vs
Forestar Group Inc.（FOR）与TheRealReal, Inc.（REAL）财务数据对比。点击上方公司名可切换其他公司
Forestar Group Inc.的季度营收约是TheRealReal, Inc.的1.4倍（$273.0M vs $194.1M），TheRealReal, Inc.同比增速更快（18.3% vs 9.0%），TheRealReal, Inc.自由现金流更多（$45.8M vs $-157.1M），过去两年TheRealReal, Inc.的营收复合增速更高（16.2% 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。
TheRealReal是专业的奢侈品线上交易平台，所有在售商品均经过专业人员鉴定，可满足用户买卖二手奢侈品的需求。截至2023年9月30日，平台会员规模已超3800万，累计售出商品近4000万件。
FOR vs REAL — 直观对比
营收规模更大
FOR
是对方的1.4倍
$194.1M
营收增速更快
REAL
高出9.3%
9.0%
自由现金流更多
REAL
多$202.9M
$-157.1M
两年增速更快
REAL
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $194.1M |
| 净利润 | $15.4M | — |
| 毛利率 | 20.1% | 74.8% |
| 营业利润率 | 7.6% | 3.2% |
| 净利率 | 5.6% | — |
| 营收同比 | 9.0% | 18.3% |
| 净利润同比 | -6.7% | — |
| 每股收益（稀释后） | $0.30 | $0.06 |
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FORREAL
| Q4 25 | $273.0M | $194.1M | ||
| Q3 25 | $670.5M | $173.6M | ||
| Q2 25 | $390.5M | $165.2M | ||
| Q1 25 | $351.0M | $160.0M | ||
| Q4 24 | $250.4M | $164.0M | ||
| Q3 24 | $551.3M | $147.8M | ||
| Q2 24 | $318.4M | $144.9M | ||
| Q1 24 | $333.8M | $143.8M |
净利润FORREAL
| Q4 25 | $15.4M | — | ||
| Q3 25 | $86.9M | $-54.1M | ||
| Q2 25 | $32.9M | $-11.4M | ||
| Q1 25 | $31.6M | $62.4M | ||
| Q4 24 | $16.5M | — | ||
| Q3 24 | $81.5M | $-17.9M | ||
| Q2 24 | $38.7M | $-16.7M | ||
| Q1 24 | $45.0M | $-31.1M |
毛利率FORREAL
| Q4 25 | 20.1% | 74.8% | ||
| Q3 25 | 22.3% | 74.3% | ||
| Q2 25 | 20.4% | 74.3% | ||
| Q1 25 | 22.6% | 75.0% | ||
| Q4 24 | 22.0% | 74.4% | ||
| Q3 24 | 23.9% | 74.9% | ||
| Q2 24 | 22.5% | 74.1% | ||
| Q1 24 | 24.9% | 74.6% |
营业利润率FORREAL
| Q4 25 | 7.6% | 3.2% | ||
| Q3 25 | 16.9% | -4.3% | ||
| Q2 25 | 11.2% | -6.0% | ||
| Q1 25 | 11.6% | -8.0% | ||
| Q4 24 | 8.7% | -3.1% | ||
| Q3 24 | 19.7% | -9.9% | ||
| Q2 24 | 16.2% | -13.0% | ||
| Q1 24 | 17.6% | -12.5% |
净利率FORREAL
| Q4 25 | 5.6% | — | ||
| Q3 25 | 13.0% | -31.1% | ||
| Q2 25 | 8.4% | -6.9% | ||
| Q1 25 | 9.0% | 39.0% | ||
| Q4 24 | 6.6% | — | ||
| Q3 24 | 14.8% | -12.1% | ||
| Q2 24 | 12.2% | -11.5% | ||
| Q1 24 | 13.5% | -21.6% |
每股收益（稀释后）FORREAL
| Q4 25 | $0.30 | $0.06 | ||
| Q3 25 | $1.70 | $-0.49 | ||
| Q2 25 | $0.65 | $-0.13 | ||
| Q1 25 | $0.62 | $-0.14 | ||
| Q4 24 | $0.32 | $-0.57 | ||
| Q3 24 | $1.59 | $-0.17 | ||
| Q2 24 | $0.76 | $-0.20 | ||
| Q1 24 | $0.89 | $-0.30 |
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 | $151.2M |
| 总债务越低越好 | $793.2M | — |
| 股东权益账面价值 | $1.8B | $-415.5M |
| 总资产 | $3.2B | $409.0M |
| 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FORREAL
| Q4 25 | $211.7M | $151.2M | ||
| Q3 25 | $379.2M | $108.4M | ||
| Q2 25 | $189.2M | $94.3M | ||
| Q1 25 | $174.3M | $139.6M | ||
| Q4 24 | $132.0M | $172.2M | ||
| Q3 24 | $481.2M | $153.2M | ||
| Q2 24 | $359.2M | $150.7M | ||
| Q1 24 | $416.2M | $166.0M |
总债务FORREAL
| Q4 25 | $793.2M | — | ||
| Q3 25 | $802.7M | — | ||
| Q2 25 | $872.8M | — | ||
| Q1 25 | $872.5M | — | ||
| Q4 24 | $806.8M | — | ||
| Q3 24 | $706.4M | — | ||
| Q2 24 | $706.1M | — | ||
| Q1 24 | $705.7M | — |
股东权益FORREAL
| Q4 25 | $1.8B | $-415.5M | ||
| Q3 25 | $1.8B | $-385.1M | ||
| Q2 25 | $1.7B | $-338.2M | ||
| Q1 25 | $1.6B | $-336.1M | ||
| Q4 24 | $1.6B | $-407.4M | ||
| Q3 24 | $1.6B | $-345.4M | ||
| Q2 24 | $1.5B | $-335.3M | ||
| Q1 24 | $1.5B | $-327.1M |
总资产FORREAL
| Q4 25 | $3.2B | $409.0M | ||
| Q3 25 | $3.1B | $366.2M | ||
| Q2 25 | $3.1B | $349.4M | ||
| Q1 25 | $3.0B | $400.4M | ||
| Q4 24 | $3.0B | $423.1M | ||
| Q3 24 | $2.8B | $406.3M | ||
| Q2 24 | $2.7B | $407.4M | ||
| Q1 24 | $2.6B | $431.6M |
负债/权益比FORREAL
| 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 | $49.5M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $45.8M |
| 自由现金流率自由现金流/营收 | -57.5% | 23.6% |
| 资本支出强度资本支出/营收 | 0.0% | 1.9% |
| 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 | $18.4M |
8季度趋势，按日历期对齐
经营现金流FORREAL
| Q4 25 | $-157.0M | $49.5M | ||
| Q3 25 | $256.3M | $19.3M | ||
| Q2 25 | $15.8M | $-3.6M | ||
| Q1 25 | $-19.8M | $-28.3M | ||
| Q4 24 | $-450.0M | $28.0M | ||
| Q3 24 | $119.2M | $9.1M | ||
| Q2 24 | $-61.7M | $-6.8M | ||
| Q1 24 | $-59.2M | $-3.5M |
自由现金流FORREAL
| Q4 25 | $-157.1M | $45.8M | ||
| Q3 25 | $255.6M | $16.9M | ||
| Q2 25 | $15.0M | $-11.4M | ||
| Q1 25 | $-20.5M | $-33.0M | ||
| Q4 24 | — | $22.9M | ||
| Q3 24 | $118.4M | $5.0M | ||
| Q2 24 | $-62.3M | $-9.8M | ||
| Q1 24 | $-59.8M | $-5.6M |
自由现金流率FORREAL
| Q4 25 | -57.5% | 23.6% | ||
| Q3 25 | 38.1% | 9.7% | ||
| Q2 25 | 3.8% | -6.9% | ||
| Q1 25 | -5.8% | -20.6% | ||
| Q4 24 | — | 14.0% | ||
| Q3 24 | 21.5% | 3.4% | ||
| Q2 24 | -19.6% | -6.7% | ||
| Q1 24 | -17.9% | -3.9% |
资本支出强度FORREAL
| Q4 25 | 0.0% | 1.9% | ||
| Q3 25 | 0.1% | 1.4% | ||
| Q2 25 | 0.2% | 4.7% | ||
| Q1 25 | 0.2% | 2.9% | ||
| Q4 24 | 0.0% | 3.1% | ||
| Q3 24 | 0.1% | 2.7% | ||
| Q2 24 | 0.2% | 2.1% | ||
| Q1 24 | 0.2% | 1.5% |
现金转化率FORREAL
| Q4 25 | -10.19× | — | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | -0.63× | -0.45× | ||
| 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% |
REAL
| Services | $149.0M | 77% |
| Products | $27.2M | 14% |
| Shipping And Handling | $17.8M | 9% |
