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弗雷斯特研究公司（FORR）与TheRealReal, Inc.（REAL）财务数据对比。点击上方公司名可切换其他公司
TheRealReal, Inc.的季度营收约是弗雷斯特研究公司的1.9倍（$194.1M vs $101.1M），TheRealReal, Inc.同比增速更快（18.3% vs -6.5%），TheRealReal, Inc.自由现金流更多（$45.8M vs $-4.3M），过去两年TheRealReal, Inc.的营收复合增速更高（16.2% 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。
TheRealReal是专业的奢侈品线上交易平台，所有在售商品均经过专业人员鉴定，可满足用户买卖二手奢侈品的需求。截至2023年9月30日，平台会员规模已超3800万，累计售出商品近4000万件。
FORR vs REAL — 直观对比
营收规模更大
REAL
是对方的1.9倍
$101.1M
营收增速更快
REAL
高出24.8%
-6.5%
自由现金流更多
REAL
多$50.1M
$-4.3M
两年增速更快
REAL
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $194.1M |
| 净利润 | $-33.9M | — |
| 毛利率 | 56.7% | 74.8% |
| 营业利润率 | -36.6% | 3.2% |
| 净利率 | -33.5% | — |
| 营收同比 | -6.5% | 18.3% |
| 净利润同比 | -7941.4% | — |
| 每股收益（稀释后） | $-1.75 | $0.06 |
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FORRREAL
| Q4 25 | $101.1M | $194.1M | ||
| Q3 25 | $94.3M | $173.6M | ||
| Q2 25 | $111.7M | $165.2M | ||
| Q1 25 | $89.9M | $160.0M | ||
| Q4 24 | $108.0M | $164.0M | ||
| Q3 24 | $102.5M | $147.8M | ||
| Q2 24 | $121.8M | $144.9M | ||
| Q1 24 | $100.1M | $143.8M |
净利润FORRREAL
| Q4 25 | $-33.9M | — | ||
| Q3 25 | $-2.1M | $-54.1M | ||
| Q2 25 | $3.9M | $-11.4M | ||
| Q1 25 | $-87.3M | $62.4M | ||
| Q4 24 | $432.0K | — | ||
| Q3 24 | $-5.8M | $-17.9M | ||
| Q2 24 | $6.3M | $-16.7M | ||
| Q1 24 | $-6.7M | $-31.1M |
毛利率FORRREAL
| Q4 25 | 56.7% | 74.8% | ||
| Q3 25 | 60.0% | 74.3% | ||
| Q2 25 | 55.5% | 74.3% | ||
| Q1 25 | 55.9% | 75.0% | ||
| Q4 24 | 58.8% | 74.4% | ||
| Q3 24 | 60.5% | 74.9% | ||
| Q2 24 | 57.3% | 74.1% | ||
| Q1 24 | 54.9% | 74.6% |
营业利润率FORRREAL
| Q4 25 | -36.6% | 3.2% | ||
| Q3 25 | 4.7% | -4.3% | ||
| Q2 25 | 6.2% | -6.0% | ||
| Q1 25 | -97.5% | -8.0% | ||
| Q4 24 | -0.5% | -3.1% | ||
| Q3 24 | -0.7% | -9.9% | ||
| Q2 24 | 9.3% | -13.0% | ||
| Q1 24 | -9.3% | -12.5% |
净利率FORRREAL
| Q4 25 | -33.5% | — | ||
| Q3 25 | -2.3% | -31.1% | ||
| Q2 25 | 3.5% | -6.9% | ||
| Q1 25 | -97.1% | 39.0% | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | -5.7% | -12.1% | ||
| Q2 24 | 5.2% | -11.5% | ||
| Q1 24 | -6.7% | -21.6% |
每股收益（稀释后）FORRREAL
| Q4 25 | $-1.75 | $0.06 | ||
| Q3 25 | $-0.11 | $-0.49 | ||
| Q2 25 | $0.20 | $-0.13 | ||
| Q1 25 | $-4.62 | $-0.14 | ||
| Q4 24 | $0.02 | $-0.57 | ||
| Q3 24 | $-0.30 | $-0.17 | ||
| Q2 24 | $0.33 | $-0.20 | ||
| Q1 24 | $-0.35 | $-0.30 |
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 | $151.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $126.5M | $-415.5M |
| 总资产 | $404.0M | $409.0M |
| 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FORRREAL
| Q4 25 | $63.3M | $151.2M | ||
| Q3 25 | $65.1M | $108.4M | ||
| Q2 25 | $67.8M | $94.3M | ||
| Q1 25 | $75.6M | $139.6M | ||
| Q4 24 | $56.1M | $172.2M | ||
| Q3 24 | $62.8M | $153.2M | ||
| Q2 24 | $58.9M | $150.7M | ||
| Q1 24 | $61.4M | $166.0M |
股东权益FORRREAL
| Q4 25 | $126.5M | $-415.5M | ||
| Q3 25 | $157.7M | $-385.1M | ||
| Q2 25 | $159.5M | $-338.2M | ||
| Q1 25 | $147.4M | $-336.1M | ||
| Q4 24 | $229.5M | $-407.4M | ||
| Q3 24 | $234.3M | $-345.4M | ||
| Q2 24 | $237.1M | $-335.3M | ||
| Q1 24 | $230.9M | $-327.1M |
总资产FORRREAL
| Q4 25 | $404.0M | $409.0M | ||
| Q3 25 | $414.2M | $366.2M | ||
| Q2 25 | $436.0M | $349.4M | ||
| Q1 25 | $439.8M | $400.4M | ||
| Q4 24 | $503.9M | $423.1M | ||
| Q3 24 | $505.3M | $406.3M | ||
| Q2 24 | $524.2M | $407.4M | ||
| Q1 24 | $555.7M | $431.6M |
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 | $49.5M |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $45.8M |
| 自由现金流率自由现金流/营收 | -4.2% | 23.6% |
| 资本支出强度资本支出/营收 | 1.1% | 1.9% |
| 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 | $18.4M |
8季度趋势，按日历期对齐
经营现金流FORRREAL
| Q4 25 | $-3.2M | $49.5M | ||
| Q3 25 | $1.2M | $19.3M | ||
| Q2 25 | $-3.6M | $-3.6M | ||
| Q1 25 | $26.7M | $-28.3M | ||
| Q4 24 | $-1.8M | $28.0M | ||
| Q3 24 | $264.0K | $9.1M | ||
| Q2 24 | $-2.9M | $-6.8M | ||
| Q1 24 | $611.0K | $-3.5M |
自由现金流FORRREAL
| Q4 25 | $-4.3M | $45.8M | ||
| Q3 25 | $524.0K | $16.9M | ||
| Q2 25 | $-4.2M | $-11.4M | ||
| Q1 25 | $26.1M | $-33.0M | ||
| Q4 24 | $-2.5M | $22.9M | ||
| Q3 24 | $-223.0K | $5.0M | ||
| Q2 24 | $-3.7M | $-9.8M | ||
| Q1 24 | $-815.0K | $-5.6M |
自由现金流率FORRREAL
| Q4 25 | -4.2% | 23.6% | ||
| Q3 25 | 0.6% | 9.7% | ||
| Q2 25 | -3.8% | -6.9% | ||
| Q1 25 | 29.0% | -20.6% | ||
| Q4 24 | -2.3% | 14.0% | ||
| Q3 24 | -0.2% | 3.4% | ||
| Q2 24 | -3.1% | -6.7% | ||
| Q1 24 | -0.8% | -3.9% |
资本支出强度FORRREAL
| Q4 25 | 1.1% | 1.9% | ||
| Q3 25 | 0.7% | 1.4% | ||
| Q2 25 | 0.5% | 4.7% | ||
| Q1 25 | 0.7% | 2.9% | ||
| Q4 24 | 0.6% | 3.1% | ||
| Q3 24 | 0.5% | 2.7% | ||
| Q2 24 | 0.7% | 2.1% | ||
| Q1 24 | 1.4% | 1.5% |
现金转化率FORRREAL
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.93× | — | ||
| Q1 25 | — | -0.45× | ||
| Q4 24 | -4.24× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.46× | — | ||
| 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% |
REAL
| Services | $149.0M | 77% |
| Products | $27.2M | 14% |
| Shipping And Handling | $17.8M | 9% |
