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D. R. Horton（DHI）与麦当劳（MCD）财务数据对比。点击上方公司名可切换其他公司
麦当劳的季度营收约是D. R. Horton的1.0倍（$7.0B vs $6.9B），麦当劳净利率更高（30.9% vs 8.6%，领先22.2%），麦当劳同比增速更快（9.7% vs -9.5%），麦当劳自由现金流更多（$1.6B vs $826.6M），过去两年麦当劳的营收复合增速更高（6.6% vs -13.0%）
D.R.霍顿是总部位于美国得克萨斯州阿灵顿的住宅建造企业，自2002年起持续成为美国交付量最高的住宅建筑商，业务覆盖全美36个州的125个市场，2024年按营收规模位列《财富》美国500强榜单第120位。
麦当劳是源自美国的知名跨国连锁快餐品牌，主营汉堡、薯条、炸鸡等快餐食品，业务覆盖全球多个国家和地区。截至2024年，其全球门店数量在所有餐饮连锁品牌中位列第二，仅次于中国本土品牌蜜雪冰城。
DHI vs MCD — 直观对比
营收规模更大
MCD
是对方的1.0倍
$6.9B
营收增速更快
MCD
高出19.2%
-9.5%
净利率更高
MCD
高出22.2%
8.6%
自由现金流更多
MCD
多$811.4M
$826.6M
两年增速更快
MCD
近两年复合增速
-13.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $6.9B | $7.0B |
| 净利润 | $594.8M | $2.2B |
| 毛利率 | 23.2% | — |
| 营业利润率 | — | 45.0% |
| 净利率 | 8.6% | 30.9% |
| 营收同比 | -9.5% | 9.7% |
| 净利润同比 | -29.6% | 7.3% |
| 每股收益（稀释后） | $2.03 | $3.03 |
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DHIMCD
| Q4 25 | $6.9B | $7.0B | ||
| Q3 25 | $9.7B | $7.1B | ||
| Q2 25 | $9.2B | $6.8B | ||
| Q1 25 | $7.7B | $6.0B | ||
| Q4 24 | $7.6B | $6.4B | ||
| Q3 24 | $10.0B | $6.9B | ||
| Q2 24 | $10.0B | $6.5B | ||
| Q1 24 | $9.1B | $6.2B |
净利润DHIMCD
| Q4 25 | $594.8M | $2.2B | ||
| Q3 25 | $905.3M | $2.3B | ||
| Q2 25 | $1.0B | $2.3B | ||
| Q1 25 | $810.4M | $1.9B | ||
| Q4 24 | $844.9M | $2.0B | ||
| Q3 24 | $1.3B | $2.3B | ||
| Q2 24 | $1.4B | $2.0B | ||
| Q1 24 | $1.2B | $1.9B |
毛利率DHIMCD
| Q4 25 | 23.2% | — | ||
| Q3 25 | 21.7% | 90.6% | ||
| Q2 25 | 23.9% | 90.4% | ||
| Q1 25 | 24.6% | 89.6% | ||
| Q4 24 | 25.1% | — | ||
| Q3 24 | 25.5% | 90.6% | ||
| Q2 24 | 26.5% | 90.3% | ||
| Q1 24 | 25.6% | 89.8% |
营业利润率DHIMCD
| Q4 25 | — | 45.0% | ||
| Q3 25 | 12.4% | 47.4% | ||
| Q2 25 | 14.7% | 47.2% | ||
| Q1 25 | 13.8% | 44.5% | ||
| Q4 24 | 14.6% | 44.9% | ||
| Q3 24 | 17.1% | 46.4% | ||
| Q2 24 | 18.1% | 45.0% | ||
| Q1 24 | 16.8% | 44.4% |
净利率DHIMCD
| Q4 25 | 8.6% | 30.9% | ||
| Q3 25 | 9.4% | 32.2% | ||
| Q2 25 | 11.1% | 32.9% | ||
| Q1 25 | 10.5% | 31.4% | ||
| Q4 24 | 11.1% | 31.6% | ||
| Q3 24 | 12.8% | 32.8% | ||
| Q2 24 | 13.6% | 31.2% | ||
| Q1 24 | 12.9% | 31.3% |
每股收益（稀释后）DHIMCD
| Q4 25 | $2.03 | $3.03 | ||
| Q3 25 | $3.02 | $3.18 | ||
| Q2 25 | $3.36 | $3.14 | ||
| Q1 25 | $2.58 | $2.60 | ||
| Q4 24 | $2.61 | $2.80 | ||
| Q3 24 | $3.90 | $3.13 | ||
| Q2 24 | $4.10 | $2.80 | ||
| Q1 24 | $3.52 | $2.66 |
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 | $2.5B | $774.0M |
| 总债务越低越好 | — | $40.0B |
| 股东权益账面价值 | $24.0B | $-1.8B |
| 总资产 | $34.6B | $59.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资DHIMCD
| Q4 25 | $2.5B | $774.0M | ||
| Q3 25 | $3.0B | $2.4B | ||
| Q2 25 | $2.6B | $1.9B | ||
| Q1 25 | $2.5B | $1.2B | ||
| Q4 24 | $3.1B | $1.1B | ||
| Q3 24 | $4.5B | $1.2B | ||
| Q2 24 | $3.0B | $792.0M | ||
| Q1 24 | $3.1B | $838.0M |
总债务DHIMCD
| Q4 25 | — | $40.0B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $38.4B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益DHIMCD
| Q4 25 | $24.0B | $-1.8B | ||
| Q3 25 | $24.2B | $-2.2B | ||
| Q2 25 | $24.1B | $-2.8B | ||
| Q1 25 | $24.3B | $-3.5B | ||
| Q4 24 | $24.9B | $-3.8B | ||
| Q3 24 | $25.3B | $-5.2B | ||
| Q2 24 | $24.7B | $-4.8B | ||
| Q1 24 | $23.8B | $-4.8B |
总资产DHIMCD
| Q4 25 | $34.6B | $59.5B | ||
| Q3 25 | $35.5B | $60.6B | ||
| Q2 25 | $36.4B | $59.6B | ||
| Q1 25 | $35.7B | $56.3B | ||
| Q4 24 | $35.0B | $55.2B | ||
| Q3 24 | $36.1B | $56.2B | ||
| Q2 24 | $35.2B | $53.8B | ||
| Q1 24 | $34.4B | $53.5B |
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 | $854.0M | $2.7B |
| 自由现金流经营现金流 - 资本支出 | $826.6M | $1.6B |
| 自由现金流率自由现金流/营收 | 12.0% | 23.4% |
| 资本支出强度资本支出/营收 | 0.4% | 15.1% |
| 现金转化率经营现金流/净利润 | 1.44× | 1.25× |
| 过去12个月自由现金流最近4个季度 | $3.5B | $7.2B |
8季度趋势，按日历期对齐
经营现金流DHIMCD
| Q4 25 | $854.0M | $2.7B | ||
| Q3 25 | $2.5B | $3.4B | ||
| Q2 25 | $738.6M | $2.0B | ||
| Q1 25 | $-436.2M | $2.4B | ||
| Q4 24 | $646.7M | $2.6B | ||
| Q3 24 | $2.0B | $2.7B | ||
| Q2 24 | $698.3M | $1.7B | ||
| Q1 24 | $-316.7M | $2.4B |
自由现金流DHIMCD
| Q4 25 | $826.6M | $1.6B | ||
| Q3 25 | $2.4B | $2.4B | ||
| Q2 25 | $692.6M | $1.3B | ||
| Q1 25 | $-470.5M | $1.9B | ||
| Q4 24 | $633.4M | $1.8B | ||
| Q3 24 | $1.9B | $1.9B | ||
| Q2 24 | $636.3M | $1.1B | ||
| Q1 24 | $-340.4M | $1.8B |
自由现金流率DHIMCD
| Q4 25 | 12.0% | 23.4% | ||
| Q3 25 | 25.1% | 34.1% | ||
| Q2 25 | 7.5% | 18.3% | ||
| Q1 25 | -6.1% | 31.5% | ||
| Q4 24 | 8.3% | 28.6% | ||
| Q3 24 | 19.3% | 28.3% | ||
| Q2 24 | 6.4% | 16.3% | ||
| Q1 24 | -3.7% | 29.9% |
资本支出强度DHIMCD
| Q4 25 | 0.4% | 15.1% | ||
| Q3 25 | 0.5% | 14.3% | ||
| Q2 25 | 0.5% | 10.9% | ||
| Q1 25 | 0.4% | 9.3% | ||
| Q4 24 | 0.2% | 12.6% | ||
| Q3 24 | 0.3% | 11.6% | ||
| Q2 24 | 0.6% | 9.7% | ||
| Q1 24 | 0.3% | 8.9% |
现金转化率DHIMCD
| Q4 25 | 1.44× | 1.25× | ||
| Q3 25 | 2.73× | 1.50× | ||
| Q2 25 | 0.72× | 0.89× | ||
| Q1 25 | -0.54× | 1.30× | ||
| Q4 24 | 0.77× | 1.30× | ||
| Q3 24 | 1.53× | 1.21× | ||
| Q2 24 | 0.52× | 0.84× | ||
| Q1 24 | -0.27× | 1.24× |
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
DHI
| Home Building Ops | $6.5B | 95% |
| Eliminations And Other | $209.1M | 3% |
| Financial Services | $184.6M | 3% |
| Land | $16.2M | 0% |
MCD
| International Operated Markets | $3.6B | 51% |
| Other | $2.8B | 40% |
| International Developmental Licensed Marketsand Corporate | $633.0M | 9% |
