vs
Forestar Group Inc.（FOR）与FIRST MERCHANTS CORP（FRME）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FIRST MERCHANTS CORP的1.7倍（$273.0M vs $157.1M），FIRST MERCHANTS CORP净利率更高（17.9% vs 5.6%，领先12.3%），过去两年FIRST MERCHANTS CORP的营收复合增速更高（-0.9% vs -9.6%）
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。
第一商人集团是总部位于美国印第安纳州曼西的金融控股公司，业务覆盖印第安纳州中部地区，旗下拥有第一商人银行、第一商人私人财富顾问两大板块，在纳斯达克上市，股票代码为FRME。截至2023年3月，集团总资产达182亿美元，为客户提供商业银行、个人银行及投资顾问服务。
FOR vs FRME — 直观对比
营收规模更大
FOR
是对方的1.7倍
$157.1M
净利率更高
FRME
高出12.3%
5.6%
两年增速更快
FRME
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $157.1M |
| 净利润 | $15.4M | $28.2M |
| 毛利率 | 20.1% | — |
| 营业利润率 | 7.6% | — |
| 净利率 | 5.6% | 17.9% |
| 营收同比 | 9.0% | — |
| 净利润同比 | -6.7% | -49.1% |
| 每股收益（稀释后） | $0.30 | $0.45 |
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FORFRME
| Q1 26 | — | $157.1M | ||
| Q4 25 | $273.0M | $172.2M | ||
| Q3 25 | $670.5M | $166.1M | ||
| Q2 25 | $390.5M | $164.3M | ||
| Q1 25 | $351.0M | $160.3M | ||
| Q4 24 | $250.4M | $177.1M | ||
| Q3 24 | $551.3M | $156.0M | ||
| Q2 24 | $318.4M | $159.9M |
净利润FORFRME
| Q1 26 | — | $28.2M | ||
| Q4 25 | $15.4M | $57.1M | ||
| Q3 25 | $86.9M | $56.8M | ||
| Q2 25 | $32.9M | $56.8M | ||
| Q1 25 | $31.6M | $55.3M | ||
| Q4 24 | $16.5M | $64.3M | ||
| Q3 24 | $81.5M | $49.2M | ||
| Q2 24 | $38.7M | $39.9M |
毛利率FORFRME
| Q1 26 | — | — | ||
| 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% | — |
营业利润率FORFRME
| Q1 26 | — | — | ||
| Q4 25 | 7.6% | 38.0% | ||
| Q3 25 | 16.9% | 39.3% | ||
| Q2 25 | 11.2% | 39.6% | ||
| Q1 25 | 11.6% | 39.4% | ||
| Q4 24 | 8.7% | 43.3% | ||
| Q3 24 | 19.7% | 36.1% | ||
| Q2 24 | 16.2% | 27.5% |
净利率FORFRME
| Q1 26 | — | 17.9% | ||
| Q4 25 | 5.6% | 33.1% | ||
| Q3 25 | 13.0% | 34.2% | ||
| Q2 25 | 8.4% | 34.6% | ||
| Q1 25 | 9.0% | 34.5% | ||
| Q4 24 | 6.6% | 36.3% | ||
| Q3 24 | 14.8% | 31.5% | ||
| Q2 24 | 12.2% | 25.0% |
每股收益（稀释后）FORFRME
| Q1 26 | — | $0.45 | ||
| Q4 25 | $0.30 | $0.98 | ||
| Q3 25 | $1.70 | $0.98 | ||
| Q2 25 | $0.65 | $0.98 | ||
| Q1 25 | $0.62 | $0.94 | ||
| Q4 24 | $0.32 | $1.09 | ||
| Q3 24 | $1.59 | $0.84 | ||
| Q2 24 | $0.76 | $0.68 |
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 | $211.7M | — |
| 总债务越低越好 | $793.2M | — |
| 股东权益账面价值 | $1.8B | $2.7B |
| 总资产 | $3.2B | $21.1B |
| 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FORFRME
| Q1 26 | — | — | ||
| Q4 25 | $211.7M | — | ||
| Q3 25 | $379.2M | — | ||
| Q2 25 | $189.2M | — | ||
| Q1 25 | $174.3M | — | ||
| Q4 24 | $132.0M | — | ||
| Q3 24 | $481.2M | — | ||
| Q2 24 | $359.2M | — |
总债务FORFRME
| 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 | — | ||
| Q2 24 | $706.1M | — |
股东权益FORFRME
| Q1 26 | — | $2.7B | ||
| Q4 25 | $1.8B | $2.5B | ||
| Q3 25 | $1.8B | $2.4B | ||
| Q2 25 | $1.7B | $2.3B | ||
| Q1 25 | $1.6B | $2.3B | ||
| Q4 24 | $1.6B | $2.3B | ||
| Q3 24 | $1.6B | $2.3B | ||
| Q2 24 | $1.5B | $2.2B |
总资产FORFRME
| Q1 26 | — | $21.1B | ||
| Q4 25 | $3.2B | $19.0B | ||
| Q3 25 | $3.1B | $18.8B | ||
| Q2 25 | $3.1B | $18.6B | ||
| Q1 25 | $3.0B | $18.4B | ||
| Q4 24 | $3.0B | $18.3B | ||
| Q3 24 | $2.8B | $18.3B | ||
| Q2 24 | $2.7B | $18.3B |
负债/权益比FORFRME
| 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× | — | ||
| Q2 24 | 0.47× | — |
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 | $-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FORFRME
| Q1 26 | — | — | ||
| Q4 25 | $-157.0M | $283.6M | ||
| Q3 25 | $256.3M | $87.6M | ||
| Q2 25 | $15.8M | $53.7M | ||
| Q1 25 | $-19.8M | $61.7M | ||
| Q4 24 | $-450.0M | $266.2M | ||
| Q3 24 | $119.2M | $76.8M | ||
| Q2 24 | $-61.7M | $63.0M |
自由现金流FORFRME
| Q1 26 | — | — | ||
| 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 | — |
自由现金流率FORFRME
| Q1 26 | — | — | ||
| 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% | — |
资本支出强度FORFRME
| Q1 26 | — | — | ||
| 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% | — |
现金转化率FORFRME
| Q1 26 | — | — | ||
| Q4 25 | -10.19× | 4.97× | ||
| Q3 25 | 2.95× | 1.54× | ||
| Q2 25 | 0.48× | 0.94× | ||
| Q1 25 | -0.63× | 1.11× | ||
| Q4 24 | -27.27× | 4.14× | ||
| Q3 24 | 1.46× | 1.56× | ||
| Q2 24 | -1.59× | 1.58× |
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
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
FRME
| Net Interest Income | $151.3M | 96% |
| Noninterest Income | $5.8M | 4% |
