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弗雷斯特研究公司（FORR）与Vericel Corp（VCEL）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Vericel Corp的1.1倍（$101.1M vs $92.9M），Vericel Corp净利率更高（25.0% vs -33.5%，领先58.5%），Vericel Corp同比增速更快（23.3% vs -6.5%），Vericel Corp自由现金流更多（$12.8M vs $-4.3M），过去两年Vericel Corp的营收复合增速更高（34.6% 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。
Vericel Corp是一家美国上市生物制药企业，前身为1989年在密歇根州安娜堡成立的Aastrom Bio，2014年10月正式更为现名，专注于生物制药相关领域的研发与商业化运营。
FORR vs VCEL — 直观对比
营收规模更大
FORR
是对方的1.1倍
$92.9M
营收增速更快
VCEL
高出29.7%
-6.5%
净利率更高
VCEL
高出58.5%
-33.5%
自由现金流更多
VCEL
多$17.1M
$-4.3M
两年增速更快
VCEL
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $92.9M |
| 净利润 | $-33.9M | $23.2M |
| 毛利率 | 56.7% | 78.7% |
| 营业利润率 | -36.6% | 24.1% |
| 净利率 | -33.5% | 25.0% |
| 营收同比 | -6.5% | 23.3% |
| 净利润同比 | -7941.4% | 17.3% |
| 每股收益（稀释后） | $-1.75 | $0.46 |
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FORRVCEL
| Q4 25 | $101.1M | $92.9M | ||
| Q3 25 | $94.3M | $67.5M | ||
| Q2 25 | $111.7M | $63.2M | ||
| Q1 25 | $89.9M | $52.6M | ||
| Q4 24 | $108.0M | $75.4M | ||
| Q3 24 | $102.5M | $57.9M | ||
| Q2 24 | $121.8M | $52.7M | ||
| Q1 24 | $100.1M | $51.3M |
净利润FORRVCEL
| Q4 25 | $-33.9M | $23.2M | ||
| Q3 25 | $-2.1M | $5.1M | ||
| Q2 25 | $3.9M | $-553.0K | ||
| Q1 25 | $-87.3M | $-11.2M | ||
| Q4 24 | $432.0K | $19.8M | ||
| Q3 24 | $-5.8M | $-901.0K | ||
| Q2 24 | $6.3M | $-4.7M | ||
| Q1 24 | $-6.7M | $-3.9M |
毛利率FORRVCEL
| Q4 25 | 56.7% | 78.7% | ||
| Q3 25 | 60.0% | 73.5% | ||
| Q2 25 | 55.5% | 73.7% | ||
| Q1 25 | 55.9% | 69.0% | ||
| Q4 24 | 58.8% | 77.6% | ||
| Q3 24 | 60.5% | 71.9% | ||
| Q2 24 | 57.3% | 69.5% | ||
| Q1 24 | 54.9% | 68.9% |
营业利润率FORRVCEL
| Q4 25 | -36.6% | 24.1% | ||
| Q3 25 | 4.7% | 5.1% | ||
| Q2 25 | 6.2% | -3.2% | ||
| Q1 25 | -97.5% | -24.3% | ||
| Q4 24 | -0.5% | 24.5% | ||
| Q3 24 | -0.7% | -4.3% | ||
| Q2 24 | 9.3% | -11.5% | ||
| Q1 24 | -9.3% | -10.7% |
净利率FORRVCEL
| Q4 25 | -33.5% | 25.0% | ||
| Q3 25 | -2.3% | 7.5% | ||
| Q2 25 | 3.5% | -0.9% | ||
| Q1 25 | -97.1% | -21.4% | ||
| Q4 24 | 0.4% | 26.3% | ||
| Q3 24 | -5.7% | -1.6% | ||
| Q2 24 | 5.2% | -8.9% | ||
| Q1 24 | -6.7% | -7.5% |
每股收益（稀释后）FORRVCEL
| Q4 25 | $-1.75 | $0.46 | ||
| Q3 25 | $-0.11 | $0.10 | ||
| Q2 25 | $0.20 | $-0.01 | ||
| Q1 25 | $-4.62 | $-0.23 | ||
| Q4 24 | $0.02 | $0.40 | ||
| Q3 24 | $-0.30 | $-0.02 | ||
| Q2 24 | $0.33 | $-0.10 | ||
| Q1 24 | $-0.35 | $-0.08 |
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 | $137.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $126.5M | $354.6M |
| 总资产 | $404.0M | $488.0M |
| 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FORRVCEL
| Q4 25 | $63.3M | $137.5M | ||
| Q3 25 | $65.1M | $135.4M | ||
| Q2 25 | $67.8M | $116.9M | ||
| Q1 25 | $75.6M | $112.9M | ||
| Q4 24 | $56.1M | $116.2M | ||
| Q3 24 | $62.8M | $101.7M | ||
| Q2 24 | $58.9M | $102.5M | ||
| Q1 24 | $61.4M | $110.6M |
股东权益FORRVCEL
| Q4 25 | $126.5M | $354.6M | ||
| Q3 25 | $157.7M | $321.9M | ||
| Q2 25 | $159.5M | $306.8M | ||
| Q1 25 | $147.4M | $295.5M | ||
| Q4 24 | $229.5M | $292.0M | ||
| Q3 24 | $234.3M | $257.5M | ||
| Q2 24 | $237.1M | $243.0M | ||
| Q1 24 | $230.9M | $233.9M |
总资产FORRVCEL
| Q4 25 | $404.0M | $488.0M | ||
| Q3 25 | $414.2M | $453.3M | ||
| Q2 25 | $436.0M | $435.6M | ||
| Q1 25 | $439.8M | $424.6M | ||
| Q4 24 | $503.9M | $432.7M | ||
| Q3 24 | $505.3M | $390.4M | ||
| Q2 24 | $524.2M | $376.8M | ||
| Q1 24 | $555.7M | $356.7M |
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 | $15.0M |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $12.8M |
| 自由现金流率自由现金流/营收 | -4.2% | 13.8% |
| 资本支出强度资本支出/营收 | 1.1% | 2.4% |
| 现金转化率经营现金流/净利润 | — | 0.65× |
| 过去12个月自由现金流最近4个季度 | $18.1M | $24.7M |
8季度趋势，按日历期对齐
经营现金流FORRVCEL
| Q4 25 | $-3.2M | $15.0M | ||
| Q3 25 | $1.2M | $22.1M | ||
| Q2 25 | $-3.6M | $8.2M | ||
| Q1 25 | $26.7M | $6.6M | ||
| Q4 24 | $-1.8M | $22.2M | ||
| Q3 24 | $264.0K | $10.2M | ||
| Q2 24 | $-2.9M | $18.5M | ||
| Q1 24 | $611.0K | $7.2M |
自由现金流FORRVCEL
| Q4 25 | $-4.3M | $12.8M | ||
| Q3 25 | $524.0K | $19.5M | ||
| Q2 25 | $-4.2M | $81.0K | ||
| Q1 25 | $26.1M | $-7.6M | ||
| Q4 24 | $-2.5M | $8.5M | ||
| Q3 24 | $-223.0K | $-9.2M | ||
| Q2 24 | $-3.7M | $1.8M | ||
| Q1 24 | $-815.0K | $-6.8M |
自由现金流率FORRVCEL
| Q4 25 | -4.2% | 13.8% | ||
| Q3 25 | 0.6% | 28.8% | ||
| Q2 25 | -3.8% | 0.1% | ||
| Q1 25 | 29.0% | -14.5% | ||
| Q4 24 | -2.3% | 11.2% | ||
| Q3 24 | -0.2% | -15.9% | ||
| Q2 24 | -3.1% | 3.4% | ||
| Q1 24 | -0.8% | -13.3% |
资本支出强度FORRVCEL
| Q4 25 | 1.1% | 2.4% | ||
| Q3 25 | 0.7% | 3.9% | ||
| Q2 25 | 0.5% | 12.9% | ||
| Q1 25 | 0.7% | 27.0% | ||
| Q4 24 | 0.6% | 18.3% | ||
| Q3 24 | 0.5% | 33.5% | ||
| Q2 24 | 0.7% | 31.8% | ||
| Q1 24 | 1.4% | 27.3% |
现金转化率FORRVCEL
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | -0.93× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.24× | 1.12× | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
