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弗雷斯特研究公司（FORR）与National Bank Holdings Corp（NBHC）财务数据对比。点击上方公司名可切换其他公司
National Bank Holdings Corp的季度营收约是弗雷斯特研究公司的1.3倍（$126.8M vs $101.1M），National Bank Holdings Corp净利率更高（16.4% vs -33.5%，领先49.9%），过去两年National Bank Holdings Corp的营收复合增速更高（14.0% 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。
这是一家美国区域性银行控股集团，目前在伊利诺伊、印第安纳等八个美国州布局营业网点，拥有近250个金融服务中心与约200家零售分行，总资产达485亿美元。它是总部位于印第安纳州的最大银行控股公司，也跻身美国银行业三十强之列。
FORR vs NBHC — 直观对比
营收规模更大
NBHC
是对方的1.3倍
$101.1M
净利率更高
NBHC
高出49.9%
-33.5%
两年增速更快
NBHC
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $126.8M |
| 净利润 | $-33.9M | $20.8M |
| 毛利率 | 56.7% | — |
| 营业利润率 | -36.6% | — |
| 净利率 | -33.5% | 16.4% |
| 营收同比 | -6.5% | — |
| 净利润同比 | -7941.4% | -14.2% |
| 每股收益（稀释后） | $-1.75 | $0.46 |
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FORRNBHC
| Q1 26 | — | $126.8M | ||
| Q4 25 | $101.1M | $100.6M | ||
| Q3 25 | $94.3M | $108.9M | ||
| Q2 25 | $111.7M | $104.5M | ||
| Q1 25 | $89.9M | $102.1M | ||
| Q4 24 | $108.0M | $101.3M | ||
| Q3 24 | $102.5M | $106.0M | ||
| Q2 24 | $121.8M | $97.6M |
净利润FORRNBHC
| Q1 26 | — | $20.8M | ||
| Q4 25 | $-33.9M | $16.0M | ||
| Q3 25 | $-2.1M | $35.3M | ||
| Q2 25 | $3.9M | $34.0M | ||
| Q1 25 | $-87.3M | $24.2M | ||
| Q4 24 | $432.0K | $28.2M | ||
| Q3 24 | $-5.8M | $33.1M | ||
| Q2 24 | $6.3M | $26.1M |
毛利率FORRNBHC
| 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FORRNBHC
| Q1 26 | — | — | ||
| Q4 25 | -36.6% | 19.0% | ||
| Q3 25 | 4.7% | 39.6% | ||
| Q2 25 | 6.2% | 39.8% | ||
| Q1 25 | -97.5% | 29.2% | ||
| Q4 24 | -0.5% | 34.3% | ||
| Q3 24 | -0.7% | 37.6% | ||
| Q2 24 | 9.3% | 32.5% |
净利率FORRNBHC
| Q1 26 | — | 16.4% | ||
| Q4 25 | -33.5% | 15.9% | ||
| Q3 25 | -2.3% | 32.4% | ||
| Q2 25 | 3.5% | 32.6% | ||
| Q1 25 | -97.1% | 23.7% | ||
| Q4 24 | 0.4% | 27.8% | ||
| Q3 24 | -5.7% | 31.2% | ||
| Q2 24 | 5.2% | 26.8% |
每股收益（稀释后）FORRNBHC
| Q1 26 | — | $0.46 | ||
| Q4 25 | $-1.75 | $0.42 | ||
| Q3 25 | $-0.11 | $0.92 | ||
| Q2 25 | $0.20 | $0.88 | ||
| Q1 25 | $-4.62 | $0.63 | ||
| Q4 24 | $0.02 | $0.72 | ||
| Q3 24 | $-0.30 | $0.86 | ||
| Q2 24 | $0.33 | $0.68 |
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 | $472.8M |
| 总债务越低越好 | — | $202.1M |
| 股东权益账面价值 | $126.5M | $1.7B |
| 总资产 | $404.0M | $12.6B |
| 负债/权益比越低杠杆越低 | — | 0.12× |
8季度趋势，按日历期对齐
现金及短期投资FORRNBHC
| Q1 26 | — | $472.8M | ||
| Q4 25 | $63.3M | $417.1M | ||
| Q3 25 | $65.1M | $555.6M | ||
| Q2 25 | $67.8M | $296.5M | ||
| Q1 25 | $75.6M | $246.3M | ||
| Q4 24 | $56.1M | $127.8M | ||
| Q3 24 | $62.8M | $180.8M | ||
| Q2 24 | $58.9M | $145.0M |
总债务FORRNBHC
| Q1 26 | — | $202.1M | ||
| Q4 25 | — | $54.5M | ||
| Q3 25 | — | $54.7M | ||
| Q2 25 | — | $54.4M | ||
| Q1 25 | — | $54.6M | ||
| Q4 24 | — | $54.5M | ||
| Q3 24 | — | $54.4M | ||
| Q2 24 | — | $54.4M |
股东权益FORRNBHC
| Q1 26 | — | $1.7B | ||
| Q4 25 | $126.5M | $1.4B | ||
| Q3 25 | $157.7M | $1.4B | ||
| Q2 25 | $159.5M | $1.4B | ||
| Q1 25 | $147.4M | $1.3B | ||
| Q4 24 | $229.5M | $1.3B | ||
| Q3 24 | $234.3M | $1.3B | ||
| Q2 24 | $237.1M | $1.2B |
总资产FORRNBHC
| Q1 26 | — | $12.6B | ||
| Q4 25 | $404.0M | $9.9B | ||
| Q3 25 | $414.2M | $10.2B | ||
| Q2 25 | $436.0M | $10.0B | ||
| Q1 25 | $439.8M | $10.1B | ||
| Q4 24 | $503.9M | $9.8B | ||
| Q3 24 | $505.3M | $10.0B | ||
| Q2 24 | $524.2M | $10.0B |
负债/权益比FORRNBHC
| Q1 26 | — | 0.12× | ||
| Q4 25 | — | 0.04× | ||
| Q3 25 | — | 0.04× | ||
| Q2 25 | — | 0.04× | ||
| Q1 25 | — | 0.04× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | 0.04× | ||
| Q2 24 | — | 0.04× |
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FORRNBHC
| Q1 26 | — | — | ||
| Q4 25 | $-3.2M | $162.4M | ||
| Q3 25 | $1.2M | $52.4M | ||
| Q2 25 | $-3.6M | $32.3M | ||
| Q1 25 | $26.7M | $39.6M | ||
| Q4 24 | $-1.8M | $155.3M | ||
| Q3 24 | $264.0K | $47.0M | ||
| Q2 24 | $-2.9M | $31.9M |
自由现金流FORRNBHC
| Q1 26 | — | — | ||
| Q4 25 | $-4.3M | — | ||
| Q3 25 | $524.0K | — | ||
| Q2 25 | $-4.2M | — | ||
| Q1 25 | $26.1M | — | ||
| Q4 24 | $-2.5M | — | ||
| Q3 24 | $-223.0K | — | ||
| Q2 24 | $-3.7M | — |
自由现金流率FORRNBHC
| Q1 26 | — | — | ||
| Q4 25 | -4.2% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | -3.8% | — | ||
| Q1 25 | 29.0% | — | ||
| Q4 24 | -2.3% | — | ||
| Q3 24 | -0.2% | — | ||
| Q2 24 | -3.1% | — |
资本支出强度FORRNBHC
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.5% | — | ||
| Q2 24 | 0.7% | — |
现金转化率FORRNBHC
| Q1 26 | — | — | ||
| Q4 25 | — | 10.13× | ||
| Q3 25 | — | 1.48× | ||
| Q2 25 | -0.93× | 0.95× | ||
| Q1 25 | — | 1.64× | ||
| Q4 24 | -4.24× | 5.51× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | -0.46× | 1.22× |
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% |
NBHC
| Net Interest Income | $108.8M | 86% |
| Noninterest Income | $18.0M | 14% |
