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弗雷斯特研究公司（FORR）与Target Hospitality Corp.（TH）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Target Hospitality Corp.的1.4倍（$101.1M vs $73.5M），Target Hospitality Corp.净利率更高（-20.3% vs -33.5%，领先13.2%），Target Hospitality Corp.同比增速更快（22.0% vs -6.5%），过去两年Target Hospitality Corp.的营收复合增速更高（0.7% 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。
Target Hospitality是一家专业住宿服务提供商，主营石油、天然气及矿业项目用工住宿，也提供大型活动、灾后救援所需的临时模块化住宿，总部位于得克萨斯州伍德兰兹，同时在北达科他州威利斯顿、科罗拉多州丹佛以及阿尔伯塔省卡尔加里设有办事处。
FORR vs TH — 直观对比
营收规模更大
FORR
是对方的1.4倍
$73.5M
营收增速更快
TH
高出28.4%
-6.5%
净利率更高
TH
高出13.2%
-33.5%
两年增速更快
TH
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $73.5M |
| 净利润 | $-33.9M | $-14.9M |
| 毛利率 | 56.7% | 9.6% |
| 营业利润率 | -36.6% | -22.9% |
| 净利率 | -33.5% | -20.3% |
| 营收同比 | -6.5% | 22.0% |
| 净利润同比 | -7941.4% | -219.1% |
| 每股收益（稀释后） | $-1.75 | $-0.14 |
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FORRTH
| Q4 25 | $101.1M | $73.5M | ||
| Q3 25 | $94.3M | $91.6M | ||
| Q2 25 | $111.7M | $54.9M | ||
| Q1 25 | $89.9M | $54.9M | ||
| Q4 24 | $108.0M | $60.2M | ||
| Q3 24 | $102.5M | $65.8M | ||
| Q2 24 | $121.8M | $67.5M | ||
| Q1 24 | $100.1M | $72.4M |
净利润FORRTH
| Q4 25 | $-33.9M | $-14.9M | ||
| Q3 25 | $-2.1M | $-795.0K | ||
| Q2 25 | $3.9M | $-14.9M | ||
| Q1 25 | $-87.3M | $-6.5M | ||
| Q4 24 | $432.0K | $12.5M | ||
| Q3 24 | $-5.8M | $20.0M | ||
| Q2 24 | $6.3M | $18.4M | ||
| Q1 24 | $-6.7M | $20.4M |
毛利率FORRTH
| Q4 25 | 56.7% | 9.6% | ||
| Q3 25 | 60.0% | 19.6% | ||
| Q2 25 | 55.5% | -0.6% | ||
| Q1 25 | 55.9% | 32.7% | ||
| Q4 24 | 58.8% | 61.5% | ||
| Q3 24 | 60.5% | 68.7% | ||
| Q2 24 | 57.3% | 69.4% | ||
| Q1 24 | 54.9% | 67.8% |
营业利润率FORRTH
| Q4 25 | -36.6% | -22.9% | ||
| Q3 25 | 4.7% | 0.1% | ||
| Q2 25 | 6.2% | -30.8% | ||
| Q1 25 | -97.5% | -2.0% | ||
| Q4 24 | -0.5% | 34.5% | ||
| Q3 24 | -0.7% | 42.5% | ||
| Q2 24 | 9.3% | 43.8% | ||
| Q1 24 | -9.3% | 42.0% |
净利率FORRTH
| Q4 25 | -33.5% | -20.3% | ||
| Q3 25 | -2.3% | -0.9% | ||
| Q2 25 | 3.5% | -27.2% | ||
| Q1 25 | -97.1% | -11.8% | ||
| Q4 24 | 0.4% | 20.8% | ||
| Q3 24 | -5.7% | 30.4% | ||
| Q2 24 | 5.2% | 27.2% | ||
| Q1 24 | -6.7% | 28.2% |
每股收益（稀释后）FORRTH
| Q4 25 | $-1.75 | $-0.14 | ||
| Q3 25 | $-0.11 | $-0.01 | ||
| Q2 25 | $0.20 | $-0.15 | ||
| Q1 25 | $-4.62 | $-0.07 | ||
| Q4 24 | $0.02 | $0.12 | ||
| Q3 24 | $-0.30 | $0.20 | ||
| Q2 24 | $0.33 | $0.18 | ||
| Q1 24 | $-0.35 | $0.20 |
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 | $8.3M |
| 总债务越低越好 | — | $1.7M |
| 股东权益账面价值 | $126.5M | $389.3M |
| 总资产 | $404.0M | $530.2M |
| 负债/权益比越低杠杆越低 | — | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资FORRTH
| Q4 25 | $63.3M | $8.3M | ||
| Q3 25 | $65.1M | $30.4M | ||
| Q2 25 | $67.8M | $19.2M | ||
| Q1 25 | $75.6M | $34.5M | ||
| Q4 24 | $56.1M | $190.7M | ||
| Q3 24 | $62.8M | $177.7M | ||
| Q2 24 | $58.9M | $154.3M | ||
| Q1 24 | $61.4M | $124.3M |
总债务FORRTH
| Q4 25 | — | $1.7M | ||
| Q3 25 | — | $2.0M | ||
| Q2 25 | — | $26.3M | ||
| Q1 25 | — | $42.9M | ||
| Q4 24 | — | $1.5M | ||
| Q3 24 | — | $994.0K | ||
| Q2 24 | — | $1.1M | ||
| Q1 24 | — | $179.9M |
股东权益FORRTH
| Q4 25 | $126.5M | $389.3M | ||
| Q3 25 | $157.7M | $402.4M | ||
| Q2 25 | $159.5M | $401.3M | ||
| Q1 25 | $147.4M | $415.3M | ||
| Q4 24 | $229.5M | $421.1M | ||
| Q3 24 | $234.3M | $417.6M | ||
| Q2 24 | $237.1M | $397.2M | ||
| Q1 24 | $230.9M | $375.5M |
总资产FORRTH
| Q4 25 | $404.0M | $530.2M | ||
| Q3 25 | $414.2M | $541.2M | ||
| Q2 25 | $436.0M | $533.7M | ||
| Q1 25 | $439.8M | $562.5M | ||
| Q4 24 | $503.9M | $725.8M | ||
| Q3 24 | $505.3M | $709.8M | ||
| Q2 24 | $524.2M | $697.0M | ||
| Q1 24 | $555.7M | $687.2M |
负债/权益比FORRTH
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.10× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.48× |
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 | $5.7M |
| 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FORRTH
| Q4 25 | $-3.2M | $5.7M | ||
| Q3 25 | $1.2M | $53.4M | ||
| Q2 25 | $-3.6M | $11.1M | ||
| Q1 25 | $26.7M | $3.9M | ||
| Q4 24 | $-1.8M | $30.6M | ||
| Q3 24 | $264.0K | $31.4M | ||
| Q2 24 | $-2.9M | $39.1M | ||
| Q1 24 | $611.0K | $50.6M |
自由现金流FORRTH
| Q4 25 | $-4.3M | — | ||
| Q3 25 | $524.0K | — | ||
| Q2 25 | $-4.2M | — | ||
| Q1 25 | $26.1M | $-11.6M | ||
| Q4 24 | $-2.5M | — | ||
| Q3 24 | $-223.0K | — | ||
| Q2 24 | $-3.7M | — | ||
| Q1 24 | $-815.0K | — |
自由现金流率FORRTH
| Q4 25 | -4.2% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | -3.8% | — | ||
| Q1 25 | 29.0% | -21.1% | ||
| Q4 24 | -2.3% | — | ||
| Q3 24 | -0.2% | — | ||
| Q2 24 | -3.1% | — | ||
| Q1 24 | -0.8% | — |
资本支出强度FORRTH
| Q4 25 | 1.1% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.7% | 28.2% | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.5% | — | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 1.4% | — |
现金转化率FORRTH
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.93× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | -0.46× | 2.13× | ||
| Q1 24 | — | 2.48× |
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% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
