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弗雷斯特研究公司（FORR）与VIRTUS INVESTMENT PARTNERS, INC.（VRTS）财务数据对比。点击上方公司名可切换其他公司
VIRTUS INVESTMENT PARTNERS, INC.的季度营收约是弗雷斯特研究公司的2.0倍（$199.5M vs $101.1M），VIRTUS INVESTMENT PARTNERS, INC.净利率更高（3.6% vs -33.5%，领先37.1%），VIRTUS INVESTMENT PARTNERS, INC.同比增速更快（-4.1% vs -6.5%），过去两年弗雷斯特研究公司的营收复合增速更高（0.5% vs -5.7%）
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。
Virtus Investment Partners是一家美国多管理人资产管理企业，旗下汇集多家具备独立投资流程与自有品牌的关联投资管理人，同时也提供非关联子投资顾问服务，为客户提供多元化的资产管理解决方案。
FORR vs VRTS — 直观对比
营收规模更大
VRTS
是对方的2.0倍
$101.1M
营收增速更快
VRTS
高出2.4%
-6.5%
净利率更高
VRTS
高出37.1%
-33.5%
两年增速更快
FORR
近两年复合增速
-5.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $199.5M |
| 净利润 | $-33.9M | $7.1M |
| 毛利率 | 56.7% | — |
| 营业利润率 | -36.6% | 7.7% |
| 净利率 | -33.5% | 3.6% |
| 营收同比 | -6.5% | -4.1% |
| 净利润同比 | -7941.4% | -78.1% |
| 每股收益（稀释后） | $-1.75 | $1.05 |
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FORRVRTS
| Q1 26 | — | $199.5M | ||
| Q4 25 | $101.1M | $208.0M | ||
| Q3 25 | $94.3M | $216.4M | ||
| Q2 25 | $111.7M | $210.5M | ||
| Q1 25 | $89.9M | $217.9M | ||
| Q4 24 | $108.0M | $233.5M | ||
| Q3 24 | $102.5M | $227.0M | ||
| Q2 24 | $121.8M | $224.4M |
净利润FORRVRTS
| Q1 26 | — | $7.1M | ||
| Q4 25 | $-33.9M | $33.9M | ||
| Q3 25 | $-2.1M | $31.3M | ||
| Q2 25 | $3.9M | $42.7M | ||
| Q1 25 | $-87.3M | $28.1M | ||
| Q4 24 | $432.0K | $39.5M | ||
| Q3 24 | $-5.8M | $49.1M | ||
| Q2 24 | $6.3M | $26.0M |
毛利率FORRVRTS
| Q1 26 | — | — | ||
| 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% | — |
营业利润率FORRVRTS
| Q1 26 | — | 7.7% | ||
| Q4 25 | -36.6% | 19.1% | ||
| Q3 25 | 4.7% | 21.7% | ||
| Q2 25 | 6.2% | 21.5% | ||
| Q1 25 | -97.5% | 16.8% | ||
| Q4 24 | -0.5% | 21.7% | ||
| Q3 24 | -0.7% | 24.3% | ||
| Q2 24 | 9.3% | 19.7% |
净利率FORRVRTS
| Q1 26 | — | 3.6% | ||
| Q4 25 | -33.5% | 16.3% | ||
| Q3 25 | -2.3% | 14.5% | ||
| Q2 25 | 3.5% | 20.3% | ||
| Q1 25 | -97.1% | 12.9% | ||
| Q4 24 | 0.4% | 16.9% | ||
| Q3 24 | -5.7% | 21.6% | ||
| Q2 24 | 5.2% | 11.6% |
每股收益（稀释后）FORRVRTS
| Q1 26 | — | $1.05 | ||
| Q4 25 | $-1.75 | $5.15 | ||
| Q3 25 | $-0.11 | $4.65 | ||
| Q2 25 | $0.20 | $6.12 | ||
| Q1 25 | $-4.62 | $4.05 | ||
| Q4 24 | $0.02 | $4.65 | ||
| Q3 24 | $-0.30 | $5.71 | ||
| Q2 24 | $0.33 | $2.43 |
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 | $136.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $126.5M | $93.6B |
| 总资产 | $404.0M | — |
| 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FORRVRTS
| Q1 26 | — | $136.6M | ||
| Q4 25 | $63.3M | — | ||
| Q3 25 | $65.1M | — | ||
| Q2 25 | $67.8M | — | ||
| Q1 25 | $75.6M | — | ||
| Q4 24 | $56.1M | — | ||
| Q3 24 | $62.8M | — | ||
| Q2 24 | $58.9M | — |
总债务FORRVRTS
| Q1 26 | — | — | ||
| Q4 25 | — | $390.0M | ||
| Q3 25 | — | $390.6M | ||
| Q2 25 | — | $231.3M | ||
| Q1 25 | — | $231.7M | ||
| Q4 24 | — | $232.1M | ||
| Q3 24 | — | $237.5M | ||
| Q2 24 | — | $247.6M |
股东权益FORRVRTS
| Q1 26 | — | $93.6B | ||
| Q4 25 | $126.5M | $934.0M | ||
| Q3 25 | $157.7M | $918.7M | ||
| Q2 25 | $159.5M | $896.4M | ||
| Q1 25 | $147.4M | $893.7M | ||
| Q4 24 | $229.5M | $897.5M | ||
| Q3 24 | $234.3M | $889.0M | ||
| Q2 24 | $237.1M | $868.7M |
总资产FORRVRTS
| Q1 26 | — | — | ||
| Q4 25 | $404.0M | $4.3B | ||
| Q3 25 | $414.2M | $3.9B | ||
| Q2 25 | $436.0M | $3.7B | ||
| Q1 25 | $439.8M | $3.7B | ||
| Q4 24 | $503.9M | $4.0B | ||
| Q3 24 | $505.3M | $3.6B | ||
| Q2 24 | $524.2M | $3.6B |
负债/权益比FORRVRTS
| Q1 26 | — | — | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.29× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | — |
| 自由现金流率自由现金流/营收 | -4.2% | — |
| 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 | — | — |
| 过去12个月自由现金流最近4个季度 | $18.1M | — |
8季度趋势，按日历期对齐
经营现金流FORRVRTS
| Q1 26 | — | — | ||
| Q4 25 | $-3.2M | $-67.2M | ||
| Q3 25 | $1.2M | $108.3M | ||
| Q2 25 | $-3.6M | $75.8M | ||
| Q1 25 | $26.7M | $-3.8M | ||
| Q4 24 | $-1.8M | $1.8M | ||
| Q3 24 | $264.0K | $69.1M | ||
| Q2 24 | $-2.9M | $70.0M |
自由现金流FORRVRTS
| Q1 26 | — | — | ||
| Q4 25 | $-4.3M | $-74.1M | ||
| Q3 25 | $524.0K | $106.9M | ||
| Q2 25 | $-4.2M | $74.2M | ||
| Q1 25 | $26.1M | $-6.8M | ||
| Q4 24 | $-2.5M | $-3.8M | ||
| Q3 24 | $-223.0K | $68.7M | ||
| Q2 24 | $-3.7M | $68.6M |
自由现金流率FORRVRTS
| Q1 26 | — | — | ||
| Q4 25 | -4.2% | -35.6% | ||
| Q3 25 | 0.6% | 49.4% | ||
| Q2 25 | -3.8% | 35.2% | ||
| Q1 25 | 29.0% | -3.1% | ||
| Q4 24 | -2.3% | -1.6% | ||
| Q3 24 | -0.2% | 30.3% | ||
| Q2 24 | -3.1% | 30.6% |
资本支出强度FORRVRTS
| Q1 26 | — | — | ||
| Q4 25 | 1.1% | 3.3% | ||
| Q3 25 | 0.7% | 0.7% | ||
| Q2 25 | 0.5% | 0.7% | ||
| Q1 25 | 0.7% | 1.4% | ||
| Q4 24 | 0.6% | 2.4% | ||
| Q3 24 | 0.5% | 0.2% | ||
| Q2 24 | 0.7% | 0.6% |
现金转化率FORRVRTS
| Q1 26 | — | — | ||
| Q4 25 | — | -1.99× | ||
| Q3 25 | — | 3.45× | ||
| Q2 25 | -0.93× | 1.77× | ||
| Q1 25 | — | -0.13× | ||
| Q4 24 | -4.24× | 0.04× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | -0.46× | 2.69× |
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% |
VRTS
| Investment management fees | $169.1M | 85% |
| Administration and shareholder service fees | $17.3M | 9% |
| Distribution and service fees | $11.6M | 6% |
