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弗雷斯特研究公司（FORR）与Hut 8 Corp.（HUT）财务数据对比。点击上方公司名可切换其他公司
弗雷斯特研究公司的季度营收约是Hut 8 Corp.的1.1倍（$101.1M vs $88.5M），弗雷斯特研究公司净利率更高（-33.5% vs -316.0%，领先282.5%），Hut 8 Corp.同比增速更快（179.2% vs -6.5%），过去两年Hut 8 Corp.的营收复合增速更高（30.8% 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。
Tropical Hut是菲律宾水星集团旗下的快餐连锁品牌，是菲律宾历史第七悠久的餐饮连锁品牌，创立时间早于1978年成立的快乐蜂及1981年进入菲律宾市场的麦当劳。
FORR vs HUT — 直观对比
营收规模更大
FORR
是对方的1.1倍
$88.5M
营收增速更快
HUT
高出185.7%
-6.5%
净利率更高
FORR
高出282.5%
-316.0%
两年增速更快
HUT
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $88.5M |
| 净利润 | $-33.9M | $-279.7M |
| 毛利率 | 56.7% | 60.4% |
| 营业利润率 | -36.6% | -491.4% |
| 净利率 | -33.5% | -316.0% |
| 营收同比 | -6.5% | 179.2% |
| 净利润同比 | -7941.4% | -283.7% |
| 每股收益（稀释后） | $-1.75 | $-2.45 |
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FORRHUT
| Q4 25 | $101.1M | $88.5M | ||
| Q3 25 | $94.3M | $83.5M | ||
| Q2 25 | $111.7M | $41.3M | ||
| Q1 25 | $89.9M | $21.8M | ||
| Q4 24 | $108.0M | $31.7M | ||
| Q3 24 | $102.5M | $43.7M | ||
| Q2 24 | $121.8M | $35.2M | ||
| Q1 24 | $100.1M | $51.7M |
净利润FORRHUT
| Q4 25 | $-33.9M | $-279.7M | ||
| Q3 25 | $-2.1M | $50.1M | ||
| Q2 25 | $3.9M | $137.3M | ||
| Q1 25 | $-87.3M | $-133.9M | ||
| Q4 24 | $432.0K | $152.2M | ||
| Q3 24 | $-5.8M | $647.0K | ||
| Q2 24 | $6.3M | $-71.9M | ||
| Q1 24 | $-6.7M | $250.9M |
毛利率FORRHUT
| Q4 25 | 56.7% | 60.4% | ||
| Q3 25 | 60.0% | 61.3% | ||
| Q2 25 | 55.5% | 47.3% | ||
| Q1 25 | 55.9% | 14.5% | ||
| Q4 24 | 58.8% | 35.9% | ||
| Q3 24 | 60.5% | 59.9% | ||
| Q2 24 | 57.3% | 41.4% | ||
| Q1 24 | 54.9% | 45.6% |
营业利润率FORRHUT
| Q4 25 | -36.6% | -491.4% | ||
| Q3 25 | 4.7% | 87.0% | ||
| Q2 25 | 6.2% | — | ||
| Q1 25 | -97.5% | -676.8% | ||
| Q4 24 | -0.5% | — | ||
| Q3 24 | -0.7% | -3.6% | ||
| Q2 24 | 9.3% | -246.2% | ||
| Q1 24 | -9.3% | — |
净利率FORRHUT
| Q4 25 | -33.5% | -316.0% | ||
| Q3 25 | -2.3% | 60.0% | ||
| Q2 25 | 3.5% | 332.5% | ||
| Q1 25 | -97.1% | -613.7% | ||
| Q4 24 | 0.4% | 480.3% | ||
| Q3 24 | -5.7% | 1.5% | ||
| Q2 24 | 5.2% | -204.1% | ||
| Q1 24 | -6.7% | 484.9% |
每股收益（稀释后）FORRHUT
| Q4 25 | $-1.75 | $-2.45 | ||
| Q3 25 | $-0.11 | $0.43 | ||
| Q2 25 | $0.20 | $1.18 | ||
| Q1 25 | $-4.62 | $-1.30 | ||
| Q4 24 | $0.02 | $1.41 | ||
| Q3 24 | $-0.30 | $0.01 | ||
| Q2 24 | $0.33 | $-0.78 | ||
| Q1 24 | $-0.35 | $2.76 |
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 | $44.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $126.5M | $1.4B |
| 总资产 | $404.0M | $2.8B |
| 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FORRHUT
| Q4 25 | $63.3M | $44.9M | ||
| Q3 25 | $65.1M | $33.5M | ||
| Q2 25 | $67.8M | $216.3M | ||
| Q1 25 | $75.6M | $108.4M | ||
| Q4 24 | $56.1M | $85.0M | ||
| Q3 24 | $62.8M | — | ||
| Q2 24 | $58.9M | — | ||
| Q1 24 | $61.4M | $11.5M |
总债务FORRHUT
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $300.6M | ||
| Q3 24 | — | $297.3M | ||
| Q2 24 | — | $328.8M | ||
| Q1 24 | — | $177.6M |
股东权益FORRHUT
| Q4 25 | $126.5M | $1.4B | ||
| Q3 25 | $157.7M | $1.4B | ||
| Q2 25 | $159.5M | $1.3B | ||
| Q1 25 | $147.4M | $960.0M | ||
| Q4 24 | $229.5M | $976.7M | ||
| Q3 24 | $234.3M | $703.9M | ||
| Q2 24 | $237.1M | $660.1M | ||
| Q1 24 | $230.9M | $732.0M |
总资产FORRHUT
| Q4 25 | $404.0M | $2.8B | ||
| Q3 25 | $414.2M | $2.7B | ||
| Q2 25 | $436.0M | $2.0B | ||
| Q1 25 | $439.8M | $1.6B | ||
| Q4 24 | $503.9M | $1.5B | ||
| Q3 24 | $505.3M | $1.1B | ||
| Q2 24 | $524.2M | $1.1B | ||
| Q1 24 | $555.7M | $999.0M |
负债/权益比FORRHUT
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.31× | ||
| Q3 24 | — | 0.42× | ||
| Q2 24 | — | 0.50× | ||
| Q1 24 | — | 0.24× |
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 | $-139.2M |
| 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FORRHUT
| Q4 25 | $-3.2M | $-139.2M | ||
| Q3 25 | $1.2M | $770.0K | ||
| Q2 25 | $-3.6M | $-48.8M | ||
| Q1 25 | $26.7M | $-33.8M | ||
| Q4 24 | $-1.8M | $-68.5M | ||
| Q3 24 | $264.0K | $-4.2M | ||
| Q2 24 | $-2.9M | $-16.4M | ||
| Q1 24 | $611.0K | $-26.3M |
自由现金流FORRHUT
| 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FORRHUT
| 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FORRHUT
| 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FORRHUT
| Q4 25 | — | — | ||
| Q3 25 | — | 0.02× | ||
| Q2 25 | -0.93× | -0.36× | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | -0.45× | ||
| Q3 24 | — | -6.49× | ||
| Q2 24 | -0.46× | — | ||
| Q1 24 | — | -0.11× |
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% |
HUT
| High Performance Computing Colocation And Cloud | $81.9M | 93% |
| Power | $5.0M | 6% |
| Digital Infrastructure | $1.6M | 2% |
