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Forestar Group Inc.（FOR）与Upstart Holdings, Inc.（UPST）财务数据对比。点击上方公司名可切换其他公司
Upstart Holdings, Inc.的季度营收约是Forestar Group Inc.的1.1倍（$296.1M vs $273.0M），Upstart Holdings, Inc.净利率更高（6.3% vs 5.6%，领先0.7%），Upstart Holdings, Inc.同比增速更快（35.2% vs 9.0%），Upstart Holdings, Inc.自由现金流更多（$108.4M vs $-157.1M），过去两年Upstart Holdings, Inc.的营收复合增速更高（52.2% 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。
Upstart是一家AI信贷平台服务商，与银行及信用合作社合作，将教育背景、就业情况等非传统指标纳入信用评估模型，更精准地预测借款人的信用状况，为用户提供消费贷款服务，助力金融机构提升信贷效率、扩大服务覆盖范围。
FOR vs UPST — 直观对比
营收规模更大
UPST
是对方的1.1倍
$273.0M
营收增速更快
UPST
高出26.2%
9.0%
净利率更高
UPST
高出0.7%
5.6%
自由现金流更多
UPST
多$265.5M
$-157.1M
两年增速更快
UPST
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $296.1M |
| 净利润 | $15.4M | $18.6M |
| 毛利率 | 20.1% | — |
| 营业利润率 | 7.6% | 6.4% |
| 净利率 | 5.6% | 6.3% |
| 营收同比 | 9.0% | 35.2% |
| 净利润同比 | -6.7% | 776.4% |
| 每股收益（稀释后） | $0.30 | $0.20 |
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FORUPST
| Q4 25 | $273.0M | $296.1M | ||
| Q3 25 | $670.5M | $277.1M | ||
| Q2 25 | $390.5M | $257.3M | ||
| Q1 25 | $351.0M | $213.4M | ||
| Q4 24 | $250.4M | $219.0M | ||
| Q3 24 | $551.3M | $162.1M | ||
| Q2 24 | $318.4M | $127.6M | ||
| Q1 24 | $333.8M | $127.8M |
净利润FORUPST
| Q4 25 | $15.4M | $18.6M | ||
| Q3 25 | $86.9M | $31.8M | ||
| Q2 25 | $32.9M | $5.6M | ||
| Q1 25 | $31.6M | $-2.4M | ||
| Q4 24 | $16.5M | $-2.8M | ||
| Q3 24 | $81.5M | $-6.8M | ||
| Q2 24 | $38.7M | $-54.5M | ||
| Q1 24 | $45.0M | $-64.6M |
毛利率FORUPST
| 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FORUPST
| Q4 25 | 7.6% | 6.4% | ||
| Q3 25 | 16.9% | 8.5% | ||
| Q2 25 | 11.2% | 1.8% | ||
| Q1 25 | 11.6% | -2.1% | ||
| Q4 24 | 8.7% | -2.2% | ||
| Q3 24 | 19.7% | -27.8% | ||
| Q2 24 | 16.2% | -43.5% | ||
| Q1 24 | 17.6% | -52.8% |
净利率FORUPST
| Q4 25 | 5.6% | 6.3% | ||
| Q3 25 | 13.0% | 11.5% | ||
| Q2 25 | 8.4% | 2.2% | ||
| Q1 25 | 9.0% | -1.1% | ||
| Q4 24 | 6.6% | -1.3% | ||
| Q3 24 | 14.8% | -4.2% | ||
| Q2 24 | 12.2% | -42.7% | ||
| Q1 24 | 13.5% | -50.5% |
每股收益（稀释后）FORUPST
| Q4 25 | $0.30 | $0.20 | ||
| Q3 25 | $1.70 | $0.23 | ||
| Q2 25 | $0.65 | $0.05 | ||
| Q1 25 | $0.62 | $-0.03 | ||
| Q4 24 | $0.32 | $-0.01 | ||
| Q3 24 | $1.59 | $-0.07 | ||
| Q2 24 | $0.76 | $-0.62 | ||
| Q1 24 | $0.89 | $-0.74 |
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 | $652.4M |
| 总债务越低越好 | $793.2M | — |
| 股东权益账面价值 | $1.8B | $798.8M |
| 总资产 | $3.2B | $3.0B |
| 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FORUPST
| Q4 25 | $211.7M | $652.4M | ||
| Q3 25 | $379.2M | $489.8M | ||
| Q2 25 | $189.2M | $395.9M | ||
| Q1 25 | $174.3M | $599.8M | ||
| Q4 24 | $132.0M | $788.4M | ||
| Q3 24 | $481.2M | — | ||
| Q2 24 | $359.2M | — | ||
| Q1 24 | $416.2M | — |
总债务FORUPST
| 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FORUPST
| Q4 25 | $1.8B | $798.8M | ||
| Q3 25 | $1.8B | $743.7M | ||
| Q2 25 | $1.7B | $722.0M | ||
| Q1 25 | $1.6B | $676.6M | ||
| Q4 24 | $1.6B | $633.2M | ||
| Q3 24 | $1.6B | $595.5M | ||
| Q2 24 | $1.5B | $594.7M | ||
| Q1 24 | $1.5B | $612.8M |
总资产FORUPST
| Q4 25 | $3.2B | $3.0B | ||
| Q3 25 | $3.1B | $2.9B | ||
| Q2 25 | $3.1B | $2.5B | ||
| Q1 25 | $3.0B | $2.3B | ||
| Q4 24 | $3.0B | $2.4B | ||
| Q3 24 | $2.8B | $1.8B | ||
| Q2 24 | $2.7B | $1.8B | ||
| Q1 24 | $2.6B | $1.9B |
负债/权益比FORUPST
| 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 | $108.6M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $108.4M |
| 自由现金流率自由现金流/营收 | -57.5% | 36.6% |
| 资本支出强度资本支出/营收 | 0.0% | 0.1% |
| 现金转化率经营现金流/净利润 | -10.19× | 5.82× |
| 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FORUPST
| Q4 25 | $-157.0M | $108.6M | ||
| Q3 25 | $256.3M | $-122.6M | ||
| Q2 25 | $15.8M | $-120.2M | ||
| Q1 25 | $-19.8M | $-13.5M | ||
| Q4 24 | $-450.0M | $-110.9M | ||
| Q3 24 | $119.2M | $179.3M | ||
| Q2 24 | $-61.7M | $65.3M | ||
| Q1 24 | $-59.2M | $52.6M |
自由现金流FORUPST
| Q4 25 | $-157.1M | $108.4M | ||
| Q3 25 | $255.6M | $-122.7M | ||
| Q2 25 | $15.0M | $-120.3M | ||
| Q1 25 | $-20.5M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $118.4M | $179.2M | ||
| Q2 24 | $-62.3M | $65.3M | ||
| Q1 24 | $-59.8M | $51.9M |
自由现金流率FORUPST
| Q4 25 | -57.5% | 36.6% | ||
| Q3 25 | 38.1% | -44.3% | ||
| Q2 25 | 3.8% | -46.7% | ||
| Q1 25 | -5.8% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 21.5% | 110.5% | ||
| Q2 24 | -19.6% | 51.1% | ||
| Q1 24 | -17.9% | 40.6% |
资本支出强度FORUPST
| Q4 25 | 0.0% | 0.1% | ||
| Q3 25 | 0.1% | 0.0% | ||
| Q2 25 | 0.2% | 0.0% | ||
| Q1 25 | 0.2% | 0.0% | ||
| Q4 24 | 0.0% | 0.0% | ||
| Q3 24 | 0.1% | 0.1% | ||
| Q2 24 | 0.2% | 0.0% | ||
| Q1 24 | 0.2% | 0.5% |
现金转化率FORUPST
| Q4 25 | -10.19× | 5.82× | ||
| Q3 25 | 2.95× | -3.86× | ||
| Q2 25 | 0.48× | -21.43× | ||
| Q1 25 | -0.63× | — | ||
| Q4 24 | -27.27× | — | ||
| Q3 24 | 1.46× | — | ||
| Q2 24 | -1.59× | — | ||
| Q1 24 | -1.32× | — |
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% |
UPST
| Personal Lending Segment | $201.4M | 68% |
| Servicing Fees Net | $39.5M | 13% |
| Servicing Fees | $27.5M | 9% |
| Other | $15.7M | 5% |
| Borrower Fees | $8.4M | 3% |
| Collection Agency Fees | $3.5M | 1% |
