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Forge Global Holdings, Inc.（FRGE）与LPL Financial Holdings Inc.（LPLA）财务数据对比。点击上方公司名可切换其他公司
LPL Financial Holdings Inc.的季度营收约是Forge Global Holdings, Inc.的232.0倍（$4.9B vs $21.3M）。LPL Financial Holdings Inc.净利率更高（6.1% vs -85.7%，领先91.8%）。LPL Financial Holdings Inc.同比增速更快（40.4% vs 10.6%）。LPL Financial Holdings Inc.自由现金流更多（$613.3M vs $-11.4M）。过去两年LPL Financial Holdings Inc.的营收复合增速更高（32.0% vs 5.6%）
该公司原本信息存在混淆，此处对应描述中的巴拉特锻造是一家印度跨国企业，业务涵盖锻造、汽车、能源、建筑采矿、铁路、船舶、航空航天和国防等多个领域，是印度工业领域颇具影响力的核心制造企业。
LPL Financial Holdings Inc.成立于1989年，是美国规模最大的独立经纪自营商。截至2021年，公司拥有超17500名财务顾问，咨询及经纪类资产规模超1万亿美元，2023财年总营收约103亿美元，在波士顿、福特米尔、奥斯汀、圣迭戈设有核心办事处，是FINRA和SIPC成员。
FRGE vs LPLA — 直观对比
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $21.3M | $4.9B |
| 净利润 | $-18.2M | $300.7M |
| 毛利率 | 98.6% | — |
| 营业利润率 | -96.7% | 8.1% |
| 净利率 | -85.7% | 6.1% |
| 营收同比 | 10.6% | 40.4% |
| 净利润同比 | 0.6% | 11.1% |
| 每股收益（稀释后） | $-1.37 | $3.65 |
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
| Q4 25 | — | $4.9B | ||
| Q3 25 | $21.3M | $4.6B | ||
| Q2 25 | $27.7M | $3.8B | ||
| Q1 25 | $25.3M | $3.7B | ||
| Q4 24 | $18.6M | $3.5B | ||
| Q3 24 | $19.2M | $3.1B | ||
| Q2 24 | $22.3M | $2.9B | ||
| Q1 24 | $19.2M | $2.8B |
| Q4 25 | — | $300.7M | ||
| Q3 25 | $-18.2M | $-29.5M | ||
| Q2 25 | $-12.6M | $273.2M | ||
| Q1 25 | $-16.2M | $318.6M | ||
| Q4 24 | $-15.6M | $270.7M | ||
| Q3 24 | $-18.3M | $255.3M | ||
| Q2 24 | $-13.7M | $243.8M | ||
| Q1 24 | $-18.6M | $288.8M |
| Q4 25 | — | — | ||
| Q3 25 | 98.6% | — | ||
| Q2 25 | 99.4% | — | ||
| Q1 25 | 99.2% | — | ||
| Q4 24 | 98.3% | — | ||
| Q3 24 | 99.6% | — | ||
| Q2 24 | 98.9% | — | ||
| Q1 24 | 99.8% | — |
| Q4 25 | — | 8.1% | ||
| Q3 25 | -96.7% | -0.7% | ||
| Q2 25 | -46.3% | 9.6% | ||
| Q1 25 | -65.1% | 11.4% | ||
| Q4 24 | -100.6% | 9.7% | ||
| Q3 24 | -108.8% | 11.2% | ||
| Q2 24 | -79.2% | 11.3% | ||
| Q1 24 | -130.0% | 13.2% |
| Q4 25 | — | 6.1% | ||
| Q3 25 | -85.7% | -0.6% | ||
| Q2 25 | -45.4% | 7.1% | ||
| Q1 25 | -63.9% | 8.7% | ||
| Q4 24 | -84.2% | 7.7% | ||
| Q3 24 | -95.5% | 8.2% | ||
| Q2 24 | -61.6% | 8.3% | ||
| Q1 24 | -96.8% | 10.2% |
| Q4 25 | — | $3.65 | ||
| Q3 25 | $-1.37 | $-0.37 | ||
| Q2 25 | $-1.01 | $3.40 | ||
| Q1 25 | $-1.29 | $4.24 | ||
| Q4 24 | $3.81 | $3.58 | ||
| Q3 24 | $-1.49 | $3.39 | ||
| Q2 24 | $-1.13 | $3.23 | ||
| Q1 24 | $-1.55 | $3.83 |
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 | $60.7M | $1.1B |
| 总债务越低越好 | — | $7.3B |
| 股东权益账面价值 | $202.6M | $5.3B |
| 总资产 | $252.0M | $18.5B |
| 负债/权益比越低杠杆越低 | — | 1.36× |
8季度趋势，按日历期对齐
| Q4 25 | — | $1.1B | ||
| Q3 25 | $60.7M | $1.6B | ||
| Q2 25 | $80.7M | $4.3B | ||
| Q1 25 | $92.0M | $1.4B | ||
| Q4 24 | $105.1M | $1.0B | ||
| Q3 24 | $114.5M | $1.6B | ||
| Q2 24 | $120.5M | $1.4B | ||
| Q1 24 | $129.6M | $1.2B |
| Q4 25 | — | $7.3B | ||
| Q3 25 | — | $7.5B | ||
| Q2 25 | — | $7.2B | ||
| Q1 25 | — | $5.7B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | — | $4.4B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $3.9B |
| Q4 25 | — | $5.3B | ||
| Q3 25 | $202.6M | $5.0B | ||
| Q2 25 | $200.5M | $5.1B | ||
| Q1 25 | $213.5M | $3.1B | ||
| Q4 24 | $223.6M | $2.9B | ||
| Q3 24 | $234.5M | $2.8B | ||
| Q2 24 | $245.4M | $2.5B | ||
| Q1 24 | $252.2M | $2.3B |
| Q4 25 | — | $18.5B | ||
| Q3 25 | $252.0M | $18.0B | ||
| Q2 25 | $242.8M | $17.5B | ||
| Q1 25 | $249.5M | $14.0B | ||
| Q4 24 | $263.5M | $13.3B | ||
| Q3 24 | $276.6M | $11.9B | ||
| Q2 24 | $285.7M | $11.5B | ||
| Q1 24 | $298.7M | $11.0B |
| Q4 25 | — | 1.36× | ||
| Q3 25 | — | 1.49× | ||
| Q2 25 | — | 1.41× | ||
| Q1 25 | — | 1.82× | ||
| Q4 24 | — | 1.87× | ||
| Q3 24 | — | 1.60× | ||
| Q2 24 | — | 1.77× | ||
| Q1 24 | — | 1.70× |
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 | $-11.4M | $785.0M |
| 自由现金流经营现金流 - 资本支出 | $-11.4M | $613.3M |
| 自由现金流率自由现金流/营收 | -53.6% | 12.4% |
| 资本支出强度资本支出/营收 | 0.2% | 3.5% |
| 现金转化率经营现金流/净利润 | — | 2.61× |
| 过去12个月自由现金流最近4个季度 | — | $-981.8M |
8季度趋势，按日历期对齐
| Q4 25 | — | $785.0M | ||
| Q3 25 | $-11.4M | $-1.7B | ||
| Q2 25 | $-7.8M | $193.3M | ||
| Q1 25 | $-12.8M | $339.8M | ||
| Q4 24 | $-7.9M | $-178.8M | ||
| Q3 24 | $-5.8M | $209.3M | ||
| Q2 24 | $-14.4M | $-178.9M | ||
| Q1 24 | $-12.4M | $425.9M |
| Q4 25 | — | $613.3M | ||
| Q3 25 | $-11.4M | $-1.9B | ||
| Q2 25 | $-7.9M | $56.3M | ||
| Q1 25 | $-12.9M | $220.3M | ||
| Q4 24 | — | $-344.3M | ||
| Q3 24 | $-6.0M | $62.3M | ||
| Q2 24 | $-14.7M | $-307.8M | ||
| Q1 24 | $-12.8M | $304.9M |
| Q4 25 | — | 12.4% | ||
| Q3 25 | -53.6% | -41.1% | ||
| Q2 25 | -28.4% | 1.5% | ||
| Q1 25 | -50.9% | 6.0% | ||
| Q4 24 | — | -9.8% | ||
| Q3 24 | -31.0% | 2.0% | ||
| Q2 24 | -66.0% | -10.5% | ||
| Q1 24 | -66.4% | 10.8% |
| Q4 25 | — | 3.5% | ||
| Q3 25 | 0.2% | 3.1% | ||
| Q2 25 | 0.4% | 3.6% | ||
| Q1 25 | 0.2% | 3.3% | ||
| Q4 24 | 0.0% | 4.7% | ||
| Q3 24 | 0.7% | 4.7% | ||
| Q2 24 | 1.2% | 4.4% | ||
| Q1 24 | 2.1% | 4.3% |
| Q4 25 | — | 2.61× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 1.07× | ||
| Q4 24 | — | -0.66× | ||
| Q3 24 | — | 0.82× | ||
| Q2 24 | — | -0.73× | ||
| Q1 24 | — | 1.47× |
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
FRGE
| Marketplace | $12.2M | 57% |
| Custodial Administration Fees | $9.1M | 43% |
LPLA
| Other | $2.6B | 53% |
| Transferred At Point In Time | $721.1M | 15% |
| Annuities | $720.5M | 15% |
| Transferred Over Time | $510.7M | 10% |
| Mutual Fund | $271.1M | 5% |
| Other Investment | $110.2M | 2% |
