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弗雷斯特研究公司（FORR）与UNIVERSAL DISPLAY CORP \PA\（OLED）财务数据对比。点击上方公司名可切换其他公司
UNIVERSAL DISPLAY CORP \PA\的季度营收约是弗雷斯特研究公司的1.4倍（$142.2M vs $101.1M），UNIVERSAL DISPLAY CORP \PA\净利率更高（25.2% vs -33.5%，领先58.8%），弗雷斯特研究公司同比增速更快（-6.5% vs -14.5%），过去两年弗雷斯特研究公司的营收复合增速更高（0.5% vs -5.3%）
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。
Universal Display Corporation（股票代码OLED）是有机发光二极管（OLED）技术及材料的研发与生产企业，拥有深厚的技术积累，面向显示、照明两大领域提供相关配套服务，是全球OLED上游产业链的核心供应商之一。
FORR vs OLED — 直观对比
营收规模更大
OLED
是对方的1.4倍
$101.1M
营收增速更快
FORR
高出8.0%
-14.5%
净利率更高
OLED
高出58.8%
-33.5%
两年增速更快
FORR
近两年复合增速
-5.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $142.2M |
| 净利润 | $-33.9M | $35.9M |
| 毛利率 | 56.7% | 74.6% |
| 营业利润率 | -36.6% | 30.1% |
| 净利率 | -33.5% | 25.2% |
| 营收同比 | -6.5% | -14.5% |
| 净利润同比 | -7941.4% | -44.3% |
| 每股收益（稀释后） | $-1.75 | $0.76 |
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FORROLED
| Q1 26 | — | $142.2M | ||
| Q4 25 | $101.1M | $172.9M | ||
| Q3 25 | $94.3M | $139.6M | ||
| Q2 25 | $111.7M | $171.8M | ||
| Q1 25 | $89.9M | $166.3M | ||
| Q4 24 | $108.0M | $162.3M | ||
| Q3 24 | $102.5M | $161.6M | ||
| Q2 24 | $121.8M | $158.5M |
净利润FORROLED
| Q1 26 | — | $35.9M | ||
| Q4 25 | $-33.9M | $66.3M | ||
| Q3 25 | $-2.1M | $44.0M | ||
| Q2 25 | $3.9M | $67.3M | ||
| Q1 25 | $-87.3M | $64.4M | ||
| Q4 24 | $432.0K | $46.0M | ||
| Q3 24 | $-5.8M | $66.9M | ||
| Q2 24 | $6.3M | $52.3M |
毛利率FORROLED
| Q1 26 | — | 74.6% | ||
| Q4 25 | 56.7% | 76.1% | ||
| Q3 25 | 60.0% | 74.6% | ||
| Q2 25 | 55.5% | 77.2% | ||
| Q1 25 | 55.9% | 77.1% | ||
| Q4 24 | 58.8% | 77.0% | ||
| Q3 24 | 60.5% | 77.8% | ||
| Q2 24 | 57.3% | 75.8% |
营业利润率FORROLED
| Q1 26 | — | 30.1% | ||
| Q4 25 | -36.6% | 38.9% | ||
| Q3 25 | 4.7% | 30.9% | ||
| Q2 25 | 6.2% | 39.9% | ||
| Q1 25 | -97.5% | 41.9% | ||
| Q4 24 | -0.5% | 32.3% | ||
| Q3 24 | -0.7% | 41.5% | ||
| Q2 24 | 9.3% | 35.6% |
净利率FORROLED
| Q1 26 | — | 25.2% | ||
| Q4 25 | -33.5% | 38.4% | ||
| Q3 25 | -2.3% | 31.5% | ||
| Q2 25 | 3.5% | 39.2% | ||
| Q1 25 | -97.1% | 38.8% | ||
| Q4 24 | 0.4% | 28.4% | ||
| Q3 24 | -5.7% | 41.4% | ||
| Q2 24 | 5.2% | 33.0% |
每股收益（稀释后）FORROLED
| Q1 26 | — | $0.76 | ||
| Q4 25 | $-1.75 | $1.40 | ||
| Q3 25 | $-0.11 | $0.92 | ||
| Q2 25 | $0.20 | $1.41 | ||
| Q1 25 | $-4.62 | $1.35 | ||
| Q4 24 | $0.02 | $0.96 | ||
| Q3 24 | $-0.30 | $1.40 | ||
| Q2 24 | $0.33 | $1.10 |
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 | $516.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $126.5M | — |
| 总资产 | $404.0M | $1.9B |
| 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FORROLED
| Q1 26 | — | $516.4M | ||
| Q4 25 | $63.3M | $602.4M | ||
| Q3 25 | $65.1M | $603.0M | ||
| Q2 25 | $67.8M | $525.2M | ||
| Q1 25 | $75.6M | $571.3M | ||
| Q4 24 | $56.1M | $492.7M | ||
| Q3 24 | $62.8M | $551.6M | ||
| Q2 24 | $58.9M | $530.5M |
股东权益FORROLED
| Q1 26 | — | — | ||
| Q4 25 | $126.5M | $1.8B | ||
| Q3 25 | $157.7M | $1.7B | ||
| Q2 25 | $159.5M | $1.7B | ||
| Q1 25 | $147.4M | $1.7B | ||
| Q4 24 | $229.5M | $1.6B | ||
| Q3 24 | $234.3M | $1.6B | ||
| Q2 24 | $237.1M | $1.5B |
总资产FORROLED
| Q1 26 | — | $1.9B | ||
| Q4 25 | $404.0M | $2.0B | ||
| Q3 25 | $414.2M | $1.9B | ||
| Q2 25 | $436.0M | $1.9B | ||
| Q1 25 | $439.8M | $1.9B | ||
| Q4 24 | $503.9M | $1.8B | ||
| Q3 24 | $505.3M | $1.8B | ||
| Q2 24 | $524.2M | $1.8B |
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 | $108.9M |
| 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 | — | 3.03× |
| 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FORROLED
| Q1 26 | — | $108.9M | ||
| Q4 25 | $-3.2M | $31.1M | ||
| Q3 25 | $1.2M | $97.2M | ||
| Q2 25 | $-3.6M | $51.9M | ||
| Q1 25 | $26.7M | $30.6M | ||
| Q4 24 | $-1.8M | $34.7M | ||
| Q3 24 | $264.0K | $79.9M | ||
| Q2 24 | $-2.9M | $67.0M |
自由现金流FORROLED
| Q1 26 | — | — | ||
| Q4 25 | $-4.3M | $15.1M | ||
| Q3 25 | $524.0K | $84.3M | ||
| Q2 25 | $-4.2M | $37.5M | ||
| Q1 25 | $26.1M | $17.5M | ||
| Q4 24 | $-2.5M | $22.0M | ||
| Q3 24 | $-223.0K | $66.2M | ||
| Q2 24 | $-3.7M | $57.9M |
自由现金流率FORROLED
| Q1 26 | — | — | ||
| Q4 25 | -4.2% | 8.7% | ||
| Q3 25 | 0.6% | 60.4% | ||
| Q2 25 | -3.8% | 21.8% | ||
| Q1 25 | 29.0% | 10.5% | ||
| Q4 24 | -2.3% | 13.6% | ||
| Q3 24 | -0.2% | 41.0% | ||
| Q2 24 | -3.1% | 36.5% |
资本支出强度FORROLED
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 9.3% | ||
| Q3 25 | 0.7% | 9.2% | ||
| Q2 25 | 0.5% | 8.4% | ||
| Q1 25 | 0.7% | 7.9% | ||
| Q4 24 | 0.6% | 7.8% | ||
| Q3 24 | 0.5% | 8.4% | ||
| Q2 24 | 0.7% | 5.8% |
现金转化率FORROLED
| Q1 26 | — | 3.03× | ||
| Q4 25 | — | 0.47× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | -0.93× | 0.77× | ||
| Q1 25 | — | 0.47× | ||
| Q4 24 | -4.24× | 0.75× | ||
| Q3 24 | — | 1.19× | ||
| Q2 24 | -0.46× | 1.28× |
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% |
OLED
| Material sales | $83.7M | 59% |
| Royalty and license fees | $54.2M | 38% |
| Contract research services | $4.3M | 3% |
