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BLACKLINE, INC.（BL）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BLACKLINE, INC.的1.5倍（$273.0M vs $183.2M），Forestar Group Inc.净利率更高（5.6% vs 2.7%，领先3.0%），Forestar Group Inc.同比增速更快（9.0% vs 8.1%），BLACKLINE, INC.自由现金流更多（$26.1M vs $-157.1M），过去两年BLACKLINE, INC.的营收复合增速更高（7.9% vs -9.6%）
BlackLine是一家美国企业级软件公司，总部位于洛杉矶，在全球设有17个办事处，专注于开发云服务，可实现财务结账全流程自动化与管理，同时覆盖财务合并、发票到回款流程及公司间会计核算等业务场景。
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。
BL vs FOR — 直观对比
营收规模更大
FOR
是对方的1.5倍
$183.2M
营收增速更快
FOR
高出0.9%
8.1%
净利率更高
FOR
高出3.0%
2.7%
自由现金流更多
BL
多$183.2M
$-157.1M
两年增速更快
BL
近两年复合增速
-9.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $183.2M | $273.0M |
| 净利润 | $4.9M | $15.4M |
| 毛利率 | 75.2% | 20.1% |
| 营业利润率 | 3.7% | 7.6% |
| 净利率 | 2.7% | 5.6% |
| 营收同比 | 8.1% | 9.0% |
| 净利润同比 | -91.3% | -6.7% |
| 每股收益（稀释后） | $0.07 | $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BLFOR
| Q4 25 | $183.2M | $273.0M | ||
| Q3 25 | $178.3M | $670.5M | ||
| Q2 25 | $172.0M | $390.5M | ||
| Q1 25 | $166.9M | $351.0M | ||
| Q4 24 | $169.5M | $250.4M | ||
| Q3 24 | $165.9M | $551.3M | ||
| Q2 24 | $160.5M | $318.4M | ||
| Q1 24 | $157.5M | $333.8M |
净利润BLFOR
| Q4 25 | $4.9M | $15.4M | ||
| Q3 25 | $5.3M | $86.9M | ||
| Q2 25 | $8.3M | $32.9M | ||
| Q1 25 | $6.1M | $31.6M | ||
| Q4 24 | $56.4M | $16.5M | ||
| Q3 24 | $17.2M | $81.5M | ||
| Q2 24 | $76.7M | $38.7M | ||
| Q1 24 | $10.8M | $45.0M |
毛利率BLFOR
| Q4 25 | 75.2% | 20.1% | ||
| Q3 25 | 75.1% | 22.3% | ||
| Q2 25 | 75.2% | 20.4% | ||
| Q1 25 | 75.5% | 22.6% | ||
| Q4 24 | 75.6% | 22.0% | ||
| Q3 24 | 75.2% | 23.9% | ||
| Q2 24 | 74.9% | 22.5% | ||
| Q1 24 | 75.2% | 24.9% |
营业利润率BLFOR
| Q4 25 | 3.7% | 7.6% | ||
| Q3 25 | 4.3% | 16.9% | ||
| Q2 25 | 4.4% | 11.2% | ||
| Q1 25 | 2.1% | 11.6% | ||
| Q4 24 | 3.7% | 8.7% | ||
| Q3 24 | 5.0% | 19.7% | ||
| Q2 24 | 1.4% | 16.2% | ||
| Q1 24 | 1.1% | 17.6% |
净利率BLFOR
| Q4 25 | 2.7% | 5.6% | ||
| Q3 25 | 3.0% | 13.0% | ||
| Q2 25 | 4.8% | 8.4% | ||
| Q1 25 | 3.6% | 9.0% | ||
| Q4 24 | 33.3% | 6.6% | ||
| Q3 24 | 10.4% | 14.8% | ||
| Q2 24 | 47.8% | 12.2% | ||
| Q1 24 | 6.9% | 13.5% |
每股收益（稀释后）BLFOR
| Q4 25 | $0.07 | $0.30 | ||
| Q3 25 | $0.09 | $1.70 | ||
| Q2 25 | $0.13 | $0.65 | ||
| Q1 25 | $0.10 | $0.62 | ||
| Q4 24 | $0.79 | $0.32 | ||
| Q3 24 | $0.27 | $1.59 | ||
| Q2 24 | $0.22 | $0.76 | ||
| Q1 24 | $0.17 | $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 | $390.0M | $211.7M |
| 总债务越低越好 | — | $793.2M |
| 股东权益账面价值 | $332.3M | $1.8B |
| 总资产 | $1.8B | $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BLFOR
| Q4 25 | $390.0M | $211.7M | ||
| Q3 25 | $419.9M | $379.2M | ||
| Q2 25 | $459.1M | $189.2M | ||
| Q1 25 | $479.5M | $174.3M | ||
| Q4 24 | $885.9M | $132.0M | ||
| Q3 24 | $725.3M | $481.2M | ||
| Q2 24 | $616.6M | $359.2M | ||
| Q1 24 | $331.4M | $416.2M |
总债务BLFOR
| 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BLFOR
| Q4 25 | $332.3M | $1.8B | ||
| Q3 25 | $328.3M | $1.8B | ||
| Q2 25 | $414.0M | $1.7B | ||
| Q1 25 | $417.9M | $1.6B | ||
| Q4 24 | $446.7M | $1.6B | ||
| Q3 24 | $367.9M | $1.6B | ||
| Q2 24 | $325.8M | $1.5B | ||
| Q1 24 | $279.8M | $1.5B |
总资产BLFOR
| Q4 25 | $1.8B | $3.2B | ||
| Q3 25 | $1.7B | $3.1B | ||
| Q2 25 | $1.8B | $3.1B | ||
| Q1 25 | $1.8B | $3.0B | ||
| Q4 24 | $1.8B | $3.0B | ||
| Q3 24 | $1.7B | $2.8B | ||
| Q2 24 | $1.9B | $2.7B | ||
| Q1 24 | $2.1B | $2.6B |
负债/权益比BLFOR
| 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 | $26.7M | $-157.0M |
| 自由现金流经营现金流 - 资本支出 | $26.1M | $-157.1M |
| 自由现金流率自由现金流/营收 | 14.2% | -57.5% |
| 资本支出强度资本支出/营收 | 0.3% | 0.0% |
| 现金转化率经营现金流/净利润 | 5.46× | -10.19× |
| 过去12个月自由现金流最近4个季度 | $161.5M | $93.0M |
8季度趋势，按日历期对齐
经营现金流BLFOR
| Q4 25 | $26.7M | $-157.0M | ||
| Q3 25 | $63.8M | $256.3M | ||
| Q2 25 | $32.3M | $15.8M | ||
| Q1 25 | $46.7M | $-19.8M | ||
| Q4 24 | $43.8M | $-450.0M | ||
| Q3 24 | $55.9M | $119.2M | ||
| Q2 24 | $40.7M | $-61.7M | ||
| Q1 24 | $50.4M | $-59.2M |
自由现金流BLFOR
| Q4 25 | $26.1M | $-157.1M | ||
| Q3 25 | $63.3M | $255.6M | ||
| Q2 25 | $31.4M | $15.0M | ||
| Q1 25 | $40.8M | $-20.5M | ||
| Q4 24 | $43.0M | — | ||
| Q3 24 | $55.5M | $118.4M | ||
| Q2 24 | $40.0M | $-62.3M | ||
| Q1 24 | $50.1M | $-59.8M |
自由现金流率BLFOR
| Q4 25 | 14.2% | -57.5% | ||
| Q3 25 | 35.5% | 38.1% | ||
| Q2 25 | 18.2% | 3.8% | ||
| Q1 25 | 24.4% | -5.8% | ||
| Q4 24 | 25.4% | — | ||
| Q3 24 | 33.5% | 21.5% | ||
| Q2 24 | 24.9% | -19.6% | ||
| Q1 24 | 31.8% | -17.9% |
资本支出强度BLFOR
| Q4 25 | 0.3% | 0.0% | ||
| Q3 25 | 0.3% | 0.1% | ||
| Q2 25 | 0.6% | 0.2% | ||
| Q1 25 | 3.6% | 0.2% | ||
| Q4 24 | 0.4% | 0.0% | ||
| Q3 24 | 0.2% | 0.1% | ||
| Q2 24 | 0.4% | 0.2% | ||
| Q1 24 | 0.2% | 0.2% |
现金转化率BLFOR
| Q4 25 | 5.46× | -10.19× | ||
| Q3 25 | 12.07× | 2.95× | ||
| Q2 25 | 3.90× | 0.48× | ||
| Q1 25 | 7.72× | -0.63× | ||
| Q4 24 | 0.78× | -27.27× | ||
| Q3 24 | 3.24× | 1.46× | ||
| Q2 24 | 0.53× | -1.59× | ||
| Q1 24 | 4.66× | -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
BL
| Subscription And Circulation | $173.2M | 95% |
| Technology Service | $10.0M | 5% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
