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弗雷斯特研究公司（FORR）与Udemy, Inc.（UDMY）财务数据对比。点击上方公司名可切换其他公司
Udemy, Inc.的季度营收约是弗雷斯特研究公司的1.9倍（$194.0M vs $101.1M），Udemy, Inc.净利率更高（-1.2% vs -33.5%，领先32.3%），Udemy, Inc.同比增速更快（-3.0% vs -6.5%），Udemy, Inc.自由现金流更多（$15.0M vs $-4.3M），过去两年弗雷斯特研究公司的营收复合增速更高（0.5% vs -0.7%）
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。
Udemy是一家总部位于美国的教育科技企业，2010年成立，最初定位为大规模开放在线课程提供商，目前核心办公地点位于加州旧金山，在美、澳、印、爱、墨、土多国均设有分支机构。它主打在线教育平台，支持用户自主创建并分享课程，平台课程以按需点播的视频内容为主，截至2025年初已拥有数百万个人用户。
FORR vs UDMY — 直观对比
营收规模更大
UDMY
是对方的1.9倍
$101.1M
营收增速更快
UDMY
高出3.5%
-6.5%
净利率更高
UDMY
高出32.3%
-33.5%
自由现金流更多
UDMY
多$19.3M
$-4.3M
两年增速更快
FORR
近两年复合增速
-0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $194.0M |
| 净利润 | $-33.9M | $-2.3M |
| 毛利率 | 56.7% | 66.0% |
| 营业利润率 | -36.6% | -1.8% |
| 净利率 | -33.5% | -1.2% |
| 营收同比 | -6.5% | -3.0% |
| 净利润同比 | -7941.4% | 76.4% |
| 每股收益（稀释后） | $-1.75 | $-0.01 |
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FORRUDMY
| Q4 25 | $101.1M | $194.0M | ||
| Q3 25 | $94.3M | $195.7M | ||
| Q2 25 | $111.7M | $199.9M | ||
| Q1 25 | $89.9M | $200.3M | ||
| Q4 24 | $108.0M | $199.9M | ||
| Q3 24 | $102.5M | $195.4M | ||
| Q2 24 | $121.8M | $194.4M | ||
| Q1 24 | $100.1M | $196.8M |
净利润FORRUDMY
| Q4 25 | $-33.9M | $-2.3M | ||
| Q3 25 | $-2.1M | $1.6M | ||
| Q2 25 | $3.9M | $6.3M | ||
| Q1 25 | $-87.3M | $-1.8M | ||
| Q4 24 | $432.0K | $-9.9M | ||
| Q3 24 | $-5.8M | $-25.3M | ||
| Q2 24 | $6.3M | $-31.8M | ||
| Q1 24 | $-6.7M | $-18.3M |
毛利率FORRUDMY
| Q4 25 | 56.7% | 66.0% | ||
| Q3 25 | 60.0% | 65.9% | ||
| Q2 25 | 55.5% | 66.1% | ||
| Q1 25 | 55.9% | 64.6% | ||
| Q4 24 | 58.8% | 63.6% | ||
| Q3 24 | 60.5% | 63.0% | ||
| Q2 24 | 57.3% | 62.3% | ||
| Q1 24 | 54.9% | 61.2% |
营业利润率FORRUDMY
| Q4 25 | -36.6% | -1.8% | ||
| Q3 25 | 4.7% | -0.1% | ||
| Q2 25 | 6.2% | 2.0% | ||
| Q1 25 | -97.5% | -2.2% | ||
| Q4 24 | -0.5% | -5.8% | ||
| Q3 24 | -0.7% | -15.1% | ||
| Q2 24 | 9.3% | -13.1% | ||
| Q1 24 | -9.3% | -11.5% |
净利率FORRUDMY
| Q4 25 | -33.5% | -1.2% | ||
| Q3 25 | -2.3% | 0.8% | ||
| Q2 25 | 3.5% | 3.1% | ||
| Q1 25 | -97.1% | -0.9% | ||
| Q4 24 | 0.4% | -4.9% | ||
| Q3 24 | -5.7% | -12.9% | ||
| Q2 24 | 5.2% | -16.4% | ||
| Q1 24 | -6.7% | -9.3% |
每股收益（稀释后）FORRUDMY
| Q4 25 | $-1.75 | $-0.01 | ||
| Q3 25 | $-0.11 | $0.01 | ||
| Q2 25 | $0.20 | $0.04 | ||
| Q1 25 | $-4.62 | $-0.01 | ||
| Q4 24 | $0.02 | $-0.06 | ||
| Q3 24 | $-0.30 | $-0.17 | ||
| Q2 24 | $0.33 | $-0.21 | ||
| Q1 24 | $-0.35 | $-0.12 |
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 | $358.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $126.5M | $210.5M |
| 总资产 | $404.0M | $617.7M |
| 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FORRUDMY
| Q4 25 | $63.3M | $358.7M | ||
| Q3 25 | $65.1M | $371.2M | ||
| Q2 25 | $67.8M | $392.0M | ||
| Q1 25 | $75.6M | $357.0M | ||
| Q4 24 | $56.1M | $354.4M | ||
| Q3 24 | $62.8M | $357.1M | ||
| Q2 24 | $58.9M | $420.9M | ||
| Q1 24 | $61.4M | $430.7M |
股东权益FORRUDMY
| Q4 25 | $126.5M | $210.5M | ||
| Q3 25 | $157.7M | $221.8M | ||
| Q2 25 | $159.5M | $233.4M | ||
| Q1 25 | $147.4M | $209.4M | ||
| Q4 24 | $229.5M | $197.4M | ||
| Q3 24 | $234.3M | $196.3M | ||
| Q2 24 | $237.1M | $252.3M | ||
| Q1 24 | $230.9M | $296.5M |
总资产FORRUDMY
| Q4 25 | $404.0M | $617.7M | ||
| Q3 25 | $414.2M | $618.9M | ||
| Q2 25 | $436.0M | $644.0M | ||
| Q1 25 | $439.8M | $639.0M | ||
| Q4 24 | $503.9M | $605.6M | ||
| Q3 24 | $505.3M | $608.9M | ||
| Q2 24 | $524.2M | $671.9M | ||
| Q1 24 | $555.7M | $708.5M |
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 | $15.5M |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $15.0M |
| 自由现金流率自由现金流/营收 | -4.2% | 7.7% |
| 资本支出强度资本支出/营收 | 1.1% | 0.3% |
| 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 | $81.9M |
8季度趋势，按日历期对齐
经营现金流FORRUDMY
| Q4 25 | $-3.2M | $15.5M | ||
| Q3 25 | $1.2M | $15.7M | ||
| Q2 25 | $-3.6M | $44.2M | ||
| Q1 25 | $26.7M | $12.2M | ||
| Q4 24 | $-1.8M | $9.6M | ||
| Q3 24 | $264.0K | $-6.1M | ||
| Q2 24 | $-2.9M | $28.6M | ||
| Q1 24 | $611.0K | $21.0M |
自由现金流FORRUDMY
| Q4 25 | $-4.3M | $15.0M | ||
| Q3 25 | $524.0K | $15.1M | ||
| Q2 25 | $-4.2M | $41.9M | ||
| Q1 25 | $26.1M | $9.8M | ||
| Q4 24 | $-2.5M | $8.4M | ||
| Q3 24 | $-223.0K | $-6.7M | ||
| Q2 24 | $-3.7M | $28.2M | ||
| Q1 24 | $-815.0K | $20.8M |
自由现金流率FORRUDMY
| Q4 25 | -4.2% | 7.7% | ||
| Q3 25 | 0.6% | 7.7% | ||
| Q2 25 | -3.8% | 21.0% | ||
| Q1 25 | 29.0% | 4.9% | ||
| Q4 24 | -2.3% | 4.2% | ||
| Q3 24 | -0.2% | -3.4% | ||
| Q2 24 | -3.1% | 14.5% | ||
| Q1 24 | -0.8% | 10.6% |
资本支出强度FORRUDMY
| Q4 25 | 1.1% | 0.3% | ||
| Q3 25 | 0.7% | 0.3% | ||
| Q2 25 | 0.5% | 1.1% | ||
| Q1 25 | 0.7% | 1.2% | ||
| Q4 24 | 0.6% | 0.6% | ||
| Q3 24 | 0.5% | 0.3% | ||
| Q2 24 | 0.7% | 0.2% | ||
| Q1 24 | 1.4% | 0.1% |
现金转化率FORRUDMY
| Q4 25 | — | — | ||
| Q3 25 | — | 9.58× | ||
| Q2 25 | -0.93× | 7.06× | ||
| 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% |
UDMY
暂无分部数据
