vs
Arhaus, Inc.（ARHS）与Forestar Group Inc.（FOR）财务数据对比。点击上方公司名可切换其他公司
Arhaus, Inc.的季度营收约是Forestar Group Inc.的1.3倍（$364.8M vs $273.0M），Forestar Group Inc.净利率更高（5.6% vs 4.1%，领先1.5%），Forestar Group Inc.同比增速更快（9.0% vs 5.1%），Arhaus, Inc.自由现金流更多（$-8.8M vs $-157.1M），过去两年Arhaus, Inc.的营收复合增速更高（11.2% vs -9.6%）
Arhaus, Inc.是源自美国的高端家居零售企业，总部位于俄亥俄州波士顿高地，1986年正式创立。品牌主打可持续理念与工匠级品质，产品品类丰富，采用全渠道模式面向个人消费者及企业客户，覆盖民用与商用家居场景，提供相关产品与配套服务。
福雷斯特集团是一家住宅地块开发企业，总部位于得克萨斯州阿灵顿，业务覆盖美国21个州的51个市场。截至2020年12月31日的12个月内，该公司交付了11518块住宅地块，目前在纽约证券交易所上市，自2002年起就是美国规模最大的住宅建筑商D.R. Horton的控股子公司。
ARHS vs FOR — 直观对比
营收规模更大
ARHS
是对方的1.3倍
$273.0M
营收增速更快
FOR
高出3.9%
5.1%
净利率更高
FOR
高出1.5%
4.1%
自由现金流更多
ARHS
多$148.3M
$-157.1M
两年增速更快
ARHS
近两年复合增速
-9.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $364.8M | $273.0M |
| 净利润 | $15.1M | $15.4M |
| 毛利率 | 38.1% | 20.1% |
| 营业利润率 | 5.6% | 7.6% |
| 净利率 | 4.1% | 5.6% |
| 营收同比 | 5.1% | 9.0% |
| 净利润同比 | -29.1% | -6.7% |
| 每股收益（稀释后） | $0.11 | $0.30 |
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ARHSFOR
| Q4 25 | $364.8M | $273.0M | ||
| Q3 25 | $344.6M | $670.5M | ||
| Q2 25 | $358.4M | $390.5M | ||
| Q1 25 | $311.4M | $351.0M | ||
| Q4 24 | $347.0M | $250.4M | ||
| Q3 24 | $319.1M | $551.3M | ||
| Q2 24 | $309.8M | $318.4M | ||
| Q1 24 | $295.2M | $333.8M |
净利润ARHSFOR
| Q4 25 | $15.1M | $15.4M | ||
| Q3 25 | $12.2M | $86.9M | ||
| Q2 25 | $35.1M | $32.9M | ||
| Q1 25 | $4.9M | $31.6M | ||
| Q4 24 | $21.3M | $16.5M | ||
| Q3 24 | $9.9M | $81.5M | ||
| Q2 24 | $22.2M | $38.7M | ||
| Q1 24 | $15.1M | $45.0M |
毛利率ARHSFOR
| Q4 25 | 38.1% | 20.1% | ||
| Q3 25 | 38.7% | 22.3% | ||
| Q2 25 | 41.4% | 20.4% | ||
| Q1 25 | 37.1% | 22.6% | ||
| Q4 24 | 40.0% | 22.0% | ||
| Q3 24 | 38.6% | 23.9% | ||
| Q2 24 | 40.1% | 22.5% | ||
| Q1 24 | 39.0% | 24.9% |
营业利润率ARHSFOR
| Q4 25 | 5.6% | 7.6% | ||
| Q3 25 | 4.8% | 16.9% | ||
| Q2 25 | 13.0% | 11.2% | ||
| Q1 25 | 1.7% | 11.6% | ||
| Q4 24 | 8.2% | 8.7% | ||
| Q3 24 | 3.3% | 19.7% | ||
| Q2 24 | 9.5% | 16.2% | ||
| Q1 24 | 6.2% | 17.6% |
净利率ARHSFOR
| Q4 25 | 4.1% | 5.6% | ||
| Q3 25 | 3.5% | 13.0% | ||
| Q2 25 | 9.8% | 8.4% | ||
| Q1 25 | 1.6% | 9.0% | ||
| Q4 24 | 6.1% | 6.6% | ||
| Q3 24 | 3.1% | 14.8% | ||
| Q2 24 | 7.2% | 12.2% | ||
| Q1 24 | 5.1% | 13.5% |
每股收益（稀释后）ARHSFOR
| Q4 25 | $0.11 | $0.30 | ||
| Q3 25 | $0.09 | $1.70 | ||
| Q2 25 | $0.25 | $0.65 | ||
| Q1 25 | $0.03 | $0.62 | ||
| Q4 24 | $0.15 | $0.32 | ||
| Q3 24 | $0.07 | $1.59 | ||
| Q2 24 | $0.16 | $0.76 | ||
| Q1 24 | $0.11 | $0.89 |
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 | $253.4M | $211.7M |
| 总债务越低越好 | — | $793.2M |
| 股东权益账面价值 | $418.2M | $1.8B |
| 总资产 | $1.4B | $3.2B |
| 负债/权益比越低杠杆越低 | — | 0.44× |
8季度趋势，按日历期对齐
现金及短期投资ARHSFOR
| Q4 25 | $253.4M | $211.7M | ||
| Q3 25 | $262.2M | $379.2M | ||
| Q2 25 | $234.8M | $189.2M | ||
| Q1 25 | $214.4M | $174.3M | ||
| Q4 24 | $197.5M | $132.0M | ||
| Q3 24 | $177.7M | $481.2M | ||
| Q2 24 | $174.2M | $359.2M | ||
| Q1 24 | $233.2M | $416.2M |
总债务ARHSFOR
| Q4 25 | — | $793.2M | ||
| Q3 25 | — | $802.7M | ||
| Q2 25 | — | $872.8M | ||
| Q1 25 | — | $872.5M | ||
| Q4 24 | — | $806.8M | ||
| Q3 24 | — | $706.4M | ||
| Q2 24 | — | $706.1M | ||
| Q1 24 | — | $705.7M |
股东权益ARHSFOR
| Q4 25 | $418.2M | $1.8B | ||
| Q3 25 | $400.4M | $1.8B | ||
| Q2 25 | $385.6M | $1.7B | ||
| Q1 25 | $348.8M | $1.6B | ||
| Q4 24 | $343.7M | $1.6B | ||
| Q3 24 | $320.6M | $1.6B | ||
| Q2 24 | $309.3M | $1.5B | ||
| Q1 24 | $285.6M | $1.5B |
总资产ARHSFOR
| Q4 25 | $1.4B | $3.2B | ||
| Q3 25 | $1.4B | $3.1B | ||
| Q2 25 | $1.3B | $3.1B | ||
| Q1 25 | $1.3B | $3.0B | ||
| Q4 24 | $1.2B | $3.0B | ||
| Q3 24 | $1.2B | $2.8B | ||
| Q2 24 | $1.2B | $2.7B | ||
| Q1 24 | $1.2B | $2.6B |
负债/权益比ARHSFOR
| Q4 25 | — | 0.44× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.44× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 0.48× |
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 | $9.3M | $-157.0M |
| 自由现金流经营现金流 - 资本支出 | $-8.8M | $-157.1M |
| 自由现金流率自由现金流/营收 | -2.4% | -57.5% |
| 资本支出强度资本支出/营收 | 5.0% | 0.0% |
| 现金转化率经营现金流/净利润 | 0.62× | -10.19× |
| 过去12个月自由现金流最近4个季度 | $59.0M | $93.0M |
8季度趋势，按日历期对齐
经营现金流ARHSFOR
| Q4 25 | $9.3M | $-157.0M | ||
| Q3 25 | $46.1M | $256.3M | ||
| Q2 25 | $34.9M | $15.8M | ||
| Q1 25 | $46.5M | $-19.8M | ||
| Q4 24 | $31.7M | $-450.0M | ||
| Q3 24 | $31.1M | $119.2M | ||
| Q2 24 | $47.5M | $-61.7M | ||
| Q1 24 | $36.8M | $-59.2M |
自由现金流ARHSFOR
| Q4 25 | $-8.8M | $-157.1M | ||
| Q3 25 | $28.0M | $255.6M | ||
| Q2 25 | $20.9M | $15.0M | ||
| Q1 25 | $18.9M | $-20.5M | ||
| Q4 24 | $13.0M | — | ||
| Q3 24 | $4.6M | $118.4M | ||
| Q2 24 | $11.3M | $-62.3M | ||
| Q1 24 | $10.9M | $-59.8M |
自由现金流率ARHSFOR
| Q4 25 | -2.4% | -57.5% | ||
| Q3 25 | 8.1% | 38.1% | ||
| Q2 25 | 5.8% | 3.8% | ||
| Q1 25 | 6.1% | -5.8% | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 1.4% | 21.5% | ||
| Q2 24 | 3.6% | -19.6% | ||
| Q1 24 | 3.7% | -17.9% |
资本支出强度ARHSFOR
| Q4 25 | 5.0% | 0.0% | ||
| Q3 25 | 5.3% | 0.1% | ||
| Q2 25 | 3.9% | 0.2% | ||
| Q1 25 | 8.9% | 0.2% | ||
| Q4 24 | 5.4% | 0.0% | ||
| Q3 24 | 8.3% | 0.1% | ||
| Q2 24 | 11.7% | 0.2% | ||
| Q1 24 | 8.8% | 0.2% |
现金转化率ARHSFOR
| Q4 25 | 0.62× | -10.19× | ||
| Q3 25 | 3.77× | 2.95× | ||
| Q2 25 | 1.00× | 0.48× | ||
| Q1 25 | 9.53× | -0.63× | ||
| Q4 24 | 1.49× | -27.27× | ||
| Q3 24 | 3.14× | 1.46× | ||
| Q2 24 | 2.14× | -1.59× | ||
| Q1 24 | 2.44× | -1.32× |
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
ARHS
| Sales Channel Retail | $305.7M | 84% |
| Sales Channel E Commerce | $59.2M | 16% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
