vs
BLACKLINE, INC.（BL）与弗雷斯特研究公司（FORR）财务数据对比。点击上方公司名可切换其他公司
BLACKLINE, INC.的季度营收约是弗雷斯特研究公司的1.8倍（$183.2M vs $101.1M），BLACKLINE, INC.净利率更高（2.7% vs -33.5%，领先36.2%），BLACKLINE, INC.同比增速更快（8.1% vs -6.5%），BLACKLINE, INC.自由现金流更多（$26.1M vs $-4.3M），过去两年BLACKLINE, INC.的营收复合增速更高（7.9% vs 0.5%）
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。
福雷斯特研究公司是一家全球领先的研究咨询机构，主营业务涵盖行业研究、管理咨询与行业峰会举办，客户群体包括全球大型企业、科技公司与消费领域领军企业，公司总部位于美国马萨诸塞州剑桥市。
BL vs FORR — 直观对比
营收规模更大
BL
是对方的1.8倍
$101.1M
营收增速更快
BL
高出14.6%
-6.5%
净利率更高
BL
高出36.2%
-33.5%
自由现金流更多
BL
多$30.3M
$-4.3M
两年增速更快
BL
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $183.2M | $101.1M |
| 净利润 | $4.9M | $-33.9M |
| 毛利率 | 75.2% | 56.7% |
| 营业利润率 | 3.7% | -36.6% |
| 净利率 | 2.7% | -33.5% |
| 营收同比 | 8.1% | -6.5% |
| 净利润同比 | -91.3% | -7941.4% |
| 每股收益（稀释后） | $0.07 | $-1.75 |
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BLFORR
| Q4 25 | $183.2M | $101.1M | ||
| Q3 25 | $178.3M | $94.3M | ||
| Q2 25 | $172.0M | $111.7M | ||
| Q1 25 | $166.9M | $89.9M | ||
| Q4 24 | $169.5M | $108.0M | ||
| Q3 24 | $165.9M | $102.5M | ||
| Q2 24 | $160.5M | $121.8M | ||
| Q1 24 | $157.5M | $100.1M |
净利润BLFORR
| Q4 25 | $4.9M | $-33.9M | ||
| Q3 25 | $5.3M | $-2.1M | ||
| Q2 25 | $8.3M | $3.9M | ||
| Q1 25 | $6.1M | $-87.3M | ||
| Q4 24 | $56.4M | $432.0K | ||
| Q3 24 | $17.2M | $-5.8M | ||
| Q2 24 | $76.7M | $6.3M | ||
| Q1 24 | $10.8M | $-6.7M |
毛利率BLFORR
| Q4 25 | 75.2% | 56.7% | ||
| Q3 25 | 75.1% | 60.0% | ||
| Q2 25 | 75.2% | 55.5% | ||
| Q1 25 | 75.5% | 55.9% | ||
| Q4 24 | 75.6% | 58.8% | ||
| Q3 24 | 75.2% | 60.5% | ||
| Q2 24 | 74.9% | 57.3% | ||
| Q1 24 | 75.2% | 54.9% |
营业利润率BLFORR
| Q4 25 | 3.7% | -36.6% | ||
| Q3 25 | 4.3% | 4.7% | ||
| Q2 25 | 4.4% | 6.2% | ||
| Q1 25 | 2.1% | -97.5% | ||
| Q4 24 | 3.7% | -0.5% | ||
| Q3 24 | 5.0% | -0.7% | ||
| Q2 24 | 1.4% | 9.3% | ||
| Q1 24 | 1.1% | -9.3% |
净利率BLFORR
| Q4 25 | 2.7% | -33.5% | ||
| Q3 25 | 3.0% | -2.3% | ||
| Q2 25 | 4.8% | 3.5% | ||
| Q1 25 | 3.6% | -97.1% | ||
| Q4 24 | 33.3% | 0.4% | ||
| Q3 24 | 10.4% | -5.7% | ||
| Q2 24 | 47.8% | 5.2% | ||
| Q1 24 | 6.9% | -6.7% |
每股收益（稀释后）BLFORR
| Q4 25 | $0.07 | $-1.75 | ||
| Q3 25 | $0.09 | $-0.11 | ||
| Q2 25 | $0.13 | $0.20 | ||
| Q1 25 | $0.10 | $-4.62 | ||
| Q4 24 | $0.79 | $0.02 | ||
| Q3 24 | $0.27 | $-0.30 | ||
| Q2 24 | $0.22 | $0.33 | ||
| Q1 24 | $0.17 | $-0.35 |
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 | $63.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $332.3M | $126.5M |
| 总资产 | $1.8B | $404.0M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资BLFORR
| Q4 25 | $390.0M | $63.3M | ||
| Q3 25 | $419.9M | $65.1M | ||
| Q2 25 | $459.1M | $67.8M | ||
| Q1 25 | $479.5M | $75.6M | ||
| Q4 24 | $885.9M | $56.1M | ||
| Q3 24 | $725.3M | $62.8M | ||
| Q2 24 | $616.6M | $58.9M | ||
| Q1 24 | $331.4M | $61.4M |
股东权益BLFORR
| Q4 25 | $332.3M | $126.5M | ||
| Q3 25 | $328.3M | $157.7M | ||
| Q2 25 | $414.0M | $159.5M | ||
| Q1 25 | $417.9M | $147.4M | ||
| Q4 24 | $446.7M | $229.5M | ||
| Q3 24 | $367.9M | $234.3M | ||
| Q2 24 | $325.8M | $237.1M | ||
| Q1 24 | $279.8M | $230.9M |
总资产BLFORR
| Q4 25 | $1.8B | $404.0M | ||
| Q3 25 | $1.7B | $414.2M | ||
| Q2 25 | $1.8B | $436.0M | ||
| Q1 25 | $1.8B | $439.8M | ||
| Q4 24 | $1.8B | $503.9M | ||
| Q3 24 | $1.7B | $505.3M | ||
| Q2 24 | $1.9B | $524.2M | ||
| Q1 24 | $2.1B | $555.7M |
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 | $-3.2M |
| 自由现金流经营现金流 - 资本支出 | $26.1M | $-4.3M |
| 自由现金流率自由现金流/营收 | 14.2% | -4.2% |
| 资本支出强度资本支出/营收 | 0.3% | 1.1% |
| 现金转化率经营现金流/净利润 | 5.46× | — |
| 过去12个月自由现金流最近4个季度 | $161.5M | $18.1M |
8季度趋势，按日历期对齐
经营现金流BLFORR
| Q4 25 | $26.7M | $-3.2M | ||
| Q3 25 | $63.8M | $1.2M | ||
| Q2 25 | $32.3M | $-3.6M | ||
| Q1 25 | $46.7M | $26.7M | ||
| Q4 24 | $43.8M | $-1.8M | ||
| Q3 24 | $55.9M | $264.0K | ||
| Q2 24 | $40.7M | $-2.9M | ||
| Q1 24 | $50.4M | $611.0K |
自由现金流BLFORR
| Q4 25 | $26.1M | $-4.3M | ||
| Q3 25 | $63.3M | $524.0K | ||
| Q2 25 | $31.4M | $-4.2M | ||
| Q1 25 | $40.8M | $26.1M | ||
| Q4 24 | $43.0M | $-2.5M | ||
| Q3 24 | $55.5M | $-223.0K | ||
| Q2 24 | $40.0M | $-3.7M | ||
| Q1 24 | $50.1M | $-815.0K |
自由现金流率BLFORR
| Q4 25 | 14.2% | -4.2% | ||
| Q3 25 | 35.5% | 0.6% | ||
| Q2 25 | 18.2% | -3.8% | ||
| Q1 25 | 24.4% | 29.0% | ||
| Q4 24 | 25.4% | -2.3% | ||
| Q3 24 | 33.5% | -0.2% | ||
| Q2 24 | 24.9% | -3.1% | ||
| Q1 24 | 31.8% | -0.8% |
资本支出强度BLFORR
| Q4 25 | 0.3% | 1.1% | ||
| Q3 25 | 0.3% | 0.7% | ||
| Q2 25 | 0.6% | 0.5% | ||
| Q1 25 | 3.6% | 0.7% | ||
| Q4 24 | 0.4% | 0.6% | ||
| Q3 24 | 0.2% | 0.5% | ||
| Q2 24 | 0.4% | 0.7% | ||
| Q1 24 | 0.2% | 1.4% |
现金转化率BLFORR
| Q4 25 | 5.46× | — | ||
| Q3 25 | 12.07× | — | ||
| Q2 25 | 3.90× | -0.93× | ||
| Q1 25 | 7.72× | — | ||
| Q4 24 | 0.78× | -4.24× | ||
| Q3 24 | 3.24× | — | ||
| Q2 24 | 0.53× | -0.46× | ||
| Q1 24 | 4.66× | — |
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% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
