vs
Fidelity National Financial, Inc.（FNF）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
Fidelity National Financial, Inc.的季度营收约是Forestar Group Inc.的2.0倍（$544.0M vs $273.0M），Forestar Group Inc.净利率更高（5.6% vs -21.5%，领先27.1%），Fidelity National Financial, Inc.同比增速更快（10.3% vs 9.0%），过去两年Fidelity National Financial, Inc.的营收复合增速更高（13.7% vs -9.6%）
富达国民金融是美国财富500强企业，主要面向房地产与抵押贷款行业提供产权保险及交割服务，2019年其产权及房地产业务相关年度营收约为84.69亿美元，是全球领先的产权保险服务供应商。
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。
FNF vs FOR — 直观对比
营收规模更大
FNF
是对方的2.0倍
$273.0M
营收增速更快
FNF
高出1.3%
9.0%
净利率更高
FOR
高出27.1%
-21.5%
两年增速更快
FNF
近两年复合增速
-9.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $544.0M | $273.0M |
| 净利润 | $-117.0M | $15.4M |
| 毛利率 | — | 20.1% |
| 营业利润率 | 82.9% | 7.6% |
| 净利率 | -21.5% | 5.6% |
| 营收同比 | 10.3% | 9.0% |
| 净利润同比 | -126.0% | -6.7% |
| 每股收益（稀释后） | $-0.44 | $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FNFFOR
| Q4 25 | $544.0M | $273.0M | ||
| Q3 25 | $553.0M | $670.5M | ||
| Q2 25 | $547.0M | $390.5M | ||
| Q1 25 | $455.0M | $351.0M | ||
| Q4 24 | $493.0M | $250.4M | ||
| Q3 24 | $506.0M | $551.3M | ||
| Q2 24 | $504.0M | $318.4M | ||
| Q1 24 | $421.0M | $333.8M |
净利润FNFFOR
| Q4 25 | $-117.0M | $15.4M | ||
| Q3 25 | $358.0M | $86.9M | ||
| Q2 25 | $278.0M | $32.9M | ||
| Q1 25 | $83.0M | $31.6M | ||
| Q4 24 | $450.0M | $16.5M | ||
| Q3 24 | $266.0M | $81.5M | ||
| Q2 24 | $306.0M | $38.7M | ||
| Q1 24 | $248.0M | $45.0M |
毛利率FNFFOR
| 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FNFFOR
| Q4 25 | 82.9% | 7.6% | ||
| Q3 25 | 81.9% | 16.9% | ||
| Q2 25 | 69.8% | 11.2% | ||
| Q1 25 | 24.4% | 11.6% | ||
| Q4 24 | — | 8.7% | ||
| Q3 24 | 61.9% | 19.7% | ||
| Q2 24 | 90.9% | 16.2% | ||
| Q1 24 | 78.6% | 17.6% |
净利率FNFFOR
| Q4 25 | -21.5% | 5.6% | ||
| Q3 25 | 64.7% | 13.0% | ||
| Q2 25 | 50.8% | 8.4% | ||
| Q1 25 | 18.2% | 9.0% | ||
| Q4 24 | 91.3% | 6.6% | ||
| Q3 24 | 52.6% | 14.8% | ||
| Q2 24 | 60.7% | 12.2% | ||
| Q1 24 | 58.9% | 13.5% |
每股收益（稀释后）FNFFOR
| Q4 25 | $-0.44 | $0.30 | ||
| Q3 25 | $1.33 | $1.70 | ||
| Q2 25 | $1.02 | $0.65 | ||
| Q1 25 | $0.30 | $0.62 | ||
| Q4 24 | $1.65 | $0.32 | ||
| Q3 24 | $0.97 | $1.59 | ||
| Q2 24 | $1.12 | $0.76 | ||
| Q1 24 | $0.91 | $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 | $2.6B | $211.7M |
| 总债务越低越好 | $4.4B | $793.2M |
| 股东权益账面价值 | $7.4B | $1.8B |
| 总资产 | $109.0B | $3.2B |
| 负债/权益比越低杠杆越低 | 0.59× | 0.44× |
8季度趋势，按日历期对齐
现金及短期投资FNFFOR
| Q4 25 | $2.6B | $211.7M | ||
| Q3 25 | $3.5B | $379.2M | ||
| Q2 25 | $3.3B | $189.2M | ||
| Q1 25 | $4.5B | $174.3M | ||
| Q4 24 | $3.5B | $132.0M | ||
| Q3 24 | $5.0B | $481.2M | ||
| Q2 24 | $4.9B | $359.2M | ||
| Q1 24 | $3.5B | $416.2M |
总债务FNFFOR
| Q4 25 | $4.4B | $793.2M | ||
| Q3 25 | $4.4B | $802.7M | ||
| Q2 25 | $4.4B | $872.8M | ||
| Q1 25 | $4.4B | $872.5M | ||
| Q4 24 | $4.3B | $806.8M | ||
| Q3 24 | $4.2B | $706.4M | ||
| Q2 24 | $4.2B | $706.1M | ||
| Q1 24 | $3.9B | $705.7M |
股东权益FNFFOR
| Q4 25 | $7.4B | $1.8B | ||
| Q3 25 | $8.4B | $1.8B | ||
| Q2 25 | $7.9B | $1.7B | ||
| Q1 25 | $7.9B | $1.6B | ||
| Q4 24 | $7.8B | $1.6B | ||
| Q3 24 | $8.1B | $1.6B | ||
| Q2 24 | $7.3B | $1.5B | ||
| Q1 24 | $7.1B | $1.5B |
总资产FNFFOR
| Q4 25 | $109.0B | $3.2B | ||
| Q3 25 | $106.6B | $3.1B | ||
| Q2 25 | $102.3B | $3.1B | ||
| Q1 25 | $98.2B | $3.0B | ||
| Q4 24 | $95.4B | $3.0B | ||
| Q3 24 | $94.7B | $2.8B | ||
| Q2 24 | $88.8B | $2.7B | ||
| Q1 24 | $84.5B | $2.6B |
负债/权益比FNFFOR
| Q4 25 | 0.59× | 0.44× | ||
| Q3 25 | 0.53× | 0.45× | ||
| Q2 25 | 0.56× | 0.52× | ||
| Q1 25 | 0.56× | 0.53× | ||
| Q4 24 | 0.56× | 0.50× | ||
| Q3 24 | 0.52× | 0.44× | ||
| Q2 24 | 0.58× | 0.47× | ||
| Q1 24 | 0.55× | 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 | $1.5B | $-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 | — | -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FNFFOR
| Q4 25 | $1.5B | $-157.0M | ||
| Q3 25 | $1.3B | $256.3M | ||
| Q2 25 | $1.9B | $15.8M | ||
| Q1 25 | $1.1B | $-19.8M | ||
| Q4 24 | $1.5B | $-450.0M | ||
| Q3 24 | $2.4B | $119.2M | ||
| Q2 24 | $1.4B | $-61.7M | ||
| Q1 24 | $1.6B | $-59.2M |
自由现金流FNFFOR
| 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FNFFOR
| 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FNFFOR
| 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FNFFOR
| Q4 25 | — | -10.19× | ||
| Q3 25 | 3.66× | 2.95× | ||
| Q2 25 | 6.82× | 0.48× | ||
| Q1 25 | 13.43× | -0.63× | ||
| Q4 24 | 3.32× | -27.27× | ||
| Q3 24 | 8.89× | 1.46× | ||
| Q2 24 | 4.45× | -1.59× | ||
| Q1 24 | 6.42× | -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
FNF
| Escrow Fees | $241.0M | 44% |
| Other Title Related Fees And Income | $182.0M | 33% |
| Service Link Excluding Title Premiums Escrow Fees And Subservicing Fees | $87.0M | 16% |
| Insurance Contracts Home Warranty | $31.0M | 6% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
