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亚什兰（ASH）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
亚什兰的季度营收约是Forestar Group Inc.的1.4倍（$386.0M vs $273.0M），Forestar Group Inc.净利率更高（5.6% vs -3.1%，领先8.7%），Forestar Group Inc.同比增速更快（9.0% vs -4.7%），亚什兰自由现金流更多（$111.0M vs $-157.1M），过去两年Forestar Group Inc.的营收复合增速更高（-9.6% vs -18.1%）
亚什兰是一家总部位于美国特拉华州威尔明顿的化工企业，1924年始创于肯塔基州亚什兰市，最初以炼油业务起家，1994年迁至现总部。公司拥有多个业务板块，覆盖化工中间体与溶剂、复合材料、工业特种化学品、个人及家居护理、制药、食品饮料以及农业相关领域，2017年之前曾是胜牌润滑油的主要生产商。
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。
ASH vs FOR — 直观对比
营收规模更大
ASH
是对方的1.4倍
$273.0M
营收增速更快
FOR
高出13.7%
-4.7%
净利率更高
FOR
高出8.7%
-3.1%
自由现金流更多
ASH
多$268.1M
$-157.1M
两年增速更快
FOR
近两年复合增速
-18.1%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $386.0M | $273.0M |
| 净利润 | $-12.0M | $15.4M |
| 毛利率 | 27.2% | 20.1% |
| 营业利润率 | -1.6% | 7.6% |
| 净利率 | -3.1% | 5.6% |
| 营收同比 | -4.7% | 9.0% |
| 净利润同比 | 92.7% | -6.7% |
| 每股收益（稀释后） | $-0.26 | $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ASHFOR
| Q4 25 | $386.0M | $273.0M | ||
| Q3 25 | $477.0M | $670.5M | ||
| Q2 25 | $463.0M | $390.5M | ||
| Q1 25 | $479.0M | $351.0M | ||
| Q4 24 | $405.0M | $250.4M | ||
| Q3 24 | $521.0M | $551.3M | ||
| Q2 24 | $544.0M | $318.4M | ||
| Q1 24 | $575.0M | $333.8M |
净利润ASHFOR
| Q4 25 | $-12.0M | $15.4M | ||
| Q3 25 | $31.0M | $86.9M | ||
| Q2 25 | $-742.0M | $32.9M | ||
| Q1 25 | $31.0M | $31.6M | ||
| Q4 24 | $-165.0M | $16.5M | ||
| Q3 24 | $17.0M | $81.5M | ||
| Q2 24 | $6.0M | $38.7M | ||
| Q1 24 | $120.0M | $45.0M |
毛利率ASHFOR
| Q4 25 | 27.2% | 20.1% | ||
| Q3 25 | 33.3% | 22.3% | ||
| Q2 25 | 28.5% | 20.4% | ||
| Q1 25 | 30.7% | 22.6% | ||
| Q4 24 | 27.4% | 22.0% | ||
| Q3 24 | 33.2% | 23.9% | ||
| Q2 24 | 34.2% | 22.5% | ||
| Q1 24 | 28.0% | 24.9% |
营业利润率ASHFOR
| Q4 25 | -1.6% | 7.6% | ||
| Q3 25 | 12.8% | 16.9% | ||
| Q2 25 | -152.9% | 11.2% | ||
| Q1 25 | 10.6% | 11.6% | ||
| Q4 24 | -44.2% | 8.7% | ||
| Q3 24 | 6.1% | 19.7% | ||
| Q2 24 | -11.2% | 16.2% | ||
| Q1 24 | 3.7% | 17.6% |
净利率ASHFOR
| Q4 25 | -3.1% | 5.6% | ||
| Q3 25 | 6.5% | 13.0% | ||
| Q2 25 | -160.3% | 8.4% | ||
| Q1 25 | 6.5% | 9.0% | ||
| Q4 24 | -40.7% | 6.6% | ||
| Q3 24 | 3.3% | 14.8% | ||
| Q2 24 | 1.1% | 12.2% | ||
| Q1 24 | 20.9% | 13.5% |
每股收益（稀释后）ASHFOR
| Q4 25 | $-0.26 | $0.30 | ||
| Q3 25 | $0.83 | $1.70 | ||
| Q2 25 | $-16.21 | $0.65 | ||
| Q1 25 | $0.65 | $0.62 | ||
| Q4 24 | $-3.50 | $0.32 | ||
| Q3 24 | $0.34 | $1.59 | ||
| Q2 24 | $0.12 | $0.76 | ||
| Q1 24 | $2.39 | $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 | $304.0M | $211.7M |
| 总债务越低越好 | $1.4B | $793.2M |
| 股东权益账面价值 | $1.9B | $1.8B |
| 总资产 | $4.5B | $3.2B |
| 负债/权益比越低杠杆越低 | 0.74× | 0.44× |
8季度趋势，按日历期对齐
现金及短期投资ASHFOR
| Q4 25 | $304.0M | $211.7M | ||
| Q3 25 | $215.0M | $379.2M | ||
| Q2 25 | $207.0M | $189.2M | ||
| Q1 25 | $168.0M | $174.3M | ||
| Q4 24 | $219.0M | $132.0M | ||
| Q3 24 | $300.0M | $481.2M | ||
| Q2 24 | $399.0M | $359.2M | ||
| Q1 24 | $439.0M | $416.2M |
总债务ASHFOR
| Q4 25 | $1.4B | $793.2M | ||
| Q3 25 | $1.4B | $802.7M | ||
| Q2 25 | $1.4B | $872.8M | ||
| Q1 25 | $1.3B | $872.5M | ||
| Q4 24 | $1.3B | $806.8M | ||
| Q3 24 | $1.3B | $706.4M | ||
| Q2 24 | $1.3B | $706.1M | ||
| Q1 24 | $1.3B | $705.7M |
股东权益ASHFOR
| Q4 25 | $1.9B | $1.8B | ||
| Q3 25 | $1.9B | $1.8B | ||
| Q2 25 | $1.9B | $1.7B | ||
| Q1 25 | $2.6B | $1.6B | ||
| Q4 24 | $2.6B | $1.6B | ||
| Q3 24 | $2.9B | $1.6B | ||
| Q2 24 | $3.0B | $1.5B | ||
| Q1 24 | $3.1B | $1.5B |
总资产ASHFOR
| Q4 25 | $4.5B | $3.2B | ||
| Q3 25 | $4.6B | $3.1B | ||
| Q2 25 | $4.6B | $3.1B | ||
| Q1 25 | $5.2B | $3.0B | ||
| Q4 24 | $5.2B | $3.0B | ||
| Q3 24 | $5.6B | $2.8B | ||
| Q2 24 | $5.7B | $2.7B | ||
| Q1 24 | $5.9B | $2.6B |
负债/权益比ASHFOR
| Q4 25 | 0.74× | 0.44× | ||
| Q3 25 | 0.73× | 0.45× | ||
| Q2 25 | 0.73× | 0.52× | ||
| Q1 25 | 0.52× | 0.53× | ||
| Q4 24 | 0.51× | 0.50× | ||
| Q3 24 | 0.47× | 0.44× | ||
| Q2 24 | 0.45× | 0.47× | ||
| Q1 24 | 0.42× | 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 | $125.0M | $-157.0M |
| 自由现金流经营现金流 - 资本支出 | $111.0M | $-157.1M |
| 自由现金流率自由现金流/营收 | 28.8% | -57.5% |
| 资本支出强度资本支出/营收 | 3.6% | 0.0% |
| 现金转化率经营现金流/净利润 | — | -10.19× |
| 过去12个月自由现金流最近4个季度 | $200.0M | $93.0M |
8季度趋势，按日历期对齐
经营现金流ASHFOR
| Q4 25 | $125.0M | $-157.0M | ||
| Q3 25 | $40.0M | $256.3M | ||
| Q2 25 | $115.0M | $15.8M | ||
| Q1 25 | $9.0M | $-19.8M | ||
| Q4 24 | $-30.0M | $-450.0M | ||
| Q3 24 | $80.0M | $119.2M | ||
| Q2 24 | $127.0M | $-61.7M | ||
| Q1 24 | $54.0M | $-59.2M |
自由现金流ASHFOR
| Q4 25 | $111.0M | $-157.1M | ||
| Q3 25 | $6.0M | $255.6M | ||
| Q2 25 | $95.0M | $15.0M | ||
| Q1 25 | $-12.0M | $-20.5M | ||
| Q4 24 | $-53.0M | — | ||
| Q3 24 | $42.0M | $118.4M | ||
| Q2 24 | $98.0M | $-62.3M | ||
| Q1 24 | $20.0M | $-59.8M |
自由现金流率ASHFOR
| Q4 25 | 28.8% | -57.5% | ||
| Q3 25 | 1.3% | 38.1% | ||
| Q2 25 | 20.5% | 3.8% | ||
| Q1 25 | -2.5% | -5.8% | ||
| Q4 24 | -13.1% | — | ||
| Q3 24 | 8.1% | 21.5% | ||
| Q2 24 | 18.0% | -19.6% | ||
| Q1 24 | 3.5% | -17.9% |
资本支出强度ASHFOR
| Q4 25 | 3.6% | 0.0% | ||
| Q3 25 | 7.1% | 0.1% | ||
| Q2 25 | 4.3% | 0.2% | ||
| Q1 25 | 4.4% | 0.2% | ||
| Q4 24 | 5.7% | 0.0% | ||
| Q3 24 | 7.3% | 0.1% | ||
| Q2 24 | 5.3% | 0.2% | ||
| Q1 24 | 5.9% | 0.2% |
现金转化率ASHFOR
| Q4 25 | — | -10.19× | ||
| Q3 25 | 1.29× | 2.95× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | 0.29× | -0.63× | ||
| Q4 24 | — | -27.27× | ||
| Q3 24 | 4.71× | 1.46× | ||
| Q2 24 | 21.17× | -1.59× | ||
| Q1 24 | 0.45× | -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
ASH
| Personal Care And Household | $123.0M | 32% |
| Other | $120.0M | 31% |
| Specialty Additives | $36.0M | 9% |
| Intermediates And Solvents | $31.0M | 8% |
| Personal Care | $30.0M | 8% |
| Life Sciences | $27.0M | 7% |
| Intermediates | $19.0M | 5% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
