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弗雷斯特研究公司（FORR）与IREN Ltd（IREN）财务数据对比。点击上方公司名可切换其他公司
IREN Ltd的季度营收约是弗雷斯特研究公司的1.8倍（$184.7M vs $101.1M），弗雷斯特研究公司净利率更高（-33.5% vs -84.1%，领先50.6%），IREN Ltd同比增速更快（59.0% vs -6.5%），弗雷斯特研究公司自由现金流更多（$-4.3M vs $-468.0M）
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。
IREN Ltd是一家垂直整合的数据中心企业，依托可再生能源为比特币、人工智能等前沿领域发展提供算力支撑，旗下设施策略性布局于美国及加拿大境内可再生能源丰富、光纤网络完善的区域。
FORR vs IREN — 直观对比
营收规模更大
IREN
是对方的1.8倍
$101.1M
营收增速更快
IREN
高出65.5%
-6.5%
净利率更高
FORR
高出50.6%
-84.1%
自由现金流更多
FORR
多$463.8M
$-468.0M
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $184.7M |
| 净利润 | $-33.9M | $-155.4M |
| 毛利率 | 56.7% | 64.4% |
| 营业利润率 | -36.6% | -63.0% |
| 净利率 | -33.5% | -84.1% |
| 营收同比 | -6.5% | 59.0% |
| 净利润同比 | -7941.4% | -610.0% |
| 每股收益（稀释后） | $-1.75 | $-0.52 |
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FORRIREN
| Q4 25 | $101.1M | $184.7M | ||
| Q3 25 | $94.3M | $240.3M | ||
| Q2 25 | $111.7M | — | ||
| Q1 25 | $89.9M | — | ||
| Q4 24 | $108.0M | $116.1M | ||
| Q3 24 | $102.5M | $52.8M | ||
| Q2 24 | $121.8M | — | ||
| Q1 24 | $100.1M | $54.3M |
净利润FORRIREN
| Q4 25 | $-33.9M | $-155.4M | ||
| Q3 25 | $-2.1M | $384.6M | ||
| Q2 25 | $3.9M | — | ||
| Q1 25 | $-87.3M | — | ||
| Q4 24 | $432.0K | $-21.9M | ||
| Q3 24 | $-5.8M | $-51.7M | ||
| Q2 24 | $6.3M | — | ||
| Q1 24 | $-6.7M | $8.6M |
毛利率FORRIREN
| Q4 25 | 56.7% | 64.4% | ||
| Q3 25 | 60.0% | 66.4% | ||
| Q2 25 | 55.5% | — | ||
| Q1 25 | 55.9% | — | ||
| Q4 24 | 58.8% | 72.2% | ||
| Q3 24 | 60.5% | 39.6% | ||
| Q2 24 | 57.3% | — | ||
| Q1 24 | 54.9% | — |
营业利润率FORRIREN
| Q4 25 | -36.6% | -63.0% | ||
| Q3 25 | 4.7% | -31.8% | ||
| Q2 25 | 6.2% | — | ||
| Q1 25 | -97.5% | — | ||
| Q4 24 | -0.5% | 14.9% | ||
| Q3 24 | -0.7% | -89.2% | ||
| Q2 24 | 9.3% | — | ||
| Q1 24 | -9.3% | 11.1% |
净利率FORRIREN
| Q4 25 | -33.5% | -84.1% | ||
| Q3 25 | -2.3% | 160.1% | ||
| Q2 25 | 3.5% | — | ||
| Q1 25 | -97.1% | — | ||
| Q4 24 | 0.4% | -18.8% | ||
| Q3 24 | -5.7% | -98.0% | ||
| Q2 24 | 5.2% | — | ||
| Q1 24 | -6.7% | 15.9% |
每股收益（稀释后）FORRIREN
| Q4 25 | $-1.75 | $-0.52 | ||
| Q3 25 | $-0.11 | $1.08 | ||
| Q2 25 | $0.20 | — | ||
| Q1 25 | $-4.62 | — | ||
| Q4 24 | $0.02 | $-0.10 | ||
| Q3 24 | $-0.30 | $-0.27 | ||
| Q2 24 | $0.33 | — | ||
| Q1 24 | $-0.35 | $0.00 |
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 | $3.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $126.5M | $2.5B |
| 总资产 | $404.0M | $7.0B |
| 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FORRIREN
| Q4 25 | $63.3M | $3.3B | ||
| Q3 25 | $65.1M | $1.0B | ||
| Q2 25 | $67.8M | — | ||
| Q1 25 | $75.6M | — | ||
| Q4 24 | $56.1M | $427.3M | ||
| Q3 24 | $62.8M | $98.6M | ||
| Q2 24 | $58.9M | — | ||
| Q1 24 | $61.4M | $259.7M |
股东权益FORRIREN
| Q4 25 | $126.5M | $2.5B | ||
| Q3 25 | $157.7M | $2.9B | ||
| Q2 25 | $159.5M | — | ||
| Q1 25 | $147.4M | — | ||
| Q4 24 | $229.5M | $1.2B | ||
| Q3 24 | $234.3M | $1.1B | ||
| Q2 24 | $237.1M | — | ||
| Q1 24 | $230.9M | $677.2M |
总资产FORRIREN
| Q4 25 | $404.0M | $7.0B | ||
| Q3 25 | $414.2M | $4.3B | ||
| Q2 25 | $436.0M | — | ||
| Q1 25 | $439.8M | — | ||
| Q4 24 | $503.9M | $1.9B | ||
| Q3 24 | $505.3M | $1.3B | ||
| Q2 24 | $524.2M | — | ||
| Q1 24 | $555.7M | $723.6M |
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 | $71.7M |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $-468.0M |
| 自由现金流率自由现金流/营收 | -4.2% | -253.4% |
| 资本支出强度资本支出/营收 | 1.1% | 292.2% |
| 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 | $-701.2M |
8季度趋势，按日历期对齐
经营现金流FORRIREN
| Q4 25 | $-3.2M | $71.7M | ||
| Q3 25 | $1.2M | $142.4M | ||
| Q2 25 | $-3.6M | — | ||
| Q1 25 | $26.7M | — | ||
| Q4 24 | $-1.8M | $53.6M | ||
| Q3 24 | $264.0K | $-3.9M | ||
| Q2 24 | $-2.9M | — | ||
| Q1 24 | $611.0K | $-27.1M |
自由现金流FORRIREN
| Q4 25 | $-4.3M | $-468.0M | ||
| Q3 25 | $524.0K | $-38.0M | ||
| Q2 25 | $-4.2M | — | ||
| Q1 25 | $26.1M | — | ||
| Q4 24 | $-2.5M | $-85.5M | ||
| Q3 24 | $-223.0K | $-109.7M | ||
| Q2 24 | $-3.7M | — | ||
| Q1 24 | $-815.0K | $-108.3M |
自由现金流率FORRIREN
| Q4 25 | -4.2% | -253.4% | ||
| Q3 25 | 0.6% | -15.8% | ||
| Q2 25 | -3.8% | — | ||
| Q1 25 | 29.0% | — | ||
| Q4 24 | -2.3% | -73.6% | ||
| Q3 24 | -0.2% | -208.0% | ||
| Q2 24 | -3.1% | — | ||
| Q1 24 | -0.8% | -199.4% |
资本支出强度FORRIREN
| Q4 25 | 1.1% | 292.2% | ||
| Q3 25 | 0.7% | 75.0% | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 0.6% | 119.7% | ||
| Q3 24 | 0.5% | 200.6% | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 1.4% | 149.5% |
现金转化率FORRIREN
| Q4 25 | — | — | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | -0.93× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.46× | — | ||
| Q1 24 | — | -3.13× |
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% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
