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Dream Finders Homes, Inc.（DFH）与Encompass Health Corp（EHC）财务数据对比。点击上方公司名可切换其他公司
Encompass Health Corp的季度营收约是Dream Finders Homes, Inc.的1.3倍（$1.5B vs $1.2B），Encompass Health Corp净利率更高（9.5% vs 4.8%，领先4.6%），Encompass Health Corp同比增速更快（9.9% vs -22.3%），Dream Finders Homes, Inc.自由现金流更多（$136.0M vs $116.7M），过去两年Dream Finders Homes, Inc.的营收复合增速更高（21.0% vs 8.3%）
美国住宅建筑商Dream Finders Homes主要建造并销售独栋住宅、联排别墅等覆盖入门级到高端档次的居住物业，业务布局美国多个高速增长区域，同时为购房者提供按揭融资、产权保险、房屋保修等配套服务，覆盖各类客户群体。
Encompass Health Corp前身为Amcare及HealthSouth，总部位于美国阿拉巴马州伯明翰，是美国规模最大的住院康复服务提供商，在39个州及波多黎各拥有173家住院康复医院，为中风、神经系统疾病、心肺病症、脑损伤等患者提供专业康复诊疗服务。
DFH vs EHC — 直观对比
营收规模更大
EHC
是对方的1.3倍
$1.2B
营收增速更快
EHC
高出32.2%
-22.3%
净利率更高
EHC
高出4.6%
4.8%
自由现金流更多
DFH
多$19.3M
$116.7M
两年增速更快
DFH
近两年复合增速
8.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.5B |
| 净利润 | $58.8M | $146.1M |
| 毛利率 | — | — |
| 营业利润率 | 6.4% | 16.7% |
| 净利率 | 4.8% | 9.5% |
| 营收同比 | -22.3% | 9.9% |
| 净利润同比 | -54.9% | 20.8% |
| 每股收益（稀释后） | $0.57 | $1.43 |
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DFHEHC
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $969.8M | $1.5B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $989.9M | $1.5B | ||
| Q4 24 | $1.6B | $1.4B | ||
| Q3 24 | $1.0B | $1.4B | ||
| Q2 24 | $1.1B | $1.3B | ||
| Q1 24 | $827.8M | $1.3B |
净利润DFHEHC
| Q4 25 | $58.8M | $146.1M | ||
| Q3 25 | $47.0M | $126.5M | ||
| Q2 25 | $56.6M | $142.1M | ||
| Q1 25 | $54.9M | $151.5M | ||
| Q4 24 | $130.5M | $120.9M | ||
| Q3 24 | $70.7M | $108.2M | ||
| Q2 24 | $80.9M | $114.1M | ||
| Q1 24 | $54.5M | $112.5M |
毛利率DFHEHC
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 19.2% | — | ||
| Q1 24 | 18.0% | — |
营业利润率DFHEHC
| Q4 25 | 6.4% | 16.7% | ||
| Q3 25 | 6.3% | 14.9% | ||
| Q2 25 | 6.4% | 16.2% | ||
| Q1 25 | 7.2% | 16.4% | ||
| Q4 24 | 10.8% | 14.3% | ||
| Q3 24 | 9.2% | 13.6% | ||
| Q2 24 | 10.0% | 14.3% | ||
| Q1 24 | 8.6% | 13.6% |
净利率DFHEHC
| Q4 25 | 4.8% | 9.5% | ||
| Q3 25 | 4.8% | 8.6% | ||
| Q2 25 | 4.9% | 9.7% | ||
| Q1 25 | 5.5% | 10.4% | ||
| Q4 24 | 8.4% | 8.6% | ||
| Q3 24 | 7.0% | 8.0% | ||
| Q2 24 | 7.7% | 8.8% | ||
| Q1 24 | 6.6% | 8.5% |
每股收益（稀释后）DFHEHC
| Q4 25 | $0.57 | $1.43 | ||
| Q3 25 | $0.47 | $1.24 | ||
| Q2 25 | $0.56 | $1.39 | ||
| Q1 25 | $0.54 | $1.48 | ||
| Q4 24 | $1.28 | $1.18 | ||
| Q3 24 | $0.70 | $1.06 | ||
| Q2 24 | $0.81 | $1.12 | ||
| Q1 24 | $0.55 | $1.10 |
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 | $234.8M | $72.2M |
| 总债务越低越好 | $1.6B | $2.4B |
| 股东权益账面价值 | $1.4B | $2.4B |
| 总资产 | $3.7B | $7.1B |
| 负债/权益比越低杠杆越低 | 1.13× | 1.00× |
8季度趋势，按日历期对齐
现金及短期投资DFHEHC
| Q4 25 | $234.8M | $72.2M | ||
| Q3 25 | $251.0M | $48.7M | ||
| Q2 25 | $210.3M | $99.1M | ||
| Q1 25 | $297.5M | $95.8M | ||
| Q4 24 | $274.4M | $85.4M | ||
| Q3 24 | $204.9M | $147.8M | ||
| Q2 24 | $274.8M | $154.4M | ||
| Q1 24 | $239.4M | $134.4M |
总债务DFHEHC
| Q4 25 | $1.6B | $2.4B | ||
| Q3 25 | $1.8B | $2.4B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $1.3B | $2.4B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | — | $2.7B |
股东权益DFHEHC
| Q4 25 | $1.4B | $2.4B | ||
| Q3 25 | $1.4B | $2.4B | ||
| Q2 25 | $1.3B | $2.3B | ||
| Q1 25 | $1.3B | $2.2B | ||
| Q4 24 | $1.2B | $2.1B | ||
| Q3 24 | $1.1B | $2.0B | ||
| Q2 24 | $1.0B | $1.8B | ||
| Q1 24 | $968.7M | $1.7B |
总资产DFHEHC
| Q4 25 | $3.7B | $7.1B | ||
| Q3 25 | $3.8B | $6.9B | ||
| Q2 25 | $3.7B | $6.8B | ||
| Q1 25 | $3.5B | $6.6B | ||
| Q4 24 | $3.3B | $6.5B | ||
| Q3 24 | $3.3B | $6.5B | ||
| Q2 24 | $3.0B | $6.4B | ||
| Q1 24 | $2.7B | $6.2B |
负债/权益比DFHEHC
| Q4 25 | 1.13× | 1.00× | ||
| Q3 25 | 1.29× | 1.01× | ||
| Q2 25 | — | 1.02× | ||
| Q1 25 | — | 1.08× | ||
| Q4 24 | 1.03× | 1.14× | ||
| Q3 24 | — | 1.20× | ||
| Q2 24 | — | 1.46× | ||
| Q1 24 | — | 1.54× |
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 | $143.6M | $346.0M |
| 自由现金流经营现金流 - 资本支出 | $136.0M | $116.7M |
| 自由现金流率自由现金流/营收 | 11.2% | 7.6% |
| 资本支出强度资本支出/营收 | 0.6% | 14.8% |
| 现金转化率经营现金流/净利润 | 2.44× | 2.37× |
| 过去12个月自由现金流最近4个季度 | $-126.4M | $439.2M |
8季度趋势，按日历期对齐
经营现金流DFHEHC
| Q4 25 | $143.6M | $346.0M | ||
| Q3 25 | $-131.0M | $270.8M | ||
| Q2 25 | $-68.5M | $270.2M | ||
| Q1 25 | $-44.7M | $288.6M | ||
| Q4 24 | $306.5M | $278.8M | ||
| Q3 24 | $-205.0M | $267.8M | ||
| Q2 24 | $-110.6M | $217.4M | ||
| Q1 24 | $-247.5M | $238.8M |
自由现金流DFHEHC
| Q4 25 | $136.0M | $116.7M | ||
| Q3 25 | $-135.7M | $83.7M | ||
| Q2 25 | $-78.8M | $113.3M | ||
| Q1 25 | $-47.9M | $125.5M | ||
| Q4 24 | $302.6M | $80.1M | ||
| Q3 24 | $-222.5M | $120.3M | ||
| Q2 24 | $-112.4M | $60.5M | ||
| Q1 24 | $-249.6M | $99.4M |
自由现金流率DFHEHC
| Q4 25 | 11.2% | 7.6% | ||
| Q3 25 | -14.0% | 5.7% | ||
| Q2 25 | -6.8% | 7.8% | ||
| Q1 25 | -4.8% | 8.6% | ||
| Q4 24 | 19.4% | 5.7% | ||
| Q3 24 | -22.1% | 8.9% | ||
| Q2 24 | -10.6% | 4.6% | ||
| Q1 24 | -30.2% | 7.6% |
资本支出强度DFHEHC
| Q4 25 | 0.6% | 14.8% | ||
| Q3 25 | 0.5% | 12.7% | ||
| Q2 25 | 0.9% | 10.8% | ||
| Q1 25 | 0.3% | 11.2% | ||
| Q4 24 | 0.3% | 14.1% | ||
| Q3 24 | 1.7% | 10.9% | ||
| Q2 24 | 0.2% | 12.1% | ||
| Q1 24 | 0.3% | 10.6% |
现金转化率DFHEHC
| Q4 25 | 2.44× | 2.37× | ||
| Q3 25 | -2.79× | 2.14× | ||
| Q2 25 | -1.21× | 1.90× | ||
| Q1 25 | -0.81× | 1.90× | ||
| Q4 24 | 2.35× | 2.31× | ||
| Q3 24 | -2.90× | 2.48× | ||
| Q2 24 | -1.37× | 1.91× | ||
| Q1 24 | -4.54× | 2.12× |
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
DFH
| Midwest Segment | $454.2M | 37% |
| Southeast Segment | $397.5M | 33% |
| Mid Atlantic Segment | $307.3M | 25% |
| Financial Services Segment | $53.7M | 4% |
EHC
| Medicare | $1.0B | 66% |
| Medicare Advantage | $243.1M | 16% |
| Managed Care | $160.7M | 10% |
| Medicaid | $47.0M | 3% |
| Other Income Source | $44.8M | 3% |
| Other Thirdparty Payors | $11.2M | 1% |
| Workers Compensation | $7.6M | 0% |
| Patients | $4.6M | 0% |
