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Dream Finders Homes, Inc.（DFH）与埃培智集团（IPG）财务数据对比。点击上方公司名可切换其他公司
埃培智集团的季度营收约是Dream Finders Homes, Inc.的1.8倍（$2.1B vs $1.2B），埃培智集团净利率更高（5.8% vs 4.8%，领先1.0%），埃培智集团同比增速更快（-4.8% vs -22.3%），埃培智集团自由现金流更多（$153.6M vs $136.0M），过去两年Dream Finders Homes, Inc.的营收复合增速更高（21.0% vs -9.1%）
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。
埃培智集团（IPG）是总部位于美国纽约的广告营销传播集团，旗下拥有FCB、IPG盟博、麦肯世界集团、睿狮集团等五大核心业务网络，以及公关、体育营销、艺人经纪、医疗营销等领域的多家专业独立代理商，被宏盟收购前是与WPP、阳狮、宏盟齐名的全球广告行业“四大集团”之一。
DFH vs IPG — 直观对比
营收规模更大
IPG
是对方的1.8倍
$1.2B
营收增速更快
IPG
高出17.5%
-22.3%
净利率更高
IPG
高出1.0%
4.8%
自由现金流更多
IPG
多$17.6M
$136.0M
两年增速更快
DFH
近两年复合增速
-9.1%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $2.1B |
| 净利润 | $58.8M | $124.2M |
| 毛利率 | — | — |
| 营业利润率 | 6.4% | 10.3% |
| 净利率 | 4.8% | 5.8% |
| 营收同比 | -22.3% | -4.8% |
| 净利润同比 | -54.9% | 517.9% |
| 每股收益（稀释后） | $0.57 | $0.34 |
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DFHIPG
| Q4 25 | $1.2B | — | ||
| Q3 25 | $969.8M | $2.1B | ||
| Q2 25 | $1.2B | $2.2B | ||
| Q1 25 | $989.9M | $2.0B | ||
| Q4 24 | $1.6B | $2.4B | ||
| Q3 24 | $1.0B | $2.2B | ||
| Q2 24 | $1.1B | $2.3B | ||
| Q1 24 | $827.8M | $2.2B |
净利润DFHIPG
| Q4 25 | $58.8M | — | ||
| Q3 25 | $47.0M | $124.2M | ||
| Q2 25 | $56.6M | $162.5M | ||
| Q1 25 | $54.9M | $-85.4M | ||
| Q4 24 | $130.5M | $344.5M | ||
| Q3 24 | $70.7M | $20.1M | ||
| Q2 24 | $80.9M | $214.5M | ||
| Q1 24 | $54.5M | $110.4M |
毛利率DFHIPG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -3.2% | ||
| Q4 24 | — | 10.1% | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | 19.2% | 1.2% | ||
| Q1 24 | 18.0% | -1.1% |
营业利润率DFHIPG
| Q4 25 | 6.4% | — | ||
| Q3 25 | 6.3% | 10.3% | ||
| Q2 25 | 6.4% | 11.2% | ||
| Q1 25 | 7.2% | -2.1% | ||
| Q4 24 | 10.8% | 23.3% | ||
| Q3 24 | 9.2% | 5.9% | ||
| Q2 24 | 10.0% | 13.7% | ||
| Q1 24 | 8.6% | 8.4% |
净利率DFHIPG
| Q4 25 | 4.8% | — | ||
| Q3 25 | 4.8% | 5.8% | ||
| Q2 25 | 4.9% | 7.5% | ||
| Q1 25 | 5.5% | -4.3% | ||
| Q4 24 | 8.4% | 14.1% | ||
| Q3 24 | 7.0% | 0.9% | ||
| Q2 24 | 7.7% | 9.2% | ||
| Q1 24 | 6.6% | 5.1% |
每股收益（稀释后）DFHIPG
| Q4 25 | $0.57 | — | ||
| Q3 25 | $0.47 | $0.34 | ||
| Q2 25 | $0.56 | $0.44 | ||
| Q1 25 | $0.54 | $-0.23 | ||
| Q4 24 | $1.28 | $0.92 | ||
| Q3 24 | $0.70 | $0.05 | ||
| Q2 24 | $0.81 | $0.57 | ||
| Q1 24 | $0.55 | $0.29 |
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 | $1.5B |
| 总债务越低越好 | $1.6B | — |
| 股东权益账面价值 | $1.4B | $3.7B |
| 总资产 | $3.7B | $17.0B |
| 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DFHIPG
| Q4 25 | $234.8M | — | ||
| Q3 25 | $251.0M | $1.5B | ||
| Q2 25 | $210.3M | $1.6B | ||
| Q1 25 | $297.5M | $1.9B | ||
| Q4 24 | $274.4M | $2.2B | ||
| Q3 24 | $204.9M | $1.5B | ||
| Q2 24 | $274.8M | $1.5B | ||
| Q1 24 | $239.4M | $1.9B |
总债务DFHIPG
| 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DFHIPG
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | $3.7B | ||
| Q2 25 | $1.3B | $3.7B | ||
| Q1 25 | $1.3B | $3.6B | ||
| Q4 24 | $1.2B | $3.8B | ||
| Q3 24 | $1.1B | $3.7B | ||
| Q2 24 | $1.0B | $3.8B | ||
| Q1 24 | $968.7M | $3.8B |
总资产DFHIPG
| Q4 25 | $3.7B | — | ||
| Q3 25 | $3.8B | $17.0B | ||
| Q2 25 | $3.7B | $17.0B | ||
| Q1 25 | $3.5B | $17.1B | ||
| Q4 24 | $3.3B | $18.3B | ||
| Q3 24 | $3.3B | $17.1B | ||
| Q2 24 | $3.0B | $17.0B | ||
| Q1 24 | $2.7B | $17.3B |
负债/权益比DFHIPG
| 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 | $180.1M |
| 自由现金流经营现金流 - 资本支出 | $136.0M | $153.6M |
| 自由现金流率自由现金流/营收 | 11.2% | 7.2% |
| 资本支出强度资本支出/营收 | 0.6% | 1.2% |
| 现金转化率经营现金流/净利润 | 2.44× | 1.45× |
| 过去12个月自由现金流最近4个季度 | $-126.4M | $806.8M |
8季度趋势，按日历期对齐
经营现金流DFHIPG
| Q4 25 | $143.6M | — | ||
| Q3 25 | $-131.0M | $180.1M | ||
| Q2 25 | $-68.5M | $-96.0M | ||
| Q1 25 | $-44.7M | $-37.0M | ||
| Q4 24 | $306.5M | $868.1M | ||
| Q3 24 | $-205.0M | $223.8M | ||
| Q2 24 | $-110.6M | $120.7M | ||
| Q1 24 | $-247.5M | $-157.4M |
自由现金流DFHIPG
| Q4 25 | $136.0M | — | ||
| Q3 25 | $-135.7M | $153.6M | ||
| Q2 25 | $-78.8M | $-121.8M | ||
| Q1 25 | $-47.9M | $-58.5M | ||
| Q4 24 | $302.6M | $833.5M | ||
| Q3 24 | $-222.5M | $186.5M | ||
| Q2 24 | $-112.4M | $85.9M | ||
| Q1 24 | $-249.6M | $-192.5M |
自由现金流率DFHIPG
| Q4 25 | 11.2% | — | ||
| Q3 25 | -14.0% | 7.2% | ||
| Q2 25 | -6.8% | -5.6% | ||
| Q1 25 | -4.8% | -2.9% | ||
| Q4 24 | 19.4% | 34.2% | ||
| Q3 24 | -22.1% | 8.3% | ||
| Q2 24 | -10.6% | 3.7% | ||
| Q1 24 | -30.2% | -8.8% |
资本支出强度DFHIPG
| Q4 25 | 0.6% | — | ||
| Q3 25 | 0.5% | 1.2% | ||
| Q2 25 | 0.9% | 1.2% | ||
| Q1 25 | 0.3% | 1.1% | ||
| Q4 24 | 0.3% | 1.4% | ||
| Q3 24 | 1.7% | 1.7% | ||
| Q2 24 | 0.2% | 1.5% | ||
| Q1 24 | 0.3% | 1.6% |
现金转化率DFHIPG
| Q4 25 | 2.44× | — | ||
| Q3 25 | -2.79× | 1.45× | ||
| Q2 25 | -1.21× | -0.59× | ||
| Q1 25 | -0.81× | — | ||
| Q4 24 | 2.35× | 2.52× | ||
| Q3 24 | -2.90× | 11.13× | ||
| Q2 24 | -1.37× | 0.56× | ||
| Q1 24 | -4.54× | -1.43× |
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% |
IPG
| MDE | $619.0M | 29% |
| IAC | $574.9M | 27% |
| Other | $527.9M | 25% |
| SCE | $413.8M | 19% |
