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First American Financial Corp（FAF）与Wayfair Inc.（W）财务数据对比。点击上方公司名可切换其他公司
Wayfair Inc.的季度营收约是First American Financial Corp的1.6倍（$3.3B vs $2.0B），First American Financial Corp净利率更高（10.3% vs -3.5%，领先13.8%），First American Financial Corp同比增速更快（21.6% vs 6.9%），First American Financial Corp自由现金流更多（$324.5M vs $177.0M），过去两年First American Financial Corp的营收复合增速更高（19.9% vs 10.6%）
第一美国金融公司是美国知名金融服务企业，主要面向房地产及抵押贷款行业开展业务，核心服务涵盖产权保险、房产交易与抵押业务相关的交割结算服务，在全球地产金融服务领域具备成熟的服务能力与较高的行业认可度。
Wayfair Inc.是总部位于美国马萨诸塞州波士顿的电商企业，2002年成立，前身为CSN Stores，专注于家具及家居用品线上销售。目前平台提供来自全球11000余家供应商的1400万款商品，业务遍及北美、加拿大、德国、爱尔兰、中国、英国等国家和地区。
FAF vs W — 直观对比
营收规模更大
W
是对方的1.6倍
$2.0B
营收增速更快
FAF
高出14.7%
6.9%
净利率更高
FAF
高出13.8%
-3.5%
自由现金流更多
FAF
多$147.5M
$177.0M
两年增速更快
FAF
近两年复合增速
10.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $3.3B |
| 净利润 | $211.9M | $-116.0M |
| 毛利率 | — | 30.3% |
| 营业利润率 | 14.0% | 2.5% |
| 净利率 | 10.3% | -3.5% |
| 营收同比 | 21.6% | 6.9% |
| 净利润同比 | 192.7% | 9.4% |
| 每股收益（稀释后） | $2.04 | $-0.90 |
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FAFW
| Q4 25 | $2.0B | $3.3B | ||
| Q3 25 | $2.0B | $3.1B | ||
| Q2 25 | $1.8B | $3.3B | ||
| Q1 25 | $1.6B | $2.7B | ||
| Q4 24 | $1.7B | $3.1B | ||
| Q3 24 | $1.4B | $2.9B | ||
| Q2 24 | $1.6B | $3.1B | ||
| Q1 24 | $1.4B | $2.7B |
净利润FAFW
| Q4 25 | $211.9M | $-116.0M | ||
| Q3 25 | $189.6M | $-99.0M | ||
| Q2 25 | $146.1M | $15.0M | ||
| Q1 25 | $74.2M | $-113.0M | ||
| Q4 24 | $72.4M | $-128.0M | ||
| Q3 24 | $-104.0M | $-74.0M | ||
| Q2 24 | $116.0M | $-42.0M | ||
| Q1 24 | $46.7M | $-248.0M |
毛利率FAFW
| Q4 25 | — | 30.3% | ||
| Q3 25 | — | 30.0% | ||
| Q2 25 | — | 30.1% | ||
| Q1 25 | — | 30.7% | ||
| Q4 24 | — | 30.2% | ||
| Q3 24 | — | 30.3% | ||
| Q2 24 | — | 30.2% | ||
| Q1 24 | — | 30.0% |
营业利润率FAFW
| Q4 25 | 14.0% | 2.5% | ||
| Q3 25 | 12.5% | 1.2% | ||
| Q2 25 | 10.6% | 0.5% | ||
| Q1 25 | 6.1% | -4.5% | ||
| Q4 24 | 5.9% | -3.7% | ||
| Q3 24 | -10.3% | -2.6% | ||
| Q2 24 | 9.4% | -1.1% | ||
| Q1 24 | 4.1% | -8.6% |
净利率FAFW
| Q4 25 | 10.3% | -3.5% | ||
| Q3 25 | 9.6% | -3.2% | ||
| Q2 25 | 7.9% | 0.5% | ||
| Q1 25 | 4.7% | -4.1% | ||
| Q4 24 | 4.3% | -4.1% | ||
| Q3 24 | -7.4% | -2.6% | ||
| Q2 24 | 7.2% | -1.3% | ||
| Q1 24 | 3.3% | -9.1% |
每股收益（稀释后）FAFW
| Q4 25 | $2.04 | $-0.90 | ||
| Q3 25 | $1.84 | $-0.76 | ||
| Q2 25 | $1.41 | $0.11 | ||
| Q1 25 | $0.71 | $-0.89 | ||
| Q4 24 | $0.70 | $-1.01 | ||
| Q3 24 | $-1.00 | $-0.60 | ||
| Q2 24 | $1.11 | $-0.34 | ||
| Q1 24 | $0.45 | $-2.06 |
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 | $1.4B | $1.5B |
| 总债务越低越好 | — | $3.3B |
| 股东权益账面价值 | $5.5B | $-2.8B |
| 总资产 | $16.2B | $3.4B |
| 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FAFW
| Q4 25 | $1.4B | $1.5B | ||
| Q3 25 | $2.9B | $1.2B | ||
| Q2 25 | $2.0B | $1.4B | ||
| Q1 25 | $2.0B | $1.4B | ||
| Q4 24 | $1.7B | $1.4B | ||
| Q3 24 | $3.0B | $1.3B | ||
| Q2 24 | $2.0B | $1.3B | ||
| Q1 24 | $1.5B | $1.2B |
总债务FAFW
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $3.2B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.2B | ||
| Q2 24 | — | $3.2B | ||
| Q1 24 | — | $3.2B |
股东权益FAFW
| Q4 25 | $5.5B | $-2.8B | ||
| Q3 25 | $5.3B | $-2.8B | ||
| Q2 25 | $5.1B | $-2.7B | ||
| Q1 25 | $5.0B | $-2.8B | ||
| Q4 24 | $4.9B | $-2.8B | ||
| Q3 24 | $5.1B | $-2.7B | ||
| Q2 24 | $4.8B | $-2.8B | ||
| Q1 24 | $4.8B | $-2.8B |
总资产FAFW
| Q4 25 | $16.2B | $3.4B | ||
| Q3 25 | $17.6B | $3.1B | ||
| Q2 25 | $16.3B | $3.3B | ||
| Q1 25 | $15.5B | $3.4B | ||
| Q4 24 | $14.9B | $3.5B | ||
| Q3 24 | $16.6B | $3.4B | ||
| Q2 24 | $15.2B | $3.4B | ||
| Q1 24 | $14.7B | $3.2B |
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 | $369.3M | $202.0M |
| 自由现金流经营现金流 - 资本支出 | $324.5M | $177.0M |
| 自由现金流率自由现金流/营收 | 15.8% | 5.3% |
| 资本支出强度资本支出/营收 | 2.2% | 0.7% |
| 现金转化率经营现金流/净利润 | 1.74× | — |
| 过去12个月自由现金流最近4个季度 | $762.5M | $464.0M |
8季度趋势，按日历期对齐
经营现金流FAFW
| Q4 25 | $369.3M | $202.0M | ||
| Q3 25 | $272.5M | $155.0M | ||
| Q2 25 | $361.8M | $273.0M | ||
| Q1 25 | $-52.8M | $-96.0M | ||
| Q4 24 | $324.6M | $162.0M | ||
| Q3 24 | $236.9M | $49.0M | ||
| Q2 24 | $266.7M | $245.0M | ||
| Q1 24 | $69.3M | $-139.0M |
自由现金流FAFW
| Q4 25 | $324.5M | $177.0M | ||
| Q3 25 | $223.1M | $128.0M | ||
| Q2 25 | $309.4M | $260.0M | ||
| Q1 25 | $-94.5M | $-101.0M | ||
| Q4 24 | $266.2M | $142.0M | ||
| Q3 24 | $185.4M | $32.0M | ||
| Q2 24 | $210.0M | $222.0M | ||
| Q1 24 | $17.6M | $-152.0M |
自由现金流率FAFW
| Q4 25 | 15.8% | 5.3% | ||
| Q3 25 | 11.3% | 4.1% | ||
| Q2 25 | 16.8% | 7.9% | ||
| Q1 25 | -6.0% | -3.7% | ||
| Q4 24 | 15.8% | 4.5% | ||
| Q3 24 | 13.2% | 1.1% | ||
| Q2 24 | 13.0% | 7.1% | ||
| Q1 24 | 1.2% | -5.6% |
资本支出强度FAFW
| Q4 25 | 2.2% | 0.7% | ||
| Q3 25 | 2.5% | 0.9% | ||
| Q2 25 | 2.8% | 0.4% | ||
| Q1 25 | 2.6% | 0.2% | ||
| Q4 24 | 3.5% | 0.6% | ||
| Q3 24 | 3.7% | 0.6% | ||
| Q2 24 | 3.5% | 0.7% | ||
| Q1 24 | 3.6% | 0.5% |
现金转化率FAFW
| Q4 25 | 1.74× | — | ||
| Q3 25 | 1.44× | — | ||
| Q2 25 | 2.48× | 18.20× | ||
| Q1 25 | -0.71× | — | ||
| Q4 24 | 4.48× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.30× | — | ||
| Q1 24 | 1.48× | — |
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
FAF
| Title Insurance And Services | $1.9B | 94% |
| Home Warranty | $110.3M | 5% |
W
| US Segment | $2.9B | 88% |
| International Segment | $395.0M | 12% |
