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弗雷斯特研究公司（FORR）与Ranpak Holdings Corp.（PACK）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Ranpak Holdings Corp.的1.1倍（$101.1M vs $93.7M），Ranpak Holdings Corp.同比增速更快（2.3% vs -6.5%），过去两年Ranpak Holdings Corp.的营收复合增速更高（13.7% 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。
Ranpak Holdings Corp.主营生产防护纸质包装设备与纸制品，可为电商及各行业货品运输提供纸质缓冲包装方案，同时也供应自动化包装解决方案。公司总部位于美国俄亥俄州康科德，在美国本土多个州、捷克、荷兰、中国上海及新加坡均设有生产基地与办公室，产品可用于包裹缠绕、缓冲填隙、冷链运输等多种场景。
FORR vs PACK — 直观对比
营收规模更大
FORR
是对方的1.1倍
$93.7M
营收增速更快
PACK
高出8.8%
-6.5%
两年增速更快
PACK
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $93.7M |
| 净利润 | $-33.9M | — |
| 毛利率 | 56.7% | 39.0% |
| 营业利润率 | -36.6% | -1.0% |
| 净利率 | -33.5% | — |
| 营收同比 | -6.5% | 2.3% |
| 净利润同比 | -7941.4% | — |
| 每股收益（稀释后） | $-1.75 | $-0.11 |
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FORRPACK
| Q4 25 | $101.1M | $93.7M | ||
| Q3 25 | $94.3M | $83.6M | ||
| Q2 25 | $111.7M | $77.8M | ||
| Q1 25 | $89.9M | $77.6M | ||
| Q4 24 | $108.0M | $91.6M | ||
| Q3 24 | $102.5M | $78.6M | ||
| Q2 24 | $121.8M | $72.8M | ||
| Q1 24 | $100.1M | $72.5M |
净利润FORRPACK
| Q4 25 | $-33.9M | — | ||
| Q3 25 | $-2.1M | $-10.4M | ||
| Q2 25 | $3.9M | $-7.5M | ||
| Q1 25 | $-87.3M | $-10.9M | ||
| Q4 24 | $432.0K | — | ||
| Q3 24 | $-5.8M | $-8.1M | ||
| Q2 24 | $6.3M | $5.5M | ||
| Q1 24 | $-6.7M | $-8.1M |
毛利率FORRPACK
| Q4 25 | 56.7% | 39.0% | ||
| Q3 25 | 60.0% | 41.1% | ||
| Q2 25 | 55.5% | 37.1% | ||
| Q1 25 | 55.9% | 39.8% | ||
| Q4 24 | 58.8% | 45.2% | ||
| Q3 24 | 60.5% | 43.8% | ||
| Q2 24 | 57.3% | 43.5% | ||
| Q1 24 | 54.9% | 44.6% |
营业利润率FORRPACK
| Q4 25 | -36.6% | -1.0% | ||
| Q3 25 | 4.7% | -6.8% | ||
| Q2 25 | 6.2% | -12.5% | ||
| Q1 25 | -97.5% | -10.3% | ||
| Q4 24 | -0.5% | 1.5% | ||
| Q3 24 | -0.7% | -5.3% | ||
| Q2 24 | 9.3% | -7.1% | ||
| Q1 24 | -9.3% | -6.6% |
净利率FORRPACK
| Q4 25 | -33.5% | — | ||
| Q3 25 | -2.3% | -12.4% | ||
| Q2 25 | 3.5% | -9.6% | ||
| Q1 25 | -97.1% | -14.0% | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | -5.7% | -10.3% | ||
| Q2 24 | 5.2% | 7.6% | ||
| Q1 24 | -6.7% | -11.2% |
每股收益（稀释后）FORRPACK
| Q4 25 | $-1.75 | $-0.11 | ||
| Q3 25 | $-0.11 | $-0.12 | ||
| Q2 25 | $0.20 | $-0.09 | ||
| Q1 25 | $-4.62 | $-0.13 | ||
| Q4 24 | $0.02 | $-0.13 | ||
| Q3 24 | $-0.30 | $-0.10 | ||
| Q2 24 | $0.33 | $0.07 | ||
| Q1 24 | $-0.35 | $-0.10 |
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 | $63.0M |
| 总债务越低越好 | — | $401.9M |
| 股东权益账面价值 | $126.5M | $534.9M |
| 总资产 | $404.0M | $1.1B |
| 负债/权益比越低杠杆越低 | — | 0.75× |
8季度趋势，按日历期对齐
现金及短期投资FORRPACK
| Q4 25 | $63.3M | $63.0M | ||
| Q3 25 | $65.1M | $49.9M | ||
| Q2 25 | $67.8M | $49.2M | ||
| Q1 25 | $75.6M | $65.5M | ||
| Q4 24 | $56.1M | $76.1M | ||
| Q3 24 | $62.8M | $69.5M | ||
| Q2 24 | $58.9M | $65.1M | ||
| Q1 24 | $61.4M | $55.1M |
总债务FORRPACK
| Q4 25 | — | $401.9M | ||
| Q3 25 | — | $403.1M | ||
| Q2 25 | — | $403.1M | ||
| Q1 25 | — | $405.2M | ||
| Q4 24 | — | $406.4M | ||
| Q3 24 | — | $403.2M | ||
| Q2 24 | — | $396.1M | ||
| Q1 24 | — | $396.7M |
股东权益FORRPACK
| Q4 25 | $126.5M | $534.9M | ||
| Q3 25 | $157.7M | $537.8M | ||
| Q2 25 | $159.5M | $539.0M | ||
| Q1 25 | $147.4M | $544.1M | ||
| Q4 24 | $229.5M | $548.1M | ||
| Q3 24 | $234.3M | $564.3M | ||
| Q2 24 | $237.1M | $566.2M | ||
| Q1 24 | $230.9M | $560.0M |
总资产FORRPACK
| Q4 25 | $404.0M | $1.1B | ||
| Q3 25 | $414.2M | $1.1B | ||
| Q2 25 | $436.0M | $1.1B | ||
| Q1 25 | $439.8M | $1.1B | ||
| Q4 24 | $503.9M | $1.1B | ||
| Q3 24 | $505.3M | $1.1B | ||
| Q2 24 | $524.2M | $1.1B | ||
| Q1 24 | $555.7M | $1.1B |
负债/权益比FORRPACK
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.75× | ||
| Q2 25 | — | 0.75× | ||
| Q1 25 | — | 0.74× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.71× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 0.71× |
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 | $19.5M |
| 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FORRPACK
| Q4 25 | $-3.2M | $19.5M | ||
| Q3 25 | $1.2M | $8.5M | ||
| Q2 25 | $-3.6M | $-3.6M | ||
| Q1 25 | $26.7M | $-1.3M | ||
| Q4 24 | $-1.8M | $6.5M | ||
| Q3 24 | $264.0K | $10.1M | ||
| Q2 24 | $-2.9M | $19.6M | ||
| Q1 24 | $611.0K | $5.2M |
自由现金流FORRPACK
| 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 | — | ||
| Q1 24 | $-815.0K | — |
自由现金流率FORRPACK
| 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% | — | ||
| Q1 24 | -0.8% | — |
资本支出强度FORRPACK
| 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% | — | ||
| Q1 24 | 1.4% | — |
现金转化率FORRPACK
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.93× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.46× | 3.56× | ||
| 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% |
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
