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Forestar Group Inc.（FOR）与Texas Pacific Land Corporation（TPL）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Texas Pacific Land Corporation的1.3倍（$273.0M vs $211.6M），Texas Pacific Land Corporation净利率更高（58.3% vs 5.6%，领先52.7%），Texas Pacific Land Corporation同比增速更快（13.9% vs 9.0%），过去两年Texas Pacific Land Corporation的营收复合增速更高（10.2% 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。
Texas Pacific Land Corporation（简称TPL）是一家公开上市的不动产运营企业，行政总部位于美国得克萨斯州达拉斯市。公司在得州西部20个郡拥有逾88万英亩（约3600平方公里）土地，是得州规模最大的私人土地所有者之一，前身为得克萨斯太平洋土地信托。
FOR vs TPL — 直观对比
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $211.6M |
| 净利润 | $15.4M | $123.3M |
| 毛利率 | 20.1% | — |
| 营业利润率 | 7.6% | 70.5% |
| 净利率 | 5.6% | 58.3% |
| 营收同比 | 9.0% | 13.9% |
| 净利润同比 | -6.7% | 4.2% |
| 每股收益（稀释后） | $0.30 | $-8.59 |
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 | $211.6M | ||
| Q3 25 | $670.5M | $203.1M | ||
| Q2 25 | $390.5M | $187.5M | ||
| Q1 25 | $351.0M | $196.0M | ||
| Q4 24 | $250.4M | $185.8M | ||
| Q3 24 | $551.3M | $173.6M | ||
| Q2 24 | $318.4M | $172.3M | ||
| Q1 24 | $333.8M | $174.1M |
| Q4 25 | $15.4M | $123.3M | ||
| Q3 25 | $86.9M | $121.2M | ||
| Q2 25 | $32.9M | $116.1M | ||
| Q1 25 | $31.6M | $120.7M | ||
| Q4 24 | $16.5M | $118.4M | ||
| Q3 24 | $81.5M | $106.6M | ||
| Q2 24 | $38.7M | $114.6M | ||
| Q1 24 | $45.0M | $114.4M |
| 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% | — |
| Q4 25 | 7.6% | 70.5% | ||
| Q3 25 | 16.9% | 73.4% | ||
| Q2 25 | 11.2% | 76.6% | ||
| Q1 25 | 11.6% | 76.6% | ||
| Q4 24 | 8.7% | 76.7% | ||
| Q3 24 | 19.7% | 73.4% | ||
| Q2 24 | 16.2% | 77.3% | ||
| Q1 24 | 17.6% | 78.1% |
| Q4 25 | 5.6% | 58.3% | ||
| Q3 25 | 13.0% | 59.7% | ||
| Q2 25 | 8.4% | 61.9% | ||
| Q1 25 | 9.0% | 61.6% | ||
| Q4 24 | 6.6% | 63.7% | ||
| Q3 24 | 14.8% | 61.4% | ||
| Q2 24 | 12.2% | 66.5% | ||
| Q1 24 | 13.5% | 65.7% |
| Q4 25 | $0.30 | $-8.59 | ||
| Q3 25 | $1.70 | $5.27 | ||
| Q2 25 | $0.65 | $5.05 | ||
| Q1 25 | $0.62 | $5.24 | ||
| Q4 24 | $0.32 | $5.14 | ||
| Q3 24 | $1.59 | $4.63 | ||
| Q2 24 | $0.76 | $4.98 | ||
| Q1 24 | $0.89 | $4.97 |
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 | $144.8M |
| 总债务越低越好 | $793.2M | — |
| 股东权益账面价值 | $1.8B | $1.5B |
| 总资产 | $3.2B | $1.6B |
| 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 | $144.8M | ||
| Q3 25 | $379.2M | $531.8M | ||
| Q2 25 | $189.2M | $543.9M | ||
| Q1 25 | $174.3M | $460.4M | ||
| Q4 24 | $132.0M | $369.8M | ||
| Q3 24 | $481.2M | $533.9M | ||
| Q2 24 | $359.2M | $894.7M | ||
| Q1 24 | $416.2M | $837.1M |
| 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 | — |
| Q4 25 | $1.8B | $1.5B | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $1.7B | $1.3B | ||
| Q1 25 | $1.6B | $1.2B | ||
| Q4 24 | $1.6B | $1.1B | ||
| Q3 24 | $1.6B | $1.1B | ||
| Q2 24 | $1.5B | $1.2B | ||
| Q1 24 | $1.5B | $1.1B |
| Q4 25 | $3.2B | $1.6B | ||
| Q3 25 | $3.1B | $1.5B | ||
| Q2 25 | $3.1B | $1.4B | ||
| Q1 25 | $3.0B | $1.4B | ||
| Q4 24 | $3.0B | $1.2B | ||
| Q3 24 | $2.8B | $1.2B | ||
| Q2 24 | $2.7B | $1.3B | ||
| Q1 24 | $2.6B | $1.3B |
| 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 | $113.7M |
| 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× | 0.92× |
| 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
| Q4 25 | $-157.0M | $113.7M | ||
| Q3 25 | $256.3M | $154.6M | ||
| Q2 25 | $15.8M | $120.9M | ||
| Q1 25 | $-19.8M | $156.7M | ||
| Q4 24 | $-450.0M | $126.6M | ||
| Q3 24 | $119.2M | $118.6M | ||
| Q2 24 | $-61.7M | $98.3M | ||
| Q1 24 | $-59.2M | $147.2M |
| 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 | — |
| 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% | — |
| 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% | — |
| Q4 25 | -10.19× | 0.92× | ||
| Q3 25 | 2.95× | 1.28× | ||
| Q2 25 | 0.48× | 1.04× | ||
| Q1 25 | -0.63× | 1.30× | ||
| Q4 24 | -27.27× | 1.07× | ||
| Q3 24 | 1.46× | 1.11× | ||
| Q2 24 | -1.59× | 0.86× | ||
| Q1 24 | -1.32× | 1.29× |
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% |
TPL
| Water Serviceand Operations Segment | $98.2M | 46% |
| Water Sales And Royalties | $60.7M | 29% |
| Produced Water Royalties | $33.5M | 16% |
| Easementand Sundry | $20.6M | 10% |
