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Forestar Group Inc.（FOR）与Summit Midstream Corp（SMC）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Summit Midstream Corp的1.9倍（$273.0M vs $142.3M），Forestar Group Inc.净利率更高（5.6% vs -5.1%，领先10.8%），Summit Midstream Corp自由现金流更多（$34.5M vs $-157.1M）
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。
Summit Midstream Corp是一家北美中游能源企业，为上游油气生产商提供天然气与原油收集管道、压缩设施及采出水处理等基础设施服务，运营资产主要分布于美国多个核心陆上油气资源盆地。
FOR vs SMC — 直观对比
营收规模更大
FOR
是对方的1.9倍
$142.3M
净利率更高
FOR
高出10.8%
-5.1%
自由现金流更多
SMC
多$191.6M
$-157.1M
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $142.3M |
| 净利润 | $15.4M | $-7.3M |
| 毛利率 | 20.1% | 72.1% |
| 营业利润率 | 7.6% | -5.5% |
| 净利率 | 5.6% | -5.1% |
| 营收同比 | 9.0% | — |
| 净利润同比 | -6.7% | — |
| 每股收益（稀释后） | $0.30 | $-0.66 |
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FORSMC
| Q4 25 | $273.0M | $142.3M | ||
| Q3 25 | $670.5M | $146.9M | ||
| Q2 25 | $390.5M | $140.2M | ||
| Q1 25 | $351.0M | $132.7M | ||
| Q4 24 | $250.4M | — | ||
| Q3 24 | $551.3M | $102.4M | ||
| Q2 24 | $318.4M | — | ||
| Q1 24 | $333.8M | — |
净利润FORSMC
| Q4 25 | $15.4M | $-7.3M | ||
| Q3 25 | $86.9M | $-1.6M | ||
| Q2 25 | $32.9M | $-8.0M | ||
| Q1 25 | $31.6M | $2.0M | ||
| Q4 24 | $16.5M | — | ||
| Q3 24 | $81.5M | $-204.9M | ||
| Q2 24 | $38.7M | — | ||
| Q1 24 | $45.0M | — |
毛利率FORSMC
| Q4 25 | 20.1% | 72.1% | ||
| Q3 25 | 22.3% | 74.0% | ||
| Q2 25 | 20.4% | 74.4% | ||
| Q1 25 | 22.6% | 73.3% | ||
| Q4 24 | 22.0% | — | ||
| Q3 24 | 23.9% | 72.4% | ||
| Q2 24 | 22.5% | — | ||
| Q1 24 | 24.9% | — |
营业利润率FORSMC
| Q4 25 | 7.6% | -5.5% | ||
| Q3 25 | 16.9% | 3.8% | ||
| Q2 25 | 11.2% | -3.6% | ||
| Q1 25 | 11.6% | 3.7% | ||
| Q4 24 | 8.7% | — | ||
| Q3 24 | 19.7% | -53.7% | ||
| Q2 24 | 16.2% | — | ||
| Q1 24 | 17.6% | — |
净利率FORSMC
| Q4 25 | 5.6% | -5.1% | ||
| Q3 25 | 13.0% | -1.1% | ||
| Q2 25 | 8.4% | -5.7% | ||
| Q1 25 | 9.0% | 1.5% | ||
| Q4 24 | 6.6% | — | ||
| Q3 24 | 14.8% | -200.1% | ||
| Q2 24 | 12.2% | — | ||
| Q1 24 | 13.5% | — |
每股收益（稀释后）FORSMC
| Q4 25 | $0.30 | $-0.66 | ||
| Q3 25 | $1.70 | $-0.13 | ||
| Q2 25 | $0.65 | $-0.66 | ||
| Q1 25 | $0.62 | $-0.16 | ||
| Q4 24 | $0.32 | — | ||
| Q3 24 | $1.59 | $-19.25 | ||
| Q2 24 | $0.76 | — | ||
| Q1 24 | $0.89 | — |
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 | $9.3M |
| 总债务越低越好 | $793.2M | $1.0B |
| 股东权益账面价值 | $1.8B | $546.2M |
| 总资产 | $3.2B | $2.4B |
| 负债/权益比越低杠杆越低 | 0.44× | 1.91× |
8季度趋势，按日历期对齐
现金及短期投资FORSMC
| Q4 25 | $211.7M | $9.3M | ||
| Q3 25 | $379.2M | $24.6M | ||
| Q2 25 | $189.2M | $20.9M | ||
| Q1 25 | $174.3M | $26.2M | ||
| Q4 24 | $132.0M | — | ||
| Q3 24 | $481.2M | $17.8M | ||
| Q2 24 | $359.2M | — | ||
| Q1 24 | $416.2M | — |
总债务FORSMC
| Q4 25 | $793.2M | $1.0B | ||
| Q3 25 | $802.7M | $1.1B | ||
| Q2 25 | $872.8M | $1.1B | ||
| Q1 25 | $872.5M | $1.1B | ||
| Q4 24 | $806.8M | — | ||
| Q3 24 | $706.4M | $957.0M | ||
| Q2 24 | $706.1M | — | ||
| Q1 24 | $705.7M | — |
股东权益FORSMC
| Q4 25 | $1.8B | $546.2M | ||
| Q3 25 | $1.8B | $551.9M | ||
| Q2 25 | $1.7B | $552.0M | ||
| Q1 25 | $1.6B | $558.1M | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.6B | $651.5M | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.5B | — |
总资产FORSMC
| Q4 25 | $3.2B | $2.4B | ||
| Q3 25 | $3.1B | $2.4B | ||
| Q2 25 | $3.1B | $2.4B | ||
| Q1 25 | $3.0B | $2.4B | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $2.8B | $2.0B | ||
| Q2 24 | $2.7B | — | ||
| Q1 24 | $2.6B | — |
负债/权益比FORSMC
| Q4 25 | 0.44× | 1.91× | ||
| Q3 25 | 0.45× | 1.96× | ||
| Q2 25 | 0.52× | 1.95× | ||
| Q1 25 | 0.53× | 1.94× | ||
| Q4 24 | 0.50× | — | ||
| Q3 24 | 0.44× | 1.47× | ||
| 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 | $53.7M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $34.5M |
| 自由现金流率自由现金流/营收 | -57.5% | 24.3% |
| 资本支出强度资本支出/营收 | 0.0% | 13.4% |
| 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 | $44.6M |
8季度趋势，按日历期对齐
经营现金流FORSMC
| Q4 25 | $-157.0M | $53.7M | ||
| Q3 25 | $256.3M | $26.7M | ||
| Q2 25 | $15.8M | $37.2M | ||
| Q1 25 | $-19.8M | $16.0M | ||
| Q4 24 | $-450.0M | — | ||
| Q3 24 | $119.2M | — | ||
| Q2 24 | $-61.7M | — | ||
| Q1 24 | $-59.2M | — |
自由现金流FORSMC
| Q4 25 | $-157.1M | $34.5M | ||
| Q3 25 | $255.6M | $3.8M | ||
| Q2 25 | $15.0M | $10.8M | ||
| Q1 25 | $-20.5M | $-4.6M | ||
| Q4 24 | — | — | ||
| Q3 24 | $118.4M | — | ||
| Q2 24 | $-62.3M | — | ||
| Q1 24 | $-59.8M | — |
自由现金流率FORSMC
| Q4 25 | -57.5% | 24.3% | ||
| Q3 25 | 38.1% | 2.6% | ||
| Q2 25 | 3.8% | 7.7% | ||
| Q1 25 | -5.8% | -3.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | 21.5% | — | ||
| Q2 24 | -19.6% | — | ||
| Q1 24 | -17.9% | — |
资本支出强度FORSMC
| Q4 25 | 0.0% | 13.4% | ||
| Q3 25 | 0.1% | 15.6% | ||
| Q2 25 | 0.2% | 18.8% | ||
| Q1 25 | 0.2% | 15.5% | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.2% | — |
现金转化率FORSMC
| Q4 25 | -10.19× | — | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | -0.63× | 7.89× | ||
| 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% |
SMC
| Rockies Segment | $86.2M | 61% |
| Mid Con Barnett Shale Segment | $39.4M | 28% |
| Piceance Basin Segment | $15.8M | 11% |
