vs
Forestar Group Inc.（FOR）与POTLATCHDELTIC CORP（PCH）财务数据对比。点击上方公司名可切换其他公司
POTLATCHDELTIC CORP的季度营收约是Forestar Group Inc.的1.2倍（$314.2M vs $273.0M），POTLATCHDELTIC CORP净利率更高（8.2% vs 5.6%，领先2.6%），POTLATCHDELTIC CORP同比增速更快（23.1% vs 9.0%），POTLATCHDELTIC CORP自由现金流更多（$50.1M vs $-157.1M），过去两年POTLATCHDELTIC CORP的营收复合增速更高（11.1% 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。
PotlatchDeltic是一家总部位于美国华盛顿州斯波坎的多元化林产品企业，业务覆盖林木培育、木材加工及相关林制品的生产与供应，在林业资源管理和产品研发领域拥有成熟的运营体系，为建筑、家居等多个下游行业提供优质原材料与产品解决方案。
FOR vs PCH — 直观对比
营收规模更大
PCH
是对方的1.2倍
$273.0M
营收增速更快
PCH
高出14.1%
9.0%
净利率更高
PCH
高出2.6%
5.6%
自由现金流更多
PCH
多$207.2M
$-157.1M
两年增速更快
PCH
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $314.2M |
| 净利润 | $15.4M | $25.9M |
| 毛利率 | 20.1% | 18.2% |
| 营业利润率 | 7.6% | 11.2% |
| 净利率 | 5.6% | 8.2% |
| 营收同比 | 9.0% | 23.1% |
| 净利润同比 | -6.7% | 682.5% |
| 每股收益（稀释后） | $0.30 | $0.33 |
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FORPCH
| Q4 25 | $273.0M | — | ||
| Q3 25 | $670.5M | $314.2M | ||
| Q2 25 | $390.5M | $275.0M | ||
| Q1 25 | $351.0M | $268.3M | ||
| Q4 24 | $250.4M | $258.1M | ||
| Q3 24 | $551.3M | $255.1M | ||
| Q2 24 | $318.4M | $320.7M | ||
| Q1 24 | $333.8M | $228.1M |
净利润FORPCH
| Q4 25 | $15.4M | — | ||
| Q3 25 | $86.9M | $25.9M | ||
| Q2 25 | $32.9M | $7.4M | ||
| Q1 25 | $31.6M | $25.8M | ||
| Q4 24 | $16.5M | $5.2M | ||
| Q3 24 | $81.5M | $3.3M | ||
| Q2 24 | $38.7M | $13.7M | ||
| Q1 24 | $45.0M | $-305.0K |
毛利率FORPCH
| Q4 25 | 20.1% | — | ||
| Q3 25 | 22.3% | 18.2% | ||
| Q2 25 | 20.4% | 13.0% | ||
| Q1 25 | 22.6% | 17.8% | ||
| Q4 24 | 22.0% | 13.4% | ||
| Q3 24 | 23.9% | 10.8% | ||
| Q2 24 | 22.5% | 11.9% | ||
| Q1 24 | 24.9% | 7.0% |
营业利润率FORPCH
| Q4 25 | 7.6% | — | ||
| Q3 25 | 16.9% | 11.2% | ||
| Q2 25 | 11.2% | 5.0% | ||
| Q1 25 | 11.6% | 10.3% | ||
| Q4 24 | 8.7% | 5.2% | ||
| Q3 24 | 19.7% | 2.8% | ||
| Q2 24 | 16.2% | 5.4% | ||
| Q1 24 | 17.6% | -2.1% |
净利率FORPCH
| Q4 25 | 5.6% | — | ||
| Q3 25 | 13.0% | 8.2% | ||
| Q2 25 | 8.4% | 2.7% | ||
| Q1 25 | 9.0% | 9.6% | ||
| Q4 24 | 6.6% | 2.0% | ||
| Q3 24 | 14.8% | 1.3% | ||
| Q2 24 | 12.2% | 4.3% | ||
| Q1 24 | 13.5% | -0.1% |
每股收益（稀释后）FORPCH
| Q4 25 | $0.30 | — | ||
| Q3 25 | $1.70 | $0.33 | ||
| Q2 25 | $0.65 | $0.09 | ||
| Q1 25 | $0.62 | $0.33 | ||
| Q4 24 | $0.32 | $0.07 | ||
| Q3 24 | $1.59 | $0.04 | ||
| Q2 24 | $0.76 | $0.17 | ||
| Q1 24 | $0.89 | $0.00 |
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 | $88.8M |
| 总债务越低越好 | $793.2M | — |
| 股东权益账面价值 | $1.8B | $1.9B |
| 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FORPCH
| Q4 25 | $211.7M | — | ||
| Q3 25 | $379.2M | $88.8M | ||
| Q2 25 | $189.2M | $95.3M | ||
| Q1 25 | $174.3M | $147.5M | ||
| Q4 24 | $132.0M | $151.6M | ||
| Q3 24 | $481.2M | $161.1M | ||
| Q2 24 | $359.2M | $199.7M | ||
| Q1 24 | $416.2M | $180.2M |
总债务FORPCH
| Q4 25 | $793.2M | — | ||
| Q3 25 | $802.7M | — | ||
| Q2 25 | $872.8M | — | ||
| Q1 25 | $872.5M | — | ||
| Q4 24 | $806.8M | $1.0B | ||
| Q3 24 | $706.4M | — | ||
| Q2 24 | $706.1M | — | ||
| Q1 24 | $705.7M | — |
股东权益FORPCH
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.8B | $1.9B | ||
| Q2 25 | $1.7B | $1.9B | ||
| Q1 25 | $1.6B | $2.0B | ||
| Q4 24 | $1.6B | $2.0B | ||
| Q3 24 | $1.6B | $2.1B | ||
| Q2 24 | $1.5B | $2.1B | ||
| Q1 24 | $1.5B | $2.2B |
总资产FORPCH
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.1B | $3.2B | ||
| Q2 25 | $3.1B | $3.2B | ||
| Q1 25 | $3.0B | $3.3B | ||
| Q4 24 | $3.0B | $3.3B | ||
| Q3 24 | $2.8B | $3.3B | ||
| Q2 24 | $2.7B | $3.4B | ||
| Q1 24 | $2.6B | $3.4B |
负债/权益比FORPCH
| Q4 25 | 0.44× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 0.50× | 0.51× | ||
| 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 | $65.7M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $50.1M |
| 自由现金流率自由现金流/营收 | -57.5% | 15.9% |
| 资本支出强度资本支出/营收 | 0.0% | 4.9% |
| 现金转化率经营现金流/净利润 | -10.19× | 2.54× |
| 过去12个月自由现金流最近4个季度 | $93.0M | $132.4M |
8季度趋势，按日历期对齐
经营现金流FORPCH
| Q4 25 | $-157.0M | — | ||
| Q3 25 | $256.3M | $65.7M | ||
| Q2 25 | $15.8M | $41.0M | ||
| Q1 25 | $-19.8M | $49.1M | ||
| Q4 24 | $-450.0M | $45.4M | ||
| Q3 24 | $119.2M | $26.5M | ||
| Q2 24 | $-61.7M | $100.6M | ||
| Q1 24 | $-59.2M | $16.0M |
自由现金流FORPCH
| Q4 25 | $-157.1M | — | ||
| Q3 25 | $255.6M | $50.1M | ||
| Q2 25 | $15.0M | $30.6M | ||
| Q1 25 | $-20.5M | $26.3M | ||
| Q4 24 | — | $25.4M | ||
| Q3 24 | $118.4M | $-8.2M | ||
| Q2 24 | $-62.3M | $72.4M | ||
| Q1 24 | $-59.8M | $2.0M |
自由现金流率FORPCH
| Q4 25 | -57.5% | — | ||
| Q3 25 | 38.1% | 15.9% | ||
| Q2 25 | 3.8% | 11.1% | ||
| Q1 25 | -5.8% | 9.8% | ||
| Q4 24 | — | 9.9% | ||
| Q3 24 | 21.5% | -3.2% | ||
| Q2 24 | -19.6% | 22.6% | ||
| Q1 24 | -17.9% | 0.9% |
资本支出强度FORPCH
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.1% | 4.9% | ||
| Q2 25 | 0.2% | 3.8% | ||
| Q1 25 | 0.2% | 8.5% | ||
| Q4 24 | 0.0% | 7.7% | ||
| Q3 24 | 0.1% | 13.6% | ||
| Q2 24 | 0.2% | 8.8% | ||
| Q1 24 | 0.2% | 6.1% |
现金转化率FORPCH
| Q4 25 | -10.19× | — | ||
| Q3 25 | 2.95× | 2.54× | ||
| Q2 25 | 0.48× | 5.58× | ||
| Q1 25 | -0.63× | 1.90× | ||
| Q4 24 | -27.27× | 8.74× | ||
| Q3 24 | 1.46× | 7.99× | ||
| Q2 24 | -1.59× | 7.35× | ||
| 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% |
PCH
| Lumber | $131.8M | 42% |
| Timberlands | $52.5M | 17% |
| Rural Real Estate | $51.3M | 16% |
| Residuals And Panels | $34.0M | 11% |
| Pulpwood | $16.7M | 5% |
| Development Real Estate | $14.6M | 5% |
| Other | $8.1M | 3% |
| Other Products | $5.2M | 2% |
