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弗雷斯特研究公司（FORR）与IMPINJ INC（PI）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IMPINJ INC的1.4倍（$101.1M vs $74.3M），IMPINJ INC净利率更高（11.2% vs -33.5%，领先44.7%），IMPINJ INC同比增速更快（-0.0% vs -6.5%），IMPINJ INC自由现金流更多（$2.2M vs $-4.3M），过去两年弗雷斯特研究公司的营收复合增速更高（0.5% vs -14.9%）
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。
Impinj Inc.是一家美国射频识别（RFID）设备及软件提供商，成立于2000年，总部位于华盛顿州西雅图，源自加州理工学院Carver Mead与Chris Diorio的研究成果。公司主营EPC Class 1 Gen 2无源超高频RFID芯片、读写器、读写器芯片、天线，以及芯片编码、业务数据采集相关的软件应用，为各行业RFID应用提供全链路产品支持。
FORR vs PI — 直观对比
营收规模更大
FORR
是对方的1.4倍
$74.3M
营收增速更快
PI
高出6.4%
-6.5%
净利率更高
PI
高出44.7%
-33.5%
自由现金流更多
PI
多$6.5M
$-4.3M
两年增速更快
FORR
近两年复合增速
-14.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $74.3M |
| 净利润 | $-33.9M | $8.3M |
| 毛利率 | 56.7% | 49.1% |
| 营业利润率 | -36.6% | 30.5% |
| 净利率 | -33.5% | 11.2% |
| 营收同比 | -6.5% | -0.0% |
| 净利润同比 | -7941.4% | — |
| 每股收益（稀释后） | $-1.75 | $0.14 |
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FORRPI
| Q1 26 | — | $74.3M | ||
| Q4 25 | $101.1M | $92.8M | ||
| Q3 25 | $94.3M | $96.1M | ||
| Q2 25 | $111.7M | $97.9M | ||
| Q1 25 | $89.9M | $74.3M | ||
| Q4 24 | $108.0M | $91.6M | ||
| Q3 24 | $102.5M | $95.2M | ||
| Q2 24 | $121.8M | $102.5M |
净利润FORRPI
| Q1 26 | — | $8.3M | ||
| Q4 25 | $-33.9M | $-1.1M | ||
| Q3 25 | $-2.1M | $-12.8M | ||
| Q2 25 | $3.9M | $11.6M | ||
| Q1 25 | $-87.3M | $-8.5M | ||
| Q4 24 | $432.0K | $-2.7M | ||
| Q3 24 | $-5.8M | $221.0K | ||
| Q2 24 | $6.3M | $10.0M |
毛利率FORRPI
| Q1 26 | — | 49.1% | ||
| Q4 25 | 56.7% | 51.8% | ||
| Q3 25 | 60.0% | 50.3% | ||
| Q2 25 | 55.5% | 57.8% | ||
| Q1 25 | 55.9% | 49.4% | ||
| Q4 24 | 58.8% | 50.5% | ||
| Q3 24 | 60.5% | 50.0% | ||
| Q2 24 | 57.3% | 56.1% |
营业利润率FORRPI
| Q1 26 | — | 30.5% | ||
| Q4 25 | -36.6% | -2.9% | ||
| Q3 25 | 4.7% | 0.7% | ||
| Q2 25 | 6.2% | 11.1% | ||
| Q1 25 | -97.5% | -12.9% | ||
| Q4 24 | -0.5% | -3.9% | ||
| Q3 24 | -0.7% | -0.8% | ||
| Q2 24 | 9.3% | 8.8% |
净利率FORRPI
| Q1 26 | — | 11.2% | ||
| Q4 25 | -33.5% | -1.2% | ||
| Q3 25 | -2.3% | -13.3% | ||
| Q2 25 | 3.5% | 11.8% | ||
| Q1 25 | -97.1% | -11.4% | ||
| Q4 24 | 0.4% | -2.9% | ||
| Q3 24 | -5.7% | 0.2% | ||
| Q2 24 | 5.2% | 9.7% |
每股收益（稀释后）FORRPI
| Q1 26 | — | $0.14 | ||
| Q4 25 | $-1.75 | $-0.02 | ||
| Q3 25 | $-0.11 | $-0.44 | ||
| Q2 25 | $0.20 | $0.39 | ||
| Q1 25 | $-4.62 | $-0.30 | ||
| Q4 24 | $0.02 | $-0.06 | ||
| Q3 24 | $-0.30 | $0.01 | ||
| Q2 24 | $0.33 | $0.34 |
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 | $131.8M |
| 总债务越低越好 | — | $241.5M |
| 股东权益账面价值 | $126.5M | — |
| 总资产 | $404.0M | $502.5M |
| 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FORRPI
| Q1 26 | — | $131.8M | ||
| Q4 25 | $63.3M | $175.3M | ||
| Q3 25 | $65.1M | $190.1M | ||
| Q2 25 | $67.8M | $193.2M | ||
| Q1 25 | $75.6M | $147.9M | ||
| Q4 24 | $56.1M | $164.7M | ||
| Q3 24 | $62.8M | $170.3M | ||
| Q2 24 | $58.9M | $220.2M |
总债务FORRPI
| Q1 26 | — | $241.5M | ||
| Q4 25 | — | $280.9M | ||
| Q3 25 | — | $280.4M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $283.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益FORRPI
| Q1 26 | — | — | ||
| Q4 25 | $126.5M | $209.2M | ||
| Q3 25 | $157.7M | $195.0M | ||
| Q2 25 | $159.5M | $187.7M | ||
| Q1 25 | $147.4M | $160.6M | ||
| Q4 24 | $229.5M | $149.9M | ||
| Q3 24 | $234.3M | $136.1M | ||
| Q2 24 | $237.1M | $117.0M |
总资产FORRPI
| Q1 26 | — | $502.5M | ||
| Q4 25 | $404.0M | $545.2M | ||
| Q3 25 | $414.2M | $516.5M | ||
| Q2 25 | $436.0M | $508.8M | ||
| Q1 25 | $439.8M | $479.8M | ||
| Q4 24 | $503.9M | $489.1M | ||
| Q3 24 | $505.3M | $476.4M | ||
| Q2 24 | $524.2M | $446.1M |
负债/权益比FORRPI
| Q1 26 | — | — | ||
| Q4 25 | — | 1.34× | ||
| Q3 25 | — | 1.44× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.89× | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $2.2M |
| 自由现金流率自由现金流/营收 | -4.2% | 3.0% |
| 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 | $61.1M |
8季度趋势，按日历期对齐
经营现金流FORRPI
| Q1 26 | — | — | ||
| Q4 25 | $-3.2M | $15.1M | ||
| Q3 25 | $1.2M | $20.9M | ||
| Q2 25 | $-3.6M | $33.9M | ||
| Q1 25 | $26.7M | $-11.1M | ||
| Q4 24 | $-1.8M | $12.6M | ||
| Q3 24 | $264.0K | $10.1M | ||
| Q2 24 | $-2.9M | $45.5M |
自由现金流FORRPI
| Q1 26 | — | $2.2M | ||
| Q4 25 | $-4.3M | $13.6M | ||
| Q3 25 | $524.0K | $18.0M | ||
| Q2 25 | $-4.2M | $27.3M | ||
| Q1 25 | $26.1M | $-13.0M | ||
| Q4 24 | $-2.5M | $8.5M | ||
| Q3 24 | $-223.0K | $4.7M | ||
| Q2 24 | $-3.7M | $44.1M |
自由现金流率FORRPI
| Q1 26 | — | 3.0% | ||
| Q4 25 | -4.2% | 14.7% | ||
| Q3 25 | 0.6% | 18.7% | ||
| Q2 25 | -3.8% | 27.9% | ||
| Q1 25 | 29.0% | -17.5% | ||
| Q4 24 | -2.3% | 9.3% | ||
| Q3 24 | -0.2% | 4.9% | ||
| Q2 24 | -3.1% | 43.0% |
资本支出强度FORRPI
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 1.6% | ||
| Q3 25 | 0.7% | 3.1% | ||
| Q2 25 | 0.5% | 6.7% | ||
| Q1 25 | 0.7% | 2.5% | ||
| Q4 24 | 0.6% | 4.5% | ||
| Q3 24 | 0.5% | 5.7% | ||
| Q2 24 | 0.7% | 1.3% |
现金转化率FORRPI
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.93× | 2.93× | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | — | ||
| Q3 24 | — | 45.56× | ||
| Q2 24 | -0.46× | 4.56× |
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% |
PI
暂无分部数据
