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弗雷斯特研究公司（FORR）与微策略（MSTR）财务数据对比。点击上方公司名可切换其他公司
微策略的季度营收约是弗雷斯特研究公司的1.2倍（$123.0M vs $101.1M），微策略同比增速更快（1.9% vs -6.5%），过去两年微策略的营收复合增速更高（3.3% 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。
Strategy Inc（原名为微策略）是1989年成立的美国上市企业，主营商业智能与移动软件业务，旗下产品可帮助企业分析内外部数据以支撑经营决策，还可用于移动应用开发，总部位于弗吉尼亚州泰森斯角，商业分析赛道核心竞品包括SAP等。
FORR vs MSTR — 直观对比
营收规模更大
MSTR
是对方的1.2倍
$101.1M
营收增速更快
MSTR
高出8.4%
-6.5%
两年增速更快
MSTR
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $123.0M |
| 净利润 | $-33.9M | — |
| 毛利率 | 56.7% | 66.1% |
| 营业利润率 | -36.6% | — |
| 净利率 | -33.5% | — |
| 营收同比 | -6.5% | 1.9% |
| 净利润同比 | -7941.4% | — |
| 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FORRMSTR
| Q4 25 | $101.1M | $123.0M | ||
| Q3 25 | $94.3M | $128.7M | ||
| Q2 25 | $111.7M | $114.5M | ||
| Q1 25 | $89.9M | $111.1M | ||
| Q4 24 | $108.0M | $120.7M | ||
| Q3 24 | $102.5M | $116.1M | ||
| Q2 24 | $121.8M | $111.4M | ||
| Q1 24 | $100.1M | $115.2M |
净利润FORRMSTR
| Q4 25 | $-33.9M | — | ||
| Q3 25 | $-2.1M | $2.8B | ||
| Q2 25 | $3.9M | $10.0B | ||
| Q1 25 | $-87.3M | $-4.2B | ||
| Q4 24 | $432.0K | $-670.8M | ||
| Q3 24 | $-5.8M | $-340.2M | ||
| Q2 24 | $6.3M | $-102.6M | ||
| Q1 24 | $-6.7M | $-53.1M |
毛利率FORRMSTR
| Q4 25 | 56.7% | 66.1% | ||
| Q3 25 | 60.0% | 70.5% | ||
| Q2 25 | 55.5% | 68.8% | ||
| Q1 25 | 55.9% | 69.4% | ||
| Q4 24 | 58.8% | 71.7% | ||
| Q3 24 | 60.5% | 70.4% | ||
| Q2 24 | 57.3% | 72.2% | ||
| Q1 24 | 54.9% | 74.0% |
营业利润率FORRMSTR
| Q4 25 | -36.6% | — | ||
| Q3 25 | 4.7% | — | ||
| Q2 25 | 6.2% | — | ||
| Q1 25 | -97.5% | -5331.4% | ||
| Q4 24 | -0.5% | -842.1% | ||
| Q3 24 | -0.7% | -372.7% | ||
| Q2 24 | 9.3% | -179.7% | ||
| Q1 24 | -9.3% | -176.8% |
净利率FORRMSTR
| Q4 25 | -33.5% | — | ||
| Q3 25 | -2.3% | 2164.1% | ||
| Q2 25 | 3.5% | 8752.7% | ||
| Q1 25 | -97.1% | -3797.2% | ||
| Q4 24 | 0.4% | -555.8% | ||
| Q3 24 | -5.7% | -293.1% | ||
| Q2 24 | 5.2% | -92.0% | ||
| Q1 24 | -6.7% | -46.1% |
每股收益（稀释后）FORRMSTR
| Q4 25 | $-1.75 | — | ||
| Q3 25 | $-0.11 | $8.42 | ||
| Q2 25 | $0.20 | $32.60 | ||
| Q1 25 | $-4.62 | $-16.49 | ||
| Q4 24 | $0.02 | $4.49 | ||
| Q3 24 | $-0.30 | $-1.72 | ||
| Q2 24 | $0.33 | $-0.57 | ||
| Q1 24 | $-0.35 | $-0.31 |
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 | $2.3B |
| 总债务越低越好 | — | $8.2B |
| 股东权益账面价值 | $126.5M | $44.1B |
| 总资产 | $404.0M | $61.6B |
| 负债/权益比越低杠杆越低 | — | 0.19× |
8季度趋势，按日历期对齐
现金及短期投资FORRMSTR
| Q4 25 | $63.3M | $2.3B | ||
| Q3 25 | $65.1M | $54.3M | ||
| Q2 25 | $67.8M | $50.1M | ||
| Q1 25 | $75.6M | $60.3M | ||
| Q4 24 | $56.1M | $38.1M | ||
| Q3 24 | $62.8M | $46.3M | ||
| Q2 24 | $58.9M | $66.9M | ||
| Q1 24 | $61.4M | $81.3M |
总债务FORRMSTR
| Q4 25 | — | $8.2B | ||
| Q3 25 | — | $8.2B | ||
| Q2 25 | — | $8.2B | ||
| Q1 25 | — | $8.1B | ||
| Q4 24 | — | $7.2B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | — | $3.8B | ||
| Q1 24 | — | $3.6B |
股东权益FORRMSTR
| Q4 25 | $126.5M | $44.1B | ||
| Q3 25 | $157.7M | $52.3B | ||
| Q2 25 | $159.5M | $47.5B | ||
| Q1 25 | $147.4M | $32.2B | ||
| Q4 24 | $229.5M | $18.2B | ||
| Q3 24 | $234.3M | $3.8B | ||
| Q2 24 | $237.1M | $2.8B | ||
| Q1 24 | $230.9M | $2.4B |
总资产FORRMSTR
| Q4 25 | $404.0M | $61.6B | ||
| Q3 25 | $414.2M | $73.6B | ||
| Q2 25 | $436.0M | $64.8B | ||
| Q1 25 | $439.8M | $43.9B | ||
| Q4 24 | $503.9M | $25.8B | ||
| Q3 24 | $505.3M | $8.3B | ||
| Q2 24 | $524.2M | $7.1B | ||
| Q1 24 | $555.7M | $6.4B |
负债/权益比FORRMSTR
| Q4 25 | — | 0.19× | ||
| Q3 25 | — | 0.16× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.39× | ||
| Q3 24 | — | 1.12× | ||
| Q2 24 | — | 1.36× | ||
| Q1 24 | — | 1.48× |
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FORRMSTR
| Q4 25 | $-3.2M | — | ||
| Q3 25 | $1.2M | $-8.3M | ||
| Q2 25 | $-3.6M | $-34.9M | ||
| Q1 25 | $26.7M | $-2.4M | ||
| Q4 24 | $-1.8M | $-17.3M | ||
| Q3 24 | $264.0K | $-41.0M | ||
| Q2 24 | $-2.9M | $-23.3M | ||
| Q1 24 | $611.0K | $28.6M |
自由现金流FORRMSTR
| Q4 25 | $-4.3M | — | ||
| Q3 25 | $524.0K | $-11.1M | ||
| Q2 25 | $-4.2M | $-37.0M | ||
| Q1 25 | $26.1M | $-5.1M | ||
| Q4 24 | $-2.5M | $-17.6M | ||
| Q3 24 | $-223.0K | $-41.4M | ||
| Q2 24 | $-3.7M | $-24.1M | ||
| Q1 24 | $-815.0K | $27.0M |
自由现金流率FORRMSTR
| Q4 25 | -4.2% | — | ||
| Q3 25 | 0.6% | -8.6% | ||
| Q2 25 | -3.8% | -32.3% | ||
| Q1 25 | 29.0% | -4.6% | ||
| Q4 24 | -2.3% | -14.6% | ||
| Q3 24 | -0.2% | -35.7% | ||
| Q2 24 | -3.1% | -21.6% | ||
| Q1 24 | -0.8% | 23.5% |
资本支出强度FORRMSTR
| Q4 25 | 1.1% | — | ||
| Q3 25 | 0.7% | 2.2% | ||
| Q2 25 | 0.5% | 1.8% | ||
| Q1 25 | 0.7% | 2.5% | ||
| Q4 24 | 0.6% | 0.2% | ||
| Q3 24 | 0.5% | 0.4% | ||
| Q2 24 | 0.7% | 0.6% | ||
| Q1 24 | 1.4% | 1.3% |
现金转化率FORRMSTR
| Q4 25 | — | — | ||
| Q3 25 | — | -0.00× | ||
| Q2 25 | -0.93× | -0.00× | ||
| 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% |
MSTR
暂无分部数据
