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弗雷斯特研究公司（FORR）与Ribbon Communications Inc.（RBBN）财务数据对比。点击上方公司名可切换其他公司
Ribbon Communications Inc.的季度营收约是弗雷斯特研究公司的1.6倍（$162.6M vs $101.1M），Ribbon Communications Inc.净利率更高（54.8% vs -33.5%，领先88.3%），弗雷斯特研究公司同比增速更快（-6.5% vs -10.3%），过去两年弗雷斯特研究公司的营收复合增速更高（0.5% vs -8.1%）
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。
睿宾通信公司（Ribbon Communications Inc.）主要为电信运营商、企业及关键基础设施领域提供软件、IP与光网络解决方案。公司于2017年由Genband与Sonus Networks合并成立，总部位于美国得克萨斯州普莱诺，是一家上市科技企业。
FORR vs RBBN — 直观对比
营收规模更大
RBBN
是对方的1.6倍
$101.1M
营收增速更快
FORR
高出3.8%
-10.3%
净利率更高
RBBN
高出88.3%
-33.5%
两年增速更快
FORR
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $162.6M |
| 净利润 | $-33.9M | $89.1M |
| 毛利率 | 56.7% | 42.9% |
| 营业利润率 | -36.6% | 37.6% |
| 净利率 | -33.5% | 54.8% |
| 营收同比 | -6.5% | -10.3% |
| 净利润同比 | -7941.4% | — |
| 每股收益（稀释后） | $-1.75 | $0.50 |
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FORRRBBN
| Q1 26 | — | $162.6M | ||
| Q4 25 | $101.1M | $227.3M | ||
| Q3 25 | $94.3M | $215.4M | ||
| Q2 25 | $111.7M | $220.6M | ||
| Q1 25 | $89.9M | $181.3M | ||
| Q4 24 | $108.0M | $251.4M | ||
| Q3 24 | $102.5M | $210.2M | ||
| Q2 24 | $121.8M | $192.6M |
净利润FORRRBBN
| Q1 26 | — | $89.1M | ||
| Q4 25 | $-33.9M | — | ||
| Q3 25 | $-2.1M | $-12.1M | ||
| Q2 25 | $3.9M | $-11.1M | ||
| Q1 25 | $-87.3M | $-26.2M | ||
| Q4 24 | $432.0K | — | ||
| Q3 24 | $-5.8M | $-13.4M | ||
| Q2 24 | $6.3M | $-16.8M |
毛利率FORRRBBN
| Q1 26 | — | 42.9% | ||
| Q4 25 | 56.7% | 53.3% | ||
| Q3 25 | 60.0% | 50.1% | ||
| Q2 25 | 55.5% | 49.6% | ||
| Q1 25 | 55.9% | 45.4% | ||
| Q4 24 | 58.8% | 55.7% | ||
| Q3 24 | 60.5% | 52.1% | ||
| Q2 24 | 57.3% | 50.8% |
营业利润率FORRRBBN
| Q1 26 | — | 37.6% | ||
| Q4 25 | -36.6% | 4.1% | ||
| Q3 25 | 4.7% | 1.3% | ||
| Q2 25 | 6.2% | 1.9% | ||
| Q1 25 | -97.5% | -10.8% | ||
| Q4 24 | -0.5% | 13.2% | ||
| Q3 24 | -0.7% | -0.4% | ||
| Q2 24 | 9.3% | -1.0% |
净利率FORRRBBN
| Q1 26 | — | 54.8% | ||
| Q4 25 | -33.5% | — | ||
| Q3 25 | -2.3% | -5.6% | ||
| Q2 25 | 3.5% | -5.0% | ||
| Q1 25 | -97.1% | -14.5% | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | -5.7% | -6.4% | ||
| Q2 24 | 5.2% | -8.7% |
每股收益（稀释后）FORRRBBN
| Q1 26 | — | $0.50 | ||
| Q4 25 | $-1.75 | $0.50 | ||
| Q3 25 | $-0.11 | $-0.07 | ||
| Q2 25 | $0.20 | $-0.06 | ||
| Q1 25 | $-4.62 | $-0.15 | ||
| Q4 24 | $0.02 | $0.05 | ||
| Q3 24 | $-0.30 | $-0.08 | ||
| Q2 24 | $0.33 | $-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 | $67.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $126.5M | $419.1M |
| 总资产 | $404.0M | — |
| 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FORRRBBN
| Q1 26 | — | $67.6M | ||
| Q4 25 | $63.3M | $96.4M | ||
| Q3 25 | $65.1M | $74.8M | ||
| Q2 25 | $67.8M | $60.5M | ||
| Q1 25 | $75.6M | $71.2M | ||
| Q4 24 | $56.1M | $87.8M | ||
| Q3 24 | $62.8M | $37.2M | ||
| Q2 24 | $58.9M | $64.6M |
总债务FORRRBBN
| Q1 26 | — | — | ||
| Q4 25 | — | $342.1M | ||
| Q3 25 | — | $344.3M | ||
| Q2 25 | — | $346.5M | ||
| Q1 25 | — | $347.4M | ||
| Q4 24 | — | $348.3M | ||
| Q3 24 | — | $349.1M | ||
| Q2 24 | — | $350.0M |
股东权益FORRRBBN
| Q1 26 | — | $419.1M | ||
| Q4 25 | $126.5M | $449.0M | ||
| Q3 25 | $157.7M | $360.1M | ||
| Q2 25 | $159.5M | $370.4M | ||
| Q1 25 | $147.4M | $381.8M | ||
| Q4 24 | $229.5M | $404.6M | ||
| Q3 24 | $234.3M | $395.5M | ||
| Q2 24 | $237.1M | $405.0M |
总资产FORRRBBN
| Q1 26 | — | — | ||
| Q4 25 | $404.0M | $1.2B | ||
| Q3 25 | $414.2M | $1.1B | ||
| Q2 25 | $436.0M | $1.1B | ||
| Q1 25 | $439.8M | $1.1B | ||
| Q4 24 | $503.9M | $1.2B | ||
| Q3 24 | $505.3M | $1.1B | ||
| Q2 24 | $524.2M | $1.1B |
负债/权益比FORRRBBN
| Q1 26 | — | — | ||
| Q4 25 | — | 0.76× | ||
| Q3 25 | — | 0.96× | ||
| Q2 25 | — | 0.94× | ||
| Q1 25 | — | 0.91× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | — | 0.88× | ||
| Q2 24 | — | 0.86× |
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 | — |
| 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FORRRBBN
| Q1 26 | — | — | ||
| Q4 25 | $-3.2M | $29.2M | ||
| Q3 25 | $1.2M | $26.5M | ||
| Q2 25 | $-3.6M | $-795.0K | ||
| Q1 25 | $26.7M | $-3.5M | ||
| Q4 24 | $-1.8M | $61.8M | ||
| Q3 24 | $264.0K | $-14.8M | ||
| Q2 24 | $-2.9M | $-9.8M |
自由现金流FORRRBBN
| Q1 26 | — | — | ||
| Q4 25 | $-4.3M | $27.3M | ||
| Q3 25 | $524.0K | $21.0M | ||
| Q2 25 | $-4.2M | $-6.5M | ||
| Q1 25 | $26.1M | $-15.7M | ||
| Q4 24 | $-2.5M | $53.8M | ||
| Q3 24 | $-223.0K | $-23.7M | ||
| Q2 24 | $-3.7M | $-12.9M |
自由现金流率FORRRBBN
| Q1 26 | — | — | ||
| Q4 25 | -4.2% | 12.0% | ||
| Q3 25 | 0.6% | 9.7% | ||
| Q2 25 | -3.8% | -2.9% | ||
| Q1 25 | 29.0% | -8.7% | ||
| Q4 24 | -2.3% | 21.4% | ||
| Q3 24 | -0.2% | -11.3% | ||
| Q2 24 | -3.1% | -6.7% |
资本支出强度FORRRBBN
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 0.9% | ||
| Q3 25 | 0.7% | 2.6% | ||
| Q2 25 | 0.5% | 2.6% | ||
| Q1 25 | 0.7% | 6.7% | ||
| Q4 24 | 0.6% | 3.2% | ||
| Q3 24 | 0.5% | 4.2% | ||
| Q2 24 | 0.7% | 1.6% |
现金转化率FORRRBBN
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.93× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.46× | — |
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% |
RBBN
| Service | $94.5M | 58% |
| Product | $68.1M | 42% |
