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弗雷斯特研究公司（FORR）与OneSpan Inc.（OSPN）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OneSpan Inc.的1.5倍（$101.1M vs $65.9M），OneSpan Inc.净利率更高（17.5% vs -33.5%，领先51.1%），OneSpan Inc.同比增速更快（4.1% vs -6.5%），过去两年OneSpan Inc.的营收复合增速更高（4.0% 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。
OneSpan Inc.是一家总部位于美国马萨诸塞州波士顿的信息安全企业，核心业务涵盖网络欺诈防御平台搭建、多因素身份验证工具提供以及电子签名软件开发，为各类机构提供专业的数字安全与身份合规管理解决方案。
FORR vs OSPN — 直观对比
营收规模更大
FORR
是对方的1.5倍
$65.9M
营收增速更快
OSPN
高出10.5%
-6.5%
净利率更高
OSPN
高出51.1%
-33.5%
两年增速更快
OSPN
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $65.9M |
| 净利润 | $-33.9M | $11.6M |
| 毛利率 | 56.7% | 73.6% |
| 营业利润率 | -36.6% | 22.5% |
| 净利率 | -33.5% | 17.5% |
| 营收同比 | -6.5% | 4.1% |
| 净利润同比 | -7941.4% | — |
| 每股收益（稀释后） | $-1.75 | $0.39 |
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FORROSPN
| Q1 26 | — | $65.9M | ||
| Q4 25 | $101.1M | $62.9M | ||
| Q3 25 | $94.3M | $57.1M | ||
| Q2 25 | $111.7M | $59.8M | ||
| Q1 25 | $89.9M | $63.4M | ||
| Q4 24 | $108.0M | $61.2M | ||
| Q3 24 | $102.5M | $56.2M | ||
| Q2 24 | $121.8M | $60.9M |
净利润FORROSPN
| Q1 26 | — | $11.6M | ||
| Q4 25 | $-33.9M | $43.5M | ||
| Q3 25 | $-2.1M | $6.5M | ||
| Q2 25 | $3.9M | $8.3M | ||
| Q1 25 | $-87.3M | $14.5M | ||
| Q4 24 | $432.0K | $28.8M | ||
| Q3 24 | $-5.8M | $8.3M | ||
| Q2 24 | $6.3M | $6.6M |
毛利率FORROSPN
| Q1 26 | — | 73.6% | ||
| Q4 25 | 56.7% | 73.6% | ||
| Q3 25 | 60.0% | 73.6% | ||
| Q2 25 | 55.5% | 73.5% | ||
| Q1 25 | 55.9% | 74.3% | ||
| Q4 24 | 58.8% | 74.0% | ||
| Q3 24 | 60.5% | 73.9% | ||
| Q2 24 | 57.3% | 66.2% |
营业利润率FORROSPN
| Q1 26 | — | 22.5% | ||
| Q4 25 | -36.6% | 19.9% | ||
| Q3 25 | 4.7% | 14.4% | ||
| Q2 25 | 6.2% | 17.6% | ||
| Q1 25 | -97.5% | 27.1% | ||
| Q4 24 | -0.5% | 19.3% | ||
| Q3 24 | -0.7% | 20.0% | ||
| Q2 24 | 9.3% | 12.5% |
净利率FORROSPN
| Q1 26 | — | 17.5% | ||
| Q4 25 | -33.5% | 69.2% | ||
| Q3 25 | -2.3% | 11.4% | ||
| Q2 25 | 3.5% | 13.9% | ||
| Q1 25 | -97.1% | 22.9% | ||
| Q4 24 | 0.4% | 47.1% | ||
| Q3 24 | -5.7% | 14.7% | ||
| Q2 24 | 5.2% | 10.8% |
每股收益（稀释后）FORROSPN
| Q1 26 | — | $0.39 | ||
| Q4 25 | $-1.75 | $1.13 | ||
| Q3 25 | $-0.11 | $0.17 | ||
| Q2 25 | $0.20 | $0.21 | ||
| Q1 25 | $-4.62 | $0.37 | ||
| Q4 24 | $0.02 | $0.73 | ||
| Q3 24 | $-0.30 | $0.21 | ||
| Q2 24 | $0.33 | $0.17 |
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 | $49.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $126.5M | $272.0M |
| 总资产 | $404.0M | $383.1M |
| 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FORROSPN
| Q1 26 | — | $49.8M | ||
| Q4 25 | $63.3M | $70.5M | ||
| Q3 25 | $65.1M | $85.6M | ||
| Q2 25 | $67.8M | $92.9M | ||
| Q1 25 | $75.6M | $105.2M | ||
| Q4 24 | $56.1M | $83.2M | ||
| Q3 24 | $62.8M | $77.5M | ||
| Q2 24 | $58.9M | $63.8M |
股东权益FORROSPN
| Q1 26 | — | $272.0M | ||
| Q4 25 | $126.5M | $271.8M | ||
| Q3 25 | $157.7M | $238.3M | ||
| Q2 25 | $159.5M | $242.5M | ||
| Q1 25 | $147.4M | $231.1M | ||
| Q4 24 | $229.5M | $212.5M | ||
| Q3 24 | $234.3M | $194.6M | ||
| Q2 24 | $237.1M | $178.6M |
总资产FORROSPN
| Q1 26 | — | $383.1M | ||
| Q4 25 | $404.0M | $397.7M | ||
| Q3 25 | $414.2M | $343.5M | ||
| Q2 25 | $436.0M | $357.1M | ||
| Q1 25 | $439.8M | $333.8M | ||
| Q4 24 | $503.9M | $338.7M | ||
| Q3 24 | $505.3M | $289.3M | ||
| Q2 24 | $524.2M | $286.9M |
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 | $28.2M |
| 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 | — | 2.44× |
| 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FORROSPN
| Q1 26 | — | $28.2M | ||
| Q4 25 | $-3.2M | $12.6M | ||
| Q3 25 | $1.2M | $11.3M | ||
| Q2 25 | $-3.6M | $6.2M | ||
| Q1 25 | $26.7M | $29.4M | ||
| Q4 24 | $-1.8M | $12.4M | ||
| Q3 24 | $264.0K | $14.0M | ||
| Q2 24 | $-2.9M | $2.3M |
自由现金流FORROSPN
| Q1 26 | — | — | ||
| Q4 25 | $-4.3M | $9.6M | ||
| Q3 25 | $524.0K | $8.8M | ||
| Q2 25 | $-4.2M | $4.4M | ||
| Q1 25 | $26.1M | $27.7M | ||
| Q4 24 | $-2.5M | $10.5M | ||
| Q3 24 | $-223.0K | $12.0M | ||
| Q2 24 | $-3.7M | $26.0K |
自由现金流率FORROSPN
| Q1 26 | — | — | ||
| Q4 25 | -4.2% | 15.3% | ||
| Q3 25 | 0.6% | 15.4% | ||
| Q2 25 | -3.8% | 7.3% | ||
| Q1 25 | 29.0% | 43.8% | ||
| Q4 24 | -2.3% | 17.1% | ||
| Q3 24 | -0.2% | 21.4% | ||
| Q2 24 | -3.1% | 0.0% |
资本支出强度FORROSPN
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 4.7% | ||
| Q3 25 | 0.7% | 4.4% | ||
| Q2 25 | 0.5% | 3.1% | ||
| Q1 25 | 0.7% | 2.6% | ||
| Q4 24 | 0.6% | 3.2% | ||
| Q3 24 | 0.5% | 3.5% | ||
| Q2 24 | 0.7% | 3.7% |
现金转化率FORROSPN
| Q1 26 | — | 2.44× | ||
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 1.74× | ||
| Q2 25 | -0.93× | 0.75× | ||
| Q1 25 | — | 2.02× | ||
| Q4 24 | -4.24× | 0.43× | ||
| Q3 24 | — | 1.69× | ||
| Q2 24 | -0.46× | 0.35× |
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% |
OSPN
| Product and license | $35.5M | 54% |
| Services and other | $30.4M | 46% |
