vs
Forestar Group Inc.（FOR）与H2O AMERICA（HTO）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H2O AMERICA的1.4倍（$273.0M vs $199.4M），H2O AMERICA净利率更高（8.1% vs 5.6%，领先2.5%），Forestar Group Inc.同比增速更快（9.0% vs 1.5%），过去两年H2O AMERICA的营收复合增速更高（15.3% 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。
H2O Wireless是美国的预付费移动通信服务商，依托AT&T网络运营，隶属于MVNO（移动虚拟网络运营商）Locus通信，自2019年起Locus成为Telrite控股的子公司，此前2010年起曾是KDDI美国旗下资产。该品牌主打无限制套餐服务，支持用户自带或购买无锁智能手机入网，AT&T合约机/锁网机也可兼容使用。
FOR vs HTO — 直观对比
营收规模更大
FOR
是对方的1.4倍
$199.4M
营收增速更快
FOR
高出7.6%
1.5%
净利率更高
HTO
高出2.5%
5.6%
两年增速更快
HTO
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $199.4M |
| 净利润 | $15.4M | $16.2M |
| 毛利率 | 20.1% | — |
| 营业利润率 | 7.6% | 16.6% |
| 净利率 | 5.6% | 8.1% |
| 营收同比 | 9.0% | 1.5% |
| 净利润同比 | -6.7% | -29.2% |
| 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FORHTO
| Q4 25 | $273.0M | $199.4M | ||
| Q3 25 | $670.5M | $243.5M | ||
| Q2 25 | $390.5M | $197.8M | ||
| Q1 25 | $351.0M | $164.9M | ||
| Q4 24 | $250.4M | $196.5M | ||
| Q3 24 | $551.3M | $216.7M | ||
| Q2 24 | $318.4M | $173.1M | ||
| Q1 24 | $333.8M | $150.0M |
净利润FORHTO
| Q4 25 | $15.4M | $16.2M | ||
| Q3 25 | $86.9M | $45.1M | ||
| Q2 25 | $32.9M | $24.7M | ||
| Q1 25 | $31.6M | $16.6M | ||
| Q4 24 | $16.5M | $22.9M | ||
| Q3 24 | $81.5M | $38.7M | ||
| Q2 24 | $38.7M | $20.7M | ||
| Q1 24 | $45.0M | $11.7M |
毛利率FORHTO
| 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FORHTO
| Q4 25 | 7.6% | 16.6% | ||
| Q3 25 | 16.9% | 26.5% | ||
| Q2 25 | 11.2% | 22.2% | ||
| Q1 25 | 11.6% | 21.8% | ||
| Q4 24 | 8.7% | 22.2% | ||
| Q3 24 | 19.7% | 26.9% | ||
| Q2 24 | 16.2% | 23.4% | ||
| Q1 24 | 17.6% | 18.6% |
净利率FORHTO
| Q4 25 | 5.6% | 8.1% | ||
| Q3 25 | 13.0% | 18.5% | ||
| Q2 25 | 8.4% | 12.5% | ||
| Q1 25 | 9.0% | 10.0% | ||
| Q4 24 | 6.6% | 11.7% | ||
| Q3 24 | 14.8% | 17.8% | ||
| Q2 24 | 12.2% | 12.0% | ||
| Q1 24 | 13.5% | 7.8% |
每股收益（稀释后）FORHTO
| Q4 25 | $0.30 | $0.45 | ||
| Q3 25 | $1.70 | $1.27 | ||
| Q2 25 | $0.65 | $0.71 | ||
| Q1 25 | $0.62 | $0.49 | ||
| Q4 24 | $0.32 | $0.70 | ||
| Q3 24 | $1.59 | $1.17 | ||
| Q2 24 | $0.76 | $0.64 | ||
| Q1 24 | $0.89 | $0.36 |
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 | $20.7M |
| 总债务越低越好 | $793.2M | $1.9B |
| 股东权益账面价值 | $1.8B | $1.5B |
| 总资产 | $3.2B | $5.1B |
| 负债/权益比越低杠杆越低 | 0.44× | 1.23× |
8季度趋势，按日历期对齐
现金及短期投资FORHTO
| Q4 25 | $211.7M | $20.7M | ||
| Q3 25 | $379.2M | $11.3M | ||
| Q2 25 | $189.2M | $19.8M | ||
| Q1 25 | $174.3M | $23.7M | ||
| Q4 24 | $132.0M | $11.1M | ||
| Q3 24 | $481.2M | $4.0M | ||
| Q2 24 | $359.2M | $22.8M | ||
| Q1 24 | $416.2M | $4.5M |
总债务FORHTO
| Q4 25 | $793.2M | $1.9B | ||
| Q3 25 | $802.7M | — | ||
| Q2 25 | $872.8M | — | ||
| Q1 25 | $872.5M | — | ||
| Q4 24 | $806.8M | $1.7B | ||
| Q3 24 | $706.4M | — | ||
| Q2 24 | $706.1M | — | ||
| Q1 24 | $705.7M | — |
股东权益FORHTO
| Q4 25 | $1.8B | $1.5B | ||
| Q3 25 | $1.8B | $1.5B | ||
| Q2 25 | $1.7B | $1.5B | ||
| Q1 25 | $1.6B | $1.4B | ||
| Q4 24 | $1.6B | $1.4B | ||
| Q3 24 | $1.6B | $1.3B | ||
| Q2 24 | $1.5B | $1.3B | ||
| Q1 24 | $1.5B | $1.2B |
总资产FORHTO
| Q4 25 | $3.2B | $5.1B | ||
| Q3 25 | $3.1B | $5.0B | ||
| Q2 25 | $3.1B | $4.8B | ||
| Q1 25 | $3.0B | $4.7B | ||
| Q4 24 | $3.0B | $4.7B | ||
| Q3 24 | $2.8B | $4.6B | ||
| Q2 24 | $2.7B | $4.4B | ||
| Q1 24 | $2.6B | $4.4B |
负债/权益比FORHTO
| Q4 25 | 0.44× | 1.23× | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 0.50× | 1.26× | ||
| 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 | $63.5M |
| 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× | 3.92× |
| 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FORHTO
| Q4 25 | $-157.0M | $63.5M | ||
| Q3 25 | $256.3M | $77.3M | ||
| Q2 25 | $15.8M | $60.8M | ||
| Q1 25 | $-19.8M | $43.2M | ||
| Q4 24 | $-450.0M | $41.5M | ||
| Q3 24 | $119.2M | $53.5M | ||
| Q2 24 | $-61.7M | $49.3M | ||
| Q1 24 | $-59.2M | $51.2M |
自由现金流FORHTO
| 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FORHTO
| 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FORHTO
| 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FORHTO
| Q4 25 | -10.19× | 3.92× | ||
| Q3 25 | 2.95× | 1.71× | ||
| Q2 25 | 0.48× | 2.47× | ||
| Q1 25 | -0.63× | 2.61× | ||
| Q4 24 | -27.27× | 1.81× | ||
| Q3 24 | 1.46× | 1.39× | ||
| Q2 24 | -1.59× | 2.38× | ||
| Q1 24 | -1.32× | 4.38× |
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% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
