vs
弗雷斯特研究公司（FORR）与NLIGHT, INC.（LASR）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NLIGHT, INC.的1.2倍（$101.1M vs $81.2M），NLIGHT, INC.净利率更高（-6.0% vs -33.5%，领先27.5%），NLIGHT, INC.同比增速更快（71.3% vs -6.5%），NLIGHT, INC.自由现金流更多（$15.9M vs $-4.3M），过去两年NLIGHT, INC.的营收复合增速更高（35.0% 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。
nLight Inc.是全球领先的高性能半导体激光器、光纤激光器及相关光学组件研发生产商，产品广泛应用于工业精密制造、航空航天与国防、医疗设备、前沿研究等核心领域，客户遍及北美、欧洲及亚太地区。
FORR vs LASR — 直观对比
营收规模更大
FORR
是对方的1.2倍
$81.2M
营收增速更快
LASR
高出77.8%
-6.5%
净利率更高
LASR
高出27.5%
-33.5%
自由现金流更多
LASR
多$20.2M
$-4.3M
两年增速更快
LASR
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $81.2M |
| 净利润 | $-33.9M | $-4.9M |
| 毛利率 | 56.7% | 30.7% |
| 营业利润率 | -36.6% | -6.7% |
| 净利率 | -33.5% | -6.0% |
| 营收同比 | -6.5% | 71.3% |
| 净利润同比 | -7941.4% | 80.3% |
| 每股收益（稀释后） | $-1.75 | $-0.10 |
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FORRLASR
| Q4 25 | $101.1M | $81.2M | ||
| Q3 25 | $94.3M | $66.7M | ||
| Q2 25 | $111.7M | $61.7M | ||
| Q1 25 | $89.9M | $51.7M | ||
| Q4 24 | $108.0M | $47.4M | ||
| Q3 24 | $102.5M | $56.1M | ||
| Q2 24 | $121.8M | $50.5M | ||
| Q1 24 | $100.1M | $44.5M |
净利润FORRLASR
| Q4 25 | $-33.9M | $-4.9M | ||
| Q3 25 | $-2.1M | $-6.9M | ||
| Q2 25 | $3.9M | $-3.6M | ||
| Q1 25 | $-87.3M | $-8.1M | ||
| Q4 24 | $432.0K | $-25.0M | ||
| Q3 24 | $-5.8M | $-10.3M | ||
| Q2 24 | $6.3M | $-11.7M | ||
| Q1 24 | $-6.7M | $-13.8M |
毛利率FORRLASR
| Q4 25 | 56.7% | 30.7% | ||
| Q3 25 | 60.0% | 31.1% | ||
| Q2 25 | 55.5% | 29.9% | ||
| Q1 25 | 55.9% | 26.7% | ||
| Q4 24 | 58.8% | 2.4% | ||
| Q3 24 | 60.5% | 22.4% | ||
| Q2 24 | 57.3% | 23.5% | ||
| Q1 24 | 54.9% | 16.8% |
营业利润率FORRLASR
| Q4 25 | -36.6% | -6.7% | ||
| Q3 25 | 4.7% | -10.9% | ||
| Q2 25 | 6.2% | -6.9% | ||
| Q1 25 | -97.5% | -18.6% | ||
| Q4 24 | -0.5% | -55.8% | ||
| Q3 24 | -0.7% | -21.0% | ||
| Q2 24 | 9.3% | -25.1% | ||
| Q1 24 | -9.3% | -33.1% |
净利率FORRLASR
| Q4 25 | -33.5% | -6.0% | ||
| Q3 25 | -2.3% | -10.3% | ||
| Q2 25 | 3.5% | -5.8% | ||
| Q1 25 | -97.1% | -15.7% | ||
| Q4 24 | 0.4% | -52.7% | ||
| Q3 24 | -5.7% | -18.4% | ||
| Q2 24 | 5.2% | -23.2% | ||
| Q1 24 | -6.7% | -30.9% |
每股收益（稀释后）FORRLASR
| Q4 25 | $-1.75 | $-0.10 | ||
| Q3 25 | $-0.11 | $-0.14 | ||
| Q2 25 | $0.20 | $-0.07 | ||
| Q1 25 | $-4.62 | $-0.16 | ||
| Q4 24 | $0.02 | $-0.52 | ||
| Q3 24 | $-0.30 | $-0.21 | ||
| Q2 24 | $0.33 | $-0.25 | ||
| Q1 24 | $-0.35 | $-0.29 |
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 | $98.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $126.5M | $226.7M |
| 总资产 | $404.0M | $315.2M |
| 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FORRLASR
| Q4 25 | $63.3M | $98.7M | ||
| Q3 25 | $65.1M | $81.1M | ||
| Q2 25 | $67.8M | $78.8M | ||
| Q1 25 | $75.6M | $82.2M | ||
| Q4 24 | $56.1M | $65.8M | ||
| Q3 24 | $62.8M | $41.5M | ||
| Q2 24 | $58.9M | $49.4M | ||
| Q1 24 | $61.4M | $61.3M |
股东权益FORRLASR
| Q4 25 | $126.5M | $226.7M | ||
| Q3 25 | $157.7M | $218.5M | ||
| Q2 25 | $159.5M | $216.0M | ||
| Q1 25 | $147.4M | $212.8M | ||
| Q4 24 | $229.5M | $216.4M | ||
| Q3 24 | $234.3M | $235.3M | ||
| Q2 24 | $237.1M | $239.5M | ||
| Q1 24 | $230.9M | $244.4M |
总资产FORRLASR
| Q4 25 | $404.0M | $315.2M | ||
| Q3 25 | $414.2M | $298.7M | ||
| Q2 25 | $436.0M | $295.3M | ||
| Q1 25 | $439.8M | $290.0M | ||
| Q4 24 | $503.9M | $270.2M | ||
| Q3 24 | $505.3M | $291.3M | ||
| Q2 24 | $524.2M | $294.3M | ||
| Q1 24 | $555.7M | $302.8M |
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 | $17.5M |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $15.9M |
| 自由现金流率自由现金流/营收 | -4.2% | 19.6% |
| 资本支出强度资本支出/营收 | 1.1% | 2.0% |
| 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 | $12.3M |
8季度趋势，按日历期对齐
经营现金流FORRLASR
| Q4 25 | $-3.2M | $17.5M | ||
| Q3 25 | $1.2M | $5.2M | ||
| Q2 25 | $-3.6M | $-1.4M | ||
| Q1 25 | $26.7M | $-20.0K | ||
| Q4 24 | $-1.8M | $-3.9M | ||
| Q3 24 | $264.0K | $-5.6M | ||
| Q2 24 | $-2.9M | $-4.2M | ||
| Q1 24 | $611.0K | $11.4M |
自由现金流FORRLASR
| Q4 25 | $-4.3M | $15.9M | ||
| Q3 25 | $524.0K | $2.4M | ||
| Q2 25 | $-4.2M | $-3.8M | ||
| Q1 25 | $26.1M | $-2.3M | ||
| Q4 24 | $-2.5M | $-6.5M | ||
| Q3 24 | $-223.0K | $-7.2M | ||
| Q2 24 | $-3.7M | $-6.4M | ||
| Q1 24 | $-815.0K | $9.8M |
自由现金流率FORRLASR
| Q4 25 | -4.2% | 19.6% | ||
| Q3 25 | 0.6% | 3.7% | ||
| Q2 25 | -3.8% | -6.1% | ||
| Q1 25 | 29.0% | -4.5% | ||
| Q4 24 | -2.3% | -13.7% | ||
| Q3 24 | -0.2% | -12.9% | ||
| Q2 24 | -3.1% | -12.6% | ||
| Q1 24 | -0.8% | 22.1% |
资本支出强度FORRLASR
| Q4 25 | 1.1% | 2.0% | ||
| Q3 25 | 0.7% | 4.2% | ||
| Q2 25 | 0.5% | 3.9% | ||
| Q1 25 | 0.7% | 4.4% | ||
| Q4 24 | 0.6% | 5.5% | ||
| Q3 24 | 0.5% | 2.9% | ||
| Q2 24 | 0.7% | 4.2% | ||
| Q1 24 | 1.4% | 3.5% |
现金转化率FORRLASR
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.93× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.46× | — | ||
| Q1 24 | — | — |
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% |
LASR
| Aerospaceand Defense | $56.3M | 69% |
| Microfabrication | $14.2M | 18% |
| Industrial | $10.7M | 13% |
