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弗雷斯特研究公司（FORR）与Via Renewables, Inc.（VIASP）财务数据对比。点击上方公司名可切换其他公司
Via Renewables, Inc.的季度营收约是弗雷斯特研究公司的1.3倍（$127.8M vs $101.1M），Via Renewables, Inc.净利率更高（5.4% vs -33.5%，领先38.9%），Via Renewables, Inc.同比增速更快（22.5% vs -6.5%），弗雷斯特研究公司自由现金流更多（$-4.3M vs $-4.8M），过去两年Via Renewables, Inc.的营收复合增速更高（5.9% 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。
EDF电力解决方案是法国电力集团旗下全资子公司，专注可再生能源发电业务。作为一体化运营商，该集团开展可再生能源项目开发与融资，推进设施建设，同时为自有及第三方的可再生能源项目提供运营与维护服务。
FORR vs VIASP — 直观对比
营收规模更大
VIASP
是对方的1.3倍
$101.1M
营收增速更快
VIASP
高出29.0%
-6.5%
净利率更高
VIASP
高出38.9%
-33.5%
自由现金流更多
FORR
多$494.0K
$-4.8M
两年增速更快
VIASP
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $127.8M |
| 净利润 | $-33.9M | $6.9M |
| 毛利率 | 56.7% | 34.4% |
| 营业利润率 | -36.6% | 15.2% |
| 净利率 | -33.5% | 5.4% |
| 营收同比 | -6.5% | 22.5% |
| 净利润同比 | -7941.4% | -30.9% |
| 每股收益（稀释后） | $-1.75 | $1.19 |
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FORRVIASP
| Q4 25 | $101.1M | $127.8M | ||
| Q3 25 | $94.3M | $103.3M | ||
| Q2 25 | $111.7M | $90.0M | ||
| Q1 25 | $89.9M | $142.3M | ||
| Q4 24 | $108.0M | $104.3M | ||
| Q3 24 | $102.5M | $93.8M | ||
| Q2 24 | $121.8M | $86.7M | ||
| Q1 24 | $100.1M | $114.1M |
净利润FORRVIASP
| Q4 25 | $-33.9M | $6.9M | ||
| Q3 25 | $-2.1M | $757.0K | ||
| Q2 25 | $3.9M | $2.7M | ||
| Q1 25 | $-87.3M | $8.8M | ||
| Q4 24 | $432.0K | $9.9M | ||
| Q3 24 | $-5.8M | $2.1M | ||
| Q2 24 | $6.3M | $7.6M | ||
| Q1 24 | $-6.7M | $8.6M |
毛利率FORRVIASP
| Q4 25 | 56.7% | 34.4% | ||
| Q3 25 | 60.0% | 23.1% | ||
| Q2 25 | 55.5% | 30.0% | ||
| Q1 25 | 55.9% | 32.9% | ||
| Q4 24 | 58.8% | 51.9% | ||
| Q3 24 | 60.5% | 26.8% | ||
| Q2 24 | 57.3% | 50.4% | ||
| Q1 24 | 54.9% | 39.5% |
营业利润率FORRVIASP
| Q4 25 | -36.6% | 15.2% | ||
| Q3 25 | 4.7% | 3.1% | ||
| Q2 25 | 6.2% | 6.7% | ||
| Q1 25 | -97.5% | 17.5% | ||
| Q4 24 | -0.5% | 31.5% | ||
| Q3 24 | -0.7% | 5.3% | ||
| Q2 24 | 9.3% | 23.8% | ||
| Q1 24 | -9.3% | 22.6% |
净利率FORRVIASP
| Q4 25 | -33.5% | 5.4% | ||
| Q3 25 | -2.3% | 0.7% | ||
| Q2 25 | 3.5% | 3.0% | ||
| Q1 25 | -97.1% | 6.2% | ||
| Q4 24 | 0.4% | 9.5% | ||
| Q3 24 | -5.7% | 2.3% | ||
| Q2 24 | 5.2% | 8.8% | ||
| Q1 24 | -6.7% | 7.5% |
每股收益（稀释后）FORRVIASP
| Q4 25 | $-1.75 | $1.19 | ||
| Q3 25 | $-0.11 | $-0.41 | ||
| Q2 25 | $0.20 | $0.09 | ||
| Q1 25 | $-4.62 | $1.83 | ||
| Q4 24 | $0.02 | $2.33 | ||
| Q3 24 | $-0.30 | $-0.17 | ||
| Q2 24 | $0.33 | $1.51 | ||
| Q1 24 | $-0.35 | $1.81 |
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 | $41.8M |
| 总债务越低越好 | — | $120.0M |
| 股东权益账面价值 | $126.5M | $67.7M |
| 总资产 | $404.0M | $331.3M |
| 负债/权益比越低杠杆越低 | — | 1.77× |
8季度趋势，按日历期对齐
现金及短期投资FORRVIASP
| Q4 25 | $63.3M | $41.8M | ||
| Q3 25 | $65.1M | $53.6M | ||
| Q2 25 | $67.8M | $62.1M | ||
| Q1 25 | $75.6M | $64.7M | ||
| Q4 24 | $56.1M | $53.1M | ||
| Q3 24 | $62.8M | $66.6M | ||
| Q2 24 | $58.9M | $53.6M | ||
| Q1 24 | $61.4M | $50.4M |
总债务FORRVIASP
| Q4 25 | — | $120.0M | ||
| Q3 25 | — | $105.0M | ||
| Q2 25 | — | $100.0M | ||
| Q1 25 | — | $101.0M | ||
| Q4 24 | — | $106.0M | ||
| Q3 24 | — | $89.0M | ||
| Q2 24 | — | $93.0M | ||
| Q1 24 | — | $91.0M |
股东权益FORRVIASP
| Q4 25 | $126.5M | $67.7M | ||
| Q3 25 | $157.7M | $63.7M | ||
| Q2 25 | $159.5M | $68.2M | ||
| Q1 25 | $147.4M | $72.7M | ||
| Q4 24 | $229.5M | $66.7M | ||
| Q3 24 | $234.3M | $58.2M | ||
| Q2 24 | $237.1M | $58.3M | ||
| Q1 24 | $230.9M | $53.2M |
总资产FORRVIASP
| Q4 25 | $404.0M | $331.3M | ||
| Q3 25 | $414.2M | $304.8M | ||
| Q2 25 | $436.0M | $316.3M | ||
| Q1 25 | $439.8M | $347.4M | ||
| Q4 24 | $503.9M | $344.9M | ||
| Q3 24 | $505.3M | $298.4M | ||
| Q2 24 | $524.2M | $299.7M | ||
| Q1 24 | $555.7M | $302.7M |
负债/权益比FORRVIASP
| Q4 25 | — | 1.77× | ||
| Q3 25 | — | 1.65× | ||
| Q2 25 | — | 1.47× | ||
| Q1 25 | — | 1.39× | ||
| Q4 24 | — | 1.59× | ||
| Q3 24 | — | 1.53× | ||
| Q2 24 | — | 1.60× | ||
| Q1 24 | — | 1.71× |
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 | $-4.2M |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $-4.8M |
| 自由现金流率自由现金流/营收 | -4.2% | -3.7% |
| 资本支出强度资本支出/营收 | 1.1% | 0.4% |
| 现金转化率经营现金流/净利润 | — | -0.61× |
| 过去12个月自由现金流最近4个季度 | $18.1M | $39.1M |
8季度趋势，按日历期对齐
经营现金流FORRVIASP
| Q4 25 | $-3.2M | $-4.2M | ||
| Q3 25 | $1.2M | $2.4M | ||
| Q2 25 | $-3.6M | $19.0M | ||
| Q1 25 | $26.7M | $24.9M | ||
| Q4 24 | $-1.8M | $2.0M | ||
| Q3 24 | $264.0K | $20.1M | ||
| Q2 24 | $-2.9M | $11.2M | ||
| Q1 24 | $611.0K | $17.1M |
自由现金流FORRVIASP
| Q4 25 | $-4.3M | $-4.8M | ||
| Q3 25 | $524.0K | $1.9M | ||
| Q2 25 | $-4.2M | $18.4M | ||
| Q1 25 | $26.1M | $23.5M | ||
| Q4 24 | $-2.5M | $1.6M | ||
| Q3 24 | $-223.0K | $19.7M | ||
| Q2 24 | $-3.7M | $10.9M | ||
| Q1 24 | $-815.0K | $16.6M |
自由现金流率FORRVIASP
| Q4 25 | -4.2% | -3.7% | ||
| Q3 25 | 0.6% | 1.9% | ||
| Q2 25 | -3.8% | 20.5% | ||
| Q1 25 | 29.0% | 16.5% | ||
| Q4 24 | -2.3% | 1.5% | ||
| Q3 24 | -0.2% | 21.0% | ||
| Q2 24 | -3.1% | 12.6% | ||
| Q1 24 | -0.8% | 14.6% |
资本支出强度FORRVIASP
| Q4 25 | 1.1% | 0.4% | ||
| Q3 25 | 0.7% | 0.4% | ||
| Q2 25 | 0.5% | 0.6% | ||
| Q1 25 | 0.7% | 1.0% | ||
| Q4 24 | 0.6% | 0.4% | ||
| Q3 24 | 0.5% | 0.4% | ||
| Q2 24 | 0.7% | 0.3% | ||
| Q1 24 | 1.4% | 0.4% |
现金转化率FORRVIASP
| Q4 25 | — | -0.61× | ||
| Q3 25 | — | 3.12× | ||
| Q2 25 | -0.93× | 6.94× | ||
| Q1 25 | — | 2.84× | ||
| Q4 24 | -4.24× | 0.20× | ||
| Q3 24 | — | 9.41× | ||
| Q2 24 | -0.46× | 1.47× | ||
| Q1 24 | — | 2.00× |
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% |
VIASP
| Retail Electricity | $79.7M | 62% |
| Retail Natural Gas | $48.9M | 38% |
