vs
Forestar Group Inc.（FOR）与Gentherm Inc（THRM）财务数据对比。点击上方公司名可切换其他公司
Gentherm Inc的季度营收约是Forestar Group Inc.的1.4倍（$382.8M vs $273.0M），Forestar Group Inc.净利率更高（5.6% vs 0.8%，领先4.9%），Forestar Group Inc.同比增速更快（9.0% vs 8.5%），Gentherm Inc自由现金流更多（$6.7M vs $-157.1M），过去两年Gentherm Inc的营收复合增速更高（3.7% 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。
金瑟公司（原阿梅里贡）是一家美国热管理技术企业，为汽车行业研发出了全球首款热电调温座椅系统——气候控制座椅系统。该系统于1999年率先被福特汽车采纳，作为选装配置搭载在2000款林肯领航员上，如今已应用于福特、通用、丰田（雷克萨斯）、起亚、现代、日产（英菲尼迪）等车企的50余款车型。
FOR vs THRM — 直观对比
营收规模更大
THRM
是对方的1.4倍
$273.0M
营收增速更快
FOR
高出0.6%
8.5%
净利率更高
FOR
高出4.9%
0.8%
自由现金流更多
THRM
多$163.8M
$-157.1M
两年增速更快
THRM
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $382.8M |
| 净利润 | $15.4M | $3.0M |
| 毛利率 | 20.1% | 23.7% |
| 营业利润率 | 7.6% | 4.6% |
| 净利率 | 5.6% | 0.8% |
| 营收同比 | 9.0% | 8.5% |
| 净利润同比 | -6.7% | -80.5% |
| 每股收益（稀释后） | $0.30 | $0.08 |
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FORTHRM
| Q4 25 | $273.0M | $382.8M | ||
| Q3 25 | $670.5M | $386.9M | ||
| Q2 25 | $390.5M | $375.1M | ||
| Q1 25 | $351.0M | $353.9M | ||
| Q4 24 | $250.4M | $352.9M | ||
| Q3 24 | $551.3M | $371.5M | ||
| Q2 24 | $318.4M | $375.7M | ||
| Q1 24 | $333.8M | $356.0M |
净利润FORTHRM
| Q4 25 | $15.4M | $3.0M | ||
| Q3 25 | $86.9M | $14.9M | ||
| Q2 25 | $32.9M | $477.0K | ||
| Q1 25 | $31.6M | $-128.0K | ||
| Q4 24 | $16.5M | $15.3M | ||
| Q3 24 | $81.5M | $16.0M | ||
| Q2 24 | $38.7M | $18.9M | ||
| Q1 24 | $45.0M | $14.8M |
毛利率FORTHRM
| Q4 25 | 20.1% | 23.7% | ||
| Q3 25 | 22.3% | 24.6% | ||
| Q2 25 | 20.4% | 23.9% | ||
| Q1 25 | 22.6% | 24.4% | ||
| Q4 24 | 22.0% | 24.4% | ||
| Q3 24 | 23.9% | 25.5% | ||
| Q2 24 | 22.5% | 25.7% | ||
| Q1 24 | 24.9% | 24.9% |
营业利润率FORTHRM
| Q4 25 | 7.6% | 4.6% | ||
| Q3 25 | 16.9% | 6.2% | ||
| Q2 25 | 11.2% | 6.4% | ||
| Q1 25 | 11.6% | 4.8% | ||
| Q4 24 | 8.7% | 6.7% | ||
| Q3 24 | 19.7% | 8.7% | ||
| Q2 24 | 16.2% | 8.8% | ||
| Q1 24 | 17.6% | 5.1% |
净利率FORTHRM
| Q4 25 | 5.6% | 0.8% | ||
| Q3 25 | 13.0% | 3.9% | ||
| Q2 25 | 8.4% | 0.1% | ||
| Q1 25 | 9.0% | -0.0% | ||
| Q4 24 | 6.6% | 4.3% | ||
| Q3 24 | 14.8% | 4.3% | ||
| Q2 24 | 12.2% | 5.0% | ||
| Q1 24 | 13.5% | 4.2% |
每股收益（稀释后）FORTHRM
| Q4 25 | $0.30 | $0.08 | ||
| Q3 25 | $1.70 | $0.49 | ||
| Q2 25 | $0.65 | $0.02 | ||
| Q1 25 | $0.62 | $0.00 | ||
| Q4 24 | $0.32 | $0.48 | ||
| Q3 24 | $1.59 | $0.51 | ||
| Q2 24 | $0.76 | $0.60 | ||
| Q1 24 | $0.89 | $0.47 |
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 | $160.8M |
| 总债务越低越好 | $793.2M | $189.0M |
| 股东权益账面价值 | $1.8B | $720.3M |
| 总资产 | $3.2B | $1.4B |
| 负债/权益比越低杠杆越低 | 0.44× | 0.26× |
8季度趋势，按日历期对齐
现金及短期投资FORTHRM
| Q4 25 | $211.7M | $160.8M | ||
| Q3 25 | $379.2M | $154.3M | ||
| Q2 25 | $189.2M | $128.3M | ||
| Q1 25 | $174.3M | $163.1M | ||
| Q4 24 | $132.0M | $134.1M | ||
| Q3 24 | $481.2M | $150.6M | ||
| Q2 24 | $359.2M | $123.5M | ||
| Q1 24 | $416.2M | $125.1M |
总债务FORTHRM
| Q4 25 | $793.2M | $189.0M | ||
| Q3 25 | $802.7M | $189.0M | ||
| Q2 25 | $872.8M | $209.0M | ||
| Q1 25 | $872.5M | $262.0M | ||
| Q4 24 | $806.8M | $220.1M | ||
| Q3 24 | $706.4M | $222.1M | ||
| Q2 24 | $706.1M | $222.1M | ||
| Q1 24 | $705.7M | $222.2M |
股东权益FORTHRM
| Q4 25 | $1.8B | $720.3M | ||
| Q3 25 | $1.8B | $717.9M | ||
| Q2 25 | $1.7B | $699.7M | ||
| Q1 25 | $1.6B | $646.5M | ||
| Q4 24 | $1.6B | $616.9M | ||
| Q3 24 | $1.6B | $660.7M | ||
| Q2 24 | $1.5B | $640.3M | ||
| Q1 24 | $1.5B | $647.1M |
总资产FORTHRM
| Q4 25 | $3.2B | $1.4B | ||
| Q3 25 | $3.1B | $1.4B | ||
| Q2 25 | $3.1B | $1.4B | ||
| Q1 25 | $3.0B | $1.3B | ||
| Q4 24 | $3.0B | $1.2B | ||
| Q3 24 | $2.8B | $1.3B | ||
| Q2 24 | $2.7B | $1.2B | ||
| Q1 24 | $2.6B | $1.3B |
负债/权益比FORTHRM
| Q4 25 | 0.44× | 0.26× | ||
| Q3 25 | 0.45× | 0.26× | ||
| Q2 25 | 0.52× | 0.30× | ||
| Q1 25 | 0.53× | 0.41× | ||
| Q4 24 | 0.50× | 0.36× | ||
| Q3 24 | 0.44× | 0.34× | ||
| Q2 24 | 0.47× | 0.35× | ||
| Q1 24 | 0.48× | 0.34× |
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 | $29.0M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $6.7M |
| 自由现金流率自由现金流/营收 | -57.5% | 1.7% |
| 资本支出强度资本支出/营收 | 0.0% | 5.8% |
| 现金转化率经营现金流/净利润 | -10.19× | 9.70× |
| 过去12个月自由现金流最近4个季度 | $93.0M | $61.1M |
8季度趋势，按日历期对齐
经营现金流FORTHRM
| Q4 25 | $-157.0M | $29.0M | ||
| Q3 25 | $256.3M | $56.1M | ||
| Q2 25 | $15.8M | $45.0M | ||
| Q1 25 | $-19.8M | $-13.3M | ||
| Q4 24 | $-450.0M | $36.6M | ||
| Q3 24 | $119.2M | $46.3M | ||
| Q2 24 | $-61.7M | $37.1M | ||
| Q1 24 | $-59.2M | $-10.3M |
自由现金流FORTHRM
| Q4 25 | $-157.1M | $6.7M | ||
| Q3 25 | $255.6M | $46.5M | ||
| Q2 25 | $15.0M | $36.2M | ||
| Q1 25 | $-20.5M | $-28.2M | ||
| Q4 24 | — | $13.6M | ||
| Q3 24 | $118.4M | $26.6M | ||
| Q2 24 | $-62.3M | $17.8M | ||
| Q1 24 | $-59.8M | $-21.6M |
自由现金流率FORTHRM
| Q4 25 | -57.5% | 1.7% | ||
| Q3 25 | 38.1% | 12.0% | ||
| Q2 25 | 3.8% | 9.6% | ||
| Q1 25 | -5.8% | -8.0% | ||
| Q4 24 | — | 3.9% | ||
| Q3 24 | 21.5% | 7.2% | ||
| Q2 24 | -19.6% | 4.7% | ||
| Q1 24 | -17.9% | -6.1% |
资本支出强度FORTHRM
| Q4 25 | 0.0% | 5.8% | ||
| Q3 25 | 0.1% | 2.5% | ||
| Q2 25 | 0.2% | 2.4% | ||
| Q1 25 | 0.2% | 4.2% | ||
| Q4 24 | 0.0% | 6.5% | ||
| Q3 24 | 0.1% | 5.3% | ||
| Q2 24 | 0.2% | 5.2% | ||
| Q1 24 | 0.2% | 3.2% |
现金转化率FORTHRM
| Q4 25 | -10.19× | 9.70× | ||
| Q3 25 | 2.95× | 3.75× | ||
| Q2 25 | 0.48× | 94.43× | ||
| Q1 25 | -0.63× | — | ||
| Q4 24 | -27.27× | 2.39× | ||
| Q3 24 | 1.46× | 2.90× | ||
| Q2 24 | -1.59× | 1.97× | ||
| Q1 24 | -1.32× | -0.70× |
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% |
THRM
| Climate Control Seats | $200.9M | 52% |
| Lumbar And Massage Comfort Solutions | $58.5M | 15% |
| Climate Control Interiors | $50.3M | 13% |
| Other Automotive | $27.6M | 7% |
| Valve Systems | $24.1M | 6% |
| Medical Segments | $13.9M | 4% |
| Climate And Comfort Electronics | $7.4M | 2% |
