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弗雷斯特研究公司（FORR）与Merchants Bancorp（MBIN）财务数据对比。点击上方公司名可切换其他公司
Merchants Bancorp的季度营收约是弗雷斯特研究公司的1.7倍（$175.2M vs $101.1M），Merchants Bancorp净利率更高（38.6% vs -33.5%，领先72.2%），过去两年Merchants Bancorp的营收复合增速更高（4.8% 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。
Ameris Bancorp是总部位于美国佐治亚州亚特兰大的银行控股企业，旗下设有Ameris Bank子公司，在佐治亚州、阿拉巴马州、佛罗里达州、北卡罗来纳州、南卡罗来纳州运营全服务网点，同时在上述五州及弗吉尼亚州、马里兰州、田纳西州设立仅办理抵押贷款业务的网点，为个人和企业客户提供线上及移动端银行服务。
FORR vs MBIN — 直观对比
营收规模更大
MBIN
是对方的1.7倍
$101.1M
净利率更高
MBIN
高出72.2%
-33.5%
两年增速更快
MBIN
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $175.2M |
| 净利润 | $-33.9M | $67.7M |
| 毛利率 | 56.7% | — |
| 营业利润率 | -36.6% | — |
| 净利率 | -33.5% | 38.6% |
| 营收同比 | -6.5% | — |
| 净利润同比 | -7941.4% | 16.3% |
| 每股收益（稀释后） | $-1.75 | $1.25 |
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FORRMBIN
| Q1 26 | — | $175.2M | ||
| Q4 25 | $101.1M | $185.3M | ||
| Q3 25 | $94.3M | $171.1M | ||
| Q2 25 | $111.7M | $179.2M | ||
| Q1 25 | $89.9M | $145.9M | ||
| Q4 24 | $108.0M | $193.8M | ||
| Q3 24 | $102.5M | $149.6M | ||
| Q2 24 | $121.8M | $159.5M |
净利润FORRMBIN
| Q1 26 | — | $67.7M | ||
| Q4 25 | $-33.9M | — | ||
| Q3 25 | $-2.1M | $54.7M | ||
| Q2 25 | $3.9M | $38.0M | ||
| Q1 25 | $-87.3M | $58.2M | ||
| Q4 24 | $432.0K | — | ||
| Q3 24 | $-5.8M | $61.3M | ||
| Q2 24 | $6.3M | $76.4M |
毛利率FORRMBIN
| Q1 26 | — | — | ||
| 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% | — |
营业利润率FORRMBIN
| Q1 26 | — | — | ||
| Q4 25 | -36.6% | 39.9% | ||
| Q3 25 | 4.7% | 37.8% | ||
| Q2 25 | 6.2% | 27.3% | ||
| Q1 25 | -97.5% | 52.4% | ||
| Q4 24 | -0.5% | 66.0% | ||
| Q3 24 | -0.7% | 54.4% | ||
| Q2 24 | 9.3% | 62.2% |
净利率FORRMBIN
| Q1 26 | — | 38.6% | ||
| Q4 25 | -33.5% | — | ||
| Q3 25 | -2.3% | 32.0% | ||
| Q2 25 | 3.5% | 21.2% | ||
| Q1 25 | -97.1% | 39.9% | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | -5.7% | 41.0% | ||
| Q2 24 | 5.2% | 47.9% |
每股收益（稀释后）FORRMBIN
| Q1 26 | — | $1.25 | ||
| Q4 25 | $-1.75 | $1.28 | ||
| Q3 25 | $-0.11 | $0.97 | ||
| Q2 25 | $0.20 | $0.60 | ||
| Q1 25 | $-4.62 | $0.93 | ||
| Q4 24 | $0.02 | $1.84 | ||
| Q3 24 | $-0.30 | $1.17 | ||
| Q2 24 | $0.33 | $1.49 |
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 | $83.2M |
| 总债务越低越好 | — | $32.0M |
| 股东权益账面价值 | $126.5M | $2.3B |
| 总资产 | $404.0M | $20.3B |
| 负债/权益比越低杠杆越低 | — | 0.01× |
8季度趋势，按日历期对齐
现金及短期投资FORRMBIN
| Q1 26 | — | $83.2M | ||
| Q4 25 | $63.3M | — | ||
| Q3 25 | $65.1M | — | ||
| Q2 25 | $67.8M | — | ||
| Q1 25 | $75.6M | — | ||
| Q4 24 | $56.1M | — | ||
| Q3 24 | $62.8M | — | ||
| Q2 24 | $58.9M | — |
总债务FORRMBIN
| Q1 26 | — | $32.0M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益FORRMBIN
| Q1 26 | — | $2.3B | ||
| Q4 25 | $126.5M | $2.3B | ||
| Q3 25 | $157.7M | $2.2B | ||
| Q2 25 | $159.5M | $2.2B | ||
| Q1 25 | $147.4M | $2.2B | ||
| Q4 24 | $229.5M | $2.2B | ||
| Q3 24 | $234.3M | $1.9B | ||
| Q2 24 | $237.1M | $1.9B |
总资产FORRMBIN
| Q1 26 | — | $20.3B | ||
| Q4 25 | $404.0M | $19.4B | ||
| Q3 25 | $414.2M | $19.4B | ||
| Q2 25 | $436.0M | $19.1B | ||
| Q1 25 | $439.8M | $18.8B | ||
| Q4 24 | $503.9M | $18.8B | ||
| Q3 24 | $505.3M | $18.7B | ||
| Q2 24 | $524.2M | $18.2B |
负债/权益比FORRMBIN
| Q1 26 | — | 0.01× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| 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FORRMBIN
| Q1 26 | — | — | ||
| Q4 25 | $-3.2M | $-341.2M | ||
| Q3 25 | $1.2M | $29.8M | ||
| Q2 25 | $-3.6M | $-121.2M | ||
| Q1 25 | $26.7M | $148.0M | ||
| Q4 24 | $-1.8M | $-835.3M | ||
| Q3 24 | $264.0K | $-492.6M | ||
| Q2 24 | $-2.9M | $51.1M |
自由现金流FORRMBIN
| Q1 26 | — | — | ||
| Q4 25 | $-4.3M | $-362.2M | ||
| Q3 25 | $524.0K | $24.0M | ||
| Q2 25 | $-4.2M | $-125.7M | ||
| Q1 25 | $26.1M | $141.2M | ||
| Q4 24 | $-2.5M | $-853.7M | ||
| Q3 24 | $-223.0K | $-497.2M | ||
| Q2 24 | $-3.7M | $45.8M |
自由现金流率FORRMBIN
| Q1 26 | — | — | ||
| Q4 25 | -4.2% | -195.5% | ||
| Q3 25 | 0.6% | 14.0% | ||
| Q2 25 | -3.8% | -70.1% | ||
| Q1 25 | 29.0% | 96.8% | ||
| Q4 24 | -2.3% | -440.6% | ||
| Q3 24 | -0.2% | -332.4% | ||
| Q2 24 | -3.1% | 28.7% |
资本支出强度FORRMBIN
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 11.3% | ||
| Q3 25 | 0.7% | 3.4% | ||
| Q2 25 | 0.5% | 2.5% | ||
| Q1 25 | 0.7% | 4.7% | ||
| Q4 24 | 0.6% | 9.5% | ||
| Q3 24 | 0.5% | 3.0% | ||
| Q2 24 | 0.7% | 3.3% |
现金转化率FORRMBIN
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.54× | ||
| Q2 25 | -0.93× | -3.19× | ||
| Q1 25 | — | 2.54× | ||
| Q4 24 | -4.24× | — | ||
| Q3 24 | — | -8.04× | ||
| Q2 24 | -0.46× | 0.67× |
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% |
MBIN
| Net Interest Income | $128.6M | 73% |
| Noninterest Income | $46.6M | 27% |
