vs
Forestar Group Inc.（FOR）与RAYONIER ADVANCED MATERIALS INC.（RYAM）财务数据对比。点击上方公司名可切换其他公司
RAYONIER ADVANCED MATERIALS INC.的季度营收约是Forestar Group Inc.的1.5倍（$417.5M vs $273.0M），Forestar Group Inc.净利率更高（5.6% vs -5.0%，领先10.7%），Forestar Group Inc.同比增速更快（9.0% vs -1.2%），过去两年RAYONIER ADVANCED MATERIALS INC.的营收复合增速更高（3.8% 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。
RYAM（原雷尼尔先进材料公司）是一家美国全球性纤维素技术企业，主打高纯度特种纤维素产品，所生产的天然聚合物广泛应用于过滤器生产、食品加工、医药制造及各类工业领域，同时也为造纸和包装行业供应相关产品，在纤维素技术领域拥有较高的行业认可度。
FOR vs RYAM — 直观对比
营收规模更大
RYAM
是对方的1.5倍
$273.0M
营收增速更快
FOR
高出10.2%
-1.2%
净利率更高
FOR
高出10.7%
-5.0%
两年增速更快
RYAM
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $417.5M |
| 净利润 | $15.4M | $-21.1M |
| 毛利率 | 20.1% | 8.9% |
| 营业利润率 | 7.6% | 2.6% |
| 净利率 | 5.6% | -5.0% |
| 营收同比 | 9.0% | -1.2% |
| 净利润同比 | -6.7% | -31.9% |
| 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FORRYAM
| Q4 25 | $273.0M | $417.5M | ||
| Q3 25 | $670.5M | $352.8M | ||
| Q2 25 | $390.5M | $340.0M | ||
| Q1 25 | $351.0M | $356.0M | ||
| Q4 24 | $250.4M | $422.5M | ||
| Q3 24 | $551.3M | $401.1M | ||
| Q2 24 | $318.4M | $419.0M | ||
| Q1 24 | $333.8M | $387.7M |
净利润FORRYAM
| Q4 25 | $15.4M | $-21.1M | ||
| Q3 25 | $86.9M | $-4.5M | ||
| Q2 25 | $32.9M | $-363.2M | ||
| Q1 25 | $31.6M | $-32.0M | ||
| Q4 24 | $16.5M | $-16.0M | ||
| Q3 24 | $81.5M | $-32.6M | ||
| Q2 24 | $38.7M | $11.4M | ||
| Q1 24 | $45.0M | $-1.6M |
毛利率FORRYAM
| Q4 25 | 20.1% | 8.9% | ||
| Q3 25 | 22.3% | 9.7% | ||
| Q2 25 | 20.4% | 7.0% | ||
| Q1 25 | 22.6% | 6.8% | ||
| Q4 24 | 22.0% | 8.7% | ||
| Q3 24 | 23.9% | 10.9% | ||
| Q2 24 | 22.5% | 11.5% | ||
| Q1 24 | 24.9% | 9.5% |
营业利润率FORRYAM
| Q4 25 | 7.6% | 2.6% | ||
| Q3 25 | 16.9% | 2.8% | ||
| Q2 25 | 11.2% | -0.4% | ||
| Q1 25 | 11.6% | -4.2% | ||
| Q4 24 | 8.7% | 2.6% | ||
| Q3 24 | 19.7% | -4.2% | ||
| Q2 24 | 16.2% | 6.7% | ||
| Q1 24 | 17.6% | 4.4% |
净利率FORRYAM
| Q4 25 | 5.6% | -5.0% | ||
| Q3 25 | 13.0% | -1.3% | ||
| Q2 25 | 8.4% | -106.8% | ||
| Q1 25 | 9.0% | -9.0% | ||
| Q4 24 | 6.6% | -3.8% | ||
| Q3 24 | 14.8% | -8.1% | ||
| Q2 24 | 12.2% | 2.7% | ||
| Q1 24 | 13.5% | -0.4% |
每股收益（稀释后）FORRYAM
| Q4 25 | $0.30 | $-0.33 | ||
| Q3 25 | $1.70 | $-0.07 | ||
| Q2 25 | $0.65 | $-5.44 | ||
| Q1 25 | $0.62 | $-0.49 | ||
| Q4 24 | $0.32 | $-0.25 | ||
| Q3 24 | $1.59 | $-0.49 | ||
| Q2 24 | $0.76 | $0.17 | ||
| 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 | $75.4M |
| 总债务越低越好 | $793.2M | $758.1M |
| 股东权益账面价值 | $1.8B | $316.6M |
| 总资产 | $3.2B | $1.8B |
| 负债/权益比越低杠杆越低 | 0.44× | 2.39× |
8季度趋势，按日历期对齐
现金及短期投资FORRYAM
| Q4 25 | $211.7M | $75.4M | ||
| Q3 25 | $379.2M | $77.0M | ||
| Q2 25 | $189.2M | $70.7M | ||
| Q1 25 | $174.3M | $129.9M | ||
| Q4 24 | $132.0M | $125.2M | ||
| Q3 24 | $481.2M | $136.1M | ||
| Q2 24 | $359.2M | $114.1M | ||
| Q1 24 | $416.2M | $54.6M |
总债务FORRYAM
| Q4 25 | $793.2M | $758.1M | ||
| Q3 25 | $802.7M | $763.5M | ||
| Q2 25 | $872.8M | $720.4M | ||
| Q1 25 | $872.5M | $707.0M | ||
| Q4 24 | $806.8M | $706.4M | ||
| Q3 24 | $706.4M | $747.7M | ||
| Q2 24 | $706.1M | $752.8M | ||
| Q1 24 | $705.7M | $755.6M |
股东权益FORRYAM
| Q4 25 | $1.8B | $316.6M | ||
| Q3 25 | $1.8B | $338.2M | ||
| Q2 25 | $1.7B | $342.3M | ||
| Q1 25 | $1.6B | $688.1M | ||
| Q4 24 | $1.6B | $713.9M | ||
| Q3 24 | $1.6B | $732.7M | ||
| Q2 24 | $1.5B | $755.1M | ||
| Q1 24 | $1.5B | $741.8M |
总资产FORRYAM
| Q4 25 | $3.2B | $1.8B | ||
| Q3 25 | $3.1B | $1.8B | ||
| Q2 25 | $3.1B | $1.8B | ||
| Q1 25 | $3.0B | $2.1B | ||
| Q4 24 | $3.0B | $2.1B | ||
| Q3 24 | $2.8B | $2.2B | ||
| Q2 24 | $2.7B | $2.2B | ||
| Q1 24 | $2.6B | $2.1B |
负债/权益比FORRYAM
| Q4 25 | 0.44× | 2.39× | ||
| Q3 25 | 0.45× | 2.26× | ||
| Q2 25 | 0.52× | 2.10× | ||
| Q1 25 | 0.53× | 1.03× | ||
| Q4 24 | 0.50× | 0.99× | ||
| Q3 24 | 0.44× | 1.02× | ||
| Q2 24 | 0.47× | 1.00× | ||
| Q1 24 | 0.48× | 1.02× |
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 | $32.3M |
| 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× | — |
| 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FORRYAM
| Q4 25 | $-157.0M | $32.3M | ||
| Q3 25 | $256.3M | $-17.8M | ||
| Q2 25 | $15.8M | $-30.2M | ||
| Q1 25 | $-19.8M | $39.6M | ||
| Q4 24 | $-450.0M | $54.9M | ||
| Q3 24 | $119.2M | $49.8M | ||
| Q2 24 | $-61.7M | $87.6M | ||
| Q1 24 | $-59.2M | $11.3M |
自由现金流FORRYAM
| 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FORRYAM
| 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FORRYAM
| 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FORRYAM
| Q4 25 | -10.19× | — | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | -0.63× | — | ||
| Q4 24 | -27.27× | — | ||
| Q3 24 | 1.46× | — | ||
| Q2 24 | -1.59× | 7.69× | ||
| 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% |
RYAM
| Cellulose Specialties | $249.6M | 60% |
| Other | $86.2M | 21% |
| Paperboard | $44.2M | 11% |
| High Yield Pulp | $28.3M | 7% |
| Biomaterials | $9.2M | 2% |
