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弗雷斯特研究公司（FORR）与OPAL Fuels Inc.（OPAL）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OPAL Fuels Inc.的1.1倍（$101.1M vs $88.4M），OPAL Fuels Inc.净利率更高（18.3% vs -33.5%，领先51.8%），OPAL Fuels Inc.同比增速更快（18.7% vs -6.5%），弗雷斯特研究公司自由现金流更多（$-4.3M vs $-13.4M），过去两年OPAL Fuels Inc.的营收复合增速更高（17.6% 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。
OPAL Fuels Inc.是一家北美能源企业，专注于生产和分销低碳可再生天然气（RNG）。公司从垃圾填埋场、奶牛场等有机废物流中收集甲烷，产出的可再生天然气主要供应给重型运输车队、商业物流运营商及公共交通实体，助力降低碳排放。
FORR vs OPAL — 直观对比
营收规模更大
FORR
是对方的1.1倍
$88.4M
营收增速更快
OPAL
高出25.2%
-6.5%
净利率更高
OPAL
高出51.8%
-33.5%
自由现金流更多
FORR
多$9.1M
$-13.4M
两年增速更快
OPAL
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $88.4M |
| 净利润 | $-33.9M | $16.2M |
| 毛利率 | 56.7% | — |
| 营业利润率 | -36.6% | 7.5% |
| 净利率 | -33.5% | 18.3% |
| 营收同比 | -6.5% | 18.7% |
| 净利润同比 | -7941.4% | 401.5% |
| 每股收益（稀释后） | $-1.75 | $0.08 |
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FORROPAL
| Q4 25 | $101.1M | $88.4M | ||
| Q3 25 | $94.3M | $77.9M | ||
| Q2 25 | $111.7M | $77.4M | ||
| Q1 25 | $89.9M | $83.0M | ||
| Q4 24 | $108.0M | $74.5M | ||
| Q3 24 | $102.5M | $82.6M | ||
| Q2 24 | $121.8M | $69.8M | ||
| Q1 24 | $100.1M | $64.0M |
净利润FORROPAL
| Q4 25 | $-33.9M | $16.2M | ||
| Q3 25 | $-2.1M | $11.4M | ||
| Q2 25 | $3.9M | $7.6M | ||
| Q1 25 | $-87.3M | $1.3M | ||
| Q4 24 | $432.0K | $-5.4M | ||
| Q3 24 | $-5.8M | $17.1M | ||
| Q2 24 | $6.3M | $1.9M | ||
| Q1 24 | $-6.7M | $677.0K |
毛利率FORROPAL
| 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% | — | ||
| Q1 24 | 54.9% | — |
营业利润率FORROPAL
| Q4 25 | -36.6% | 7.5% | ||
| Q3 25 | 4.7% | 4.6% | ||
| Q2 25 | 6.2% | -1.1% | ||
| Q1 25 | -97.5% | -2.3% | ||
| Q4 24 | -0.5% | -0.5% | ||
| Q3 24 | -0.7% | 14.9% | ||
| Q2 24 | 9.3% | 8.1% | ||
| Q1 24 | -9.3% | 5.6% |
净利率FORROPAL
| Q4 25 | -33.5% | 18.3% | ||
| Q3 25 | -2.3% | 14.6% | ||
| Q2 25 | 3.5% | 9.8% | ||
| Q1 25 | -97.1% | 1.5% | ||
| Q4 24 | 0.4% | -7.2% | ||
| Q3 24 | -5.7% | 20.7% | ||
| Q2 24 | 5.2% | 2.7% | ||
| Q1 24 | -6.7% | 1.1% |
每股收益（稀释后）FORROPAL
| Q4 25 | $-1.75 | $0.08 | ||
| Q3 25 | $-0.11 | $0.05 | ||
| Q2 25 | $0.20 | $0.03 | ||
| Q1 25 | $-4.62 | $-0.01 | ||
| Q4 24 | $0.02 | $-0.05 | ||
| Q3 24 | $-0.30 | $0.09 | ||
| Q2 24 | $0.33 | $-0.01 | ||
| Q1 24 | $-0.35 | $-0.01 |
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 | $24.4M |
| 总债务越低越好 | — | $361.3M |
| 股东权益账面价值 | $126.5M | $-12.9M |
| 总资产 | $404.0M | $959.5M |
| 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FORROPAL
| Q4 25 | $63.3M | $24.4M | ||
| Q3 25 | $65.1M | $29.9M | ||
| Q2 25 | $67.8M | $29.3M | ||
| Q1 25 | $75.6M | $40.1M | ||
| Q4 24 | $56.1M | $24.3M | ||
| Q3 24 | $62.8M | $31.0M | ||
| Q2 24 | $58.9M | $27.6M | ||
| Q1 24 | $61.4M | $34.2M |
总债务FORROPAL
| Q4 25 | — | $361.3M | ||
| Q3 25 | — | $351.2M | ||
| Q2 25 | — | $331.6M | ||
| Q1 25 | — | $307.0M | ||
| Q4 24 | — | $307.5M | ||
| Q3 24 | — | $252.9M | ||
| Q2 24 | — | $233.3M | ||
| Q1 24 | — | $208.7M |
股东权益FORROPAL
| Q4 25 | $126.5M | $-12.9M | ||
| Q3 25 | $157.7M | $7.5M | ||
| Q2 25 | $159.5M | $-25.0M | ||
| Q1 25 | $147.4M | $57.1M | ||
| Q4 24 | $229.5M | $-148.4M | ||
| Q3 24 | $234.3M | $-180.1M | ||
| Q2 24 | $237.1M | $-273.0M | ||
| Q1 24 | $230.9M | $-382.4M |
总资产FORROPAL
| Q4 25 | $404.0M | $959.5M | ||
| Q3 25 | $414.2M | $916.7M | ||
| Q2 25 | $436.0M | $905.5M | ||
| Q1 25 | $439.8M | $884.9M | ||
| Q4 24 | $503.9M | $881.1M | ||
| Q3 24 | $505.3M | $831.1M | ||
| Q2 24 | $524.2M | $782.3M | ||
| Q1 24 | $555.7M | $750.5M |
负债/权益比FORROPAL
| Q4 25 | — | — | ||
| Q3 25 | — | 46.95× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 5.38× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-3.5M |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $-13.4M |
| 自由现金流率自由现金流/营收 | -4.2% | -15.1% |
| 资本支出强度资本支出/营收 | 1.1% | 11.1% |
| 现金转化率经营现金流/净利润 | — | -0.22× |
| 过去12个月自由现金流最近4个季度 | $18.1M | $-34.2M |
8季度趋势，按日历期对齐
经营现金流FORROPAL
| Q4 25 | $-3.2M | $-3.5M | ||
| Q3 25 | $1.2M | $18.2M | ||
| Q2 25 | $-3.6M | $-7.9M | ||
| Q1 25 | $26.7M | $29.7M | ||
| Q4 24 | $-1.8M | $-532.0K | ||
| Q3 24 | $264.0K | $17.7M | ||
| Q2 24 | $-2.9M | $533.0K | ||
| Q1 24 | $611.0K | $13.7M |
自由现金流FORROPAL
| Q4 25 | $-4.3M | $-13.4M | ||
| Q3 25 | $524.0K | $-9.3M | ||
| Q2 25 | $-4.2M | $-29.7M | ||
| Q1 25 | $26.1M | $18.1M | ||
| Q4 24 | $-2.5M | $-55.0M | ||
| Q3 24 | $-223.0K | $-5.4M | ||
| Q2 24 | $-3.7M | $-22.5M | ||
| Q1 24 | $-815.0K | $-13.0M |
自由现金流率FORROPAL
| Q4 25 | -4.2% | -15.1% | ||
| Q3 25 | 0.6% | -11.9% | ||
| Q2 25 | -3.8% | -38.4% | ||
| Q1 25 | 29.0% | 21.8% | ||
| Q4 24 | -2.3% | -73.8% | ||
| Q3 24 | -0.2% | -6.5% | ||
| Q2 24 | -3.1% | -32.2% | ||
| Q1 24 | -0.8% | -20.4% |
资本支出强度FORROPAL
| Q4 25 | 1.1% | 11.1% | ||
| Q3 25 | 0.7% | 35.3% | ||
| Q2 25 | 0.5% | 28.2% | ||
| Q1 25 | 0.7% | 13.9% | ||
| Q4 24 | 0.6% | 73.1% | ||
| Q3 24 | 0.5% | 27.9% | ||
| Q2 24 | 0.7% | 32.9% | ||
| Q1 24 | 1.4% | 41.8% |
现金转化率FORROPAL
| Q4 25 | — | -0.22× | ||
| Q3 25 | — | 1.60× | ||
| Q2 25 | -0.93× | -1.04× | ||
| Q1 25 | — | 23.11× | ||
| Q4 24 | -4.24× | — | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | -0.46× | 0.28× | ||
| Q1 24 | — | 20.26× |
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% |
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
