vs
Forestar Group Inc.（FOR）与Tradeweb Markets Inc.（TW）财务数据对比。点击上方公司名可切换其他公司
Tradeweb Markets Inc.的季度营收约是Forestar Group Inc.的2.3倍（$617.8M vs $273.0M），Tradeweb Markets Inc.净利率更高（37.7% vs 5.6%，领先32.1%），Tradeweb Markets Inc.同比增速更快（21.2% vs 9.0%），Tradeweb Markets Inc.自由现金流更多（$2.0M vs $-157.1M），过去两年Tradeweb Markets Inc.的营收复合增速更高（23.5% 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。
Tradeweb Markets Inc.总部位于美国纽约，运营面向机构投资者的电子交易平台，支持固定收益产品、ETF及衍生品交易，服务覆盖银行、资管机构、央行、养老基金、保险公司等超3000家客户。2024年其83%营收来自交易手续费及佣金，17%来自订阅费，52%营收来自利率相关产品。
FOR vs TW — 直观对比
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $617.8M |
| 净利润 | $15.4M | $233.2M |
| 毛利率 | 20.1% | — |
| 营业利润率 | 7.6% | 46.5% |
| 净利率 | 5.6% | 37.7% |
| 营收同比 | 9.0% | 21.2% |
| 净利润同比 | -6.7% | 38.5% |
| 每股收益（稀释后） | $0.30 | $0.96 |
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
| Q1 26 | — | $617.8M | ||
| Q4 25 | $273.0M | $521.2M | ||
| Q3 25 | $670.5M | $508.6M | ||
| Q2 25 | $390.5M | $513.0M | ||
| Q1 25 | $351.0M | $509.7M | ||
| Q4 24 | $250.4M | $463.3M | ||
| Q3 24 | $551.3M | $448.9M | ||
| Q2 24 | $318.4M | $405.0M |
| Q1 26 | — | $233.2M | ||
| Q4 25 | $15.4M | $325.0M | ||
| Q3 25 | $86.9M | $185.6M | ||
| Q2 25 | $32.9M | $153.8M | ||
| Q1 25 | $31.6M | $148.4M | ||
| Q4 24 | $16.5M | $142.2M | ||
| Q3 24 | $81.5M | $113.9M | ||
| Q2 24 | $38.7M | $119.2M |
| Q1 26 | — | — | ||
| 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 26 | — | 46.5% | ||
| Q4 25 | 7.6% | 42.4% | ||
| Q3 25 | 16.9% | 41.4% | ||
| Q2 25 | 11.2% | 39.0% | ||
| Q1 25 | 11.6% | 40.0% | ||
| Q4 24 | 8.7% | 40.7% | ||
| Q3 24 | 19.7% | 35.5% | ||
| Q2 24 | 16.2% | 40.1% |
| Q1 26 | — | 37.7% | ||
| Q4 25 | 5.6% | 62.4% | ||
| Q3 25 | 13.0% | 36.5% | ||
| Q2 25 | 8.4% | 30.0% | ||
| Q1 25 | 9.0% | 29.1% | ||
| Q4 24 | 6.6% | 30.7% | ||
| Q3 24 | 14.8% | 25.4% | ||
| Q2 24 | 12.2% | 29.4% |
| Q1 26 | — | $0.96 | ||
| Q4 25 | $0.30 | $1.52 | ||
| Q3 25 | $1.70 | $0.86 | ||
| Q2 25 | $0.65 | $0.71 | ||
| Q1 25 | $0.62 | $0.69 | ||
| Q4 24 | $0.32 | $0.66 | ||
| Q3 24 | $1.59 | $0.53 | ||
| Q2 24 | $0.76 | $0.55 |
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 | — |
| 总债务越低越好 | $793.2M | — |
| 股东权益账面价值 | $1.8B | — |
| 总资产 | $3.2B | — |
| 负债/权益比越低杠杆越低 | 0.44× | — |
8季度趋势，按日历期对齐
| Q1 26 | — | — | ||
| Q4 25 | $211.7M | $2.1B | ||
| Q3 25 | $379.2M | $1.9B | ||
| Q2 25 | $189.2M | $1.6B | ||
| Q1 25 | $174.3M | $1.3B | ||
| Q4 24 | $132.0M | $1.3B | ||
| Q3 24 | $481.2M | $1.2B | ||
| Q2 24 | $359.2M | $1.7B |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | $1.8B | $6.5B | ||
| Q3 25 | $1.8B | $6.3B | ||
| Q2 25 | $1.7B | $6.1B | ||
| Q1 25 | $1.6B | $5.9B | ||
| Q4 24 | $1.6B | $5.8B | ||
| Q3 24 | $1.6B | $5.7B | ||
| Q2 24 | $1.5B | $5.6B |
| Q1 26 | — | — | ||
| Q4 25 | $3.2B | $8.2B | ||
| Q3 25 | $3.1B | $8.0B | ||
| Q2 25 | $3.1B | $8.1B | ||
| Q1 25 | $3.0B | $7.4B | ||
| Q4 24 | $3.0B | $7.3B | ||
| Q3 24 | $2.8B | $7.3B | ||
| Q2 24 | $2.7B | $7.3B |
| Q1 26 | — | — | ||
| 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× | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $2.0M |
| 自由现金流率自由现金流/营收 | -57.5% | 0.3% |
| 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× | — |
| 过去12个月自由现金流最近4个季度 | $93.0M | $1.1B |
8季度趋势，按日历期对齐
| Q1 26 | — | — | ||
| Q4 25 | $-157.0M | $355.9M | ||
| Q3 25 | $256.3M | $342.3M | ||
| Q2 25 | $15.8M | $409.2M | ||
| Q1 25 | $-19.8M | $60.2M | ||
| Q4 24 | $-450.0M | $282.0M | ||
| Q3 24 | $119.2M | $292.1M | ||
| Q2 24 | $-61.7M | $285.7M |
| Q1 26 | — | $2.0M | ||
| Q4 25 | $-157.1M | $336.5M | ||
| Q3 25 | $255.6M | $328.3M | ||
| Q2 25 | $15.0M | $403.7M | ||
| Q1 25 | $-20.5M | $58.6M | ||
| Q4 24 | — | $256.8M | ||
| Q3 24 | $118.4M | $287.8M | ||
| Q2 24 | $-62.3M | $280.8M |
| Q1 26 | — | 0.3% | ||
| Q4 25 | -57.5% | 64.6% | ||
| Q3 25 | 38.1% | 64.5% | ||
| Q2 25 | 3.8% | 78.7% | ||
| Q1 25 | -5.8% | 11.5% | ||
| Q4 24 | — | 55.4% | ||
| Q3 24 | 21.5% | 64.1% | ||
| Q2 24 | -19.6% | 69.4% |
| Q1 26 | — | — | ||
| Q4 25 | 0.0% | 3.7% | ||
| Q3 25 | 0.1% | 2.8% | ||
| Q2 25 | 0.2% | 1.1% | ||
| Q1 25 | 0.2% | 0.3% | ||
| Q4 24 | 0.0% | 5.4% | ||
| Q3 24 | 0.1% | 1.0% | ||
| Q2 24 | 0.2% | 1.2% |
| Q1 26 | — | — | ||
| Q4 25 | -10.19× | 1.10× | ||
| Q3 25 | 2.95× | 1.84× | ||
| Q2 25 | 0.48× | 2.66× | ||
| Q1 25 | -0.63× | 0.41× | ||
| Q4 24 | -27.27× | 1.98× | ||
| Q3 24 | 1.46× | 2.56× | ||
| Q2 24 | -1.59× | 2.40× |
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% |
TW
| Transaction fees and commissions | $523.8M | 85% |
| Subscription fees | $60.3M | 10% |
| LSEG market data fees | $26.7M | 4% |
