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弗雷斯特研究公司（FORR）与RE/MAX Holdings, Inc.（RMAX）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RE/MAX Holdings, Inc.的1.4倍（$101.1M vs $71.1M），RE/MAX Holdings, Inc.净利率更高（2.0% vs -33.5%，领先35.5%），RE/MAX Holdings, Inc.同比增速更快（-1.8% vs -6.5%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M 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 -4.7%）
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。
RE/MAX是全球知名的房地产特许经营机构，业务遍布全球一百多个国家和地区，旗下拥有数千家门店，总计超过十万名房产经纪人，在国际房产中介领域拥有极高的品牌知名度与市场影响力。
FORR vs RMAX — 直观对比
营收规模更大
FORR
是对方的1.4倍
$71.1M
营收增速更快
RMAX
高出4.6%
-6.5%
净利率更高
RMAX
高出35.5%
-33.5%
自由现金流更多
RMAX
多$37.8M
$-4.3M
两年增速更快
FORR
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $71.1M |
| 净利润 | $-33.9M | $1.4M |
| 毛利率 | 56.7% | — |
| 营业利润率 | -36.6% | 13.1% |
| 净利率 | -33.5% | 2.0% |
| 营收同比 | -6.5% | -1.8% |
| 净利润同比 | -7941.4% | -75.2% |
| 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FORRRMAX
| Q4 25 | $101.1M | $71.1M | ||
| Q3 25 | $94.3M | $73.2M | ||
| Q2 25 | $111.7M | $72.8M | ||
| Q1 25 | $89.9M | $74.5M | ||
| Q4 24 | $108.0M | $72.5M | ||
| Q3 24 | $102.5M | $78.5M | ||
| Q2 24 | $121.8M | $78.5M | ||
| Q1 24 | $100.1M | $78.3M |
净利润FORRRMAX
| Q4 25 | $-33.9M | $1.4M | ||
| Q3 25 | $-2.1M | $4.0M | ||
| Q2 25 | $3.9M | $4.7M | ||
| Q1 25 | $-87.3M | $-2.0M | ||
| Q4 24 | $432.0K | $5.8M | ||
| Q3 24 | $-5.8M | $966.0K | ||
| Q2 24 | $6.3M | $3.7M | ||
| Q1 24 | $-6.7M | $-3.4M |
毛利率FORRRMAX
| 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FORRRMAX
| Q4 25 | -36.6% | 13.1% | ||
| Q3 25 | 4.7% | 25.0% | ||
| Q2 25 | 6.2% | 19.3% | ||
| Q1 25 | -97.5% | 7.2% | ||
| Q4 24 | -0.5% | 5.9% | ||
| Q3 24 | -0.7% | 19.4% | ||
| Q2 24 | 9.3% | 20.6% | ||
| Q1 24 | -9.3% | 5.8% |
净利率FORRRMAX
| Q4 25 | -33.5% | 2.0% | ||
| Q3 25 | -2.3% | 5.4% | ||
| Q2 25 | 3.5% | 6.4% | ||
| Q1 25 | -97.1% | -2.6% | ||
| Q4 24 | 0.4% | 8.0% | ||
| Q3 24 | -5.7% | 1.2% | ||
| Q2 24 | 5.2% | 4.7% | ||
| Q1 24 | -6.7% | -4.3% |
每股收益（稀释后）FORRRMAX
| 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 | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | $126.5M | $452.4M |
| 总资产 | $404.0M | $582.5M |
| 负债/权益比越低杠杆越低 | — | 0.96× |
8季度趋势，按日历期对齐
现金及短期投资FORRRMAX
| Q4 25 | $63.3M | $118.7M | ||
| Q3 25 | $65.1M | $107.5M | ||
| Q2 25 | $67.8M | $94.3M | ||
| Q1 25 | $75.6M | $89.1M | ||
| Q4 24 | $56.1M | $96.6M | ||
| Q3 24 | $62.8M | $83.8M | ||
| Q2 24 | $58.9M | $66.1M | ||
| Q1 24 | $61.4M | $82.1M |
总债务FORRRMAX
| Q4 25 | — | $432.2M | ||
| Q3 25 | — | $433.3M | ||
| Q2 25 | — | $434.4M | ||
| Q1 25 | — | $435.3M | ||
| Q4 24 | — | $436.2M | ||
| Q3 24 | — | $437.2M | ||
| Q2 24 | — | $438.1M | ||
| Q1 24 | — | $439.0M |
股东权益FORRRMAX
| Q4 25 | $126.5M | $452.4M | ||
| Q3 25 | $157.7M | $448.1M | ||
| Q2 25 | $159.5M | $442.4M | ||
| Q1 25 | $147.4M | $433.5M | ||
| Q4 24 | $229.5M | $429.5M | ||
| Q3 24 | $234.3M | $423.1M | ||
| Q2 24 | $237.1M | $418.4M | ||
| Q1 24 | $230.9M | $412.0M |
总资产FORRRMAX
| Q4 25 | $404.0M | $582.5M | ||
| Q3 25 | $414.2M | $582.2M | ||
| Q2 25 | $436.0M | $574.8M | ||
| Q1 25 | $439.8M | $571.4M | ||
| Q4 24 | $503.9M | $581.6M | ||
| Q3 24 | $505.3M | $578.6M | ||
| Q2 24 | $524.2M | $571.4M | ||
| Q1 24 | $555.7M | $566.7M |
负债/权益比FORRRMAX
| Q4 25 | — | 0.96× | ||
| Q3 25 | — | 0.97× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | — | 1.00× | ||
| Q4 24 | — | 1.02× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.07× |
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 | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $33.5M |
| 自由现金流率自由现金流/营收 | -4.2% | 47.1% |
| 资本支出强度资本支出/营收 | 1.1% | 10.4% |
| 现金转化率经营现金流/净利润 | — | 28.39× |
| 过去12个月自由现金流最近4个季度 | $18.1M | $56.8M |
8季度趋势，按日历期对齐
经营现金流FORRRMAX
| Q4 25 | $-3.2M | $40.9M | ||
| Q3 25 | $1.2M | $17.7M | ||
| Q2 25 | $-3.6M | $4.6M | ||
| Q1 25 | $26.7M | $5.7M | ||
| Q4 24 | $-1.8M | $59.7M | ||
| Q3 24 | $264.0K | $17.6M | ||
| Q2 24 | $-2.9M | $15.9M | ||
| Q1 24 | $611.0K | $9.4M |
自由现金流FORRRMAX
| Q4 25 | $-4.3M | $33.5M | ||
| Q3 25 | $524.0K | $16.4M | ||
| Q2 25 | $-4.2M | $2.9M | ||
| Q1 25 | $26.1M | $4.0M | ||
| Q4 24 | $-2.5M | $53.0M | ||
| Q3 24 | $-223.0K | $16.3M | ||
| Q2 24 | $-3.7M | $14.0M | ||
| Q1 24 | $-815.0K | $6.8M |
自由现金流率FORRRMAX
| Q4 25 | -4.2% | 47.1% | ||
| Q3 25 | 0.6% | 22.4% | ||
| Q2 25 | -3.8% | 4.0% | ||
| Q1 25 | 29.0% | 5.3% | ||
| Q4 24 | -2.3% | 73.2% | ||
| Q3 24 | -0.2% | 20.8% | ||
| Q2 24 | -3.1% | 17.8% | ||
| Q1 24 | -0.8% | 8.6% |
资本支出强度FORRRMAX
| Q4 25 | 1.1% | 10.4% | ||
| Q3 25 | 0.7% | 1.8% | ||
| Q2 25 | 0.5% | 2.2% | ||
| Q1 25 | 0.7% | 2.3% | ||
| Q4 24 | 0.6% | 9.1% | ||
| Q3 24 | 0.5% | 1.7% | ||
| Q2 24 | 0.7% | 2.4% | ||
| Q1 24 | 1.4% | 3.3% |
现金转化率FORRRMAX
| Q4 25 | — | 28.39× | ||
| Q3 25 | — | 4.45× | ||
| Q2 25 | -0.93× | 0.97× | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | 10.28× | ||
| Q3 24 | — | 18.22× | ||
| Q2 24 | -0.46× | 4.29× | ||
| 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% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
