vs
Forestar Group Inc.（FOR）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
ROYAL GOLD INC的季度营收约是Forestar Group Inc.的1.4倍（$375.3M vs $273.0M），ROYAL GOLD INC净利率更高（24.9% vs 5.6%，领先19.3%），ROYAL GOLD INC同比增速更快（85.3% vs 9.0%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% 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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
FOR vs RGLD — 直观对比
营收规模更大
RGLD
是对方的1.4倍
$273.0M
营收增速更快
RGLD
高出76.3%
9.0%
净利率更高
RGLD
高出19.3%
5.6%
两年增速更快
RGLD
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $375.3M |
| 净利润 | $15.4M | $93.6M |
| 毛利率 | 20.1% | 64.6% |
| 营业利润率 | 7.6% | 56.2% |
| 净利率 | 5.6% | 24.9% |
| 营收同比 | 9.0% | 85.3% |
| 净利润同比 | -6.7% | -12.8% |
| 每股收益（稀释后） | $0.30 | $1.04 |
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FORRGLD
| Q4 25 | $273.0M | $375.3M | ||
| Q3 25 | $670.5M | $252.1M | ||
| Q2 25 | $390.5M | $209.6M | ||
| Q1 25 | $351.0M | $193.4M | ||
| Q4 24 | $250.4M | $202.6M | ||
| Q3 24 | $551.3M | $193.8M | ||
| Q2 24 | $318.4M | $174.1M | ||
| Q1 24 | $333.8M | $148.9M |
净利润FORRGLD
| Q4 25 | $15.4M | $93.6M | ||
| Q3 25 | $86.9M | $126.8M | ||
| Q2 25 | $32.9M | $132.3M | ||
| Q1 25 | $31.6M | $113.5M | ||
| Q4 24 | $16.5M | $107.4M | ||
| Q3 24 | $81.5M | $96.2M | ||
| Q2 24 | $38.7M | $81.2M | ||
| Q1 24 | $45.0M | $47.2M |
毛利率FORRGLD
| Q4 25 | 20.1% | 64.6% | ||
| Q3 25 | 22.3% | 73.6% | ||
| Q2 25 | 20.4% | 72.6% | ||
| Q1 25 | 22.6% | 69.4% | ||
| Q4 24 | 22.0% | 70.3% | ||
| Q3 24 | 23.9% | 66.6% | ||
| Q2 24 | 22.5% | 64.7% | ||
| Q1 24 | 24.9% | 58.4% |
营业利润率FORRGLD
| Q4 25 | 7.6% | 56.2% | ||
| Q3 25 | 16.9% | 64.4% | ||
| Q2 25 | 11.2% | 67.7% | ||
| Q1 25 | 11.6% | 63.6% | ||
| Q4 24 | 8.7% | 65.9% | ||
| Q3 24 | 19.7% | 61.3% | ||
| Q2 24 | 16.2% | 58.6% | ||
| Q1 24 | 17.6% | 50.7% |
净利率FORRGLD
| Q4 25 | 5.6% | 24.9% | ||
| Q3 25 | 13.0% | 50.3% | ||
| Q2 25 | 8.4% | 63.1% | ||
| Q1 25 | 9.0% | 58.7% | ||
| Q4 24 | 6.6% | 53.0% | ||
| Q3 24 | 14.8% | 49.7% | ||
| Q2 24 | 12.2% | 46.6% | ||
| Q1 24 | 13.5% | 31.7% |
每股收益（稀释后）FORRGLD
| Q4 25 | $0.30 | $1.04 | ||
| Q3 25 | $1.70 | $1.92 | ||
| Q2 25 | $0.65 | $2.01 | ||
| Q1 25 | $0.62 | $1.72 | ||
| Q4 24 | $0.32 | $1.63 | ||
| Q3 24 | $1.59 | $1.46 | ||
| Q2 24 | $0.76 | $1.23 | ||
| Q1 24 | $0.89 | $0.72 |
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 | $233.7M |
| 总债务越低越好 | $793.2M | — |
| 股东权益账面价值 | $1.8B | $7.2B |
| 总资产 | $3.2B | $9.5B |
| 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FORRGLD
| Q4 25 | $211.7M | $233.7M | ||
| Q3 25 | $379.2M | $172.8M | ||
| Q2 25 | $189.2M | $248.2M | ||
| Q1 25 | $174.3M | $240.8M | ||
| Q4 24 | $132.0M | $195.5M | ||
| Q3 24 | $481.2M | $127.9M | ||
| Q2 24 | $359.2M | $74.2M | ||
| Q1 24 | $416.2M | $137.9M |
总债务FORRGLD
| Q4 25 | $793.2M | — | ||
| Q3 25 | $802.7M | — | ||
| Q2 25 | $872.8M | — | ||
| Q1 25 | $872.5M | — | ||
| Q4 24 | $806.8M | — | ||
| Q3 24 | $706.4M | $0 | ||
| Q2 24 | $706.1M | $50.0M | ||
| Q1 24 | $705.7M | — |
股东权益FORRGLD
| Q4 25 | $1.8B | $7.2B | ||
| Q3 25 | $1.8B | $3.4B | ||
| Q2 25 | $1.7B | $3.3B | ||
| Q1 25 | $1.6B | $3.2B | ||
| Q4 24 | $1.6B | $3.1B | ||
| Q3 24 | $1.6B | $3.0B | ||
| Q2 24 | $1.5B | $3.0B | ||
| Q1 24 | $1.5B | $2.9B |
总资产FORRGLD
| Q4 25 | $3.2B | $9.5B | ||
| Q3 25 | $3.1B | $4.5B | ||
| Q2 25 | $3.1B | $3.6B | ||
| Q1 25 | $3.0B | $3.5B | ||
| Q4 24 | $3.0B | $3.4B | ||
| Q3 24 | $2.8B | $3.3B | ||
| Q2 24 | $2.7B | $3.3B | ||
| Q1 24 | $2.6B | $3.3B |
负债/权益比FORRGLD
| Q4 25 | 0.44× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 0.50× | — | ||
| Q3 24 | 0.44× | 0.00× | ||
| Q2 24 | 0.47× | 0.02× | ||
| 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 | $241.7M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | — |
| 自由现金流率自由现金流/营收 | -57.5% | — |
| 资本支出强度资本支出/营收 | 0.0% | — |
| 现金转化率经营现金流/净利润 | -10.19× | 2.58× |
| 过去12个月自由现金流最近4个季度 | $93.0M | — |
8季度趋势，按日历期对齐
经营现金流FORRGLD
| Q4 25 | $-157.0M | $241.7M | ||
| Q3 25 | $256.3M | $174.0M | ||
| Q2 25 | $15.8M | $152.8M | ||
| Q1 25 | $-19.8M | $136.4M | ||
| Q4 24 | $-450.0M | $141.1M | ||
| Q3 24 | $119.2M | $136.7M | ||
| Q2 24 | $-61.7M | $113.5M | ||
| Q1 24 | $-59.2M | $138.3M |
自由现金流FORRGLD
| Q4 25 | $-157.1M | — | ||
| Q3 25 | $255.6M | — | ||
| Q2 25 | $15.0M | — | ||
| Q1 25 | $-20.5M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $118.4M | — | ||
| Q2 24 | $-62.3M | — | ||
| Q1 24 | $-59.8M | — |
自由现金流率FORRGLD
| Q4 25 | -57.5% | — | ||
| Q3 25 | 38.1% | — | ||
| Q2 25 | 3.8% | — | ||
| Q1 25 | -5.8% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 21.5% | — | ||
| Q2 24 | -19.6% | — | ||
| Q1 24 | -17.9% | — |
资本支出强度FORRGLD
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.1% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.2% | — |
现金转化率FORRGLD
| Q4 25 | -10.19× | 2.58× | ||
| Q3 25 | 2.95× | 1.37× | ||
| Q2 25 | 0.48× | 1.15× | ||
| Q1 25 | -0.63× | 1.20× | ||
| Q4 24 | -27.27× | 1.31× | ||
| Q3 24 | 1.46× | 1.42× | ||
| Q2 24 | -1.59× | 1.40× | ||
| Q1 24 | -1.32× | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
