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CALIFORNIA WATER SERVICE GROUP（CWT）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CALIFORNIA WATER SERVICE GROUP的1.3倍（$273.0M vs $210.7M），Forestar Group Inc.净利率更高（5.6% vs 5.4%，领先0.2%），Forestar Group Inc.同比增速更快（9.0% vs -3.3%），过去两年CALIFORNIA WATER SERVICE GROUP的营收复合增速更高（16.6% vs -9.6%）
加利福尼亚水务集团是美国公共事业企业，主营饮用水及污水处理服务，是美国第三大上市投资者所有水务公司，通过加利福尼亚、夏威夷、新墨西哥、华盛顿等州的子公司，为约200万民众提供服务。集团成立于1997年，作为加州水务的控股主体，推动业务向美国其他各州拓展。
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。
CWT vs FOR — 直观对比
营收规模更大
FOR
是对方的1.3倍
$210.7M
营收增速更快
FOR
高出12.3%
-3.3%
净利率更高
FOR
高出0.2%
5.4%
两年增速更快
CWT
近两年复合增速
-9.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $210.7M | $273.0M |
| 净利润 | $11.5M | $15.4M |
| 毛利率 | — | 20.1% |
| 营业利润率 | 12.2% | 7.6% |
| 净利率 | 5.4% | 5.6% |
| 营收同比 | -3.3% | 9.0% |
| 净利润同比 | -41.0% | -6.7% |
| 每股收益（稀释后） | $0.19 | $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CWTFOR
| Q4 25 | $210.7M | $273.0M | ||
| Q3 25 | $314.1M | $670.5M | ||
| Q2 25 | $256.2M | $390.5M | ||
| Q1 25 | $182.7M | $351.0M | ||
| Q4 24 | $217.8M | $250.4M | ||
| Q3 24 | $306.2M | $551.3M | ||
| Q2 24 | $226.7M | $318.4M | ||
| Q1 24 | $154.9M | $333.8M |
净利润CWTFOR
| Q4 25 | $11.5M | $15.4M | ||
| Q3 25 | $61.2M | $86.9M | ||
| Q2 25 | $42.2M | $32.9M | ||
| Q1 25 | $13.3M | $31.6M | ||
| Q4 24 | $19.5M | $16.5M | ||
| Q3 24 | $60.7M | $81.5M | ||
| Q2 24 | $40.6M | $38.7M | ||
| Q1 24 | $69.9M | $45.0M |
毛利率CWTFOR
| 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% |
营业利润率CWTFOR
| Q4 25 | 12.2% | 7.6% | ||
| Q3 25 | 22.5% | 16.9% | ||
| Q2 25 | 20.2% | 11.2% | ||
| Q1 25 | 12.2% | 11.6% | ||
| Q4 24 | 14.8% | 8.7% | ||
| Q3 24 | 21.8% | 19.7% | ||
| Q2 24 | 21.2% | 16.2% | ||
| Q1 24 | 50.3% | 17.6% |
净利率CWTFOR
| Q4 25 | 5.4% | 5.6% | ||
| Q3 25 | 19.5% | 13.0% | ||
| Q2 25 | 16.5% | 8.4% | ||
| Q1 25 | 7.3% | 9.0% | ||
| Q4 24 | 8.9% | 6.6% | ||
| Q3 24 | 19.8% | 14.8% | ||
| Q2 24 | 17.9% | 12.2% | ||
| Q1 24 | 45.1% | 13.5% |
每股收益（稀释后）CWTFOR
| Q4 25 | $0.19 | $0.30 | ||
| Q3 25 | $1.03 | $1.70 | ||
| Q2 25 | $0.71 | $0.65 | ||
| Q1 25 | $0.22 | $0.62 | ||
| Q4 24 | $0.31 | $0.32 | ||
| Q3 24 | $1.03 | $1.59 | ||
| Q2 24 | $0.70 | $0.76 | ||
| Q1 24 | $1.21 | $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 | $51.8M | $211.7M |
| 总债务越低越好 | $1.5B | $793.2M |
| 股东权益账面价值 | $1.7B | $1.8B |
| 总资产 | $5.7B | $3.2B |
| 负债/权益比越低杠杆越低 | 0.87× | 0.44× |
8季度趋势，按日历期对齐
现金及短期投资CWTFOR
| Q4 25 | $51.8M | $211.7M | ||
| Q3 25 | $76.0M | $379.2M | ||
| Q2 25 | $50.5M | $189.2M | ||
| Q1 25 | $44.5M | $174.3M | ||
| Q4 24 | $50.1M | $132.0M | ||
| Q3 24 | $59.6M | $481.2M | ||
| Q2 24 | $37.3M | $359.2M | ||
| Q1 24 | $42.8M | $416.2M |
总债务CWTFOR
| Q4 25 | $1.5B | $793.2M | ||
| Q3 25 | $1.1B | $802.7M | ||
| Q2 25 | $1.1B | $872.8M | ||
| Q1 25 | $1.1B | $872.5M | ||
| Q4 24 | $1.1B | $806.8M | ||
| Q3 24 | — | $706.4M | ||
| Q2 24 | — | $706.1M | ||
| Q1 24 | — | $705.7M |
股东权益CWTFOR
| Q4 25 | $1.7B | $1.8B | ||
| Q3 25 | $1.7B | $1.8B | ||
| Q2 25 | $1.7B | $1.7B | ||
| Q1 25 | $1.6B | $1.6B | ||
| Q4 24 | $1.6B | $1.6B | ||
| Q3 24 | $1.6B | $1.6B | ||
| Q2 24 | $1.5B | $1.5B | ||
| Q1 24 | $1.5B | $1.5B |
总资产CWTFOR
| Q4 25 | $5.7B | $3.2B | ||
| Q3 25 | $5.5B | $3.1B | ||
| Q2 25 | $5.4B | $3.1B | ||
| Q1 25 | $5.3B | $3.0B | ||
| Q4 24 | $5.2B | $3.0B | ||
| Q3 24 | $5.0B | $2.8B | ||
| Q2 24 | $4.9B | $2.7B | ||
| Q1 24 | $4.8B | $2.6B |
负债/权益比CWTFOR
| Q4 25 | 0.87× | 0.44× | ||
| Q3 25 | 0.65× | 0.45× | ||
| Q2 25 | 0.67× | 0.52× | ||
| Q1 25 | 0.68× | 0.53× | ||
| Q4 24 | 0.67× | 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 | $47.9M | $-157.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-157.1M |
| 自由现金流率自由现金流/营收 | — | -57.5% |
| 资本支出强度资本支出/营收 | — | 0.0% |
| 现金转化率经营现金流/净利润 | 4.17× | -10.19× |
| 过去12个月自由现金流最近4个季度 | — | $93.0M |
8季度趋势，按日历期对齐
经营现金流CWTFOR
| Q4 25 | $47.9M | $-157.0M | ||
| Q3 25 | $167.3M | $256.3M | ||
| Q2 25 | $48.9M | $15.8M | ||
| Q1 25 | $38.4M | $-19.8M | ||
| Q4 24 | $68.1M | $-450.0M | ||
| Q3 24 | $101.8M | $119.2M | ||
| Q2 24 | $94.4M | $-61.7M | ||
| Q1 24 | $26.5M | $-59.2M |
自由现金流CWTFOR
| Q4 25 | — | $-157.1M | ||
| Q3 25 | — | $255.6M | ||
| Q2 25 | — | $15.0M | ||
| Q1 25 | — | $-20.5M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $118.4M | ||
| Q2 24 | — | $-62.3M | ||
| Q1 24 | — | $-59.8M |
自由现金流率CWTFOR
| Q4 25 | — | -57.5% | ||
| Q3 25 | — | 38.1% | ||
| Q2 25 | — | 3.8% | ||
| Q1 25 | — | -5.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 21.5% | ||
| Q2 24 | — | -19.6% | ||
| Q1 24 | — | -17.9% |
资本支出强度CWTFOR
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.2% |
现金转化率CWTFOR
| Q4 25 | 4.17× | -10.19× | ||
| Q3 25 | 2.73× | 2.95× | ||
| Q2 25 | 1.16× | 0.48× | ||
| Q1 25 | 2.88× | -0.63× | ||
| Q4 24 | 3.50× | -27.27× | ||
| Q3 24 | 1.68× | 1.46× | ||
| Q2 24 | 2.33× | -1.59× | ||
| Q1 24 | 0.38× | -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
CWT
| Residential | $133.2M | 63% |
| Business | $47.7M | 23% |
| Public Authorities | $13.4M | 6% |
| Industrial | $6.9M | 3% |
| Non Regulated Services | $4.8M | 2% |
| Other Non Regulated Service | $1.2M | 1% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
