vs
Forestar Group Inc.（FOR）与Waystar Holding Corp.（WAY）财务数据对比。点击上方公司名可切换其他公司
Waystar Holding Corp.的季度营收约是Forestar Group Inc.的1.1倍（$313.9M vs $273.0M），Waystar Holding Corp.净利率更高（13.8% vs 5.6%，领先8.1%），Waystar Holding Corp.同比增速更快（22.4% vs 9.0%），Waystar Holding Corp.自由现金流更多（$90.3M vs $-157.1M），过去两年Waystar Holding Corp.的营收复合增速更高（15.7% 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。
Waystar Holding Corp是一家领先的医疗健康支付与营收周期管理解决方案提供商，服务覆盖美国各地的医疗机构、医疗系统和支付方，旗下工具可简化账单处理、理赔申请、患者缴费流程，帮助医疗机构降低行政负担、优化营收表现。
FOR vs WAY — 直观对比
营收规模更大
WAY
是对方的1.1倍
$273.0M
营收增速更快
WAY
高出13.4%
9.0%
净利率更高
WAY
高出8.1%
5.6%
自由现金流更多
WAY
多$247.4M
$-157.1M
两年增速更快
WAY
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $313.9M |
| 净利润 | $15.4M | $43.3M |
| 毛利率 | 20.1% | — |
| 营业利润率 | 7.6% | 25.6% |
| 净利率 | 5.6% | 13.8% |
| 营收同比 | 9.0% | 22.4% |
| 净利润同比 | -6.7% | 47.9% |
| 每股收益（稀释后） | $0.30 | $0.42 |
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FORWAY
| Q1 26 | — | $313.9M | ||
| Q4 25 | $273.0M | $303.5M | ||
| Q3 25 | $670.5M | $268.7M | ||
| Q2 25 | $390.5M | $270.7M | ||
| Q1 25 | $351.0M | $256.4M | ||
| Q4 24 | $250.4M | $244.1M | ||
| Q3 24 | $551.3M | $240.1M | ||
| Q2 24 | $318.4M | $234.5M |
净利润FORWAY
| Q1 26 | — | $43.3M | ||
| Q4 25 | $15.4M | $20.0M | ||
| Q3 25 | $86.9M | $30.6M | ||
| Q2 25 | $32.9M | $32.2M | ||
| Q1 25 | $31.6M | $29.3M | ||
| Q4 24 | $16.5M | $19.1M | ||
| Q3 24 | $81.5M | $5.4M | ||
| Q2 24 | $38.7M | $-27.7M |
毛利率FORWAY
| 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FORWAY
| Q1 26 | — | 25.6% | ||
| Q4 25 | 7.6% | 19.4% | ||
| Q3 25 | 16.9% | 22.4% | ||
| Q2 25 | 11.2% | 24.0% | ||
| Q1 25 | 11.6% | 25.4% | ||
| Q4 24 | 8.7% | 21.8% | ||
| Q3 24 | 19.7% | 11.3% | ||
| Q2 24 | 16.2% | 3.5% |
净利率FORWAY
| Q1 26 | — | 13.8% | ||
| Q4 25 | 5.6% | 6.6% | ||
| Q3 25 | 13.0% | 11.4% | ||
| Q2 25 | 8.4% | 11.9% | ||
| Q1 25 | 9.0% | 11.4% | ||
| Q4 24 | 6.6% | 7.8% | ||
| Q3 24 | 14.8% | 2.3% | ||
| Q2 24 | 12.2% | -11.8% |
每股收益（稀释后）FORWAY
| Q1 26 | — | $0.42 | ||
| Q4 25 | $0.30 | $0.10 | ||
| Q3 25 | $1.70 | $0.17 | ||
| Q2 25 | $0.65 | $0.18 | ||
| Q1 25 | $0.62 | $0.16 | ||
| Q4 24 | $0.32 | $0.18 | ||
| Q3 24 | $1.59 | $0.03 | ||
| Q2 24 | $0.76 | $-0.21 |
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 | $34.3M |
| 总债务越低越好 | $793.2M | $13.5M |
| 股东权益账面价值 | $1.8B | $3.9B |
| 总资产 | $3.2B | $5.8B |
| 负债/权益比越低杠杆越低 | 0.44× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资FORWAY
| Q1 26 | — | $34.3M | ||
| Q4 25 | $211.7M | $61.4M | ||
| Q3 25 | $379.2M | $421.1M | ||
| Q2 25 | $189.2M | $290.3M | ||
| Q1 25 | $174.3M | $224.0M | ||
| Q4 24 | $132.0M | $182.1M | ||
| Q3 24 | $481.2M | $127.1M | ||
| Q2 24 | $359.2M | $68.4M |
总债务FORWAY
| Q1 26 | — | $13.5M | ||
| Q4 25 | $793.2M | $1.5B | ||
| Q3 25 | $802.7M | — | ||
| Q2 25 | $872.8M | — | ||
| Q1 25 | $872.5M | — | ||
| Q4 24 | $806.8M | $1.2B | ||
| Q3 24 | $706.4M | — | ||
| Q2 24 | $706.1M | — |
股东权益FORWAY
| Q1 26 | — | $3.9B | ||
| Q4 25 | $1.8B | $3.9B | ||
| Q3 25 | $1.8B | $3.2B | ||
| Q2 25 | $1.7B | $3.2B | ||
| Q1 25 | $1.6B | $3.1B | ||
| Q4 24 | $1.6B | $3.1B | ||
| Q3 24 | $1.6B | $3.1B | ||
| Q2 24 | $1.5B | $2.9B |
总资产FORWAY
| Q1 26 | — | $5.8B | ||
| Q4 25 | $3.2B | $5.8B | ||
| Q3 25 | $3.1B | $4.7B | ||
| Q2 25 | $3.1B | $4.7B | ||
| Q1 25 | $3.0B | $4.6B | ||
| Q4 24 | $3.0B | $4.6B | ||
| Q3 24 | $2.8B | $4.5B | ||
| Q2 24 | $2.7B | $4.6B |
负债/权益比FORWAY
| Q1 26 | — | 0.00× | ||
| Q4 25 | 0.44× | 0.38× | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 0.50× | 0.40× | ||
| 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 | $84.9M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $90.3M |
| 自由现金流率自由现金流/营收 | -57.5% | 28.8% |
| 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× | 1.96× |
| 过去12个月自由现金流最近4个季度 | $93.0M | $314.6M |
8季度趋势，按日历期对齐
经营现金流FORWAY
| Q1 26 | — | $84.9M | ||
| Q4 25 | $-157.0M | $66.6M | ||
| Q3 25 | $256.3M | $82.0M | ||
| Q2 25 | $15.8M | $96.8M | ||
| Q1 25 | $-19.8M | $64.2M | ||
| Q4 24 | $-450.0M | — | ||
| Q3 24 | $119.2M | $78.8M | ||
| Q2 24 | $-61.7M | $15.4M |
自由现金流FORWAY
| Q1 26 | — | $90.3M | ||
| Q4 25 | $-157.1M | $57.2M | ||
| Q3 25 | $255.6M | $76.2M | ||
| Q2 25 | $15.0M | $91.0M | ||
| Q1 25 | $-20.5M | $58.8M | ||
| Q4 24 | — | — | ||
| Q3 24 | $118.4M | $70.2M | ||
| Q2 24 | $-62.3M | $8.6M |
自由现金流率FORWAY
| Q1 26 | — | 28.8% | ||
| Q4 25 | -57.5% | 18.9% | ||
| Q3 25 | 38.1% | 28.3% | ||
| Q2 25 | 3.8% | 33.6% | ||
| Q1 25 | -5.8% | 22.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | 21.5% | 29.2% | ||
| Q2 24 | -19.6% | 3.7% |
资本支出强度FORWAY
| Q1 26 | — | — | ||
| Q4 25 | 0.0% | 3.1% | ||
| Q3 25 | 0.1% | 2.2% | ||
| Q2 25 | 0.2% | 2.1% | ||
| Q1 25 | 0.2% | 2.1% | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.1% | 3.6% | ||
| Q2 24 | 0.2% | 2.9% |
现金转化率FORWAY
| Q1 26 | — | 1.96× | ||
| Q4 25 | -10.19× | 3.33× | ||
| Q3 25 | 2.95× | 2.68× | ||
| Q2 25 | 0.48× | 3.01× | ||
| Q1 25 | -0.63× | 2.20× | ||
| Q4 24 | -27.27× | — | ||
| Q3 24 | 1.46× | 14.56× | ||
| Q2 24 | -1.59× | — |
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% |
WAY
| Subscription | $172.2M | 55% |
| Volume-based | $139.5M | 44% |
