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杜比实验室（DLB）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
杜比实验室的季度营收约是Forestar Group Inc.的1.4倍（$395.6M vs $273.0M），杜比实验室净利率更高（24.0% vs 5.6%，领先18.3%），Forestar Group Inc.同比增速更快（9.0% vs 7.1%），过去两年杜比实验室的营收复合增速更高（13.9% vs -9.6%）
杜比实验室是一家美国科技企业，专注于音频降噪、音频编码压缩、空间音频及高动态范围（HDR）影像等技术的研发，旗下技术广泛授权给全球各地的消费电子制造商使用，助力终端产品为用户带来更出色的视听体验。
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。
DLB vs FOR — 直观对比
营收规模更大
DLB
是对方的1.4倍
$273.0M
营收增速更快
FOR
高出2.0%
7.1%
净利率更高
DLB
高出18.3%
5.6%
两年增速更快
DLB
近两年复合增速
-9.6%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $395.6M | $273.0M |
| 净利润 | $94.9M | $15.4M |
| 毛利率 | 88.7% | 20.1% |
| 营业利润率 | 28.5% | 7.6% |
| 净利率 | 24.0% | 5.6% |
| 营收同比 | 7.1% | 9.0% |
| 净利润同比 | 3.4% | -6.7% |
| 每股收益（稀释后） | $0.99 | $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DLBFOR
| Q2 26 | $395.6M | — | ||
| Q1 26 | $346.7M | — | ||
| Q4 25 | $346.7M | $273.0M | ||
| Q3 25 | $307.0M | $670.5M | ||
| Q2 25 | $315.5M | $390.5M | ||
| Q1 25 | $369.6M | $351.0M | ||
| Q4 24 | $357.0M | $250.4M | ||
| Q3 24 | $304.8M | $551.3M |
净利润DLBFOR
| Q2 26 | $94.9M | — | ||
| Q1 26 | $53.3M | — | ||
| Q4 25 | $53.3M | $15.4M | ||
| Q3 25 | $49.3M | $86.9M | ||
| Q2 25 | $46.1M | $32.9M | ||
| Q1 25 | $91.8M | $31.6M | ||
| Q4 24 | $67.8M | $16.5M | ||
| Q3 24 | $58.6M | $81.5M |
毛利率DLBFOR
| Q2 26 | 88.7% | — | ||
| Q1 26 | 87.5% | — | ||
| Q4 25 | 87.5% | 20.1% | ||
| Q3 25 | 87.1% | 22.3% | ||
| Q2 25 | 86.1% | 20.4% | ||
| Q1 25 | 90.3% | 22.6% | ||
| Q4 24 | 88.6% | 22.0% | ||
| Q3 24 | 88.8% | 23.9% |
营业利润率DLBFOR
| Q2 26 | 28.5% | — | ||
| Q1 26 | 17.9% | — | ||
| Q4 25 | 17.9% | 7.6% | ||
| Q3 25 | 9.7% | 16.9% | ||
| Q2 25 | 15.1% | 11.2% | ||
| Q1 25 | 29.2% | 11.6% | ||
| Q4 24 | 22.4% | 8.7% | ||
| Q3 24 | 15.2% | 19.7% |
净利率DLBFOR
| Q2 26 | 24.0% | — | ||
| Q1 26 | 15.4% | — | ||
| Q4 25 | 15.4% | 5.6% | ||
| Q3 25 | 16.1% | 13.0% | ||
| Q2 25 | 14.6% | 8.4% | ||
| Q1 25 | 24.8% | 9.0% | ||
| Q4 24 | 19.0% | 6.6% | ||
| Q3 24 | 19.2% | 14.8% |
每股收益（稀释后）DLBFOR
| Q2 26 | $0.99 | — | ||
| Q1 26 | $0.55 | — | ||
| Q4 25 | $0.55 | $0.30 | ||
| Q3 25 | $0.50 | $1.70 | ||
| Q2 25 | $0.48 | $0.65 | ||
| Q1 25 | $0.94 | $0.62 | ||
| Q4 24 | $0.70 | $0.32 | ||
| Q3 24 | $0.59 | $1.59 |
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 | $594.7M | $211.7M |
| 总债务越低越好 | — | $793.2M |
| 股东权益账面价值 | $2.6B | $1.8B |
| 总资产 | $3.2B | $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DLBFOR
| Q2 26 | $594.7M | — | ||
| Q1 26 | $644.6M | — | ||
| Q4 25 | $644.6M | $211.7M | ||
| Q3 25 | $702.6M | $379.2M | ||
| Q2 25 | $699.3M | $189.2M | ||
| Q1 25 | $626.6M | $174.3M | ||
| Q4 24 | $520.8M | $132.0M | ||
| Q3 24 | $482.0M | $481.2M |
总债务DLBFOR
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | — | $793.2M | ||
| Q3 25 | — | $802.7M | ||
| Q2 25 | — | $872.8M | ||
| Q1 25 | — | $872.5M | ||
| Q4 24 | — | $806.8M | ||
| Q3 24 | — | $706.4M |
股东权益DLBFOR
| Q2 26 | $2.6B | — | ||
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.6B | $1.8B | ||
| Q3 25 | $2.6B | $1.8B | ||
| Q2 25 | $2.6B | $1.7B | ||
| Q1 25 | $2.6B | $1.6B | ||
| Q4 24 | $2.5B | $1.6B | ||
| Q3 24 | $2.5B | $1.6B |
总资产DLBFOR
| Q2 26 | $3.2B | — | ||
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $3.2B | ||
| Q3 25 | $3.2B | $3.1B | ||
| Q2 25 | $3.2B | $3.1B | ||
| Q1 25 | $3.2B | $3.0B | ||
| Q4 24 | $3.2B | $3.0B | ||
| Q3 24 | $3.1B | $2.8B |
负债/权益比DLBFOR
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | — | 0.44× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.44× |
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 | $147.3M | $-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 | 1.55× | -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DLBFOR
| Q2 26 | $147.3M | — | ||
| Q1 26 | $54.8M | — | ||
| Q4 25 | $54.8M | $-157.0M | ||
| Q3 25 | $472.2M | $256.3M | ||
| Q2 25 | $67.7M | $15.8M | ||
| Q1 25 | $174.9M | $-19.8M | ||
| Q4 24 | $106.8M | $-450.0M | ||
| Q3 24 | $327.3M | $119.2M |
自由现金流DLBFOR
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | $50.2M | $-157.1M | ||
| Q3 25 | $435.9M | $255.6M | ||
| Q2 25 | $61.3M | $15.0M | ||
| Q1 25 | $168.0M | $-20.5M | ||
| Q4 24 | $100.0M | — | ||
| Q3 24 | $297.2M | $118.4M |
自由现金流率DLBFOR
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 14.5% | -57.5% | ||
| Q3 25 | 142.0% | 38.1% | ||
| Q2 25 | 19.4% | 3.8% | ||
| Q1 25 | 45.5% | -5.8% | ||
| Q4 24 | 28.0% | — | ||
| Q3 24 | 97.5% | 21.5% |
资本支出强度DLBFOR
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 0.0% | ||
| Q3 25 | 11.8% | 0.1% | ||
| Q2 25 | 2.0% | 0.2% | ||
| Q1 25 | 1.9% | 0.2% | ||
| Q4 24 | 1.9% | 0.0% | ||
| Q3 24 | 9.8% | 0.1% |
现金转化率DLBFOR
| Q2 26 | 1.55× | — | ||
| Q1 26 | 1.03× | — | ||
| Q4 25 | 1.03× | -10.19× | ||
| Q3 25 | 9.57× | 2.95× | ||
| Q2 25 | 1.47× | 0.48× | ||
| Q1 25 | 1.91× | -0.63× | ||
| Q4 24 | 1.57× | -27.27× | ||
| Q3 24 | 5.59× | 1.46× |
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
DLB
| Licensing | $372.2M | 94% |
| Products and services | $23.4M | 6% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
