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Dream Finders Homes, Inc.（DFH）与Meritage Homes CORP（MTH）财务数据对比。点击上方公司名可切换其他公司
Meritage Homes CORP的季度营收约是Dream Finders Homes, Inc.的1.2倍（$1.4B vs $1.2B）。Meritage Homes CORP净利率更高（17.7% vs 4.8%，领先12.9%）。Meritage Homes CORP同比增速更快（10.5% vs -22.3%）。Dream Finders Homes, Inc.自由现金流更多（$136.0M vs $-225.4M）
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。
Meritage Homes Corporation是美国上市房地产开发企业，主营全美范围内各类独栋住宅建造业务，按2023年房屋销量计算为美国第五大住宅建筑商，同时在亚利桑那州开发活跃长者社区及高端地产项目。
DFH vs MTH — 直观对比
营收规模更大
MTH
是对方的1.2倍
$1.2B
营收增速更快
MTH
高出32.8%
-22.3%
净利率更高
MTH
高出12.9%
4.8%
自由现金流更多
DFH
多$361.5M
$-225.4M
损益表 — Q4 2025 vs Q2 2022
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.4B |
| 净利润 | $58.8M | $250.1M |
| 毛利率 | — | 31.5% |
| 营业利润率 | 6.4% | 23.5% |
| 净利率 | 4.8% | 17.7% |
| 营收同比 | -22.3% | 10.5% |
| 净利润同比 | -54.9% | 49.4% |
| 每股收益（稀释后） | $0.57 | $6.77 |
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DFHMTH
| Q4 25 | $1.2B | — | ||
| Q3 25 | $969.8M | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $989.9M | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $827.8M | — |
净利润DFHMTH
| Q4 25 | $58.8M | — | ||
| Q3 25 | $47.0M | — | ||
| Q2 25 | $56.6M | — | ||
| Q1 25 | $54.9M | — | ||
| Q4 24 | $130.5M | — | ||
| Q3 24 | $70.7M | — | ||
| Q2 24 | $80.9M | — | ||
| Q1 24 | $54.5M | — |
毛利率DFHMTH
| 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DFHMTH
| Q4 25 | 6.4% | — | ||
| Q3 25 | 6.3% | — | ||
| Q2 25 | 6.4% | — | ||
| Q1 25 | 7.2% | — | ||
| Q4 24 | 10.8% | — | ||
| Q3 24 | 9.2% | — | ||
| Q2 24 | 10.0% | — | ||
| Q1 24 | 8.6% | — |
净利率DFHMTH
| Q4 25 | 4.8% | — | ||
| Q3 25 | 4.8% | — | ||
| Q2 25 | 4.9% | — | ||
| Q1 25 | 5.5% | — | ||
| Q4 24 | 8.4% | — | ||
| Q3 24 | 7.0% | — | ||
| Q2 24 | 7.7% | — | ||
| Q1 24 | 6.6% | — |
每股收益（稀释后）DFHMTH
| Q4 25 | $0.57 | — | ||
| Q3 25 | $0.47 | — | ||
| Q2 25 | $0.56 | — | ||
| Q1 25 | $0.54 | — | ||
| Q4 24 | $1.28 | — | ||
| Q3 24 | $0.70 | — | ||
| Q2 24 | $0.81 | — | ||
| Q1 24 | $0.55 | — |
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 | $272.1M |
| 总债务越低越好 | $1.6B | — |
| 股东权益账面价值 | $1.4B | $3.4B |
| 总资产 | $3.7B | $5.3B |
| 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DFHMTH
| 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DFHMTH
| 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DFHMTH
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $968.7M | — |
总资产DFHMTH
| Q4 25 | $3.7B | — | ||
| Q3 25 | $3.8B | — | ||
| Q2 25 | $3.7B | — | ||
| Q1 25 | $3.5B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.3B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $2.7B | — |
负债/权益比DFHMTH
| 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 | $-219.0M |
| 自由现金流经营现金流 - 资本支出 | $136.0M | $-225.4M |
| 自由现金流率自由现金流/营收 | 11.2% | -16.0% |
| 资本支出强度资本支出/营收 | 0.6% | 0.5% |
| 现金转化率经营现金流/净利润 | 2.44× | -0.88× |
| 过去12个月自由现金流最近4个季度 | $-126.4M | — |
8季度趋势，按日历期对齐
经营现金流DFHMTH
| Q4 25 | $143.6M | — | ||
| Q3 25 | $-131.0M | — | ||
| Q2 25 | $-68.5M | — | ||
| Q1 25 | $-44.7M | — | ||
| Q4 24 | $306.5M | — | ||
| Q3 24 | $-205.0M | — | ||
| Q2 24 | $-110.6M | — | ||
| Q1 24 | $-247.5M | — |
自由现金流DFHMTH
| Q4 25 | $136.0M | — | ||
| Q3 25 | $-135.7M | — | ||
| Q2 25 | $-78.8M | — | ||
| Q1 25 | $-47.9M | — | ||
| Q4 24 | $302.6M | — | ||
| Q3 24 | $-222.5M | — | ||
| Q2 24 | $-112.4M | — | ||
| Q1 24 | $-249.6M | — |
自由现金流率DFHMTH
| Q4 25 | 11.2% | — | ||
| Q3 25 | -14.0% | — | ||
| Q2 25 | -6.8% | — | ||
| Q1 25 | -4.8% | — | ||
| Q4 24 | 19.4% | — | ||
| Q3 24 | -22.1% | — | ||
| Q2 24 | -10.6% | — | ||
| Q1 24 | -30.2% | — |
资本支出强度DFHMTH
| Q4 25 | 0.6% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.3% | — | ||
| Q3 24 | 1.7% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.3% | — |
现金转化率DFHMTH
| Q4 25 | 2.44× | — | ||
| Q3 25 | -2.79× | — | ||
| Q2 25 | -1.21× | — | ||
| Q1 25 | -0.81× | — | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | -2.90× | — | ||
| Q2 24 | -1.37× | — | ||
| Q1 24 | -4.54× | — |
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% |
MTH
| Home Building | $1.4B | 100% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $9.8M | 1% |
| Financial Service | $5.1M | 0% |
| Land Closing | $3.4M | 0% |
