vs
Forestar Group Inc.（FOR）与Acushnet Holdings Corp.（GOLF）财务数据对比。点击上方公司名可切换其他公司
Acushnet Holdings Corp.的季度营收约是Forestar Group Inc.的1.7倍（$477.2M vs $273.0M），Forestar Group Inc.净利率更高（5.6% vs -7.3%，领先13.0%），Forestar Group Inc.同比增速更快（9.0% vs 7.2%），Acushnet Holdings Corp.自由现金流更多（$-23.3M vs $-157.1M），过去两年Forestar Group Inc.的营收复合增速更高（-9.6% vs -17.9%）
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。
Acushnet Holdings Corp.是一家专注于高尔夫赛道的美国企业，旗下运营多个知名品牌，产品品类覆盖高尔夫专业器材、运动服饰及相关配件，为全球高尔夫运动爱好者提供多元化的相关产品选择。
FOR vs GOLF — 直观对比
营收规模更大
GOLF
是对方的1.7倍
$273.0M
营收增速更快
FOR
高出1.8%
7.2%
净利率更高
FOR
高出13.0%
-7.3%
自由现金流更多
GOLF
多$133.8M
$-157.1M
两年增速更快
FOR
近两年复合增速
-17.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $477.2M |
| 净利润 | $15.4M | $-34.9M |
| 毛利率 | 20.1% | 44.1% |
| 营业利润率 | 7.6% | -3.8% |
| 净利率 | 5.6% | -7.3% |
| 营收同比 | 9.0% | 7.2% |
| 净利润同比 | -6.7% | -3027.3% |
| 每股收益（稀释后） | $0.30 | $-0.57 |
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FORGOLF
| Q4 25 | $273.0M | $477.2M | ||
| Q3 25 | $670.5M | $657.7M | ||
| Q2 25 | $390.5M | $720.5M | ||
| Q1 25 | $351.0M | $703.4M | ||
| Q4 24 | $250.4M | $445.2M | ||
| Q3 24 | $551.3M | $620.5M | ||
| Q2 24 | $318.4M | $683.9M | ||
| Q1 24 | $333.8M | $707.6M |
净利润FORGOLF
| Q4 25 | $15.4M | $-34.9M | ||
| Q3 25 | $86.9M | $48.5M | ||
| Q2 25 | $32.9M | $75.6M | ||
| Q1 25 | $31.6M | $99.4M | ||
| Q4 24 | $16.5M | $-1.1M | ||
| Q3 24 | $81.5M | $56.2M | ||
| Q2 24 | $38.7M | $71.4M | ||
| Q1 24 | $45.0M | $87.8M |
毛利率FORGOLF
| Q4 25 | 20.1% | 44.1% | ||
| Q3 25 | 22.3% | 48.5% | ||
| Q2 25 | 20.4% | 49.2% | ||
| Q1 25 | 22.6% | 47.9% | ||
| Q4 24 | 22.0% | 22.6% | ||
| Q3 24 | 23.9% | 54.4% | ||
| Q2 24 | 22.5% | 54.4% | ||
| Q1 24 | 24.9% | 53.4% |
营业利润率FORGOLF
| Q4 25 | 7.6% | -3.8% | ||
| Q3 25 | 16.9% | 14.1% | ||
| Q2 25 | 11.2% | 15.2% | ||
| Q1 25 | 11.6% | 16.3% | ||
| Q4 24 | 8.7% | -1.2% | ||
| Q3 24 | 19.7% | 13.2% | ||
| Q2 24 | 16.2% | 15.5% | ||
| Q1 24 | 17.6% | 17.2% |
净利率FORGOLF
| Q4 25 | 5.6% | -7.3% | ||
| Q3 25 | 13.0% | 7.4% | ||
| Q2 25 | 8.4% | 10.5% | ||
| Q1 25 | 9.0% | 14.1% | ||
| Q4 24 | 6.6% | -0.3% | ||
| Q3 24 | 14.8% | 9.1% | ||
| Q2 24 | 12.2% | 10.4% | ||
| Q1 24 | 13.5% | 12.4% |
每股收益（稀释后）FORGOLF
| Q4 25 | $0.30 | $-0.57 | ||
| Q3 25 | $1.70 | $0.81 | ||
| Q2 25 | $0.65 | $1.25 | ||
| Q1 25 | $0.62 | $1.62 | ||
| Q4 24 | $0.32 | $0.02 | ||
| Q3 24 | $1.59 | $0.89 | ||
| Q2 24 | $0.76 | $1.11 | ||
| Q1 24 | $0.89 | $1.35 |
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 | $926.2M |
| 股东权益账面价值 | $1.8B | $783.6M |
| 总资产 | $3.2B | $2.3B |
| 负债/权益比越低杠杆越低 | 0.44× | 1.18× |
8季度趋势，按日历期对齐
现金及短期投资FORGOLF
| 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 | — | ||
| Q1 24 | $416.2M | — |
总债务FORGOLF
| Q4 25 | $793.2M | $926.2M | ||
| Q3 25 | $802.7M | — | ||
| Q2 25 | $872.8M | — | ||
| Q1 25 | $872.5M | — | ||
| Q4 24 | $806.8M | $753.1M | ||
| Q3 24 | $706.4M | — | ||
| Q2 24 | $706.1M | — | ||
| Q1 24 | $705.7M | — |
股东权益FORGOLF
| Q4 25 | $1.8B | $783.6M | ||
| Q3 25 | $1.8B | $852.3M | ||
| Q2 25 | $1.7B | $808.5M | ||
| Q1 25 | $1.6B | $780.3M | ||
| Q4 24 | $1.6B | $765.2M | ||
| Q3 24 | $1.6B | $863.9M | ||
| Q2 24 | $1.5B | $863.7M | ||
| Q1 24 | $1.5B | $883.7M |
总资产FORGOLF
| Q4 25 | $3.2B | $2.3B | ||
| Q3 25 | $3.1B | $2.4B | ||
| Q2 25 | $3.1B | $2.4B | ||
| Q1 25 | $3.0B | $2.4B | ||
| Q4 24 | $3.0B | $2.2B | ||
| Q3 24 | $2.8B | $2.3B | ||
| Q2 24 | $2.7B | $2.3B | ||
| Q1 24 | $2.6B | $2.4B |
负债/权益比FORGOLF
| Q4 25 | 0.44× | 1.18× | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 0.50× | 0.98× | ||
| 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 | $-157.0M | $-338.0K |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $-23.3M |
| 自由现金流率自由现金流/营收 | -57.5% | -4.9% |
| 资本支出强度资本支出/营收 | 0.0% | 4.8% |
| 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 | $120.0M |
8季度趋势，按日历期对齐
经营现金流FORGOLF
| Q4 25 | $-157.0M | $-338.0K | ||
| Q3 25 | $256.3M | $163.1M | ||
| Q2 25 | $15.8M | $151.9M | ||
| Q1 25 | $-19.8M | $-120.3M | ||
| Q4 24 | $-450.0M | $-1.1M | ||
| Q3 24 | $119.2M | $144.1M | ||
| Q2 24 | $-61.7M | $211.6M | ||
| Q1 24 | $-59.2M | $-109.5M |
自由现金流FORGOLF
| Q4 25 | $-157.1M | $-23.3M | ||
| Q3 25 | $255.6M | $136.9M | ||
| Q2 25 | $15.0M | $138.0M | ||
| Q1 25 | $-20.5M | $-131.5M | ||
| Q4 24 | — | $-33.2M | ||
| Q3 24 | $118.4M | $123.7M | ||
| Q2 24 | $-62.3M | $196.8M | ||
| Q1 24 | $-59.8M | $-116.8M |
自由现金流率FORGOLF
| Q4 25 | -57.5% | -4.9% | ||
| Q3 25 | 38.1% | 20.8% | ||
| Q2 25 | 3.8% | 19.2% | ||
| Q1 25 | -5.8% | -18.7% | ||
| Q4 24 | — | -7.5% | ||
| Q3 24 | 21.5% | 19.9% | ||
| Q2 24 | -19.6% | 28.8% | ||
| Q1 24 | -17.9% | -16.5% |
资本支出强度FORGOLF
| Q4 25 | 0.0% | 4.8% | ||
| Q3 25 | 0.1% | 4.0% | ||
| Q2 25 | 0.2% | 1.9% | ||
| Q1 25 | 0.2% | 1.6% | ||
| Q4 24 | 0.0% | 7.2% | ||
| Q3 24 | 0.1% | 3.3% | ||
| Q2 24 | 0.2% | 2.2% | ||
| Q1 24 | 0.2% | 1.0% |
现金转化率FORGOLF
| Q4 25 | -10.19× | — | ||
| Q3 25 | 2.95× | 3.36× | ||
| Q2 25 | 0.48× | 2.01× | ||
| Q1 25 | -0.63× | -1.21× | ||
| Q4 24 | -27.27× | — | ||
| Q3 24 | 1.46× | 2.56× | ||
| Q2 24 | -1.59× | 2.96× | ||
| Q1 24 | -1.32× | -1.25× |
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% |
GOLF
| Titleist Golf Equipment | $293.8M | 62% |
| Footjoy Golf Wear | $102.0M | 21% |
| Other | $45.3M | 9% |
| Golf Gear | $36.1M | 8% |
