vs
Forestar Group Inc.（FOR）与SPS COMMERCE INC（SPSC）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SPS COMMERCE INC的1.4倍（$273.0M vs $192.7M），SPS COMMERCE INC净利率更高（13.4% vs 5.6%，领先7.8%），SPS COMMERCE INC同比增速更快（12.7% vs 9.0%），SPS COMMERCE INC自由现金流更多（$38.2M vs $-157.1M），过去两年SPS COMMERCE INC的营收复合增速更高（13.5% 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。
SPS Commerce是美国的应用软件科技企业，主打云端供应链管理软件解决方案，总部位于明尼苏达州明尼阿波利斯。除新泽西的美国本土办公室外，公司还在阿姆斯特丹、北京、香港、墨尔本、悉尼、多伦多等全球多地设有分支机构。
FOR vs SPSC — 直观对比
营收规模更大
FOR
是对方的1.4倍
$192.7M
营收增速更快
SPSC
高出3.7%
9.0%
净利率更高
SPSC
高出7.8%
5.6%
自由现金流更多
SPSC
多$195.3M
$-157.1M
两年增速更快
SPSC
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $192.7M |
| 净利润 | $15.4M | $25.8M |
| 毛利率 | 20.1% | 70.4% |
| 营业利润率 | 7.6% | 18.0% |
| 净利率 | 5.6% | 13.4% |
| 营收同比 | 9.0% | 12.7% |
| 净利润同比 | -6.7% | 47.2% |
| 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
营收FORSPSC
| Q4 25 | $273.0M | $192.7M | ||
| Q3 25 | $670.5M | $189.9M | ||
| Q2 25 | $390.5M | $187.4M | ||
| Q1 25 | $351.0M | $181.5M | ||
| Q4 24 | $250.4M | $170.9M | ||
| Q3 24 | $551.3M | $163.7M | ||
| Q2 24 | $318.4M | $153.6M | ||
| Q1 24 | $333.8M | $149.6M |
净利润FORSPSC
| Q4 25 | $15.4M | $25.8M | ||
| Q3 25 | $86.9M | $25.6M | ||
| Q2 25 | $32.9M | $19.7M | ||
| Q1 25 | $31.6M | $22.2M | ||
| Q4 24 | $16.5M | $17.6M | ||
| Q3 24 | $81.5M | $23.5M | ||
| Q2 24 | $38.7M | $18.0M | ||
| Q1 24 | $45.0M | $18.0M |
毛利率FORSPSC
| Q4 25 | 20.1% | 70.4% | ||
| Q3 25 | 22.3% | 69.5% | ||
| Q2 25 | 20.4% | 68.1% | ||
| Q1 25 | 22.6% | 68.7% | ||
| Q4 24 | 22.0% | 67.5% | ||
| Q3 24 | 23.9% | 68.5% | ||
| Q2 24 | 22.5% | 66.1% | ||
| Q1 24 | 24.9% | 65.6% |
营业利润率FORSPSC
| Q4 25 | 7.6% | 18.0% | ||
| Q3 25 | 16.9% | 16.4% | ||
| Q2 25 | 11.2% | 14.1% | ||
| Q1 25 | 11.6% | 14.3% | ||
| Q4 24 | 8.7% | 14.5% | ||
| Q3 24 | 19.7% | 15.6% | ||
| Q2 24 | 16.2% | 15.1% | ||
| Q1 24 | 17.6% | 10.3% |
净利率FORSPSC
| Q4 25 | 5.6% | 13.4% | ||
| Q3 25 | 13.0% | 13.5% | ||
| Q2 25 | 8.4% | 10.5% | ||
| Q1 25 | 9.0% | 12.2% | ||
| Q4 24 | 6.6% | 10.3% | ||
| Q3 24 | 14.8% | 14.3% | ||
| Q2 24 | 12.2% | 11.7% | ||
| Q1 24 | 13.5% | 12.0% |
每股收益（稀释后）FORSPSC
| Q4 25 | $0.30 | $0.69 | ||
| Q3 25 | $1.70 | $0.67 | ||
| Q2 25 | $0.65 | $0.52 | ||
| Q1 25 | $0.62 | $0.58 | ||
| Q4 24 | $0.32 | $0.46 | ||
| Q3 24 | $1.59 | $0.62 | ||
| Q2 24 | $0.76 | $0.48 | ||
| Q1 24 | $0.89 | $0.48 |
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 | $151.4M |
| 总债务越低越好 | $793.2M | — |
| 股东权益账面价值 | $1.8B | $973.9M |
| 总资产 | $3.2B | $1.2B |
| 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FORSPSC
| Q4 25 | $211.7M | $151.4M | ||
| Q3 25 | $379.2M | $133.7M | ||
| Q2 25 | $189.2M | $107.6M | ||
| Q1 25 | $174.3M | $94.9M | ||
| Q4 24 | $132.0M | $241.0M | ||
| Q3 24 | $481.2M | $205.8M | ||
| Q2 24 | $359.2M | $271.8M | ||
| Q1 24 | $416.2M | $290.8M |
总债务FORSPSC
| 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FORSPSC
| Q4 25 | $1.8B | $973.9M | ||
| Q3 25 | $1.8B | $958.9M | ||
| Q2 25 | $1.7B | $949.8M | ||
| Q1 25 | $1.6B | $920.9M | ||
| Q4 24 | $1.6B | $854.7M | ||
| Q3 24 | $1.6B | $829.4M | ||
| Q2 24 | $1.5B | $703.4M | ||
| Q1 24 | $1.5B | $683.0M |
总资产FORSPSC
| Q4 25 | $3.2B | $1.2B | ||
| Q3 25 | $3.1B | $1.2B | ||
| Q2 25 | $3.1B | $1.1B | ||
| Q1 25 | $3.0B | $1.1B | ||
| Q4 24 | $3.0B | $1.0B | ||
| Q3 24 | $2.8B | $1.0B | ||
| Q2 24 | $2.7B | $854.5M | ||
| Q1 24 | $2.6B | $839.8M |
负债/权益比FORSPSC
| 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 | $45.9M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $38.2M |
| 自由现金流率自由现金流/营收 | -57.5% | 19.8% |
| 资本支出强度资本支出/营收 | 0.0% | 4.0% |
| 现金转化率经营现金流/净利润 | -10.19× | 1.78× |
| 过去12个月自由现金流最近4个季度 | $93.0M | $152.3M |
8季度趋势，按日历期对齐
经营现金流FORSPSC
| Q4 25 | $-157.0M | $45.9M | ||
| Q3 25 | $256.3M | $60.6M | ||
| Q2 25 | $15.8M | $32.3M | ||
| Q1 25 | $-19.8M | $40.0M | ||
| Q4 24 | $-450.0M | $40.6M | ||
| Q3 24 | $119.2M | $53.3M | ||
| Q2 24 | $-61.7M | $29.4M | ||
| Q1 24 | $-59.2M | $34.1M |
自由现金流FORSPSC
| Q4 25 | $-157.1M | $38.2M | ||
| Q3 25 | $255.6M | $54.6M | ||
| Q2 25 | $15.0M | $25.7M | ||
| Q1 25 | $-20.5M | $33.8M | ||
| Q4 24 | — | $34.3M | ||
| Q3 24 | $118.4M | $48.1M | ||
| Q2 24 | $-62.3M | $24.4M | ||
| Q1 24 | $-59.8M | $30.5M |
自由现金流率FORSPSC
| Q4 25 | -57.5% | 19.8% | ||
| Q3 25 | 38.1% | 28.7% | ||
| Q2 25 | 3.8% | 13.7% | ||
| Q1 25 | -5.8% | 18.6% | ||
| Q4 24 | — | 20.1% | ||
| Q3 24 | 21.5% | 29.4% | ||
| Q2 24 | -19.6% | 15.9% | ||
| Q1 24 | -17.9% | 20.4% |
资本支出强度FORSPSC
| Q4 25 | 0.0% | 4.0% | ||
| Q3 25 | 0.1% | 3.2% | ||
| Q2 25 | 0.2% | 3.6% | ||
| Q1 25 | 0.2% | 3.4% | ||
| Q4 24 | 0.0% | 3.6% | ||
| Q3 24 | 0.1% | 3.2% | ||
| Q2 24 | 0.2% | 3.3% | ||
| Q1 24 | 0.2% | 2.4% |
现金转化率FORSPSC
| Q4 25 | -10.19× | 1.78× | ||
| Q3 25 | 2.95× | 2.37× | ||
| Q2 25 | 0.48× | 1.64× | ||
| Q1 25 | -0.63× | 1.80× | ||
| Q4 24 | -27.27× | 2.31× | ||
| Q3 24 | 1.46× | 2.27× | ||
| Q2 24 | -1.59× | 1.63× | ||
| Q1 24 | -1.32× | 1.89× |
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% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
