vs
Forestar Group Inc.（FOR）与Wendy's Co（WEN）财务数据对比。点击上方公司名可切换其他公司
Wendy's Co的季度营收约是Forestar Group Inc.的2.0倍（$543.0M vs $273.0M），Forestar Group Inc.净利率更高（5.6% vs 4.9%，领先0.8%），Forestar Group Inc.同比增速更快（9.0% vs -5.5%），Wendy's Co自由现金流更多（$31.4M vs $-157.1M），过去两年Wendy's Co的营收复合增速更高（0.8% 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。
温蒂公司是美国知名快餐企业，是温蒂汉堡及First Kitchen的母公司，前身为Deisel-Wemmer公司，总部位于俄亥俄州都柏林。旗下核心子公司温蒂国际是温蒂汉堡餐厅的特许经营授权方，在全球快餐市场拥有较高的品牌辨识度。
FOR vs WEN — 直观对比
营收规模更大
WEN
是对方的2.0倍
$273.0M
营收增速更快
FOR
高出14.5%
-5.5%
净利率更高
FOR
高出0.8%
4.9%
自由现金流更多
WEN
多$188.5M
$-157.1M
两年增速更快
WEN
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $543.0M |
| 净利润 | $15.4M | $26.5M |
| 毛利率 | 20.1% | 62.7% |
| 营业利润率 | 7.6% | 11.8% |
| 净利率 | 5.6% | 4.9% |
| 营收同比 | 9.0% | -5.5% |
| 净利润同比 | -6.7% | -44.2% |
| 每股收益（稀释后） | $0.30 | $0.14 |
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FORWEN
| Q4 25 | $273.0M | $543.0M | ||
| Q3 25 | $670.5M | $549.5M | ||
| Q2 25 | $390.5M | $560.9M | ||
| Q1 25 | $351.0M | $523.5M | ||
| Q4 24 | $250.4M | $574.3M | ||
| Q3 24 | $551.3M | $566.7M | ||
| Q2 24 | $318.4M | $570.7M | ||
| Q1 24 | $333.8M | $534.8M |
净利润FORWEN
| Q4 25 | $15.4M | $26.5M | ||
| Q3 25 | $86.9M | $44.3M | ||
| Q2 25 | $32.9M | $55.1M | ||
| Q1 25 | $31.6M | $39.2M | ||
| Q4 24 | $16.5M | $47.5M | ||
| Q3 24 | $81.5M | $50.2M | ||
| Q2 24 | $38.7M | $54.6M | ||
| Q1 24 | $45.0M | $42.0M |
毛利率FORWEN
| Q4 25 | 20.1% | 62.7% | ||
| Q3 25 | 22.3% | 62.8% | ||
| Q2 25 | 20.4% | 65.0% | ||
| Q1 25 | 22.6% | 64.1% | ||
| Q4 24 | 22.0% | 65.9% | ||
| Q3 24 | 23.9% | 65.5% | ||
| Q2 24 | 22.5% | 65.0% | ||
| Q1 24 | 24.9% | 64.1% |
营业利润率FORWEN
| Q4 25 | 7.6% | 11.8% | ||
| Q3 25 | 16.9% | 16.8% | ||
| Q2 25 | 11.2% | 18.6% | ||
| Q1 25 | 11.6% | 15.9% | ||
| Q4 24 | 8.7% | 16.7% | ||
| Q3 24 | 19.7% | 16.7% | ||
| Q2 24 | 16.2% | 17.4% | ||
| Q1 24 | 17.6% | 15.2% |
净利率FORWEN
| Q4 25 | 5.6% | 4.9% | ||
| Q3 25 | 13.0% | 8.1% | ||
| Q2 25 | 8.4% | 9.8% | ||
| Q1 25 | 9.0% | 7.5% | ||
| Q4 24 | 6.6% | 8.3% | ||
| Q3 24 | 14.8% | 8.9% | ||
| Q2 24 | 12.2% | 9.6% | ||
| Q1 24 | 13.5% | 7.9% |
每股收益（稀释后）FORWEN
| Q4 25 | $0.30 | $0.14 | ||
| Q3 25 | $1.70 | $0.23 | ||
| Q2 25 | $0.65 | $0.29 | ||
| Q1 25 | $0.62 | $0.19 | ||
| Q4 24 | $0.32 | $0.23 | ||
| Q3 24 | $1.59 | $0.25 | ||
| Q2 24 | $0.76 | $0.27 | ||
| Q1 24 | $0.89 | $0.20 |
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 | $300.8M |
| 总债务越低越好 | $793.2M | $2.8B |
| 股东权益账面价值 | $1.8B | $117.4M |
| 总资产 | $3.2B | $5.0B |
| 负债/权益比越低杠杆越低 | 0.44× | 23.51× |
8季度趋势，按日历期对齐
现金及短期投资FORWEN
| Q4 25 | $211.7M | $300.8M | ||
| Q3 25 | $379.2M | $291.4M | ||
| Q2 25 | $189.2M | $281.2M | ||
| Q1 25 | $174.3M | $335.3M | ||
| Q4 24 | $132.0M | $450.5M | ||
| Q3 24 | $481.2M | $482.2M | ||
| Q2 24 | $359.2M | $465.5M | ||
| Q1 24 | $416.2M | $498.3M |
总债务FORWEN
| Q4 25 | $793.2M | $2.8B | ||
| Q3 25 | $802.7M | $2.7B | ||
| Q2 25 | $872.8M | $2.7B | ||
| Q1 25 | $872.5M | $2.7B | ||
| Q4 24 | $806.8M | $2.7B | ||
| Q3 24 | $706.4M | — | ||
| Q2 24 | $706.1M | — | ||
| Q1 24 | $705.7M | — |
股东权益FORWEN
| Q4 25 | $1.8B | $117.4M | ||
| Q3 25 | $1.8B | $109.2M | ||
| Q2 25 | $1.7B | $112.9M | ||
| Q1 25 | $1.6B | $130.2M | ||
| Q4 24 | $1.6B | $259.4M | ||
| Q3 24 | $1.6B | $259.9M | ||
| Q2 24 | $1.5B | $273.8M | ||
| Q1 24 | $1.5B | $293.7M |
总资产FORWEN
| Q4 25 | $3.2B | $5.0B | ||
| Q3 25 | $3.1B | $5.0B | ||
| Q2 25 | $3.1B | $4.9B | ||
| Q1 25 | $3.0B | $4.9B | ||
| Q4 24 | $3.0B | $5.0B | ||
| Q3 24 | $2.8B | $5.1B | ||
| Q2 24 | $2.7B | $5.1B | ||
| Q1 24 | $2.6B | $5.2B |
负债/权益比FORWEN
| Q4 25 | 0.44× | 23.51× | ||
| Q3 25 | 0.45× | 24.95× | ||
| Q2 25 | 0.52× | 24.18× | ||
| Q1 25 | 0.53× | 21.00× | ||
| Q4 24 | 0.50× | 10.57× | ||
| 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 | $69.3M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $31.4M |
| 自由现金流率自由现金流/营收 | -57.5% | 5.8% |
| 资本支出强度资本支出/营收 | 0.0% | 7.0% |
| 现金转化率经营现金流/净利润 | -10.19× | 2.62× |
| 过去12个月自由现金流最近4个季度 | $93.0M | $242.6M |
8季度趋势，按日历期对齐
经营现金流FORWEN
| Q4 25 | $-157.0M | $69.3M | ||
| Q3 25 | $256.3M | $129.3M | ||
| Q2 25 | $15.8M | $60.6M | ||
| Q1 25 | $-19.8M | $85.4M | ||
| Q4 24 | $-450.0M | $68.6M | ||
| Q3 24 | $119.2M | $141.2M | ||
| Q2 24 | $-61.7M | $45.5M | ||
| Q1 24 | $-59.2M | $100.0M |
自由现金流FORWEN
| Q4 25 | $-157.1M | $31.4M | ||
| Q3 25 | $255.6M | $104.3M | ||
| Q2 25 | $15.0M | $39.2M | ||
| Q1 25 | $-20.5M | $67.7M | ||
| Q4 24 | — | $26.6M | ||
| Q3 24 | $118.4M | $123.3M | ||
| Q2 24 | $-62.3M | $28.4M | ||
| Q1 24 | $-59.8M | $82.6M |
自由现金流率FORWEN
| Q4 25 | -57.5% | 5.8% | ||
| Q3 25 | 38.1% | 19.0% | ||
| Q2 25 | 3.8% | 7.0% | ||
| Q1 25 | -5.8% | 12.9% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | 21.5% | 21.8% | ||
| Q2 24 | -19.6% | 5.0% | ||
| Q1 24 | -17.9% | 15.5% |
资本支出强度FORWEN
| Q4 25 | 0.0% | 7.0% | ||
| Q3 25 | 0.1% | 4.5% | ||
| Q2 25 | 0.2% | 3.8% | ||
| Q1 25 | 0.2% | 3.4% | ||
| Q4 24 | 0.0% | 7.3% | ||
| Q3 24 | 0.1% | 3.2% | ||
| Q2 24 | 0.2% | 3.0% | ||
| Q1 24 | 0.2% | 3.2% |
现金转化率FORWEN
| Q4 25 | -10.19× | 2.62× | ||
| Q3 25 | 2.95× | 2.92× | ||
| Q2 25 | 0.48× | 1.10× | ||
| Q1 25 | -0.63× | 2.18× | ||
| Q4 24 | -27.27× | 1.44× | ||
| Q3 24 | 1.46× | 2.81× | ||
| Q2 24 | -1.59× | 0.83× | ||
| Q1 24 | -1.32× | 2.38× |
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% |
WEN
| Franchise Royalty Revenueand Fees | $149.3M | 27% |
| Royalty | $103.6M | 19% |
| Advertising | $103.3M | 19% |
| Global Real Estate Development | $60.5M | 11% |
| Real Estate | $59.5M | 11% |
| Wendys International | $39.5M | 7% |
| Franchise | $21.5M | 4% |
