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弗雷斯特研究公司（FORR）与System1, Inc.（SST）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System1, Inc.的1.9倍（$101.1M vs $51.9M），System1, Inc.净利率更高（-26.0% vs -33.5%，领先7.6%），弗雷斯特研究公司同比增速更快（-6.5% vs -31.3%），过去两年弗雷斯特研究公司的营收复合增速更高（0.5% vs -21.8%）
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。
System1是一家美国互联网广告企业，成立于2013年，前身为OpenMail，总部位于加利福尼亚州玛丽娜德尔雷。该公司主打获客响应营销平台业务，将隐私保护作为核心经营重点之一，但也曾因对Startpage.com等主打隐私的平台的影响受到批评。
FORR vs SST — 直观对比
营收规模更大
FORR
是对方的1.9倍
$51.9M
营收增速更快
FORR
高出24.8%
-31.3%
净利率更高
SST
高出7.6%
-33.5%
两年增速更快
FORR
近两年复合增速
-21.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $51.9M |
| 净利润 | $-33.9M | $-13.5M |
| 毛利率 | 56.7% | 41.0% |
| 营业利润率 | -36.6% | -33.6% |
| 净利率 | -33.5% | -26.0% |
| 营收同比 | -6.5% | -31.3% |
| 净利润同比 | -7941.4% | 4.8% |
| 每股收益（稀释后） | $-1.75 | $-3.58 |
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FORRSST
| Q4 25 | $101.1M | $51.9M | ||
| Q3 25 | $94.3M | $61.6M | ||
| Q2 25 | $111.7M | $78.1M | ||
| Q1 25 | $89.9M | $74.5M | ||
| Q4 24 | $108.0M | $75.6M | ||
| Q3 24 | $102.5M | $88.8M | ||
| Q2 24 | $121.8M | $94.6M | ||
| Q1 24 | $100.1M | $84.9M |
净利润FORRSST
| Q4 25 | $-33.9M | $-13.5M | ||
| Q3 25 | $-2.1M | $-18.5M | ||
| Q2 25 | $3.9M | $-17.5M | ||
| Q1 25 | $-87.3M | $-15.9M | ||
| Q4 24 | $432.0K | $-14.2M | ||
| Q3 24 | $-5.8M | $-23.6M | ||
| Q2 24 | $6.3M | $-26.4M | ||
| Q1 24 | $-6.7M | $-10.5M |
毛利率FORRSST
| Q4 25 | 56.7% | 41.0% | ||
| Q3 25 | 60.0% | 36.9% | ||
| Q2 25 | 55.5% | 35.7% | ||
| Q1 25 | 55.9% | 38.2% | ||
| Q4 24 | 58.8% | 42.1% | ||
| Q3 24 | 60.5% | 28.0% | ||
| Q2 24 | 57.3% | 27.6% | ||
| Q1 24 | 54.9% | 21.9% |
营业利润率FORRSST
| Q4 25 | -36.6% | -33.6% | ||
| Q3 25 | 4.7% | -25.3% | ||
| Q2 25 | 6.2% | -20.4% | ||
| Q1 25 | -97.5% | -17.6% | ||
| Q4 24 | -0.5% | -15.7% | ||
| Q3 24 | -0.7% | -24.6% | ||
| Q2 24 | 9.3% | -30.8% | ||
| Q1 24 | -9.3% | -30.4% |
净利率FORRSST
| Q4 25 | -33.5% | -26.0% | ||
| Q3 25 | -2.3% | -30.1% | ||
| Q2 25 | 3.5% | -22.4% | ||
| Q1 25 | -97.1% | -21.3% | ||
| Q4 24 | 0.4% | -18.7% | ||
| Q3 24 | -5.7% | -26.6% | ||
| Q2 24 | 5.2% | -27.9% | ||
| Q1 24 | -6.7% | -12.4% |
每股收益（稀释后）FORRSST
| Q4 25 | $-1.75 | $-3.58 | ||
| Q3 25 | $-0.11 | $-2.30 | ||
| Q2 25 | $0.20 | $-2.23 | ||
| Q1 25 | $-4.62 | $-0.21 | ||
| Q4 24 | $0.02 | $-3.41 | ||
| Q3 24 | $-0.30 | $-3.37 | ||
| Q2 24 | $0.33 | $-3.80 | ||
| Q1 24 | $-0.35 | $-0.16 |
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 | $86.9M |
| 总债务越低越好 | — | $305.1M |
| 股东权益账面价值 | $126.5M | $30.5M |
| 总资产 | $404.0M | $405.0M |
| 负债/权益比越低杠杆越低 | — | 10.01× |
8季度趋势，按日历期对齐
现金及短期投资FORRSST
| Q4 25 | $63.3M | $86.9M | ||
| Q3 25 | $65.1M | $54.6M | ||
| Q2 25 | $67.8M | $63.6M | ||
| Q1 25 | $75.6M | $43.9M | ||
| Q4 24 | $56.1M | $63.6M | ||
| Q3 24 | $62.8M | $69.1M | ||
| Q2 24 | $58.9M | $75.7M | ||
| Q1 24 | $61.4M | $69.9M |
总债务FORRSST
| Q4 25 | — | $305.1M | ||
| Q3 25 | — | $259.2M | ||
| Q2 25 | — | $263.3M | ||
| Q1 25 | — | $267.4M | ||
| Q4 24 | — | $255.1M | ||
| Q3 24 | — | $259.2M | ||
| Q2 24 | — | $263.3M | ||
| Q1 24 | — | $268.6M |
股东权益FORRSST
| Q4 25 | $126.5M | $30.5M | ||
| Q3 25 | $157.7M | $42.7M | ||
| Q2 25 | $159.5M | $58.2M | ||
| Q1 25 | $147.4M | $67.2M | ||
| Q4 24 | $229.5M | $80.3M | ||
| Q3 24 | $234.3M | $90.3M | ||
| Q2 24 | $237.1M | $109.4M | ||
| Q1 24 | $230.9M | $131.7M |
总资产FORRSST
| Q4 25 | $404.0M | $405.0M | ||
| Q3 25 | $414.2M | $385.2M | ||
| Q2 25 | $436.0M | $429.2M | ||
| Q1 25 | $439.8M | $419.2M | ||
| Q4 24 | $503.9M | $459.1M | ||
| Q3 24 | $505.3M | $479.3M | ||
| Q2 24 | $524.2M | $511.3M | ||
| Q1 24 | $555.7M | $521.1M |
负债/权益比FORRSST
| Q4 25 | — | 10.01× | ||
| Q3 25 | — | 6.07× | ||
| Q2 25 | — | 4.53× | ||
| Q1 25 | — | 3.98× | ||
| Q4 24 | — | 3.18× | ||
| Q3 24 | — | 2.87× | ||
| Q2 24 | — | 2.41× | ||
| Q1 24 | — | 2.04× |
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 | $-10.6M |
| 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% | 0.0% |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流FORRSST
| Q4 25 | $-3.2M | $-10.6M | ||
| Q3 25 | $1.2M | $-2.1M | ||
| Q2 25 | $-3.6M | $24.5M | ||
| Q1 25 | $26.7M | $-15.9M | ||
| Q4 24 | $-1.8M | $772.0K | ||
| Q3 24 | $264.0K | $-5.0K | ||
| Q2 24 | $-2.9M | $10.0M | ||
| Q1 24 | $611.0K | $-16.0M |
自由现金流FORRSST
| Q4 25 | $-4.3M | — | ||
| Q3 25 | $524.0K | — | ||
| Q2 25 | $-4.2M | — | ||
| Q1 25 | $26.1M | $-16.0M | ||
| Q4 24 | $-2.5M | — | ||
| Q3 24 | $-223.0K | $-36.0K | ||
| Q2 24 | $-3.7M | — | ||
| Q1 24 | $-815.0K | — |
自由现金流率FORRSST
| Q4 25 | -4.2% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | -3.8% | — | ||
| Q1 25 | 29.0% | -21.5% | ||
| Q4 24 | -2.3% | — | ||
| Q3 24 | -0.2% | -0.0% | ||
| Q2 24 | -3.1% | — | ||
| Q1 24 | -0.8% | — |
资本支出强度FORRSST
| Q4 25 | 1.1% | 0.0% | ||
| Q3 25 | 0.7% | 0.0% | ||
| Q2 25 | 0.5% | 0.0% | ||
| Q1 25 | 0.7% | 0.1% | ||
| Q4 24 | 0.6% | 0.0% | ||
| Q3 24 | 0.5% | 0.0% | ||
| Q2 24 | 0.7% | 0.0% | ||
| Q1 24 | 1.4% | 0.0% |
现金转化率FORRSST
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.93× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.46× | — | ||
| 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% |
SST
暂无分部数据
