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家得宝（HD）与Lennar（LEN）财务数据对比。点击上方公司名可切换其他公司
家得宝的季度营收约是Lennar的4.4倍（$41.4B vs $9.4B），家得宝净利率更高（8.7% vs 5.2%，领先3.5%），家得宝同比增速更快（2.8% vs -5.8%），家得宝自由现金流更多（$3.1B vs $1.7B），过去两年Lennar的营收复合增速更高（13.2% vs 9.0%）
家得宝是美国跨国家装零售巨头，也是美国规模最大的家装零售商，主营工具、建材、家电等产品销售，同时提供燃油、运输租赁等服务。公司总部位于佐治亚州科布县，通信地址设于亚特兰大，2021年员工数达49.06万，营收超1510亿美元。
Lennar Corporation是总部位于美国佛罗里达州迈阿密-戴德县的住宅建筑企业，截至2025年按房屋销量统计为美国第二大住宅建筑商。公司业务覆盖多户型及单户住宅租赁物业投资、高端地产开发，旗下LenX板块布局地产科技，另有Lennar Mortgage提供按揭贷款服务。
HD vs LEN — 直观对比
营收规模更大
HD
是对方的4.4倍
$9.4B
营收增速更快
HD
高出8.6%
-5.8%
净利率更高
HD
高出3.5%
5.2%
自由现金流更多
HD
多$1.4B
$1.7B
两年增速更快
LEN
近两年复合增速
9.0%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $41.4B | $9.4B |
| 净利润 | $3.6B | $490.2M |
| 毛利率 | 33.4% | — |
| 营业利润率 | 12.9% | 7.3% |
| 净利率 | 8.7% | 5.2% |
| 营收同比 | 2.8% | -5.8% |
| 净利润同比 | -1.3% | -55.3% |
| 每股收益（稀释后） | $3.62 | — |
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HDLEN
| Q4 25 | $41.4B | $9.4B | ||
| Q3 25 | $45.3B | $8.8B | ||
| Q2 25 | $39.9B | $8.4B | ||
| Q1 25 | $39.7B | $7.6B | ||
| Q4 24 | $40.2B | $9.9B | ||
| Q3 24 | $43.2B | $9.4B | ||
| Q2 24 | $36.4B | $8.8B | ||
| Q1 24 | $34.8B | $7.3B |
净利润HDLEN
| Q4 25 | $3.6B | $490.2M | ||
| Q3 25 | $4.6B | $591.0M | ||
| Q2 25 | $3.4B | $477.4M | ||
| Q1 25 | $3.0B | $519.5M | ||
| Q4 24 | $3.6B | $1.1B | ||
| Q3 24 | $4.6B | $1.2B | ||
| Q2 24 | $3.6B | $954.3M | ||
| Q1 24 | $2.8B | $719.3M |
毛利率HDLEN
| Q4 25 | 33.4% | — | ||
| Q3 25 | 33.4% | — | ||
| Q2 25 | 33.8% | — | ||
| Q1 25 | 32.8% | — | ||
| Q4 24 | 33.4% | — | ||
| Q3 24 | 33.4% | — | ||
| Q2 24 | 34.1% | — | ||
| Q1 24 | 33.1% | — |
营业利润率HDLEN
| Q4 25 | 12.9% | 7.3% | ||
| Q3 25 | 14.5% | 9.0% | ||
| Q2 25 | 12.9% | 7.7% | ||
| Q1 25 | 11.3% | 9.1% | ||
| Q4 24 | 13.5% | 14.7% | ||
| Q3 24 | 15.1% | 16.3% | ||
| Q2 24 | 13.9% | 14.4% | ||
| Q1 24 | 11.9% | 12.7% |
净利率HDLEN
| Q4 25 | 8.7% | 5.2% | ||
| Q3 25 | 10.1% | 6.7% | ||
| Q2 25 | 8.6% | 5.7% | ||
| Q1 25 | 7.5% | 6.8% | ||
| Q4 24 | 9.1% | 11.0% | ||
| Q3 24 | 10.6% | 12.3% | ||
| Q2 24 | 9.9% | 10.9% | ||
| Q1 24 | 8.1% | 9.8% |
每股收益（稀释后）HDLEN
| Q4 25 | $3.62 | — | ||
| Q3 25 | $4.58 | $2.29 | ||
| Q2 25 | $3.45 | $1.81 | ||
| Q1 25 | $3.01 | $1.96 | ||
| Q4 24 | $3.67 | $4.03 | ||
| Q3 24 | $4.60 | $4.26 | ||
| Q2 24 | $3.63 | $3.45 | ||
| Q1 24 | $2.83 | $2.57 |
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 | $1.7B | $3.8B |
| 总债务越低越好 | $46.3B | $5.9B |
| 股东权益账面价值 | $12.1B | $22.0B |
| 总资产 | $106.3B | $34.4B |
| 负债/权益比越低杠杆越低 | 3.82× | 0.27× |
8季度趋势，按日历期对齐
现金及短期投资HDLEN
| Q4 25 | $1.7B | $3.8B | ||
| Q3 25 | $2.8B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.5B | $4.9B | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $4.3B | — | ||
| Q1 24 | $3.8B | — |
总债务HDLEN
| Q4 25 | $46.3B | $5.9B | ||
| Q3 25 | $45.9B | — | ||
| Q2 25 | $47.3B | — | ||
| Q1 25 | $48.5B | — | ||
| Q4 24 | $50.1B | $4.2B | ||
| Q3 24 | $51.9B | — | ||
| Q2 24 | $42.1B | — | ||
| Q1 24 | $42.7B | — |
股东权益HDLEN
| Q4 25 | $12.1B | $22.0B | ||
| Q3 25 | $10.7B | $22.6B | ||
| Q2 25 | $8.0B | $22.6B | ||
| Q1 25 | $6.6B | $22.7B | ||
| Q4 24 | $5.8B | $27.9B | ||
| Q3 24 | $4.4B | $27.4B | ||
| Q2 24 | $1.8B | $26.9B | ||
| Q1 24 | $1.0B | $26.6B |
总资产HDLEN
| Q4 25 | $106.3B | $34.4B | ||
| Q3 25 | $100.0B | $34.9B | ||
| Q2 25 | $99.2B | $34.4B | ||
| Q1 25 | $96.1B | $35.0B | ||
| Q4 24 | $97.3B | $41.3B | ||
| Q3 24 | $96.8B | $39.7B | ||
| Q2 24 | $79.2B | $38.7B | ||
| Q1 24 | $76.5B | $39.0B |
负债/权益比HDLEN
| Q4 25 | 3.82× | 0.27× | ||
| Q3 25 | 4.31× | — | ||
| Q2 25 | 5.95× | — | ||
| Q1 25 | 7.30× | — | ||
| Q4 24 | 8.65× | 0.15× | ||
| Q3 24 | 11.74× | — | ||
| Q2 24 | 23.11× | — | ||
| Q1 24 | 40.94× | — |
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 | $4.0B | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $3.1B | $1.7B |
| 自由现金流率自由现金流/营收 | 7.5% | 17.9% |
| 资本支出强度资本支出/营收 | 2.2% | 0.9% |
| 现金转化率经营现金流/净利润 | 1.11× | 3.59× |
| 过去12个月自由现金流最近4个季度 | $13.9B | $28.2M |
8季度趋势，按日历期对齐
经营现金流HDLEN
| Q4 25 | $4.0B | $1.8B | ||
| Q3 25 | $4.6B | $-158.6M | ||
| Q2 25 | $4.3B | $-1.1B | ||
| Q1 25 | $4.7B | $-289.0M | ||
| Q4 24 | $4.2B | $974.5M | ||
| Q3 24 | $5.4B | $819.2M | ||
| Q2 24 | $5.5B | $241.8M | ||
| Q1 24 | $4.7B | $367.9M |
自由现金流HDLEN
| Q4 25 | $3.1B | $1.7B | ||
| Q3 25 | $3.7B | $-190.8M | ||
| Q2 25 | $3.5B | $-1.1B | ||
| Q1 25 | $3.6B | $-345.1M | ||
| Q4 24 | $3.4B | $933.1M | ||
| Q3 24 | $4.7B | $800.8M | ||
| Q2 24 | $4.7B | $203.0M | ||
| Q1 24 | $3.9B | $294.9M |
自由现金流率HDLEN
| Q4 25 | 7.5% | 17.9% | ||
| Q3 25 | 8.2% | -2.2% | ||
| Q2 25 | 8.8% | -13.3% | ||
| Q1 25 | 9.0% | -4.5% | ||
| Q4 24 | 8.5% | 9.4% | ||
| Q3 24 | 10.9% | 8.5% | ||
| Q2 24 | 12.8% | 2.3% | ||
| Q1 24 | 11.1% | 4.0% |
资本支出强度HDLEN
| Q4 25 | 2.2% | 0.9% | ||
| Q3 25 | 2.0% | 0.4% | ||
| Q2 25 | 2.0% | 0.2% | ||
| Q1 25 | 2.8% | 0.7% | ||
| Q4 24 | 2.0% | 0.4% | ||
| Q3 24 | 1.7% | 0.2% | ||
| Q2 24 | 2.3% | 0.4% | ||
| Q1 24 | 2.5% | 1.0% |
现金转化率HDLEN
| Q4 25 | 1.11× | 3.59× | ||
| Q3 25 | 1.02× | -0.27× | ||
| Q2 25 | 1.26× | -2.29× | ||
| Q1 25 | 1.56× | -0.56× | ||
| Q4 24 | 1.16× | 0.89× | ||
| Q3 24 | 1.19× | 0.70× | ||
| Q2 24 | 1.53× | 0.25× | ||
| Q1 24 | 1.69× | 0.51× |
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
HD
| Major Product Line Building Materials | $13.6B | 33% |
| Major Product Line Dcor | $12.9B | 31% |
| Major Product Line Hardlines | $10.9B | 26% |
| Other | $1.5B | 4% |
| Services | $1.5B | 4% |
| GMS Inc | $892.0M | 2% |
LEN
| Lennar Homebuilding East Central West Houstonand Other | $8.9B | 95% |
| Lennar Financial Services | $308.8M | 3% |
| Lennar Multifamily | $158.7M | 2% |
| Lennar Other | $14.8M | 0% |
| Homebuilding Other Regions | $3.9M | 0% |
