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Forestar Group Inc.（FOR）与Victory Capital Holdings, Inc.（VCTR）财务数据对比。点击上方公司名可切换其他公司
Victory Capital Holdings, Inc.的季度营收约是Forestar Group Inc.的1.4倍（$388.0M vs $273.0M），Victory Capital Holdings, Inc.净利率更高（28.9% vs 5.6%，领先23.3%），Victory Capital Holdings, Inc.同比增速更快（76.7% vs 9.0%），过去两年Victory Capital Holdings, Inc.的营收复合增速更高（32.9% 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。
Victory Capital Holdings是一家总部位于美国得克萨斯州圣安东尼奥的金融服务企业，核心业务为投资管理。除美国本土外，公司在伦敦、中国香港、新加坡三地均配备了专业投资团队，为全球客户提供资产管理相关服务。
FOR vs VCTR — 直观对比
营收规模更大
VCTR
是对方的1.4倍
$273.0M
营收增速更快
VCTR
高出67.7%
9.0%
净利率更高
VCTR
高出23.3%
5.6%
两年增速更快
VCTR
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $388.0M |
| 净利润 | $15.4M | $112.1M |
| 毛利率 | 20.1% | — |
| 营业利润率 | 7.6% | 41.0% |
| 净利率 | 5.6% | 28.9% |
| 营收同比 | 9.0% | 76.7% |
| 净利润同比 | -6.7% | 80.8% |
| 每股收益（稀释后） | $0.30 | — |
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FORVCTR
| Q1 26 | — | $388.0M | ||
| Q4 25 | $273.0M | $374.1M | ||
| Q3 25 | $670.5M | $361.2M | ||
| Q2 25 | $390.5M | $351.2M | ||
| Q1 25 | $351.0M | $219.6M | ||
| Q4 24 | $250.4M | $232.4M | ||
| Q3 24 | $551.3M | $225.6M | ||
| Q2 24 | $318.4M | $219.6M |
净利润FORVCTR
| Q1 26 | — | $112.1M | ||
| Q4 25 | $15.4M | $112.8M | ||
| Q3 25 | $86.9M | $96.5M | ||
| Q2 25 | $32.9M | $58.7M | ||
| Q1 25 | $31.6M | $62.0M | ||
| Q4 24 | $16.5M | $76.9M | ||
| Q3 24 | $81.5M | $82.0M | ||
| Q2 24 | $38.7M | $74.3M |
毛利率FORVCTR
| 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% | — |
营业利润率FORVCTR
| Q1 26 | — | 41.0% | ||
| Q4 25 | 7.6% | 40.9% | ||
| Q3 25 | 16.9% | 38.2% | ||
| Q2 25 | 11.2% | 26.8% | ||
| Q1 25 | 11.6% | 42.3% | ||
| Q4 24 | 8.7% | 48.1% | ||
| Q3 24 | 19.7% | 53.3% | ||
| Q2 24 | 16.2% | 50.4% |
净利率FORVCTR
| Q1 26 | — | 28.9% | ||
| Q4 25 | 5.6% | 30.2% | ||
| Q3 25 | 13.0% | 26.7% | ||
| Q2 25 | 8.4% | 16.7% | ||
| Q1 25 | 9.0% | 28.2% | ||
| Q4 24 | 6.6% | 33.1% | ||
| Q3 24 | 14.8% | 36.3% | ||
| Q2 24 | 12.2% | 33.8% |
每股收益（稀释后）FORVCTR
| Q1 26 | — | — | ||
| Q4 25 | $0.30 | $1.33 | ||
| Q3 25 | $1.70 | $1.11 | ||
| Q2 25 | $0.65 | $0.68 | ||
| Q1 25 | $0.62 | $0.96 | ||
| Q4 24 | $0.32 | $1.18 | ||
| Q3 24 | $1.59 | $1.24 | ||
| Q2 24 | $0.76 | $1.12 |
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 | $75.8M |
| 总债务越低越好 | $793.2M | — |
| 股东权益账面价值 | $1.8B | $2.4B |
| 总资产 | $3.2B | $4.1B |
| 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FORVCTR
| Q1 26 | — | $75.8M | ||
| Q4 25 | $211.7M | $163.7M | ||
| Q3 25 | $379.2M | $115.7M | ||
| Q2 25 | $189.2M | $107.9M | ||
| Q1 25 | $174.3M | $175.6M | ||
| Q4 24 | $132.0M | $126.7M | ||
| Q3 24 | $481.2M | $188.2M | ||
| Q2 24 | $359.2M | $119.0M |
总债务FORVCTR
| Q1 26 | — | — | ||
| Q4 25 | $793.2M | $970.0M | ||
| Q3 25 | $802.7M | $972.0M | ||
| Q2 25 | $872.8M | $965.7M | ||
| Q1 25 | $872.5M | $964.8M | ||
| Q4 24 | $806.8M | $963.9M | ||
| Q3 24 | $706.4M | $982.7M | ||
| Q2 24 | $706.1M | $981.7M |
股东权益FORVCTR
| Q1 26 | — | $2.4B | ||
| Q4 25 | $1.8B | $2.4B | ||
| Q3 25 | $1.8B | $2.4B | ||
| Q2 25 | $1.7B | $2.5B | ||
| Q1 25 | $1.6B | $1.1B | ||
| Q4 24 | $1.6B | $1.1B | ||
| Q3 24 | $1.6B | $1.2B | ||
| Q2 24 | $1.5B | $1.1B |
总资产FORVCTR
| Q1 26 | — | $4.1B | ||
| Q4 25 | $3.2B | $4.2B | ||
| Q3 25 | $3.1B | $4.2B | ||
| Q2 25 | $3.1B | $4.2B | ||
| Q1 25 | $3.0B | $2.6B | ||
| Q4 24 | $3.0B | $2.5B | ||
| Q3 24 | $2.8B | $2.6B | ||
| Q2 24 | $2.7B | $2.5B |
负债/权益比FORVCTR
| Q1 26 | — | — | ||
| Q4 25 | 0.44× | 0.40× | ||
| Q3 25 | 0.45× | 0.41× | ||
| Q2 25 | 0.52× | 0.39× | ||
| Q1 25 | 0.53× | 0.84× | ||
| Q4 24 | 0.50× | 0.86× | ||
| Q3 24 | 0.44× | 0.84× | ||
| Q2 24 | 0.47× | 0.87× |
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 | — |
| 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FORVCTR
| Q1 26 | — | — | ||
| Q4 25 | $-157.0M | $145.1M | ||
| Q3 25 | $256.3M | $165.9M | ||
| Q2 25 | $15.8M | $-6.6M | ||
| Q1 25 | $-19.8M | $81.1M | ||
| Q4 24 | $-450.0M | $91.8M | ||
| Q3 24 | $119.2M | $99.8M | ||
| Q2 24 | $-61.7M | $79.7M |
自由现金流FORVCTR
| Q1 26 | — | — | ||
| Q4 25 | $-157.1M | $144.5M | ||
| Q3 25 | $255.6M | $164.8M | ||
| Q2 25 | $15.0M | $-7.5M | ||
| Q1 25 | $-20.5M | $79.5M | ||
| Q4 24 | — | $91.7M | ||
| Q3 24 | $118.4M | $99.4M | ||
| Q2 24 | $-62.3M | $79.5M |
自由现金流率FORVCTR
| Q1 26 | — | — | ||
| Q4 25 | -57.5% | 38.6% | ||
| Q3 25 | 38.1% | 45.6% | ||
| Q2 25 | 3.8% | -2.1% | ||
| Q1 25 | -5.8% | 36.2% | ||
| Q4 24 | — | 39.4% | ||
| Q3 24 | 21.5% | 44.0% | ||
| Q2 24 | -19.6% | 36.2% |
资本支出强度FORVCTR
| Q1 26 | — | — | ||
| Q4 25 | 0.0% | 0.2% | ||
| Q3 25 | 0.1% | 0.3% | ||
| Q2 25 | 0.2% | 0.3% | ||
| Q1 25 | 0.2% | 0.7% | ||
| Q4 24 | 0.0% | 0.1% | ||
| Q3 24 | 0.1% | 0.2% | ||
| Q2 24 | 0.2% | 0.1% |
现金转化率FORVCTR
| Q1 26 | — | — | ||
| Q4 25 | -10.19× | 1.29× | ||
| Q3 25 | 2.95× | 1.72× | ||
| Q2 25 | 0.48× | -0.11× | ||
| Q1 25 | -0.63× | 1.31× | ||
| Q4 24 | -27.27× | 1.19× | ||
| Q3 24 | 1.46× | 1.22× | ||
| Q2 24 | -1.59× | 1.07× |
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% |
VCTR
| Investment management fees | $316.4M | 82% |
| Fund administration and distribution fees | $71.6M | 18% |
