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弗雷斯特研究公司（FORR）与SPS COMMERCE INC（SPSC）财务数据对比。点击上方公司名可切换其他公司
SPS COMMERCE INC的季度营收约是弗雷斯特研究公司的1.9倍（$192.7M vs $101.1M），SPS COMMERCE INC净利率更高（13.4% vs -33.5%，领先46.9%），SPS COMMERCE INC同比增速更快（12.7% vs -6.5%），SPS COMMERCE INC自由现金流更多（$38.2M vs $-4.3M），过去两年SPS COMMERCE INC的营收复合增速更高（13.5% 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。
SPS Commerce是美国的应用软件科技企业，主打云端供应链管理软件解决方案，总部位于明尼苏达州明尼阿波利斯。除新泽西的美国本土办公室外，公司还在阿姆斯特丹、北京、香港、墨尔本、悉尼、多伦多等全球多地设有分支机构。
FORR vs SPSC — 直观对比
营收规模更大
SPSC
是对方的1.9倍
$101.1M
营收增速更快
SPSC
高出19.2%
-6.5%
净利率更高
SPSC
高出46.9%
-33.5%
自由现金流更多
SPSC
多$42.5M
$-4.3M
两年增速更快
SPSC
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $192.7M |
| 净利润 | $-33.9M | $25.8M |
| 毛利率 | 56.7% | 70.4% |
| 营业利润率 | -36.6% | 18.0% |
| 净利率 | -33.5% | 13.4% |
| 营收同比 | -6.5% | 12.7% |
| 净利润同比 | -7941.4% | 47.2% |
| 每股收益（稀释后） | $-1.75 | $0.69 |
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FORRSPSC
| Q4 25 | $101.1M | $192.7M | ||
| Q3 25 | $94.3M | $189.9M | ||
| Q2 25 | $111.7M | $187.4M | ||
| Q1 25 | $89.9M | $181.5M | ||
| Q4 24 | $108.0M | $170.9M | ||
| Q3 24 | $102.5M | $163.7M | ||
| Q2 24 | $121.8M | $153.6M | ||
| Q1 24 | $100.1M | $149.6M |
净利润FORRSPSC
| Q4 25 | $-33.9M | $25.8M | ||
| Q3 25 | $-2.1M | $25.6M | ||
| Q2 25 | $3.9M | $19.7M | ||
| Q1 25 | $-87.3M | $22.2M | ||
| Q4 24 | $432.0K | $17.6M | ||
| Q3 24 | $-5.8M | $23.5M | ||
| Q2 24 | $6.3M | $18.0M | ||
| Q1 24 | $-6.7M | $18.0M |
毛利率FORRSPSC
| Q4 25 | 56.7% | 70.4% | ||
| Q3 25 | 60.0% | 69.5% | ||
| Q2 25 | 55.5% | 68.1% | ||
| Q1 25 | 55.9% | 68.7% | ||
| Q4 24 | 58.8% | 67.5% | ||
| Q3 24 | 60.5% | 68.5% | ||
| Q2 24 | 57.3% | 66.1% | ||
| Q1 24 | 54.9% | 65.6% |
营业利润率FORRSPSC
| Q4 25 | -36.6% | 18.0% | ||
| Q3 25 | 4.7% | 16.4% | ||
| Q2 25 | 6.2% | 14.1% | ||
| Q1 25 | -97.5% | 14.3% | ||
| Q4 24 | -0.5% | 14.5% | ||
| Q3 24 | -0.7% | 15.6% | ||
| Q2 24 | 9.3% | 15.1% | ||
| Q1 24 | -9.3% | 10.3% |
净利率FORRSPSC
| Q4 25 | -33.5% | 13.4% | ||
| Q3 25 | -2.3% | 13.5% | ||
| Q2 25 | 3.5% | 10.5% | ||
| Q1 25 | -97.1% | 12.2% | ||
| Q4 24 | 0.4% | 10.3% | ||
| Q3 24 | -5.7% | 14.3% | ||
| Q2 24 | 5.2% | 11.7% | ||
| Q1 24 | -6.7% | 12.0% |
每股收益（稀释后）FORRSPSC
| Q4 25 | $-1.75 | $0.69 | ||
| Q3 25 | $-0.11 | $0.67 | ||
| Q2 25 | $0.20 | $0.52 | ||
| Q1 25 | $-4.62 | $0.58 | ||
| Q4 24 | $0.02 | $0.46 | ||
| Q3 24 | $-0.30 | $0.62 | ||
| Q2 24 | $0.33 | $0.48 | ||
| Q1 24 | $-0.35 | $0.48 |
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 | $151.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $126.5M | $973.9M |
| 总资产 | $404.0M | $1.2B |
| 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FORRSPSC
| Q4 25 | $63.3M | $151.4M | ||
| Q3 25 | $65.1M | $133.7M | ||
| Q2 25 | $67.8M | $107.6M | ||
| Q1 25 | $75.6M | $94.9M | ||
| Q4 24 | $56.1M | $241.0M | ||
| Q3 24 | $62.8M | $205.8M | ||
| Q2 24 | $58.9M | $271.8M | ||
| Q1 24 | $61.4M | $290.8M |
股东权益FORRSPSC
| Q4 25 | $126.5M | $973.9M | ||
| Q3 25 | $157.7M | $958.9M | ||
| Q2 25 | $159.5M | $949.8M | ||
| Q1 25 | $147.4M | $920.9M | ||
| Q4 24 | $229.5M | $854.7M | ||
| Q3 24 | $234.3M | $829.4M | ||
| Q2 24 | $237.1M | $703.4M | ||
| Q1 24 | $230.9M | $683.0M |
总资产FORRSPSC
| Q4 25 | $404.0M | $1.2B | ||
| Q3 25 | $414.2M | $1.2B | ||
| Q2 25 | $436.0M | $1.1B | ||
| Q1 25 | $439.8M | $1.1B | ||
| Q4 24 | $503.9M | $1.0B | ||
| Q3 24 | $505.3M | $1.0B | ||
| Q2 24 | $524.2M | $854.5M | ||
| Q1 24 | $555.7M | $839.8M |
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 | $45.9M |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $38.2M |
| 自由现金流率自由现金流/营收 | -4.2% | 19.8% |
| 资本支出强度资本支出/营收 | 1.1% | 4.0% |
| 现金转化率经营现金流/净利润 | — | 1.78× |
| 过去12个月自由现金流最近4个季度 | $18.1M | $152.3M |
8季度趋势，按日历期对齐
经营现金流FORRSPSC
| Q4 25 | $-3.2M | $45.9M | ||
| Q3 25 | $1.2M | $60.6M | ||
| Q2 25 | $-3.6M | $32.3M | ||
| Q1 25 | $26.7M | $40.0M | ||
| Q4 24 | $-1.8M | $40.6M | ||
| Q3 24 | $264.0K | $53.3M | ||
| Q2 24 | $-2.9M | $29.4M | ||
| Q1 24 | $611.0K | $34.1M |
自由现金流FORRSPSC
| Q4 25 | $-4.3M | $38.2M | ||
| Q3 25 | $524.0K | $54.6M | ||
| Q2 25 | $-4.2M | $25.7M | ||
| Q1 25 | $26.1M | $33.8M | ||
| Q4 24 | $-2.5M | $34.3M | ||
| Q3 24 | $-223.0K | $48.1M | ||
| Q2 24 | $-3.7M | $24.4M | ||
| Q1 24 | $-815.0K | $30.5M |
自由现金流率FORRSPSC
| Q4 25 | -4.2% | 19.8% | ||
| Q3 25 | 0.6% | 28.7% | ||
| Q2 25 | -3.8% | 13.7% | ||
| Q1 25 | 29.0% | 18.6% | ||
| Q4 24 | -2.3% | 20.1% | ||
| Q3 24 | -0.2% | 29.4% | ||
| Q2 24 | -3.1% | 15.9% | ||
| Q1 24 | -0.8% | 20.4% |
资本支出强度FORRSPSC
| Q4 25 | 1.1% | 4.0% | ||
| Q3 25 | 0.7% | 3.2% | ||
| Q2 25 | 0.5% | 3.6% | ||
| Q1 25 | 0.7% | 3.4% | ||
| Q4 24 | 0.6% | 3.6% | ||
| Q3 24 | 0.5% | 3.2% | ||
| Q2 24 | 0.7% | 3.3% | ||
| Q1 24 | 1.4% | 2.4% |
现金转化率FORRSPSC
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | -0.93× | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | -4.24× | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | -0.46× | 1.63× | ||
| Q1 24 | — | 1.89× |
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% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
