARD AIR CORP的营收复合增速更高（7.9% vs 3.9%）
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。
沃辛顿钢铁是总部位于美国俄亥俄州哥伦布市的工业制造企业，下设消费品和建筑建材两大业务板块，主营各类压力容器的设计与生产，覆盖丙烷、氧气、氦气储罐，制冷剂及工业气瓶，露营与民用气瓶，以及用于存储、处理、加热、扩容和流量控制的供水系统罐体等产品。
FWRD vs WS — 直观对比
营收规模更大
WS
是对方的1.4倍
$631.2M
营收增速更快
WS
高出18.2%
-0.3%
净利率更高
WS
高出6.6%
-4.5%
两年增速更快
FWRD
近两年复合增速
3.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $871.9M |
| 净利润 | $-28.3M | $18.8M |
| 毛利率 | — | 10.7% |
| 营业利润率 | -0.5% | 2.5% |
| 净利率 | -4.5% | 2.2% |
| 营收同比 | -0.3% | 18.0% |
| 净利润同比 | 22.2% | 46.9% |
| 每股收益（稀释后） | $-0.90 | $0.37 |
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FWRDWS
| Q4 25 | $631.2M | $871.9M | ||
| Q3 25 | $631.8M | $872.9M | ||
| Q2 25 | $618.8M | $832.9M | ||
| Q1 25 | $613.3M | $687.4M | ||
| Q4 24 | $632.8M | $739.0M | ||
| Q3 24 | $655.9M | $834.0M | ||
| Q2 24 | $643.7M | — | ||
| Q1 24 | $541.8M | $805.8M |
净利润FWRDWS
| Q4 25 | $-28.3M | $18.8M | ||
| Q3 25 | $-16.3M | $36.8M | ||
| Q2 25 | $-12.6M | $55.7M | ||
| Q1 25 | $-50.6M | $13.8M | ||
| Q4 24 | $-36.4M | $12.8M | ||
| Q3 24 | $-73.4M | $28.4M | ||
| Q2 24 | $-645.4M | — | ||
| Q1 24 | $-61.7M | $49.0M |
毛利率FWRDWS
| Q4 25 | — | 10.7% | ||
| Q3 25 | — | 13.2% | ||
| Q2 25 | — | 15.2% | ||
| Q1 25 | — | 11.8% | ||
| Q4 24 | — | 10.8% | ||
| Q3 24 | — | 12.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 14.9% |
营业利润率FWRDWS
| Q4 25 | -0.5% | 2.5% | ||
| Q3 25 | 2.4% | 5.5% | ||
| Q2 25 | 3.2% | 8.0% | ||
| Q1 25 | 0.8% | 2.7% | ||
| Q4 24 | 12.0% | 2.6% | ||
| Q3 24 | 3.5% | 5.2% | ||
| Q2 24 | -170.2% | — | ||
| Q1 24 | -12.1% | 8.2% |
净利率FWRDWS
| Q4 25 | -4.5% | 2.2% | ||
| Q3 25 | -2.6% | 4.2% | ||
| Q2 25 | -2.0% | 6.7% | ||
| Q1 25 | -8.3% | 2.0% | ||
| Q4 24 | -5.8% | 1.7% | ||
| Q3 24 | -11.2% | 3.4% | ||
| Q2 24 | -100.3% | — | ||
| Q1 24 | -11.4% | 6.1% |
每股收益（稀释后）FWRDWS
| Q4 25 | $-0.90 | $0.37 | ||
| Q3 25 | $-0.52 | $0.72 | ||
| Q2 25 | $-0.41 | $1.11 | ||
| Q1 25 | $-1.68 | $0.27 | ||
| Q4 24 | $-1.69 | $0.25 | ||
| Q3 24 | $-2.66 | $0.56 | ||
| Q2 24 | $-23.47 | — | ||
| Q1 24 | $-2.81 | $0.98 |
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 | $89.8M |
| 总债务越低越好 | $1.7B | $72.1M |
| 股东权益账面价值 | $113.3M | $1.1B |
| 总资产 | $2.7B | $2.1B |
| 负债/权益比越低杠杆越低 | 14.89× | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资FWRDWS
| Q4 25 | $106.0M | $89.8M | ||
| Q3 25 | $140.4M | $78.3M | ||
| Q2 25 | $95.1M | $38.0M | ||
| Q1 25 | $116.3M | $63.3M | ||
| Q4 24 | $104.9M | $52.0M | ||
| Q3 24 | $136.6M | $36.0M | ||
| Q2 24 | $84.9M | — | ||
| Q1 24 | $152.0M | $60.8M |
总债务FWRDWS
| Q4 25 | $1.7B | $72.1M | ||
| Q3 25 | $1.7B | $73.4M | ||
| Q2 25 | — | $151.5M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $115.0M | ||
| Q3 24 | — | $122.2M | ||
| Q2 24 | — | — | ||
| Q1 24 | $1.7B | $147.2M |
股东权益FWRDWS
| Q4 25 | $113.3M | $1.1B | ||
| Q3 25 | $139.8M | $1.1B | ||
| Q2 25 | $151.8M | $1.1B | ||
| Q1 25 | $154.6M | $1.0B | ||
| Q4 24 | $201.7M | $1.0B | ||
| Q3 24 | $226.1M | $1.0B | ||
| Q2 24 | $283.8M | — | ||
| Q1 24 | $926.1M | $937.6M |
总资产FWRDWS
| Q4 25 | $2.7B | $2.1B | ||
| Q3 25 | $2.8B | $2.2B | ||
| Q2 25 | $2.8B | $2.0B | ||
| Q1 25 | $2.8B | $1.8B | ||
| Q4 24 | $2.8B | $1.7B | ||
| Q3 24 | $3.1B | $1.8B | ||
| Q2 24 | $3.1B | — | ||
| Q1 24 | $4.0B | $1.8B |
负债/权益比FWRDWS
| Q4 25 | 14.89× | 0.06× | ||
| Q3 25 | 12.05× | 0.07× | ||
| Q2 25 | — | 0.14× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.11× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.81× | 0.16× |
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 | — | $99.3M |
| 自由现金流经营现金流 - 资本支出 | — | $74.6M |
| 自由现金流率自由现金流/营收 | — | 8.6% |
| 资本支出强度资本支出/营收 | 1.3% | 2.8% |
| 现金转化率经营现金流/净利润 | — | 5.28× |
| 过去12个月自由现金流最近4个季度 | — | $72.5M |
8季度趋势，按日历期对齐
经营现金流FWRDWS
| Q4 25 | — | $99.3M | ||
| Q3 25 | $52.7M | $-6.3M | ||
| Q2 25 | — | $53.9M | ||
| Q1 25 | $27.6M | $53.8M | ||
| Q4 24 | $-23.2M | $68.0M | ||
| Q3 24 | $51.2M | $54.6M | ||
| Q2 24 | $-45.2M | — | ||
| Q1 24 | $-51.7M | $44.7M |
自由现金流FWRDWS
| Q4 25 | — | $74.6M | ||
| Q3 25 | $48.6M | $-35.7M | ||
| Q2 25 | — | $8.4M | ||
| Q1 25 | $15.7M | $25.2M | ||
| Q4 24 | $-30.5M | $33.2M | ||
| Q3 24 | $40.7M | $33.1M | ||
| Q2 24 | $-59.6M | — | ||
| Q1 24 | $-56.7M | $22.3M |
自由现金流率FWRDWS
| Q4 25 | — | 8.6% | ||
| Q3 25 | 7.7% | -4.1% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | 2.6% | 3.7% | ||
| Q4 24 | -4.8% | 4.5% | ||
| Q3 24 | 6.2% | 4.0% | ||
| Q2 24 | -9.3% | — | ||
| Q1 24 | -10.5% | 2.8% |
资本支出强度FWRDWS
| Q4 25 | 1.3% | 2.8% | ||
| Q3 25 | 0.7% | 3.4% | ||
| Q2 25 | 0.8% | 5.5% | ||
| Q1 25 | 1.9% | 4.2% | ||
| Q4 24 | 1.1% | 4.7% | ||
| Q3 24 | 1.6% | 2.6% | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 0.9% | 2.8% |
现金转化率FWRDWS
| Q4 25 | — | 5.28× | ||
| Q3 25 | — | -0.17× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | 3.90× | ||
| Q4 24 | — | 5.31× | ||
| Q3 24 | — | 1.92× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.91× |
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% |
WS
| Direct | $844.1M | 97% |
| Toll | $27.8M | 3% |
