vs
Forestar Group Inc.（FOR）与Madison Square Garden Entertainment Corp.（MSGE）财务数据对比。点击上方公司名可切换其他公司
Madison Square Garden Entertainment Corp.的季度营收约是Forestar Group Inc.的1.6倍（$424.8M vs $273.0M），Madison Square Garden Entertainment Corp.净利率更高（21.8% vs 5.6%，领先16.2%），Madison Square Garden Entertainment Corp.同比增速更快（12.5% vs 9.0%），过去两年Madison Square Garden Entertainment Corp.的营收复合增速更高（48.9% 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。
麦迪逊广场花园娱乐公司是总部位于美国纽约的体育控股企业，依托麦迪逊广场花园的核心资源，在体育赛事运营、体育IP管理及相关商业化领域拥有深厚行业积累与广泛影响力。
FOR vs MSGE — 直观对比
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $424.8M |
| 净利润 | $15.4M | $92.7M |
| 毛利率 | 20.1% | — |
| 营业利润率 | 7.6% | 38.6% |
| 净利率 | 5.6% | 21.8% |
| 营收同比 | 9.0% | 12.5% |
| 净利润同比 | -6.7% | 22.2% |
| 每股收益（稀释后） | $0.30 | $1.94 |
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
| Q4 25 | $273.0M | $424.8M | ||
| Q3 25 | $670.5M | $154.1M | ||
| Q2 25 | $390.5M | $145.1M | ||
| Q1 25 | $351.0M | $206.0M | ||
| Q4 24 | $250.4M | $377.6M | ||
| Q3 24 | $551.3M | $134.1M | ||
| Q2 24 | $318.4M | $177.6M | ||
| Q1 24 | $333.8M | $191.6M |
| Q4 25 | $15.4M | $92.7M | ||
| Q3 25 | $86.9M | $-21.7M | ||
| Q2 25 | $32.9M | $-27.2M | ||
| Q1 25 | $31.6M | $8.0M | ||
| Q4 24 | $16.5M | $75.9M | ||
| Q3 24 | $81.5M | $-19.3M | ||
| Q2 24 | $38.7M | $66.9M | ||
| Q1 24 | $45.0M | $2.8M |
| 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% | — |
| Q4 25 | 7.6% | 38.6% | ||
| Q3 25 | 16.9% | -19.3% | ||
| Q2 25 | 11.2% | -17.7% | ||
| Q1 25 | 11.6% | 13.3% | ||
| Q4 24 | 8.7% | 36.8% | ||
| Q3 24 | 19.7% | -13.8% | ||
| Q2 24 | 16.2% | -5.0% | ||
| Q1 24 | 17.6% | 8.8% |
| Q4 25 | 5.6% | 21.8% | ||
| Q3 25 | 13.0% | -14.0% | ||
| Q2 25 | 8.4% | -18.7% | ||
| Q1 25 | 9.0% | 3.9% | ||
| Q4 24 | 6.6% | 20.1% | ||
| Q3 24 | 14.8% | -14.4% | ||
| Q2 24 | 12.2% | 37.7% | ||
| Q1 24 | 13.5% | 1.5% |
| Q4 25 | $0.30 | $1.94 | ||
| Q3 25 | $1.70 | $-0.46 | ||
| Q2 25 | $0.65 | $-0.56 | ||
| Q1 25 | $0.62 | $0.17 | ||
| Q4 24 | $0.32 | $1.56 | ||
| Q3 24 | $1.59 | $-0.40 | ||
| Q2 24 | $0.76 | $1.32 | ||
| 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 | $157.1M |
| 总债务越低越好 | $793.2M | $554.6M |
| 股东权益账面价值 | $1.8B | $36.0M |
| 总资产 | $3.2B | $1.8B |
| 负债/权益比越低杠杆越低 | 0.44× | 15.40× |
8季度趋势，按日历期对齐
| Q4 25 | $211.7M | $157.1M | ||
| Q3 25 | $379.2M | $29.9M | ||
| Q2 25 | $189.2M | $43.0M | ||
| Q1 25 | $174.3M | $89.0M | ||
| Q4 24 | $132.0M | $54.9M | ||
| Q3 24 | $481.2M | $37.3M | ||
| Q2 24 | $359.2M | $33.3M | ||
| Q1 24 | $416.2M | $28.0M |
| Q4 25 | $793.2M | $554.6M | ||
| Q3 25 | $802.7M | $581.7M | ||
| Q2 25 | $872.8M | $568.8M | ||
| Q1 25 | $872.5M | $577.4M | ||
| Q4 24 | $806.8M | $584.7M | ||
| Q3 24 | $706.4M | $647.0M | ||
| Q2 24 | $706.1M | $599.2M | ||
| Q1 24 | $705.7M | $602.5M |
| Q4 25 | $1.8B | $36.0M | ||
| Q3 25 | $1.8B | $-65.8M | ||
| Q2 25 | $1.7B | $-13.3M | ||
| Q1 25 | $1.6B | $9.5M | ||
| Q4 24 | $1.6B | $10.3M | ||
| Q3 24 | $1.6B | $-48.7M | ||
| Q2 24 | $1.5B | $-23.2M | ||
| Q1 24 | $1.5B | $-94.6M |
| Q4 25 | $3.2B | $1.8B | ||
| Q3 25 | $3.1B | $1.7B | ||
| Q2 25 | $3.1B | $1.7B | ||
| Q1 25 | $3.0B | $1.7B | ||
| Q4 24 | $3.0B | $1.6B | ||
| Q3 24 | $2.8B | $1.6B | ||
| Q2 24 | $2.7B | $1.6B | ||
| Q1 24 | $2.6B | $1.5B |
| Q4 25 | 0.44× | 15.40× | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.53× | 60.61× | ||
| Q4 24 | 0.50× | 56.61× | ||
| 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 | $164.4M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | — |
| 自由现金流率自由现金流/营收 | -57.5% | — |
| 资本支出强度资本支出/营收 | 0.0% | — |
| 现金转化率经营现金流/净利润 | -10.19× | 1.77× |
| 过去12个月自由现金流最近4个季度 | $93.0M | — |
8季度趋势，按日历期对齐
| Q4 25 | $-157.0M | $164.4M | ||
| Q3 25 | $256.3M | $19.8M | ||
| Q2 25 | $15.8M | $-27.0M | ||
| Q1 25 | $-19.8M | $56.8M | ||
| Q4 24 | $-450.0M | $112.9M | ||
| Q3 24 | $119.2M | $-27.4M | ||
| Q2 24 | $-61.7M | $212.0K | ||
| Q1 24 | $-59.2M | $5.8M |
| Q4 25 | $-157.1M | — | ||
| Q3 25 | $255.6M | — | ||
| Q2 25 | $15.0M | — | ||
| Q1 25 | $-20.5M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $118.4M | — | ||
| Q2 24 | $-62.3M | — | ||
| Q1 24 | $-59.8M | — |
| Q4 25 | -57.5% | — | ||
| Q3 25 | 38.1% | — | ||
| Q2 25 | 3.8% | — | ||
| Q1 25 | -5.8% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 21.5% | — | ||
| Q2 24 | -19.6% | — | ||
| Q1 24 | -17.9% | — |
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.1% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.2% | — |
| Q4 25 | -10.19× | 1.77× | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | -0.63× | 7.07× | ||
| Q4 24 | -27.27× | 1.49× | ||
| Q3 24 | 1.46× | — | ||
| Q2 24 | -1.59× | 0.00× | ||
| Q1 24 | -1.32× | 2.08× |
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% |
MSGE
| Ticketing And Venue License Fee Revenues | $263.5M | 62% |
| Food Beverage And Merchandise Revenues | $64.3M | 15% |
| Related Party | $43.9M | 10% |
| Arena Licensing Fees And Other Leasing Revenue | $35.2M | 8% |
| Other | $15.9M | 4% |
