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FORWARD AIR CORP（FWRD）与West Pharmaceutical Services（WST）财务数据对比。点击上方公司名可切换其他公司
West Pharmaceutical Services的季度营收约是FORWARD AIR CORP的1.3倍（$805.0M vs $631.2M），West Pharmaceutical Services净利率更高（16.4% vs -4.5%，领先20.9%），West Pharmaceutical Services同比增速更快（7.5% vs -0.3%），过去两年FORWARD AIR CORP的营收复合增速更高（7.9% vs 7.6%）
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。
美国West Pharmaceutical Services是注射用药品包装及给药系统的设计和制造商，1923年成立，总部位于宾夕法尼亚州埃克斯顿。成立初期主营注射类药物包装用橡胶组件，曾为青霉素和胰岛素生产商提供符合无菌要求的配套产品。
FWRD vs WST — 直观对比
营收规模更大
WST
是对方的1.3倍
$631.2M
营收增速更快
WST
高出7.8%
-0.3%
净利率更高
WST
高出20.9%
-4.5%
两年增速更快
FWRD
近两年复合增速
7.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $631.2M | $805.0M |
| 净利润 | $-28.3M | $132.1M |
| 毛利率 | — | 37.8% |
| 营业利润率 | -0.5% | 19.5% |
| 净利率 | -4.5% | 16.4% |
| 营收同比 | -0.3% | 7.5% |
| 净利润同比 | 22.2% | 1.5% |
| 每股收益（稀释后） | $-0.90 | $1.82 |
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FWRDWST
| Q4 25 | $631.2M | $805.0M | ||
| Q3 25 | $631.8M | $804.6M | ||
| Q2 25 | $618.8M | $766.5M | ||
| Q1 25 | $613.3M | $698.0M | ||
| Q4 24 | $632.8M | $748.8M | ||
| Q3 24 | $655.9M | $746.9M | ||
| Q2 24 | $643.7M | $702.1M | ||
| Q1 24 | $541.8M | $695.4M |
净利润FWRDWST
| Q4 25 | $-28.3M | $132.1M | ||
| Q3 25 | $-16.3M | $140.0M | ||
| Q2 25 | $-12.6M | $131.8M | ||
| Q1 25 | $-50.6M | $89.8M | ||
| Q4 24 | $-36.4M | $130.1M | ||
| Q3 24 | $-73.4M | $136.0M | ||
| Q2 24 | $-645.4M | $111.3M | ||
| Q1 24 | $-61.7M | $115.3M |
毛利率FWRDWST
| Q4 25 | — | 37.8% | ||
| Q3 25 | — | 36.6% | ||
| Q2 25 | — | 35.7% | ||
| Q1 25 | — | 33.2% | ||
| Q4 24 | — | 36.5% | ||
| Q3 24 | — | 35.4% | ||
| Q2 24 | — | 32.8% | ||
| Q1 24 | — | 33.1% |
营业利润率FWRDWST
| Q4 25 | -0.5% | 19.5% | ||
| Q3 25 | 2.4% | 20.8% | ||
| Q2 25 | 3.2% | 20.1% | ||
| Q1 25 | 0.8% | 15.3% | ||
| Q4 24 | 12.0% | 21.3% | ||
| Q3 24 | 3.5% | 21.6% | ||
| Q2 24 | -170.2% | 18.0% | ||
| Q1 24 | -12.1% | 17.7% |
净利率FWRDWST
| Q4 25 | -4.5% | 16.4% | ||
| Q3 25 | -2.6% | 17.4% | ||
| Q2 25 | -2.0% | 17.2% | ||
| Q1 25 | -8.3% | 12.9% | ||
| Q4 24 | -5.8% | 17.4% | ||
| Q3 24 | -11.2% | 18.2% | ||
| Q2 24 | -100.3% | 15.9% | ||
| Q1 24 | -11.4% | 16.6% |
每股收益（稀释后）FWRDWST
| Q4 25 | $-0.90 | $1.82 | ||
| Q3 25 | $-0.52 | $1.92 | ||
| Q2 25 | $-0.41 | $1.82 | ||
| Q1 25 | $-1.68 | $1.23 | ||
| Q4 24 | $-1.69 | $1.78 | ||
| Q3 24 | $-2.66 | $1.85 | ||
| Q2 24 | $-23.47 | $1.51 | ||
| Q1 24 | $-2.81 | $1.55 |
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 | $791.3M |
| 总债务越低越好 | $1.7B | $202.8M |
| 股东权益账面价值 | $113.3M | $3.2B |
| 总资产 | $2.7B | $4.3B |
| 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FWRDWST
| Q4 25 | $106.0M | $791.3M | ||
| Q3 25 | $140.4M | $628.5M | ||
| Q2 25 | $95.1M | $509.7M | ||
| Q1 25 | $116.3M | $404.2M | ||
| Q4 24 | $104.9M | $484.6M | ||
| Q3 24 | $136.6M | $490.9M | ||
| Q2 24 | $84.9M | $446.2M | ||
| Q1 24 | $152.0M | $601.8M |
总债务FWRDWST
| Q4 25 | $1.7B | $202.8M | ||
| Q3 25 | $1.7B | $202.7M | ||
| Q2 25 | — | $202.6M | ||
| Q1 25 | — | $202.6M | ||
| Q4 24 | — | $202.6M | ||
| Q3 24 | — | $202.6M | ||
| Q2 24 | — | $205.8M | ||
| Q1 24 | $1.7B | $206.2M |
股东权益FWRDWST
| Q4 25 | $113.3M | $3.2B | ||
| Q3 25 | $139.8M | $3.1B | ||
| Q2 25 | $151.8M | $2.9B | ||
| Q1 25 | $154.6M | $2.7B | ||
| Q4 24 | $201.7M | $2.7B | ||
| Q3 24 | $226.1M | $2.8B | ||
| Q2 24 | $283.8M | $2.6B | ||
| Q1 24 | $926.1M | $2.7B |
总资产FWRDWST
| Q4 25 | $2.7B | $4.3B | ||
| Q3 25 | $2.8B | $4.1B | ||
| Q2 25 | $2.8B | $4.0B | ||
| Q1 25 | $2.8B | $3.6B | ||
| Q4 24 | $2.8B | $3.6B | ||
| Q3 24 | $3.1B | $3.7B | ||
| Q2 24 | $3.1B | $3.5B | ||
| Q1 24 | $4.0B | $3.6B |
负债/权益比FWRDWST
| Q4 25 | 14.89× | 0.06× | ||
| Q3 25 | 12.05× | 0.07× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.08× | ||
| Q4 24 | — | 0.08× | ||
| Q3 24 | — | 0.07× | ||
| Q2 24 | — | 0.08× | ||
| Q1 24 | 1.81× | 0.08× |
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 | — | $251.1M |
| 自由现金流经营现金流 - 资本支出 | — | $175.0M |
| 自由现金流率自由现金流/营收 | — | 21.7% |
| 资本支出强度资本支出/营收 | 1.3% | 9.5% |
| 现金转化率经营现金流/净利润 | — | 1.90× |
| 过去12个月自由现金流最近4个季度 | — | $468.9M |
8季度趋势，按日历期对齐
经营现金流FWRDWST
| Q4 25 | — | $251.1M | ||
| Q3 25 | $52.7M | $197.2M | ||
| Q2 25 | — | $177.1M | ||
| Q1 25 | $27.6M | $129.4M | ||
| Q4 24 | $-23.2M | $190.1M | ||
| Q3 24 | $51.2M | $180.1M | ||
| Q2 24 | $-45.2M | $165.0M | ||
| Q1 24 | $-51.7M | $118.2M |
自由现金流FWRDWST
| Q4 25 | — | $175.0M | ||
| Q3 25 | $48.6M | $133.9M | ||
| Q2 25 | — | $101.9M | ||
| Q1 25 | $15.7M | $58.1M | ||
| Q4 24 | $-30.5M | $85.2M | ||
| Q3 24 | $40.7M | $98.8M | ||
| Q2 24 | $-59.6M | $64.8M | ||
| Q1 24 | $-56.7M | $27.6M |
自由现金流率FWRDWST
| Q4 25 | — | 21.7% | ||
| Q3 25 | 7.7% | 16.6% | ||
| Q2 25 | — | 13.3% | ||
| Q1 25 | 2.6% | 8.3% | ||
| Q4 24 | -4.8% | 11.4% | ||
| Q3 24 | 6.2% | 13.2% | ||
| Q2 24 | -9.3% | 9.2% | ||
| Q1 24 | -10.5% | 4.0% |
资本支出强度FWRDWST
| Q4 25 | 1.3% | 9.5% | ||
| Q3 25 | 0.7% | 7.9% | ||
| Q2 25 | 0.8% | 9.8% | ||
| Q1 25 | 1.9% | 10.2% | ||
| Q4 24 | 1.1% | 14.0% | ||
| Q3 24 | 1.6% | 10.9% | ||
| Q2 24 | 2.2% | 14.3% | ||
| Q1 24 | 0.9% | 13.0% |
现金转化率FWRDWST
| Q4 25 | — | 1.90× | ||
| Q3 25 | — | 1.41× | ||
| Q2 25 | — | 1.34× | ||
| Q1 25 | — | 1.44× | ||
| Q4 24 | — | 1.46× | ||
| Q3 24 | — | 1.32× | ||
| Q2 24 | — | 1.48× | ||
| Q1 24 | — | 1.03× |
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% |
WST
| Proprietary Products | $661.8M | 82% |
| Contract Manufactured Products | $143.2M | 18% |
| Affiliated Entity | $3.3M | 0% |
