Abstract: Being regarded as the major productive force of forest industry, listed forestry companies have played an important role in the development of national economy and accurate poverty alleviation of forestry. This paper takes listed forestry companies as the research object and constructs an evaluation index system of forestry enterprise financial risk by using the factor analysis on the major financial variables of listed forestry companies. Based on early warning model, the listed forestry companies are categorized into four types in terms of the level of financial risks, which are good, average, high and very high. Sixty percent of listed forestry companies belong to the group of high financial risk. The operating ability and debt paying ability have a great impact on financial risks of listed forestry companies.