vs
Dream Finders Homes, Inc.（DFH）与雷诺士国际（LII）财务数据对比。点击上方公司名可切换其他公司
Dream Finders Homes, Inc.的季度营收约是雷诺士国际的1.0倍（$1.2B vs $1.2B），雷诺士国际净利率更高（13.6% vs 4.8%，领先8.7%），雷诺士国际同比增速更快（-11.2% vs -22.3%），雷诺士国际自由现金流更多（$376.7M vs $136.0M），过去两年Dream Finders Homes, Inc.的营收复合增速更高（21.0% vs 6.8%）
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。
雷诺士国际是美国知名的暖通空调（HVAC）及制冷领域气候控制产品供应商，总部位于得克萨斯州理查森。公司在墨西哥萨尔蒂约、美国爱荷华州马歇尔敦、南卡罗来纳州奥兰治堡设有核心生产基地，1904年收购公司的诺里斯家族后裔约翰·W·诺里斯三世持有其9.8%的股份。
DFH vs LII — 直观对比
营收规模更大
DFH
是对方的1.0倍
$1.2B
营收增速更快
LII
高出11.1%
-22.3%
净利率更高
LII
高出8.7%
4.8%
自由现金流更多
LII
多$240.7M
$136.0M
两年增速更快
DFH
近两年复合增速
6.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $58.8M | $162.1M |
| 毛利率 | — | 34.7% |
| 营业利润率 | 6.4% | 18.6% |
| 净利率 | 4.8% | 13.6% |
| 营收同比 | -22.3% | -11.2% |
| 净利润同比 | -54.9% | -18.0% |
| 每股收益（稀释后） | $0.57 | $4.62 |
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DFHLII
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $969.8M | $1.4B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $989.9M | $1.1B | ||
| Q4 24 | $1.6B | $1.3B | ||
| Q3 24 | $1.0B | $1.5B | ||
| Q2 24 | $1.1B | $1.5B | ||
| Q1 24 | $827.8M | $1.0B |
净利润DFHLII
| Q4 25 | $58.8M | $162.1M | ||
| Q3 25 | $47.0M | $245.8M | ||
| Q2 25 | $56.6M | $277.6M | ||
| Q1 25 | $54.9M | $120.3M | ||
| Q4 24 | $130.5M | $197.7M | ||
| Q3 24 | $70.7M | $239.0M | ||
| Q2 24 | $80.9M | $245.9M | ||
| Q1 24 | $54.5M | $124.3M |
毛利率DFHLII
| Q4 25 | — | 34.7% | ||
| Q3 25 | — | 32.8% | ||
| Q2 25 | — | 34.8% | ||
| Q1 25 | — | 30.6% | ||
| Q4 24 | — | 33.9% | ||
| Q3 24 | — | 32.6% | ||
| Q2 24 | 19.2% | 33.6% | ||
| Q1 24 | 18.0% | 32.5% |
营业利润率DFHLII
| Q4 25 | 6.4% | 18.6% | ||
| Q3 25 | 6.3% | 21.7% | ||
| Q2 25 | 6.4% | 23.6% | ||
| Q1 25 | 7.2% | 14.5% | ||
| Q4 24 | 10.8% | 18.2% | ||
| Q3 24 | 9.2% | 20.2% | ||
| Q2 24 | 10.0% | 22.1% | ||
| Q1 24 | 8.6% | 15.9% |
净利率DFHLII
| Q4 25 | 4.8% | 13.6% | ||
| Q3 25 | 4.8% | 17.2% | ||
| Q2 25 | 4.9% | 18.5% | ||
| Q1 25 | 5.5% | 11.2% | ||
| Q4 24 | 8.4% | 14.7% | ||
| Q3 24 | 7.0% | 16.0% | ||
| Q2 24 | 7.7% | 16.9% | ||
| Q1 24 | 6.6% | 11.9% |
每股收益（稀释后）DFHLII
| Q4 25 | $0.57 | $4.62 | ||
| Q3 25 | $0.47 | $6.98 | ||
| Q2 25 | $0.56 | $7.82 | ||
| Q1 25 | $0.54 | $3.37 | ||
| Q4 24 | $1.28 | $5.52 | ||
| Q3 24 | $0.70 | $6.68 | ||
| Q2 24 | $0.81 | $6.87 | ||
| Q1 24 | $0.55 | $3.47 |
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 | $34.7M |
| 总债务越低越好 | $1.6B | $1.1B |
| 股东权益账面价值 | $1.4B | $1.2B |
| 总资产 | $3.7B | $4.1B |
| 负债/权益比越低杠杆越低 | 1.13× | 0.98× |
8季度趋势，按日历期对齐
现金及短期投资DFHLII
| Q4 25 | $234.8M | $34.7M | ||
| Q3 25 | $251.0M | $59.2M | ||
| Q2 25 | $210.3M | $55.1M | ||
| Q1 25 | $297.5M | $222.9M | ||
| Q4 24 | $274.4M | $422.3M | ||
| Q3 24 | $204.9M | $255.7M | ||
| Q2 24 | $274.8M | $57.8M | ||
| Q1 24 | $239.4M | $57.6M |
总债务DFHLII
| Q4 25 | $1.6B | $1.1B | ||
| Q3 25 | $1.8B | $838.2M | ||
| Q2 25 | — | $835.7M | ||
| Q1 25 | — | $834.2M | ||
| Q4 24 | $1.3B | $833.1M | ||
| Q3 24 | — | $827.6M | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.2B |
股东权益DFHLII
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $1.3B | $900.5M | ||
| Q1 25 | $1.3B | $852.5M | ||
| Q4 24 | $1.2B | $850.2M | ||
| Q3 24 | $1.1B | $754.0M | ||
| Q2 24 | $1.0B | $577.4M | ||
| Q1 24 | $968.7M | $368.8M |
总资产DFHLII
| Q4 25 | $3.7B | $4.1B | ||
| Q3 25 | $3.8B | $3.5B | ||
| Q2 25 | $3.7B | $3.7B | ||
| Q1 25 | $3.5B | $3.5B | ||
| Q4 24 | $3.3B | $3.5B | ||
| Q3 24 | $3.3B | $3.3B | ||
| Q2 24 | $3.0B | $3.2B | ||
| Q1 24 | $2.7B | $3.0B |
负债/权益比DFHLII
| Q4 25 | 1.13× | 0.98× | ||
| Q3 25 | 1.29× | 0.78× | ||
| Q2 25 | — | 0.93× | ||
| Q1 25 | — | 0.98× | ||
| Q4 24 | 1.03× | 0.98× | ||
| Q3 24 | — | 1.10× | ||
| Q2 24 | — | 1.95× | ||
| Q1 24 | — | 3.13× |
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 | $405.9M |
| 自由现金流经营现金流 - 资本支出 | $136.0M | $376.7M |
| 自由现金流率自由现金流/营收 | 11.2% | 31.5% |
| 资本支出强度资本支出/营收 | 0.6% | 2.4% |
| 现金转化率经营现金流/净利润 | 2.44× | 2.50× |
| 过去12个月自由现金流最近4个季度 | $-126.4M | $638.8M |
8季度趋势，按日历期对齐
经营现金流DFHLII
| Q4 25 | $143.6M | $405.9M | ||
| Q3 25 | $-131.0M | $300.7M | ||
| Q2 25 | $-68.5M | $86.8M | ||
| Q1 25 | $-44.7M | $-35.8M | ||
| Q4 24 | $306.5M | $332.4M | ||
| Q3 24 | $-205.0M | $452.1M | ||
| Q2 24 | $-110.6M | $184.0M | ||
| Q1 24 | $-247.5M | $-22.8M |
自由现金流DFHLII
| Q4 25 | $136.0M | $376.7M | ||
| Q3 25 | $-135.7M | $265.1M | ||
| Q2 25 | $-78.8M | $58.3M | ||
| Q1 25 | $-47.9M | $-61.3M | ||
| Q4 24 | $302.6M | $272.2M | ||
| Q3 24 | $-222.5M | $410.9M | ||
| Q2 24 | $-112.4M | $151.3M | ||
| Q1 24 | $-249.6M | $-52.3M |
自由现金流率DFHLII
| Q4 25 | 11.2% | 31.5% | ||
| Q3 25 | -14.0% | 18.6% | ||
| Q2 25 | -6.8% | 3.9% | ||
| Q1 25 | -4.8% | -5.7% | ||
| Q4 24 | 19.4% | 20.2% | ||
| Q3 24 | -22.1% | 27.4% | ||
| Q2 24 | -10.6% | 10.4% | ||
| Q1 24 | -30.2% | -5.0% |
资本支出强度DFHLII
| Q4 25 | 0.6% | 2.4% | ||
| Q3 25 | 0.5% | 2.5% | ||
| Q2 25 | 0.9% | 1.9% | ||
| Q1 25 | 0.3% | 2.4% | ||
| Q4 24 | 0.3% | 4.5% | ||
| Q3 24 | 1.7% | 2.8% | ||
| Q2 24 | 0.2% | 2.3% | ||
| Q1 24 | 0.3% | 2.8% |
现金转化率DFHLII
| Q4 25 | 2.44× | 2.50× | ||
| Q3 25 | -2.79× | 1.22× | ||
| Q2 25 | -1.21× | 0.31× | ||
| Q1 25 | -0.81× | -0.30× | ||
| Q4 24 | 2.35× | 1.68× | ||
| Q3 24 | -2.90× | 1.89× | ||
| Q2 24 | -1.37× | 0.75× | ||
| Q1 24 | -4.54× | -0.18× |
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% |
LII
| Residential Heating And Cooling | $699.8M | 59% |
| Commercial Heating And Cooling | $495.2M | 41% |
