vs
Forge Global Holdings, Inc.（FRGE）与StoneX Group Inc.（SNEX）财务数据对比。点击上方公司名可切换其他公司
StoneX Group Inc.的季度营收约是Forge Global Holdings, Inc.的56.5倍（$1.2B vs $21.3M）。StoneX Group Inc.净利率更高（11.6% vs -85.7%，领先97.3%）。StoneX Group Inc.同比增速更快（81.0% vs 10.6%）。Forge Global Holdings, Inc.自由现金流更多（$-11.4M vs $-1.3B）。过去两年StoneX Group Inc.的营收复合增速更高（53.5% 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。
StoneX集团是美国知名金融服务企业，核心业务覆盖商业套期保值、全球支付、证券、实物大宗商品、外汇，以及清算与执行服务六大板块，可为全球各类客户提供专业合规的多元化金融服务。
FRGE vs SNEX — 直观对比
营收规模更大
SNEX
是对方的56.5倍
$21.3M
营收增速更快
SNEX
高出70.4%
10.6%
净利率更高
SNEX
高出97.3%
-85.7%
自由现金流更多
FRGE
多$1.3B
$-1.3B
两年增速更快
SNEX
近两年复合增速
5.6%
损益表 — Q3 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $21.3M | $1.2B |
| 净利润 | $-18.2M | $139.0M |
| 毛利率 | 98.6% | — |
| 营业利润率 | -96.7% | 15.4% |
| 净利率 | -85.7% | 11.6% |
| 营收同比 | 10.6% | 81.0% |
| 净利润同比 | 0.6% | 63.3% |
| 每股收益（稀释后） | $-1.37 | $2.50 |
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FRGESNEX
| Q4 25 | — | $1.2B | ||
| Q3 25 | $21.3M | $32.7B | ||
| Q2 25 | $27.7M | $851.2M | ||
| Q1 25 | $25.3M | $820.4M | ||
| Q4 24 | $18.6M | $663.1M | ||
| Q3 24 | $19.2M | $31.1B | ||
| Q2 24 | $22.3M | $571.8M | ||
| Q1 24 | $19.2M | $509.2M |
净利润FRGESNEX
| Q4 25 | — | $139.0M | ||
| Q3 25 | $-18.2M | $85.7M | ||
| Q2 25 | $-12.6M | $63.4M | ||
| Q1 25 | $-16.2M | $71.7M | ||
| Q4 24 | $-15.6M | $85.1M | ||
| Q3 24 | $-18.3M | $76.7M | ||
| Q2 24 | $-13.7M | $61.9M | ||
| Q1 24 | $-18.6M | $53.1M |
毛利率FRGESNEX
| Q4 25 | — | — | ||
| Q3 25 | 98.6% | 3.7% | ||
| Q2 25 | 99.4% | — | ||
| Q1 25 | 99.2% | — | ||
| Q4 24 | 98.3% | — | ||
| Q3 24 | 99.6% | 3.0% | ||
| Q2 24 | 98.9% | — | ||
| Q1 24 | 99.8% | — |
营业利润率FRGESNEX
| Q4 25 | — | 15.4% | ||
| Q3 25 | -96.7% | 0.3% | ||
| Q2 25 | -46.3% | -1.3% | ||
| Q1 25 | -65.1% | -1.0% | ||
| Q4 24 | -100.6% | -3.2% | ||
| Q3 24 | -108.8% | -0.0% | ||
| Q2 24 | -79.2% | -4.7% | ||
| Q1 24 | -130.0% | -2.5% |
净利率FRGESNEX
| Q4 25 | — | 11.6% | ||
| Q3 25 | -85.7% | 0.3% | ||
| Q2 25 | -45.4% | 7.4% | ||
| Q1 25 | -63.9% | 8.7% | ||
| Q4 24 | -84.2% | 12.8% | ||
| Q3 24 | -95.5% | 0.2% | ||
| Q2 24 | -61.6% | 10.8% | ||
| Q1 24 | -96.8% | 10.4% |
每股收益（稀释后）FRGESNEX
| Q4 25 | — | $2.50 | ||
| Q3 25 | $-1.37 | $0.72 | ||
| Q2 25 | $-1.01 | $1.22 | ||
| Q1 25 | $-1.29 | $1.41 | ||
| Q4 24 | $3.81 | $2.54 | ||
| Q3 24 | $-1.49 | $2.32 | ||
| Q2 24 | $-1.13 | $1.88 | ||
| Q1 24 | $-1.55 | $1.63 |
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 | $1.6B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $202.6M | $2.5B |
| 总资产 | $252.0M | $47.8B |
| 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FRGESNEX
| Q4 25 | — | $1.6B | ||
| Q3 25 | $60.7M | $1.6B | ||
| Q2 25 | $80.7M | $1.3B | ||
| Q1 25 | $92.0M | $1.3B | ||
| Q4 24 | $105.1M | $1.4B | ||
| Q3 24 | $114.5M | $1.3B | ||
| Q2 24 | $120.5M | $1.2B | ||
| Q1 24 | $129.6M | $1.3B |
股东权益FRGESNEX
| Q4 25 | — | $2.5B | ||
| Q3 25 | $202.6M | $2.4B | ||
| Q2 25 | $200.5M | $2.0B | ||
| Q1 25 | $213.5M | $1.9B | ||
| Q4 24 | $223.6M | $1.8B | ||
| Q3 24 | $234.5M | $1.7B | ||
| Q2 24 | $245.4M | $1.6B | ||
| Q1 24 | $252.2M | $1.5B |
总资产FRGESNEX
| Q4 25 | — | $47.8B | ||
| Q3 25 | $252.0M | $45.3B | ||
| Q2 25 | $242.8M | $34.3B | ||
| Q1 25 | $249.5M | $31.3B | ||
| Q4 24 | $263.5M | $29.6B | ||
| Q3 24 | $276.6M | $27.5B | ||
| Q2 24 | $285.7M | $25.9B | ||
| Q1 24 | $298.7M | $25.7B |
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 | $-1.3B |
| 自由现金流经营现金流 - 资本支出 | $-11.4M | $-1.3B |
| 自由现金流率自由现金流/营收 | -53.6% | -106.4% |
| 资本支出强度资本支出/营收 | 0.2% | 1.3% |
| 现金转化率经营现金流/净利润 | — | -9.08× |
| 过去12个月自由现金流最近4个季度 | — | $3.5B |
8季度趋势，按日历期对齐
经营现金流FRGESNEX
| Q4 25 | — | $-1.3B | ||
| Q3 25 | $-11.4M | $3.5B | ||
| Q2 25 | $-7.8M | $1.5B | ||
| Q1 25 | $-12.8M | $-154.5M | ||
| Q4 24 | $-7.9M | $-477.8M | ||
| Q3 24 | $-5.8M | $192.6M | ||
| Q2 24 | $-14.4M | $-622.1M | ||
| Q1 24 | $-12.4M | $784.0M |
自由现金流FRGESNEX
| Q4 25 | — | $-1.3B | ||
| Q3 25 | $-11.4M | $3.5B | ||
| Q2 25 | $-7.9M | $1.5B | ||
| Q1 25 | $-12.9M | $-169.8M | ||
| Q4 24 | — | $-491.4M | ||
| Q3 24 | $-6.0M | $175.9M | ||
| Q2 24 | $-14.7M | $-640.5M | ||
| Q1 24 | $-12.8M | $766.6M |
自由现金流率FRGESNEX
| Q4 25 | — | -106.4% | ||
| Q3 25 | -53.6% | 10.7% | ||
| Q2 25 | -28.4% | 173.3% | ||
| Q1 25 | -50.9% | -20.7% | ||
| Q4 24 | — | -74.1% | ||
| Q3 24 | -31.0% | 0.6% | ||
| Q2 24 | -66.0% | -112.0% | ||
| Q1 24 | -66.4% | 150.5% |
资本支出强度FRGESNEX
| Q4 25 | — | 1.3% | ||
| Q3 25 | 0.2% | 0.1% | ||
| Q2 25 | 0.4% | 1.9% | ||
| Q1 25 | 0.2% | 1.9% | ||
| Q4 24 | 0.0% | 2.1% | ||
| Q3 24 | 0.7% | 0.1% | ||
| Q2 24 | 1.2% | 3.2% | ||
| Q1 24 | 2.1% | 3.4% |
现金转化率FRGESNEX
| Q4 25 | — | -9.08× | ||
| Q3 25 | — | 41.18× | ||
| Q2 25 | — | 23.52× | ||
| Q1 25 | — | -2.15× | ||
| Q4 24 | — | -5.61× | ||
| Q3 24 | — | 2.51× | ||
| Q2 24 | — | -10.05× | ||
| Q1 24 | — | 14.76× |
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% |
SNEX
| Principal Gains Net | $378.5M | 32% |
| Other | $293.9M | 24% |
| Sales Based Commissions | $214.0M | 18% |
| Exchange Traded Futures And Options | $172.2M | 14% |
| Clearing Service | $79.0M | 7% |
| Equitiesand Fixed Income Commissions | $34.3M | 3% |
| Underwriting Fees | $11.9M | 1% |
| Trailing Commissions | $7.6M | 1% |
| Insurance Annuity Trailing Commissions | $4.0M | 0% |
| Other Consulting Managementand Account Fees | $3.0M | 0% |
| Other Commission And Clearing Fees | $2.1M | 0% |
