vs
Forestar Group Inc.（FOR）与MARTIN MIDSTREAM PARTNERS L.P.（MMLP）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MARTIN MIDSTREAM PARTNERS L.P.的1.5倍（$273.0M vs $187.7M），Forestar Group Inc.净利率更高（5.6% vs 1.7%，领先3.9%），Forestar Group Inc.同比增速更快（9.0% vs -2.5%），MARTIN MIDSTREAM PARTNERS L.P.自由现金流更多（$-6.0M vs $-157.1M），过去两年MARTIN MIDSTREAM PARTNERS L.P.的营收复合增速更高（0.8% 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。
Martin Midstream Partners L.P.是美国中游能源服务提供商，主营原油、天然气液、精炼石油产品及特种化学品的存储、运输、分销与加工服务，主要服务北美能源及工业领域客户。
FOR vs MMLP — 直观对比
营收规模更大
FOR
是对方的1.5倍
$187.7M
营收增速更快
FOR
高出11.6%
-2.5%
净利率更高
FOR
高出3.9%
1.7%
自由现金流更多
MMLP
多$151.1M
$-157.1M
两年增速更快
MMLP
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $187.7M |
| 净利润 | $15.4M | $3.2M |
| 毛利率 | 20.1% | — |
| 营业利润率 | 7.6% | 4.1% |
| 净利率 | 5.6% | 1.7% |
| 营收同比 | 9.0% | -2.5% |
| 净利润同比 | -6.7% | -37.1% |
| 每股收益（稀释后） | $0.30 | — |
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FORMMLP
| Q1 26 | — | $187.7M | ||
| Q4 25 | $273.0M | $174.2M | ||
| Q3 25 | $670.5M | $168.7M | ||
| Q2 25 | $390.5M | $180.7M | ||
| Q1 25 | $351.0M | $192.5M | ||
| Q4 24 | $250.4M | $171.3M | ||
| Q3 24 | $551.3M | $170.9M | ||
| Q2 24 | $318.4M | $184.5M |
净利润FORMMLP
| Q1 26 | — | $3.2M | ||
| Q4 25 | $15.4M | $-2.9M | ||
| Q3 25 | $86.9M | $-8.4M | ||
| Q2 25 | $32.9M | $-2.4M | ||
| Q1 25 | $31.6M | $-1.0M | ||
| Q4 24 | $16.5M | $-8.9M | ||
| Q3 24 | $81.5M | $-3.3M | ||
| Q2 24 | $38.7M | $3.8M |
毛利率FORMMLP
| Q1 26 | — | — | ||
| Q4 25 | 20.1% | 57.1% | ||
| Q3 25 | 22.3% | 55.1% | ||
| Q2 25 | 20.4% | 56.5% | ||
| Q1 25 | 22.6% | 53.5% | ||
| Q4 24 | 22.0% | 58.2% | ||
| Q3 24 | 23.9% | 58.5% | ||
| Q2 24 | 22.5% | 58.4% |
营业利润率FORMMLP
| Q1 26 | — | 4.1% | ||
| Q4 25 | 7.6% | 7.3% | ||
| Q3 25 | 16.9% | 4.1% | ||
| Q2 25 | 11.2% | 8.2% | ||
| Q1 25 | 11.6% | 7.5% | ||
| Q4 24 | 8.7% | 4.0% | ||
| Q3 24 | 19.7% | 7.4% | ||
| Q2 24 | 16.2% | 10.8% |
净利率FORMMLP
| Q1 26 | — | 1.7% | ||
| Q4 25 | 5.6% | -1.7% | ||
| Q3 25 | 13.0% | -5.0% | ||
| Q2 25 | 8.4% | -1.3% | ||
| Q1 25 | 9.0% | -0.5% | ||
| Q4 24 | 6.6% | -5.2% | ||
| Q3 24 | 14.8% | -1.9% | ||
| Q2 24 | 12.2% | 2.0% |
每股收益（稀释后）FORMMLP
| Q1 26 | — | — | ||
| Q4 25 | $0.30 | — | ||
| Q3 25 | $1.70 | — | ||
| Q2 25 | $0.65 | — | ||
| Q1 25 | $0.62 | — | ||
| Q4 24 | $0.32 | — | ||
| Q3 24 | $1.59 | — | ||
| Q2 24 | $0.76 | — |
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 | — |
| 总债务越低越好 | $793.2M | — |
| 股东权益账面价值 | $1.8B | — |
| 总资产 | $3.2B | $537.1M |
| 负债/权益比越低杠杆越低 | 0.44× | — |
8季度趋势，按日历期对齐
现金及短期投资FORMMLP
| Q1 26 | — | — | ||
| Q4 25 | $211.7M | — | ||
| Q3 25 | $379.2M | — | ||
| Q2 25 | $189.2M | — | ||
| Q1 25 | $174.3M | — | ||
| Q4 24 | $132.0M | — | ||
| Q3 24 | $481.2M | — | ||
| Q2 24 | $359.2M | — |
总债务FORMMLP
| Q1 26 | — | — | ||
| Q4 25 | $793.2M | $428.0M | ||
| Q3 25 | $802.7M | $441.3M | ||
| Q2 25 | $872.8M | $427.8M | ||
| Q1 25 | $872.5M | $451.4M | ||
| Q4 24 | $806.8M | $437.6M | ||
| Q3 24 | $706.4M | $469.3M | ||
| Q2 24 | $706.1M | $439.4M |
股东权益FORMMLP
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.5B | — |
总资产FORMMLP
| Q1 26 | — | $537.1M | ||
| Q4 25 | $3.2B | $522.4M | ||
| Q3 25 | $3.1B | $510.1M | ||
| Q2 25 | $3.1B | $515.6M | ||
| Q1 25 | $3.0B | $533.4M | ||
| Q4 24 | $3.0B | $538.5M | ||
| Q3 24 | $2.8B | $554.8M | ||
| Q2 24 | $2.7B | $535.1M |
负债/权益比FORMMLP
| Q1 26 | — | — | ||
| Q4 25 | 0.44× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 0.50× | — | ||
| Q3 24 | 0.44× | — | ||
| Q2 24 | 0.47× | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $-6.0M |
| 自由现金流率自由现金流/营收 | -57.5% | -3.2% |
| 资本支出强度资本支出/营收 | 0.0% | 1.6% |
| 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 | $27.2M |
8季度趋势，按日历期对齐
经营现金流FORMMLP
| Q1 26 | — | — | ||
| Q4 25 | $-157.0M | $22.4M | ||
| Q3 25 | $256.3M | $-1.2M | ||
| Q2 25 | $15.8M | $30.9M | ||
| Q1 25 | $-19.8M | $-6.0M | ||
| Q4 24 | $-450.0M | $42.2M | ||
| Q3 24 | $119.2M | $-15.8M | ||
| Q2 24 | $-61.7M | $11.8M |
自由现金流FORMMLP
| Q1 26 | — | $-6.0M | ||
| Q4 25 | $-157.1M | $15.6M | ||
| Q3 25 | $255.6M | $-7.9M | ||
| Q2 25 | $15.0M | $25.6M | ||
| Q1 25 | $-20.5M | $-11.9M | ||
| Q4 24 | — | $34.2M | ||
| Q3 24 | $118.4M | $-25.6M | ||
| Q2 24 | $-62.3M | $-696.0K |
自由现金流率FORMMLP
| Q1 26 | — | -3.2% | ||
| Q4 25 | -57.5% | 8.9% | ||
| Q3 25 | 38.1% | -4.7% | ||
| Q2 25 | 3.8% | 14.2% | ||
| Q1 25 | -5.8% | -6.2% | ||
| Q4 24 | — | 20.0% | ||
| Q3 24 | 21.5% | -15.0% | ||
| Q2 24 | -19.6% | -0.4% |
资本支出强度FORMMLP
| Q1 26 | — | 1.6% | ||
| Q4 25 | 0.0% | 3.9% | ||
| Q3 25 | 0.1% | 4.0% | ||
| Q2 25 | 0.2% | 3.0% | ||
| Q1 25 | 0.2% | 3.1% | ||
| Q4 24 | 0.0% | 4.6% | ||
| Q3 24 | 0.1% | 5.8% | ||
| Q2 24 | 0.2% | 6.8% |
现金转化率FORMMLP
| Q1 26 | — | — | ||
| Q4 25 | -10.19× | — | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | -0.63× | — | ||
| Q4 24 | -27.27× | — | ||
| Q3 24 | 1.46× | — | ||
| Q2 24 | -1.59× | 3.13× |
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% |
MMLP
| Specialty products | $61.6M | 33% |
| Transportation * | $52.8M | 28% |
| Other | $46.5M | 25% |
| Terminalling and storage * | $22.4M | 12% |
| Sulfur services | $4.4M | 2% |
