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弗雷斯特研究公司（FORR）与LINCOLN EDUCATIONAL SERVICES CORP（LINC）财务数据对比。点击上方公司名可切换其他公司
LINCOLN EDUCATIONAL SERVICES CORP的季度营收约是弗雷斯特研究公司的1.4倍（$142.9M vs $101.1M），LINCOLN EDUCATIONAL SERVICES CORP净利率更高（8.9% vs -33.5%，领先42.4%），LINCOLN EDUCATIONAL SERVICES CORP同比增速更快（19.7% vs -6.5%），LINCOLN EDUCATIONAL SERVICES CORP自由现金流更多（$25.0M vs $-4.3M），过去两年LINCOLN EDUCATIONAL SERVICES CORP的营收复合增速更高（17.6% 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。
林肯技术教育集团是美国营利性高等职业教育机构，总部位于新泽西州帕西帕尼，在美国科罗拉多、康涅狄格、佐治亚等12个州都设有校区，所有校区均由林肯教育服务公司持有运营，主打面向就业的高等职业技术教育服务。
FORR vs LINC — 直观对比
营收规模更大
LINC
是对方的1.4倍
$101.1M
营收增速更快
LINC
高出26.1%
-6.5%
净利率更高
LINC
高出42.4%
-33.5%
自由现金流更多
LINC
多$29.3M
$-4.3M
两年增速更快
LINC
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $142.9M |
| 净利润 | $-33.9M | $12.7M |
| 毛利率 | 56.7% | 62.3% |
| 营业利润率 | -36.6% | 12.4% |
| 净利率 | -33.5% | 8.9% |
| 营收同比 | -6.5% | 19.7% |
| 净利润同比 | -7941.4% | 85.9% |
| 每股收益（稀释后） | $-1.75 | $0.41 |
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FORRLINC
| Q4 25 | $101.1M | $142.9M | ||
| Q3 25 | $94.3M | $141.4M | ||
| Q2 25 | $111.7M | $116.5M | ||
| Q1 25 | $89.9M | $117.5M | ||
| Q4 24 | $108.0M | $119.4M | ||
| Q3 24 | $102.5M | $114.4M | ||
| Q2 24 | $121.8M | $102.9M | ||
| Q1 24 | $100.1M | $103.4M |
净利润FORRLINC
| Q4 25 | $-33.9M | $12.7M | ||
| Q3 25 | $-2.1M | $3.8M | ||
| Q2 25 | $3.9M | $1.6M | ||
| Q1 25 | $-87.3M | $1.9M | ||
| Q4 24 | $432.0K | $6.8M | ||
| Q3 24 | $-5.8M | $4.0M | ||
| Q2 24 | $6.3M | $-682.0K | ||
| Q1 24 | $-6.7M | $-214.0K |
毛利率FORRLINC
| Q4 25 | 56.7% | 62.3% | ||
| Q3 25 | 60.0% | 59.5% | ||
| Q2 25 | 55.5% | 59.8% | ||
| Q1 25 | 55.9% | 59.7% | ||
| Q4 24 | 58.8% | 62.2% | ||
| Q3 24 | 60.5% | 58.0% | ||
| Q2 24 | 57.3% | 55.7% | ||
| Q1 24 | 54.9% | 58.4% |
营业利润率FORRLINC
| Q4 25 | -36.6% | 12.4% | ||
| Q3 25 | 4.7% | 4.4% | ||
| Q2 25 | 6.2% | 2.5% | ||
| Q1 25 | -97.5% | 2.9% | ||
| Q4 24 | -0.5% | 9.2% | ||
| Q3 24 | -0.7% | 5.1% | ||
| Q2 24 | 9.3% | -1.1% | ||
| Q1 24 | -9.3% | -0.4% |
净利率FORRLINC
| Q4 25 | -33.5% | 8.9% | ||
| Q3 25 | -2.3% | 2.7% | ||
| Q2 25 | 3.5% | 1.3% | ||
| Q1 25 | -97.1% | 1.7% | ||
| Q4 24 | 0.4% | 5.7% | ||
| Q3 24 | -5.7% | 3.5% | ||
| Q2 24 | 5.2% | -0.7% | ||
| Q1 24 | -6.7% | -0.2% |
每股收益（稀释后）FORRLINC
| Q4 25 | $-1.75 | $0.41 | ||
| Q3 25 | $-0.11 | $0.12 | ||
| Q2 25 | $0.20 | $0.05 | ||
| Q1 25 | $-4.62 | $0.06 | ||
| Q4 24 | $0.02 | $0.22 | ||
| Q3 24 | $-0.30 | $0.13 | ||
| Q2 24 | $0.33 | $-0.02 | ||
| Q1 24 | $-0.35 | $-0.01 |
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 | $28.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $126.5M | $199.7M |
| 总资产 | $404.0M | $493.2M |
| 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FORRLINC
| Q4 25 | $63.3M | $28.5M | ||
| Q3 25 | $65.1M | $13.5M | ||
| Q2 25 | $67.8M | $16.7M | ||
| Q1 25 | $75.6M | $28.7M | ||
| Q4 24 | $56.1M | $59.3M | ||
| Q3 24 | $62.8M | $54.0M | ||
| Q2 24 | $58.9M | $67.0M | ||
| Q1 24 | $61.4M | $68.6M |
股东权益FORRLINC
| Q4 25 | $126.5M | $199.7M | ||
| Q3 25 | $157.7M | $185.9M | ||
| Q2 25 | $159.5M | $180.7M | ||
| Q1 25 | $147.4M | $177.8M | ||
| Q4 24 | $229.5M | $178.3M | ||
| Q3 24 | $234.3M | $170.0M | ||
| Q2 24 | $237.1M | $164.9M | ||
| Q1 24 | $230.9M | $164.5M |
总资产FORRLINC
| Q4 25 | $404.0M | $493.2M | ||
| Q3 25 | $414.2M | $466.9M | ||
| Q2 25 | $436.0M | $447.3M | ||
| Q1 25 | $439.8M | $427.4M | ||
| Q4 24 | $503.9M | $436.6M | ||
| Q3 24 | $505.3M | $404.0M | ||
| Q2 24 | $524.2M | $366.4M | ||
| Q1 24 | $555.7M | $355.2M |
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 | $43.5M |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $25.0M |
| 自由现金流率自由现金流/营收 | -4.2% | 17.5% |
| 资本支出强度资本支出/营收 | 1.1% | 13.0% |
| 现金转化率经营现金流/净利润 | — | 3.43× |
| 过去12个月自由现金流最近4个季度 | $18.1M | $-27.3M |
8季度趋势，按日历期对齐
经营现金流FORRLINC
| Q4 25 | $-3.2M | $43.5M | ||
| Q3 25 | $1.2M | $23.9M | ||
| Q2 25 | $-3.6M | $299.0K | ||
| Q1 25 | $26.7M | $-8.4M | ||
| Q4 24 | $-1.8M | $30.3M | ||
| Q3 24 | $264.0K | $5.6M | ||
| Q2 24 | $-2.9M | $8.3M | ||
| Q1 24 | $611.0K | $-14.9M |
自由现金流FORRLINC
| Q4 25 | $-4.3M | $25.0M | ||
| Q3 25 | $524.0K | $2.0M | ||
| Q2 25 | $-4.2M | $-26.1M | ||
| Q1 25 | $26.1M | $-28.3M | ||
| Q4 24 | $-2.5M | $5.5M | ||
| Q3 24 | $-223.0K | $-13.8M | ||
| Q2 24 | $-3.7M | $-2.7M | ||
| Q1 24 | $-815.0K | $-16.6M |
自由现金流率FORRLINC
| Q4 25 | -4.2% | 17.5% | ||
| Q3 25 | 0.6% | 1.4% | ||
| Q2 25 | -3.8% | -22.4% | ||
| Q1 25 | 29.0% | -24.1% | ||
| Q4 24 | -2.3% | 4.6% | ||
| Q3 24 | -0.2% | -12.0% | ||
| Q2 24 | -3.1% | -2.6% | ||
| Q1 24 | -0.8% | -16.1% |
资本支出强度FORRLINC
| Q4 25 | 1.1% | 13.0% | ||
| Q3 25 | 0.7% | 15.5% | ||
| Q2 25 | 0.5% | 22.7% | ||
| Q1 25 | 0.7% | 16.9% | ||
| Q4 24 | 0.6% | 20.8% | ||
| Q3 24 | 0.5% | 16.9% | ||
| Q2 24 | 0.7% | 10.7% | ||
| Q1 24 | 1.4% | 1.6% |
现金转化率FORRLINC
| Q4 25 | — | 3.43× | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | -0.93× | 0.19× | ||
| Q1 25 | — | -4.31× | ||
| Q4 24 | -4.24× | 4.43× | ||
| Q3 24 | — | 1.42× | ||
| 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% |
LINC
| Transferred Over Time | $136.0M | 95% |
| Transferred At Point In Time | $6.9M | 5% |
