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弗雷斯特研究公司（FORR）与PDF SOLUTIONS INC（PDFS）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PDF SOLUTIONS INC的1.6倍（$101.1M vs $62.4M），PDF SOLUTIONS INC净利率更高（-0.1% vs -33.5%，领先33.4%），PDF SOLUTIONS INC同比增速更快（24.6% vs -6.5%），PDF SOLUTIONS INC自由现金流更多（$7.5M vs $-4.3M），过去两年PDF SOLUTIONS INC的营收复合增速更高（22.9% 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。
PDF Solutions Inc是一家总部位于美国加利福尼亚州圣克拉拉的跨国企业，主营软件业务与工程技术服务，目前在纳斯达克交易所挂牌上市，股票代码为PDFS。
FORR vs PDFS — 直观对比
营收规模更大
FORR
是对方的1.6倍
$62.4M
营收增速更快
PDFS
高出31.1%
-6.5%
净利率更高
PDFS
高出33.4%
-33.5%
自由现金流更多
PDFS
多$11.8M
$-4.3M
两年增速更快
PDFS
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $62.4M |
| 净利润 | $-33.9M | $-48.0K |
| 毛利率 | 56.7% | 72.9% |
| 营业利润率 | -36.6% | 5.5% |
| 净利率 | -33.5% | -0.1% |
| 营收同比 | -6.5% | 24.6% |
| 净利润同比 | -7941.4% | -108.9% |
| 每股收益（稀释后） | $-1.75 | $0.00 |
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FORRPDFS
| Q4 25 | $101.1M | $62.4M | ||
| Q3 25 | $94.3M | $57.1M | ||
| Q2 25 | $111.7M | $51.7M | ||
| Q1 25 | $89.9M | $47.8M | ||
| Q4 24 | $108.0M | $50.1M | ||
| Q3 24 | $102.5M | $46.4M | ||
| Q2 24 | $121.8M | $41.7M | ||
| Q1 24 | $100.1M | $41.3M |
净利润FORRPDFS
| Q4 25 | $-33.9M | $-48.0K | ||
| Q3 25 | $-2.1M | $1.3M | ||
| Q2 25 | $3.9M | $1.1M | ||
| Q1 25 | $-87.3M | $-3.0M | ||
| Q4 24 | $432.0K | $539.0K | ||
| Q3 24 | $-5.8M | $2.2M | ||
| Q2 24 | $6.3M | $1.7M | ||
| Q1 24 | $-6.7M | $-393.0K |
毛利率FORRPDFS
| Q4 25 | 56.7% | 72.9% | ||
| Q3 25 | 60.0% | 72.3% | ||
| Q2 25 | 55.5% | 71.2% | ||
| Q1 25 | 55.9% | 72.9% | ||
| Q4 24 | 58.8% | 68.3% | ||
| Q3 24 | 60.5% | 73.1% | ||
| Q2 24 | 57.3% | 70.6% | ||
| Q1 24 | 54.9% | 67.3% |
营业利润率FORRPDFS
| Q4 25 | -36.6% | 5.5% | ||
| Q3 25 | 4.7% | 8.5% | ||
| Q2 25 | 6.2% | 2.2% | ||
| Q1 25 | -97.5% | -7.4% | ||
| Q4 24 | -0.5% | 1.0% | ||
| Q3 24 | -0.7% | 4.6% | ||
| Q2 24 | 9.3% | 0.6% | ||
| Q1 24 | -9.3% | -4.7% |
净利率FORRPDFS
| Q4 25 | -33.5% | -0.1% | ||
| Q3 25 | -2.3% | 2.3% | ||
| Q2 25 | 3.5% | 2.2% | ||
| Q1 25 | -97.1% | -6.3% | ||
| Q4 24 | 0.4% | 1.1% | ||
| Q3 24 | -5.7% | 4.8% | ||
| Q2 24 | 5.2% | 4.1% | ||
| Q1 24 | -6.7% | -1.0% |
每股收益（稀释后）FORRPDFS
| Q4 25 | $-1.75 | $0.00 | ||
| Q3 25 | $-0.11 | $0.03 | ||
| Q2 25 | $0.20 | $0.03 | ||
| Q1 25 | $-4.62 | $-0.08 | ||
| Q4 24 | $0.02 | $0.01 | ||
| Q3 24 | $-0.30 | $0.06 | ||
| Q2 24 | $0.33 | $0.04 | ||
| 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 | $42.2M |
| 总债务越低越好 | — | $67.0M |
| 股东权益账面价值 | $126.5M | $271.0M |
| 总资产 | $404.0M | $418.7M |
| 负债/权益比越低杠杆越低 | — | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资FORRPDFS
| Q4 25 | $63.3M | $42.2M | ||
| Q3 25 | $65.1M | $35.9M | ||
| Q2 25 | $67.8M | $40.4M | ||
| Q1 25 | $75.6M | $54.1M | ||
| Q4 24 | $56.1M | $114.9M | ||
| Q3 24 | $62.8M | $120.2M | ||
| Q2 24 | $58.9M | $117.9M | ||
| Q1 24 | $61.4M | $122.9M |
总债务FORRPDFS
| Q4 25 | — | $67.0M | ||
| Q3 25 | — | $67.6M | ||
| Q2 25 | — | $68.1M | ||
| Q1 25 | — | $68.7M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益FORRPDFS
| Q4 25 | $126.5M | $271.0M | ||
| Q3 25 | $157.7M | $264.4M | ||
| Q2 25 | $159.5M | $257.5M | ||
| Q1 25 | $147.4M | $249.0M | ||
| Q4 24 | $229.5M | $246.0M | ||
| Q3 24 | $234.3M | $240.5M | ||
| Q2 24 | $237.1M | $232.2M | ||
| Q1 24 | $230.9M | $225.4M |
总资产FORRPDFS
| Q4 25 | $404.0M | $418.7M | ||
| Q3 25 | $414.2M | $406.4M | ||
| Q2 25 | $436.0M | $391.1M | ||
| Q1 25 | $439.8M | $390.0M | ||
| Q4 24 | $503.9M | $315.3M | ||
| Q3 24 | $505.3M | $307.4M | ||
| Q2 24 | $524.2M | $298.0M | ||
| Q1 24 | $555.7M | $286.8M |
负债/权益比FORRPDFS
| Q4 25 | — | 0.25× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.28× | ||
| 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 | $17.3M |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $7.5M |
| 自由现金流率自由现金流/营收 | -4.2% | 12.1% |
| 资本支出强度资本支出/营收 | 1.1% | 15.7% |
| 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 | $-8.6M |
8季度趋势，按日历期对齐
经营现金流FORRPDFS
| Q4 25 | $-3.2M | $17.3M | ||
| Q3 25 | $1.2M | $3.3M | ||
| Q2 25 | $-3.6M | $-5.2M | ||
| Q1 25 | $26.7M | $8.6M | ||
| Q4 24 | $-1.8M | $1.6M | ||
| Q3 24 | $264.0K | $9.3M | ||
| Q2 24 | $-2.9M | $684.0K | ||
| Q1 24 | $611.0K | $-1.9M |
自由现金流FORRPDFS
| Q4 25 | $-4.3M | $7.5M | ||
| Q3 25 | $524.0K | $-2.9M | ||
| Q2 25 | $-4.2M | $-13.8M | ||
| Q1 25 | $26.1M | $535.0K | ||
| Q4 24 | $-2.5M | $-4.0M | ||
| Q3 24 | $-223.0K | $5.1M | ||
| Q2 24 | $-3.7M | $-4.6M | ||
| Q1 24 | $-815.0K | $-3.9M |
自由现金流率FORRPDFS
| Q4 25 | -4.2% | 12.1% | ||
| Q3 25 | 0.6% | -5.1% | ||
| Q2 25 | -3.8% | -26.6% | ||
| Q1 25 | 29.0% | 1.1% | ||
| Q4 24 | -2.3% | -8.0% | ||
| Q3 24 | -0.2% | 11.0% | ||
| Q2 24 | -3.1% | -11.1% | ||
| Q1 24 | -0.8% | -9.4% |
资本支出强度FORRPDFS
| Q4 25 | 1.1% | 15.7% | ||
| Q3 25 | 0.7% | 10.8% | ||
| Q2 25 | 0.5% | 16.5% | ||
| Q1 25 | 0.7% | 17.0% | ||
| Q4 24 | 0.6% | 11.3% | ||
| Q3 24 | 0.5% | 9.0% | ||
| Q2 24 | 0.7% | 12.8% | ||
| Q1 24 | 1.4% | 4.9% |
现金转化率FORRPDFS
| Q4 25 | — | — | ||
| Q3 25 | — | 2.54× | ||
| Q2 25 | -0.93× | -4.55× | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | 2.98× | ||
| Q3 24 | — | 4.20× | ||
| Q2 24 | -0.46× | 0.40× | ||
| 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% |
PDFS
| Volumebased | $38.0M | 61% |
| Other | $24.4M | 39% |
