vs
Dream Finders Homes, Inc.（DFH）与Taylor Morrison Home Corp（TMHC）财务数据对比。点击上方公司名可切换其他公司
Taylor Morrison Home Corp的季度营收约是Dream Finders Homes, Inc.的1.1倍（$1.4B vs $1.2B）。Taylor Morrison Home Corp净利率更高（7.1% vs 4.8%，领先2.3%）。Dream Finders Homes, Inc.同比增速更快（-22.3% vs -26.8%）。过去两年Dream Finders Homes, Inc.的营收复合增速更高（21.0% vs -16.5%）
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。
泰勒莫里森住房公司是美国规模最大的住宅建筑商之一，总部位于亚利桑那州斯科茨代尔，2007年7月由泰勒伍德罗与莫里森住房合并成立。公司业务覆盖亚利桑那、加利福尼亚、得克萨斯等十余个州，产品涵盖首次置业、中端及中高端住宅，可满足不同层级客户的住房需求。
DFH vs TMHC — 直观对比
营收规模更大
TMHC
是对方的1.1倍
$1.2B
营收增速更快
DFH
高出4.6%
-26.8%
净利率更高
TMHC
高出2.3%
4.8%
两年增速更快
DFH
近两年复合增速
-16.5%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.4B |
| 净利润 | $58.8M | $98.6M |
| 毛利率 | — | 21.0% |
| 营业利润率 | 6.4% | — |
| 净利率 | 4.8% | 7.1% |
| 营收同比 | -22.3% | -26.8% |
| 净利润同比 | -54.9% | -53.8% |
| 每股收益（稀释后） | $0.57 | $1.12 |
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DFHTMHC
| Q1 26 | — | $1.4B | ||
| Q4 25 | $1.2B | $2.1B | ||
| Q3 25 | $969.8M | $2.1B | ||
| Q2 25 | $1.2B | $2.0B | ||
| Q1 25 | $989.9M | $1.9B | ||
| Q4 24 | $1.6B | $2.4B | ||
| Q3 24 | $1.0B | $2.1B | ||
| Q2 24 | $1.1B | $2.0B |
净利润DFHTMHC
| Q1 26 | — | $98.6M | ||
| Q4 25 | $58.8M | $174.0M | ||
| Q3 25 | $47.0M | $201.4M | ||
| Q2 25 | $56.6M | $193.6M | ||
| Q1 25 | $54.9M | $213.5M | ||
| Q4 24 | $130.5M | $242.5M | ||
| Q3 24 | $70.7M | $251.1M | ||
| Q2 24 | $80.9M | $199.5M |
毛利率DFHTMHC
| Q1 26 | — | 21.0% | ||
| Q4 25 | — | 22.0% | ||
| Q3 25 | — | 22.7% | ||
| Q2 25 | — | 23.0% | ||
| Q1 25 | — | 24.4% | ||
| Q4 24 | — | 23.9% | ||
| Q3 24 | — | 25.0% | ||
| Q2 24 | 19.2% | 23.7% |
营业利润率DFHTMHC
| Q1 26 | — | — | ||
| 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% | — |
净利率DFHTMHC
| Q1 26 | — | 7.1% | ||
| Q4 25 | 4.8% | 8.3% | ||
| Q3 25 | 4.8% | 9.6% | ||
| Q2 25 | 4.9% | 9.5% | ||
| Q1 25 | 5.5% | 11.3% | ||
| Q4 24 | 8.4% | 10.3% | ||
| Q3 24 | 7.0% | 11.8% | ||
| Q2 24 | 7.7% | 10.0% |
每股收益（稀释后）DFHTMHC
| Q1 26 | — | $1.12 | ||
| Q4 25 | $0.57 | $1.77 | ||
| Q3 25 | $0.47 | $2.01 | ||
| Q2 25 | $0.56 | $1.92 | ||
| Q1 25 | $0.54 | $2.07 | ||
| Q4 24 | $1.28 | $2.29 | ||
| Q3 24 | $0.70 | $2.37 | ||
| Q2 24 | $0.81 | $1.86 |
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 | $652.9M |
| 总债务越低越好 | $1.6B | — |
| 股东权益账面价值 | $1.4B | $6.2B |
| 总资产 | $3.7B | $9.8B |
| 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DFHTMHC
| Q1 26 | — | $652.9M | ||
| Q4 25 | $234.8M | $850.0M | ||
| Q3 25 | $251.0M | $370.6M | ||
| Q2 25 | $210.3M | $130.2M | ||
| Q1 25 | $297.5M | $377.8M | ||
| Q4 24 | $274.4M | $487.2M | ||
| Q3 24 | $204.9M | $256.4M | ||
| Q2 24 | $274.8M | $246.8M |
总债务DFHTMHC
| Q1 26 | — | — | ||
| Q4 25 | $1.6B | $2.3B | ||
| Q3 25 | $1.8B | $2.2B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | $1.3B | $2.1B | ||
| Q3 24 | — | $2.1B | ||
| Q2 24 | — | $2.2B |
股东权益DFHTMHC
| Q1 26 | — | $6.2B | ||
| Q4 25 | $1.4B | $6.3B | ||
| Q3 25 | $1.4B | $6.2B | ||
| Q2 25 | $1.3B | $6.1B | ||
| Q1 25 | $1.3B | $6.0B | ||
| Q4 24 | $1.2B | $5.9B | ||
| Q3 24 | $1.1B | $5.7B | ||
| Q2 24 | $1.0B | $5.5B |
总资产DFHTMHC
| Q1 26 | — | $9.8B | ||
| Q4 25 | $3.7B | $9.8B | ||
| Q3 25 | $3.8B | $9.6B | ||
| Q2 25 | $3.7B | $9.5B | ||
| Q1 25 | $3.5B | $9.4B | ||
| Q4 24 | $3.3B | $9.3B | ||
| Q3 24 | $3.3B | $9.3B | ||
| Q2 24 | $3.0B | $9.1B |
负债/权益比DFHTMHC
| Q1 26 | — | — | ||
| Q4 25 | 1.13× | 0.36× | ||
| Q3 25 | 1.29× | 0.35× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.35× | ||
| Q4 24 | 1.03× | 0.36× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.39× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $136.0M | — |
| 自由现金流率自由现金流/营收 | 11.2% | — |
| 资本支出强度资本支出/营收 | 0.6% | — |
| 现金转化率经营现金流/净利润 | 2.44× | — |
| 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DFHTMHC
| Q1 26 | — | — | ||
| Q4 25 | $143.6M | $646.4M | ||
| Q3 25 | $-131.0M | $219.6M | ||
| Q2 25 | $-68.5M | $-126.0M | ||
| Q1 25 | $-44.7M | $77.2M | ||
| Q4 24 | $306.5M | $438.2M | ||
| Q3 24 | $-205.0M | $135.9M | ||
| Q2 24 | $-110.6M | $-233.3M |
自由现金流DFHTMHC
| Q1 26 | — | — | ||
| Q4 25 | $136.0M | $635.3M | ||
| Q3 25 | $-135.7M | $206.6M | ||
| Q2 25 | $-78.8M | $-133.6M | ||
| Q1 25 | $-47.9M | $68.7M | ||
| Q4 24 | $302.6M | $428.2M | ||
| Q3 24 | $-222.5M | $127.1M | ||
| Q2 24 | $-112.4M | $-241.7M |
自由现金流率DFHTMHC
| Q1 26 | — | — | ||
| Q4 25 | 11.2% | 30.3% | ||
| Q3 25 | -14.0% | 9.9% | ||
| Q2 25 | -6.8% | -6.6% | ||
| Q1 25 | -4.8% | 3.6% | ||
| Q4 24 | 19.4% | 18.2% | ||
| Q3 24 | -22.1% | 6.0% | ||
| Q2 24 | -10.6% | -12.1% |
资本支出强度DFHTMHC
| Q1 26 | — | — | ||
| Q4 25 | 0.6% | 0.5% | ||
| Q3 25 | 0.5% | 0.6% | ||
| Q2 25 | 0.9% | 0.4% | ||
| Q1 25 | 0.3% | 0.4% | ||
| Q4 24 | 0.3% | 0.4% | ||
| Q3 24 | 1.7% | 0.4% | ||
| Q2 24 | 0.2% | 0.4% |
现金转化率DFHTMHC
| Q1 26 | — | — | ||
| Q4 25 | 2.44× | 3.71× | ||
| Q3 25 | -2.79× | 1.09× | ||
| Q2 25 | -1.21× | -0.65× | ||
| Q1 25 | -0.81× | 0.36× | ||
| Q4 24 | 2.35× | 1.81× | ||
| Q3 24 | -2.90× | 0.54× | ||
| Q2 24 | -1.37× | -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% |
TMHC
| Home closings revenue, net | $1.3B | 95% |
| Financial services revenue, net | $49.3M | 4% |
| Land closings revenue | $14.5M | 1% |
| Amenity and other revenue | $11.9M | 1% |
