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弗雷斯特研究公司（FORR）与沃夫斯沛（WOLF）财务数据对比。点击上方公司名可切换其他公司
沃夫斯沛的季度营收约是弗雷斯特研究公司的1.7倍（$168.5M vs $101.1M），弗雷斯特研究公司净利率更高（-33.5% vs -89.4%，领先55.9%），弗雷斯特研究公司同比增速更快（-6.5% vs -6.6%），弗雷斯特研究公司自由现金流更多（$-4.3M vs $-72.6M），过去两年弗雷斯特研究公司的营收复合增速更高（0.5% vs -8.4%）
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。
Wolfspeed, Inc.（原Cree, Inc.）是一家美国宽禁带半导体研发制造商，核心业务聚焦碳化硅材料与功率器件，产品主要应用于交通、电源、功率逆变器以及无线系统等领域，是碳化硅功率半导体领域的领先企业。
FORR vs WOLF — 直观对比
营收规模更大
WOLF
是对方的1.7倍
$101.1M
营收增速更快
FORR
高出0.2%
-6.6%
净利率更高
FORR
高出55.9%
-89.4%
自由现金流更多
FORR
多$68.3M
$-72.6M
两年增速更快
FORR
近两年复合增速
-8.4%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $101.1M | $168.5M |
| 净利润 | $-33.9M | $-150.6M |
| 毛利率 | 56.7% | -46.5% |
| 营业利润率 | -36.6% | -94.0% |
| 净利率 | -33.5% | -89.4% |
| 营收同比 | -6.5% | -6.6% |
| 净利润同比 | -7941.4% | 59.5% |
| 每股收益（稀释后） | $-1.75 | $-5.78 |
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FORRWOLF
| Q4 25 | $101.1M | $168.5M | ||
| Q3 25 | $94.3M | $196.8M | ||
| Q2 25 | $111.7M | $197.0M | ||
| Q1 25 | $89.9M | $185.4M | ||
| Q4 24 | $108.0M | $180.5M | ||
| Q3 24 | $102.5M | $194.7M | ||
| Q2 24 | $121.8M | $200.7M | ||
| Q1 24 | $100.1M | $200.7M |
净利润FORRWOLF
| Q4 25 | $-33.9M | $-150.6M | ||
| Q3 25 | $-2.1M | $-643.6M | ||
| Q2 25 | $3.9M | $-669.3M | ||
| Q1 25 | $-87.3M | $-285.5M | ||
| Q4 24 | $432.0K | $-372.2M | ||
| Q3 24 | $-5.8M | $-282.2M | ||
| Q2 24 | $6.3M | $-174.9M | ||
| Q1 24 | $-6.7M | $-148.9M |
毛利率FORRWOLF
| Q4 25 | 56.7% | -46.5% | ||
| Q3 25 | 60.0% | -39.2% | ||
| Q2 25 | 55.5% | -13.0% | ||
| Q1 25 | 55.9% | -12.1% | ||
| Q4 24 | 58.8% | -20.6% | ||
| Q3 24 | 60.5% | -18.6% | ||
| Q2 24 | 57.3% | 1.2% | ||
| Q1 24 | 54.9% | 11.2% |
营业利润率FORRWOLF
| Q4 25 | -36.6% | -94.0% | ||
| Q3 25 | 4.7% | -82.0% | ||
| Q2 25 | 6.2% | -295.2% | ||
| Q1 25 | -97.5% | -104.9% | ||
| Q4 24 | -0.5% | -178.9% | ||
| Q3 24 | -0.7% | -118.2% | ||
| Q2 24 | 9.3% | -72.7% | ||
| Q1 24 | -9.3% | -53.0% |
净利率FORRWOLF
| Q4 25 | -33.5% | -89.4% | ||
| Q3 25 | -2.3% | -327.0% | ||
| Q2 25 | 3.5% | -339.7% | ||
| Q1 25 | -97.1% | -154.0% | ||
| Q4 24 | 0.4% | -206.2% | ||
| Q3 24 | -5.7% | -144.9% | ||
| Q2 24 | 5.2% | -87.1% | ||
| Q1 24 | -6.7% | -74.2% |
每股收益（稀释后）FORRWOLF
| Q4 25 | $-1.75 | $-5.78 | ||
| Q3 25 | $-0.11 | $-4.12 | ||
| Q2 25 | $0.20 | $-4.42 | ||
| Q1 25 | $-4.62 | $-1.86 | ||
| Q4 24 | $0.02 | $-2.88 | ||
| Q3 24 | $-0.30 | $-2.23 | ||
| Q2 24 | $0.33 | $-1.39 | ||
| Q1 24 | $-0.35 | $-1.18 |
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 | $1.3B |
| 总债务越低越好 | — | $2.0B |
| 股东权益账面价值 | $126.5M | $627.4M |
| 总资产 | $404.0M | $3.4B |
| 负债/权益比越低杠杆越低 | — | 3.13× |
8季度趋势，按日历期对齐
现金及短期投资FORRWOLF
| Q4 25 | $63.3M | $1.3B | ||
| Q3 25 | $65.1M | $926.0M | ||
| Q2 25 | $67.8M | $955.4M | ||
| Q1 25 | $75.6M | $1.3B | ||
| Q4 24 | $56.1M | $1.4B | ||
| Q3 24 | $62.8M | $1.7B | ||
| Q2 24 | $58.9M | $2.2B | ||
| Q1 24 | $61.4M | $2.6B |
总债务FORRWOLF
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $0 | ||
| Q2 25 | — | $6.5B | ||
| Q1 25 | — | $6.5B | ||
| Q4 24 | — | $6.4B | ||
| Q3 24 | — | $6.2B | ||
| Q2 24 | — | $6.2B | ||
| Q1 24 | — | — |
股东权益FORRWOLF
| Q4 25 | $126.5M | $627.4M | ||
| Q3 25 | $157.7M | $-1.1B | ||
| Q2 25 | $159.5M | $-447.1M | ||
| Q1 25 | $147.4M | $212.7M | ||
| Q4 24 | $229.5M | $372.6M | ||
| Q3 24 | $234.3M | $628.9M | ||
| Q2 24 | $237.1M | $882.1M | ||
| Q1 24 | $230.9M | $1.0B |
总资产FORRWOLF
| Q4 25 | $404.0M | $3.4B | ||
| Q3 25 | $414.2M | $6.6B | ||
| Q2 25 | $436.0M | $6.9B | ||
| Q1 25 | $439.8M | $7.6B | ||
| Q4 24 | $503.9M | $7.7B | ||
| Q3 24 | $505.3M | $7.9B | ||
| Q2 24 | $524.2M | $8.0B | ||
| Q1 24 | $555.7M | $7.7B |
负债/权益比FORRWOLF
| Q4 25 | — | 3.13× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 30.61× | ||
| Q4 24 | — | 17.24× | ||
| Q3 24 | — | 9.81× | ||
| Q2 24 | — | 6.98× | ||
| Q1 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 | $-42.6M |
| 自由现金流经营现金流 - 资本支出 | $-4.3M | $-72.6M |
| 自由现金流率自由现金流/营收 | -4.2% | -43.1% |
| 资本支出强度资本支出/营收 | 1.1% | 17.8% |
| 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 | $-988.1M |
8季度趋势，按日历期对齐
经营现金流FORRWOLF
| Q4 25 | $-3.2M | $-42.6M | ||
| Q3 25 | $1.2M | $5.7M | ||
| Q2 25 | $-3.6M | $-242.5M | ||
| Q1 25 | $26.7M | $-142.1M | ||
| Q4 24 | $-1.8M | $-195.1M | ||
| Q3 24 | $264.0K | $-132.0M | ||
| Q2 24 | $-2.9M | $-239.5M | ||
| Q1 24 | $611.0K | $-136.2M |
自由现金流FORRWOLF
| Q4 25 | $-4.3M | $-72.6M | ||
| Q3 25 | $524.0K | $-98.3M | ||
| Q2 25 | $-4.2M | $-454.4M | ||
| Q1 25 | $26.1M | $-362.8M | ||
| Q4 24 | $-2.5M | $-596.9M | ||
| Q3 24 | $-223.0K | $-569.0M | ||
| Q2 24 | $-3.7M | $-883.8M | ||
| Q1 24 | $-815.0K | $-713.7M |
自由现金流率FORRWOLF
| Q4 25 | -4.2% | -43.1% | ||
| Q3 25 | 0.6% | -49.9% | ||
| Q2 25 | -3.8% | -230.7% | ||
| Q1 25 | 29.0% | -195.7% | ||
| Q4 24 | -2.3% | -330.7% | ||
| Q3 24 | -0.2% | -292.2% | ||
| Q2 24 | -3.1% | -440.4% | ||
| Q1 24 | -0.8% | -355.6% |
资本支出强度FORRWOLF
| Q4 25 | 1.1% | 17.8% | ||
| Q3 25 | 0.7% | 52.8% | ||
| Q2 25 | 0.5% | 107.6% | ||
| Q1 25 | 0.7% | 119.0% | ||
| Q4 24 | 0.6% | 222.6% | ||
| Q3 24 | 0.5% | 224.4% | ||
| Q2 24 | 0.7% | 321.0% | ||
| Q1 24 | 1.4% | 287.7% |
现金转化率FORRWOLF
| 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% |
WOLF
| Power Products | $118.3M | 70% |
| Materials Products | $50.2M | 30% |
