vs
Forestar Group Inc.（FOR）与Northwest Natural Holding Co（NWN）财务数据对比。点击上方公司名可切换其他公司
Northwest Natural Holding Co的季度营收约是Forestar Group Inc.的1.4倍（$394.2M vs $273.0M），Forestar Group Inc.同比增速更快（9.0% vs 6.3%），Northwest Natural Holding Co自由现金流更多（$-131.0M vs $-157.1M），过去两年Northwest Natural Holding Co的营收复合增速更高（-4.6% 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。
西北天然气控股公司是美国上市公用事业企业，总部位于俄勒冈州波特兰，成立于1859年。核心业务为天然气配送，服务俄勒冈州西部、华盛顿州西南部的居民、商业及工业客户，同时运营水务业务，目前服务约80万用户，年营收超10亿美元。
FOR vs NWN — 直观对比
营收规模更大
NWN
是对方的1.4倍
$273.0M
营收增速更快
FOR
高出2.7%
6.3%
自由现金流更多
NWN
多$26.1M
$-157.1M
两年增速更快
NWN
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $394.2M |
| 净利润 | $15.4M | — |
| 毛利率 | 20.1% | — |
| 营业利润率 | 7.6% | 28.4% |
| 净利率 | 5.6% | — |
| 营收同比 | 9.0% | 6.3% |
| 净利润同比 | -6.7% | — |
| 每股收益（稀释后） | $0.30 | $1.38 |
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FORNWN
| Q4 25 | $273.0M | $394.2M | ||
| Q3 25 | $670.5M | $164.7M | ||
| Q2 25 | $390.5M | $236.2M | ||
| Q1 25 | $351.0M | $494.3M | ||
| Q4 24 | $250.4M | $370.9M | ||
| Q3 24 | $551.3M | $136.9M | ||
| Q2 24 | $318.4M | $211.7M | ||
| Q1 24 | $333.8M | $433.5M |
净利润FORNWN
| Q4 25 | $15.4M | — | ||
| Q3 25 | $86.9M | $-29.9M | ||
| Q2 25 | $32.9M | $-2.5M | ||
| Q1 25 | $31.6M | $87.9M | ||
| Q4 24 | $16.5M | — | ||
| Q3 24 | $81.5M | $-27.2M | ||
| Q2 24 | $38.7M | $-2.8M | ||
| Q1 24 | $45.0M | $63.8M |
毛利率FORNWN
| 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FORNWN
| Q4 25 | 7.6% | 28.4% | ||
| Q3 25 | 16.9% | -7.5% | ||
| Q2 25 | 11.2% | 11.5% | ||
| Q1 25 | 11.6% | 31.2% | ||
| Q4 24 | 8.7% | 22.9% | ||
| Q3 24 | 19.7% | -14.1% | ||
| Q2 24 | 16.2% | 7.4% | ||
| Q1 24 | 17.6% | 25.3% |
净利率FORNWN
| Q4 25 | 5.6% | — | ||
| Q3 25 | 13.0% | -18.1% | ||
| Q2 25 | 8.4% | -1.1% | ||
| Q1 25 | 9.0% | 17.8% | ||
| Q4 24 | 6.6% | — | ||
| Q3 24 | 14.8% | -19.8% | ||
| Q2 24 | 12.2% | -1.3% | ||
| Q1 24 | 13.5% | 14.7% |
每股收益（稀释后）FORNWN
| Q4 25 | $0.30 | $1.38 | ||
| Q3 25 | $1.70 | $-0.73 | ||
| Q2 25 | $0.65 | $-0.06 | ||
| Q1 25 | $0.62 | $2.18 | ||
| Q4 24 | $0.32 | $1.12 | ||
| Q3 24 | $1.59 | $-0.71 | ||
| Q2 24 | $0.76 | $-0.07 | ||
| Q1 24 | $0.89 | $1.69 |
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 | $36.7M |
| 总债务越低越好 | $793.2M | $2.4B |
| 股东权益账面价值 | $1.8B | $1.5B |
| 总资产 | $3.2B | $6.2B |
| 负债/权益比越低杠杆越低 | 0.44× | 1.65× |
8季度趋势，按日历期对齐
现金及短期投资FORNWN
| Q4 25 | $211.7M | $36.7M | ||
| Q3 25 | $379.2M | $32.2M | ||
| Q2 25 | $189.2M | $102.6M | ||
| Q1 25 | $174.3M | $100.0M | ||
| Q4 24 | $132.0M | $38.5M | ||
| Q3 24 | $481.2M | $35.0M | ||
| Q2 24 | $359.2M | $65.2M | ||
| Q1 24 | $416.2M | $72.4M |
总债务FORNWN
| Q4 25 | $793.2M | $2.4B | ||
| Q3 25 | $802.7M | $2.2B | ||
| Q2 25 | $872.8M | $2.2B | ||
| Q1 25 | $872.5M | $2.2B | ||
| Q4 24 | $806.8M | $1.7B | ||
| Q3 24 | $706.4M | $1.6B | ||
| Q2 24 | $706.1M | $1.6B | ||
| Q1 24 | $705.7M | $1.6B |
股东权益FORNWN
| Q4 25 | $1.8B | $1.5B | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $1.7B | $1.5B | ||
| Q1 25 | $1.6B | $1.5B | ||
| Q4 24 | $1.6B | $1.4B | ||
| Q3 24 | $1.6B | $1.4B | ||
| Q2 24 | $1.5B | $1.3B | ||
| Q1 24 | $1.5B | $1.3B |
总资产FORNWN
| Q4 25 | $3.2B | $6.2B | ||
| Q3 25 | $3.1B | $5.9B | ||
| Q2 25 | $3.1B | $5.8B | ||
| Q1 25 | $3.0B | $5.7B | ||
| Q4 24 | $3.0B | $5.2B | ||
| Q3 24 | $2.8B | $4.9B | ||
| Q2 24 | $2.7B | $4.8B | ||
| Q1 24 | $2.6B | $4.8B |
负债/权益比FORNWN
| Q4 25 | 0.44× | 1.65× | ||
| Q3 25 | 0.45× | 1.56× | ||
| Q2 25 | 0.52× | 1.53× | ||
| Q1 25 | 0.53× | 1.53× | ||
| Q4 24 | 0.50× | 1.23× | ||
| Q3 24 | 0.44× | 1.16× | ||
| Q2 24 | 0.47× | 1.17× | ||
| Q1 24 | 0.48× | 1.17× |
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 | $3.3M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $-131.0M |
| 自由现金流率自由现金流/营收 | -57.5% | -33.2% |
| 资本支出强度资本支出/营收 | 0.0% | 34.1% |
| 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 | $-197.8M |
8季度趋势，按日历期对齐
经营现金流FORNWN
| Q4 25 | $-157.0M | $3.3M | ||
| Q3 25 | $256.3M | $-15.9M | ||
| Q2 25 | $15.8M | $102.2M | ||
| Q1 25 | $-19.8M | $179.6M | ||
| Q4 24 | $-450.0M | $-19.4M | ||
| Q3 24 | $119.2M | $-26.4M | ||
| Q2 24 | $-61.7M | $121.0M | ||
| Q1 24 | $-59.2M | $125.0M |
自由现金流FORNWN
| Q4 25 | $-157.1M | $-131.0M | ||
| Q3 25 | $255.6M | $-125.9M | ||
| Q2 25 | $15.0M | $-18.3M | ||
| Q1 25 | $-20.5M | $77.4M | ||
| Q4 24 | — | $-119.6M | ||
| Q3 24 | $118.4M | $-121.7M | ||
| Q2 24 | $-62.3M | $4.3M | ||
| Q1 24 | $-59.8M | $42.8M |
自由现金流率FORNWN
| Q4 25 | -57.5% | -33.2% | ||
| Q3 25 | 38.1% | -76.4% | ||
| Q2 25 | 3.8% | -7.8% | ||
| Q1 25 | -5.8% | 15.7% | ||
| Q4 24 | — | -32.2% | ||
| Q3 24 | 21.5% | -88.9% | ||
| Q2 24 | -19.6% | 2.0% | ||
| Q1 24 | -17.9% | 9.9% |
资本支出强度FORNWN
| Q4 25 | 0.0% | 34.1% | ||
| Q3 25 | 0.1% | 66.8% | ||
| Q2 25 | 0.2% | 51.0% | ||
| Q1 25 | 0.2% | 20.7% | ||
| Q4 24 | 0.0% | 27.0% | ||
| Q3 24 | 0.1% | 69.6% | ||
| Q2 24 | 0.2% | 55.1% | ||
| Q1 24 | 0.2% | 19.0% |
现金转化率FORNWN
| Q4 25 | -10.19× | — | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | -0.63× | 2.04× | ||
| Q4 24 | -27.27× | — | ||
| Q3 24 | 1.46× | — | ||
| Q2 24 | -1.59× | — | ||
| Q1 24 | -1.32× | 1.96× |
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% |
NWN
| NWN Gas Utility | $341.4M | 87% |
| Alternativerevenue | $27.2M | 7% |
| Si Energy Gas Utility | $20.0M | 5% |
| NW Natural Other | $6.9M | 2% |
