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弗雷斯特研究公司（FORR）与合众银行（STBA）财务数据对比。点击上方公司名可切换其他公司
合众银行的季度营收约是弗雷斯特研究公司的1.0倍（$102.1M vs $101.1M），合众银行净利率更高（34.4% vs -33.5%，领先67.9%），过去两年合众银行的营收复合增速更高（2.6% 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。
合众银行是总部位于美国明尼苏达州明尼阿波利斯、注册地为特拉华州的跨国银行机构，截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构。旗下核心运营主体为美国合众银行全国协会，以“U.S. Bank”品牌开展业务，提供银行、投资、抵押贷款等多元金融服务。
FORR vs STBA — 直观对比
营收规模更大
STBA
是对方的1.0倍
$101.1M
净利率更高
STBA
高出67.9%
-33.5%
两年增速更快
STBA
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $102.1M |
| 净利润 | $-33.9M | $35.1M |
| 毛利率 | 56.7% | — |
| 营业利润率 | -36.6% | — |
| 净利率 | -33.5% | 34.4% |
| 营收同比 | -6.5% | — |
| 净利润同比 | -7941.4% | 5.0% |
| 每股收益（稀释后） | $-1.75 | $0.94 |
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FORRSTBA
| Q1 26 | — | $102.1M | ||
| Q4 25 | $101.1M | $105.3M | ||
| Q3 25 | $94.3M | $103.0M | ||
| Q2 25 | $111.7M | $100.1M | ||
| Q1 25 | $89.9M | $93.8M | ||
| Q4 24 | $108.0M | $94.3M | ||
| Q3 24 | $102.5M | $96.4M | ||
| Q2 24 | $121.8M | $96.9M |
净利润FORRSTBA
| Q1 26 | — | $35.1M | ||
| Q4 25 | $-33.9M | $34.0M | ||
| Q3 25 | $-2.1M | $35.0M | ||
| Q2 25 | $3.9M | $31.9M | ||
| Q1 25 | $-87.3M | $33.4M | ||
| Q4 24 | $432.0K | $33.1M | ||
| Q3 24 | $-5.8M | $32.6M | ||
| Q2 24 | $6.3M | $34.4M |
毛利率FORRSTBA
| Q1 26 | — | — | ||
| 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% | — |
营业利润率FORRSTBA
| Q1 26 | — | — | ||
| Q4 25 | -36.6% | 40.3% | ||
| Q3 25 | 4.7% | 42.6% | ||
| Q2 25 | 6.2% | 40.0% | ||
| Q1 25 | -97.5% | 44.5% | ||
| Q4 24 | -0.5% | 43.8% | ||
| Q3 24 | -0.7% | 43.0% | ||
| Q2 24 | 9.3% | 44.2% |
净利率FORRSTBA
| Q1 26 | — | 34.4% | ||
| Q4 25 | -33.5% | 32.3% | ||
| Q3 25 | -2.3% | 33.9% | ||
| Q2 25 | 3.5% | 31.9% | ||
| Q1 25 | -97.1% | 35.6% | ||
| Q4 24 | 0.4% | 35.1% | ||
| Q3 24 | -5.7% | 33.8% | ||
| Q2 24 | 5.2% | 35.5% |
每股收益（稀释后）FORRSTBA
| Q1 26 | — | $0.94 | ||
| Q4 25 | $-1.75 | $0.88 | ||
| Q3 25 | $-0.11 | $0.91 | ||
| Q2 25 | $0.20 | $0.83 | ||
| Q1 25 | $-4.62 | $0.87 | ||
| Q4 24 | $0.02 | $0.86 | ||
| Q3 24 | $-0.30 | $0.85 | ||
| Q2 24 | $0.33 | $0.89 |
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 | — |
| 总债务越低越好 | — | $100.8M |
| 股东权益账面价值 | $126.5M | $1.4B |
| 总资产 | $404.0M | $9.9B |
| 负债/权益比越低杠杆越低 | — | 0.07× |
8季度趋势，按日历期对齐
现金及短期投资FORRSTBA
| Q1 26 | — | — | ||
| Q4 25 | $63.3M | $163.4M | ||
| Q3 25 | $65.1M | $196.2M | ||
| Q2 25 | $67.8M | $203.1M | ||
| Q1 25 | $75.6M | $211.8M | ||
| Q4 24 | $56.1M | $244.8M | ||
| Q3 24 | $62.8M | $228.1M | ||
| Q2 24 | $58.9M | $246.3M |
总债务FORRSTBA
| Q1 26 | — | $100.8M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益FORRSTBA
| Q1 26 | — | $1.4B | ||
| Q4 25 | $126.5M | $1.5B | ||
| Q3 25 | $157.7M | $1.5B | ||
| Q2 25 | $159.5M | $1.4B | ||
| Q1 25 | $147.4M | $1.4B | ||
| Q4 24 | $229.5M | $1.4B | ||
| Q3 24 | $234.3M | $1.4B | ||
| Q2 24 | $237.1M | $1.3B |
总资产FORRSTBA
| Q1 26 | — | $9.9B | ||
| Q4 25 | $404.0M | $9.9B | ||
| Q3 25 | $414.2M | $9.8B | ||
| Q2 25 | $436.0M | $9.8B | ||
| Q1 25 | $439.8M | $9.7B | ||
| Q4 24 | $503.9M | $9.7B | ||
| Q3 24 | $505.3M | $9.6B | ||
| Q2 24 | $524.2M | $9.6B |
负债/权益比FORRSTBA
| Q1 26 | — | 0.07× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | — |
| 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 | — | — |
| 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FORRSTBA
| Q1 26 | — | — | ||
| Q4 25 | $-3.2M | $133.6M | ||
| Q3 25 | $1.2M | $40.5M | ||
| Q2 25 | $-3.6M | $28.3M | ||
| Q1 25 | $26.7M | $28.7M | ||
| Q4 24 | $-1.8M | $173.4M | ||
| Q3 24 | $264.0K | $27.6M | ||
| Q2 24 | $-2.9M | $44.7M |
自由现金流FORRSTBA
| Q1 26 | — | — | ||
| Q4 25 | $-4.3M | $128.8M | ||
| Q3 25 | $524.0K | $39.9M | ||
| Q2 25 | $-4.2M | $27.1M | ||
| Q1 25 | $26.1M | $27.0M | ||
| Q4 24 | $-2.5M | $170.4M | ||
| Q3 24 | $-223.0K | $26.9M | ||
| Q2 24 | $-3.7M | $43.9M |
自由现金流率FORRSTBA
| Q1 26 | — | — | ||
| Q4 25 | -4.2% | 122.4% | ||
| Q3 25 | 0.6% | 38.7% | ||
| Q2 25 | -3.8% | 27.1% | ||
| Q1 25 | 29.0% | 28.8% | ||
| Q4 24 | -2.3% | 180.7% | ||
| Q3 24 | -0.2% | 28.0% | ||
| Q2 24 | -3.1% | 45.3% |
资本支出强度FORRSTBA
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 4.5% | ||
| Q3 25 | 0.7% | 0.6% | ||
| Q2 25 | 0.5% | 1.2% | ||
| Q1 25 | 0.7% | 1.8% | ||
| Q4 24 | 0.6% | 3.1% | ||
| Q3 24 | 0.5% | 0.7% | ||
| Q2 24 | 0.7% | 0.9% |
现金转化率FORRSTBA
| Q1 26 | — | — | ||
| Q4 25 | — | 3.93× | ||
| Q3 25 | — | 1.16× | ||
| Q2 25 | -0.93× | 0.89× | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | -4.24× | 5.24× | ||
| Q3 24 | — | 0.85× | ||
| Q2 24 | -0.46× | 1.30× |
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% |
STBA
| Net Interest Income | $88.4M | 87% |
| Noninterest Income | $13.6M | 13% |
