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LANDSTAR SYSTEM INC（LSTR）与WERNER ENTERPRISES INC（WERN）财务数据对比。点击上方公司名可切换其他公司
LANDSTAR SYSTEM INC的季度营收约是WERNER ENTERPRISES INC的1.6倍（$1.2B vs $719.9M）。LANDSTAR SYSTEM INC净利率更高（2.0% vs -3.9%，领先5.9%）。WERNER ENTERPRISES INC同比增速更快（-2.3% vs -2.9%）。LANDSTAR SYSTEM INC自由现金流更多（$70.5M vs $-23.5M）。过去两年LANDSTAR SYSTEM INC的营收复合增速更高（0.1% vs -2.0%）
Landstar System Inc.是美国专业运输服务企业，主营第三方物流业务，依托由超8800名独立自营车主、1000余名独立货运代理人、7万余家合规认证承运商组成的庞大网络，服务主要覆盖美国全境，同时提供加拿大境内及美加、美墨跨境物流服务。
沃纳企业是美国知名运输物流服务商，业务覆盖美国、墨西哥与加拿大市场。2023年该公司营收达32.8亿美元，旗下员工及签约承包商总规模超1.4万人，在北美跨境物流、干线运输领域具备成熟的服务能力与行业影响力。
LSTR vs WERN — 直观对比
营收规模更大
LSTR
是对方的1.6倍
$719.9M
营收增速更快
WERN
高出0.6%
-2.9%
净利率更高
LSTR
高出5.9%
-3.9%
自由现金流更多
LSTR
多$94.0M
$-23.5M
两年增速更快
LSTR
近两年复合增速
-2.0%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $719.9M |
| 净利润 | $23.9M | $-27.8M |
| 毛利率 | — | — |
| 营业利润率 | 2.5% | -5.0% |
| 净利率 | 2.0% | -3.9% |
| 营收同比 | -2.9% | -2.3% |
| 净利润同比 | -48.2% | -333.7% |
| 每股收益（稀释后） | $0.70 | $-0.46 |
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LSTRWERN
| Q4 25 | $1.2B | $719.9M | ||
| Q3 25 | $1.2B | $752.2M | ||
| Q2 25 | $1.2B | $734.1M | ||
| Q1 25 | $1.2B | $693.4M | ||
| Q4 24 | $1.2B | $736.6M | ||
| Q3 24 | $1.2B | $726.3M | ||
| Q2 24 | $1.2B | $742.7M | ||
| Q1 24 | $1.2B | $749.5M |
净利润LSTRWERN
| Q4 25 | $23.9M | $-27.8M | ||
| Q3 25 | $19.4M | $-20.6M | ||
| Q2 25 | $41.9M | $44.1M | ||
| Q1 25 | $29.8M | $-10.1M | ||
| Q4 24 | $46.2M | $11.9M | ||
| Q3 24 | $50.0M | $6.6M | ||
| Q2 24 | $52.6M | $9.5M | ||
| Q1 24 | $47.1M | $6.3M |
营业利润率LSTRWERN
| Q4 25 | 2.5% | -5.0% | ||
| Q3 25 | 2.2% | -1.7% | ||
| Q2 25 | 4.6% | 9.0% | ||
| Q1 25 | 3.4% | -0.8% | ||
| Q4 24 | 4.8% | 1.8% | ||
| Q3 24 | 5.2% | 2.4% | ||
| Q2 24 | 5.6% | 2.6% | ||
| Q1 24 | 5.1% | 2.1% |
净利率LSTRWERN
| Q4 25 | 2.0% | -3.9% | ||
| Q3 25 | 1.6% | -2.7% | ||
| Q2 25 | 3.5% | 6.0% | ||
| Q1 25 | 2.6% | -1.5% | ||
| Q4 24 | 3.8% | 1.6% | ||
| Q3 24 | 4.1% | 0.9% | ||
| Q2 24 | 4.3% | 1.3% | ||
| Q1 24 | 4.0% | 0.8% |
每股收益（稀释后）LSTRWERN
| Q4 25 | $0.70 | $-0.46 | ||
| Q3 25 | $0.56 | $-0.34 | ||
| Q2 25 | $1.20 | $0.72 | ||
| Q1 25 | $0.85 | $-0.16 | ||
| Q4 24 | $1.30 | $0.19 | ||
| Q3 24 | $1.41 | $0.11 | ||
| Q2 24 | $1.48 | $0.15 | ||
| Q1 24 | $1.32 | $0.10 |
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 | $452.2M | $59.9M |
| 总债务越低越好 | $0 | $752.0M |
| 股东权益账面价值 | $795.7M | $1.4B |
| 总资产 | $1.6B | $2.9B |
| 负债/权益比越低杠杆越低 | 0.00× | 0.55× |
8季度趋势，按日历期对齐
现金及短期投资LSTRWERN
| Q4 25 | $452.2M | $59.9M | ||
| Q3 25 | $434.4M | $51.0M | ||
| Q2 25 | $426.2M | $51.4M | ||
| Q1 25 | $473.4M | $52.0M | ||
| Q4 24 | $566.6M | $40.8M | ||
| Q3 24 | $531.3M | $54.7M | ||
| Q2 24 | $504.0M | $70.4M | ||
| Q1 24 | $530.5M | $60.3M |
总债务LSTRWERN
| Q4 25 | $0 | $752.0M | ||
| Q3 25 | $0 | $725.0M | ||
| Q2 25 | $0 | $725.0M | ||
| Q1 25 | $0 | $640.0M | ||
| Q4 24 | $0 | $650.0M | ||
| Q3 24 | $0 | $690.0M | ||
| Q2 24 | $0 | $670.0M | ||
| Q1 24 | $0 | $597.5M |
股东权益LSTRWERN
| Q4 25 | $795.7M | $1.4B | ||
| Q3 25 | $888.7M | $1.4B | ||
| Q2 25 | $921.8M | $1.4B | ||
| Q1 25 | $930.8M | $1.4B | ||
| Q4 24 | $972.4M | $1.5B | ||
| Q3 24 | $1.0B | $1.4B | ||
| Q2 24 | $1.0B | $1.5B | ||
| Q1 24 | $1.0B | $1.5B |
总资产LSTRWERN
| Q4 25 | $1.6B | $2.9B | ||
| Q3 25 | $1.7B | $3.0B | ||
| Q2 25 | $1.7B | $2.9B | ||
| Q1 25 | $1.7B | $3.0B | ||
| Q4 24 | $1.8B | $3.1B | ||
| Q3 24 | $1.8B | $3.1B | ||
| Q2 24 | $1.8B | $3.1B | ||
| Q1 24 | $1.7B | $3.1B |
负债/权益比LSTRWERN
| Q4 25 | 0.00× | 0.55× | ||
| Q3 25 | 0.00× | 0.52× | ||
| Q2 25 | 0.00× | 0.51× | ||
| Q1 25 | 0.00× | 0.45× | ||
| Q4 24 | 0.00× | 0.45× | ||
| Q3 24 | 0.00× | 0.48× | ||
| Q2 24 | 0.00× | 0.46× | ||
| Q1 24 | 0.00× | 0.39× |
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 | $72.7M | $62.3M |
| 自由现金流经营现金流 - 资本支出 | $70.5M | $-23.5M |
| 自由现金流率自由现金流/营收 | 6.0% | -3.3% |
| 资本支出强度资本支出/营收 | 0.2% | 11.9% |
| 现金转化率经营现金流/净利润 | 3.04× | — |
| 过去12个月自由现金流最近4个季度 | $215.0M | $-68.5M |
8季度趋势，按日历期对齐
经营现金流LSTRWERN
| Q4 25 | $72.7M | $62.3M | ||
| Q3 25 | $89.3M | $44.1M | ||
| Q2 25 | $7.1M | $46.0M | ||
| Q1 25 | $55.7M | $29.4M | ||
| Q4 24 | $61.1M | $71.0M | ||
| Q3 24 | $83.1M | $61.0M | ||
| Q2 24 | $48.1M | $109.1M | ||
| Q1 24 | $94.2M | $88.6M |
自由现金流LSTRWERN
| Q4 25 | $70.5M | $-23.5M | ||
| Q3 25 | $86.0M | $-8.6M | ||
| Q2 25 | $4.7M | $-42.3M | ||
| Q1 25 | $53.8M | $5.9M | ||
| Q4 24 | $54.4M | $-9.8M | ||
| Q3 24 | $75.6M | $-73.4M | ||
| Q2 24 | $40.6M | $-31.2M | ||
| Q1 24 | $84.9M | $30.4M |
自由现金流率LSTRWERN
| Q4 25 | 6.0% | -3.3% | ||
| Q3 25 | 7.1% | -1.1% | ||
| Q2 25 | 0.4% | -5.8% | ||
| Q1 25 | 4.7% | 0.8% | ||
| Q4 24 | 4.5% | -1.3% | ||
| Q3 24 | 6.2% | -10.1% | ||
| Q2 24 | 3.3% | -4.2% | ||
| Q1 24 | 7.3% | 4.0% |
资本支出强度LSTRWERN
| Q4 25 | 0.2% | 11.9% | ||
| Q3 25 | 0.3% | 7.0% | ||
| Q2 25 | 0.2% | 12.0% | ||
| Q1 25 | 0.2% | 3.4% | ||
| Q4 24 | 0.6% | 11.0% | ||
| Q3 24 | 0.6% | 18.5% | ||
| Q2 24 | 0.6% | 18.9% | ||
| Q1 24 | 0.8% | 7.8% |
现金转化率LSTRWERN
| Q4 25 | 3.04× | — | ||
| Q3 25 | 4.61× | — | ||
| Q2 25 | 0.17× | 1.04× | ||
| Q1 25 | 1.87× | — | ||
| Q4 24 | 1.32× | 5.97× | ||
| Q3 24 | 1.66× | 9.30× | ||
| Q2 24 | 0.91× | 11.52× | ||
| Q1 24 | 2.00× | 14.03× |
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
LSTR
| Transportation Logistics | $1.2B | 99% |
| Insurance | $14.6M | 1% |
WERN
| Truckload Transportation Services Segment | $512.6M | 71% |
| Werner Logistics | $207.5M | 29% |
| CA | $3.1M | 0% |
