vs
Forestar Group Inc.（FOR）与INNOVATE Corp.（VATE）财务数据对比。点击上方公司名可切换其他公司
INNOVATE Corp.的季度营收约是Forestar Group Inc.的1.4倍（$382.7M vs $273.0M），Forestar Group Inc.净利率更高（5.6% vs -1.9%，领先7.6%），INNOVATE Corp.同比增速更快（61.7% vs 9.0%），过去两年INNOVATE Corp.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。
创新公司（Innovate Corp.）是一家美国上市金融服务企业，创立于1994年，深耕金融服务领域，面向市场提供多元专业金融相关服务，是美国本土具备多年运营经验的公众金融服务机构。
FOR vs VATE — 直观对比
营收规模更大
VATE
是对方的1.4倍
$273.0M
营收增速更快
VATE
高出52.7%
9.0%
净利率更高
FOR
高出7.6%
-1.9%
两年增速更快
VATE
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $382.7M |
| 净利润 | $15.4M | $-7.4M |
| 毛利率 | 20.1% | 15.4% |
| 营业利润率 | 7.6% | 3.7% |
| 净利率 | 5.6% | -1.9% |
| 营收同比 | 9.0% | 61.7% |
| 净利润同比 | -6.7% | 55.4% |
| 每股收益（稀释后） | $0.30 | $-0.57 |
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FORVATE
| Q4 25 | $273.0M | $382.7M | ||
| Q3 25 | $670.5M | $347.1M | ||
| Q2 25 | $390.5M | $242.0M | ||
| Q1 25 | $351.0M | $274.2M | ||
| Q4 24 | $250.4M | $236.6M | ||
| Q3 24 | $551.3M | $242.2M | ||
| Q2 24 | $318.4M | $313.1M | ||
| Q1 24 | $333.8M | $315.2M |
净利润FORVATE
| Q4 25 | $15.4M | $-7.4M | ||
| Q3 25 | $86.9M | $-8.9M | ||
| Q2 25 | $32.9M | $-19.8M | ||
| Q1 25 | $31.6M | $-24.5M | ||
| Q4 24 | $16.5M | $-16.6M | ||
| Q3 24 | $81.5M | $-15.0M | ||
| Q2 24 | $38.7M | $14.4M | ||
| Q1 24 | $45.0M | $-17.4M |
毛利率FORVATE
| Q4 25 | 20.1% | 15.4% | ||
| Q3 25 | 22.3% | 14.3% | ||
| Q2 25 | 20.4% | 18.8% | ||
| Q1 25 | 22.6% | 16.6% | ||
| Q4 24 | 22.0% | 19.6% | ||
| Q3 24 | 23.9% | 19.9% | ||
| Q2 24 | 22.5% | 21.0% | ||
| Q1 24 | 24.9% | 15.4% |
营业利润率FORVATE
| Q4 25 | 7.6% | 3.7% | ||
| Q3 25 | 16.9% | 1.8% | ||
| Q2 25 | 11.2% | 2.0% | ||
| Q1 25 | 11.6% | 1.2% | ||
| Q4 24 | 8.7% | 1.1% | ||
| Q3 24 | 19.7% | 2.4% | ||
| Q2 24 | 16.2% | 9.2% | ||
| Q1 24 | 17.6% | 0.9% |
净利率FORVATE
| Q4 25 | 5.6% | -1.9% | ||
| Q3 25 | 13.0% | -2.6% | ||
| Q2 25 | 8.4% | -8.2% | ||
| Q1 25 | 9.0% | -8.9% | ||
| Q4 24 | 6.6% | -7.0% | ||
| Q3 24 | 14.8% | -6.2% | ||
| Q2 24 | 12.2% | 4.6% | ||
| Q1 24 | 13.5% | -5.5% |
每股收益（稀释后）FORVATE
| Q4 25 | $0.30 | $-0.57 | ||
| Q3 25 | $1.70 | $-0.71 | ||
| Q2 25 | $0.65 | $-1.67 | ||
| Q1 25 | $0.62 | $-1.89 | ||
| Q4 24 | $0.32 | $-0.72 | ||
| Q3 24 | $1.59 | $-1.18 | ||
| Q2 24 | $0.76 | $1.03 | ||
| Q1 24 | $0.89 | $-2.21 |
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 | $112.1M |
| 总债务越低越好 | $793.2M | $80.3M |
| 股东权益账面价值 | $1.8B | $-240.1M |
| 总资产 | $3.2B | $950.1M |
| 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FORVATE
| Q4 25 | $211.7M | $112.1M | ||
| Q3 25 | $379.2M | $35.5M | ||
| Q2 25 | $189.2M | $33.4M | ||
| Q1 25 | $174.3M | $33.3M | ||
| Q4 24 | $132.0M | $48.8M | ||
| Q3 24 | $481.2M | $51.0M | ||
| Q2 24 | $359.2M | $80.2M | ||
| Q1 24 | $416.2M | $38.4M |
总债务FORVATE
| Q4 25 | $793.2M | $80.3M | ||
| Q3 25 | $802.7M | $97.3M | ||
| Q2 25 | $872.8M | $160.1M | ||
| Q1 25 | $872.5M | $139.9M | ||
| Q4 24 | $806.8M | $500.6M | ||
| Q3 24 | $706.4M | $502.4M | ||
| Q2 24 | $706.1M | $638.3M | ||
| Q1 24 | $705.7M | $641.5M |
股东权益FORVATE
| Q4 25 | $1.8B | $-240.1M | ||
| Q3 25 | $1.8B | $-233.3M | ||
| Q2 25 | $1.7B | $-224.8M | ||
| Q1 25 | $1.6B | $-204.2M | ||
| Q4 24 | $1.6B | $-180.4M | ||
| Q3 24 | $1.6B | $-163.1M | ||
| Q2 24 | $1.5B | $-149.0M | ||
| Q1 24 | $1.5B | $-184.4M |
总资产FORVATE
| Q4 25 | $3.2B | $950.1M | ||
| Q3 25 | $3.1B | $913.2M | ||
| Q2 25 | $3.1B | $890.9M | ||
| Q1 25 | $3.0B | $868.0M | ||
| Q4 24 | $3.0B | $891.1M | ||
| Q3 24 | $2.8B | $897.2M | ||
| Q2 24 | $2.7B | $898.9M | ||
| Q1 24 | $2.6B | $943.5M |
负债/权益比FORVATE
| 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 | $101.1M |
| 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× | — |
| 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FORVATE
| Q4 25 | $-157.0M | $101.1M | ||
| Q3 25 | $256.3M | $19.2M | ||
| Q2 25 | $15.8M | $40.4M | ||
| Q1 25 | $-19.8M | $-14.1M | ||
| Q4 24 | $-450.0M | $41.4M | ||
| Q3 24 | $119.2M | $-28.4M | ||
| Q2 24 | $-61.7M | $21.5M | ||
| Q1 24 | $-59.2M | $-25.4M |
自由现金流FORVATE
| Q4 25 | $-157.1M | — | ||
| Q3 25 | $255.6M | $19.0M | ||
| Q2 25 | $15.0M | — | ||
| Q1 25 | $-20.5M | $-18.8M | ||
| Q4 24 | — | $34.2M | ||
| Q3 24 | $118.4M | $-31.5M | ||
| Q2 24 | $-62.3M | $18.4M | ||
| Q1 24 | $-59.8M | $-31.0M |
自由现金流率FORVATE
| Q4 25 | -57.5% | — | ||
| Q3 25 | 38.1% | 5.5% | ||
| Q2 25 | 3.8% | — | ||
| Q1 25 | -5.8% | -6.9% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | 21.5% | -13.0% | ||
| Q2 24 | -19.6% | 5.9% | ||
| Q1 24 | -17.9% | -9.8% |
资本支出强度FORVATE
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.1% | 0.1% | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.2% | 1.7% | ||
| Q4 24 | 0.0% | 3.0% | ||
| Q3 24 | 0.1% | 1.3% | ||
| Q2 24 | 0.2% | 1.0% | ||
| Q1 24 | 0.2% | 1.8% |
现金转化率FORVATE
| Q4 25 | -10.19× | — | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | -0.63× | — | ||
| Q4 24 | -27.27× | — | ||
| Q3 24 | 1.46× | — | ||
| Q2 24 | -1.59× | 1.49× | ||
| 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% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
