vs
弗雷斯特研究公司（FORR）与IBEX Ltd（IBEX）财务数据对比。点击上方公司名可切换其他公司
IBEX Ltd的季度营收约是弗雷斯特研究公司的1.6倍（$164.2M vs $101.1M），IBEX Ltd净利率更高（7.4% vs -33.5%，领先41.0%），IBEX Ltd同比增速更快（16.7% vs -6.5%），弗雷斯特研究公司自由现金流更多（$-4.3M vs $-5.1M），过去两年IBEX Ltd的营收复合增速更高（13.8% 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。
IBEX 35是西班牙主要交易所马德里证券交易所的基准股票指数，该指数始创于1992年，由西班牙证券市场集团BME旗下的交易所公司负责计算与管理。它以市值加权编制，涵盖马德里证券交易所流动性最高的35只西班牙股票，每年进行两次成分股调整。
FORR vs IBEX — 直观对比
营收规模更大
IBEX
是对方的1.6倍
$101.1M
营收增速更快
IBEX
高出23.2%
-6.5%
净利率更高
IBEX
高出41.0%
-33.5%
自由现金流更多
FORR
多$812.0K
$-5.1M
两年增速更快
IBEX
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $164.2M |
| 净利润 | $-33.9M | $12.2M |
| 毛利率 | 56.7% | — |
| 营业利润率 | -36.6% | 9.3% |
| 净利率 | -33.5% | 7.4% |
| 营收同比 | -6.5% | 16.7% |
| 净利润同比 | -7941.4% | 31.8% |
| 每股收益（稀释后） | $-1.75 | $0.83 |
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FORRIBEX
| Q4 25 | $101.1M | $164.2M | ||
| Q3 25 | $94.3M | $151.2M | ||
| Q2 25 | $111.7M | $147.1M | ||
| Q1 25 | $89.9M | $140.7M | ||
| Q4 24 | $108.0M | $140.7M | ||
| Q3 24 | $102.5M | $129.7M | ||
| Q2 24 | $121.8M | $124.5M | ||
| Q1 24 | $100.1M | $126.8M |
净利润FORRIBEX
| Q4 25 | $-33.9M | $12.2M | ||
| Q3 25 | $-2.1M | $12.0M | ||
| Q2 25 | $3.9M | $9.6M | ||
| Q1 25 | $-87.3M | $10.5M | ||
| Q4 24 | $432.0K | $9.3M | ||
| Q3 24 | $-5.8M | $7.5M | ||
| Q2 24 | $6.3M | $9.8M | ||
| Q1 24 | $-6.7M | $10.3M |
毛利率FORRIBEX
| 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FORRIBEX
| Q4 25 | -36.6% | 9.3% | ||
| Q3 25 | 4.7% | 9.1% | ||
| Q2 25 | 6.2% | 8.3% | ||
| Q1 25 | -97.5% | 9.5% | ||
| Q4 24 | -0.5% | 8.5% | ||
| Q3 24 | -0.7% | 7.0% | ||
| Q2 24 | 9.3% | 10.3% | ||
| Q1 24 | -9.3% | 8.9% |
净利率FORRIBEX
| Q4 25 | -33.5% | 7.4% | ||
| Q3 25 | -2.3% | 8.0% | ||
| Q2 25 | 3.5% | 6.5% | ||
| Q1 25 | -97.1% | 7.4% | ||
| Q4 24 | 0.4% | 6.6% | ||
| Q3 24 | -5.7% | 5.8% | ||
| Q2 24 | 5.2% | 7.9% | ||
| Q1 24 | -6.7% | 8.1% |
每股收益（稀释后）FORRIBEX
| Q4 25 | $-1.75 | $0.83 | ||
| Q3 25 | $-0.11 | $0.82 | ||
| Q2 25 | $0.20 | $0.63 | ||
| Q1 25 | $-4.62 | $0.73 | ||
| Q4 24 | $0.02 | $0.57 | ||
| Q3 24 | $-0.30 | $0.43 | ||
| Q2 24 | $0.33 | $0.55 | ||
| Q1 24 | $-0.35 | $0.57 |
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 | $15.5M |
| 总债务越低越好 | — | $594.0K |
| 股东权益账面价值 | $126.5M | $154.5M |
| 总资产 | $404.0M | $295.8M |
| 负债/权益比越低杠杆越低 | — | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资FORRIBEX
| Q4 25 | $63.3M | $15.5M | ||
| Q3 25 | $65.1M | $22.7M | ||
| Q2 25 | $67.8M | $15.3M | ||
| Q1 25 | $75.6M | $13.0M | ||
| Q4 24 | $56.1M | $20.2M | ||
| Q3 24 | $62.8M | $62.3M | ||
| Q2 24 | $58.9M | $62.7M | ||
| Q1 24 | $61.4M | $50.7M |
总债务FORRIBEX
| Q4 25 | — | $594.0K | ||
| Q3 25 | — | $726.0K | ||
| Q2 25 | — | $796.0K | ||
| Q1 25 | — | $735.0K | ||
| Q4 24 | — | $695.0K | ||
| Q3 24 | — | $802.0K | ||
| Q2 24 | — | $867.0K | ||
| Q1 24 | — | $820.0K |
股东权益FORRIBEX
| Q4 25 | $126.5M | $154.5M | ||
| Q3 25 | $157.7M | $143.6M | ||
| Q2 25 | $159.5M | $134.3M | ||
| Q1 25 | $147.4M | $124.2M | ||
| Q4 24 | $229.5M | $108.9M | ||
| Q3 24 | $234.3M | $171.1M | ||
| Q2 24 | $237.1M | $165.8M | ||
| Q1 24 | $230.9M | $159.3M |
总资产FORRIBEX
| Q4 25 | $404.0M | $295.8M | ||
| Q3 25 | $414.2M | $283.9M | ||
| Q2 25 | $436.0M | $273.2M | ||
| Q1 25 | $439.8M | $274.7M | ||
| Q4 24 | $503.9M | $272.5M | ||
| Q3 24 | $505.3M | $306.3M | ||
| Q2 24 | $524.2M | $293.9M | ||
| Q1 24 | $555.7M | $289.6M |
负债/权益比FORRIBEX
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.01× | ||
| Q1 25 | — | 0.01× | ||
| Q4 24 | — | 0.01× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.01× | ||
| Q1 24 | — | 0.01× |
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 | $6.6M |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $-5.1M |
| 自由现金流率自由现金流/营收 | -4.2% | -3.1% |
| 资本支出强度资本支出/营收 | 1.1% | 7.1% |
| 现金转化率经营现金流/净利润 | — | 0.54× |
| 过去12个月自由现金流最近4个季度 | $18.1M | $29.3M |
8季度趋势，按日历期对齐
经营现金流FORRIBEX
| Q4 25 | $-3.2M | $6.6M | ||
| Q3 25 | $1.2M | $15.7M | ||
| Q2 25 | $-3.6M | $27.9M | ||
| Q1 25 | $26.7M | $8.8M | ||
| Q4 24 | $-1.8M | $1.1M | ||
| Q3 24 | $264.0K | $7.8M | ||
| Q2 24 | $-2.9M | $17.4M | ||
| Q1 24 | $611.0K | $11.4M |
自由现金流FORRIBEX
| Q4 25 | $-4.3M | $-5.1M | ||
| Q3 25 | $524.0K | $8.0M | ||
| Q2 25 | $-4.2M | $22.8M | ||
| Q1 25 | $26.1M | $3.6M | ||
| Q4 24 | $-2.5M | $-3.2M | ||
| Q3 24 | $-223.0K | $4.1M | ||
| Q2 24 | $-3.7M | $15.2M | ||
| Q1 24 | $-815.0K | $9.7M |
自由现金流率FORRIBEX
| Q4 25 | -4.2% | -3.1% | ||
| Q3 25 | 0.6% | 5.3% | ||
| Q2 25 | -3.8% | 15.5% | ||
| Q1 25 | 29.0% | 2.5% | ||
| Q4 24 | -2.3% | -2.3% | ||
| Q3 24 | -0.2% | 3.2% | ||
| Q2 24 | -3.1% | 12.2% | ||
| Q1 24 | -0.8% | 7.7% |
资本支出强度FORRIBEX
| Q4 25 | 1.1% | 7.1% | ||
| Q3 25 | 0.7% | 5.1% | ||
| Q2 25 | 0.5% | 3.5% | ||
| Q1 25 | 0.7% | 3.7% | ||
| Q4 24 | 0.6% | 3.1% | ||
| Q3 24 | 0.5% | 2.8% | ||
| Q2 24 | 0.7% | 1.8% | ||
| Q1 24 | 1.4% | 1.3% |
现金转化率FORRIBEX
| Q4 25 | — | 0.54× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | -0.93× | 2.91× | ||
| Q1 25 | — | 0.84× | ||
| Q4 24 | -4.24× | 0.12× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | -0.46× | 1.77× | ||
| Q1 24 | — | 1.11× |
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% |
IBEX
| Transferred Over Time | $147.1M | 90% |
| Transferred At Point In Time | $17.1M | 10% |
