vs
AMERICAN STATES WATER CO（AWR）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
Forestar Group Inc.的季度营收约是AMERICAN STATES WATER CO的1.7倍（$273.0M vs $164.3M），AMERICAN STATES WATER CO净利率更高（17.5% vs 5.6%，领先11.9%），AMERICAN STATES WATER CO同比增速更快（14.8% vs 9.0%），AMERICAN STATES WATER CO自由现金流更多（$-36.0M vs $-157.1M），过去两年AMERICAN STATES WATER CO的营收复合增速更高（10.2% vs -9.6%）
美国州水公司是美国的上市公用事业企业，通过旗下子公司在全美范围内提供自来水供应及污水处理相关服务，服务覆盖居民、商业及公共机构等多元客户群体，是当地水务服务领域的重要参与企业。
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。
AWR vs FOR — 直观对比
营收规模更大
FOR
是对方的1.7倍
$164.3M
营收增速更快
AWR
高出5.8%
9.0%
净利率更高
AWR
高出11.9%
5.6%
自由现金流更多
AWR
多$121.1M
$-157.1M
两年增速更快
AWR
近两年复合增速
-9.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $164.3M | $273.0M |
| 净利润 | $28.7M | $15.4M |
| 毛利率 | 88.9% | 20.1% |
| 营业利润率 | 27.4% | 7.6% |
| 净利率 | 17.5% | 5.6% |
| 营收同比 | 14.8% | 9.0% |
| 净利润同比 | 1.1% | -6.7% |
| 每股收益（稀释后） | $0.74 | $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AWRFOR
| Q4 25 | $164.3M | $273.0M | ||
| Q3 25 | $182.7M | $670.5M | ||
| Q2 25 | $163.1M | $390.5M | ||
| Q1 25 | $148.0M | $351.0M | ||
| Q4 24 | $143.1M | $250.4M | ||
| Q3 24 | $161.8M | $551.3M | ||
| Q2 24 | $155.3M | $318.4M | ||
| Q1 24 | $135.3M | $333.8M |
净利润AWRFOR
| Q4 25 | $28.7M | $15.4M | ||
| Q3 25 | $41.2M | $86.9M | ||
| Q2 25 | $33.7M | $32.9M | ||
| Q1 25 | $26.8M | $31.6M | ||
| Q4 24 | $28.4M | $16.5M | ||
| Q3 24 | $35.8M | $81.5M | ||
| Q2 24 | $31.9M | $38.7M | ||
| Q1 24 | $23.1M | $45.0M |
毛利率AWRFOR
| Q4 25 | 88.9% | 20.1% | ||
| Q3 25 | 91.0% | 22.3% | ||
| Q2 25 | 92.1% | 20.4% | ||
| Q1 25 | 91.3% | 22.6% | ||
| Q4 24 | 92.4% | 22.0% | ||
| Q3 24 | 92.7% | 23.9% | ||
| Q2 24 | 89.6% | 22.5% | ||
| Q1 24 | 88.4% | 24.9% |
营业利润率AWRFOR
| Q4 25 | 27.4% | 7.6% | ||
| Q3 25 | 33.8% | 16.9% | ||
| Q2 25 | 31.3% | 11.2% | ||
| Q1 25 | 30.8% | 11.6% | ||
| Q4 24 | 27.0% | 8.7% | ||
| Q3 24 | 34.0% | 19.7% | ||
| Q2 24 | 33.3% | 16.2% | ||
| Q1 24 | 28.8% | 17.6% |
净利率AWRFOR
| Q4 25 | 17.5% | 5.6% | ||
| Q3 25 | 22.5% | 13.0% | ||
| Q2 25 | 20.7% | 8.4% | ||
| Q1 25 | 18.1% | 9.0% | ||
| Q4 24 | 19.9% | 6.6% | ||
| Q3 24 | 22.1% | 14.8% | ||
| Q2 24 | 20.5% | 12.2% | ||
| Q1 24 | 17.1% | 13.5% |
每股收益（稀释后）AWRFOR
| Q4 25 | $0.74 | $0.30 | ||
| Q3 25 | $1.06 | $1.70 | ||
| Q2 25 | $0.87 | $0.65 | ||
| Q1 25 | $0.70 | $0.62 | ||
| Q4 24 | $0.75 | $0.32 | ||
| Q3 24 | $0.95 | $1.59 | ||
| Q2 24 | $0.85 | $0.76 | ||
| Q1 24 | $0.62 | $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 | $18.8M | $211.7M |
| 总债务越低越好 | $782.7M | $793.2M |
| 股东权益账面价值 | $1.0B | $1.8B |
| 总资产 | $2.7B | $3.2B |
| 负债/权益比越低杠杆越低 | 0.75× | 0.44× |
8季度趋势，按日历期对齐
现金及短期投资AWRFOR
| Q4 25 | $18.8M | $211.7M | ||
| Q3 25 | $26.1M | $379.2M | ||
| Q2 25 | $20.2M | $189.2M | ||
| Q1 25 | $21.2M | $174.3M | ||
| Q4 24 | $26.7M | $132.0M | ||
| Q3 24 | $16.5M | $481.2M | ||
| Q2 24 | $3.6M | $359.2M | ||
| Q1 24 | $17.0M | $416.2M |
总债务AWRFOR
| Q4 25 | $782.7M | $793.2M | ||
| Q3 25 | — | $802.7M | ||
| Q2 25 | — | $872.8M | ||
| Q1 25 | — | $872.5M | ||
| Q4 24 | $640.4M | $806.8M | ||
| Q3 24 | — | $706.4M | ||
| Q2 24 | — | $706.1M | ||
| Q1 24 | — | $705.7M |
股东权益AWRFOR
| Q4 25 | $1.0B | $1.8B | ||
| Q3 25 | $1.0B | $1.8B | ||
| Q2 25 | $972.5M | $1.7B | ||
| Q1 25 | $956.4M | $1.6B | ||
| Q4 24 | $920.1M | $1.6B | ||
| Q3 24 | $879.5M | $1.6B | ||
| Q2 24 | $833.5M | $1.5B | ||
| Q1 24 | $800.5M | $1.5B |
总资产AWRFOR
| Q4 25 | $2.7B | $3.2B | ||
| Q3 25 | $2.7B | $3.1B | ||
| Q2 25 | $2.6B | $3.1B | ||
| Q1 25 | $2.5B | $3.0B | ||
| Q4 24 | $2.5B | $3.0B | ||
| Q3 24 | $2.4B | $2.8B | ||
| Q2 24 | $2.3B | $2.7B | ||
| Q1 24 | $2.3B | $2.6B |
负债/权益比AWRFOR
| Q4 25 | 0.75× | 0.44× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | 0.70× | 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 | $27.7M | $-157.0M |
| 自由现金流经营现金流 - 资本支出 | $-36.0M | $-157.1M |
| 自由现金流率自由现金流/营收 | -21.9% | -57.5% |
| 资本支出强度资本支出/营收 | 38.8% | 0.0% |
| 现金转化率经营现金流/净利润 | 0.96× | -10.19× |
| 过去12个月自由现金流最近4个季度 | $-7.1M | $93.0M |
8季度趋势，按日历期对齐
经营现金流AWRFOR
| Q4 25 | $27.7M | $-157.0M | ||
| Q3 25 | $92.4M | $256.3M | ||
| Q2 25 | $64.6M | $15.8M | ||
| Q1 25 | $45.1M | $-19.8M | ||
| Q4 24 | $64.5M | $-450.0M | ||
| Q3 24 | $63.7M | $119.2M | ||
| Q2 24 | $24.7M | $-61.7M | ||
| Q1 24 | $45.8M | $-59.2M |
自由现金流AWRFOR
| Q4 25 | $-36.0M | $-157.1M | ||
| Q3 25 | $37.7M | $255.6M | ||
| Q2 25 | $13.7M | $15.0M | ||
| Q1 25 | $-22.5M | $-20.5M | ||
| Q4 24 | $6.0M | — | ||
| Q3 24 | $-478.0K | $118.4M | ||
| Q2 24 | $-37.0M | $-62.3M | ||
| Q1 24 | $-1.7M | $-59.8M |
自由现金流率AWRFOR
| Q4 25 | -21.9% | -57.5% | ||
| Q3 25 | 20.7% | 38.1% | ||
| Q2 25 | 8.4% | 3.8% | ||
| Q1 25 | -15.2% | -5.8% | ||
| Q4 24 | 4.2% | — | ||
| Q3 24 | -0.3% | 21.5% | ||
| Q2 24 | -23.8% | -19.6% | ||
| Q1 24 | -1.3% | -17.9% |
资本支出强度AWRFOR
| Q4 25 | 38.8% | 0.0% | ||
| Q3 25 | 29.9% | 0.1% | ||
| Q2 25 | 31.2% | 0.2% | ||
| Q1 25 | 45.6% | 0.2% | ||
| Q4 24 | 40.9% | 0.0% | ||
| Q3 24 | 39.7% | 0.1% | ||
| Q2 24 | 39.8% | 0.2% | ||
| Q1 24 | 35.2% | 0.2% |
现金转化率AWRFOR
| Q4 25 | 0.96× | -10.19× | ||
| Q3 25 | 2.24× | 2.95× | ||
| Q2 25 | 1.92× | 0.48× | ||
| Q1 25 | 1.68× | -0.63× | ||
| Q4 24 | 2.27× | -27.27× | ||
| Q3 24 | 1.78× | 1.46× | ||
| Q2 24 | 0.78× | -1.59× | ||
| Q1 24 | 1.98× | -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
AWR
| Water Service Utility Operations | $110.0M | 67% |
| Public Utilities Inventory Water | $22.3M | 14% |
| Wastewater | $15.9M | 10% |
| Electric Service Utility Operations | $15.2M | 9% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
