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弗雷斯特研究公司（FORR）与TUCOWS INC（TCX）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TUCOWS INC的1.0倍（$101.1M vs $98.7M），TUCOWS INC净利率更高（-22.3% vs -33.5%，领先11.2%），TUCOWS INC同比增速更快（6.0% vs -6.5%），弗雷斯特研究公司自由现金流更多（$-4.3M vs $-7.0M），过去两年TUCOWS INC的营收复合增速更高（6.2% 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。
图考兹是一家美加合资的互联网服务与电信企业，总部设立于加拿大安大略省多伦多市，在美国宾夕法尼亚州注册。公司旗下包含三大独立业务板块，分别是域名注册服务Tucows Domains、光纤网络服务Ting Internet以及通信软件服务商Wavelo。
FORR vs TCX — 直观对比
营收规模更大
FORR
是对方的1.0倍
$98.7M
营收增速更快
TCX
高出12.4%
-6.5%
净利率更高
TCX
高出11.2%
-33.5%
自由现金流更多
FORR
多$2.7M
$-7.0M
两年增速更快
TCX
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $98.7M |
| 净利润 | $-33.9M | $-22.0M |
| 毛利率 | 56.7% | 24.5% |
| 营业利润率 | -36.6% | -9.1% |
| 净利率 | -33.5% | -22.3% |
| 营收同比 | -6.5% | 6.0% |
| 净利润同比 | -7941.4% | 48.1% |
| 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FORRTCX
| Q4 25 | $101.1M | $98.7M | ||
| Q3 25 | $94.3M | $98.6M | ||
| Q2 25 | $111.7M | $98.5M | ||
| Q1 25 | $89.9M | $94.6M | ||
| Q4 24 | $108.0M | $93.1M | ||
| Q3 24 | $102.5M | $92.3M | ||
| Q2 24 | $121.8M | $89.4M | ||
| Q1 24 | $100.1M | $87.5M |
净利润FORRTCX
| Q4 25 | $-33.9M | $-22.0M | ||
| Q3 25 | $-2.1M | $-23.0M | ||
| Q2 25 | $3.9M | $-15.6M | ||
| Q1 25 | $-87.3M | $-15.1M | ||
| Q4 24 | $432.0K | $-42.5M | ||
| Q3 24 | $-5.8M | $-22.3M | ||
| Q2 24 | $6.3M | $-18.6M | ||
| Q1 24 | $-6.7M | $-26.5M |
毛利率FORRTCX
| Q4 25 | 56.7% | 24.5% | ||
| Q3 25 | 60.0% | 24.5% | ||
| Q2 25 | 55.5% | 22.5% | ||
| Q1 25 | 55.9% | 24.9% | ||
| Q4 24 | 58.8% | 23.3% | ||
| Q3 24 | 60.5% | 24.0% | ||
| Q2 24 | 57.3% | 23.3% | ||
| Q1 24 | 54.9% | 20.9% |
营业利润率FORRTCX
| Q4 25 | -36.6% | -9.1% | ||
| Q3 25 | 4.7% | -9.7% | ||
| Q2 25 | 6.2% | -2.9% | ||
| Q1 25 | -97.5% | -2.1% | ||
| Q4 24 | -0.5% | -32.1% | ||
| Q3 24 | -0.7% | -10.9% | ||
| Q2 24 | 9.3% | -9.6% | ||
| Q1 24 | -9.3% | -18.9% |
净利率FORRTCX
| Q4 25 | -33.5% | -22.3% | ||
| Q3 25 | -2.3% | -23.4% | ||
| Q2 25 | 3.5% | -15.9% | ||
| Q1 25 | -97.1% | -16.0% | ||
| Q4 24 | 0.4% | -45.6% | ||
| Q3 24 | -5.7% | -24.2% | ||
| Q2 24 | 5.2% | -20.8% | ||
| Q1 24 | -6.7% | -30.3% |
每股收益（稀释后）FORRTCX
| 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 | $46.8M |
| 总债务越低越好 | — | $190.4M |
| 股东权益账面价值 | $126.5M | $-164.2M |
| 总资产 | $404.0M | $730.9M |
| 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FORRTCX
| Q4 25 | $63.3M | $46.8M | ||
| Q3 25 | $65.1M | $54.1M | ||
| Q2 25 | $67.8M | $52.0M | ||
| Q1 25 | $75.6M | $38.1M | ||
| Q4 24 | $56.1M | $56.9M | ||
| Q3 24 | $62.8M | $75.2M | ||
| Q2 24 | $58.9M | $39.3M | ||
| Q1 24 | $61.4M | $66.6M |
总债务FORRTCX
| Q4 25 | — | $190.4M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $195.4M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益FORRTCX
| Q4 25 | $126.5M | $-164.2M | ||
| Q3 25 | $157.7M | $-144.1M | ||
| Q2 25 | $159.5M | $-121.7M | ||
| Q1 25 | $147.4M | $-108.3M | ||
| Q4 24 | $229.5M | $-95.3M | ||
| Q3 24 | $234.3M | $-53.1M | ||
| Q2 24 | $237.1M | $-33.1M | ||
| Q1 24 | $230.9M | $-15.9M |
总资产FORRTCX
| Q4 25 | $404.0M | $730.9M | ||
| Q3 25 | $414.2M | $735.5M | ||
| Q2 25 | $436.0M | $742.2M | ||
| Q1 25 | $439.8M | $741.9M | ||
| Q4 24 | $503.9M | $758.8M | ||
| Q3 24 | $505.3M | $799.0M | ||
| Q2 24 | $524.2M | $758.2M | ||
| Q1 24 | $555.7M | $780.3M |
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 | $-2.6M |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $-7.0M |
| 自由现金流率自由现金流/营收 | -4.2% | -7.1% |
| 资本支出强度资本支出/营收 | 1.1% | 4.4% |
| 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 | $-22.9M |
8季度趋势，按日历期对齐
经营现金流FORRTCX
| Q4 25 | $-3.2M | $-2.6M | ||
| Q3 25 | $1.2M | $1.5M | ||
| Q2 25 | $-3.6M | $6.6M | ||
| Q1 25 | $26.7M | $-11.3M | ||
| Q4 24 | $-1.8M | $-4.8M | ||
| Q3 24 | $264.0K | $-4.6M | ||
| Q2 24 | $-2.9M | $-4.7M | ||
| Q1 24 | $611.0K | $-5.7M |
自由现金流FORRTCX
| Q4 25 | $-4.3M | $-7.0M | ||
| Q3 25 | $524.0K | $-2.3M | ||
| Q2 25 | $-4.2M | $3.1M | ||
| Q1 25 | $26.1M | $-16.7M | ||
| Q4 24 | $-2.5M | $-16.5M | ||
| Q3 24 | $-223.0K | $-19.1M | ||
| Q2 24 | $-3.7M | $-20.7M | ||
| Q1 24 | $-815.0K | $-20.0M |
自由现金流率FORRTCX
| Q4 25 | -4.2% | -7.1% | ||
| Q3 25 | 0.6% | -2.4% | ||
| Q2 25 | -3.8% | 3.1% | ||
| Q1 25 | 29.0% | -17.6% | ||
| Q4 24 | -2.3% | -17.7% | ||
| Q3 24 | -0.2% | -20.7% | ||
| Q2 24 | -3.1% | -23.1% | ||
| Q1 24 | -0.8% | -22.9% |
资本支出强度FORRTCX
| Q4 25 | 1.1% | 4.4% | ||
| Q3 25 | 0.7% | 3.9% | ||
| Q2 25 | 0.5% | 3.5% | ||
| Q1 25 | 0.7% | 5.7% | ||
| Q4 24 | 0.6% | 12.5% | ||
| Q3 24 | 0.5% | 15.7% | ||
| Q2 24 | 0.7% | 17.8% | ||
| Q1 24 | 1.4% | 16.4% |
现金转化率FORRTCX
| 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% |
TCX
| Wholesale | $57.0M | 58% |
| Fiber Internet Services | $16.5M | 17% |
| Wavelo | $13.0M | 13% |
| Platform Services | $11.7M | 12% |
