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弗雷斯特研究公司（FORR）与UPWORK, INC（UPWK）财务数据对比。点击上方公司名可切换其他公司
UPWORK, INC的季度营收约是弗雷斯特研究公司的1.9倍（$195.5M vs $101.1M），UPWORK, INC净利率更高（16.1% vs -33.5%，领先49.6%），UPWORK, INC同比增速更快（1.4% vs -6.5%），UPWORK, INC自由现金流更多（$12.9M vs $-4.3M），过去两年UPWORK, INC的营收复合增速更高（0.6% 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。
Upwork是全球知名的自由职业者服务平台，总部位于美国加利福尼亚州圣克拉拉和旧金山。平台前身为2013年Elance与oDesk两家企业合并后成立的Elance-oDesk，2015年正式更名为Upwork，连接全球企业与各领域专业自由职业者，提供灵活的远程用工及服务对接解决方案。
FORR vs UPWK — 直观对比
营收规模更大
UPWK
是对方的1.9倍
$101.1M
营收增速更快
UPWK
高出7.9%
-6.5%
净利率更高
UPWK
高出49.6%
-33.5%
自由现金流更多
UPWK
多$17.2M
$-4.3M
两年增速更快
UPWK
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $195.5M |
| 净利润 | $-33.9M | $31.5M |
| 毛利率 | 56.7% | 77.2% |
| 营业利润率 | -36.6% | 16.7% |
| 净利率 | -33.5% | 16.1% |
| 营收同比 | -6.5% | 1.4% |
| 净利润同比 | -7941.4% | — |
| 每股收益（稀释后） | $-1.75 | $0.24 |
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FORRUPWK
| Q1 26 | — | $195.5M | ||
| Q4 25 | $101.1M | $198.4M | ||
| Q3 25 | $94.3M | $201.7M | ||
| Q2 25 | $111.7M | $194.9M | ||
| Q1 25 | $89.9M | $192.7M | ||
| Q4 24 | $108.0M | $191.5M | ||
| Q3 24 | $102.5M | $193.8M | ||
| Q2 24 | $121.8M | $193.1M |
净利润FORRUPWK
| Q1 26 | — | $31.5M | ||
| Q4 25 | $-33.9M | $15.6M | ||
| Q3 25 | $-2.1M | $29.3M | ||
| Q2 25 | $3.9M | $32.7M | ||
| Q1 25 | $-87.3M | $37.7M | ||
| Q4 24 | $432.0K | $147.2M | ||
| Q3 24 | $-5.8M | $27.8M | ||
| Q2 24 | $6.3M | $22.2M |
毛利率FORRUPWK
| Q1 26 | — | 77.2% | ||
| Q4 25 | 56.7% | 78.0% | ||
| Q3 25 | 60.0% | 77.3% | ||
| Q2 25 | 55.5% | 77.7% | ||
| Q1 25 | 55.9% | 78.3% | ||
| Q4 24 | 58.8% | 77.7% | ||
| Q3 24 | 60.5% | 77.6% | ||
| Q2 24 | 57.3% | 77.3% |
营业利润率FORRUPWK
| Q1 26 | — | 16.7% | ||
| Q4 25 | -36.6% | 14.3% | ||
| Q3 25 | 4.7% | 14.8% | ||
| Q2 25 | 6.2% | 16.7% | ||
| Q1 25 | -97.5% | 20.1% | ||
| Q4 24 | -0.5% | 7.1% | ||
| Q3 24 | -0.7% | 10.7% | ||
| Q2 24 | 9.3% | 9.2% |
净利率FORRUPWK
| Q1 26 | — | 16.1% | ||
| Q4 25 | -33.5% | 7.9% | ||
| Q3 25 | -2.3% | 14.5% | ||
| Q2 25 | 3.5% | 16.8% | ||
| Q1 25 | -97.1% | 19.6% | ||
| Q4 24 | 0.4% | 76.9% | ||
| Q3 24 | -5.7% | 14.3% | ||
| Q2 24 | 5.2% | 11.5% |
每股收益（稀释后）FORRUPWK
| Q1 26 | — | $0.24 | ||
| Q4 25 | $-1.75 | $0.12 | ||
| Q3 25 | $-0.11 | $0.21 | ||
| Q2 25 | $0.20 | $0.24 | ||
| Q1 25 | $-4.62 | $0.27 | ||
| Q4 24 | $0.02 | $1.02 | ||
| Q3 24 | $-0.30 | $0.20 | ||
| Q2 24 | $0.33 | $0.17 |
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 | $328.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $126.5M | $569.6M |
| 总资产 | $404.0M | $1.2B |
| 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FORRUPWK
| Q1 26 | — | $328.4M | ||
| Q4 25 | $63.3M | $672.8M | ||
| Q3 25 | $65.1M | $643.1M | ||
| Q2 25 | $67.8M | $634.6M | ||
| Q1 25 | $75.6M | $622.1M | ||
| Q4 24 | $56.1M | $622.1M | ||
| Q3 24 | $62.8M | $601.2M | ||
| Q2 24 | $58.9M | $497.7M |
总债务FORRUPWK
| Q1 26 | — | — | ||
| Q4 25 | — | $359.8M | ||
| Q3 25 | — | $359.3M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $357.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益FORRUPWK
| Q1 26 | — | $569.6M | ||
| Q4 25 | $126.5M | $630.3M | ||
| Q3 25 | $157.7M | $628.1M | ||
| Q2 25 | $159.5M | $608.7M | ||
| Q1 25 | $147.4M | $594.3M | ||
| Q4 24 | $229.5M | $575.4M | ||
| Q3 24 | $234.3M | $411.2M | ||
| Q2 24 | $237.1M | $361.1M |
总资产FORRUPWK
| Q1 26 | — | $1.2B | ||
| Q4 25 | $404.0M | $1.3B | ||
| Q3 25 | $414.2M | $1.3B | ||
| Q2 25 | $436.0M | $1.3B | ||
| Q1 25 | $439.8M | $1.2B | ||
| Q4 24 | $503.9M | $1.2B | ||
| Q3 24 | $505.3M | $1.1B | ||
| Q2 24 | $524.2M | $1.0B |
负债/权益比FORRUPWK
| Q1 26 | — | — | ||
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | 0.57× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.62× | ||
| 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 | $23.0M |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $12.9M |
| 自由现金流率自由现金流/营收 | -4.2% | 6.6% |
| 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 | — | 0.73× |
| 过去12个月自由现金流最近4个季度 | $18.1M | $220.9M |
8季度趋势，按日历期对齐
经营现金流FORRUPWK
| Q1 26 | — | $23.0M | ||
| Q4 25 | $-3.2M | $63.7M | ||
| Q3 25 | $1.2M | $75.1M | ||
| Q2 25 | $-3.6M | $72.5M | ||
| Q1 25 | $26.7M | $37.0M | ||
| Q4 24 | $-1.8M | $38.6M | ||
| Q3 24 | $264.0K | $61.0M | ||
| Q2 24 | $-2.9M | $39.2M |
自由现金流FORRUPWK
| Q1 26 | — | $12.9M | ||
| Q4 25 | $-4.3M | $63.2M | ||
| Q3 25 | $524.0K | $74.6M | ||
| Q2 25 | $-4.2M | $70.1M | ||
| Q1 25 | $26.1M | $34.5M | ||
| Q4 24 | $-2.5M | $37.0M | ||
| Q3 24 | $-223.0K | $59.8M | ||
| Q2 24 | $-3.7M | $38.6M |
自由现金流率FORRUPWK
| Q1 26 | — | 6.6% | ||
| Q4 25 | -4.2% | 31.9% | ||
| Q3 25 | 0.6% | 37.0% | ||
| Q2 25 | -3.8% | 36.0% | ||
| Q1 25 | 29.0% | 17.9% | ||
| Q4 24 | -2.3% | 19.3% | ||
| Q3 24 | -0.2% | 30.8% | ||
| Q2 24 | -3.1% | 20.0% |
资本支出强度FORRUPWK
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 0.2% | ||
| Q3 25 | 0.7% | 0.2% | ||
| Q2 25 | 0.5% | 1.2% | ||
| Q1 25 | 0.7% | 1.3% | ||
| Q4 24 | 0.6% | 0.8% | ||
| Q3 24 | 0.5% | 0.6% | ||
| Q2 24 | 0.7% | 0.3% |
现金转化率FORRUPWK
| Q1 26 | — | 0.73× | ||
| Q4 25 | — | 4.07× | ||
| Q3 25 | — | 2.56× | ||
| Q2 25 | -0.93× | 2.22× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | -4.24× | 0.26× | ||
| Q3 24 | — | 2.20× | ||
| Q2 24 | -0.46× | 1.76× |
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% |
UPWK
| Marketplace | $170.7M | 87% |
| Enterprise | $24.8M | 13% |
