vs
Forestar Group Inc.（FOR）与丰田北美（MPAA）财务数据对比。点击上方公司名可切换其他公司
Forestar Group Inc.的季度营收约是丰田北美的1.6倍（$273.0M vs $167.7M），Forestar Group Inc.净利率更高（5.6% vs 1.1%，领先4.6%），Forestar Group Inc.同比增速更快（9.0% vs -9.9%），丰田北美自由现金流更多（$-8.6M vs $-157.1M），过去两年丰田北美的营收复合增速更高（-5.9% 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。
丰田北美（TMNA）是丰田汽车旗下负责加拿大、墨西哥及美国全境业务的运营子公司，业务范围覆盖研发、生产制造、销售营销、售后及企业管理等板块，相关核心业务由TMNA统筹，部分板块由其他子公司及控股企业负责执行，公司总部位于得克萨斯州普莱诺，在肯塔基州乔治敦等多地设有分支机构。
FOR vs MPAA — 直观对比
营收规模更大
FOR
是对方的1.6倍
$167.7M
营收增速更快
FOR
高出19.0%
-9.9%
净利率更高
FOR
高出4.6%
1.1%
自由现金流更多
MPAA
多$148.5M
$-157.1M
两年增速更快
MPAA
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $167.7M |
| 净利润 | $15.4M | $1.8M |
| 毛利率 | 20.1% | 19.6% |
| 营业利润率 | 7.6% | 5.0% |
| 净利率 | 5.6% | 1.1% |
| 营收同比 | 9.0% | -9.9% |
| 净利润同比 | -6.7% | -22.4% |
| 每股收益（稀释后） | $0.30 | $0.09 |
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FORMPAA
| Q4 25 | $273.0M | $167.7M | ||
| Q3 25 | $670.5M | $221.5M | ||
| Q2 25 | $390.5M | $188.4M | ||
| Q1 25 | $351.0M | $193.1M | ||
| Q4 24 | $250.4M | $186.2M | ||
| Q3 24 | $551.3M | $208.2M | ||
| Q2 24 | $318.4M | $169.9M | ||
| Q1 24 | $333.8M | $189.5M |
净利润FORMPAA
| Q4 25 | $15.4M | $1.8M | ||
| Q3 25 | $86.9M | $-2.1M | ||
| Q2 25 | $32.9M | $3.0M | ||
| Q1 25 | $31.6M | $-722.0K | ||
| Q4 24 | $16.5M | $2.3M | ||
| Q3 24 | $81.5M | $-3.0M | ||
| Q2 24 | $38.7M | $-18.1M | ||
| Q1 24 | $45.0M | $1.3M |
毛利率FORMPAA
| Q4 25 | 20.1% | 19.6% | ||
| Q3 25 | 22.3% | 19.3% | ||
| Q2 25 | 20.4% | 18.0% | ||
| Q1 25 | 22.6% | 19.9% | ||
| Q4 24 | 22.0% | 24.1% | ||
| Q3 24 | 23.9% | 19.8% | ||
| Q2 24 | 22.5% | 17.2% | ||
| Q1 24 | 24.9% | 18.4% |
营业利润率FORMPAA
| Q4 25 | 7.6% | 5.0% | ||
| Q3 25 | 16.9% | 7.4% | ||
| Q2 25 | 11.2% | 10.7% | ||
| Q1 25 | 11.6% | 8.4% | ||
| Q4 24 | 8.7% | 9.4% | ||
| Q3 24 | 19.7% | 6.0% | ||
| Q2 24 | 16.2% | -3.8% | ||
| Q1 24 | 17.6% | 6.4% |
净利率FORMPAA
| Q4 25 | 5.6% | 1.1% | ||
| Q3 25 | 13.0% | -1.0% | ||
| Q2 25 | 8.4% | 1.6% | ||
| Q1 25 | 9.0% | -0.4% | ||
| Q4 24 | 6.6% | 1.2% | ||
| Q3 24 | 14.8% | -1.4% | ||
| Q2 24 | 12.2% | -10.6% | ||
| Q1 24 | 13.5% | 0.7% |
每股收益（稀释后）FORMPAA
| Q4 25 | $0.30 | $0.09 | ||
| Q3 25 | $1.70 | $-0.11 | ||
| Q2 25 | $0.65 | $0.15 | ||
| Q1 25 | $0.62 | $-0.03 | ||
| Q4 24 | $0.32 | $0.11 | ||
| Q3 24 | $1.59 | $-0.15 | ||
| Q2 24 | $0.76 | $-0.92 | ||
| Q1 24 | $0.89 | $0.06 |
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 | $19.6M |
| 总债务越低越好 | $793.2M | — |
| 股东权益账面价值 | $1.8B | $258.5M |
| 总资产 | $3.2B | $991.3M |
| 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FORMPAA
| Q4 25 | $211.7M | $19.6M | ||
| Q3 25 | $379.2M | $17.7M | ||
| Q2 25 | $189.2M | $14.5M | ||
| Q1 25 | $174.3M | $11.3M | ||
| Q4 24 | $132.0M | $12.7M | ||
| Q3 24 | $481.2M | $12.3M | ||
| Q2 24 | $359.2M | $9.4M | ||
| Q1 24 | $416.2M | $15.8M |
总债务FORMPAA
| Q4 25 | $793.2M | — | ||
| Q3 25 | $802.7M | — | ||
| Q2 25 | $872.8M | — | ||
| Q1 25 | $872.5M | — | ||
| Q4 24 | $806.8M | — | ||
| Q3 24 | $706.4M | — | ||
| Q2 24 | $706.1M | — | ||
| Q1 24 | $705.7M | — |
股东权益FORMPAA
| Q4 25 | $1.8B | $258.5M | ||
| Q3 25 | $1.8B | $258.5M | ||
| Q2 25 | $1.7B | $260.1M | ||
| Q1 25 | $1.6B | $257.7M | ||
| Q4 24 | $1.6B | $262.7M | ||
| Q3 24 | $1.6B | $264.0M | ||
| Q2 24 | $1.5B | $267.2M | ||
| Q1 24 | $1.5B | $285.1M |
总资产FORMPAA
| Q4 25 | $3.2B | $991.3M | ||
| Q3 25 | $3.1B | $990.0M | ||
| Q2 25 | $3.1B | $973.4M | ||
| Q1 25 | $3.0B | $957.6M | ||
| Q4 24 | $3.0B | $949.5M | ||
| Q3 24 | $2.8B | $986.2M | ||
| Q2 24 | $2.7B | $978.0M | ||
| Q1 24 | $2.6B | $1.0B |
负债/权益比FORMPAA
| 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× | — | ||
| 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 | $-8.2M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $-8.6M |
| 自由现金流率自由现金流/营收 | -57.5% | -5.2% |
| 资本支出强度资本支出/营收 | 0.0% | 0.2% |
| 现金转化率经营现金流/净利润 | -10.19× | -4.63× |
| 过去12个月自由现金流最近4个季度 | $93.0M | $27.7M |
8季度趋势，按日历期对齐
经营现金流FORMPAA
| Q4 25 | $-157.0M | $-8.2M | ||
| Q3 25 | $256.3M | $21.9M | ||
| Q2 25 | $15.8M | $10.0M | ||
| Q1 25 | $-19.8M | $9.1M | ||
| Q4 24 | $-450.0M | $34.4M | ||
| Q3 24 | $119.2M | $22.9M | ||
| Q2 24 | $-61.7M | $-20.8M | ||
| Q1 24 | $-59.2M | $-9.3M |
自由现金流FORMPAA
| Q4 25 | $-157.1M | $-8.6M | ||
| Q3 25 | $255.6M | $20.8M | ||
| Q2 25 | $15.0M | $9.2M | ||
| Q1 25 | $-20.5M | $6.2M | ||
| Q4 24 | — | $33.7M | ||
| Q3 24 | $118.4M | $22.3M | ||
| Q2 24 | $-62.3M | $-21.3M | ||
| Q1 24 | $-59.8M | $-9.8M |
自由现金流率FORMPAA
| Q4 25 | -57.5% | -5.2% | ||
| Q3 25 | 38.1% | 9.4% | ||
| Q2 25 | 3.8% | 4.9% | ||
| Q1 25 | -5.8% | 3.2% | ||
| Q4 24 | — | 18.1% | ||
| Q3 24 | 21.5% | 10.7% | ||
| Q2 24 | -19.6% | -12.6% | ||
| Q1 24 | -17.9% | -5.2% |
资本支出强度FORMPAA
| Q4 25 | 0.0% | 0.2% | ||
| Q3 25 | 0.1% | 0.5% | ||
| Q2 25 | 0.2% | 0.4% | ||
| Q1 25 | 0.2% | 1.5% | ||
| Q4 24 | 0.0% | 0.4% | ||
| Q3 24 | 0.1% | 0.3% | ||
| Q2 24 | 0.2% | 0.3% | ||
| Q1 24 | 0.2% | 0.3% |
现金转化率FORMPAA
| Q4 25 | -10.19× | -4.63× | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 0.48× | 3.30× | ||
| Q1 25 | -0.63× | — | ||
| Q4 24 | -27.27× | 15.00× | ||
| Q3 24 | 1.46× | — | ||
| Q2 24 | -1.59× | — | ||
| Q1 24 | -1.32× | -6.93× |
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% |
MPAA
| Reportable Segment Aggregation Before Other Operating Segment | $156.3M | 93% |
| Other | $11.4M | 7% |
