vs
Forestar Group Inc.（FOR）与MARA Holdings, Inc.（MARA）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MARA Holdings, Inc.的1.3倍（$273.0M vs $202.3M），Forestar Group Inc.净利率更高（5.6% vs -14298.3%，领先14303.9%），Forestar Group Inc.同比增速更快（9.0% vs -5.6%），Forestar Group Inc.自由现金流更多（$-157.1M vs $-1.2B），过去两年MARA Holdings, Inc.的营收复合增速更高（10.7% 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。
MARA Holdings, Inc.是一家美国数字资产技术及加密货币挖矿企业，总部位于佛罗里达州劳德代尔堡。公司成立于2010年，最初以专利控股公司的模式运营，2010年代后期转向专注于区块链基础设施与数字资产相关业务。
FOR vs MARA — 直观对比
营收规模更大
FOR
是对方的1.3倍
$202.3M
营收增速更快
FOR
高出14.7%
-5.6%
净利率更高
FOR
高出14303.9%
-14298.3%
自由现金流更多
FOR
多$1.1B
$-1.2B
两年增速更快
MARA
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $202.3M |
| 净利润 | $15.4M | $-1.7B |
| 毛利率 | 20.1% | — |
| 营业利润率 | 7.6% | -11795.9% |
| 净利率 | 5.6% | -14298.3% |
| 营收同比 | 9.0% | -5.6% |
| 净利润同比 | -6.7% | -423.5% |
| 每股收益（稀释后） | $0.30 | $-4.25 |
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FORMARA
| Q4 25 | $273.0M | $202.3M | ||
| Q3 25 | $670.5M | $252.4M | ||
| Q2 25 | $390.5M | $238.5M | ||
| Q1 25 | $351.0M | $213.9M | ||
| Q4 24 | $250.4M | $214.4M | ||
| Q3 24 | $551.3M | $131.6M | ||
| Q2 24 | $318.4M | $145.1M | ||
| Q1 24 | $333.8M | $165.2M |
净利润FORMARA
| Q4 25 | $15.4M | $-1.7B | ||
| Q3 25 | $86.9M | $123.1M | ||
| Q2 25 | $32.9M | $808.2M | ||
| Q1 25 | $31.6M | $-533.4M | ||
| Q4 24 | $16.5M | $528.5M | ||
| Q3 24 | $81.5M | $-124.8M | ||
| Q2 24 | $38.7M | $-199.7M | ||
| Q1 24 | $45.0M | $337.2M |
毛利率FORMARA
| Q4 25 | 20.1% | — | ||
| Q3 25 | 22.3% | — | ||
| Q2 25 | 20.4% | — | ||
| Q1 25 | 22.6% | — | ||
| Q4 24 | 22.0% | -2613.4% | ||
| Q3 24 | 23.9% | -1065.0% | ||
| Q2 24 | 22.5% | -587.6% | ||
| Q1 24 | 24.9% | -289.4% |
营业利润率FORMARA
| Q4 25 | 7.6% | -11795.9% | ||
| Q3 25 | 16.9% | 18.9% | ||
| Q2 25 | 11.2% | — | ||
| Q1 25 | 11.6% | -253.0% | ||
| Q4 24 | 8.7% | — | ||
| Q3 24 | 19.7% | -130.8% | ||
| Q2 24 | 16.2% | -160.1% | ||
| Q1 24 | 17.6% | — |
净利率FORMARA
| Q4 25 | 5.6% | -14298.3% | ||
| Q3 25 | 13.0% | 48.8% | ||
| Q2 25 | 8.4% | 338.9% | ||
| Q1 25 | 9.0% | -249.4% | ||
| Q4 24 | 6.6% | 5367.4% | ||
| Q3 24 | 14.8% | -94.8% | ||
| Q2 24 | 12.2% | -137.6% | ||
| Q1 24 | 13.5% | 204.1% |
每股收益（稀释后）FORMARA
| Q4 25 | $0.30 | $-4.25 | ||
| Q3 25 | $1.70 | $0.27 | ||
| Q2 25 | $0.65 | $1.84 | ||
| Q1 25 | $0.62 | $-1.55 | ||
| Q4 24 | $0.32 | $1.60 | ||
| Q3 24 | $1.59 | $-0.42 | ||
| Q2 24 | $0.76 | $-0.72 | ||
| Q1 24 | $0.89 | $1.26 |
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 | $547.1M |
| 总债务越低越好 | $793.2M | $3.6B |
| 股东权益账面价值 | $1.8B | $3.5B |
| 总资产 | $3.2B | $7.3B |
| 负债/权益比越低杠杆越低 | 0.44× | 1.04× |
8季度趋势，按日历期对齐
现金及短期投资FORMARA
| Q4 25 | $211.7M | $547.1M | ||
| Q3 25 | $379.2M | $826.4M | ||
| Q2 25 | $189.2M | $109.5M | ||
| Q1 25 | $174.3M | $196.2M | ||
| Q4 24 | $132.0M | $391.8M | ||
| Q3 24 | $481.2M | $164.3M | ||
| Q2 24 | $359.2M | $256.0M | ||
| Q1 24 | $416.2M | $324.3M |
总债务FORMARA
| Q4 25 | $793.2M | $3.6B | ||
| Q3 25 | $802.7M | $3.2B | ||
| Q2 25 | $872.8M | $2.3B | ||
| Q1 25 | $872.5M | $2.3B | ||
| Q4 24 | $806.8M | $2.4B | ||
| Q3 24 | $706.4M | $618.7M | ||
| Q2 24 | $706.1M | — | ||
| Q1 24 | $705.7M | — |
股东权益FORMARA
| Q4 25 | $1.8B | $3.5B | ||
| Q3 25 | $1.8B | $5.2B | ||
| Q2 25 | $1.7B | $4.8B | ||
| Q1 25 | $1.6B | $3.7B | ||
| Q4 24 | $1.6B | $4.1B | ||
| Q3 24 | $1.6B | $2.9B | ||
| Q2 24 | $1.5B | $2.6B | ||
| Q1 24 | $1.5B | $2.5B |
总资产FORMARA
| Q4 25 | $3.2B | $7.3B | ||
| Q3 25 | $3.1B | $9.2B | ||
| Q2 25 | $3.1B | $7.7B | ||
| Q1 25 | $3.0B | $6.4B | ||
| Q4 24 | $3.0B | $6.8B | ||
| Q3 24 | $2.8B | $3.6B | ||
| Q2 24 | $2.7B | $3.1B | ||
| Q1 24 | $2.6B | $3.0B |
负债/权益比FORMARA
| Q4 25 | 0.44× | 1.04× | ||
| Q3 25 | 0.45× | 0.63× | ||
| Q2 25 | 0.52× | 0.47× | ||
| Q1 25 | 0.53× | 0.62× | ||
| Q4 24 | 0.50× | 0.59× | ||
| Q3 24 | 0.44× | 0.22× | ||
| 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 | $-802.7M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $-1.2B |
| 自由现金流率自由现金流/营收 | -57.5% | -598.0% |
| 资本支出强度资本支出/营收 | 0.0% | 201.2% |
| 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 | $-2.0B |
8季度趋势，按日历期对齐
经营现金流FORMARA
| Q4 25 | $-157.0M | $-802.7M | ||
| Q3 25 | $256.3M | $-199.0M | ||
| Q2 25 | $15.8M | $-163.4M | ||
| Q1 25 | $-19.8M | $-215.5M | ||
| Q4 24 | $-450.0M | $-677.0M | ||
| Q3 24 | $119.2M | $-160.1M | ||
| Q2 24 | $-61.7M | $-115.2M | ||
| Q1 24 | $-59.2M | $-88.3M |
自由现金流FORMARA
| Q4 25 | $-157.1M | $-1.2B | ||
| Q3 25 | $255.6M | $-283.9M | ||
| Q2 25 | $15.0M | $-282.4M | ||
| Q1 25 | $-20.5M | $-254.3M | ||
| Q4 24 | — | $-927.8M | ||
| Q3 24 | $118.4M | $-198.1M | ||
| Q2 24 | $-62.3M | $-132.4M | ||
| Q1 24 | $-59.8M | $-97.4M |
自由现金流率FORMARA
| Q4 25 | -57.5% | -598.0% | ||
| Q3 25 | 38.1% | -112.5% | ||
| Q2 25 | 3.8% | -118.4% | ||
| Q1 25 | -5.8% | -118.9% | ||
| Q4 24 | — | -432.8% | ||
| Q3 24 | 21.5% | -150.5% | ||
| Q2 24 | -19.6% | -91.2% | ||
| Q1 24 | -17.9% | -59.0% |
资本支出强度FORMARA
| Q4 25 | 0.0% | 201.2% | ||
| Q3 25 | 0.1% | 33.6% | ||
| Q2 25 | 0.2% | 49.9% | ||
| Q1 25 | 0.2% | 18.2% | ||
| Q4 24 | 0.0% | 117.0% | ||
| Q3 24 | 0.1% | 28.9% | ||
| Q2 24 | 0.2% | 11.9% | ||
| Q1 24 | 0.2% | 5.5% |
现金转化率FORMARA
| Q4 25 | -10.19× | — | ||
| Q3 25 | 2.95× | -1.62× | ||
| Q2 25 | 0.48× | -0.20× | ||
| Q1 25 | -0.63× | — | ||
| Q4 24 | -27.27× | -1.28× | ||
| Q3 24 | 1.46× | — | ||
| Q2 24 | -1.59× | — | ||
| Q1 24 | -1.32× | -0.26× |
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% |
MARA
暂无分部数据
