vs
Forestar Group Inc.（FOR）与哈雷戴维森（HOG）财务数据对比。点击上方公司名可切换其他公司
哈雷戴维森的季度营收约是Forestar Group Inc.的1.4倍（$390.5M vs $273.0M），Forestar Group Inc.净利率更高（5.6% vs -72.3%，领先78.0%），Forestar Group Inc.同比增速更快（9.0% vs -9.4%），哈雷戴维森自由现金流更多（$100.4M vs $-157.1M），过去两年Forestar Group Inc.的营收复合增速更高（-9.6% vs -48.6%）
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。
哈雷戴维森是源自美国的摩托车制造商与生活方式品牌，总部位于威斯康星州密尔沃基，创立于1903年。它是大萧条时期幸存下来的两大美国摩托车厂商之一，历经多次股权变动、子公司调整、经营困境与全球竞争，如今已是全球知名的标志性品牌。
FOR vs HOG — 直观对比
营收规模更大
HOG
是对方的1.4倍
$273.0M
营收增速更快
FOR
高出18.4%
-9.4%
净利率更高
FOR
高出78.0%
-72.3%
自由现金流更多
HOG
多$257.5M
$-157.1M
两年增速更快
FOR
近两年复合增速
-48.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $390.5M |
| 净利润 | $15.4M | $-282.6M |
| 毛利率 | 20.1% | -7.9% |
| 营业利润率 | 7.6% | -92.4% |
| 净利率 | 5.6% | -72.3% |
| 营收同比 | 9.0% | -9.4% |
| 净利润同比 | -6.7% | -138.6% |
| 每股收益（稀释后） | $0.30 | $-2.27 |
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FORHOG
| Q4 25 | $273.0M | $390.5M | ||
| Q3 25 | $670.5M | $1.1B | ||
| Q2 25 | $390.5M | $1.0B | ||
| Q1 25 | $351.0M | $1.1B | ||
| Q4 24 | $250.4M | $430.9M | ||
| Q3 24 | $551.3M | $881.2M | ||
| Q2 24 | $318.4M | $1.4B | ||
| Q1 24 | $333.8M | $1.5B |
净利润FORHOG
| Q4 25 | $15.4M | $-282.6M | ||
| Q3 25 | $86.9M | $377.4M | ||
| Q2 25 | $32.9M | $107.6M | ||
| Q1 25 | $31.6M | $133.1M | ||
| Q4 24 | $16.5M | $-118.4M | ||
| Q3 24 | $81.5M | $119.0M | ||
| Q2 24 | $38.7M | $218.3M | ||
| Q1 24 | $45.0M | $234.9M |
毛利率FORHOG
| Q4 25 | 20.1% | -7.9% | ||
| Q3 25 | 22.3% | 26.0% | ||
| Q2 25 | 20.4% | 28.5% | ||
| Q1 25 | 22.6% | 28.9% | ||
| Q4 24 | 22.0% | -2.0% | ||
| Q3 24 | 23.9% | 29.8% | ||
| Q2 24 | 22.5% | 31.8% | ||
| Q1 24 | 24.9% | 30.9% |
营业利润率FORHOG
| Q4 25 | 7.6% | -92.4% | ||
| Q3 25 | 16.9% | 44.0% | ||
| Q2 25 | 11.2% | 10.7% | ||
| Q1 25 | 11.6% | 14.8% | ||
| Q4 24 | 8.7% | -44.9% | ||
| Q3 24 | 19.7% | 12.0% | ||
| Q2 24 | 16.2% | 17.8% | ||
| Q1 24 | 17.6% | 17.8% |
净利率FORHOG
| Q4 25 | 5.6% | -72.3% | ||
| Q3 25 | 13.0% | 35.0% | ||
| Q2 25 | 8.4% | 10.2% | ||
| Q1 25 | 9.0% | 12.3% | ||
| Q4 24 | 6.6% | -27.5% | ||
| Q3 24 | 14.8% | 13.5% | ||
| Q2 24 | 12.2% | 16.1% | ||
| Q1 24 | 13.5% | 15.9% |
每股收益（稀释后）FORHOG
| Q4 25 | $0.30 | $-2.27 | ||
| Q3 25 | $1.70 | $3.10 | ||
| Q2 25 | $0.65 | $0.88 | ||
| Q1 25 | $0.62 | $1.07 | ||
| Q4 24 | $0.32 | $-0.82 | ||
| Q3 24 | $1.59 | $0.91 | ||
| Q2 24 | $0.76 | $1.63 | ||
| Q1 24 | $0.89 | $1.72 |
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 | $3.1B |
| 总债务越低越好 | $793.2M | $2.5B |
| 股东权益账面价值 | $1.8B | $3.1B |
| 总资产 | $3.2B | $8.0B |
| 负债/权益比越低杠杆越低 | 0.44× | 0.79× |
8季度趋势，按日历期对齐
现金及短期投资FORHOG
| Q4 25 | $211.7M | $3.1B | ||
| Q3 25 | $379.2M | $1.8B | ||
| Q2 25 | $189.2M | $1.6B | ||
| Q1 25 | $174.3M | $1.9B | ||
| Q4 24 | $132.0M | $1.6B | ||
| Q3 24 | $481.2M | $2.2B | ||
| Q2 24 | $359.2M | $1.8B | ||
| Q1 24 | $416.2M | $1.5B |
总债务FORHOG
| Q4 25 | $793.2M | $2.5B | ||
| Q3 25 | $802.7M | $4.5B | ||
| Q2 25 | $872.8M | $6.4B | ||
| Q1 25 | $872.5M | $6.8B | ||
| Q4 24 | $806.8M | $6.3B | ||
| Q3 24 | $706.4M | $7.3B | ||
| Q2 24 | $706.1M | $7.0B | ||
| Q1 24 | $705.7M | $6.3B |
股东权益FORHOG
| Q4 25 | $1.8B | $3.1B | ||
| Q3 25 | $1.8B | $3.6B | ||
| Q2 25 | $1.7B | $3.3B | ||
| Q1 25 | $1.6B | $3.2B | ||
| Q4 24 | $1.6B | $3.2B | ||
| Q3 24 | $1.6B | $3.4B | ||
| Q2 24 | $1.5B | $3.4B | ||
| Q1 24 | $1.5B | $3.3B |
总资产FORHOG
| Q4 25 | $3.2B | $8.0B | ||
| Q3 25 | $3.1B | $10.6B | ||
| Q2 25 | $3.1B | $12.1B | ||
| Q1 25 | $3.0B | $12.4B | ||
| Q4 24 | $3.0B | $11.9B | ||
| Q3 24 | $2.8B | $13.0B | ||
| Q2 24 | $2.7B | $12.8B | ||
| Q1 24 | $2.6B | $12.3B |
负债/权益比FORHOG
| Q4 25 | 0.44× | 0.79× | ||
| Q3 25 | 0.45× | 1.25× | ||
| Q2 25 | 0.52× | 1.91× | ||
| Q1 25 | 0.53× | 2.14× | ||
| Q4 24 | 0.50× | 2.00× | ||
| Q3 24 | 0.44× | 2.13× | ||
| Q2 24 | 0.47× | 2.03× | ||
| Q1 24 | 0.48× | 1.88× |
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 | $152.0M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $100.4M |
| 自由现金流率自由现金流/营收 | -57.5% | 25.7% |
| 资本支出强度资本支出/营收 | 0.0% | 13.2% |
| 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 | $415.2M |
8季度趋势，按日历期对齐
经营现金流FORHOG
| Q4 25 | $-157.0M | $152.0M | ||
| Q3 25 | $256.3M | $-92.6M | ||
| Q2 25 | $15.8M | $368.0M | ||
| Q1 25 | $-19.8M | $141.5M | ||
| Q4 24 | $-450.0M | $133.2M | ||
| Q3 24 | $119.2M | $353.0M | ||
| Q2 24 | $-61.7M | $473.6M | ||
| Q1 24 | $-59.2M | $104.0M |
自由现金流FORHOG
| Q4 25 | $-157.1M | $100.4M | ||
| Q3 25 | $255.6M | $-129.1M | ||
| Q2 25 | $15.0M | $332.4M | ||
| Q1 25 | $-20.5M | $111.6M | ||
| Q4 24 | — | $77.0M | ||
| Q3 24 | $118.4M | $300.4M | ||
| Q2 24 | $-62.3M | $432.2M | ||
| Q1 24 | $-59.8M | $57.6M |
自由现金流率FORHOG
| Q4 25 | -57.5% | 25.7% | ||
| Q3 25 | 38.1% | -12.0% | ||
| Q2 25 | 3.8% | 31.7% | ||
| Q1 25 | -5.8% | 10.3% | ||
| Q4 24 | — | 17.9% | ||
| Q3 24 | 21.5% | 34.1% | ||
| Q2 24 | -19.6% | 31.9% | ||
| Q1 24 | -17.9% | 3.9% |
资本支出强度FORHOG
| Q4 25 | 0.0% | 13.2% | ||
| Q3 25 | 0.1% | 3.4% | ||
| Q2 25 | 0.2% | 3.4% | ||
| Q1 25 | 0.2% | 2.8% | ||
| Q4 24 | 0.0% | 13.0% | ||
| Q3 24 | 0.1% | 6.0% | ||
| Q2 24 | 0.2% | 3.1% | ||
| Q1 24 | 0.2% | 3.1% |
现金转化率FORHOG
| Q4 25 | -10.19× | — | ||
| Q3 25 | 2.95× | -0.25× | ||
| Q2 25 | 0.48× | 3.42× | ||
| Q1 25 | -0.63× | 1.06× | ||
| Q4 24 | -27.27× | — | ||
| Q3 24 | 1.46× | 2.97× | ||
| Q2 24 | -1.59× | 2.17× | ||
| Q1 24 | -1.32× | 0.44× |
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% |
HOG
| Motorcycles | $193.9M | 50% |
| Other | $63.8M | 16% |
| Other Income Financial Services | $59.8M | 15% |
| Apparel | $47.2M | 12% |
| Livewire Segment | $11.4M | 3% |
