vs
Forestar Group Inc.（FOR）与STARWOOD PROPERTY TRUST, INC.（STWD）财务数据对比。点击上方公司名可切换其他公司
STARWOOD PROPERTY TRUST, INC.的季度营收约是Forestar Group Inc.的1.8倍（$492.9M vs $273.0M），STARWOOD PROPERTY TRUST, INC.净利率更高（19.7% vs 5.6%，领先14.0%），Forestar Group Inc.同比增速更快（9.0% vs 8.5%），过去两年STARWOOD PROPERTY TRUST, INC.的营收复合增速更高（-2.9% 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。
喜达屋酒店及度假村国际集团是全球规模最大的酒店企业之一，业务涵盖酒店、度假村、水疗中心、住宅及度假产权物业的持有、运营、特许经营与管理。集团前身为1969年成立的房地产投资信托基金，1995年完成收购重组，旗下共11个品牌，管理及特许经营的物业共计1297处。
FOR vs STWD — 直观对比
营收规模更大
STWD
是对方的1.8倍
$273.0M
营收增速更快
FOR
高出0.5%
8.5%
净利率更高
STWD
高出14.0%
5.6%
两年增速更快
STWD
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $492.9M |
| 净利润 | $15.4M | $96.9M |
| 毛利率 | 20.1% | — |
| 营业利润率 | 7.6% | 26.6% |
| 净利率 | 5.6% | 19.7% |
| 营收同比 | 9.0% | 8.5% |
| 净利润同比 | -6.7% | 87.7% |
| 每股收益（稀释后） | $0.30 | $0.25 |
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FORSTWD
| Q4 25 | $273.0M | $492.9M | ||
| Q3 25 | $670.5M | $488.9M | ||
| Q2 25 | $390.5M | $444.3M | ||
| Q1 25 | $351.0M | $418.2M | ||
| Q4 24 | $250.4M | $454.4M | ||
| Q3 24 | $551.3M | $479.5M | ||
| Q2 24 | $318.4M | $489.8M | ||
| Q1 24 | $333.8M | $523.1M |
净利润FORSTWD
| Q4 25 | $15.4M | $96.9M | ||
| Q3 25 | $86.9M | $72.6M | ||
| Q2 25 | $32.9M | $129.8M | ||
| Q1 25 | $31.6M | $112.3M | ||
| Q4 24 | $16.5M | $51.6M | ||
| Q3 24 | $81.5M | $76.1M | ||
| Q2 24 | $38.7M | $77.9M | ||
| Q1 24 | $45.0M | $154.3M |
毛利率FORSTWD
| Q4 25 | 20.1% | — | ||
| Q3 25 | 22.3% | — | ||
| Q2 25 | 20.4% | — | ||
| Q1 25 | 22.6% | — | ||
| Q4 24 | 22.0% | — | ||
| Q3 24 | 23.9% | — | ||
| Q2 24 | 22.5% | — | ||
| Q1 24 | 24.9% | — |
营业利润率FORSTWD
| Q4 25 | 7.6% | 26.6% | ||
| Q3 25 | 16.9% | 19.1% | ||
| Q2 25 | 11.2% | 30.5% | ||
| Q1 25 | 11.6% | 28.7% | ||
| Q4 24 | 8.7% | 15.1% | ||
| Q3 24 | 19.7% | 17.2% | ||
| Q2 24 | 16.2% | 19.1% | ||
| Q1 24 | 17.6% | 30.8% |
净利率FORSTWD
| Q4 25 | 5.6% | 19.7% | ||
| Q3 25 | 13.0% | 14.8% | ||
| Q2 25 | 8.4% | 29.2% | ||
| Q1 25 | 9.0% | 26.8% | ||
| Q4 24 | 6.6% | 11.4% | ||
| Q3 24 | 14.8% | 15.9% | ||
| Q2 24 | 12.2% | 15.9% | ||
| Q1 24 | 13.5% | 29.5% |
每股收益（稀释后）FORSTWD
| Q4 25 | $0.30 | $0.25 | ||
| Q3 25 | $1.70 | $0.19 | ||
| Q2 25 | $0.65 | $0.38 | ||
| Q1 25 | $0.62 | $0.33 | ||
| Q4 24 | $0.32 | $0.15 | ||
| Q3 24 | $1.59 | $0.23 | ||
| Q2 24 | $0.76 | $0.24 | ||
| 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 | $499.5M |
| 总债务越低越好 | $793.2M | — |
| 股东权益账面价值 | $1.8B | $6.8B |
| 总资产 | $3.2B | $63.2B |
| 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FORSTWD
| Q4 25 | $211.7M | $499.5M | ||
| Q3 25 | $379.2M | $301.1M | ||
| Q2 25 | $189.2M | $259.9M | ||
| Q1 25 | $174.3M | $440.6M | ||
| Q4 24 | $132.0M | $377.8M | ||
| Q3 24 | $481.2M | $357.9M | ||
| Q2 24 | $359.2M | $259.3M | ||
| Q1 24 | $416.2M | $327.4M |
总债务FORSTWD
| 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FORSTWD
| Q4 25 | $1.8B | $6.8B | ||
| Q3 25 | $1.8B | $6.9B | ||
| Q2 25 | $1.7B | $6.4B | ||
| Q1 25 | $1.6B | $6.4B | ||
| Q4 24 | $1.6B | $6.4B | ||
| Q3 24 | $1.6B | $6.5B | ||
| Q2 24 | $1.5B | $6.2B | ||
| Q1 24 | $1.5B | $6.3B |
总资产FORSTWD
| Q4 25 | $3.2B | $63.2B | ||
| Q3 25 | $3.1B | $62.4B | ||
| Q2 25 | $3.1B | $62.4B | ||
| Q1 25 | $3.0B | $62.2B | ||
| Q4 24 | $3.0B | $62.6B | ||
| Q3 24 | $2.8B | $64.2B | ||
| Q2 24 | $2.7B | $64.1B | ||
| Q1 24 | $2.6B | $66.2B |
负债/权益比FORSTWD
| 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 | $488.8M |
| 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× | 5.04× |
| 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FORSTWD
| Q4 25 | $-157.0M | $488.8M | ||
| Q3 25 | $256.3M | $337.6M | ||
| Q2 25 | $15.8M | $-87.4M | ||
| Q1 25 | $-19.8M | $238.9M | ||
| Q4 24 | $-450.0M | $295.6M | ||
| Q3 24 | $119.2M | $241.8M | ||
| Q2 24 | $-61.7M | $53.3M | ||
| Q1 24 | $-59.2M | $55.9M |
自由现金流FORSTWD
| 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FORSTWD
| 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FORSTWD
| 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FORSTWD
| Q4 25 | -10.19× | 5.04× | ||
| Q3 25 | 2.95× | 4.65× | ||
| Q2 25 | 0.48× | -0.67× | ||
| Q1 25 | -0.63× | 2.13× | ||
| Q4 24 | -27.27× | 5.72× | ||
| Q3 24 | 1.46× | 3.18× | ||
| Q2 24 | -1.59× | 0.68× | ||
| Q1 24 | -1.32× | 0.36× |
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% |
STWD
| Commercial And Residential Lending Segment | $335.2M | 68% |
| Infrastructure Lending Segment | $70.3M | 14% |
| Property Segment | $57.8M | 12% |
| Other | $29.7M | 6% |
