vs
Forestar Group Inc.（FOR）与SUBURBAN PROPANE PARTNERS LP（SPH）财务数据对比。点击上方公司名可切换其他公司
SUBURBAN PROPANE PARTNERS LP的季度营收约是Forestar Group Inc.的1.4倍（$370.4M vs $273.0M），SUBURBAN PROPANE PARTNERS LP净利率更高（12.4% vs 5.6%，领先6.7%），Forestar Group Inc.同比增速更快（9.0% vs -0.8%），SUBURBAN PROPANE PARTNERS LP自由现金流更多（$-67.5M vs $-157.1M），过去两年Forestar Group Inc.的营收复合增速更高（-9.6% vs -13.8%）
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。
Suburban Propane Partners LP是美国领先的丙烷、天然气、取暖油及相关能源产品分销商，服务覆盖住宅、商业、工业、农业等各类客户，同时提供暖通空调系统的安装、维护与维修服务，业务范围遍布全美。
FOR vs SPH — 直观对比
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $370.4M |
| 净利润 | $15.4M | $45.8M |
| 毛利率 | 20.1% | 64.7% |
| 营业利润率 | 7.6% | 18.3% |
| 净利率 | 5.6% | 12.4% |
| 营收同比 | 9.0% | -0.8% |
| 净利润同比 | -6.7% | 135.7% |
| 每股收益（稀释后） | $0.30 | $0.69 |
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
| Q4 25 | $273.0M | $370.4M | ||
| Q3 25 | $670.5M | $211.4M | ||
| Q2 25 | $390.5M | $260.1M | ||
| Q1 25 | $351.0M | $587.7M | ||
| Q4 24 | $250.4M | $373.3M | ||
| Q3 24 | $551.3M | $208.6M | ||
| Q2 24 | $318.4M | $254.6M | ||
| Q1 24 | $333.8M | $498.1M |
| Q4 25 | $15.4M | $45.8M | ||
| Q3 25 | $86.9M | $-35.1M | ||
| Q2 25 | $32.9M | $-14.8M | ||
| Q1 25 | $31.6M | $137.1M | ||
| Q4 24 | $16.5M | $19.4M | ||
| Q3 24 | $81.5M | $-44.6M | ||
| Q2 24 | $38.7M | $-17.2M | ||
| Q1 24 | $45.0M | $111.5M |
| Q4 25 | 20.1% | 64.7% | ||
| Q3 25 | 22.3% | 64.7% | ||
| Q2 25 | 20.4% | 61.7% | ||
| Q1 25 | 22.6% | 58.8% | ||
| Q4 24 | 22.0% | 60.6% | ||
| Q3 24 | 23.9% | 59.4% | ||
| Q2 24 | 22.5% | 62.9% | ||
| Q1 24 | 24.9% | 61.8% |
| Q4 25 | 7.6% | 18.3% | ||
| Q3 25 | 16.9% | -7.9% | ||
| Q2 25 | 11.2% | 2.1% | ||
| Q1 25 | 11.6% | 27.0% | ||
| Q4 24 | 8.7% | 15.8% | ||
| Q3 24 | 19.7% | -10.8% | ||
| Q2 24 | 16.2% | 3.2% | ||
| Q1 24 | 17.6% | 27.5% |
| Q4 25 | 5.6% | 12.4% | ||
| Q3 25 | 13.0% | -16.6% | ||
| Q2 25 | 8.4% | -5.7% | ||
| Q1 25 | 9.0% | 23.3% | ||
| Q4 24 | 6.6% | 5.2% | ||
| Q3 24 | 14.8% | -21.4% | ||
| Q2 24 | 12.2% | -6.8% | ||
| Q1 24 | 13.5% | 22.4% |
| Q4 25 | $0.30 | $0.69 | ||
| Q3 25 | $1.70 | $-0.55 | ||
| Q2 25 | $0.65 | $-0.23 | ||
| Q1 25 | $0.62 | $2.10 | ||
| Q4 24 | $0.32 | $0.30 | ||
| Q3 24 | $1.59 | $-0.69 | ||
| Q2 24 | $0.76 | $-0.27 | ||
| Q1 24 | $0.89 | $1.72 |
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 | $1.3M |
| 总债务越低越好 | $793.2M | $1.3B |
| 股东权益账面价值 | $1.8B | — |
| 总资产 | $3.2B | $2.4B |
| 负债/权益比越低杠杆越低 | 0.44× | — |
8季度趋势，按日历期对齐
| Q4 25 | $211.7M | $1.3M | ||
| Q3 25 | $379.2M | $405.0K | ||
| Q2 25 | $189.2M | $1.3M | ||
| Q1 25 | $174.3M | $3.9M | ||
| Q4 24 | $132.0M | $4.4M | ||
| Q3 24 | $481.2M | $3.2M | ||
| Q2 24 | $359.2M | $4.9M | ||
| Q1 24 | $416.2M | $4.4M |
| Q4 25 | $793.2M | $1.3B | ||
| Q3 25 | $802.7M | $1.2B | ||
| Q2 25 | $872.8M | $1.2B | ||
| Q1 25 | $872.5M | $1.3B | ||
| Q4 24 | $806.8M | $1.3B | ||
| Q3 24 | $706.4M | $1.2B | ||
| Q2 24 | $706.1M | $1.2B | ||
| Q1 24 | $705.7M | $1.2B |
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.5B | — |
| Q4 25 | $3.2B | $2.4B | ||
| Q3 25 | $3.1B | $2.3B | ||
| Q2 25 | $3.1B | $2.3B | ||
| Q1 25 | $3.0B | $2.4B | ||
| Q4 24 | $3.0B | $2.4B | ||
| Q3 24 | $2.8B | $2.3B | ||
| Q2 24 | $2.7B | $2.3B | ||
| Q1 24 | $2.6B | $2.3B |
| 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 | $-47.7M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $-67.5M |
| 自由现金流率自由现金流/营收 | -57.5% | -18.2% |
| 资本支出强度资本支出/营收 | 0.0% | 5.3% |
| 现金转化率经营现金流/净利润 | -10.19× | -1.04× |
| 过去12个月自由现金流最近4个季度 | $93.0M | $61.9M |
8季度趋势，按日历期对齐
| Q4 25 | $-157.0M | $-47.7M | ||
| Q3 25 | $256.3M | $41.8M | ||
| Q2 25 | $15.8M | $95.5M | ||
| Q1 25 | $-19.8M | $40.1M | ||
| Q4 24 | $-450.0M | $8.8M | ||
| Q3 24 | $119.2M | $36.8M | ||
| Q2 24 | $-61.7M | $61.4M | ||
| Q1 24 | $-59.2M | $75.1M |
| Q4 25 | $-157.1M | $-67.5M | ||
| Q3 25 | $255.6M | $27.7M | ||
| Q2 25 | $15.0M | $80.9M | ||
| Q1 25 | $-20.5M | $20.8M | ||
| Q4 24 | — | $-15.1M | ||
| Q3 24 | $118.4M | $17.7M | ||
| Q2 24 | $-62.3M | $46.8M | ||
| Q1 24 | $-59.8M | $60.6M |
| Q4 25 | -57.5% | -18.2% | ||
| Q3 25 | 38.1% | 13.1% | ||
| Q2 25 | 3.8% | 31.1% | ||
| Q1 25 | -5.8% | 3.5% | ||
| Q4 24 | — | -4.0% | ||
| Q3 24 | 21.5% | 8.5% | ||
| Q2 24 | -19.6% | 18.4% | ||
| Q1 24 | -17.9% | 12.2% |
| Q4 25 | 0.0% | 5.3% | ||
| Q3 25 | 0.1% | 6.7% | ||
| Q2 25 | 0.2% | 5.6% | ||
| Q1 25 | 0.2% | 3.3% | ||
| Q4 24 | 0.0% | 6.4% | ||
| Q3 24 | 0.1% | 9.1% | ||
| Q2 24 | 0.2% | 5.8% | ||
| Q1 24 | 0.2% | 2.9% |
| Q4 25 | -10.19× | -1.04× | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | -0.63× | 0.29× | ||
| Q4 24 | -27.27× | 0.45× | ||
| Q3 24 | 1.46× | — | ||
| Q2 24 | -1.59× | — | ||
| Q1 24 | -1.32× | 0.67× |
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% |
SPH
| Propane | $326.4M | 88% |
| Other Sales Revenue Net | $19.9M | 5% |
| Fuel Oil And Refined Fuels | $18.2M | 5% |
| Natural Gas And Electricity | $5.9M | 2% |
| Wholesale | $4.1M | 1% |
