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Dream Finders Homes, Inc.（DFH）与孩之宝（HAS）财务数据对比。点击上方公司名可切换其他公司
孩之宝的季度营收约是Dream Finders Homes, Inc.的1.2倍（$1.4B vs $1.2B），孩之宝净利率更高（13.9% vs 4.8%，领先9.1%），孩之宝同比增速更快（31.3% vs -22.3%），孩之宝自由现金流更多（$389.5M vs $136.0M），过去两年孩之宝的营收复合增速更高（38.2% vs 21.0%）
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。
孩之宝是1923年12月6日成立的美国跨国玩具制造与娱乐控股企业，总部位于罗德岛州波塔基特。旗下拥有Kenner、米尔顿·布拉德利、派克兄弟、威世智等知名品牌，持有大量热门IP商标权，业务覆盖玩具生产、游戏开发、娱乐内容出品等多个领域。
DFH vs HAS — 直观对比
营收规模更大
HAS
是对方的1.2倍
$1.2B
营收增速更快
HAS
高出53.5%
-22.3%
净利率更高
HAS
高出9.1%
4.8%
自由现金流更多
HAS
多$253.5M
$136.0M
两年增速更快
HAS
近两年复合增速
21.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.4B |
| 净利润 | $58.8M | $201.6M |
| 毛利率 | — | 68.7% |
| 营业利润率 | 6.4% | 20.6% |
| 净利率 | 4.8% | 13.9% |
| 营收同比 | -22.3% | 31.3% |
| 净利润同比 | -54.9% | 687.8% |
| 每股收益（稀释后） | $0.57 | $1.46 |
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DFHHAS
| Q4 25 | $1.2B | $1.4B | ||
| Q3 25 | $969.8M | $1.4B | ||
| Q2 25 | $1.2B | $980.8M | ||
| Q1 25 | $989.9M | $887.1M | ||
| Q4 24 | $1.6B | $1.1B | ||
| Q3 24 | $1.0B | $1.3B | ||
| Q2 24 | $1.1B | $995.3M | ||
| Q1 24 | $827.8M | $757.3M |
净利润DFHHAS
| Q4 25 | $58.8M | $201.6M | ||
| Q3 25 | $47.0M | $233.2M | ||
| Q2 25 | $56.6M | $-855.8M | ||
| Q1 25 | $54.9M | $98.6M | ||
| Q4 24 | $130.5M | $-34.3M | ||
| Q3 24 | $70.7M | $223.2M | ||
| Q2 24 | $80.9M | $138.5M | ||
| Q1 24 | $54.5M | $58.2M |
毛利率DFHHAS
| Q4 25 | — | 68.7% | ||
| Q3 25 | — | 70.1% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 76.9% | ||
| Q4 24 | — | 67.4% | ||
| Q3 24 | — | 70.4% | ||
| Q2 24 | 19.2% | 76.1% | ||
| Q1 24 | 18.0% | 73.0% |
营业利润率DFHHAS
| Q4 25 | 6.4% | 20.6% | ||
| Q3 25 | 6.3% | 24.6% | ||
| Q2 25 | 6.4% | -81.4% | ||
| Q1 25 | 7.2% | 19.2% | ||
| Q4 24 | 10.8% | 5.4% | ||
| Q3 24 | 9.2% | 23.6% | ||
| Q2 24 | 10.0% | 21.3% | ||
| Q1 24 | 8.6% | 15.3% |
净利率DFHHAS
| Q4 25 | 4.8% | 13.9% | ||
| Q3 25 | 4.8% | 16.8% | ||
| Q2 25 | 4.9% | -87.3% | ||
| Q1 25 | 5.5% | 11.1% | ||
| Q4 24 | 8.4% | -3.1% | ||
| Q3 24 | 7.0% | 17.4% | ||
| Q2 24 | 7.7% | 13.9% | ||
| Q1 24 | 6.6% | 7.7% |
每股收益（稀释后）DFHHAS
| Q4 25 | $0.57 | $1.46 | ||
| Q3 25 | $0.47 | $1.64 | ||
| Q2 25 | $0.56 | $-6.10 | ||
| Q1 25 | $0.54 | $0.70 | ||
| Q4 24 | $1.28 | $-0.25 | ||
| Q3 24 | $0.70 | $1.59 | ||
| Q2 24 | $0.81 | $0.99 | ||
| Q1 24 | $0.55 | $0.42 |
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 | — |
| 总债务越低越好 | $1.6B | — |
| 股东权益账面价值 | $1.4B | $565.5M |
| 总资产 | $3.7B | $5.6B |
| 负债/权益比越低杠杆越低 | 1.13× | — |
8季度趋势，按日历期对齐
现金及短期投资DFHHAS
| Q4 25 | $234.8M | — | ||
| Q3 25 | $251.0M | — | ||
| Q2 25 | $210.3M | — | ||
| Q1 25 | $297.5M | — | ||
| Q4 24 | $274.4M | — | ||
| Q3 24 | $204.9M | — | ||
| Q2 24 | $274.8M | — | ||
| Q1 24 | $239.4M | — |
总债务DFHHAS
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益DFHHAS
| Q4 25 | $1.4B | $565.5M | ||
| Q3 25 | $1.4B | $433.8M | ||
| Q2 25 | $1.3B | $269.7M | ||
| Q1 25 | $1.3B | $1.2B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.1B | $1.3B | ||
| Q2 24 | $1.0B | $1.2B | ||
| Q1 24 | $968.7M | $1.0B |
总资产DFHHAS
| Q4 25 | $3.7B | $5.6B | ||
| Q3 25 | $3.8B | $5.5B | ||
| Q2 25 | $3.7B | $5.2B | ||
| Q1 25 | $3.5B | $6.0B | ||
| Q4 24 | $3.3B | $6.3B | ||
| Q3 24 | $3.3B | $7.2B | ||
| Q2 24 | $3.0B | $6.9B | ||
| Q1 24 | $2.7B | $6.2B |
负债/权益比DFHHAS
| Q4 25 | 1.13× | — | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.03× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $403.2M |
| 自由现金流经营现金流 - 资本支出 | $136.0M | $389.5M |
| 自由现金流率自由现金流/营收 | 11.2% | 26.9% |
| 资本支出强度资本支出/营收 | 0.6% | 0.9% |
| 现金转化率经营现金流/净利润 | 2.44× | 2.00× |
| 过去12个月自由现金流最近4个季度 | $-126.4M | $829.9M |
8季度趋势，按日历期对齐
经营现金流DFHHAS
| Q4 25 | $143.6M | $403.2M | ||
| Q3 25 | $-131.0M | $280.6M | ||
| Q2 25 | $-68.5M | $71.3M | ||
| Q1 25 | $-44.7M | $138.1M | ||
| Q4 24 | $306.5M | $259.8M | ||
| Q3 24 | $-205.0M | $222.5M | ||
| Q2 24 | $-110.6M | $187.3M | ||
| Q1 24 | $-247.5M | $177.8M |
自由现金流DFHHAS
| Q4 25 | $136.0M | $389.5M | ||
| Q3 25 | $-135.7M | $260.9M | ||
| Q2 25 | $-78.8M | $55.2M | ||
| Q1 25 | $-47.9M | $124.3M | ||
| Q4 24 | $302.6M | $200.8M | ||
| Q3 24 | $-222.5M | $174.0M | ||
| Q2 24 | $-112.4M | $135.4M | ||
| Q1 24 | $-249.6M | $132.0M |
自由现金流率DFHHAS
| Q4 25 | 11.2% | 26.9% | ||
| Q3 25 | -14.0% | 18.8% | ||
| Q2 25 | -6.8% | 5.6% | ||
| Q1 25 | -4.8% | 14.0% | ||
| Q4 24 | 19.4% | 18.2% | ||
| Q3 24 | -22.1% | 13.6% | ||
| Q2 24 | -10.6% | 13.6% | ||
| Q1 24 | -30.2% | 17.4% |
资本支出强度DFHHAS
| Q4 25 | 0.6% | 0.9% | ||
| Q3 25 | 0.5% | 1.4% | ||
| Q2 25 | 0.9% | 1.6% | ||
| Q1 25 | 0.3% | 1.6% | ||
| Q4 24 | 0.3% | 5.4% | ||
| Q3 24 | 1.7% | 3.8% | ||
| Q2 24 | 0.2% | 5.2% | ||
| Q1 24 | 0.3% | 6.0% |
现金转化率DFHHAS
| Q4 25 | 2.44× | 2.00× | ||
| Q3 25 | -2.79× | 1.20× | ||
| Q2 25 | -1.21× | — | ||
| Q1 25 | -0.81× | 1.40× | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | -2.90× | 1.00× | ||
| Q2 24 | -1.37× | 1.35× | ||
| Q1 24 | -4.54× | 3.05× |
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% |
HAS
| Grow Brands | $1.1B | 75% |
| Optimize Brands | $188.7M | 13% |
| Digital And Licensing Gaming | $135.7M | 9% |
| Class Of Principal Product Family Brands | $13.1M | 1% |
| Filmand TV | $2.4M | 0% |
