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弗雷斯特研究公司（FORR）与微宏控股（MVST）财务数据对比。点击上方公司名可切换其他公司
弗雷斯特研究公司的季度营收约是微宏控股的1.0倍（$101.1M vs $96.4M），微宏控股净利率更高（17.2% vs -33.5%，领先50.7%），弗雷斯特研究公司同比增速更快（-6.5% vs -15.0%），微宏控股自由现金流更多（$15.8M vs $-4.3M），过去两年微宏控股的营收复合增速更高（8.9% 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。
微宏控股是一家电池科技企业，总部位于美国得克萨斯州斯塔福德，在纳斯达克上市。公司主要面向商用电动汽车与并网储能系统，设计、研发并生产电池组件及电池系统，目前在美国、中国、德国均设有生产基地。
FORR vs MVST — 直观对比
营收规模更大
FORR
是对方的1.0倍
$96.4M
营收增速更快
FORR
高出8.5%
-15.0%
净利率更高
MVST
高出50.7%
-33.5%
自由现金流更多
MVST
多$20.1M
$-4.3M
两年增速更快
MVST
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $96.4M |
| 净利润 | $-33.9M | $16.5M |
| 毛利率 | 56.7% | 1.0% |
| 营业利润率 | -36.6% | -42.7% |
| 净利率 | -33.5% | 17.2% |
| 营收同比 | -6.5% | -15.0% |
| 净利润同比 | -7941.4% | 120.1% |
| 每股收益（稀释后） | $-1.75 | $0.19 |
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FORRMVST
| Q4 25 | $101.1M | $96.4M | ||
| Q3 25 | $94.3M | $123.3M | ||
| Q2 25 | $111.7M | $91.3M | ||
| Q1 25 | $89.9M | $116.5M | ||
| Q4 24 | $108.0M | $113.4M | ||
| Q3 24 | $102.5M | $101.4M | ||
| Q2 24 | $121.8M | $83.7M | ||
| Q1 24 | $100.1M | $81.4M |
净利润FORRMVST
| Q4 25 | $-33.9M | $16.5M | ||
| Q3 25 | $-2.1M | $-1.5M | ||
| Q2 25 | $3.9M | $-106.1M | ||
| Q1 25 | $-87.3M | $61.8M | ||
| Q4 24 | $432.0K | $-82.3M | ||
| Q3 24 | $-5.8M | $13.2M | ||
| Q2 24 | $6.3M | $-101.6M | ||
| Q1 24 | $-6.7M | $-24.8M |
毛利率FORRMVST
| Q4 25 | 56.7% | 1.0% | ||
| Q3 25 | 60.0% | 37.6% | ||
| Q2 25 | 55.5% | 34.7% | ||
| Q1 25 | 55.9% | 36.9% | ||
| Q4 24 | 58.8% | 36.6% | ||
| Q3 24 | 60.5% | 33.2% | ||
| Q2 24 | 57.3% | 32.5% | ||
| Q1 24 | 54.9% | 21.2% |
营业利润率FORRMVST
| Q4 25 | -36.6% | -42.7% | ||
| Q3 25 | 4.7% | 10.5% | ||
| Q2 25 | 6.2% | 17.8% | ||
| Q1 25 | -97.5% | 16.3% | ||
| Q4 24 | -0.5% | -1.2% | ||
| Q3 24 | -0.7% | 7.1% | ||
| Q2 24 | 9.3% | -118.0% | ||
| Q1 24 | -9.3% | -28.4% |
净利率FORRMVST
| Q4 25 | -33.5% | 17.2% | ||
| Q3 25 | -2.3% | -1.2% | ||
| Q2 25 | 3.5% | -116.1% | ||
| Q1 25 | -97.1% | 53.0% | ||
| Q4 24 | 0.4% | -72.6% | ||
| Q3 24 | -5.7% | 13.1% | ||
| Q2 24 | 5.2% | -121.4% | ||
| Q1 24 | -6.7% | -30.5% |
每股收益（稀释后）FORRMVST
| Q4 25 | $-1.75 | $0.19 | ||
| Q3 25 | $-0.11 | $0.00 | ||
| Q2 25 | $0.20 | $-0.33 | ||
| Q1 25 | $-4.62 | $0.05 | ||
| Q4 24 | $0.02 | $-0.24 | ||
| Q3 24 | $-0.30 | $0.03 | ||
| Q2 24 | $0.33 | $-0.32 | ||
| Q1 24 | $-0.35 | $-0.08 |
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 | $105.0M |
| 总债务越低越好 | — | $13.2M |
| 股东权益账面价值 | $126.5M | $410.5M |
| 总资产 | $404.0M | $1.0B |
| 负债/权益比越低杠杆越低 | — | 0.03× |
8季度趋势，按日历期对齐
现金及短期投资FORRMVST
| Q4 25 | $63.3M | $105.0M | ||
| Q3 25 | $65.1M | $90.7M | ||
| Q2 25 | $67.8M | $99.7M | ||
| Q1 25 | $75.6M | $90.9M | ||
| Q4 24 | $56.1M | $73.0M | ||
| Q3 24 | $62.8M | $63.6M | ||
| Q2 24 | $58.9M | $68.2M | ||
| Q1 24 | $61.4M | $39.5M |
总债务FORRMVST
| Q4 25 | — | $13.2M | ||
| Q3 25 | — | $34.4M | ||
| Q2 25 | — | $34.2M | ||
| Q1 25 | — | $41.3M | ||
| Q4 24 | — | $41.1M | ||
| Q3 24 | — | $53.4M | ||
| Q2 24 | — | $34.2M | ||
| Q1 24 | — | $43.0M |
股东权益FORRMVST
| Q4 25 | $126.5M | $410.5M | ||
| Q3 25 | $157.7M | $358.1M | ||
| Q2 25 | $159.5M | $356.1M | ||
| Q1 25 | $147.4M | $454.2M | ||
| Q4 24 | $229.5M | $387.9M | ||
| Q3 24 | $234.3M | $486.1M | ||
| Q2 24 | $237.1M | $455.0M | ||
| Q1 24 | $230.9M | $546.1M |
总资产FORRMVST
| Q4 25 | $404.0M | $1.0B | ||
| Q3 25 | $414.2M | $1.0B | ||
| Q2 25 | $436.0M | $1.0B | ||
| Q1 25 | $439.8M | $982.9M | ||
| Q4 24 | $503.9M | $951.9M | ||
| Q3 24 | $505.3M | $997.9M | ||
| Q2 24 | $524.2M | $961.4M | ||
| Q1 24 | $555.7M | $1.0B |
负债/权益比FORRMVST
| Q4 25 | — | 0.03× | ||
| Q3 25 | — | 0.10× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | 0.09× | ||
| Q4 24 | — | 0.11× | ||
| Q3 24 | — | 0.11× | ||
| Q2 24 | — | 0.08× | ||
| Q1 24 | — | 0.08× |
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 | $16.4M |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $15.8M |
| 自由现金流率自由现金流/营收 | -4.2% | 16.4% |
| 资本支出强度资本支出/营收 | 1.1% | 0.7% |
| 现金转化率经营现金流/净利润 | — | 0.99× |
| 过去12个月自由现金流最近4个季度 | $18.1M | $56.1M |
8季度趋势，按日历期对齐
经营现金流FORRMVST
| Q4 25 | $-3.2M | $16.4M | ||
| Q3 25 | $1.2M | $15.2M | ||
| Q2 25 | $-3.6M | $37.2M | ||
| Q1 25 | $26.7M | $7.2M | ||
| Q4 24 | $-1.8M | $6.1M | ||
| Q3 24 | $264.0K | $-5.4M | ||
| Q2 24 | $-2.9M | $111.0K | ||
| Q1 24 | $611.0K | $2.0M |
自由现金流FORRMVST
| Q4 25 | $-4.3M | $15.8M | ||
| Q3 25 | $524.0K | $1.2M | ||
| Q2 25 | $-4.2M | $34.3M | ||
| Q1 25 | $26.1M | $4.8M | ||
| Q4 24 | $-2.5M | $5.7M | ||
| Q3 24 | $-223.0K | $-19.6M | ||
| Q2 24 | $-3.7M | $-2.8M | ||
| Q1 24 | $-815.0K | $-8.2M |
自由现金流率FORRMVST
| Q4 25 | -4.2% | 16.4% | ||
| Q3 25 | 0.6% | 1.0% | ||
| Q2 25 | -3.8% | 37.5% | ||
| Q1 25 | 29.0% | 4.1% | ||
| Q4 24 | -2.3% | 5.1% | ||
| Q3 24 | -0.2% | -19.3% | ||
| Q2 24 | -3.1% | -3.4% | ||
| Q1 24 | -0.8% | -10.1% |
资本支出强度FORRMVST
| Q4 25 | 1.1% | 0.7% | ||
| Q3 25 | 0.7% | 11.3% | ||
| Q2 25 | 0.5% | 3.1% | ||
| Q1 25 | 0.7% | 2.0% | ||
| Q4 24 | 0.6% | 0.3% | ||
| Q3 24 | 0.5% | 14.0% | ||
| Q2 24 | 0.7% | 3.5% | ||
| Q1 24 | 1.4% | 12.6% |
现金转化率FORRMVST
| Q4 25 | — | 0.99× | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.93× | — | ||
| Q1 25 | — | 0.12× | ||
| Q4 24 | -4.24× | — | ||
| Q3 24 | — | -0.41× | ||
| 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% |
MVST
| Europe | $35.1M | 36% |
| CN | $32.5M | 34% |
| US | $21.5M | 22% |
| Other | $7.2M | 8% |
