vs
Braemar Hotels & Resorts Inc.（BHR）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Braemar Hotels & Resorts Inc.的1.6倍（$273.0M vs $165.6M），Forestar Group Inc.净利率更高（5.6% vs -20.3%，领先25.9%），Forestar Group Inc.同比增速更快（9.0% vs -4.5%），Braemar Hotels & Resorts Inc.自由现金流更多（$-37.1M vs $-157.1M），过去两年Forestar Group Inc.的营收复合增速更高（-9.6% vs -13.1%）
Braemar Hotels & Resorts Inc.是一家主打高端奢华酒店及度假村持有运营的房地产投资信托，主要布局美国市场，服务高端休闲旅客、企业活动主办方及商务差旅群体，通过住宿预订、配套消费及活动承办获得收益。
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。
BHR vs FOR — 直观对比
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $165.6M | $273.0M |
| 净利润 | $-33.6M | $15.4M |
| 毛利率 | — | 20.1% |
| 营业利润率 | -7.3% | 7.6% |
| 净利率 | -20.3% | 5.6% |
| 营收同比 | -4.5% | 9.0% |
| 净利润同比 | -80.1% | -6.7% |
| 每股收益（稀释后） | $-0.67 | $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
| Q4 25 | $165.6M | $273.0M | ||
| Q3 25 | $143.6M | $670.5M | ||
| Q2 25 | $179.1M | $390.5M | ||
| Q1 25 | $215.8M | $351.0M | ||
| Q4 24 | $173.3M | $250.4M | ||
| Q3 24 | $148.4M | $551.3M | ||
| Q2 24 | $187.6M | $318.4M | ||
| Q1 24 | $219.1M | $333.8M |
| Q4 25 | $-33.6M | $15.4M | ||
| Q3 25 | $5.7M | $86.9M | ||
| Q2 25 | $-5.5M | $32.9M | ||
| Q1 25 | $11.0M | $31.6M | ||
| Q4 24 | $-18.7M | $16.5M | ||
| Q3 24 | $12.6M | $81.5M | ||
| Q2 24 | $-11.6M | $38.7M | ||
| Q1 24 | $15.9M | $45.0M |
| Q4 25 | — | 20.1% | ||
| Q3 25 | — | 22.3% | ||
| Q2 25 | — | 20.4% | ||
| Q1 25 | — | 22.6% | ||
| Q4 24 | — | 22.0% | ||
| Q3 24 | — | 23.9% | ||
| Q2 24 | — | 22.5% | ||
| Q1 24 | — | 24.9% |
| Q4 25 | -7.3% | 7.6% | ||
| Q3 25 | 20.8% | 16.9% | ||
| Q2 25 | 10.0% | 11.2% | ||
| Q1 25 | 17.0% | 11.6% | ||
| Q4 24 | 2.2% | 8.7% | ||
| Q3 24 | 47.4% | 19.7% | ||
| Q2 24 | 6.5% | 16.2% | ||
| Q1 24 | 19.4% | 17.6% |
| Q4 25 | -20.3% | 5.6% | ||
| Q3 25 | 4.0% | 13.0% | ||
| Q2 25 | -3.1% | 8.4% | ||
| Q1 25 | 5.1% | 9.0% | ||
| Q4 24 | -10.8% | 6.6% | ||
| Q3 24 | 8.5% | 14.8% | ||
| Q2 24 | -6.2% | 12.2% | ||
| Q1 24 | 7.3% | 13.5% |
| Q4 25 | $-0.67 | $0.30 | ||
| Q3 25 | $-0.12 | $1.70 | ||
| Q2 25 | $-0.24 | $0.65 | ||
| Q1 25 | $-0.04 | $0.62 | ||
| Q4 24 | $-0.47 | $0.32 | ||
| Q3 24 | $-0.02 | $1.59 | ||
| Q2 24 | $-0.33 | $0.76 | ||
| Q1 24 | $0.05 | $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 | $124.4M | $211.7M |
| 总债务越低越好 | $1.1B | $793.2M |
| 股东权益账面价值 | $138.7M | $1.8B |
| 总资产 | $1.9B | $3.2B |
| 负债/权益比越低杠杆越低 | 7.96× | 0.44× |
8季度趋势，按日历期对齐
| Q4 25 | $124.4M | $211.7M | ||
| Q3 25 | $116.3M | $379.2M | ||
| Q2 25 | $80.2M | $189.2M | ||
| Q1 25 | $81.7M | $174.3M | ||
| Q4 24 | $135.5M | $132.0M | ||
| Q3 24 | $168.7M | $481.2M | ||
| Q2 24 | $114.6M | $359.2M | ||
| Q1 24 | $137.1M | $416.2M |
| Q4 25 | $1.1B | $793.2M | ||
| Q3 25 | $1.2B | $802.7M | ||
| Q2 25 | $1.2B | $872.8M | ||
| Q1 25 | $1.2B | $872.5M | ||
| Q4 24 | $1.2B | $806.8M | ||
| Q3 24 | $1.2B | $706.4M | ||
| Q2 24 | $1.1B | $706.1M | ||
| Q1 24 | $1.2B | $705.7M |
| Q4 25 | $138.7M | $1.8B | ||
| Q3 25 | $211.9M | $1.8B | ||
| Q2 25 | $225.1M | $1.7B | ||
| Q1 25 | $238.9M | $1.6B | ||
| Q4 24 | $240.7M | $1.6B | ||
| Q3 24 | $276.9M | $1.6B | ||
| Q2 24 | $282.3M | $1.5B | ||
| Q1 24 | $307.3M | $1.5B |
| Q4 25 | $1.9B | $3.2B | ||
| Q3 25 | $2.0B | $3.1B | ||
| Q2 25 | $2.1B | $3.1B | ||
| Q1 25 | $2.1B | $3.0B | ||
| Q4 24 | $2.1B | $3.0B | ||
| Q3 24 | $2.2B | $2.8B | ||
| Q2 24 | $2.2B | $2.7B | ||
| Q1 24 | $2.3B | $2.6B |
| Q4 25 | 7.96× | 0.44× | ||
| Q3 25 | 5.50× | 0.45× | ||
| Q2 25 | 5.38× | 0.52× | ||
| Q1 25 | 5.03× | 0.53× | ||
| Q4 24 | 5.03× | 0.50× | ||
| Q3 24 | 4.36× | 0.44× | ||
| Q2 24 | 4.00× | 0.47× | ||
| Q1 24 | 3.98× | 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 | $40.8M | $-157.0M |
| 自由现金流经营现金流 - 资本支出 | $-37.1M | $-157.1M |
| 自由现金流率自由现金流/营收 | -22.4% | -57.5% |
| 资本支出强度资本支出/营收 | 47.1% | 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 | $-59.2M | $93.0M |
8季度趋势，按日历期对齐
| Q4 25 | $40.8M | $-157.0M | ||
| Q3 25 | $-5.8M | $256.3M | ||
| Q2 25 | $23.0M | $15.8M | ||
| Q1 25 | $15.1M | $-19.8M | ||
| Q4 24 | $66.8M | $-450.0M | ||
| Q3 24 | $9.0K | $119.2M | ||
| Q2 24 | $24.1M | $-61.7M | ||
| Q1 24 | $36.0M | $-59.2M |
| Q4 25 | $-37.1M | $-157.1M | ||
| Q3 25 | $-27.3M | $255.6M | ||
| Q2 25 | $5.3M | $15.0M | ||
| Q1 25 | $-159.0K | $-20.5M | ||
| Q4 24 | $-3.8M | — | ||
| Q3 24 | $-15.6M | $118.4M | ||
| Q2 24 | $8.2M | $-62.3M | ||
| Q1 24 | $12.7M | $-59.8M |
| Q4 25 | -22.4% | -57.5% | ||
| Q3 25 | -19.0% | 38.1% | ||
| Q2 25 | 3.0% | 3.8% | ||
| Q1 25 | -0.1% | -5.8% | ||
| Q4 24 | -2.2% | — | ||
| Q3 24 | -10.5% | 21.5% | ||
| Q2 24 | 4.4% | -19.6% | ||
| Q1 24 | 5.8% | -17.9% |
| Q4 25 | 47.1% | 0.0% | ||
| Q3 25 | 15.0% | 0.1% | ||
| Q2 25 | 9.9% | 0.2% | ||
| Q1 25 | 7.1% | 0.2% | ||
| Q4 24 | 40.7% | 0.0% | ||
| Q3 24 | 10.5% | 0.1% | ||
| Q2 24 | 8.5% | 0.2% | ||
| Q1 24 | 10.7% | 0.2% |
| Q4 25 | — | -10.19× | ||
| Q3 25 | -1.00× | 2.95× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | 1.38× | -0.63× | ||
| Q4 24 | — | -27.27× | ||
| Q3 24 | 0.00× | 1.46× | ||
| Q2 24 | — | -1.59× | ||
| Q1 24 | 2.26× | -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
BHR
| Occupancy | $97.4M | 59% |
| Food And Beverage | $45.5M | 28% |
| Hotel Other | $22.6M | 14% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
