vs
TopBuild Corp（BLD）与Meritage Homes CORP（MTH）财务数据对比。点击上方公司名可切换其他公司
TopBuild Corp的季度营收约是Meritage Homes CORP的1.1倍（$1.5B vs $1.4B），Meritage Homes CORP净利率更高（17.7% vs 7.0%，领先10.7%），TopBuild Corp同比增速更快（13.2% vs 10.5%），TopBuild Corp自由现金流更多（$159.4M vs $-225.4M）
HashiCorp是总部位于美国加利福尼亚州旧金山的软件企业，2012年由米切尔·桥本与阿蒙·达德加创立，采用免费增值商业模式，为开发、运维及安全从业人员提供云基础设施配置、防护、运行与连接相关的工具及产品。
Meritage Homes Corporation是美国上市房地产开发企业，主营全美范围内各类独栋住宅建造业务，按2023年房屋销量计算为美国第五大住宅建筑商，同时在亚利桑那州开发活跃长者社区及高端地产项目。
BLD vs MTH — 直观对比
营收规模更大
BLD
是对方的1.1倍
$1.4B
营收增速更快
BLD
高出2.6%
10.5%
净利率更高
MTH
高出10.7%
7.0%
自由现金流更多
BLD
多$384.8M
$-225.4M
损益表 — Q4 FY2025 vs Q2 FY2022
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.4B |
| 净利润 | $104.5M | $250.1M |
| 毛利率 | 27.2% | 31.5% |
| 营业利润率 | 12.1% | 23.5% |
| 净利率 | 7.0% | 17.7% |
| 营收同比 | 13.2% | 10.5% |
| 净利润同比 | -30.6% | 49.4% |
| 每股收益（稀释后） | $3.69 | $6.77 |
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BLDMTH
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.3B | — |
净利润BLDMTH
| Q4 25 | $104.5M | — | ||
| Q3 25 | $142.2M | — | ||
| Q2 25 | $151.6M | — | ||
| Q1 25 | $123.4M | — | ||
| Q4 24 | $150.5M | — | ||
| Q3 24 | $169.0M | — | ||
| Q2 24 | $150.7M | — | ||
| Q1 24 | $152.4M | — |
毛利率BLDMTH
| Q4 25 | 27.2% | — | ||
| Q3 25 | 30.1% | — | ||
| Q2 25 | 30.4% | — | ||
| Q1 25 | 28.5% | — | ||
| Q4 24 | 29.9% | — | ||
| Q3 24 | 30.7% | — | ||
| Q2 24 | 31.0% | — | ||
| Q1 24 | 30.3% | — |
营业利润率BLDMTH
| Q4 25 | 12.1% | — | ||
| Q3 25 | 15.4% | — | ||
| Q2 25 | 16.9% | — | ||
| Q1 25 | 14.4% | — | ||
| Q4 24 | 16.6% | — | ||
| Q3 24 | 17.8% | — | ||
| Q2 24 | 15.4% | — | ||
| Q1 24 | 16.8% | — |
净利率BLDMTH
| Q4 25 | 7.0% | — | ||
| Q3 25 | 10.2% | — | ||
| Q2 25 | 11.7% | — | ||
| Q1 25 | 10.0% | — | ||
| Q4 24 | 11.5% | — | ||
| Q3 24 | 12.3% | — | ||
| Q2 24 | 11.0% | — | ||
| Q1 24 | 11.9% | — |
每股收益（稀释后）BLDMTH
| Q4 25 | $3.69 | — | ||
| Q3 25 | $5.04 | — | ||
| Q2 25 | $5.32 | — | ||
| Q1 25 | $4.23 | — | ||
| Q4 24 | $5.07 | — | ||
| Q3 24 | $5.65 | — | ||
| Q2 24 | $4.78 | — | ||
| Q1 24 | $4.79 | — |
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 | $184.7M | $272.1M |
| 总债务越低越好 | $2.8B | — |
| 股东权益账面价值 | $2.3B | $3.4B |
| 总资产 | $6.6B | $5.3B |
| 负债/权益比越低杠杆越低 | 1.23× | — |
8季度趋势，按日历期对齐
现金及短期投资BLDMTH
| Q4 25 | $184.7M | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $842.5M | — | ||
| Q1 25 | $308.8M | — | ||
| Q4 24 | $400.3M | — | ||
| Q3 24 | $257.3M | — | ||
| Q2 24 | $463.2M | — | ||
| Q1 24 | $968.8M | — |
总债务BLDMTH
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
股东权益BLDMTH
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.7B | — |
总资产BLDMTH
| Q4 25 | $6.6B | — | ||
| Q3 25 | $6.4B | — | ||
| Q2 25 | $5.1B | — | ||
| Q1 25 | $4.6B | — | ||
| Q4 24 | $4.7B | — | ||
| Q3 24 | $4.7B | — | ||
| Q2 24 | $4.9B | — | ||
| Q1 24 | $5.3B | — |
负债/权益比BLDMTH
| Q4 25 | 1.23× | — | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | 0.88× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.62× | — | ||
| Q3 24 | 0.66× | — | ||
| Q2 24 | 0.59× | — | ||
| Q1 24 | 0.52× | — |
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 | $176.7M | $-219.0M |
| 自由现金流经营现金流 - 资本支出 | $159.4M | $-225.4M |
| 自由现金流率自由现金流/营收 | 10.7% | -16.0% |
| 资本支出强度资本支出/营收 | 1.2% | 0.5% |
| 现金转化率经营现金流/净利润 | 1.69× | -0.88× |
| 过去12个月自由现金流最近4个季度 | $696.9M | — |
8季度趋势，按日历期对齐
经营现金流BLDMTH
| Q4 25 | $176.7M | — | ||
| Q3 25 | $233.3M | — | ||
| Q2 25 | $193.7M | — | ||
| Q1 25 | $152.6M | — | ||
| Q4 24 | $266.2M | — | ||
| Q3 24 | $240.7M | — | ||
| Q2 24 | $90.4M | — | ||
| Q1 24 | $178.8M | — |
自由现金流BLDMTH
| Q4 25 | $159.4M | — | ||
| Q3 25 | $216.2M | — | ||
| Q2 25 | $182.2M | — | ||
| Q1 25 | $139.2M | — | ||
| Q4 24 | $253.7M | — | ||
| Q3 24 | $219.8M | — | ||
| Q2 24 | $74.3M | — | ||
| Q1 24 | $158.9M | — |
自由现金流率BLDMTH
| Q4 25 | 10.7% | — | ||
| Q3 25 | 15.5% | — | ||
| Q2 25 | 14.0% | — | ||
| Q1 25 | 11.3% | — | ||
| Q4 24 | 19.3% | — | ||
| Q3 24 | 16.0% | — | ||
| Q2 24 | 5.4% | — | ||
| Q1 24 | 12.4% | — |
资本支出强度BLDMTH
| Q4 25 | 1.2% | — | ||
| Q3 25 | 1.2% | — | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 1.1% | — | ||
| Q4 24 | 1.0% | — | ||
| Q3 24 | 1.5% | — | ||
| Q2 24 | 1.2% | — | ||
| Q1 24 | 1.6% | — |
现金转化率BLDMTH
| Q4 25 | 1.69× | — | ||
| Q3 25 | 1.64× | — | ||
| Q2 25 | 1.28× | — | ||
| Q1 25 | 1.24× | — | ||
| Q4 24 | 1.77× | — | ||
| Q3 24 | 1.42× | — | ||
| Q2 24 | 0.60× | — | ||
| Q1 24 | 1.17× | — |
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
BLD
| Distribution Segment | $755.4M | 51% |
| Residential | $557.9M | 38% |
| All Other Products | $91.9M | 6% |
| Glass And Windows | $51.5M | 3% |
| Rain Gutters | $27.1M | 2% |
MTH
| Home Building | $1.4B | 100% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $9.8M | 1% |
| Financial Service | $5.1M | 0% |
| Land Closing | $3.4M | 0% |
