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Dream Finders Homes, Inc.（DFH）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
Dream Finders Homes, Inc.的季度营收约是明晟的1.5倍（$1.2B vs $822.5M），明晟净利率更高（34.6% vs 4.8%，领先29.8%），明晟同比增速更快（10.6% vs -22.3%），明晟自由现金流更多（$488.7M vs $136.0M），过去两年Dream Finders Homes, Inc.的营收复合增速更高（21.0% vs 10.0%）
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。
MSCI（明晟）是总部位于美国纽约的金融服务企业，为全球市场提供股票、固定收益、房地产指数、多资产组合分析工具及ESG、气候金融相关产品，旗下运营MSCI全球指数、MSCI新兴市场指数、MSCI全球所有国家（ACWI）指数等多款知名指数产品。
DFH vs MSCI — 直观对比
营收规模更大
DFH
是对方的1.5倍
$822.5M
营收增速更快
MSCI
高出32.9%
-22.3%
净利率更高
MSCI
高出29.8%
4.8%
自由现金流更多
MSCI
多$352.7M
$136.0M
两年增速更快
DFH
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $822.5M |
| 净利润 | $58.8M | $284.7M |
| 毛利率 | — | — |
| 营业利润率 | 6.4% | 56.4% |
| 净利率 | 4.8% | 34.6% |
| 营收同比 | -22.3% | 10.6% |
| 净利润同比 | -54.9% | -6.8% |
| 每股收益（稀释后） | $0.57 | $3.81 |
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DFHMSCI
| Q4 25 | $1.2B | $822.5M | ||
| Q3 25 | $969.8M | $793.4M | ||
| Q2 25 | $1.2B | $772.7M | ||
| Q1 25 | $989.9M | $745.8M | ||
| Q4 24 | $1.6B | $743.5M | ||
| Q3 24 | $1.0B | $724.7M | ||
| Q2 24 | $1.1B | $707.9M | ||
| Q1 24 | $827.8M | $680.0M |
净利润DFHMSCI
| Q4 25 | $58.8M | $284.7M | ||
| Q3 25 | $47.0M | $325.4M | ||
| Q2 25 | $56.6M | $303.6M | ||
| Q1 25 | $54.9M | $288.6M | ||
| Q4 24 | $130.5M | $305.5M | ||
| Q3 24 | $70.7M | $280.9M | ||
| Q2 24 | $80.9M | $266.8M | ||
| Q1 24 | $54.5M | $256.0M |
毛利率DFHMSCI
| 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DFHMSCI
| Q4 25 | 6.4% | 56.4% | ||
| Q3 25 | 6.3% | 56.4% | ||
| Q2 25 | 6.4% | 55.0% | ||
| Q1 25 | 7.2% | 50.6% | ||
| Q4 24 | 10.8% | 54.5% | ||
| Q3 24 | 9.2% | 55.4% | ||
| Q2 24 | 10.0% | 54.0% | ||
| Q1 24 | 8.6% | 49.9% |
净利率DFHMSCI
| Q4 25 | 4.8% | 34.6% | ||
| Q3 25 | 4.8% | 41.0% | ||
| Q2 25 | 4.9% | 39.3% | ||
| Q1 25 | 5.5% | 38.7% | ||
| Q4 24 | 8.4% | 41.1% | ||
| Q3 24 | 7.0% | 38.8% | ||
| Q2 24 | 7.7% | 37.7% | ||
| Q1 24 | 6.6% | 37.6% |
每股收益（稀释后）DFHMSCI
| Q4 25 | $0.57 | $3.81 | ||
| Q3 25 | $0.47 | $4.25 | ||
| Q2 25 | $0.56 | $3.92 | ||
| Q1 25 | $0.54 | $3.71 | ||
| Q4 24 | $1.28 | $3.89 | ||
| Q3 24 | $0.70 | $3.57 | ||
| Q2 24 | $0.81 | $3.37 | ||
| Q1 24 | $0.55 | $3.22 |
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 | $515.3M |
| 总债务越低越好 | $1.6B | $6.2B |
| 股东权益账面价值 | $1.4B | $-2.7B |
| 总资产 | $3.7B | $5.7B |
| 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DFHMSCI
| Q4 25 | $234.8M | $515.3M | ||
| Q3 25 | $251.0M | $400.1M | ||
| Q2 25 | $210.3M | $347.3M | ||
| Q1 25 | $297.5M | $360.7M | ||
| Q4 24 | $274.4M | $409.4M | ||
| Q3 24 | $204.9M | $501.0M | ||
| Q2 24 | $274.8M | $451.4M | ||
| Q1 24 | $239.4M | $519.3M |
总债务DFHMSCI
| Q4 25 | $1.6B | $6.2B | ||
| Q3 25 | $1.8B | $5.5B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | $1.3B | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B | ||
| Q1 24 | — | $4.5B |
股东权益DFHMSCI
| Q4 25 | $1.4B | $-2.7B | ||
| Q3 25 | $1.4B | $-1.9B | ||
| Q2 25 | $1.3B | $-886.2M | ||
| Q1 25 | $1.3B | $-958.6M | ||
| Q4 24 | $1.2B | $-940.0M | ||
| Q3 24 | $1.1B | $-751.0M | ||
| Q2 24 | $1.0B | $-734.5M | ||
| Q1 24 | $968.7M | $-650.5M |
总资产DFHMSCI
| Q4 25 | $3.7B | $5.7B | ||
| Q3 25 | $3.8B | $5.4B | ||
| Q2 25 | $3.7B | $5.4B | ||
| Q1 25 | $3.5B | $5.3B | ||
| Q4 24 | $3.3B | $5.4B | ||
| Q3 24 | $3.3B | $5.4B | ||
| Q2 24 | $3.0B | $5.5B | ||
| Q1 24 | $2.7B | $5.5B |
负债/权益比DFHMSCI
| 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 | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $136.0M | $488.7M |
| 自由现金流率自由现金流/营收 | 11.2% | 59.4% |
| 资本支出强度资本支出/营收 | 0.6% | 1.5% |
| 现金转化率经营现金流/净利润 | 2.44× | 1.76× |
| 过去12个月自由现金流最近4个季度 | $-126.4M | $1.5B |
8季度趋势，按日历期对齐
经营现金流DFHMSCI
| Q4 25 | $143.6M | $501.1M | ||
| Q3 25 | $-131.0M | $449.4M | ||
| Q2 25 | $-68.5M | $336.1M | ||
| Q1 25 | $-44.7M | $301.7M | ||
| Q4 24 | $306.5M | $430.6M | ||
| Q3 24 | $-205.0M | $421.6M | ||
| Q2 24 | $-110.6M | $349.2M | ||
| Q1 24 | $-247.5M | $300.1M |
自由现金流DFHMSCI
| Q4 25 | $136.0M | $488.7M | ||
| Q3 25 | $-135.7M | $445.5M | ||
| Q2 25 | $-78.8M | $324.7M | ||
| Q1 25 | $-47.9M | $290.2M | ||
| Q4 24 | $302.6M | $416.4M | ||
| Q3 24 | $-222.5M | $415.0M | ||
| Q2 24 | $-112.4M | $340.6M | ||
| Q1 24 | $-249.6M | $295.9M |
自由现金流率DFHMSCI
| Q4 25 | 11.2% | 59.4% | ||
| Q3 25 | -14.0% | 56.2% | ||
| Q2 25 | -6.8% | 42.0% | ||
| Q1 25 | -4.8% | 38.9% | ||
| Q4 24 | 19.4% | 56.0% | ||
| Q3 24 | -22.1% | 57.3% | ||
| Q2 24 | -10.6% | 48.1% | ||
| Q1 24 | -30.2% | 43.5% |
资本支出强度DFHMSCI
| Q4 25 | 0.6% | 1.5% | ||
| Q3 25 | 0.5% | 0.5% | ||
| Q2 25 | 0.9% | 1.5% | ||
| Q1 25 | 0.3% | 1.5% | ||
| Q4 24 | 0.3% | 1.9% | ||
| Q3 24 | 1.7% | 0.9% | ||
| Q2 24 | 0.2% | 1.2% | ||
| Q1 24 | 0.3% | 0.6% |
现金转化率DFHMSCI
| Q4 25 | 2.44× | 1.76× | ||
| Q3 25 | -2.79× | 1.38× | ||
| Q2 25 | -1.21× | 1.11× | ||
| Q1 25 | -0.81× | 1.05× | ||
| Q4 24 | 2.35× | 1.41× | ||
| Q3 24 | -2.90× | 1.50× | ||
| Q2 24 | -1.37× | 1.31× | ||
| Q1 24 | -4.54× | 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
DFH
| Midwest Segment | $454.2M | 37% |
| Southeast Segment | $397.5M | 33% |
| Mid Atlantic Segment | $307.3M | 25% |
| Financial Services Segment | $53.7M | 4% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
