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Forestar Group Inc.（FOR）与Paylocity Holding Corp（PCTY）财务数据对比。点击上方公司名可切换其他公司
Paylocity Holding Corp的季度营收约是Forestar Group Inc.的1.4倍（$387.0M vs $273.0M），Paylocity Holding Corp净利率更高（13.0% vs 5.6%，领先7.3%），Paylocity Holding Corp同比增速更快（11.3% vs 9.0%），Paylocity Holding Corp自由现金流更多（$113.6M vs $-157.1M），过去两年Paylocity Holding Corp的营收复合增速更高（2.7% 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。
Paylocity Holding Corp是美国领先的云端人力资源管理服务商，核心产品覆盖薪资核算、支出管理及人力资本管理（HCM）类SaaS软件，可帮助不同规模的企业客户优化人力与财务相关运营流程，有效提升管理效率、降低运营成本。
FOR vs PCTY — 直观对比
营收规模更大
PCTY
是对方的1.4倍
$273.0M
营收增速更快
PCTY
高出2.3%
9.0%
净利率更高
PCTY
高出7.3%
5.6%
自由现金流更多
PCTY
多$270.7M
$-157.1M
两年增速更快
PCTY
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $387.0M |
| 净利润 | $15.4M | $50.2M |
| 毛利率 | 20.1% | 72.9% |
| 营业利润率 | 7.6% | 18.2% |
| 净利率 | 5.6% | 13.0% |
| 营收同比 | 9.0% | 11.3% |
| 净利润同比 | -6.7% | 34.0% |
| 每股收益（稀释后） | $0.30 | $0.92 |
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FORPCTY
| Q4 25 | $273.0M | $387.0M | ||
| Q3 25 | $670.5M | $378.9M | ||
| Q2 25 | $390.5M | $369.9M | ||
| Q1 25 | $351.0M | $421.1M | ||
| Q4 24 | $250.4M | $347.7M | ||
| Q3 24 | $551.3M | $333.1M | ||
| Q2 24 | $318.4M | $324.7M | ||
| Q1 24 | $333.8M | $366.8M |
净利润FORPCTY
| Q4 25 | $15.4M | $50.2M | ||
| Q3 25 | $86.9M | $48.0M | ||
| Q2 25 | $32.9M | $48.6M | ||
| Q1 25 | $31.6M | $91.5M | ||
| Q4 24 | $16.5M | $37.5M | ||
| Q3 24 | $81.5M | $49.6M | ||
| Q2 24 | $38.7M | $48.8M | ||
| Q1 24 | $45.0M | $85.3M |
毛利率FORPCTY
| Q4 25 | 20.1% | 72.9% | ||
| Q3 25 | 22.3% | 73.9% | ||
| Q2 25 | 20.4% | 73.5% | ||
| Q1 25 | 22.6% | 77.1% | ||
| Q4 24 | 22.0% | 72.6% | ||
| Q3 24 | 23.9% | 74.4% | ||
| Q2 24 | 22.5% | 74.0% | ||
| Q1 24 | 24.9% | 77.8% |
营业利润率FORPCTY
| Q4 25 | 7.6% | 18.2% | ||
| Q3 25 | 16.9% | 19.6% | ||
| Q2 25 | 11.2% | 17.9% | ||
| Q1 25 | 11.6% | 30.2% | ||
| Q4 24 | 8.7% | 13.4% | ||
| Q3 24 | 19.7% | 19.3% | ||
| Q2 24 | 16.2% | 19.4% | ||
| Q1 24 | 17.6% | 29.0% |
净利率FORPCTY
| Q4 25 | 5.6% | 13.0% | ||
| Q3 25 | 13.0% | 12.7% | ||
| Q2 25 | 8.4% | 13.1% | ||
| Q1 25 | 9.0% | 21.7% | ||
| Q4 24 | 6.6% | 10.8% | ||
| Q3 24 | 14.8% | 14.9% | ||
| Q2 24 | 12.2% | 15.0% | ||
| Q1 24 | 13.5% | 23.3% |
每股收益（稀释后）FORPCTY
| Q4 25 | $0.30 | $0.92 | ||
| Q3 25 | $1.70 | $0.86 | ||
| Q2 25 | $0.65 | $0.87 | ||
| Q1 25 | $0.62 | $1.61 | ||
| Q4 24 | $0.32 | $0.66 | ||
| Q3 24 | $1.59 | $0.88 | ||
| Q2 24 | $0.76 | $0.85 | ||
| Q1 24 | $0.89 | $1.50 |
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 | $162.5M |
| 总债务越低越好 | $793.2M | $81.3M |
| 股东权益账面价值 | $1.8B | $1.1B |
| 总资产 | $3.2B | $7.0B |
| 负债/权益比越低杠杆越低 | 0.44× | 0.07× |
8季度趋势，按日历期对齐
现金及短期投资FORPCTY
| Q4 25 | $211.7M | $162.5M | ||
| Q3 25 | $379.2M | $165.2M | ||
| Q2 25 | $189.2M | $398.1M | ||
| Q1 25 | $174.3M | $477.8M | ||
| Q4 24 | $132.0M | $482.4M | ||
| Q3 24 | $481.2M | $778.5M | ||
| Q2 24 | $359.2M | $401.8M | ||
| Q1 24 | $416.2M | $492.7M |
总债务FORPCTY
| Q4 25 | $793.2M | $81.3M | ||
| Q3 25 | $802.7M | $81.3M | ||
| Q2 25 | $872.8M | $162.5M | ||
| Q1 25 | $872.5M | $243.8M | ||
| Q4 24 | $806.8M | $325.0M | ||
| Q3 24 | $706.4M | $325.0M | ||
| Q2 24 | $706.1M | $0 | ||
| Q1 24 | $705.7M | — |
股东权益FORPCTY
| Q4 25 | $1.8B | $1.1B | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $1.7B | $1.2B | ||
| Q1 25 | $1.6B | $1.2B | ||
| Q4 24 | $1.6B | $1.2B | ||
| Q3 24 | $1.6B | $1.1B | ||
| Q2 24 | $1.5B | $1.0B | ||
| Q1 24 | $1.5B | $1.1B |
总资产FORPCTY
| Q4 25 | $3.2B | $7.0B | ||
| Q3 25 | $3.1B | $4.2B | ||
| Q2 25 | $3.1B | $4.4B | ||
| Q1 25 | $3.0B | $5.2B | ||
| Q4 24 | $3.0B | $5.3B | ||
| Q3 24 | $2.8B | $4.0B | ||
| Q2 24 | $2.7B | $4.2B | ||
| Q1 24 | $2.6B | $5.0B |
负债/权益比FORPCTY
| Q4 25 | 0.44× | 0.07× | ||
| Q3 25 | 0.45× | 0.07× | ||
| Q2 25 | 0.52× | 0.13× | ||
| Q1 25 | 0.53× | 0.20× | ||
| Q4 24 | 0.50× | 0.28× | ||
| Q3 24 | 0.44× | 0.29× | ||
| Q2 24 | 0.47× | 0.00× | ||
| 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 | $117.0M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $113.6M |
| 自由现金流率自由现金流/营收 | -57.5% | 29.4% |
| 资本支出强度资本支出/营收 | 0.0% | 0.9% |
| 现金转化率经营现金流/净利润 | -10.19× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $93.0M | $461.1M |
8季度趋势，按日历期对齐
经营现金流FORPCTY
| Q4 25 | $-157.0M | $117.0M | ||
| Q3 25 | $256.3M | $86.5M | ||
| Q2 25 | $15.8M | $86.6M | ||
| Q1 25 | $-19.8M | $186.0M | ||
| Q4 24 | $-450.0M | $54.2M | ||
| Q3 24 | $119.2M | $91.5M | ||
| Q2 24 | $-61.7M | $79.9M | ||
| Q1 24 | $-59.2M | $167.5M |
自由现金流FORPCTY
| Q4 25 | $-157.1M | $113.6M | ||
| Q3 25 | $255.6M | $82.7M | ||
| Q2 25 | $15.0M | $81.1M | ||
| Q1 25 | $-20.5M | $183.7M | ||
| Q4 24 | — | $51.2M | ||
| Q3 24 | $118.4M | $89.1M | ||
| Q2 24 | $-62.3M | $73.6M | ||
| Q1 24 | $-59.8M | $162.0M |
自由现金流率FORPCTY
| Q4 25 | -57.5% | 29.4% | ||
| Q3 25 | 38.1% | 21.8% | ||
| Q2 25 | 3.8% | 21.9% | ||
| Q1 25 | -5.8% | 43.6% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | 21.5% | 26.8% | ||
| Q2 24 | -19.6% | 22.7% | ||
| Q1 24 | -17.9% | 44.2% |
资本支出强度FORPCTY
| Q4 25 | 0.0% | 0.9% | ||
| Q3 25 | 0.1% | 1.0% | ||
| Q2 25 | 0.2% | 1.5% | ||
| Q1 25 | 0.2% | 0.5% | ||
| Q4 24 | 0.0% | 0.9% | ||
| Q3 24 | 0.1% | 0.7% | ||
| Q2 24 | 0.2% | 1.9% | ||
| Q1 24 | 0.2% | 1.5% |
现金转化率FORPCTY
| Q4 25 | -10.19× | 2.33× | ||
| Q3 25 | 2.95× | 1.80× | ||
| Q2 25 | 0.48× | 1.78× | ||
| Q1 25 | -0.63× | 2.03× | ||
| Q4 24 | -27.27× | 1.45× | ||
| Q3 24 | 1.46× | 1.84× | ||
| Q2 24 | -1.59× | 1.64× | ||
| 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% |
PCTY
| Recurring Fees | $370.1M | 96% |
| Implementation Services And Other | $16.9M | 4% |
