vs
Forestar Group Inc.（FOR）与MDU RESOURCES GROUP INC（MDU）财务数据对比。点击上方公司名可切换其他公司
MDU RESOURCES GROUP INC的季度营收约是Forestar Group Inc.的1.9倍（$522.6M vs $273.0M），MDU RESOURCES GROUP INC净利率更高（14.6% vs 5.6%，领先9.0%），Forestar Group Inc.同比增速更快（9.0% vs -1.6%），Forestar Group Inc.自由现金流更多（$-157.1M vs $-336.0M），过去两年MDU RESOURCES GROUP INC的营收复合增速更高（-5.7% 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。
MDU资源集团是一家总部位于美国北达科他州俾斯麦的企业，业务涵盖受监管的能源输送供应，以及公用事业相关的建筑材料与服务，业务范围覆盖美国48个州，是当地能源及基建服务领域的重要参与者。
FOR vs MDU — 直观对比
营收规模更大
MDU
是对方的1.9倍
$273.0M
营收增速更快
FOR
高出10.6%
-1.6%
净利率更高
MDU
高出9.0%
5.6%
自由现金流更多
FOR
多$178.9M
$-336.0M
两年增速更快
MDU
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $522.6M |
| 净利润 | $15.4M | $76.3M |
| 毛利率 | 20.1% | — |
| 营业利润率 | 7.6% | 20.5% |
| 净利率 | 5.6% | 14.6% |
| 营收同比 | 9.0% | -1.6% |
| 净利润同比 | -6.7% | 38.4% |
| 每股收益（稀释后） | $0.30 | $0.37 |
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FORMDU
| Q4 25 | $273.0M | $522.6M | ||
| Q3 25 | $670.5M | $313.6M | ||
| Q2 25 | $390.5M | $348.7M | ||
| Q1 25 | $351.0M | $678.0M | ||
| Q4 24 | $250.4M | $531.0M | ||
| Q3 24 | $551.3M | $290.7M | ||
| Q2 24 | $318.4M | $343.1M | ||
| Q1 24 | $333.8M | $588.2M |
净利润FORMDU
| Q4 25 | $15.4M | $76.3M | ||
| Q3 25 | $86.9M | $18.3M | ||
| Q2 25 | $32.9M | $13.8M | ||
| Q1 25 | $31.6M | $82.0M | ||
| Q4 24 | $16.5M | $55.2M | ||
| Q3 24 | $81.5M | $64.6M | ||
| Q2 24 | $38.7M | $60.4M | ||
| Q1 24 | $45.0M | $100.9M |
毛利率FORMDU
| 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FORMDU
| Q4 25 | 7.6% | 20.5% | ||
| Q3 25 | 16.9% | 12.7% | ||
| Q2 25 | 11.2% | 8.7% | ||
| Q1 25 | 11.6% | 16.6% | ||
| Q4 24 | 8.7% | 17.8% | ||
| Q3 24 | 19.7% | 12.0% | ||
| Q2 24 | 16.2% | 11.5% | ||
| Q1 24 | 17.6% | 16.4% |
净利率FORMDU
| Q4 25 | 5.6% | 14.6% | ||
| Q3 25 | 13.0% | 5.8% | ||
| Q2 25 | 8.4% | 4.0% | ||
| Q1 25 | 9.0% | 12.1% | ||
| Q4 24 | 6.6% | 10.4% | ||
| Q3 24 | 14.8% | 22.2% | ||
| Q2 24 | 12.2% | 17.6% | ||
| Q1 24 | 13.5% | 17.2% |
每股收益（稀释后）FORMDU
| Q4 25 | $0.30 | $0.37 | ||
| Q3 25 | $1.70 | $0.09 | ||
| Q2 25 | $0.65 | $0.07 | ||
| Q1 25 | $0.62 | $0.40 | ||
| Q4 24 | $0.32 | $0.26 | ||
| Q3 24 | $1.59 | $0.32 | ||
| Q2 24 | $0.76 | $0.30 | ||
| Q1 24 | $0.89 | $0.49 |
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 | $28.2M |
| 总债务越低越好 | $793.2M | $2.7B |
| 股东权益账面价值 | $1.8B | $2.8B |
| 总资产 | $3.2B | $7.6B |
| 负债/权益比越低杠杆越低 | 0.44× | 0.97× |
8季度趋势，按日历期对齐
现金及短期投资FORMDU
| Q4 25 | $211.7M | $28.2M | ||
| Q3 25 | $379.2M | $75.9M | ||
| Q2 25 | $189.2M | $58.8M | ||
| Q1 25 | $174.3M | $59.5M | ||
| Q4 24 | $132.0M | $66.9M | ||
| Q3 24 | $481.2M | $88.3M | ||
| Q2 24 | $359.2M | $78.8M | ||
| Q1 24 | $416.2M | $72.7M |
总债务FORMDU
| Q4 25 | $793.2M | $2.7B | ||
| Q3 25 | $802.7M | $2.4B | ||
| Q2 25 | $872.8M | $2.2B | ||
| Q1 25 | $872.5M | $2.2B | ||
| Q4 24 | $806.8M | $2.3B | ||
| Q3 24 | $706.4M | $2.3B | ||
| Q2 24 | $706.1M | $2.3B | ||
| Q1 24 | $705.7M | $2.3B |
股东权益FORMDU
| Q4 25 | $1.8B | $2.8B | ||
| Q3 25 | $1.8B | $2.7B | ||
| Q2 25 | $1.7B | $2.7B | ||
| Q1 25 | $1.6B | $2.7B | ||
| Q4 24 | $1.6B | $2.7B | ||
| Q3 24 | $1.6B | $3.1B | ||
| Q2 24 | $1.5B | $3.0B | ||
| Q1 24 | $1.5B | $3.0B |
总资产FORMDU
| Q4 25 | $3.2B | $7.6B | ||
| Q3 25 | $3.1B | $7.2B | ||
| Q2 25 | $3.1B | $6.9B | ||
| Q1 25 | $3.0B | $7.0B | ||
| Q4 24 | $3.0B | $7.0B | ||
| Q3 24 | $2.8B | $8.2B | ||
| Q2 24 | $2.7B | $8.0B | ||
| Q1 24 | $2.6B | $7.8B |
负债/权益比FORMDU
| Q4 25 | 0.44× | 0.97× | ||
| Q3 25 | 0.45× | 0.86× | ||
| Q2 25 | 0.52× | 0.80× | ||
| Q1 25 | 0.53× | 0.80× | ||
| Q4 24 | 0.50× | 0.85× | ||
| Q3 24 | 0.44× | 0.76× | ||
| Q2 24 | 0.47× | 0.75× | ||
| Q1 24 | 0.48× | 0.76× |
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 | $80.6M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $-336.0M |
| 自由现金流率自由现金流/营收 | -57.5% | -64.3% |
| 资本支出强度资本支出/营收 | 0.0% | 79.7% |
| 现金转化率经营现金流/净利润 | -10.19× | 1.06× |
| 过去12个月自由现金流最近4个季度 | $93.0M | $-297.0M |
8季度趋势，按日历期对齐
经营现金流FORMDU
| Q4 25 | $-157.0M | $80.6M | ||
| Q3 25 | $256.3M | $57.9M | ||
| Q2 25 | $15.8M | $117.4M | ||
| Q1 25 | $-19.8M | $217.5M | ||
| Q4 24 | $-450.0M | $60.5M | ||
| Q3 24 | $119.2M | $140.2M | ||
| Q2 24 | $-61.7M | $136.5M | ||
| Q1 24 | $-59.2M | $165.1M |
自由现金流FORMDU
| Q4 25 | $-157.1M | $-336.0M | ||
| Q3 25 | $255.6M | $-121.9M | ||
| Q2 25 | $15.0M | $36.5M | ||
| Q1 25 | $-20.5M | $124.4M | ||
| Q4 24 | — | $-95.8M | ||
| Q3 24 | $118.4M | $673.0K | ||
| Q2 24 | $-62.3M | $26.5M | ||
| Q1 24 | $-59.8M | $48.1M |
自由现金流率FORMDU
| Q4 25 | -57.5% | -64.3% | ||
| Q3 25 | 38.1% | -38.9% | ||
| Q2 25 | 3.8% | 10.5% | ||
| Q1 25 | -5.8% | 18.4% | ||
| Q4 24 | — | -18.0% | ||
| Q3 24 | 21.5% | 0.2% | ||
| Q2 24 | -19.6% | 7.7% | ||
| Q1 24 | -17.9% | 8.2% |
资本支出强度FORMDU
| Q4 25 | 0.0% | 79.7% | ||
| Q3 25 | 0.1% | 57.3% | ||
| Q2 25 | 0.2% | 23.2% | ||
| Q1 25 | 0.2% | 13.7% | ||
| Q4 24 | 0.0% | 29.4% | ||
| Q3 24 | 0.1% | 48.0% | ||
| Q2 24 | 0.2% | 32.0% | ||
| Q1 24 | 0.2% | 19.9% |
现金转化率FORMDU
| Q4 25 | -10.19× | 1.06× | ||
| Q3 25 | 2.95× | 3.16× | ||
| Q2 25 | 0.48× | 8.52× | ||
| Q1 25 | -0.63× | 2.65× | ||
| Q4 24 | -27.27× | 1.10× | ||
| Q3 24 | 1.46× | 2.17× | ||
| Q2 24 | -1.59× | 2.26× | ||
| Q1 24 | -1.32× | 1.64× |
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% |
MDU
| Natural Gas Distribution | $382.8M | 73% |
| Commercial Utility Sales | $42.7M | 8% |
| Residential Utility Sales | $33.7M | 6% |
| Pipelineand Midstream | $31.1M | 6% |
| Natural Gas Transportation | $17.2M | 3% |
| Industrial Utility Sales | $10.1M | 2% |
| Natural Gas Storage | $6.4M | 1% |
| Other Utility Sales | $1.9M | 0% |
