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弗雷斯特研究公司（FORR）与Riot Platforms, Inc.（RIOT）财务数据对比。点击上方公司名可切换其他公司
Riot Platforms, Inc.的季度营收约是弗雷斯特研究公司的1.5倍（$152.8M vs $101.1M），弗雷斯特研究公司净利率更高（-33.5% vs -452.0%，领先418.4%），Riot Platforms, Inc.同比增速更快（7.2% vs -6.5%），弗雷斯特研究公司自由现金流更多（$-4.3M vs $-774.3M），过去两年Riot Platforms, Inc.的营收复合增速更高（38.8% 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。
Riot Platforms是美国领先的比特币挖矿企业，在北美地区运营多座大规模高能效的加密货币矿场，同时布局区块链相关基础设施业务，长期持有比特币作为核心储备资产，专注于数字资产生态相关业务的长期发展。
FORR vs RIOT — 直观对比
营收规模更大
RIOT
是对方的1.5倍
$101.1M
营收增速更快
RIOT
高出13.7%
-6.5%
净利率更高
FORR
高出418.4%
-452.0%
自由现金流更多
FORR
多$770.0M
$-774.3M
两年增速更快
RIOT
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $152.8M |
| 净利润 | $-33.9M | $-690.7M |
| 毛利率 | 56.7% | — |
| 营业利润率 | -36.6% | -447.9% |
| 净利率 | -33.5% | -452.0% |
| 营收同比 | -6.5% | 7.2% |
| 净利润同比 | -7941.4% | -606.3% |
| 每股收益（稀释后） | $-1.75 | $-1.89 |
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FORRRIOT
| Q4 25 | $101.1M | $152.8M | ||
| Q3 25 | $94.3M | $180.2M | ||
| Q2 25 | $111.7M | $153.0M | ||
| Q1 25 | $89.9M | $161.4M | ||
| Q4 24 | $108.0M | $142.6M | ||
| Q3 24 | $102.5M | $84.8M | ||
| Q2 24 | $121.8M | $70.0M | ||
| Q1 24 | $100.1M | $79.3M |
净利润FORRRIOT
| Q4 25 | $-33.9M | $-690.7M | ||
| Q3 25 | $-2.1M | $104.5M | ||
| Q2 25 | $3.9M | $219.5M | ||
| Q1 25 | $-87.3M | $-296.4M | ||
| Q4 24 | $432.0K | $136.4M | ||
| Q3 24 | $-5.8M | $-154.4M | ||
| Q2 24 | $6.3M | $-84.4M | ||
| Q1 24 | $-6.7M | $211.8M |
毛利率FORRRIOT
| 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FORRRIOT
| Q4 25 | -36.6% | -447.9% | ||
| Q3 25 | 4.7% | 44.4% | ||
| Q2 25 | 6.2% | — | ||
| Q1 25 | -97.5% | -144.9% | ||
| Q4 24 | -0.5% | — | ||
| Q3 24 | -0.7% | -143.3% | ||
| Q2 24 | 9.3% | -167.2% | ||
| Q1 24 | -9.3% | — |
净利率FORRRIOT
| Q4 25 | -33.5% | -452.0% | ||
| Q3 25 | -2.3% | 58.0% | ||
| Q2 25 | 3.5% | 143.4% | ||
| Q1 25 | -97.1% | -183.6% | ||
| Q4 24 | 0.4% | 95.7% | ||
| Q3 24 | -5.7% | -182.1% | ||
| Q2 24 | 5.2% | -120.6% | ||
| Q1 24 | -6.7% | 267.1% |
每股收益（稀释后）FORRRIOT
| Q4 25 | $-1.75 | $-1.89 | ||
| Q3 25 | $-0.11 | $0.26 | ||
| Q2 25 | $0.20 | $0.58 | ||
| Q1 25 | $-4.62 | $-0.90 | ||
| Q4 24 | $0.02 | $0.39 | ||
| Q3 24 | $-0.30 | $-0.54 | ||
| Q2 24 | $0.33 | $-0.32 | ||
| Q1 24 | $-0.35 | $0.51 |
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 | $233.5M |
| 总债务越低越好 | — | $840.8M |
| 股东权益账面价值 | $126.5M | $2.9B |
| 总资产 | $404.0M | $3.9B |
| 负债/权益比越低杠杆越低 | — | 0.29× |
8季度趋势，按日历期对齐
现金及短期投资FORRRIOT
| Q4 25 | $63.3M | $233.5M | ||
| Q3 25 | $65.1M | $330.7M | ||
| Q2 25 | $67.8M | $255.4M | ||
| Q1 25 | $75.6M | $163.7M | ||
| Q4 24 | $56.1M | $277.9M | ||
| Q3 24 | $62.8M | $355.7M | ||
| Q2 24 | $58.9M | $481.2M | ||
| Q1 24 | $61.4M | $688.5M |
总债务FORRRIOT
| Q4 25 | — | $840.8M | ||
| Q3 25 | — | $5.3M | ||
| Q2 25 | — | $5.3M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | — | $584.6M | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益FORRRIOT
| Q4 25 | $126.5M | $2.9B | ||
| Q3 25 | $157.7M | $3.5B | ||
| Q2 25 | $159.5M | $3.3B | ||
| Q1 25 | $147.4M | $2.9B | ||
| Q4 24 | $229.5M | $3.1B | ||
| Q3 24 | $234.3M | $2.7B | ||
| Q2 24 | $237.1M | $2.6B | ||
| Q1 24 | $230.9M | $2.5B |
总资产FORRRIOT
| Q4 25 | $404.0M | $3.9B | ||
| Q3 25 | $414.2M | $4.5B | ||
| Q2 25 | $436.0M | $4.3B | ||
| Q1 25 | $439.8M | $3.7B | ||
| Q4 24 | $503.9M | $3.9B | ||
| Q3 24 | $505.3M | $2.9B | ||
| Q2 24 | $524.2M | $2.7B | ||
| Q1 24 | $555.7M | $2.6B |
负债/权益比FORRRIOT
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-572.9M |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $-774.3M |
| 自由现金流率自由现金流/营收 | -4.2% | -506.6% |
| 资本支出强度资本支出/营收 | 1.1% | 131.8% |
| 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 | $-1.4B |
8季度趋势，按日历期对齐
经营现金流FORRRIOT
| Q4 25 | $-3.2M | $-572.9M | ||
| Q3 25 | $1.2M | $-114.0M | ||
| Q2 25 | $-3.6M | $-231.3M | ||
| Q1 25 | $26.7M | $-122.1M | ||
| Q4 24 | $-1.8M | $-255.1M | ||
| Q3 24 | $264.0K | $-56.3M | ||
| Q2 24 | $-2.9M | $-42.5M | ||
| Q1 24 | $611.0K | $-57.9M |
自由现金流FORRRIOT
| Q4 25 | $-4.3M | $-774.3M | ||
| Q3 25 | $524.0K | $-139.7M | ||
| Q2 25 | $-4.2M | $-291.7M | ||
| Q1 25 | $26.1M | $-154.9M | ||
| Q4 24 | $-2.5M | $-495.4M | ||
| Q3 24 | $-223.0K | $-127.6M | ||
| Q2 24 | $-3.7M | $-96.1M | ||
| Q1 24 | $-815.0K | $-115.2M |
自由现金流率FORRRIOT
| Q4 25 | -4.2% | -506.6% | ||
| Q3 25 | 0.6% | -77.5% | ||
| Q2 25 | -3.8% | -190.7% | ||
| Q1 25 | 29.0% | -96.0% | ||
| Q4 24 | -2.3% | -347.5% | ||
| Q3 24 | -0.2% | -150.5% | ||
| Q2 24 | -3.1% | -137.2% | ||
| Q1 24 | -0.8% | -145.2% |
资本支出强度FORRRIOT
| Q4 25 | 1.1% | 131.8% | ||
| Q3 25 | 0.7% | 14.3% | ||
| Q2 25 | 0.5% | 39.5% | ||
| Q1 25 | 0.7% | 20.4% | ||
| Q4 24 | 0.6% | 168.6% | ||
| Q3 24 | 0.5% | 84.1% | ||
| Q2 24 | 0.7% | 76.5% | ||
| Q1 24 | 1.4% | 72.3% |
现金转化率FORRRIOT
| Q4 25 | — | — | ||
| Q3 25 | — | -1.09× | ||
| Q2 25 | -0.93× | -1.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | -1.87× | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.46× | — | ||
| Q1 24 | — | -0.27× |
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% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
