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弗雷斯特研究公司（FORR）与RICHARDSON ELECTRONICS, LTD.（RELL）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RICHARDSON ELECTRONICS, LTD.的1.9倍（$101.1M vs $52.3M），RICHARDSON ELECTRONICS, LTD.净利率更高（-0.2% vs -33.5%，领先33.3%），RICHARDSON ELECTRONICS, LTD.同比增速更快（5.7% vs -6.5%），RICHARDSON ELECTRONICS, LTD.自由现金流更多（$-1.7M 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 -0.3%）
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。
詹姆斯·理查森集团（又名JR集团）是澳大利亚私有综合企业，业务涵盖家具、酒店、房地产及零售领域，总部位于墨尔本阿伯茨福德区，全球雇员约2300人。该企业最为消费者熟知的是其分布在澳大拉西亚和中东地区机场、边境口岸的免税零售门店，在以色列是家喻户晓的企业。
FORR vs RELL — 直观对比
营收规模更大
FORR
是对方的1.9倍
$52.3M
营收增速更快
RELL
高出12.1%
-6.5%
净利率更高
RELL
高出33.3%
-33.5%
自由现金流更多
RELL
多$2.6M
$-4.3M
两年增速更快
FORR
近两年复合增速
-0.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $52.3M |
| 净利润 | $-33.9M | $-121.0K |
| 毛利率 | 56.7% | 30.7% |
| 营业利润率 | -36.6% | 0.3% |
| 净利率 | -33.5% | -0.2% |
| 营收同比 | -6.5% | 5.7% |
| 净利润同比 | -7941.4% | 83.9% |
| 每股收益（稀释后） | $-1.75 | — |
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FORRRELL
| Q4 25 | $101.1M | $52.3M | ||
| Q3 25 | $94.3M | $54.6M | ||
| Q2 25 | $111.7M | — | ||
| Q1 25 | $89.9M | $53.8M | ||
| Q4 24 | $108.0M | $49.5M | ||
| Q3 24 | $102.5M | $53.7M | ||
| Q2 24 | $121.8M | — | ||
| Q1 24 | $100.1M | $52.4M |
净利润FORRRELL
| Q4 25 | $-33.9M | $-121.0K | ||
| Q3 25 | $-2.1M | $1.9M | ||
| Q2 25 | $3.9M | — | ||
| Q1 25 | $-87.3M | $-2.1M | ||
| Q4 24 | $432.0K | $-751.0K | ||
| Q3 24 | $-5.8M | $590.0K | ||
| Q2 24 | $6.3M | — | ||
| Q1 24 | $-6.7M | $750.0K |
毛利率FORRRELL
| Q4 25 | 56.7% | 30.7% | ||
| Q3 25 | 60.0% | 31.0% | ||
| Q2 25 | 55.5% | — | ||
| Q1 25 | 55.9% | 31.0% | ||
| Q4 24 | 58.8% | 31.0% | ||
| Q3 24 | 60.5% | 30.6% | ||
| Q2 24 | 57.3% | — | ||
| Q1 24 | 54.9% | 29.5% |
营业利润率FORRRELL
| Q4 25 | -36.6% | 0.3% | ||
| Q3 25 | 4.7% | 1.8% | ||
| Q2 25 | 6.2% | — | ||
| Q1 25 | -97.5% | -5.1% | ||
| Q4 24 | -0.5% | -1.3% | ||
| Q3 24 | -0.7% | 0.6% | ||
| Q2 24 | 9.3% | — | ||
| Q1 24 | -9.3% | 1.9% |
净利率FORRRELL
| Q4 25 | -33.5% | -0.2% | ||
| Q3 25 | -2.3% | 3.5% | ||
| Q2 25 | 3.5% | — | ||
| Q1 25 | -97.1% | -3.8% | ||
| Q4 24 | 0.4% | -1.5% | ||
| Q3 24 | -5.7% | 1.1% | ||
| Q2 24 | 5.2% | — | ||
| Q1 24 | -6.7% | 1.4% |
每股收益（稀释后）FORRRELL
| Q4 25 | $-1.75 | — | ||
| Q3 25 | $-0.11 | — | ||
| Q2 25 | $0.20 | — | ||
| Q1 25 | $-4.62 | — | ||
| Q4 24 | $0.02 | — | ||
| Q3 24 | $-0.30 | — | ||
| Q2 24 | $0.33 | — | ||
| Q1 24 | $-0.35 | — |
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 | $33.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $126.5M | $158.5M |
| 总资产 | $404.0M | $201.8M |
| 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FORRRELL
| Q4 25 | $63.3M | $33.1M | ||
| Q3 25 | $65.1M | $35.7M | ||
| Q2 25 | $67.8M | — | ||
| Q1 25 | $75.6M | $36.7M | ||
| Q4 24 | $56.1M | $26.6M | ||
| Q3 24 | $62.8M | $23.0M | ||
| Q2 24 | $58.9M | — | ||
| Q1 24 | $61.4M | $18.9M |
股东权益FORRRELL
| Q4 25 | $126.5M | $158.5M | ||
| Q3 25 | $157.7M | $159.4M | ||
| Q2 25 | $159.5M | — | ||
| Q1 25 | $147.4M | $152.9M | ||
| Q4 24 | $229.5M | $156.2M | ||
| Q3 24 | $234.3M | $159.1M | ||
| Q2 24 | $237.1M | — | ||
| Q1 24 | $230.9M | $158.6M |
总资产FORRRELL
| Q4 25 | $404.0M | $201.8M | ||
| Q3 25 | $414.2M | $200.1M | ||
| Q2 25 | $436.0M | — | ||
| Q1 25 | $439.8M | $189.8M | ||
| Q4 24 | $503.9M | $195.2M | ||
| Q3 24 | $505.3M | $197.9M | ||
| Q2 24 | $524.2M | — | ||
| Q1 24 | $555.7M | $193.6M |
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 | $-99.0K |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $-1.7M |
| 自由现金流率自由现金流/营收 | -4.2% | -3.3% |
| 资本支出强度资本支出/营收 | 1.1% | 3.1% |
| 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 | $7.6M |
8季度趋势，按日历期对齐
经营现金流FORRRELL
| Q4 25 | $-3.2M | $-99.0K | ||
| Q3 25 | $1.2M | $1.4M | ||
| Q2 25 | $-3.6M | — | ||
| Q1 25 | $26.7M | $4.6M | ||
| Q4 24 | $-1.8M | $5.5M | ||
| Q3 24 | $264.0K | $412.0K | ||
| Q2 24 | $-2.9M | — | ||
| Q1 24 | $611.0K | $-2.5M |
自由现金流FORRRELL
| Q4 25 | $-4.3M | $-1.7M | ||
| Q3 25 | $524.0K | $342.0K | ||
| Q2 25 | $-4.2M | — | ||
| Q1 25 | $26.1M | $4.1M | ||
| Q4 24 | $-2.5M | $4.9M | ||
| Q3 24 | $-223.0K | $-514.0K | ||
| Q2 24 | $-3.7M | — | ||
| Q1 24 | $-815.0K | $-2.9M |
自由现金流率FORRRELL
| Q4 25 | -4.2% | -3.3% | ||
| Q3 25 | 0.6% | 0.6% | ||
| Q2 25 | -3.8% | — | ||
| Q1 25 | 29.0% | 7.5% | ||
| Q4 24 | -2.3% | 10.0% | ||
| Q3 24 | -0.2% | -1.0% | ||
| Q2 24 | -3.1% | — | ||
| Q1 24 | -0.8% | -5.6% |
资本支出强度FORRRELL
| Q4 25 | 1.1% | 3.1% | ||
| Q3 25 | 0.7% | 1.9% | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.7% | 1.0% | ||
| Q4 24 | 0.6% | 1.0% | ||
| Q3 24 | 0.5% | 1.7% | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 1.4% | 0.8% |
现金转化率FORRRELL
| Q4 25 | — | — | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | -0.93× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | — | ||
| Q3 24 | — | 0.70× | ||
| Q2 24 | -0.46× | — | ||
| Q1 24 | — | -3.37× |
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% |
RELL
| Power And Microwave Technologies Group | $35.2M | 67% |
| Canvys | $8.8M | 17% |
| Global Energy Solutions | $8.3M | 16% |
