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Empire State Realty OP, L.P.（ESBA）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Empire State Realty OP, L.P.的1.4倍（$273.0M vs $199.2M），Empire State Realty OP, L.P.净利率更高（16.1% vs 5.6%，领先10.5%），Forestar Group Inc.同比增速更快（9.0% vs 0.8%），Empire State Realty OP, L.P.自由现金流更多（$50.6M vs $-157.1M），过去两年Empire State Realty OP, L.P.的营收复合增速更高（4.9% vs -9.6%）
Empire State Realty OP, L.P. 是一家房地产运营合伙企业，核心业务为持有、管理及出租优质商业与零售物业，主要布局纽约大都会区，旗下拥有帝国大厦等标志性地标，服务企业租户、零售品牌及旅游相关业务板块。
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。
ESBA vs FOR — 直观对比
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $199.2M | $273.0M |
| 净利润 | $32.2M | $15.4M |
| 毛利率 | — | 20.1% |
| 营业利润率 | 17.8% | 7.6% |
| 净利率 | 16.1% | 5.6% |
| 营收同比 | 0.8% | 9.0% |
| 净利润同比 | 71.2% | -6.7% |
| 每股收益（稀释后） | $0.11 | $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 | $199.2M | $273.0M | ||
| Q3 25 | $197.7M | $670.5M | ||
| Q2 25 | $191.3M | $390.5M | ||
| Q1 25 | $180.1M | $351.0M | ||
| Q4 24 | $197.6M | $250.4M | ||
| Q3 24 | $199.6M | $551.3M | ||
| Q2 24 | $189.5M | $318.4M | ||
| Q1 24 | $181.2M | $333.8M |
| Q4 25 | $32.2M | $15.4M | ||
| Q3 25 | $13.6M | $86.9M | ||
| Q2 25 | $11.4M | $32.9M | ||
| Q1 25 | $15.8M | $31.6M | ||
| Q4 24 | $18.8M | $16.5M | ||
| Q3 24 | $22.8M | $81.5M | ||
| Q2 24 | $28.6M | $38.7M | ||
| Q1 24 | $10.2M | $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 | 17.8% | 7.6% | ||
| Q3 25 | 19.9% | 16.9% | ||
| Q2 25 | 18.4% | 11.2% | ||
| Q1 25 | 14.3% | 11.6% | ||
| Q4 24 | 21.7% | 8.7% | ||
| Q3 24 | 22.7% | 19.7% | ||
| Q2 24 | 20.8% | 16.2% | ||
| Q1 24 | 17.1% | 17.6% |
| Q4 25 | 16.1% | 5.6% | ||
| Q3 25 | 6.9% | 13.0% | ||
| Q2 25 | 6.0% | 8.4% | ||
| Q1 25 | 8.8% | 9.0% | ||
| Q4 24 | 9.5% | 6.6% | ||
| Q3 24 | 11.4% | 14.8% | ||
| Q2 24 | 15.1% | 12.2% | ||
| Q1 24 | 5.6% | 13.5% |
| Q4 25 | $0.11 | $0.30 | ||
| Q3 25 | $0.05 | $1.70 | ||
| Q2 25 | $0.04 | $0.65 | ||
| Q1 25 | $0.05 | $0.62 | ||
| Q4 24 | $0.07 | $0.32 | ||
| Q3 24 | $0.08 | $1.59 | ||
| Q2 24 | $0.10 | $0.76 | ||
| Q1 24 | $0.03 | $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 | $132.7M | $211.7M |
| 总债务越低越好 | — | $793.2M |
| 股东权益账面价值 | — | $1.8B |
| 总资产 | $4.5B | $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
| Q4 25 | $132.7M | $211.7M | ||
| Q3 25 | $154.1M | $379.2M | ||
| Q2 25 | $94.6M | $189.2M | ||
| Q1 25 | $187.8M | $174.3M | ||
| Q4 24 | $385.5M | $132.0M | ||
| Q3 24 | $421.9M | $481.2M | ||
| Q2 24 | $535.5M | $359.2M | ||
| Q1 24 | $333.6M | $416.2M |
| 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 |
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $1.5B |
| Q4 25 | $4.5B | $3.2B | ||
| Q3 25 | $4.1B | $3.1B | ||
| Q2 25 | $4.1B | $3.1B | ||
| Q1 25 | $4.1B | $3.0B | ||
| Q4 24 | $4.5B | $3.0B | ||
| Q3 24 | $4.4B | $2.8B | ||
| Q2 24 | $4.4B | $2.7B | ||
| Q1 24 | $4.2B | $2.6B |
| 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 | $249.1M | $-157.0M |
| 自由现金流经营现金流 - 资本支出 | $50.6M | $-157.1M |
| 自由现金流率自由现金流/营收 | 25.4% | -57.5% |
| 资本支出强度资本支出/营收 | 99.6% | 0.0% |
| 现金转化率经营现金流/净利润 | 7.74× | -10.19× |
| 过去12个月自由现金流最近4个季度 | $109.3M | $93.0M |
8季度趋势，按日历期对齐
| Q4 25 | $249.1M | $-157.0M | ||
| Q3 25 | $105.3M | $256.3M | ||
| Q2 25 | $26.7M | $15.8M | ||
| Q1 25 | $83.1M | $-19.8M | ||
| Q4 24 | $260.9M | $-450.0M | ||
| Q3 24 | $102.8M | $119.2M | ||
| Q2 24 | $37.1M | $-61.7M | ||
| Q1 24 | $70.9M | $-59.2M |
| Q4 25 | $50.6M | $-157.1M | ||
| Q3 25 | $72.8M | $255.6M | ||
| Q2 25 | $-55.1M | $15.0M | ||
| Q1 25 | $41.1M | $-20.5M | ||
| Q4 24 | $88.0M | — | ||
| Q3 24 | $-65.1M | $118.4M | ||
| Q2 24 | $19.5M | $-62.3M | ||
| Q1 24 | $23.2M | $-59.8M |
| Q4 25 | 25.4% | -57.5% | ||
| Q3 25 | 36.8% | 38.1% | ||
| Q2 25 | -28.8% | 3.8% | ||
| Q1 25 | 22.8% | -5.8% | ||
| Q4 24 | 44.5% | — | ||
| Q3 24 | -32.6% | 21.5% | ||
| Q2 24 | 10.3% | -19.6% | ||
| Q1 24 | 12.8% | -17.9% |
| Q4 25 | 99.6% | 0.0% | ||
| Q3 25 | 16.5% | 0.1% | ||
| Q2 25 | 42.8% | 0.2% | ||
| Q1 25 | 23.4% | 0.2% | ||
| Q4 24 | 87.5% | 0.0% | ||
| Q3 24 | 84.1% | 0.1% | ||
| Q2 24 | 9.3% | 0.2% | ||
| Q1 24 | 26.3% | 0.2% |
| Q4 25 | 7.74× | -10.19× | ||
| Q3 25 | 7.72× | 2.95× | ||
| Q2 25 | 2.35× | 0.48× | ||
| Q1 25 | 5.27× | -0.63× | ||
| Q4 24 | 13.88× | -27.27× | ||
| Q3 24 | 4.51× | 1.46× | ||
| Q2 24 | 1.30× | -1.59× | ||
| Q1 24 | 6.94× | -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
ESBA
| Real Estate Segment | $163.8M | 82% |
| Observatory Segment | $35.2M | 18% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
