vs
Forestar Group Inc.（FOR）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
美世的季度营收约是Forestar Group Inc.的1.6倍（$449.5M vs $273.0M），Forestar Group Inc.净利率更高（5.6% vs -68.7%，领先74.3%），Forestar Group Inc.同比增速更快（9.0% vs -8.0%），美世自由现金流更多（$32.0M vs $-157.1M），过去两年Forestar Group Inc.的营收复合增速更高（-9.6% vs -9.9%）
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。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
FOR vs MERC — 直观对比
营收规模更大
MERC
是对方的1.6倍
$273.0M
营收增速更快
FOR
高出17.0%
-8.0%
净利率更高
FOR
高出74.3%
-68.7%
自由现金流更多
MERC
多$189.1M
$-157.1M
两年增速更快
FOR
近两年复合增速
-9.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $449.5M |
| 净利润 | $15.4M | $-308.7M |
| 毛利率 | 20.1% | — |
| 营业利润率 | 7.6% | -62.0% |
| 净利率 | 5.6% | -68.7% |
| 营收同比 | 9.0% | -8.0% |
| 净利润同比 | -6.7% | -1947.7% |
| 每股收益（稀释后） | $0.30 | $-4.61 |
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FORMERC
| Q4 25 | $273.0M | $449.5M | ||
| Q3 25 | $670.5M | $458.1M | ||
| Q2 25 | $390.5M | $453.5M | ||
| Q1 25 | $351.0M | $507.0M | ||
| Q4 24 | $250.4M | $488.4M | ||
| Q3 24 | $551.3M | $502.1M | ||
| Q2 24 | $318.4M | $499.4M | ||
| Q1 24 | $333.8M | $553.4M |
净利润FORMERC
| Q4 25 | $15.4M | $-308.7M | ||
| Q3 25 | $86.9M | $-80.8M | ||
| Q2 25 | $32.9M | $-86.1M | ||
| Q1 25 | $31.6M | $-22.3M | ||
| Q4 24 | $16.5M | $16.7M | ||
| Q3 24 | $81.5M | $-17.6M | ||
| Q2 24 | $38.7M | $-67.6M | ||
| Q1 24 | $45.0M | $-16.7M |
毛利率FORMERC
| 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FORMERC
| Q4 25 | 7.6% | -62.0% | ||
| Q3 25 | 16.9% | -14.8% | ||
| Q2 25 | 11.2% | -12.9% | ||
| Q1 25 | 11.6% | 1.3% | ||
| Q4 24 | 8.7% | 10.3% | ||
| Q3 24 | 19.7% | 1.8% | ||
| Q2 24 | 16.2% | -8.8% | ||
| Q1 24 | 17.6% | -0.1% |
净利率FORMERC
| Q4 25 | 5.6% | -68.7% | ||
| Q3 25 | 13.0% | -17.6% | ||
| Q2 25 | 8.4% | -19.0% | ||
| Q1 25 | 9.0% | -4.4% | ||
| Q4 24 | 6.6% | 3.4% | ||
| Q3 24 | 14.8% | -3.5% | ||
| Q2 24 | 12.2% | -13.5% | ||
| Q1 24 | 13.5% | -3.0% |
每股收益（稀释后）FORMERC
| Q4 25 | $0.30 | $-4.61 | ||
| Q3 25 | $1.70 | $-1.21 | ||
| Q2 25 | $0.65 | $-1.29 | ||
| Q1 25 | $0.62 | $-0.33 | ||
| Q4 24 | $0.32 | $0.25 | ||
| Q3 24 | $1.59 | $-0.26 | ||
| Q2 24 | $0.76 | $-1.01 | ||
| Q1 24 | $0.89 | $-0.25 |
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 | $186.8M |
| 总债务越低越好 | $793.2M | $1.6B |
| 股东权益账面价值 | $1.8B | $68.1M |
| 总资产 | $3.2B | $2.0B |
| 负债/权益比越低杠杆越低 | 0.44× | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资FORMERC
| Q4 25 | $211.7M | $186.8M | ||
| Q3 25 | $379.2M | $98.1M | ||
| Q2 25 | $189.2M | $146.5M | ||
| Q1 25 | $174.3M | $181.5M | ||
| Q4 24 | $132.0M | $184.9M | ||
| Q3 24 | $481.2M | $239.0M | ||
| Q2 24 | $359.2M | $263.2M | ||
| Q1 24 | $416.2M | $274.3M |
总债务FORMERC
| Q4 25 | $793.2M | $1.6B | ||
| Q3 25 | $802.7M | $1.5B | ||
| Q2 25 | $872.8M | $1.5B | ||
| Q1 25 | $872.5M | $1.5B | ||
| Q4 24 | $806.8M | $1.5B | ||
| Q3 24 | $706.4M | $1.6B | ||
| Q2 24 | $706.1M | $1.6B | ||
| Q1 24 | $705.7M | $1.6B |
股东权益FORMERC
| Q4 25 | $1.8B | $68.1M | ||
| Q3 25 | $1.8B | $359.5M | ||
| Q2 25 | $1.7B | $446.5M | ||
| Q1 25 | $1.6B | $437.4M | ||
| Q4 24 | $1.6B | $429.8M | ||
| Q3 24 | $1.6B | $516.8M | ||
| Q2 24 | $1.5B | $487.7M | ||
| Q1 24 | $1.5B | $573.6M |
总资产FORMERC
| Q4 25 | $3.2B | $2.0B | ||
| Q3 25 | $3.1B | $2.3B | ||
| Q2 25 | $3.1B | $2.4B | ||
| Q1 25 | $3.0B | $2.3B | ||
| Q4 24 | $3.0B | $2.3B | ||
| Q3 24 | $2.8B | $2.5B | ||
| Q2 24 | $2.7B | $2.5B | ||
| Q1 24 | $2.6B | $2.6B |
负债/权益比FORMERC
| Q4 25 | 0.44× | 23.58× | ||
| Q3 25 | 0.45× | 4.30× | ||
| Q2 25 | 0.52× | 3.42× | ||
| Q1 25 | 0.53× | 3.44× | ||
| Q4 24 | 0.50× | 3.43× | ||
| Q3 24 | 0.44× | 3.09× | ||
| Q2 24 | 0.47× | 3.22× | ||
| Q1 24 | 0.48× | 2.82× |
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 | $46.2M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $32.0M |
| 自由现金流率自由现金流/营收 | -57.5% | 7.1% |
| 资本支出强度资本支出/营收 | 0.0% | 3.1% |
| 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 | $-80.0M |
8季度趋势，按日历期对齐
经营现金流FORMERC
| Q4 25 | $-157.0M | $46.2M | ||
| Q3 25 | $256.3M | $-30.1M | ||
| Q2 25 | $15.8M | $-4.5M | ||
| Q1 25 | $-19.8M | $-3.0M | ||
| Q4 24 | $-450.0M | $71.2M | ||
| Q3 24 | $119.2M | $-13.9M | ||
| Q2 24 | $-61.7M | $62.2M | ||
| Q1 24 | $-59.2M | $-29.2M |
自由现金流FORMERC
| Q4 25 | $-157.1M | $32.0M | ||
| Q3 25 | $255.6M | $-60.1M | ||
| Q2 25 | $15.0M | $-28.9M | ||
| Q1 25 | $-20.5M | $-23.1M | ||
| Q4 24 | — | $50.4M | ||
| Q3 24 | $118.4M | $-41.2M | ||
| Q2 24 | $-62.3M | $44.3M | ||
| Q1 24 | $-59.8M | $-47.7M |
自由现金流率FORMERC
| Q4 25 | -57.5% | 7.1% | ||
| Q3 25 | 38.1% | -13.1% | ||
| Q2 25 | 3.8% | -6.4% | ||
| Q1 25 | -5.8% | -4.6% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | 21.5% | -8.2% | ||
| Q2 24 | -19.6% | 8.9% | ||
| Q1 24 | -17.9% | -8.6% |
资本支出强度FORMERC
| Q4 25 | 0.0% | 3.1% | ||
| Q3 25 | 0.1% | 6.6% | ||
| Q2 25 | 0.2% | 5.4% | ||
| Q1 25 | 0.2% | 4.0% | ||
| Q4 24 | 0.0% | 4.2% | ||
| Q3 24 | 0.1% | 5.4% | ||
| Q2 24 | 0.2% | 3.6% | ||
| Q1 24 | 0.2% | 3.3% |
现金转化率FORMERC
| Q4 25 | -10.19× | — | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | -0.63× | — | ||
| Q4 24 | -27.27× | 4.26× | ||
| Q3 24 | 1.46× | — | ||
| Q2 24 | -1.59× | — | ||
| Q1 24 | -1.32× | — |
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% |
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
