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弗雷斯特研究公司（FORR）与FIRST MERCHANTS CORP（FRME）财务数据对比。点击上方公司名可切换其他公司
FIRST MERCHANTS CORP的季度营收约是弗雷斯特研究公司的1.6倍（$157.1M vs $101.1M），FIRST MERCHANTS CORP净利率更高（17.9% vs -33.5%，领先51.4%），过去两年弗雷斯特研究公司的营收复合增速更高（0.5% vs -0.9%）
福雷斯特研究公司是一家全球领先的研究咨询机构，主营业务涵盖行业研究、管理咨询与行业峰会举办，客户群体包括全球大型企业、科技公司与消费领域领军企业，公司总部位于美国马萨诸塞州剑桥市。
第一商人集团是总部位于美国印第安纳州曼西的金融控股公司，业务覆盖印第安纳州中部地区，旗下拥有第一商人银行、第一商人私人财富顾问两大板块，在纳斯达克上市，股票代码为FRME。截至2023年3月，集团总资产达182亿美元，为客户提供商业银行、个人银行及投资顾问服务。
FORR vs FRME — 直观对比
营收规模更大
FRME
是对方的1.6倍
$101.1M
净利率更高
FRME
高出51.4%
-33.5%
两年增速更快
FORR
近两年复合增速
-0.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $157.1M |
| 净利润 | $-33.9M | $28.2M |
| 毛利率 | 56.7% | — |
| 营业利润率 | -36.6% | — |
| 净利率 | -33.5% | 17.9% |
| 营收同比 | -6.5% | — |
| 净利润同比 | -7941.4% | -49.1% |
| 每股收益（稀释后） | $-1.75 | $0.45 |
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FORRFRME
| Q1 26 | — | $157.1M | ||
| Q4 25 | $101.1M | $172.2M | ||
| Q3 25 | $94.3M | $166.1M | ||
| Q2 25 | $111.7M | $164.3M | ||
| Q1 25 | $89.9M | $160.3M | ||
| Q4 24 | $108.0M | $177.1M | ||
| Q3 24 | $102.5M | $156.0M | ||
| Q2 24 | $121.8M | $159.9M |
净利润FORRFRME
| Q1 26 | — | $28.2M | ||
| Q4 25 | $-33.9M | $57.1M | ||
| Q3 25 | $-2.1M | $56.8M | ||
| Q2 25 | $3.9M | $56.8M | ||
| Q1 25 | $-87.3M | $55.3M | ||
| Q4 24 | $432.0K | $64.3M | ||
| Q3 24 | $-5.8M | $49.2M | ||
| Q2 24 | $6.3M | $39.9M |
毛利率FORRFRME
| Q1 26 | — | — | ||
| Q4 25 | 56.7% | — | ||
| Q3 25 | 60.0% | — | ||
| Q2 25 | 55.5% | — | ||
| Q1 25 | 55.9% | — | ||
| Q4 24 | 58.8% | — | ||
| Q3 24 | 60.5% | — | ||
| Q2 24 | 57.3% | — |
营业利润率FORRFRME
| Q1 26 | — | — | ||
| Q4 25 | -36.6% | 38.0% | ||
| Q3 25 | 4.7% | 39.3% | ||
| Q2 25 | 6.2% | 39.6% | ||
| Q1 25 | -97.5% | 39.4% | ||
| Q4 24 | -0.5% | 43.3% | ||
| Q3 24 | -0.7% | 36.1% | ||
| Q2 24 | 9.3% | 27.5% |
净利率FORRFRME
| Q1 26 | — | 17.9% | ||
| Q4 25 | -33.5% | 33.1% | ||
| Q3 25 | -2.3% | 34.2% | ||
| Q2 25 | 3.5% | 34.6% | ||
| Q1 25 | -97.1% | 34.5% | ||
| Q4 24 | 0.4% | 36.3% | ||
| Q3 24 | -5.7% | 31.5% | ||
| Q2 24 | 5.2% | 25.0% |
每股收益（稀释后）FORRFRME
| Q1 26 | — | $0.45 | ||
| Q4 25 | $-1.75 | $0.98 | ||
| Q3 25 | $-0.11 | $0.98 | ||
| Q2 25 | $0.20 | $0.98 | ||
| Q1 25 | $-4.62 | $0.94 | ||
| Q4 24 | $0.02 | $1.09 | ||
| Q3 24 | $-0.30 | $0.84 | ||
| Q2 24 | $0.33 | $0.68 |
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 | $63.3M | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $126.5M | $2.7B |
| 总资产 | $404.0M | $21.1B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资FORRFRME
| Q1 26 | — | — | ||
| Q4 25 | $63.3M | — | ||
| Q3 25 | $65.1M | — | ||
| Q2 25 | $67.8M | — | ||
| Q1 25 | $75.6M | — | ||
| Q4 24 | $56.1M | — | ||
| Q3 24 | $62.8M | — | ||
| Q2 24 | $58.9M | — |
股东权益FORRFRME
| Q1 26 | — | $2.7B | ||
| Q4 25 | $126.5M | $2.5B | ||
| Q3 25 | $157.7M | $2.4B | ||
| Q2 25 | $159.5M | $2.3B | ||
| Q1 25 | $147.4M | $2.3B | ||
| Q4 24 | $229.5M | $2.3B | ||
| Q3 24 | $234.3M | $2.3B | ||
| Q2 24 | $237.1M | $2.2B |
总资产FORRFRME
| Q1 26 | — | $21.1B | ||
| Q4 25 | $404.0M | $19.0B | ||
| Q3 25 | $414.2M | $18.8B | ||
| Q2 25 | $436.0M | $18.6B | ||
| Q1 25 | $439.8M | $18.4B | ||
| Q4 24 | $503.9M | $18.3B | ||
| Q3 24 | $505.3M | $18.3B | ||
| Q2 24 | $524.2M | $18.3B |
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 | $-3.2M | — |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | — |
| 自由现金流率自由现金流/营收 | -4.2% | — |
| 资本支出强度资本支出/营收 | 1.1% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $18.1M | — |
8季度趋势，按日历期对齐
经营现金流FORRFRME
| Q1 26 | — | — | ||
| Q4 25 | $-3.2M | $283.6M | ||
| Q3 25 | $1.2M | $87.6M | ||
| Q2 25 | $-3.6M | $53.7M | ||
| Q1 25 | $26.7M | $61.7M | ||
| Q4 24 | $-1.8M | $266.2M | ||
| Q3 24 | $264.0K | $76.8M | ||
| Q2 24 | $-2.9M | $63.0M |
自由现金流FORRFRME
| Q1 26 | — | — | ||
| Q4 25 | $-4.3M | — | ||
| Q3 25 | $524.0K | — | ||
| Q2 25 | $-4.2M | — | ||
| Q1 25 | $26.1M | — | ||
| Q4 24 | $-2.5M | — | ||
| Q3 24 | $-223.0K | — | ||
| Q2 24 | $-3.7M | — |
自由现金流率FORRFRME
| Q1 26 | — | — | ||
| Q4 25 | -4.2% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | -3.8% | — | ||
| Q1 25 | 29.0% | — | ||
| Q4 24 | -2.3% | — | ||
| Q3 24 | -0.2% | — | ||
| Q2 24 | -3.1% | — |
资本支出强度FORRFRME
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.5% | — | ||
| Q2 24 | 0.7% | — |
现金转化率FORRFRME
| Q1 26 | — | — | ||
| Q4 25 | — | 4.97× | ||
| Q3 25 | — | 1.54× | ||
| Q2 25 | -0.93× | 0.94× | ||
| Q1 25 | — | 1.11× | ||
| Q4 24 | -4.24× | 4.14× | ||
| Q3 24 | — | 1.56× | ||
| Q2 24 | -0.46× | 1.58× |
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
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
FRME
| Net Interest Income | $151.3M | 96% |
| Noninterest Income | $5.8M | 4% |
