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Dream Finders Homes, Inc.（DFH）与华纳音乐集团（WMG）财务数据对比。点击上方公司名可切换其他公司
华纳音乐集团的季度营收约是Dream Finders Homes, Inc.的1.5倍（$1.8B vs $1.2B），华纳音乐集团净利率更高（9.6% vs 4.8%，领先4.7%），华纳音乐集团同比增速更快（10.4% vs -22.3%），华纳音乐集团自由现金流更多（$420.0M vs $136.0M），过去两年Dream Finders Homes, Inc.的营收复合增速更高（21.0% vs 11.0%）
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。
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
DFH vs WMG — 直观对比
营收规模更大
WMG
是对方的1.5倍
$1.2B
营收增速更快
WMG
高出32.7%
-22.3%
净利率更高
WMG
高出4.7%
4.8%
自由现金流更多
WMG
多$284.0M
$136.0M
两年增速更快
DFH
近两年复合增速
11.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.8B |
| 净利润 | $58.8M | $176.0M |
| 毛利率 | — | 46.4% |
| 营业利润率 | 6.4% | 15.7% |
| 净利率 | 4.8% | 9.6% |
| 营收同比 | -22.3% | 10.4% |
| 净利润同比 | -54.9% | -25.4% |
| 每股收益（稀释后） | $0.57 | — |
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DFHWMG
| Q4 25 | $1.2B | $1.8B | ||
| Q3 25 | $969.8M | $1.9B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $989.9M | $1.5B | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $1.0B | $1.6B | ||
| Q2 24 | $1.1B | $1.6B | ||
| Q1 24 | $827.8M | $1.5B |
净利润DFHWMG
| Q4 25 | $58.8M | $176.0M | ||
| Q3 25 | $47.0M | $109.0M | ||
| Q2 25 | $56.6M | $-16.0M | ||
| Q1 25 | $54.9M | $36.0M | ||
| Q4 24 | $130.5M | $236.0M | ||
| Q3 24 | $70.7M | $41.0M | ||
| Q2 24 | $80.9M | $139.0M | ||
| Q1 24 | $54.5M | $96.0M |
毛利率DFHWMG
| Q4 25 | — | 46.4% | ||
| Q3 25 | — | 44.6% | ||
| Q2 25 | — | 45.9% | ||
| Q1 25 | — | 46.7% | ||
| Q4 24 | — | 46.3% | ||
| Q3 24 | — | 47.6% | ||
| Q2 24 | 19.2% | 46.6% | ||
| Q1 24 | 18.0% | 47.1% |
营业利润率DFHWMG
| Q4 25 | 6.4% | 15.7% | ||
| Q3 25 | 6.3% | 7.7% | ||
| Q2 25 | 6.4% | 10.0% | ||
| Q1 25 | 7.2% | 11.3% | ||
| Q4 24 | 10.8% | 12.8% | ||
| Q3 24 | 9.2% | 8.8% | ||
| Q2 24 | 10.0% | 13.3% | ||
| Q1 24 | 8.6% | 8.0% |
净利率DFHWMG
| Q4 25 | 4.8% | 9.6% | ||
| Q3 25 | 4.8% | 5.8% | ||
| Q2 25 | 4.9% | -0.9% | ||
| Q1 25 | 5.5% | 2.4% | ||
| Q4 24 | 8.4% | 14.2% | ||
| Q3 24 | 7.0% | 2.5% | ||
| Q2 24 | 7.7% | 8.9% | ||
| Q1 24 | 6.6% | 6.4% |
每股收益（稀释后）DFHWMG
| 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 | $751.0M |
| 总债务越低越好 | $1.6B | $4.4B |
| 股东权益账面价值 | $1.4B | $720.0M |
| 总资产 | $3.7B | $10.0B |
| 负债/权益比越低杠杆越低 | 1.13× | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资DFHWMG
| Q4 25 | $234.8M | $751.0M | ||
| Q3 25 | $251.0M | $532.0M | ||
| Q2 25 | $210.3M | $527.0M | ||
| Q1 25 | $297.5M | $637.0M | ||
| Q4 24 | $274.4M | $802.0M | ||
| Q3 24 | $204.9M | $694.0M | ||
| Q2 24 | $274.8M | $607.0M | ||
| Q1 24 | $239.4M | $587.0M |
总债务DFHWMG
| Q4 25 | $1.6B | $4.4B | ||
| Q3 25 | $1.8B | $4.4B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | $1.3B | $4.0B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $4.0B | ||
| Q1 24 | — | $4.0B |
股东权益DFHWMG
| Q4 25 | $1.4B | $720.0M | ||
| Q3 25 | $1.4B | $647.0M | ||
| Q2 25 | $1.3B | $589.0M | ||
| Q1 25 | $1.3B | $567.0M | ||
| Q4 24 | $1.2B | $545.0M | ||
| Q3 24 | $1.1B | $518.0M | ||
| Q2 24 | $1.0B | $483.0M | ||
| Q1 24 | $968.7M | $433.0M |
总资产DFHWMG
| Q4 25 | $3.7B | $10.0B | ||
| Q3 25 | $3.8B | $9.8B | ||
| Q2 25 | $3.7B | $9.8B | ||
| Q1 25 | $3.5B | $9.6B | ||
| Q4 24 | $3.3B | $9.1B | ||
| Q3 24 | $3.3B | $9.2B | ||
| Q2 24 | $3.0B | $8.8B | ||
| Q1 24 | $2.7B | $8.7B |
负债/权益比DFHWMG
| Q4 25 | 1.13× | 6.07× | ||
| Q3 25 | 1.29× | 6.75× | ||
| Q2 25 | — | 7.41× | ||
| Q1 25 | — | 7.57× | ||
| Q4 24 | 1.03× | 7.26× | ||
| Q3 24 | — | 7.75× | ||
| Q2 24 | — | 8.24× | ||
| Q1 24 | — | 9.20× |
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 | $440.0M |
| 自由现金流经营现金流 - 资本支出 | $136.0M | $420.0M |
| 自由现金流率自由现金流/营收 | 11.2% | 22.8% |
| 资本支出强度资本支出/营收 | 0.6% | 1.1% |
| 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 | $663.0M |
8季度趋势，按日历期对齐
经营现金流DFHWMG
| Q4 25 | $143.6M | $440.0M | ||
| Q3 25 | $-131.0M | $231.0M | ||
| Q2 25 | $-68.5M | $46.0M | ||
| Q1 25 | $-44.7M | $69.0M | ||
| Q4 24 | $306.5M | $332.0M | ||
| Q3 24 | $-205.0M | $304.0M | ||
| Q2 24 | $-110.6M | $188.0M | ||
| Q1 24 | $-247.5M | $-31.0M |
自由现金流DFHWMG
| Q4 25 | $136.0M | $420.0M | ||
| Q3 25 | $-135.7M | $203.0M | ||
| Q2 25 | $-78.8M | $7.0M | ||
| Q1 25 | $-47.9M | $33.0M | ||
| Q4 24 | $302.6M | $296.0M | ||
| Q3 24 | $-222.5M | $271.0M | ||
| Q2 24 | $-112.4M | $160.0M | ||
| Q1 24 | $-249.6M | $-57.0M |
自由现金流率DFHWMG
| Q4 25 | 11.2% | 22.8% | ||
| Q3 25 | -14.0% | 10.9% | ||
| Q2 25 | -6.8% | 0.4% | ||
| Q1 25 | -4.8% | 2.2% | ||
| Q4 24 | 19.4% | 17.8% | ||
| Q3 24 | -22.1% | 16.6% | ||
| Q2 24 | -10.6% | 10.3% | ||
| Q1 24 | -30.2% | -3.8% |
资本支出强度DFHWMG
| Q4 25 | 0.6% | 1.1% | ||
| Q3 25 | 0.5% | 1.5% | ||
| Q2 25 | 0.9% | 2.3% | ||
| Q1 25 | 0.3% | 2.4% | ||
| Q4 24 | 0.3% | 2.2% | ||
| Q3 24 | 1.7% | 2.0% | ||
| Q2 24 | 0.2% | 1.8% | ||
| Q1 24 | 0.3% | 1.7% |
现金转化率DFHWMG
| Q4 25 | 2.44× | 2.50× | ||
| Q3 25 | -2.79× | 2.12× | ||
| Q2 25 | -1.21× | — | ||
| Q1 25 | -0.81× | 1.92× | ||
| Q4 24 | 2.35× | 1.41× | ||
| Q3 24 | -2.90× | 7.41× | ||
| Q2 24 | -1.37× | 1.35× | ||
| Q1 24 | -4.54× | -0.32× |
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% |
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
