vs
Forestar Group Inc.（FOR）与Walker & Dunlop, Inc.（WD）财务数据对比。点击上方公司名可切换其他公司
Walker & Dunlop, Inc.的季度营收约是Forestar Group Inc.的1.2倍（$340.0M vs $273.0M），Forestar Group Inc.净利率更高（5.6% vs -12.9%，领先18.5%），Forestar Group Inc.同比增速更快（9.0% vs -0.4%），Forestar Group Inc.自由现金流更多（$-157.1M vs $-680.1M），过去两年Walker & Dunlop, Inc.的营收复合增速更高（22.1% 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。
Walker & Dunlop, Inc.是美国乃至全球规模领先的商业地产金融与咨询服务机构，为客户提供覆盖商业地产领域的多元金融解决方案及专业咨询服务，业务辐射全球多个市场，在行业内拥有深厚的资源积累与广泛的市场认可度。
FOR vs WD — 直观对比
营收规模更大
WD
是对方的1.2倍
$273.0M
营收增速更快
FOR
高出9.4%
-0.4%
净利率更高
FOR
高出18.5%
-12.9%
自由现金流更多
FOR
多$523.0M
$-680.1M
两年增速更快
WD
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $340.0M |
| 净利润 | $15.4M | $-13.9M |
| 毛利率 | 20.1% | — |
| 营业利润率 | 7.6% | -17.2% |
| 净利率 | 5.6% | -12.9% |
| 营收同比 | 9.0% | -0.4% |
| 净利润同比 | -6.7% | -131.0% |
| 每股收益（稀释后） | $0.30 | $-0.41 |
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FORWD
| Q4 25 | $273.0M | $340.0M | ||
| Q3 25 | $670.5M | $337.7M | ||
| Q2 25 | $390.5M | $319.2M | ||
| Q1 25 | $351.0M | $237.4M | ||
| Q4 24 | $250.4M | $341.5M | ||
| Q3 24 | $551.3M | $292.3M | ||
| Q2 24 | $318.4M | $270.7M | ||
| Q1 24 | $333.8M | $228.1M |
净利润FORWD
| Q4 25 | $15.4M | $-13.9M | ||
| Q3 25 | $86.9M | $33.5M | ||
| Q2 25 | $32.9M | $34.0M | ||
| Q1 25 | $31.6M | $2.8M | ||
| Q4 24 | $16.5M | $44.8M | ||
| Q3 24 | $81.5M | $28.8M | ||
| Q2 24 | $38.7M | $22.7M | ||
| Q1 24 | $45.0M | $11.9M |
毛利率FORWD
| 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FORWD
| Q4 25 | 7.6% | -17.2% | ||
| Q3 25 | 16.9% | 13.6% | ||
| Q2 25 | 11.2% | 14.5% | ||
| Q1 25 | 11.6% | 2.2% | ||
| Q4 24 | 8.7% | 15.3% | ||
| Q3 24 | 19.7% | 12.8% | ||
| Q2 24 | 16.2% | 10.4% | ||
| Q1 24 | 17.6% | 6.0% |
净利率FORWD
| Q4 25 | 5.6% | -12.9% | ||
| Q3 25 | 13.0% | 9.9% | ||
| Q2 25 | 8.4% | 10.6% | ||
| Q1 25 | 9.0% | 1.2% | ||
| Q4 24 | 6.6% | 13.1% | ||
| Q3 24 | 14.8% | 9.9% | ||
| Q2 24 | 12.2% | 8.4% | ||
| Q1 24 | 13.5% | 5.2% |
每股收益（稀释后）FORWD
| Q4 25 | $0.30 | $-0.41 | ||
| Q3 25 | $1.70 | $0.98 | ||
| Q2 25 | $0.65 | $0.99 | ||
| Q1 25 | $0.62 | $0.08 | ||
| Q4 24 | $0.32 | $1.32 | ||
| Q3 24 | $1.59 | $0.85 | ||
| Q2 24 | $0.76 | $0.67 | ||
| Q1 24 | $0.89 | $0.35 |
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 | $299.3M |
| 总债务越低越好 | $793.2M | — |
| 股东权益账面价值 | $1.8B | $1.7B |
| 总资产 | $3.2B | $5.1B |
| 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FORWD
| Q4 25 | $211.7M | $299.3M | ||
| Q3 25 | $379.2M | $274.8M | ||
| Q2 25 | $189.2M | $233.7M | ||
| Q1 25 | $174.3M | $181.0M | ||
| Q4 24 | $132.0M | $279.3M | ||
| Q3 24 | $481.2M | $179.8M | ||
| Q2 24 | $359.2M | $208.1M | ||
| Q1 24 | $416.2M | $216.5M |
总债务FORWD
| 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FORWD
| Q4 25 | $1.8B | $1.7B | ||
| Q3 25 | $1.8B | $1.8B | ||
| Q2 25 | $1.7B | $1.8B | ||
| Q1 25 | $1.6B | $1.7B | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $1.6B | $1.7B | ||
| Q2 24 | $1.5B | $1.7B | ||
| Q1 24 | $1.5B | $1.7B |
总资产FORWD
| Q4 25 | $3.2B | $5.1B | ||
| Q3 25 | $3.1B | $5.8B | ||
| Q2 25 | $3.1B | $4.7B | ||
| Q1 25 | $3.0B | $4.5B | ||
| Q4 24 | $3.0B | $4.4B | ||
| Q3 24 | $2.8B | $4.6B | ||
| Q2 24 | $2.7B | $4.2B | ||
| Q1 24 | $2.6B | $3.8B |
负债/权益比FORWD
| 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 | $-664.3M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $-680.1M |
| 自由现金流率自由现金流/营收 | -57.5% | -200.0% |
| 资本支出强度资本支出/营收 | 0.0% | 4.6% |
| 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 | $-2.2B |
8季度趋势，按日历期对齐
经营现金流FORWD
| Q4 25 | $-157.0M | $-664.3M | ||
| Q3 25 | $256.3M | $-948.1M | ||
| Q2 25 | $15.8M | $-238.5M | ||
| Q1 25 | $-19.8M | $-281.1M | ||
| Q4 24 | $-450.0M | $129.4M | ||
| Q3 24 | $119.2M | $-202.0M | ||
| Q2 24 | $-61.7M | $-237.8M | ||
| Q1 24 | $-59.2M | $38.4M |
自由现金流FORWD
| Q4 25 | $-157.1M | $-680.1M | ||
| Q3 25 | $255.6M | $-950.4M | ||
| Q2 25 | $15.0M | $-241.0M | ||
| Q1 25 | $-20.5M | $-284.7M | ||
| Q4 24 | — | $116.4M | ||
| Q3 24 | $118.4M | $-204.0M | ||
| Q2 24 | $-62.3M | $-241.7M | ||
| Q1 24 | $-59.8M | $35.2M |
自由现金流率FORWD
| Q4 25 | -57.5% | -200.0% | ||
| Q3 25 | 38.1% | -281.5% | ||
| Q2 25 | 3.8% | -75.5% | ||
| Q1 25 | -5.8% | -120.0% | ||
| Q4 24 | — | 34.1% | ||
| Q3 24 | 21.5% | -69.8% | ||
| Q2 24 | -19.6% | -89.3% | ||
| Q1 24 | -17.9% | 15.4% |
资本支出强度FORWD
| Q4 25 | 0.0% | 4.6% | ||
| Q3 25 | 0.1% | 0.7% | ||
| Q2 25 | 0.2% | 0.8% | ||
| Q1 25 | 0.2% | 1.5% | ||
| Q4 24 | 0.0% | 3.8% | ||
| Q3 24 | 0.1% | 0.7% | ||
| Q2 24 | 0.2% | 1.4% | ||
| Q1 24 | 0.2% | 1.4% |
现金转化率FORWD
| Q4 25 | -10.19× | — | ||
| Q3 25 | 2.95× | -28.34× | ||
| Q2 25 | 0.48× | -7.02× | ||
| Q1 25 | -0.63× | -102.07× | ||
| Q4 24 | -27.27× | 2.89× | ||
| Q3 24 | 1.46× | -7.01× | ||
| Q2 24 | -1.59× | -10.49× | ||
| Q1 24 | -1.32× | 3.24× |
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% |
WD
暂无分部数据
