vs
Forestar Group Inc.（FOR）与MSA Safety Inc（MSA）财务数据对比。点击上方公司名可切换其他公司
MSA Safety Inc的季度营收约是Forestar Group Inc.的1.9倍（$510.9M vs $273.0M），MSA Safety Inc净利率更高（17.0% vs 5.6%，领先11.4%），Forestar Group Inc.同比增速更快（9.0% vs 2.2%），MSA Safety Inc自由现金流更多（$106.0M vs $-157.1M），过去两年MSA Safety Inc的营收复合增速更高（11.2% 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。
MSA安全是美国专业安全设备生产供应商，面向建筑、军事、消防、化工、油气等存在高危作业场景的多个行业提供安全防护产品及解决方案，总部位于美国匹兹堡近郊的克兰伯里。
FOR vs MSA — 直观对比
营收规模更大
MSA
是对方的1.9倍
$273.0M
营收增速更快
FOR
高出6.8%
2.2%
净利率更高
MSA
高出11.4%
5.6%
自由现金流更多
MSA
多$263.1M
$-157.1M
两年增速更快
MSA
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $510.9M |
| 净利润 | $15.4M | $86.9M |
| 毛利率 | 20.1% | 46.9% |
| 营业利润率 | 7.6% | 22.3% |
| 净利率 | 5.6% | 17.0% |
| 营收同比 | 9.0% | 2.2% |
| 净利润同比 | -6.7% | -1.2% |
| 每股收益（稀释后） | $0.30 | $2.22 |
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FORMSA
| Q4 25 | $273.0M | $510.9M | ||
| Q3 25 | $670.5M | $468.4M | ||
| Q2 25 | $390.5M | $474.1M | ||
| Q1 25 | $351.0M | $421.3M | ||
| Q4 24 | $250.4M | $499.7M | ||
| Q3 24 | $551.3M | $432.7M | ||
| Q2 24 | $318.4M | $462.5M | ||
| Q1 24 | $333.8M | $413.3M |
净利润FORMSA
| Q4 25 | $15.4M | $86.9M | ||
| Q3 25 | $86.9M | $69.6M | ||
| Q2 25 | $32.9M | $62.8M | ||
| Q1 25 | $31.6M | $59.6M | ||
| Q4 24 | $16.5M | $87.9M | ||
| Q3 24 | $81.5M | $66.6M | ||
| Q2 24 | $38.7M | $72.2M | ||
| Q1 24 | $45.0M | $58.1M |
毛利率FORMSA
| Q4 25 | 20.1% | 46.9% | ||
| Q3 25 | 22.3% | 46.5% | ||
| Q2 25 | 20.4% | 46.6% | ||
| Q1 25 | 22.6% | 45.9% | ||
| Q4 24 | 22.0% | 46.9% | ||
| Q3 24 | 23.9% | 47.9% | ||
| Q2 24 | 22.5% | 48.2% | ||
| Q1 24 | 24.9% | 47.3% |
营业利润率FORMSA
| Q4 25 | 7.6% | 22.3% | ||
| Q3 25 | 16.9% | 20.1% | ||
| Q2 25 | 11.2% | 18.1% | ||
| Q1 25 | 11.6% | 18.5% | ||
| Q4 24 | 8.7% | 23.5% | ||
| Q3 24 | 19.7% | 21.1% | ||
| Q2 24 | 16.2% | 21.6% | ||
| Q1 24 | 17.6% | 19.4% |
净利率FORMSA
| Q4 25 | 5.6% | 17.0% | ||
| Q3 25 | 13.0% | 14.9% | ||
| Q2 25 | 8.4% | 13.2% | ||
| Q1 25 | 9.0% | 14.1% | ||
| Q4 24 | 6.6% | 17.6% | ||
| Q3 24 | 14.8% | 15.4% | ||
| Q2 24 | 12.2% | 15.6% | ||
| Q1 24 | 13.5% | 14.1% |
每股收益（稀释后）FORMSA
| Q4 25 | $0.30 | $2.22 | ||
| Q3 25 | $1.70 | $1.77 | ||
| Q2 25 | $0.65 | $1.59 | ||
| Q1 25 | $0.62 | $1.51 | ||
| Q4 24 | $0.32 | $2.22 | ||
| Q3 24 | $1.59 | $1.69 | ||
| Q2 24 | $0.76 | $1.83 | ||
| Q1 24 | $0.89 | $1.47 |
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 | $165.1M |
| 总债务越低越好 | $793.2M | $580.9M |
| 股东权益账面价值 | $1.8B | $1.4B |
| 总资产 | $3.2B | $2.6B |
| 负债/权益比越低杠杆越低 | 0.44× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资FORMSA
| Q4 25 | $211.7M | $165.1M | ||
| Q3 25 | $379.2M | $170.0M | ||
| Q2 25 | $189.2M | $147.0M | ||
| Q1 25 | $174.3M | $170.6M | ||
| Q4 24 | $132.0M | $164.6M | ||
| Q3 24 | $481.2M | $154.4M | ||
| Q2 24 | $359.2M | $146.8M | ||
| Q1 24 | $416.2M | $148.3M |
总债务FORMSA
| Q4 25 | $793.2M | $580.9M | ||
| Q3 25 | $802.7M | $628.6M | ||
| Q2 25 | $872.8M | $679.3M | ||
| Q1 25 | $872.5M | $502.1M | ||
| Q4 24 | $806.8M | $508.0M | ||
| Q3 24 | $706.4M | $554.7M | ||
| Q2 24 | $706.1M | $588.2M | ||
| Q1 24 | $705.7M | $596.2M |
股东权益FORMSA
| Q4 25 | $1.8B | $1.4B | ||
| Q3 25 | $1.8B | $1.3B | ||
| Q2 25 | $1.7B | $1.3B | ||
| Q1 25 | $1.6B | $1.2B | ||
| Q4 24 | $1.6B | $1.1B | ||
| Q3 24 | $1.6B | $1.1B | ||
| Q2 24 | $1.5B | $1.0B | ||
| Q1 24 | $1.5B | $994.8M |
总资产FORMSA
| Q4 25 | $3.2B | $2.6B | ||
| Q3 25 | $3.1B | $2.6B | ||
| Q2 25 | $3.1B | $2.6B | ||
| Q1 25 | $3.0B | $2.2B | ||
| Q4 24 | $3.0B | $2.2B | ||
| Q3 24 | $2.8B | $2.2B | ||
| Q2 24 | $2.7B | $2.2B | ||
| Q1 24 | $2.6B | $2.2B |
负债/权益比FORMSA
| Q4 25 | 0.44× | 0.42× | ||
| Q3 25 | 0.45× | 0.48× | ||
| Q2 25 | 0.52× | 0.54× | ||
| Q1 25 | 0.53× | 0.42× | ||
| Q4 24 | 0.50× | 0.44× | ||
| Q3 24 | 0.44× | 0.51× | ||
| Q2 24 | 0.47× | 0.57× | ||
| Q1 24 | 0.48× | 0.60× |
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 | $122.4M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $106.0M |
| 自由现金流率自由现金流/营收 | -57.5% | 20.8% |
| 资本支出强度资本支出/营收 | 0.0% | 3.2% |
| 现金转化率经营现金流/净利润 | -10.19× | 1.41× |
| 过去12个月自由现金流最近4个季度 | $93.0M | $295.4M |
8季度趋势，按日历期对齐
经营现金流FORMSA
| Q4 25 | $-157.0M | $122.4M | ||
| Q3 25 | $256.3M | $112.5M | ||
| Q2 25 | $15.8M | $67.2M | ||
| Q1 25 | $-19.8M | $61.8M | ||
| Q4 24 | $-450.0M | $107.9M | ||
| Q3 24 | $119.2M | $84.3M | ||
| Q2 24 | $-61.7M | $53.3M | ||
| Q1 24 | $-59.2M | $50.9M |
自由现金流FORMSA
| Q4 25 | $-157.1M | $106.0M | ||
| Q3 25 | $255.6M | $100.5M | ||
| Q2 25 | $15.0M | $37.9M | ||
| Q1 25 | $-20.5M | $51.0M | ||
| Q4 24 | — | $93.5M | ||
| Q3 24 | $118.4M | $70.1M | ||
| Q2 24 | $-62.3M | $39.0M | ||
| Q1 24 | $-59.8M | $39.7M |
自由现金流率FORMSA
| Q4 25 | -57.5% | 20.8% | ||
| Q3 25 | 38.1% | 21.4% | ||
| Q2 25 | 3.8% | 8.0% | ||
| Q1 25 | -5.8% | 12.1% | ||
| Q4 24 | — | 18.7% | ||
| Q3 24 | 21.5% | 16.2% | ||
| Q2 24 | -19.6% | 8.4% | ||
| Q1 24 | -17.9% | 9.6% |
资本支出强度FORMSA
| Q4 25 | 0.0% | 3.2% | ||
| Q3 25 | 0.1% | 2.6% | ||
| Q2 25 | 0.2% | 6.2% | ||
| Q1 25 | 0.2% | 2.6% | ||
| Q4 24 | 0.0% | 2.9% | ||
| Q3 24 | 0.1% | 3.3% | ||
| Q2 24 | 0.2% | 3.1% | ||
| Q1 24 | 0.2% | 2.7% |
现金转化率FORMSA
| Q4 25 | -10.19× | 1.41× | ||
| Q3 25 | 2.95× | 1.62× | ||
| Q2 25 | 0.48× | 1.07× | ||
| Q1 25 | -0.63× | 1.04× | ||
| Q4 24 | -27.27× | 1.23× | ||
| Q3 24 | 1.46× | 1.27× | ||
| Q2 24 | -1.59× | 0.74× | ||
| Q1 24 | -1.32× | 0.88× |
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% |
MSA
| Americas Segment | $335.2M | 66% |
| International Segment | $175.7M | 34% |
