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弗雷斯特研究公司（FORR）与P10, Inc.（PX）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P10, Inc.的1.2倍（$101.1M vs $81.0M），P10, Inc.净利率更高（11.7% vs -33.5%，领先45.2%），P10, Inc.同比增速更快（-4.7% vs -6.5%），P10, Inc.自由现金流更多（$18.1M vs $-4.3M），过去两年P10, Inc.的营收复合增速更高（10.7% 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。
P10, Inc.是一家全球另类资产管理公司，提供涵盖私募股权、私募信贷、实物资产、风险投资的多元化投资解决方案，主要服务北美、欧洲、亚太市场的养老基金、捐赠基金、基金会及高净值个人等客户群体。
FORR vs PX — 直观对比
营收规模更大
FORR
是对方的1.2倍
$81.0M
营收增速更快
PX
高出1.8%
-6.5%
净利率更高
PX
高出45.2%
-33.5%
自由现金流更多
PX
多$22.4M
$-4.3M
两年增速更快
PX
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $81.0M |
| 净利润 | $-33.9M | $9.5M |
| 毛利率 | 56.7% | — |
| 营业利润率 | -36.6% | 31.9% |
| 净利率 | -33.5% | 11.7% |
| 营收同比 | -6.5% | -4.7% |
| 净利润同比 | -7941.4% | 79.0% |
| 每股收益（稀释后） | $-1.75 | $0.08 |
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FORRPX
| Q4 25 | $101.1M | $81.0M | ||
| Q3 25 | $94.3M | $75.9M | ||
| Q2 25 | $111.7M | $72.7M | ||
| Q1 25 | $89.9M | $67.7M | ||
| Q4 24 | $108.0M | $85.0M | ||
| Q3 24 | $102.5M | $74.2M | ||
| Q2 24 | $121.8M | $71.1M | ||
| Q1 24 | $100.1M | $66.1M |
净利润FORRPX
| Q4 25 | $-33.9M | $9.5M | ||
| Q3 25 | $-2.1M | $2.1M | ||
| Q2 25 | $3.9M | $3.4M | ||
| Q1 25 | $-87.3M | $4.5M | ||
| Q4 24 | $432.0K | $5.3M | ||
| Q3 24 | $-5.8M | $1.4M | ||
| Q2 24 | $6.3M | $7.0M | ||
| Q1 24 | $-6.7M | $5.0M |
毛利率FORRPX
| 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FORRPX
| Q4 25 | -36.6% | 31.9% | ||
| Q3 25 | 4.7% | 14.1% | ||
| Q2 25 | 6.2% | 24.4% | ||
| Q1 25 | -97.5% | 16.6% | ||
| Q4 24 | -0.5% | 26.9% | ||
| Q3 24 | -0.7% | 11.9% | ||
| Q2 24 | 9.3% | 23.7% | ||
| Q1 24 | -9.3% | 18.3% |
净利率FORRPX
| Q4 25 | -33.5% | 11.7% | ||
| Q3 25 | -2.3% | 2.8% | ||
| Q2 25 | 3.5% | 4.7% | ||
| Q1 25 | -97.1% | 6.7% | ||
| Q4 24 | 0.4% | 6.2% | ||
| Q3 24 | -5.7% | 1.9% | ||
| Q2 24 | 5.2% | 9.8% | ||
| Q1 24 | -6.7% | 7.6% |
每股收益（稀释后）FORRPX
| Q4 25 | $-1.75 | $0.08 | ||
| Q3 25 | $-0.11 | $0.02 | ||
| Q2 25 | $0.20 | $0.03 | ||
| Q1 25 | $-4.62 | $0.04 | ||
| Q4 24 | $0.02 | $0.05 | ||
| Q3 24 | $-0.30 | $0.01 | ||
| Q2 24 | $0.33 | $0.06 | ||
| Q1 24 | $-0.35 | $0.04 |
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 | $28.2M |
| 总债务越低越好 | — | $373.2M |
| 股东权益账面价值 | $126.5M | $403.5M |
| 总资产 | $404.0M | $928.3M |
| 负债/权益比越低杠杆越低 | — | 0.93× |
8季度趋势，按日历期对齐
现金及短期投资FORRPX
| Q4 25 | $63.3M | $28.2M | ||
| Q3 25 | $65.1M | $40.0M | ||
| Q2 25 | $67.8M | $33.4M | ||
| Q1 25 | $75.6M | $74.4M | ||
| Q4 24 | $56.1M | $67.5M | ||
| Q3 24 | $62.8M | $61.5M | ||
| Q2 24 | $58.9M | $31.2M | ||
| Q1 24 | $61.4M | $29.0M |
总债务FORRPX
| Q4 25 | — | $373.2M | ||
| Q3 25 | — | $393.4M | ||
| Q2 25 | — | $373.0M | ||
| Q1 25 | — | $357.2M | ||
| Q4 24 | — | $319.8M | ||
| Q3 24 | — | $319.4M | ||
| Q2 24 | — | $300.6M | ||
| Q1 24 | — | $314.0M |
股东权益FORRPX
| Q4 25 | $126.5M | $403.5M | ||
| Q3 25 | $157.7M | $396.8M | ||
| Q2 25 | $159.5M | $388.9M | ||
| Q1 25 | $147.4M | $374.3M | ||
| Q4 24 | $229.5M | $386.9M | ||
| Q3 24 | $234.3M | $394.1M | ||
| Q2 24 | $237.1M | $396.9M | ||
| Q1 24 | $230.9M | $400.1M |
总资产FORRPX
| Q4 25 | $404.0M | $928.3M | ||
| Q3 25 | $414.2M | $936.0M | ||
| Q2 25 | $436.0M | $932.2M | ||
| Q1 25 | $439.8M | $877.4M | ||
| Q4 24 | $503.9M | $869.3M | ||
| Q3 24 | $505.3M | $857.0M | ||
| Q2 24 | $524.2M | $823.2M | ||
| Q1 24 | $555.7M | $832.8M |
负债/权益比FORRPX
| Q4 25 | — | 0.93× | ||
| Q3 25 | — | 0.99× | ||
| Q2 25 | — | 0.96× | ||
| Q1 25 | — | 0.95× | ||
| Q4 24 | — | 0.83× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | — | 0.76× | ||
| Q1 24 | — | 0.78× |
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 | $23.0M |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $18.1M |
| 自由现金流率自由现金流/营收 | -4.2% | 22.3% |
| 资本支出强度资本支出/营收 | 1.1% | 6.0% |
| 现金转化率经营现金流/净利润 | — | 2.43× |
| 过去12个月自由现金流最近4个季度 | $18.1M | $14.1M |
8季度趋势，按日历期对齐
经营现金流FORRPX
| Q4 25 | $-3.2M | $23.0M | ||
| Q3 25 | $1.2M | $-8.6M | ||
| Q2 25 | $-3.6M | $13.4M | ||
| Q1 25 | $26.7M | $-4.7M | ||
| Q4 24 | $-1.8M | $101.0M | ||
| Q3 24 | $264.0K | $27.5M | ||
| Q2 24 | $-2.9M | $34.8M | ||
| Q1 24 | $611.0K | $11.0M |
自由现金流FORRPX
| Q4 25 | $-4.3M | $18.1M | ||
| Q3 25 | $524.0K | $-9.5M | ||
| Q2 25 | $-4.2M | $11.6M | ||
| Q1 25 | $26.1M | $-6.0M | ||
| Q4 24 | $-2.5M | $96.6M | ||
| Q3 24 | $-223.0K | $25.2M | ||
| Q2 24 | $-3.7M | $33.9M | ||
| Q1 24 | $-815.0K | $10.7M |
自由现金流率FORRPX
| Q4 25 | -4.2% | 22.3% | ||
| Q3 25 | 0.6% | -12.6% | ||
| Q2 25 | -3.8% | 15.9% | ||
| Q1 25 | 29.0% | -8.9% | ||
| Q4 24 | -2.3% | 113.6% | ||
| Q3 24 | -0.2% | 34.0% | ||
| Q2 24 | -3.1% | 47.7% | ||
| Q1 24 | -0.8% | 16.2% |
资本支出强度FORRPX
| Q4 25 | 1.1% | 6.0% | ||
| Q3 25 | 0.7% | 1.2% | ||
| Q2 25 | 0.5% | 2.5% | ||
| Q1 25 | 0.7% | 1.9% | ||
| Q4 24 | 0.6% | 5.2% | ||
| Q3 24 | 0.5% | 3.0% | ||
| Q2 24 | 0.7% | 1.3% | ||
| Q1 24 | 1.4% | 0.4% |
现金转化率FORRPX
| Q4 25 | — | 2.43× | ||
| Q3 25 | — | -4.01× | ||
| Q2 25 | -0.93× | 3.96× | ||
| Q1 25 | — | -1.05× | ||
| Q4 24 | -4.24× | 19.12× | ||
| Q3 24 | — | 19.54× | ||
| Q2 24 | -0.46× | 4.98× | ||
| Q1 24 | — | 2.18× |
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% |
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
