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弗雷斯特研究公司（FORR）与H2O AMERICA（HTO）财务数据对比。点击上方公司名可切换其他公司
H2O AMERICA的季度营收约是弗雷斯特研究公司的2.0倍（$199.4M vs $101.1M），H2O AMERICA净利率更高（8.1% vs -33.5%，领先41.7%），H2O AMERICA同比增速更快（1.5% vs -6.5%），过去两年H2O AMERICA的营收复合增速更高（15.3% 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。
H2O Wireless是美国的预付费移动通信服务商，依托AT&T网络运营，隶属于MVNO（移动虚拟网络运营商）Locus通信，自2019年起Locus成为Telrite控股的子公司，此前2010年起曾是KDDI美国旗下资产。该品牌主打无限制套餐服务，支持用户自带或购买无锁智能手机入网，AT&T合约机/锁网机也可兼容使用。
FORR vs HTO — 直观对比
营收规模更大
HTO
是对方的2.0倍
$101.1M
营收增速更快
HTO
高出7.9%
-6.5%
净利率更高
HTO
高出41.7%
-33.5%
两年增速更快
HTO
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $199.4M |
| 净利润 | $-33.9M | $16.2M |
| 毛利率 | 56.7% | — |
| 营业利润率 | -36.6% | 16.6% |
| 净利率 | -33.5% | 8.1% |
| 营收同比 | -6.5% | 1.5% |
| 净利润同比 | -7941.4% | -29.2% |
| 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FORRHTO
| Q4 25 | $101.1M | $199.4M | ||
| Q3 25 | $94.3M | $243.5M | ||
| Q2 25 | $111.7M | $197.8M | ||
| Q1 25 | $89.9M | $164.9M | ||
| Q4 24 | $108.0M | $196.5M | ||
| Q3 24 | $102.5M | $216.7M | ||
| Q2 24 | $121.8M | $173.1M | ||
| Q1 24 | $100.1M | $150.0M |
净利润FORRHTO
| Q4 25 | $-33.9M | $16.2M | ||
| Q3 25 | $-2.1M | $45.1M | ||
| Q2 25 | $3.9M | $24.7M | ||
| Q1 25 | $-87.3M | $16.6M | ||
| Q4 24 | $432.0K | $22.9M | ||
| Q3 24 | $-5.8M | $38.7M | ||
| Q2 24 | $6.3M | $20.7M | ||
| Q1 24 | $-6.7M | $11.7M |
毛利率FORRHTO
| 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FORRHTO
| Q4 25 | -36.6% | 16.6% | ||
| Q3 25 | 4.7% | 26.5% | ||
| Q2 25 | 6.2% | 22.2% | ||
| Q1 25 | -97.5% | 21.8% | ||
| Q4 24 | -0.5% | 22.2% | ||
| Q3 24 | -0.7% | 26.9% | ||
| Q2 24 | 9.3% | 23.4% | ||
| Q1 24 | -9.3% | 18.6% |
净利率FORRHTO
| Q4 25 | -33.5% | 8.1% | ||
| Q3 25 | -2.3% | 18.5% | ||
| Q2 25 | 3.5% | 12.5% | ||
| Q1 25 | -97.1% | 10.0% | ||
| Q4 24 | 0.4% | 11.7% | ||
| Q3 24 | -5.7% | 17.8% | ||
| Q2 24 | 5.2% | 12.0% | ||
| Q1 24 | -6.7% | 7.8% |
每股收益（稀释后）FORRHTO
| Q4 25 | $-1.75 | $0.45 | ||
| Q3 25 | $-0.11 | $1.27 | ||
| Q2 25 | $0.20 | $0.71 | ||
| Q1 25 | $-4.62 | $0.49 | ||
| Q4 24 | $0.02 | $0.70 | ||
| Q3 24 | $-0.30 | $1.17 | ||
| Q2 24 | $0.33 | $0.64 | ||
| Q1 24 | $-0.35 | $0.36 |
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 | $20.7M |
| 总债务越低越好 | — | $1.9B |
| 股东权益账面价值 | $126.5M | $1.5B |
| 总资产 | $404.0M | $5.1B |
| 负债/权益比越低杠杆越低 | — | 1.23× |
8季度趋势，按日历期对齐
现金及短期投资FORRHTO
| Q4 25 | $63.3M | $20.7M | ||
| Q3 25 | $65.1M | $11.3M | ||
| Q2 25 | $67.8M | $19.8M | ||
| Q1 25 | $75.6M | $23.7M | ||
| Q4 24 | $56.1M | $11.1M | ||
| Q3 24 | $62.8M | $4.0M | ||
| Q2 24 | $58.9M | $22.8M | ||
| Q1 24 | $61.4M | $4.5M |
总债务FORRHTO
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益FORRHTO
| Q4 25 | $126.5M | $1.5B | ||
| Q3 25 | $157.7M | $1.5B | ||
| Q2 25 | $159.5M | $1.5B | ||
| Q1 25 | $147.4M | $1.4B | ||
| Q4 24 | $229.5M | $1.4B | ||
| Q3 24 | $234.3M | $1.3B | ||
| Q2 24 | $237.1M | $1.3B | ||
| Q1 24 | $230.9M | $1.2B |
总资产FORRHTO
| Q4 25 | $404.0M | $5.1B | ||
| Q3 25 | $414.2M | $5.0B | ||
| Q2 25 | $436.0M | $4.8B | ||
| Q1 25 | $439.8M | $4.7B | ||
| Q4 24 | $503.9M | $4.7B | ||
| Q3 24 | $505.3M | $4.6B | ||
| Q2 24 | $524.2M | $4.4B | ||
| Q1 24 | $555.7M | $4.4B |
负债/权益比FORRHTO
| Q4 25 | — | 1.23× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| 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 | $63.5M |
| 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 | — | 3.92× |
| 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FORRHTO
| Q4 25 | $-3.2M | $63.5M | ||
| Q3 25 | $1.2M | $77.3M | ||
| Q2 25 | $-3.6M | $60.8M | ||
| Q1 25 | $26.7M | $43.2M | ||
| Q4 24 | $-1.8M | $41.5M | ||
| Q3 24 | $264.0K | $53.5M | ||
| Q2 24 | $-2.9M | $49.3M | ||
| Q1 24 | $611.0K | $51.2M |
自由现金流FORRHTO
| 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 | — | ||
| Q1 24 | $-815.0K | — |
自由现金流率FORRHTO
| 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% | — | ||
| Q1 24 | -0.8% | — |
资本支出强度FORRHTO
| 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% | — | ||
| Q1 24 | 1.4% | — |
现金转化率FORRHTO
| Q4 25 | — | 3.92× | ||
| Q3 25 | — | 1.71× | ||
| Q2 25 | -0.93× | 2.47× | ||
| Q1 25 | — | 2.61× | ||
| Q4 24 | -4.24× | 1.81× | ||
| Q3 24 | — | 1.39× | ||
| Q2 24 | -0.46× | 2.38× | ||
| Q1 24 | — | 4.38× |
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
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
