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弗雷斯特研究公司（FORR）与Vanda Pharmaceuticals Inc.（VNDA）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Vanda Pharmaceuticals Inc.的1.8倍（$101.1M vs $57.2M），弗雷斯特研究公司净利率更高（-33.5% vs -246.8%，领先213.2%），Vanda Pharmaceuticals Inc.同比增速更快（7.6% vs -6.5%），弗雷斯特研究公司自由现金流更多（$-4.3M vs $-29.5M），过去两年Vanda Pharmaceuticals Inc.的营收复合增速更高（9.8% 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。
Vanda Pharmaceuticals是一家生物制药企业，专注于中枢神经系统疾病创新疗法的研发与商业化，核心上市产品覆盖睡眠节律紊乱、精神分裂症等适应症，主要市场位于北美，致力于为存在未满足医疗需求的患者提供治疗选择。
FORR vs VNDA — 直观对比
营收规模更大
FORR
是对方的1.8倍
$57.2M
营收增速更快
VNDA
高出14.0%
-6.5%
净利率更高
FORR
高出213.2%
-246.8%
自由现金流更多
FORR
多$25.2M
$-29.5M
两年增速更快
VNDA
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $57.2M |
| 净利润 | $-33.9M | $-141.2M |
| 毛利率 | 56.7% | — |
| 营业利润率 | -36.6% | -70.5% |
| 净利率 | -33.5% | -246.8% |
| 营收同比 | -6.5% | 7.6% |
| 净利润同比 | -7941.4% | -2774.3% |
| 每股收益（稀释后） | $-1.75 | $-2.40 |
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FORRVNDA
| Q4 25 | $101.1M | $57.2M | ||
| Q3 25 | $94.3M | $56.3M | ||
| Q2 25 | $111.7M | $52.6M | ||
| Q1 25 | $89.9M | $50.0M | ||
| Q4 24 | $108.0M | $53.2M | ||
| Q3 24 | $102.5M | $47.7M | ||
| Q2 24 | $121.8M | $50.5M | ||
| Q1 24 | $100.1M | $47.5M |
净利润FORRVNDA
| Q4 25 | $-33.9M | $-141.2M | ||
| Q3 25 | $-2.1M | $-22.6M | ||
| Q2 25 | $3.9M | $-27.2M | ||
| Q1 25 | $-87.3M | $-29.5M | ||
| Q4 24 | $432.0K | $-4.9M | ||
| Q3 24 | $-5.8M | $-5.3M | ||
| Q2 24 | $6.3M | $-4.5M | ||
| Q1 24 | $-6.7M | $-4.1M |
毛利率FORRVNDA
| Q4 25 | 56.7% | — | ||
| Q3 25 | 60.0% | — | ||
| Q2 25 | 55.5% | — | ||
| Q1 25 | 55.9% | — | ||
| Q4 24 | 58.8% | — | ||
| Q3 24 | 60.5% | — | ||
| Q2 24 | 57.3% | — | ||
| Q1 24 | 54.9% | — |
营业利润率FORRVNDA
| Q4 25 | -36.6% | -70.5% | ||
| Q3 25 | 4.7% | -55.6% | ||
| Q2 25 | 6.2% | -73.2% | ||
| Q1 25 | -97.5% | -82.0% | ||
| Q4 24 | -0.5% | -19.3% | ||
| Q3 24 | -0.7% | -23.1% | ||
| Q2 24 | 9.3% | -20.1% | ||
| Q1 24 | -9.3% | -19.5% |
净利率FORRVNDA
| Q4 25 | -33.5% | -246.8% | ||
| Q3 25 | -2.3% | -40.1% | ||
| Q2 25 | 3.5% | -51.7% | ||
| Q1 25 | -97.1% | -58.9% | ||
| Q4 24 | 0.4% | -9.2% | ||
| Q3 24 | -5.7% | -11.2% | ||
| Q2 24 | 5.2% | -9.0% | ||
| Q1 24 | -6.7% | -8.7% |
每股收益（稀释后）FORRVNDA
| Q4 25 | $-1.75 | $-2.40 | ||
| Q3 25 | $-0.11 | $-0.38 | ||
| Q2 25 | $0.20 | $-0.46 | ||
| Q1 25 | $-4.62 | $-0.50 | ||
| Q4 24 | $0.02 | $-0.09 | ||
| Q3 24 | $-0.30 | $-0.09 | ||
| Q2 24 | $0.33 | $-0.08 | ||
| Q1 24 | $-0.35 | $-0.07 |
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 | $84.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $126.5M | $327.2M |
| 总资产 | $404.0M | $488.9M |
| 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FORRVNDA
| Q4 25 | $63.3M | $84.9M | ||
| Q3 25 | $65.1M | $70.0M | ||
| Q2 25 | $67.8M | $81.0M | ||
| Q1 25 | $75.6M | $111.8M | ||
| Q4 24 | $56.1M | $102.3M | ||
| Q3 24 | $62.8M | $100.5M | ||
| Q2 24 | $58.9M | $103.0M | ||
| Q1 24 | $61.4M | $125.2M |
股东权益FORRVNDA
| Q4 25 | $126.5M | $327.2M | ||
| Q3 25 | $157.7M | $466.0M | ||
| Q2 25 | $159.5M | $486.3M | ||
| Q1 25 | $147.4M | $511.4M | ||
| Q4 24 | $229.5M | $538.5M | ||
| Q3 24 | $234.3M | $541.2M | ||
| Q2 24 | $237.1M | $542.5M | ||
| Q1 24 | $230.9M | $544.0M |
总资产FORRVNDA
| Q4 25 | $404.0M | $488.9M | ||
| Q3 25 | $414.2M | $601.1M | ||
| Q2 25 | $436.0M | $624.7M | ||
| Q1 25 | $439.8M | $631.9M | ||
| Q4 24 | $503.9M | $656.2M | ||
| Q3 24 | $505.3M | $645.1M | ||
| Q2 24 | $524.2M | $651.4M | ||
| Q1 24 | $555.7M | $652.7M |
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 | $-29.4M |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $-29.5M |
| 自由现金流率自由现金流/营收 | -4.2% | -51.6% |
| 资本支出强度资本支出/营收 | 1.1% | 0.2% |
| 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 | $-110.4M |
8季度趋势，按日历期对齐
经营现金流FORRVNDA
| Q4 25 | $-3.2M | $-29.4M | ||
| Q3 25 | $1.2M | $-31.6M | ||
| Q2 25 | $-3.6M | $-15.3M | ||
| Q1 25 | $26.7M | $-33.1M | ||
| Q4 24 | $-1.8M | $-1.8M | ||
| Q3 24 | $264.0K | $-14.6M | ||
| Q2 24 | $-2.9M | $-6.9M | ||
| Q1 24 | $611.0K | $7.6M |
自由现金流FORRVNDA
| Q4 25 | $-4.3M | $-29.5M | ||
| Q3 25 | $524.0K | $-31.8M | ||
| Q2 25 | $-4.2M | $-15.6M | ||
| Q1 25 | $26.1M | $-33.6M | ||
| Q4 24 | $-2.5M | $-2.0M | ||
| Q3 24 | $-223.0K | $-14.7M | ||
| Q2 24 | $-3.7M | $-7.0M | ||
| Q1 24 | $-815.0K | $7.6M |
自由现金流率FORRVNDA
| Q4 25 | -4.2% | -51.6% | ||
| Q3 25 | 0.6% | -56.5% | ||
| Q2 25 | -3.8% | -29.6% | ||
| Q1 25 | 29.0% | -67.1% | ||
| Q4 24 | -2.3% | -3.8% | ||
| Q3 24 | -0.2% | -30.9% | ||
| Q2 24 | -3.1% | -13.9% | ||
| Q1 24 | -0.8% | 15.9% |
资本支出强度FORRVNDA
| Q4 25 | 1.1% | 0.2% | ||
| Q3 25 | 0.7% | 0.3% | ||
| Q2 25 | 0.5% | 0.6% | ||
| Q1 25 | 0.7% | 0.9% | ||
| Q4 24 | 0.6% | 0.4% | ||
| Q3 24 | 0.5% | 0.3% | ||
| Q2 24 | 0.7% | 0.2% | ||
| Q1 24 | 1.4% | 0.0% |
现金转化率FORRVNDA
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.93× | — | ||
| 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% |
VNDA
| Fanapt | $33.2M | 58% |
| Hetlioz | $16.4M | 29% |
| PONVORY | $7.6M | 13% |
