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Dream Finders Homes, Inc.（DFH）与Toll Brothers, Inc.（TOL）财务数据对比。点击上方公司名可切换其他公司
Toll Brothers, Inc.的季度营收约是Dream Finders Homes, Inc.的2.8倍（$3.4B vs $1.2B）。Toll Brothers, Inc.净利率更高（13.0% vs 4.8%，领先8.2%）。Toll Brothers, Inc.同比增速更快（2.7% vs -22.3%）。Toll Brothers, Inc.自由现金流更多（$772.2M vs $136.0M）。过去两年Toll Brothers, Inc.的营收复合增速更高（32.6% vs 21.0%）
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。
Toll Brothers, Inc.是美国知名住宅建造企业，业务涵盖美国境内住宅及商业地产的开发、营销与融资服务。2020年按住宅建造营收统计，该公司为全美第五大房屋建造商，位列《财富》美国500强第411位。
DFH vs TOL — 直观对比
营收规模更大
TOL
是对方的2.8倍
$1.2B
营收增速更快
TOL
高出25.0%
-22.3%
净利率更高
TOL
高出8.2%
4.8%
自由现金流更多
TOL
多$636.2M
$136.0M
两年增速更快
TOL
近两年复合增速
21.0%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $3.4B |
| 净利润 | $58.8M | $446.7M |
| 毛利率 | — | 24.8% |
| 营业利润率 | 6.4% | 16.5% |
| 净利率 | 4.8% | 13.0% |
| 营收同比 | -22.3% | 2.7% |
| 净利润同比 | -54.9% | -6.0% |
| 每股收益（稀释后） | $0.57 | $4.51 |
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DFHTOL
| Q4 25 | $1.2B | $3.4B | ||
| Q3 25 | $969.8M | $2.9B | ||
| Q2 25 | $1.2B | $2.7B | ||
| Q1 25 | $989.9M | $1.9B | ||
| Q4 24 | $1.6B | $3.3B | ||
| Q3 24 | $1.0B | $2.7B | ||
| Q2 24 | $1.1B | $2.8B | ||
| Q1 24 | $827.8M | $1.9B |
净利润DFHTOL
| Q4 25 | $58.8M | $446.7M | ||
| Q3 25 | $47.0M | $369.6M | ||
| Q2 25 | $56.6M | $352.4M | ||
| Q1 25 | $54.9M | $177.7M | ||
| Q4 24 | $130.5M | $475.4M | ||
| Q3 24 | $70.7M | $374.6M | ||
| Q2 24 | $80.9M | $481.6M | ||
| Q1 24 | $54.5M | $239.6M |
毛利率DFHTOL
| Q4 25 | — | 24.8% | ||
| Q3 25 | — | 25.2% | ||
| Q2 25 | — | 25.8% | ||
| Q1 25 | — | 24.7% | ||
| Q4 24 | — | 26.4% | ||
| Q3 24 | — | 27.2% | ||
| Q2 24 | 19.2% | 30.4% | ||
| Q1 24 | 18.0% | 27.6% |
营业利润率DFHTOL
| Q4 25 | 6.4% | 16.5% | ||
| Q3 25 | 6.3% | 16.6% | ||
| Q2 25 | 6.4% | 16.4% | ||
| Q1 25 | 7.2% | 11.8% | ||
| Q4 24 | 10.8% | 18.3% | ||
| Q3 24 | 9.2% | 18.2% | ||
| Q2 24 | 10.0% | 22.0% | ||
| Q1 24 | 8.6% | 15.8% |
净利率DFHTOL
| Q4 25 | 4.8% | 13.0% | ||
| Q3 25 | 4.8% | 12.6% | ||
| Q2 25 | 4.9% | 12.9% | ||
| Q1 25 | 5.5% | 9.6% | ||
| Q4 24 | 8.4% | 14.3% | ||
| Q3 24 | 7.0% | 13.7% | ||
| Q2 24 | 7.7% | 17.0% | ||
| Q1 24 | 6.6% | 12.3% |
每股收益（稀释后）DFHTOL
| Q4 25 | $0.57 | $4.51 | ||
| Q3 25 | $0.47 | $3.73 | ||
| Q2 25 | $0.56 | $3.50 | ||
| Q1 25 | $0.54 | $1.75 | ||
| Q4 24 | $1.28 | $4.61 | ||
| Q3 24 | $0.70 | $3.60 | ||
| Q2 24 | $0.81 | $4.55 | ||
| Q1 24 | $0.55 | $2.25 |
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 | $1.3B |
| 总债务越低越好 | $1.6B | — |
| 股东权益账面价值 | $1.4B | $8.3B |
| 总资产 | $3.7B | $14.5B |
| 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DFHTOL
| Q4 25 | $234.8M | $1.3B | ||
| Q3 25 | $251.0M | $852.3M | ||
| Q2 25 | $210.3M | $686.5M | ||
| Q1 25 | $297.5M | $574.8M | ||
| Q4 24 | $274.4M | $1.3B | ||
| Q3 24 | $204.9M | $893.4M | ||
| Q2 24 | $274.8M | $1.0B | ||
| Q1 24 | $239.4M | $754.8M |
总债务DFHTOL
| 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DFHTOL
| Q4 25 | $1.4B | $8.3B | ||
| Q3 25 | $1.4B | $8.1B | ||
| Q2 25 | $1.3B | $7.9B | ||
| Q1 25 | $1.3B | $7.8B | ||
| Q4 24 | $1.2B | $7.7B | ||
| Q3 24 | $1.1B | $7.4B | ||
| Q2 24 | $1.0B | $7.3B | ||
| Q1 24 | $968.7M | $7.0B |
总资产DFHTOL
| Q4 25 | $3.7B | $14.5B | ||
| Q3 25 | $3.8B | $14.4B | ||
| Q2 25 | $3.7B | $14.2B | ||
| Q1 25 | $3.5B | $13.6B | ||
| Q4 24 | $3.3B | $13.4B | ||
| Q3 24 | $3.3B | $13.4B | ||
| Q2 24 | $3.0B | $13.3B | ||
| Q1 24 | $2.7B | $12.5B |
负债/权益比DFHTOL
| 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 | $800.0M |
| 自由现金流经营现金流 - 资本支出 | $136.0M | $772.2M |
| 自由现金流率自由现金流/营收 | 11.2% | 22.6% |
| 资本支出强度资本支出/营收 | 0.6% | 0.8% |
| 现金转化率经营现金流/净利润 | 2.44× | 1.79× |
| 过去12个月自由现金流最近4个季度 | $-126.4M | $1.0B |
8季度趋势，按日历期对齐
经营现金流DFHTOL
| Q4 25 | $143.6M | $800.0M | ||
| Q3 25 | $-131.0M | $370.3M | ||
| Q2 25 | $-68.5M | $362.8M | ||
| Q1 25 | $-44.7M | $-420.8M | ||
| Q4 24 | $306.5M | $682.5M | ||
| Q3 24 | $-205.0M | $175.6M | ||
| Q2 24 | $-110.6M | $459.0M | ||
| Q1 24 | $-247.5M | $-307.0M |
自由现金流DFHTOL
| Q4 25 | $136.0M | $772.2M | ||
| Q3 25 | $-135.7M | $344.9M | ||
| Q2 25 | $-78.8M | $347.3M | ||
| Q1 25 | $-47.9M | $-438.1M | ||
| Q4 24 | $302.6M | $664.3M | ||
| Q3 24 | $-222.5M | $149.9M | ||
| Q2 24 | $-112.4M | $442.9M | ||
| Q1 24 | $-249.6M | $-320.6M |
自由现金流率DFHTOL
| Q4 25 | 11.2% | 22.6% | ||
| Q3 25 | -14.0% | 11.7% | ||
| Q2 25 | -6.8% | 12.7% | ||
| Q1 25 | -4.8% | -23.6% | ||
| Q4 24 | 19.4% | 19.9% | ||
| Q3 24 | -22.1% | 5.5% | ||
| Q2 24 | -10.6% | 15.6% | ||
| Q1 24 | -30.2% | -16.5% |
资本支出强度DFHTOL
| Q4 25 | 0.6% | 0.8% | ||
| Q3 25 | 0.5% | 0.9% | ||
| Q2 25 | 0.9% | 0.6% | ||
| Q1 25 | 0.3% | 0.9% | ||
| Q4 24 | 0.3% | 0.5% | ||
| Q3 24 | 1.7% | 0.9% | ||
| Q2 24 | 0.2% | 0.6% | ||
| Q1 24 | 0.3% | 0.7% |
现金转化率DFHTOL
| Q4 25 | 2.44× | 1.79× | ||
| Q3 25 | -2.79× | 1.00× | ||
| Q2 25 | -1.21× | 1.03× | ||
| Q1 25 | -0.81× | -2.37× | ||
| Q4 24 | 2.35× | 1.44× | ||
| Q3 24 | -2.90× | 0.47× | ||
| Q2 24 | -1.37× | 0.95× | ||
| Q1 24 | -4.54× | -1.28× |
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% |
TOL
| Home Building | $3.4B | 100% |
| Land | $9.4M | 0% |
