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弗雷斯特研究公司（FORR）与PennyMac Mortgage Investment Trust（PMT）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PennyMac Mortgage Investment Trust的1.1倍（$101.1M vs $93.6M），PennyMac Mortgage Investment Trust净利率更高（56.0% vs -33.5%，领先89.5%），弗雷斯特研究公司同比增速更快（-6.5% vs -13.3%），过去两年PennyMac Mortgage Investment Trust的营收复合增速更高（12.3% 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。
PennyMac Mortgage Investment Trust是总部位于美国的房地产投资信托，专注于住宅抵押贷款相关资产，主要投资履约及违约抵押贷款、住宅抵押贷款支持证券和信用风险转移工具，业务覆盖美国住房市场的投资管理与抵押贷款服务板块。
FORR vs PMT — 直观对比
营收规模更大
FORR
是对方的1.1倍
$93.6M
营收增速更快
FORR
高出6.8%
-13.3%
净利率更高
PMT
高出89.5%
-33.5%
两年增速更快
PMT
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $93.6M |
| 净利润 | $-33.9M | $52.4M |
| 毛利率 | 56.7% | — |
| 营业利润率 | -36.6% | 38.6% |
| 净利率 | -33.5% | 56.0% |
| 营收同比 | -6.5% | -13.3% |
| 净利润同比 | -7941.4% | 12.5% |
| 每股收益（稀释后） | $-1.75 | $0.49 |
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FORRPMT
| Q4 25 | $101.1M | $93.6M | ||
| Q3 25 | $94.3M | $99.2M | ||
| Q2 25 | $111.7M | $70.2M | ||
| Q1 25 | $89.9M | $44.5M | ||
| Q4 24 | $108.0M | $107.9M | ||
| Q3 24 | $102.5M | $80.9M | ||
| Q2 24 | $121.8M | $71.2M | ||
| Q1 24 | $100.1M | $74.2M |
净利润FORRPMT
| Q4 25 | $-33.9M | $52.4M | ||
| Q3 25 | $-2.1M | $58.3M | ||
| Q2 25 | $3.9M | $7.5M | ||
| Q1 25 | $-87.3M | $9.7M | ||
| Q4 24 | $432.0K | $46.5M | ||
| Q3 24 | $-5.8M | $41.4M | ||
| Q2 24 | $6.3M | $25.4M | ||
| Q1 24 | $-6.7M | $47.6M |
毛利率FORRPMT
| 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FORRPMT
| Q4 25 | -36.6% | 38.6% | ||
| Q3 25 | 4.7% | 47.4% | ||
| Q2 25 | 6.2% | 24.2% | ||
| Q1 25 | -97.5% | -14.2% | ||
| Q4 24 | -0.5% | 51.1% | ||
| Q3 24 | -0.7% | 32.8% | ||
| Q2 24 | 9.3% | 40.2% | ||
| Q1 24 | -9.3% | 43.6% |
净利率FORRPMT
| Q4 25 | -33.5% | 56.0% | ||
| Q3 25 | -2.3% | 58.7% | ||
| Q2 25 | 3.5% | 10.7% | ||
| Q1 25 | -97.1% | 21.8% | ||
| Q4 24 | 0.4% | 43.1% | ||
| Q3 24 | -5.7% | 51.2% | ||
| Q2 24 | 5.2% | 35.7% | ||
| Q1 24 | -6.7% | 64.2% |
每股收益（稀释后）FORRPMT
| Q4 25 | $-1.75 | $0.49 | ||
| Q3 25 | $-0.11 | $0.55 | ||
| Q2 25 | $0.20 | $-0.04 | ||
| Q1 25 | $-4.62 | $-0.01 | ||
| Q4 24 | $0.02 | $0.45 | ||
| Q3 24 | $-0.30 | $0.36 | ||
| Q2 24 | $0.33 | $0.17 | ||
| Q1 24 | $-0.35 | $0.39 |
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 | $190.5M |
| 总债务越低越好 | — | $1.1B |
| 股东权益账面价值 | $126.5M | $1.9B |
| 总资产 | $404.0M | $21.3B |
| 负债/权益比越低杠杆越低 | — | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资FORRPMT
| Q4 25 | $63.3M | $190.5M | ||
| Q3 25 | $65.1M | $181.0M | ||
| Q2 25 | $67.8M | $108.6M | ||
| Q1 25 | $75.6M | $204.2M | ||
| Q4 24 | $56.1M | $103.2M | ||
| Q3 24 | $62.8M | $102.8M | ||
| Q2 24 | $58.9M | $336.3M | ||
| Q1 24 | $61.4M | $343.3M |
总债务FORRPMT
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $299.0M | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $968.4M | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $5.2B | ||
| Q2 24 | — | $5.4B | ||
| Q1 24 | — | $5.1B |
股东权益FORRPMT
| Q4 25 | $126.5M | $1.9B | ||
| Q3 25 | $157.7M | $1.9B | ||
| Q2 25 | $159.5M | $1.9B | ||
| Q1 25 | $147.4M | $1.9B | ||
| Q4 24 | $229.5M | $1.9B | ||
| Q3 24 | $234.3M | $1.9B | ||
| Q2 24 | $237.1M | $1.9B | ||
| Q1 24 | $230.9M | $2.0B |
总资产FORRPMT
| Q4 25 | $404.0M | $21.3B | ||
| Q3 25 | $414.2M | $18.5B | ||
| Q2 25 | $436.0M | $16.8B | ||
| Q1 25 | $439.8M | $14.9B | ||
| Q4 24 | $503.9M | $14.4B | ||
| Q3 24 | $505.3M | $13.1B | ||
| Q2 24 | $524.2M | $12.1B | ||
| Q1 24 | $555.7M | $12.3B |
负债/权益比FORRPMT
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.16× | ||
| Q2 25 | — | 0.65× | ||
| Q1 25 | — | 0.51× | ||
| Q4 24 | — | 0.52× | ||
| Q3 24 | — | 2.70× | ||
| Q2 24 | — | 2.76× | ||
| Q1 24 | — | 2.60× |
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 | $-7.2B |
| 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 | — | -137.76× |
| 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FORRPMT
| Q4 25 | $-3.2M | $-7.2B | ||
| Q3 25 | $1.2M | $-1.3B | ||
| Q2 25 | $-3.6M | $-2.0B | ||
| Q1 25 | $26.7M | $-594.3M | ||
| Q4 24 | $-1.8M | $-2.7B | ||
| Q3 24 | $264.0K | $-983.8M | ||
| Q2 24 | $-2.9M | $243.8M | ||
| Q1 24 | $611.0K | $-342.4M |
自由现金流FORRPMT
| 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FORRPMT
| 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FORRPMT
| 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FORRPMT
| Q4 25 | — | -137.76× | ||
| Q3 25 | — | -22.26× | ||
| Q2 25 | -0.93× | -267.53× | ||
| Q1 25 | — | -61.39× | ||
| Q4 24 | -4.24× | -58.08× | ||
| Q3 24 | — | -23.76× | ||
| Q2 24 | -0.46× | 9.59× | ||
| Q1 24 | — | -7.19× |
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% |
PMT
| Other | $55.0M | 59% |
| Interest Rate Sensitive Strategies | $31.4M | 34% |
| Correspondent Production | $7.2M | 8% |
