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弗雷斯特研究公司（FORR）与GCM Grosvenor Inc.（GCMG）财务数据对比。点击上方公司名可切换其他公司
GCM Grosvenor Inc.的季度营收约是弗雷斯特研究公司的1.8倍（$177.1M vs $101.1M），GCM Grosvenor Inc.净利率更高（32.8% vs -33.5%，领先66.4%），GCM Grosvenor Inc.同比增速更快（7.2% vs -6.5%），GCM Grosvenor Inc.自由现金流更多（$175.0M vs $-4.3M），过去两年GCM Grosvenor Inc.的营收复合增速更高（27.5% vs 0.5%）
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。
GCM Grosvenor是美国头部另类资产管理机构，截至2023年资产管理规模约760亿美元，拥有约530名专业人士，为全球机构及个人投资者提供定制化另类投资解决方案，覆盖私募股权、对冲基金、房地产、基础设施等多元资产类别。
FORR vs GCMG — 直观对比
营收规模更大
GCMG
是对方的1.8倍
$101.1M
营收增速更快
GCMG
高出13.6%
-6.5%
净利率更高
GCMG
高出66.4%
-33.5%
自由现金流更多
GCMG
多$179.3M
$-4.3M
两年增速更快
GCMG
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $177.1M |
| 净利润 | $-33.9M | $58.2M |
| 毛利率 | 56.7% | — |
| 营业利润率 | -36.6% | 30.9% |
| 净利率 | -33.5% | 32.8% |
| 营收同比 | -6.5% | 7.2% |
| 净利润同比 | -7941.4% | 149.2% |
| 每股收益（稀释后） | $-1.75 | $0.23 |
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FORRGCMG
| Q4 25 | $101.1M | $177.1M | ||
| Q3 25 | $94.3M | $135.0M | ||
| Q2 25 | $111.7M | $119.7M | ||
| Q1 25 | $89.9M | $125.8M | ||
| Q4 24 | $108.0M | $165.3M | ||
| Q3 24 | $102.5M | $122.9M | ||
| Q2 24 | $121.8M | $117.0M | ||
| Q1 24 | $100.1M | $108.9M |
净利润FORRGCMG
| Q4 25 | $-33.9M | $58.2M | ||
| Q3 25 | $-2.1M | $10.5M | ||
| Q2 25 | $3.9M | $15.4M | ||
| Q1 25 | $-87.3M | $463.0K | ||
| Q4 24 | $432.0K | $7.6M | ||
| Q3 24 | $-5.8M | $4.2M | ||
| Q2 24 | $6.3M | $4.8M | ||
| Q1 24 | $-6.7M | $2.1M |
毛利率FORRGCMG
| 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% | — | ||
| Q1 24 | 54.9% | — |
营业利润率FORRGCMG
| Q4 25 | -36.6% | 30.9% | ||
| Q3 25 | 4.7% | 32.7% | ||
| Q2 25 | 6.2% | 16.1% | ||
| Q1 25 | -97.5% | 12.2% | ||
| Q4 24 | -0.5% | 26.4% | ||
| Q3 24 | -0.7% | 20.3% | ||
| Q2 24 | 9.3% | 17.8% | ||
| Q1 24 | -9.3% | -14.7% |
净利率FORRGCMG
| Q4 25 | -33.5% | 32.8% | ||
| Q3 25 | -2.3% | 7.8% | ||
| Q2 25 | 3.5% | 12.9% | ||
| Q1 25 | -97.1% | 0.4% | ||
| Q4 24 | 0.4% | 4.6% | ||
| Q3 24 | -5.7% | 3.4% | ||
| Q2 24 | 5.2% | 4.1% | ||
| Q1 24 | -6.7% | 2.0% |
每股收益（稀释后）FORRGCMG
| Q4 25 | $-1.75 | $0.23 | ||
| Q3 25 | $-0.11 | $0.16 | ||
| Q2 25 | $0.20 | $0.05 | ||
| Q1 25 | $-4.62 | $-0.02 | ||
| Q4 24 | $0.02 | $0.09 | ||
| Q3 24 | $-0.30 | $0.03 | ||
| Q2 24 | $0.33 | $0.04 | ||
| Q1 24 | $-0.35 | $-0.13 |
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 | $242.1M |
| 总债务越低越好 | — | $428.4M |
| 股东权益账面价值 | $126.5M | $27.0M |
| 总资产 | $404.0M | $813.8M |
| 负债/权益比越低杠杆越低 | — | 15.87× |
8季度趋势，按日历期对齐
现金及短期投资FORRGCMG
| Q4 25 | $63.3M | $242.1M | ||
| Q3 25 | $65.1M | $182.7M | ||
| Q2 25 | $67.8M | $136.3M | ||
| Q1 25 | $75.6M | $94.5M | ||
| Q4 24 | $56.1M | $89.5M | ||
| Q3 24 | $62.8M | $98.4M | ||
| Q2 24 | $58.9M | $73.9M | ||
| Q1 24 | $61.4M | $41.9M |
总债务FORRGCMG
| Q4 25 | — | $428.4M | ||
| Q3 25 | — | $429.3M | ||
| Q2 25 | — | $430.2M | ||
| Q1 25 | — | $431.1M | ||
| Q4 24 | — | $432.0M | ||
| Q3 24 | — | $432.9M | ||
| Q2 24 | — | $433.8M | ||
| Q1 24 | — | $384.0M |
股东权益FORRGCMG
| Q4 25 | $126.5M | $27.0M | ||
| Q3 25 | $157.7M | $-7.4M | ||
| Q2 25 | $159.5M | $-12.3M | ||
| Q1 25 | $147.4M | $-28.3M | ||
| Q4 24 | $229.5M | $-27.6M | ||
| Q3 24 | $234.3M | $-31.9M | ||
| Q2 24 | $237.1M | $-28.5M | ||
| Q1 24 | $230.9M | $-26.4M |
总资产FORRGCMG
| Q4 25 | $404.0M | $813.8M | ||
| Q3 25 | $414.2M | $685.9M | ||
| Q2 25 | $436.0M | $636.9M | ||
| Q1 25 | $439.8M | $579.8M | ||
| Q4 24 | $503.9M | $612.7M | ||
| Q3 24 | $505.3M | $575.0M | ||
| Q2 24 | $524.2M | $543.9M | ||
| Q1 24 | $555.7M | $497.3M |
负债/权益比FORRGCMG
| Q4 25 | — | 15.87× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $183.5M |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $175.0M |
| 自由现金流率自由现金流/营收 | -4.2% | 98.8% |
| 资本支出强度资本支出/营收 | 1.1% | 4.8% |
| 现金转化率经营现金流/净利润 | — | 3.16× |
| 过去12个月自由现金流最近4个季度 | $18.1M | $326.2M |
8季度趋势，按日历期对齐
经营现金流FORRGCMG
| Q4 25 | $-3.2M | $183.5M | ||
| Q3 25 | $1.2M | $79.8M | ||
| Q2 25 | $-3.6M | $42.0M | ||
| Q1 25 | $26.7M | $33.3M | ||
| Q4 24 | $-1.8M | $148.8M | ||
| Q3 24 | $264.0K | $69.0M | ||
| Q2 24 | $-2.9M | $17.5M | ||
| Q1 24 | $611.0K | $24.2M |
自由现金流FORRGCMG
| Q4 25 | $-4.3M | $175.0M | ||
| Q3 25 | $524.0K | $78.3M | ||
| Q2 25 | $-4.2M | $40.8M | ||
| Q1 25 | $26.1M | $32.1M | ||
| Q4 24 | $-2.5M | $132.0M | ||
| Q3 24 | $-223.0K | $62.2M | ||
| Q2 24 | $-3.7M | $12.8M | ||
| Q1 24 | $-815.0K | $20.0M |
自由现金流率FORRGCMG
| Q4 25 | -4.2% | 98.8% | ||
| Q3 25 | 0.6% | 58.0% | ||
| Q2 25 | -3.8% | 34.1% | ||
| Q1 25 | 29.0% | 25.5% | ||
| Q4 24 | -2.3% | 79.9% | ||
| Q3 24 | -0.2% | 50.6% | ||
| Q2 24 | -3.1% | 10.9% | ||
| Q1 24 | -0.8% | 18.4% |
资本支出强度FORRGCMG
| Q4 25 | 1.1% | 4.8% | ||
| Q3 25 | 0.7% | 1.1% | ||
| Q2 25 | 0.5% | 1.0% | ||
| Q1 25 | 0.7% | 0.9% | ||
| Q4 24 | 0.6% | 10.1% | ||
| Q3 24 | 0.5% | 5.5% | ||
| Q2 24 | 0.7% | 4.0% | ||
| Q1 24 | 1.4% | 3.9% |
现金转化率FORRGCMG
| Q4 25 | — | 3.16× | ||
| Q3 25 | — | 7.61× | ||
| Q2 25 | -0.93× | 2.72× | ||
| Q1 25 | — | 71.84× | ||
| Q4 24 | -4.24× | 19.54× | ||
| Q3 24 | — | 16.60× | ||
| Q2 24 | -0.46× | 3.64× | ||
| Q1 24 | — | 11.40× |
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% |
GCMG
| Asset Management1 | $108.6M | 61% |
| Management Service Incentive Performance Fees | $61.7M | 35% |
| Management Service Incentive Carried Interest | $5.1M | 3% |
| Service Other | $1.8M | 1% |
