vs
Forestar Group Inc.（FOR）与必能宝（PBI）财务数据对比。点击上方公司名可切换其他公司
必能宝的季度营收约是Forestar Group Inc.的1.7倍（$477.6M vs $273.0M），必能宝净利率更高（5.7% vs 5.6%，领先0.1%），Forestar Group Inc.同比增速更快（9.0% vs -7.5%），必能宝自由现金流更多（$201.4M vs $-157.1M），过去两年必能宝的营收复合增速更高（-4.3% 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。
必能宝（Pitney Bowes）是全球知名科技与物流服务商，提供电商配送、邮寄处理、订单履约及客户信息管理解决方案，服务零售、金融、医疗、政府等领域的各类大中小企业客户，助力企业优化物流配送与客户运营效率。
FOR vs PBI — 直观对比
营收规模更大
PBI
是对方的1.7倍
$273.0M
营收增速更快
FOR
高出16.5%
-7.5%
净利率更高
PBI
高出0.1%
5.6%
自由现金流更多
PBI
多$358.5M
$-157.1M
两年增速更快
PBI
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $477.6M |
| 净利润 | $15.4M | $27.3M |
| 毛利率 | 20.1% | — |
| 营业利润率 | 7.6% | 8.0% |
| 净利率 | 5.6% | 5.7% |
| 营收同比 | 9.0% | -7.5% |
| 净利润同比 | -6.7% | 173.1% |
| 每股收益（稀释后） | $0.30 | $0.18 |
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FORPBI
| Q4 25 | $273.0M | $477.6M | ||
| Q3 25 | $670.5M | $459.7M | ||
| Q2 25 | $390.5M | $461.9M | ||
| Q1 25 | $351.0M | $493.4M | ||
| Q4 24 | $250.4M | $516.1M | ||
| Q3 24 | $551.3M | $499.5M | ||
| Q2 24 | $318.4M | $489.7M | ||
| Q1 24 | $333.8M | $521.3M |
净利润FORPBI
| Q4 25 | $15.4M | $27.3M | ||
| Q3 25 | $86.9M | $52.0M | ||
| Q2 25 | $32.9M | $30.0M | ||
| Q1 25 | $31.6M | $35.4M | ||
| Q4 24 | $16.5M | $-37.4M | ||
| Q3 24 | $81.5M | $-138.5M | ||
| Q2 24 | $38.7M | $-24.9M | ||
| Q1 24 | $45.0M | $-2.9M |
毛利率FORPBI
| Q4 25 | 20.1% | — | ||
| Q3 25 | 22.3% | — | ||
| Q2 25 | 20.4% | — | ||
| Q1 25 | 22.6% | — | ||
| Q4 24 | 22.0% | 53.8% | ||
| Q3 24 | 23.9% | 52.4% | ||
| Q2 24 | 22.5% | 51.1% | ||
| Q1 24 | 24.9% | 52.3% |
营业利润率FORPBI
| Q4 25 | 7.6% | 8.0% | ||
| Q3 25 | 16.9% | 14.8% | ||
| Q2 25 | 11.2% | 8.5% | ||
| Q1 25 | 11.6% | 9.5% | ||
| Q4 24 | 8.7% | -9.3% | ||
| Q3 24 | 19.7% | -8.8% | ||
| Q2 24 | 16.2% | -1.6% | ||
| Q1 24 | 17.6% | 9.1% |
净利率FORPBI
| Q4 25 | 5.6% | 5.7% | ||
| Q3 25 | 13.0% | 11.3% | ||
| Q2 25 | 8.4% | 6.5% | ||
| Q1 25 | 9.0% | 7.2% | ||
| Q4 24 | 6.6% | -7.2% | ||
| Q3 24 | 14.8% | -27.7% | ||
| Q2 24 | 12.2% | -5.1% | ||
| Q1 24 | 13.5% | -0.6% |
每股收益（稀释后）FORPBI
| Q4 25 | $0.30 | $0.18 | ||
| Q3 25 | $1.70 | $0.30 | ||
| Q2 25 | $0.65 | $0.17 | ||
| Q1 25 | $0.62 | $0.19 | ||
| Q4 24 | $0.32 | $-0.21 | ||
| Q3 24 | $1.59 | $-0.75 | ||
| Q2 24 | $0.76 | $-0.14 | ||
| Q1 24 | $0.89 | $-0.02 |
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 | $297.1M |
| 总债务越低越好 | $793.2M | $2.0B |
| 股东权益账面价值 | $1.8B | $-802.4M |
| 总资产 | $3.2B | $3.2B |
| 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FORPBI
| Q4 25 | $211.7M | $297.1M | ||
| Q3 25 | $379.2M | $336.0M | ||
| Q2 25 | $189.2M | $300.8M | ||
| Q1 25 | $174.3M | $340.0M | ||
| Q4 24 | $132.0M | $486.1M | ||
| Q3 24 | $481.2M | $575.5M | ||
| Q2 24 | $359.2M | $612.0M | ||
| Q1 24 | $416.2M | $538.0M |
总债务FORPBI
| Q4 25 | $793.2M | $2.0B | ||
| Q3 25 | $802.7M | $2.1B | ||
| Q2 25 | $872.8M | $1.9B | ||
| Q1 25 | $872.5M | $1.9B | ||
| Q4 24 | $806.8M | $1.9B | ||
| Q3 24 | $706.4M | $2.1B | ||
| Q2 24 | $706.1M | $2.1B | ||
| Q1 24 | $705.7M | $2.1B |
股东权益FORPBI
| Q4 25 | $1.8B | $-802.4M | ||
| Q3 25 | $1.8B | $-661.5M | ||
| Q2 25 | $1.7B | $-536.8M | ||
| Q1 25 | $1.6B | $-535.9M | ||
| Q4 24 | $1.6B | $-578.4M | ||
| Q3 24 | $1.6B | $-518.9M | ||
| Q2 24 | $1.5B | $-427.9M | ||
| Q1 24 | $1.5B | $-392.4M |
总资产FORPBI
| Q4 25 | $3.2B | $3.2B | ||
| Q3 25 | $3.1B | $3.3B | ||
| Q2 25 | $3.1B | $3.2B | ||
| Q1 25 | $3.0B | $3.3B | ||
| Q4 24 | $3.0B | $3.4B | ||
| Q3 24 | $2.8B | $3.6B | ||
| Q2 24 | $2.7B | $4.1B | ||
| Q1 24 | $2.6B | $4.1B |
负债/权益比FORPBI
| 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 | $221.7M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $201.4M |
| 自由现金流率自由现金流/营收 | -57.5% | 42.2% |
| 资本支出强度资本支出/营收 | 0.0% | 4.2% |
| 现金转化率经营现金流/净利润 | -10.19× | 8.11× |
| 过去12个月自由现金流最近4个季度 | $93.0M | $317.0M |
8季度趋势，按日历期对齐
经营现金流FORPBI
| Q4 25 | $-157.0M | $221.7M | ||
| Q3 25 | $256.3M | $66.8M | ||
| Q2 25 | $15.8M | $111.4M | ||
| Q1 25 | $-19.8M | $-16.7M | ||
| Q4 24 | $-450.0M | $134.5M | ||
| Q3 24 | $119.2M | $14.7M | ||
| Q2 24 | $-61.7M | $92.6M | ||
| Q1 24 | $-59.2M | $-12.6M |
自由现金流FORPBI
| Q4 25 | $-157.1M | $201.4M | ||
| Q3 25 | $255.6M | $51.1M | ||
| Q2 25 | $15.0M | $98.0M | ||
| Q1 25 | $-20.5M | $-33.6M | ||
| Q4 24 | — | $112.3M | ||
| Q3 24 | $118.4M | $-4.7M | ||
| Q2 24 | $-62.3M | $76.1M | ||
| Q1 24 | $-59.8M | $-26.9M |
自由现金流率FORPBI
| Q4 25 | -57.5% | 42.2% | ||
| Q3 25 | 38.1% | 11.1% | ||
| Q2 25 | 3.8% | 21.2% | ||
| Q1 25 | -5.8% | -6.8% | ||
| Q4 24 | — | 21.8% | ||
| Q3 24 | 21.5% | -0.9% | ||
| Q2 24 | -19.6% | 15.5% | ||
| Q1 24 | -17.9% | -5.2% |
资本支出强度FORPBI
| Q4 25 | 0.0% | 4.2% | ||
| Q3 25 | 0.1% | 3.4% | ||
| Q2 25 | 0.2% | 2.9% | ||
| Q1 25 | 0.2% | 3.4% | ||
| Q4 24 | 0.0% | 4.3% | ||
| Q3 24 | 0.1% | 3.9% | ||
| Q2 24 | 0.2% | 3.4% | ||
| Q1 24 | 0.2% | 2.7% |
现金转化率FORPBI
| Q4 25 | -10.19× | 8.11× | ||
| Q3 25 | 2.95× | 1.29× | ||
| Q2 25 | 0.48× | 3.72× | ||
| Q1 25 | -0.63× | -0.47× | ||
| Q4 24 | -27.27× | — | ||
| Q3 24 | 1.46× | — | ||
| Q2 24 | -1.59× | — | ||
| Q1 24 | -1.32× | — |
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% |
PBI
| Sales And Services | $218.4M | 46% |
| Presort Services | $159.7M | 33% |
| Financing And Other | $79.0M | 17% |
| Other | $20.5M | 4% |
