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弗雷斯特研究公司（FORR）与Safehold Inc.（SAFE）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Safehold Inc.的1.0倍（$101.1M vs $97.9M），Safehold Inc.净利率更高（28.5% vs -33.5%，领先62.0%），Safehold Inc.同比增速更快（6.5% vs -6.5%），过去两年Safehold Inc.的营收复合增速更高（2.5% 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。
SAFE投资有限公司是一家位于中国香港的中国主权财富基金，主要承担主权财富相关的投资运营职能，依托香港的国际金融中心优势开展相关投资业务。
FORR vs SAFE — 直观对比
营收规模更大
FORR
是对方的1.0倍
$97.9M
营收增速更快
SAFE
高出13.0%
-6.5%
净利率更高
SAFE
高出62.0%
-33.5%
两年增速更快
SAFE
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $97.9M |
| 净利润 | $-33.9M | $27.9M |
| 毛利率 | 56.7% | 98.6% |
| 营业利润率 | -36.6% | 27.4% |
| 净利率 | -33.5% | 28.5% |
| 营收同比 | -6.5% | 6.5% |
| 净利润同比 | -7941.4% | 7.1% |
| 每股收益（稀释后） | $-1.75 | $0.38 |
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FORRSAFE
| Q4 25 | $101.1M | $97.9M | ||
| Q3 25 | $94.3M | $96.2M | ||
| Q2 25 | $111.7M | $93.8M | ||
| Q1 25 | $89.9M | $97.7M | ||
| Q4 24 | $108.0M | $91.9M | ||
| Q3 24 | $102.5M | $90.7M | ||
| Q2 24 | $121.8M | $89.9M | ||
| Q1 24 | $100.1M | $93.2M |
净利润FORRSAFE
| Q4 25 | $-33.9M | $27.9M | ||
| Q3 25 | $-2.1M | $29.3M | ||
| Q2 25 | $3.9M | $27.9M | ||
| Q1 25 | $-87.3M | $29.4M | ||
| Q4 24 | $432.0K | $26.0M | ||
| Q3 24 | $-5.8M | $19.3M | ||
| Q2 24 | $6.3M | $29.7M | ||
| Q1 24 | $-6.7M | $30.7M |
毛利率FORRSAFE
| Q4 25 | 56.7% | 98.6% | ||
| Q3 25 | 60.0% | 98.5% | ||
| Q2 25 | 55.5% | 99.1% | ||
| Q1 25 | 55.9% | 98.8% | ||
| Q4 24 | 58.8% | 98.8% | ||
| Q3 24 | 60.5% | 98.8% | ||
| Q2 24 | 57.3% | 98.8% | ||
| Q1 24 | 54.9% | 98.8% |
营业利润率FORRSAFE
| Q4 25 | -36.6% | 27.4% | ||
| Q3 25 | 4.7% | 25.9% | ||
| Q2 25 | 6.2% | 25.5% | ||
| Q1 25 | -97.5% | 25.9% | ||
| Q4 24 | -0.5% | 24.6% | ||
| Q3 24 | -0.7% | 17.5% | ||
| Q2 24 | 9.3% | 26.7% | ||
| Q1 24 | -9.3% | 26.4% |
净利率FORRSAFE
| Q4 25 | -33.5% | 28.5% | ||
| Q3 25 | -2.3% | 30.5% | ||
| Q2 25 | 3.5% | 29.8% | ||
| Q1 25 | -97.1% | 30.1% | ||
| Q4 24 | 0.4% | 28.3% | ||
| Q3 24 | -5.7% | 21.3% | ||
| Q2 24 | 5.2% | 33.0% | ||
| Q1 24 | -6.7% | 33.0% |
每股收益（稀释后）FORRSAFE
| Q4 25 | $-1.75 | $0.38 | ||
| Q3 25 | $-0.11 | $0.41 | ||
| Q2 25 | $0.20 | $0.39 | ||
| Q1 25 | $-4.62 | $0.41 | ||
| Q4 24 | $0.02 | $0.36 | ||
| Q3 24 | $-0.30 | $0.27 | ||
| Q2 24 | $0.33 | $0.42 | ||
| Q1 24 | $-0.35 | $0.43 |
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 | $21.7M |
| 总债务越低越好 | — | $4.6B |
| 股东权益账面价值 | $126.5M | $2.4B |
| 总资产 | $404.0M | $7.2B |
| 负债/权益比越低杠杆越低 | — | 1.90× |
8季度趋势，按日历期对齐
现金及短期投资FORRSAFE
| Q4 25 | $63.3M | $21.7M | ||
| Q3 25 | $65.1M | $12.1M | ||
| Q2 25 | $67.8M | $13.9M | ||
| Q1 25 | $75.6M | $17.3M | ||
| Q4 24 | $56.1M | $8.3M | ||
| Q3 24 | $62.8M | $15.6M | ||
| Q2 24 | $58.9M | $13.4M | ||
| Q1 24 | $61.4M | $11.3M |
总债务FORRSAFE
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | — | $4.1B |
股东权益FORRSAFE
| Q4 25 | $126.5M | $2.4B | ||
| Q3 25 | $157.7M | $2.4B | ||
| Q2 25 | $159.5M | $2.4B | ||
| Q1 25 | $147.4M | $2.4B | ||
| Q4 24 | $229.5M | $2.3B | ||
| Q3 24 | $234.3M | $2.3B | ||
| Q2 24 | $237.1M | $2.3B | ||
| Q1 24 | $230.9M | $2.3B |
总资产FORRSAFE
| Q4 25 | $404.0M | $7.2B | ||
| Q3 25 | $414.2M | $7.1B | ||
| Q2 25 | $436.0M | $7.1B | ||
| Q1 25 | $439.8M | $6.9B | ||
| Q4 24 | $503.9M | $6.9B | ||
| Q3 24 | $505.3M | $6.8B | ||
| Q2 24 | $524.2M | $6.8B | ||
| Q1 24 | $555.7M | $6.7B |
负债/权益比FORRSAFE
| Q4 25 | — | 1.90× | ||
| Q3 25 | — | 1.89× | ||
| Q2 25 | — | 1.87× | ||
| Q1 25 | — | 1.85× | ||
| Q4 24 | — | 1.84× | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 1.81× | ||
| Q1 24 | — | 1.81× |
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 | $47.8M |
| 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 | — | 1.72× |
| 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FORRSAFE
| Q4 25 | $-3.2M | $47.8M | ||
| Q3 25 | $1.2M | $-1.4M | ||
| Q2 25 | $-3.6M | $28.0M | ||
| Q1 25 | $26.7M | $8.9M | ||
| Q4 24 | $-1.8M | $37.9M | ||
| Q3 24 | $264.0K | $8.3M | ||
| Q2 24 | $-2.9M | $24.8M | ||
| Q1 24 | $611.0K | $-3.1M |
自由现金流FORRSAFE
| Q4 25 | $-4.3M | — | ||
| Q3 25 | $524.0K | — | ||
| Q2 25 | $-4.2M | — | ||
| Q1 25 | $26.1M | — | ||
| Q4 24 | $-2.5M | — | ||
| Q3 24 | $-223.0K | — | ||
| Q2 24 | $-3.7M | — | ||
| Q1 24 | $-815.0K | — |
自由现金流率FORRSAFE
| Q4 25 | -4.2% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | -3.8% | — | ||
| Q1 25 | 29.0% | — | ||
| Q4 24 | -2.3% | — | ||
| Q3 24 | -0.2% | — | ||
| Q2 24 | -3.1% | — | ||
| Q1 24 | -0.8% | — |
资本支出强度FORRSAFE
| Q4 25 | 1.1% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.5% | — | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 1.4% | — |
现金转化率FORRSAFE
| Q4 25 | — | 1.72× | ||
| Q3 25 | — | -0.05× | ||
| Q2 25 | -0.93× | 1.00× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | -4.24× | 1.45× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | -0.46× | 0.83× | ||
| Q1 24 | — | -0.10× |
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% |
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
