vs
Forge Global Holdings, Inc.（FRGE）与Tradeweb Markets Inc.（TW）财务数据对比。点击上方公司名可切换其他公司
Tradeweb Markets Inc.的季度营收约是Forge Global Holdings, Inc.的24.5倍（$521.2M vs $21.3M）。Tradeweb Markets Inc.净利率更高（62.4% vs -85.7%，领先148.1%）。Tradeweb Markets Inc.同比增速更快（12.5% vs 10.6%）。Tradeweb Markets Inc.自由现金流更多（$336.5M vs $-11.4M）。过去两年Tradeweb Markets Inc.的营收复合增速更高（12.9% 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。
Tradeweb Markets Inc.总部位于美国纽约，运营面向机构投资者的电子交易平台，支持固定收益产品、ETF及衍生品交易，服务覆盖银行、资管机构、央行、养老基金、保险公司等超3000家客户。2024年其83%营收来自交易手续费及佣金，17%来自订阅费，52%营收来自利率相关产品。
FRGE vs TW — 直观对比
营收规模更大
TW
是对方的24.5倍
$21.3M
营收增速更快
TW
高出1.8%
10.6%
净利率更高
TW
高出148.1%
-85.7%
自由现金流更多
TW
多$347.9M
$-11.4M
两年增速更快
TW
近两年复合增速
5.6%
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $21.3M | $521.2M |
| 净利润 | $-18.2M | $325.0M |
| 毛利率 | 98.6% | — |
| 营业利润率 | -96.7% | 42.4% |
| 净利率 | -85.7% | 62.4% |
| 营收同比 | 10.6% | 12.5% |
| 净利润同比 | 0.6% | 128.5% |
| 每股收益（稀释后） | $-1.37 | $1.52 |
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FRGETW
| Q4 25 | — | $521.2M | ||
| Q3 25 | $21.3M | $508.6M | ||
| Q2 25 | $27.7M | $513.0M | ||
| Q1 25 | $25.3M | $509.7M | ||
| Q4 24 | $18.6M | $463.3M | ||
| Q3 24 | $19.2M | $448.9M | ||
| Q2 24 | $22.3M | $405.0M | ||
| Q1 24 | $19.2M | $408.7M |
净利润FRGETW
| Q4 25 | — | $325.0M | ||
| Q3 25 | $-18.2M | $185.6M | ||
| Q2 25 | $-12.6M | $153.8M | ||
| Q1 25 | $-16.2M | $148.4M | ||
| Q4 24 | $-15.6M | $142.2M | ||
| Q3 24 | $-18.3M | $113.9M | ||
| Q2 24 | $-13.7M | $119.2M | ||
| Q1 24 | $-18.6M | $126.1M |
毛利率FRGETW
| 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% | — |
营业利润率FRGETW
| Q4 25 | — | 42.4% | ||
| Q3 25 | -96.7% | 41.4% | ||
| Q2 25 | -46.3% | 39.0% | ||
| Q1 25 | -65.1% | 40.0% | ||
| Q4 24 | -100.6% | 40.7% | ||
| Q3 24 | -108.8% | 35.5% | ||
| Q2 24 | -79.2% | 40.1% | ||
| Q1 24 | -130.0% | 41.0% |
净利率FRGETW
| Q4 25 | — | 62.4% | ||
| Q3 25 | -85.7% | 36.5% | ||
| Q2 25 | -45.4% | 30.0% | ||
| Q1 25 | -63.9% | 29.1% | ||
| Q4 24 | -84.2% | 30.7% | ||
| Q3 24 | -95.5% | 25.4% | ||
| Q2 24 | -61.6% | 29.4% | ||
| Q1 24 | -96.8% | 30.9% |
每股收益（稀释后）FRGETW
| Q4 25 | — | $1.52 | ||
| Q3 25 | $-1.37 | $0.86 | ||
| Q2 25 | $-1.01 | $0.71 | ||
| Q1 25 | $-1.29 | $0.69 | ||
| Q4 24 | $3.81 | $0.66 | ||
| Q3 24 | $-1.49 | $0.53 | ||
| Q2 24 | $-1.13 | $0.55 | ||
| Q1 24 | $-1.55 | $0.59 |
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 | $2.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $202.6M | $6.5B |
| 总资产 | $252.0M | $8.2B |
| 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FRGETW
| Q4 25 | — | $2.1B | ||
| Q3 25 | $60.7M | $1.9B | ||
| Q2 25 | $80.7M | $1.6B | ||
| Q1 25 | $92.0M | $1.3B | ||
| Q4 24 | $105.1M | $1.3B | ||
| Q3 24 | $114.5M | $1.2B | ||
| Q2 24 | $120.5M | $1.7B | ||
| Q1 24 | $129.6M | $1.5B |
股东权益FRGETW
| Q4 25 | — | $6.5B | ||
| Q3 25 | $202.6M | $6.3B | ||
| Q2 25 | $200.5M | $6.1B | ||
| Q1 25 | $213.5M | $5.9B | ||
| Q4 24 | $223.6M | $5.8B | ||
| Q3 24 | $234.5M | $5.7B | ||
| Q2 24 | $245.4M | $5.6B | ||
| Q1 24 | $252.2M | $5.5B |
总资产FRGETW
| Q4 25 | — | $8.2B | ||
| Q3 25 | $252.0M | $8.0B | ||
| Q2 25 | $242.8M | $8.1B | ||
| Q1 25 | $249.5M | $7.4B | ||
| Q4 24 | $263.5M | $7.3B | ||
| Q3 24 | $276.6M | $7.3B | ||
| Q2 24 | $285.7M | $7.3B | ||
| Q1 24 | $298.7M | $7.4B |
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 | $355.9M |
| 自由现金流经营现金流 - 资本支出 | $-11.4M | $336.5M |
| 自由现金流率自由现金流/营收 | -53.6% | 64.6% |
| 资本支出强度资本支出/营收 | 0.2% | 3.7% |
| 现金转化率经营现金流/净利润 | — | 1.10× |
| 过去12个月自由现金流最近4个季度 | — | $1.1B |
8季度趋势，按日历期对齐
经营现金流FRGETW
| Q4 25 | — | $355.9M | ||
| Q3 25 | $-11.4M | $342.3M | ||
| Q2 25 | $-7.8M | $409.2M | ||
| Q1 25 | $-12.8M | $60.2M | ||
| Q4 24 | $-7.9M | $282.0M | ||
| Q3 24 | $-5.8M | $292.1M | ||
| Q2 24 | $-14.4M | $285.7M | ||
| Q1 24 | $-12.4M | $37.9M |
自由现金流FRGETW
| Q4 25 | — | $336.5M | ||
| Q3 25 | $-11.4M | $328.3M | ||
| Q2 25 | $-7.9M | $403.7M | ||
| Q1 25 | $-12.9M | $58.6M | ||
| Q4 24 | — | $256.8M | ||
| Q3 24 | $-6.0M | $287.8M | ||
| Q2 24 | $-14.7M | $280.8M | ||
| Q1 24 | $-12.8M | $31.3M |
自由现金流率FRGETW
| Q4 25 | — | 64.6% | ||
| Q3 25 | -53.6% | 64.5% | ||
| Q2 25 | -28.4% | 78.7% | ||
| Q1 25 | -50.9% | 11.5% | ||
| Q4 24 | — | 55.4% | ||
| Q3 24 | -31.0% | 64.1% | ||
| Q2 24 | -66.0% | 69.4% | ||
| Q1 24 | -66.4% | 7.7% |
资本支出强度FRGETW
| Q4 25 | — | 3.7% | ||
| Q3 25 | 0.2% | 2.8% | ||
| Q2 25 | 0.4% | 1.1% | ||
| Q1 25 | 0.2% | 0.3% | ||
| Q4 24 | 0.0% | 5.4% | ||
| Q3 24 | 0.7% | 1.0% | ||
| Q2 24 | 1.2% | 1.2% | ||
| Q1 24 | 2.1% | 1.6% |
现金转化率FRGETW
| Q4 25 | — | 1.10× | ||
| Q3 25 | — | 1.84× | ||
| Q2 25 | — | 2.66× | ||
| Q1 25 | — | 0.41× | ||
| Q4 24 | — | 1.98× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.40× | ||
| Q1 24 | — | 0.30× |
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% |
TW
| Other | $235.2M | 45% |
| Wholesale Client Sector | $97.9M | 19% |
| Subscription Fee Revenue | $60.0M | 12% |
| Retail Client Sector | $35.0M | 7% |
| Market Data Client Sector | $33.8M | 6% |
| Corporate Client Sector | $26.1M | 5% |
| Market Data Revenue | $23.2M | 4% |
| Financial Service Other | $10.0M | 2% |
