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弗雷斯特研究公司（FORR）与MARTIN MIDSTREAM PARTNERS L.P.（MMLP）财务数据对比。点击上方公司名可切换其他公司
MARTIN MIDSTREAM PARTNERS L.P.的季度营收约是弗雷斯特研究公司的1.9倍（$187.7M vs $101.1M），MARTIN MIDSTREAM PARTNERS L.P.净利率更高（1.7% vs -33.5%，领先35.2%），MARTIN MIDSTREAM PARTNERS L.P.同比增速更快（-2.5% vs -6.5%），弗雷斯特研究公司自由现金流更多（$-4.3M vs $-6.0M），过去两年MARTIN MIDSTREAM PARTNERS L.P.的营收复合增速更高（0.8% 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。
Martin Midstream Partners L.P.是美国中游能源服务提供商，主营原油、天然气液、精炼石油产品及特种化学品的存储、运输、分销与加工服务，主要服务北美能源及工业领域客户。
FORR vs MMLP — 直观对比
营收规模更大
MMLP
是对方的1.9倍
$101.1M
营收增速更快
MMLP
高出3.9%
-6.5%
净利率更高
MMLP
高出35.2%
-33.5%
自由现金流更多
FORR
多$1.7M
$-6.0M
两年增速更快
MMLP
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $187.7M |
| 净利润 | $-33.9M | $3.2M |
| 毛利率 | 56.7% | — |
| 营业利润率 | -36.6% | 4.1% |
| 净利率 | -33.5% | 1.7% |
| 营收同比 | -6.5% | -2.5% |
| 净利润同比 | -7941.4% | -37.1% |
| 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FORRMMLP
| Q1 26 | — | $187.7M | ||
| Q4 25 | $101.1M | $174.2M | ||
| Q3 25 | $94.3M | $168.7M | ||
| Q2 25 | $111.7M | $180.7M | ||
| Q1 25 | $89.9M | $192.5M | ||
| Q4 24 | $108.0M | $171.3M | ||
| Q3 24 | $102.5M | $170.9M | ||
| Q2 24 | $121.8M | $184.5M |
净利润FORRMMLP
| Q1 26 | — | $3.2M | ||
| Q4 25 | $-33.9M | $-2.9M | ||
| Q3 25 | $-2.1M | $-8.4M | ||
| Q2 25 | $3.9M | $-2.4M | ||
| Q1 25 | $-87.3M | $-1.0M | ||
| Q4 24 | $432.0K | $-8.9M | ||
| Q3 24 | $-5.8M | $-3.3M | ||
| Q2 24 | $6.3M | $3.8M |
毛利率FORRMMLP
| Q1 26 | — | — | ||
| Q4 25 | 56.7% | 57.1% | ||
| Q3 25 | 60.0% | 55.1% | ||
| Q2 25 | 55.5% | 56.5% | ||
| Q1 25 | 55.9% | 53.5% | ||
| Q4 24 | 58.8% | 58.2% | ||
| Q3 24 | 60.5% | 58.5% | ||
| Q2 24 | 57.3% | 58.4% |
营业利润率FORRMMLP
| Q1 26 | — | 4.1% | ||
| Q4 25 | -36.6% | 7.3% | ||
| Q3 25 | 4.7% | 4.1% | ||
| Q2 25 | 6.2% | 8.2% | ||
| Q1 25 | -97.5% | 7.5% | ||
| Q4 24 | -0.5% | 4.0% | ||
| Q3 24 | -0.7% | 7.4% | ||
| Q2 24 | 9.3% | 10.8% |
净利率FORRMMLP
| Q1 26 | — | 1.7% | ||
| Q4 25 | -33.5% | -1.7% | ||
| Q3 25 | -2.3% | -5.0% | ||
| Q2 25 | 3.5% | -1.3% | ||
| Q1 25 | -97.1% | -0.5% | ||
| Q4 24 | 0.4% | -5.2% | ||
| Q3 24 | -5.7% | -1.9% | ||
| Q2 24 | 5.2% | 2.0% |
每股收益（稀释后）FORRMMLP
| Q1 26 | — | — | ||
| Q4 25 | $-1.75 | — | ||
| Q3 25 | $-0.11 | — | ||
| Q2 25 | $0.20 | — | ||
| Q1 25 | $-4.62 | — | ||
| Q4 24 | $0.02 | — | ||
| Q3 24 | $-0.30 | — | ||
| Q2 24 | $0.33 | — |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $126.5M | — |
| 总资产 | $404.0M | $537.1M |
| 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FORRMMLP
| Q1 26 | — | — | ||
| 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FORRMMLP
| Q1 26 | — | — | ||
| Q4 25 | — | $428.0M | ||
| Q3 25 | — | $441.3M | ||
| Q2 25 | — | $427.8M | ||
| Q1 25 | — | $451.4M | ||
| Q4 24 | — | $437.6M | ||
| Q3 24 | — | $469.3M | ||
| Q2 24 | — | $439.4M |
股东权益FORRMMLP
| Q1 26 | — | — | ||
| Q4 25 | $126.5M | — | ||
| Q3 25 | $157.7M | — | ||
| Q2 25 | $159.5M | — | ||
| Q1 25 | $147.4M | — | ||
| Q4 24 | $229.5M | — | ||
| Q3 24 | $234.3M | — | ||
| Q2 24 | $237.1M | — |
总资产FORRMMLP
| Q1 26 | — | $537.1M | ||
| Q4 25 | $404.0M | $522.4M | ||
| Q3 25 | $414.2M | $510.1M | ||
| Q2 25 | $436.0M | $515.6M | ||
| Q1 25 | $439.8M | $533.4M | ||
| Q4 24 | $503.9M | $538.5M | ||
| Q3 24 | $505.3M | $554.8M | ||
| Q2 24 | $524.2M | $535.1M |
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 | $-6.0M |
| 自由现金流率自由现金流/营收 | -4.2% | -3.2% |
| 资本支出强度资本支出/营收 | 1.1% | 1.6% |
| 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 | $27.2M |
8季度趋势，按日历期对齐
经营现金流FORRMMLP
| Q1 26 | — | — | ||
| Q4 25 | $-3.2M | $22.4M | ||
| Q3 25 | $1.2M | $-1.2M | ||
| Q2 25 | $-3.6M | $30.9M | ||
| Q1 25 | $26.7M | $-6.0M | ||
| Q4 24 | $-1.8M | $42.2M | ||
| Q3 24 | $264.0K | $-15.8M | ||
| Q2 24 | $-2.9M | $11.8M |
自由现金流FORRMMLP
| Q1 26 | — | $-6.0M | ||
| Q4 25 | $-4.3M | $15.6M | ||
| Q3 25 | $524.0K | $-7.9M | ||
| Q2 25 | $-4.2M | $25.6M | ||
| Q1 25 | $26.1M | $-11.9M | ||
| Q4 24 | $-2.5M | $34.2M | ||
| Q3 24 | $-223.0K | $-25.6M | ||
| Q2 24 | $-3.7M | $-696.0K |
自由现金流率FORRMMLP
| Q1 26 | — | -3.2% | ||
| Q4 25 | -4.2% | 8.9% | ||
| Q3 25 | 0.6% | -4.7% | ||
| Q2 25 | -3.8% | 14.2% | ||
| Q1 25 | 29.0% | -6.2% | ||
| Q4 24 | -2.3% | 20.0% | ||
| Q3 24 | -0.2% | -15.0% | ||
| Q2 24 | -3.1% | -0.4% |
资本支出强度FORRMMLP
| Q1 26 | — | 1.6% | ||
| Q4 25 | 1.1% | 3.9% | ||
| Q3 25 | 0.7% | 4.0% | ||
| Q2 25 | 0.5% | 3.0% | ||
| Q1 25 | 0.7% | 3.1% | ||
| Q4 24 | 0.6% | 4.6% | ||
| Q3 24 | 0.5% | 5.8% | ||
| Q2 24 | 0.7% | 6.8% |
现金转化率FORRMMLP
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.93× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.46× | 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% |
MMLP
| Specialty products | $61.6M | 33% |
| Transportation * | $52.8M | 28% |
| Other | $46.5M | 25% |
| Terminalling and storage * | $22.4M | 12% |
| Sulfur services | $4.4M | 2% |
