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弗雷斯特研究公司（FORR）与Ramaco Resources, Inc.（METC）财务数据对比。点击上方公司名可切换其他公司
Ramaco Resources, Inc.的季度营收约是弗雷斯特研究公司的1.2倍（$121.0M vs $101.1M），Ramaco Resources, Inc.净利率更高（-11.0% vs -33.5%，领先22.5%），弗雷斯特研究公司同比增速更快（-6.5% vs -27.7%），弗雷斯特研究公司自由现金流更多（$-4.3M vs $-17.5M），过去两年弗雷斯特研究公司的营收复合增速更高（0.5% vs -22.7%）
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。
Ramaco Resources, Inc.是一家总部位于美国的矿业企业，主营高等级冶金煤生产，在阿巴拉契亚地区运营多处采矿资产，产品供应全球钢铁制造商及工业客户，核心业务为可持续、低成本的冶金煤开采与分销。
FORR vs METC — 直观对比
营收规模更大
METC
是对方的1.2倍
$101.1M
营收增速更快
FORR
高出21.3%
-27.7%
净利率更高
METC
高出22.5%
-33.5%
自由现金流更多
FORR
多$13.3M
$-17.5M
两年增速更快
FORR
近两年复合增速
-22.7%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $121.0M |
| 净利润 | $-33.9M | $-13.3M |
| 毛利率 | 56.7% | 15.8% |
| 营业利润率 | -36.6% | -12.0% |
| 净利率 | -33.5% | -11.0% |
| 营收同比 | -6.5% | -27.7% |
| 净利润同比 | -7941.4% | -5468.2% |
| 每股收益（稀释后） | $-1.75 | — |
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FORRMETC
| Q4 25 | $101.1M | — | ||
| Q3 25 | $94.3M | $121.0M | ||
| Q2 25 | $111.7M | $153.0M | ||
| Q1 25 | $89.9M | $134.7M | ||
| Q4 24 | $108.0M | $170.9M | ||
| Q3 24 | $102.5M | $167.4M | ||
| Q2 24 | $121.8M | $155.3M | ||
| Q1 24 | $100.1M | $172.7M |
净利润FORRMETC
| Q4 25 | $-33.9M | — | ||
| Q3 25 | $-2.1M | $-13.3M | ||
| Q2 25 | $3.9M | $-14.0M | ||
| Q1 25 | $-87.3M | $-9.5M | ||
| Q4 24 | $432.0K | $3.9M | ||
| Q3 24 | $-5.8M | $-239.0K | ||
| Q2 24 | $6.3M | $5.5M | ||
| Q1 24 | $-6.7M | $2.0M |
毛利率FORRMETC
| Q4 25 | 56.7% | — | ||
| Q3 25 | 60.0% | 15.8% | ||
| Q2 25 | 55.5% | 12.3% | ||
| Q1 25 | 55.9% | 15.2% | ||
| Q4 24 | 58.8% | 20.4% | ||
| Q3 24 | 60.5% | 19.5% | ||
| Q2 24 | 57.3% | 21.0% | ||
| Q1 24 | 54.9% | 19.1% |
营业利润率FORRMETC
| Q4 25 | -36.6% | — | ||
| Q3 25 | 4.7% | -12.0% | ||
| Q2 25 | 6.2% | -9.1% | ||
| Q1 25 | -97.5% | -8.9% | ||
| Q4 24 | -0.5% | 3.7% | ||
| Q3 24 | -0.7% | 1.0% | ||
| Q2 24 | 9.3% | 3.5% | ||
| Q1 24 | -9.3% | 1.9% |
净利率FORRMETC
| Q4 25 | -33.5% | — | ||
| Q3 25 | -2.3% | -11.0% | ||
| Q2 25 | 3.5% | -9.1% | ||
| Q1 25 | -97.1% | -7.0% | ||
| Q4 24 | 0.4% | 2.3% | ||
| Q3 24 | -5.7% | -0.1% | ||
| Q2 24 | 5.2% | 3.6% | ||
| Q1 24 | -6.7% | 1.2% |
每股收益（稀释后）FORRMETC
| Q4 25 | $-1.75 | — | ||
| Q3 25 | $-0.11 | — | ||
| Q2 25 | $0.20 | — | ||
| Q1 25 | $-4.62 | — | ||
| Q4 24 | $0.02 | $0.06 | ||
| Q3 24 | $-0.30 | $-0.03 | ||
| Q2 24 | $0.33 | $0.08 | ||
| 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 | $193.8M |
| 总债务越低越好 | — | $116.3M |
| 股东权益账面价值 | $126.5M | $526.9M |
| 总资产 | $404.0M | $849.7M |
| 负债/权益比越低杠杆越低 | — | 0.22× |
8季度趋势，按日历期对齐
现金及短期投资FORRMETC
| Q4 25 | $63.3M | — | ||
| Q3 25 | $65.1M | $193.8M | ||
| Q2 25 | $67.8M | $28.1M | ||
| Q1 25 | $75.6M | $43.5M | ||
| Q4 24 | $56.1M | $33.0M | ||
| Q3 24 | $62.8M | $22.9M | ||
| Q2 24 | $58.9M | $27.6M | ||
| Q1 24 | $61.4M | $30.5M |
总债务FORRMETC
| Q4 25 | — | — | ||
| Q3 25 | — | $116.3M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $88.2M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益FORRMETC
| Q4 25 | $126.5M | — | ||
| Q3 25 | $157.7M | $526.9M | ||
| Q2 25 | $159.5M | $347.4M | ||
| Q1 25 | $147.4M | $355.2M | ||
| Q4 24 | $229.5M | $362.8M | ||
| Q3 24 | $234.3M | $361.8M | ||
| Q2 24 | $237.1M | $366.1M | ||
| Q1 24 | $230.9M | $372.3M |
总资产FORRMETC
| Q4 25 | $404.0M | — | ||
| Q3 25 | $414.2M | $849.7M | ||
| Q2 25 | $436.0M | $674.6M | ||
| Q1 25 | $439.8M | $685.7M | ||
| Q4 24 | $503.9M | $674.7M | ||
| Q3 24 | $505.3M | $645.4M | ||
| Q2 24 | $524.2M | $659.2M | ||
| Q1 24 | $555.7M | $674.0M |
负债/权益比FORRMETC
| Q4 25 | — | — | ||
| Q3 25 | — | 0.22× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $-1.4M |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $-17.5M |
| 自由现金流率自由现金流/营收 | -4.2% | -14.5% |
| 资本支出强度资本支出/营收 | 1.1% | 13.3% |
| 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 | $-24.7M |
8季度趋势，按日历期对齐
经营现金流FORRMETC
| Q4 25 | $-3.2M | — | ||
| Q3 25 | $1.2M | $-1.4M | ||
| Q2 25 | $-3.6M | $-4.3M | ||
| Q1 25 | $26.7M | $26.0M | ||
| Q4 24 | $-1.8M | $15.7M | ||
| Q3 24 | $264.0K | $37.4M | ||
| Q2 24 | $-2.9M | $34.4M | ||
| Q1 24 | $611.0K | $25.2M |
自由现金流FORRMETC
| Q4 25 | $-4.3M | — | ||
| Q3 25 | $524.0K | $-17.5M | ||
| Q2 25 | $-4.2M | $-19.8M | ||
| Q1 25 | $26.1M | $7.6M | ||
| Q4 24 | $-2.5M | $5.1M | ||
| Q3 24 | $-223.0K | $25.6M | ||
| Q2 24 | $-3.7M | $20.3M | ||
| Q1 24 | $-815.0K | $6.5M |
自由现金流率FORRMETC
| Q4 25 | -4.2% | — | ||
| Q3 25 | 0.6% | -14.5% | ||
| Q2 25 | -3.8% | -13.0% | ||
| Q1 25 | 29.0% | 5.6% | ||
| Q4 24 | -2.3% | 3.0% | ||
| Q3 24 | -0.2% | 15.3% | ||
| Q2 24 | -3.1% | 13.1% | ||
| Q1 24 | -0.8% | 3.7% |
资本支出强度FORRMETC
| Q4 25 | 1.1% | — | ||
| Q3 25 | 0.7% | 13.3% | ||
| Q2 25 | 0.5% | 10.2% | ||
| Q1 25 | 0.7% | 13.7% | ||
| Q4 24 | 0.6% | 6.2% | ||
| Q3 24 | 0.5% | 7.0% | ||
| Q2 24 | 0.7% | 9.1% | ||
| Q1 24 | 1.4% | 10.8% |
现金转化率FORRMETC
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.93× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | 4.06× | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.46× | 6.21× | ||
| Q1 24 | — | 12.40× |
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% |
METC
| Export Coal Revenues | $73.0M | 60% |
| Domestic Coal Revenues | $48.0M | 40% |
