vs
Forestar Group Inc.（FOR）与GREENLIGHT CAPITAL RE, LTD.（GLRE）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GREENLIGHT CAPITAL RE, LTD.的1.3倍（$273.0M vs $210.3M），GREENLIGHT CAPITAL RE, LTD.净利率更高（23.4% vs 5.6%，领先17.8%），GREENLIGHT CAPITAL RE, LTD.同比增速更快（48.3% vs 9.0%），过去两年GREENLIGHT CAPITAL RE, LTD.的营收复合增速更高（4.8% 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。
绿光资本再保险有限公司关联的绿光资本是1996年由大卫·艾因霍恩创立的美国对冲基金，主要投资北美公开交易的企业债务产品与股票，因2008年雷曼兄弟破产前做空其股票、2012年1月在英国因内幕交易被罚1100万美元而受到市场关注，艾因霍恩至今仍担任该基金管理人。
FOR vs GLRE — 直观对比
营收规模更大
FOR
是对方的1.3倍
$210.3M
营收增速更快
GLRE
高出39.2%
9.0%
净利率更高
GLRE
高出17.8%
5.6%
两年增速更快
GLRE
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $210.3M |
| 净利润 | $15.4M | $49.3M |
| 毛利率 | 20.1% | — |
| 营业利润率 | 7.6% | — |
| 净利率 | 5.6% | 23.4% |
| 营收同比 | 9.0% | 48.3% |
| 净利润同比 | -6.7% | 279.7% |
| 每股收益（稀释后） | $0.30 | $1.43 |
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FORGLRE
| Q4 25 | $273.0M | $210.3M | ||
| Q3 25 | $670.5M | $146.1M | ||
| Q2 25 | $390.5M | $160.1M | ||
| Q1 25 | $351.0M | $213.3M | ||
| Q4 24 | $250.4M | $141.8M | ||
| Q3 24 | $551.3M | $188.0M | ||
| Q2 24 | $318.4M | $174.9M | ||
| Q1 24 | $333.8M | $191.3M |
净利润FORGLRE
| Q4 25 | $15.4M | $49.3M | ||
| Q3 25 | $86.9M | $-4.4M | ||
| Q2 25 | $32.9M | $329.0K | ||
| Q1 25 | $31.6M | $29.6M | ||
| Q4 24 | $16.5M | $-27.4M | ||
| Q3 24 | $81.5M | $35.2M | ||
| Q2 24 | $38.7M | $8.0M | ||
| Q1 24 | $45.0M | $27.0M |
毛利率FORGLRE
| 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FORGLRE
| Q4 25 | 7.6% | — | ||
| Q3 25 | 16.9% | — | ||
| Q2 25 | 11.2% | — | ||
| Q1 25 | 11.6% | — | ||
| Q4 24 | 8.7% | — | ||
| Q3 24 | 19.7% | — | ||
| Q2 24 | 16.2% | — | ||
| Q1 24 | 17.6% | — |
净利率FORGLRE
| Q4 25 | 5.6% | 23.4% | ||
| Q3 25 | 13.0% | -3.0% | ||
| Q2 25 | 8.4% | 0.2% | ||
| Q1 25 | 9.0% | 13.9% | ||
| Q4 24 | 6.6% | -19.3% | ||
| Q3 24 | 14.8% | 18.7% | ||
| Q2 24 | 12.2% | 4.6% | ||
| Q1 24 | 13.5% | 14.1% |
每股收益（稀释后）FORGLRE
| Q4 25 | $0.30 | $1.43 | ||
| Q3 25 | $1.70 | $-0.13 | ||
| Q2 25 | $0.65 | $0.01 | ||
| Q1 25 | $0.62 | $0.86 | ||
| Q4 24 | $0.32 | $-0.78 | ||
| Q3 24 | $1.59 | $1.01 | ||
| Q2 24 | $0.76 | $0.23 | ||
| Q1 24 | $0.89 | $0.78 |
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 | $111.8M |
| 总债务越低越好 | $793.2M | $4.7M |
| 股东权益账面价值 | $1.8B | $708.0M |
| 总资产 | $3.2B | $2.2B |
| 负债/权益比越低杠杆越低 | 0.44× | 0.01× |
8季度趋势，按日历期对齐
现金及短期投资FORGLRE
| Q4 25 | $211.7M | $111.8M | ||
| Q3 25 | $379.2M | $68.8M | ||
| Q2 25 | $189.2M | $82.4M | ||
| Q1 25 | $174.3M | $47.5M | ||
| Q4 24 | $132.0M | $64.7M | ||
| Q3 24 | $481.2M | $54.6M | ||
| Q2 24 | $359.2M | $52.2M | ||
| Q1 24 | $416.2M | $61.6M |
总债务FORGLRE
| Q4 25 | $793.2M | $4.7M | ||
| Q3 25 | $802.7M | $34.7M | ||
| Q2 25 | $872.8M | $58.9M | ||
| Q1 25 | $872.5M | $59.8M | ||
| Q4 24 | $806.8M | $60.7M | ||
| Q3 24 | $706.4M | $62.6M | ||
| Q2 24 | $706.1M | $61.6M | ||
| Q1 24 | $705.7M | $72.5M |
股东权益FORGLRE
| Q4 25 | $1.8B | $708.0M | ||
| Q3 25 | $1.8B | $658.9M | ||
| Q2 25 | $1.7B | $663.3M | ||
| Q1 25 | $1.6B | $666.8M | ||
| Q4 24 | $1.6B | $635.9M | ||
| Q3 24 | $1.6B | $663.4M | ||
| Q2 24 | $1.5B | $634.0M | ||
| Q1 24 | $1.5B | $624.5M |
总资产FORGLRE
| Q4 25 | $3.2B | $2.2B | ||
| Q3 25 | $3.1B | $2.1B | ||
| Q2 25 | $3.1B | $2.2B | ||
| Q1 25 | $3.0B | $2.2B | ||
| Q4 24 | $3.0B | $2.0B | ||
| Q3 24 | $2.8B | $2.0B | ||
| Q2 24 | $2.7B | $1.9B | ||
| Q1 24 | $2.6B | $1.9B |
负债/权益比FORGLRE
| Q4 25 | 0.44× | 0.01× | ||
| Q3 25 | 0.45× | 0.05× | ||
| Q2 25 | 0.52× | 0.09× | ||
| Q1 25 | 0.53× | 0.09× | ||
| Q4 24 | 0.50× | 0.10× | ||
| Q3 24 | 0.44× | 0.09× | ||
| Q2 24 | 0.47× | 0.10× | ||
| Q1 24 | 0.48× | 0.12× |
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 | $100.2M |
| 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× | 2.03× |
| 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FORGLRE
| Q4 25 | $-157.0M | $100.2M | ||
| Q3 25 | $256.3M | $31.2M | ||
| Q2 25 | $15.8M | $68.4M | ||
| Q1 25 | $-19.8M | $10.4M | ||
| Q4 24 | $-450.0M | $29.5M | ||
| Q3 24 | $119.2M | $41.3M | ||
| Q2 24 | $-61.7M | $22.7M | ||
| Q1 24 | $-59.2M | $18.0M |
自由现金流FORGLRE
| 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FORGLRE
| 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FORGLRE
| 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FORGLRE
| Q4 25 | -10.19× | 2.03× | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 0.48× | 208.02× | ||
| Q1 25 | -0.63× | 0.35× | ||
| Q4 24 | -27.27× | — | ||
| Q3 24 | 1.46× | 1.17× | ||
| Q2 24 | -1.59× | 2.85× | ||
| Q1 24 | -1.32× | 0.66× |
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% |
GLRE
| Other | $124.7M | 59% |
| Innovations | $85.6M | 41% |
