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HOVNANIAN ENTERPRISES INC（HOV）与M/I HOMES, INC.（MHO）财务数据对比。点击上方公司名可切换其他公司
M/I HOMES, INC.的季度营收约是HOVNANIAN ENTERPRISES INC的1.4倍（$1.1B vs $817.9M）。M/I HOMES, INC.净利率更高（5.6% vs -0.1%，领先5.7%）。M/I HOMES, INC.同比增速更快（-4.8% vs -16.5%）。HOVNANIAN ENTERPRISES INC自由现金流更多（$164.0M vs $-13.0M）。过去两年HOVNANIAN ENTERPRISES INC的营收复合增速更高（17.3% vs 4.7%）
霍夫纳尼安企业是美国知名房地产企业，业务覆盖住宅开发全流程，包含设计、建造与销售，产品线丰富，不仅开发独立独栋住宅，也开发联排别墅、公寓以及养老住宅等高密度居住物业。
M/I Homes是美国领先的住宅建筑企业，主要设计、建造及销售独栋住宅、联排住宅与复式公寓，业务覆盖美国多州，面向首次置业、改善型及高端置业群体，提供节能住宅产品与个性化定制服务。
HOV vs MHO — 直观对比
营收规模更大
MHO
是对方的1.4倍
$817.9M
营收增速更快
MHO
高出11.7%
-16.5%
净利率更高
MHO
高出5.7%
-0.1%
自由现金流更多
HOV
多$177.0M
$-13.0M
两年增速更快
HOV
近两年复合增速
4.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $817.9M | $1.1B |
| 净利润 | $-667.0K | $64.0M |
| 毛利率 | — | 17.4% |
| 营业利润率 | -0.5% | 6.5% |
| 净利率 | -0.1% | 5.6% |
| 营收同比 | -16.5% | -4.8% |
| 净利润同比 | -100.7% | -52.1% |
| 每股收益（稀释后） | $-0.57 | $2.42 |
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HOVMHO
| Q4 25 | $817.9M | $1.1B | ||
| Q3 25 | $800.6M | $1.1B | ||
| Q2 25 | $686.5M | $1.2B | ||
| Q1 25 | $673.6M | $976.1M | ||
| Q4 24 | $979.6M | $1.2B | ||
| Q3 24 | $722.7M | $1.1B | ||
| Q2 24 | $708.4M | $1.1B | ||
| Q1 24 | $594.2M | $1.0B |
净利润HOVMHO
| Q4 25 | $-667.0K | $64.0M | ||
| Q3 25 | $16.6M | $106.5M | ||
| Q2 25 | $19.7M | $121.2M | ||
| Q1 25 | $28.2M | $111.2M | ||
| Q4 24 | $94.3M | $133.5M | ||
| Q3 24 | $72.9M | $145.4M | ||
| Q2 24 | $50.8M | $146.7M | ||
| Q1 24 | $23.9M | $138.1M |
毛利率HOVMHO
| Q4 25 | — | 17.4% | ||
| Q3 25 | — | 24.5% | ||
| Q2 25 | — | 24.7% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 27.1% | ||
| Q2 24 | — | 27.9% | ||
| Q1 24 | — | 27.1% |
营业利润率HOVMHO
| Q4 25 | -0.5% | 6.5% | ||
| Q3 25 | 3.0% | 12.0% | ||
| Q2 25 | 3.9% | 13.4% | ||
| Q1 25 | 5.9% | 14.4% | ||
| Q4 24 | 12.0% | 13.6% | ||
| Q3 24 | 13.5% | 15.9% | ||
| Q2 24 | 9.8% | 16.8% | ||
| Q1 24 | 5.5% | 16.6% |
净利率HOVMHO
| Q4 25 | -0.1% | 5.6% | ||
| Q3 25 | 2.1% | 9.4% | ||
| Q2 25 | 2.9% | 10.4% | ||
| Q1 25 | 4.2% | 11.4% | ||
| Q4 24 | 9.6% | 11.1% | ||
| Q3 24 | 10.1% | 12.7% | ||
| Q2 24 | 7.2% | 13.2% | ||
| Q1 24 | 4.0% | 13.2% |
每股收益（稀释后）HOVMHO
| Q4 25 | $-0.57 | $2.42 | ||
| Q3 25 | $1.99 | $3.92 | ||
| Q2 25 | $2.43 | $4.42 | ||
| Q1 25 | $3.58 | $3.98 | ||
| Q4 24 | $12.47 | $4.71 | ||
| Q3 24 | $9.75 | $5.10 | ||
| Q2 24 | $6.66 | $5.12 | ||
| Q1 24 | $2.91 | $4.78 |
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 | — | — |
| 总债务越低越好 | $900.7M | — |
| 股东权益账面价值 | $830.9M | $3.2B |
| 总资产 | $2.6B | $4.8B |
| 负债/权益比越低杠杆越低 | 1.08× | — |
8季度趋势，按日历期对齐
总债务HOVMHO
| Q4 25 | $900.7M | — | ||
| Q3 25 | $861.9M | — | ||
| Q2 25 | $864.3M | — | ||
| Q1 25 | $893.7M | — | ||
| Q4 24 | $896.2M | — | ||
| Q3 24 | $898.7M | — | ||
| Q2 24 | $933.0M | — | ||
| Q1 24 | $934.6M | — |
股东权益HOVMHO
| Q4 25 | $830.9M | $3.2B | ||
| Q3 25 | $835.4M | $3.1B | ||
| Q2 25 | $820.4M | $3.1B | ||
| Q1 25 | $811.4M | $3.0B | ||
| Q4 24 | $800.3M | $2.9B | ||
| Q3 24 | $703.4M | $2.8B | ||
| Q2 24 | $647.0M | $2.7B | ||
| Q1 24 | $607.1M | $2.6B |
总资产HOVMHO
| Q4 25 | $2.6B | $4.8B | ||
| Q3 25 | $2.6B | $4.8B | ||
| Q2 25 | $2.6B | $4.7B | ||
| Q1 25 | $2.5B | $4.6B | ||
| Q4 24 | $2.6B | $4.5B | ||
| Q3 24 | $2.5B | $4.5B | ||
| Q2 24 | $2.3B | $4.3B | ||
| Q1 24 | $2.3B | $4.2B |
负债/权益比HOVMHO
| Q4 25 | 1.08× | — | ||
| Q3 25 | 1.03× | — | ||
| Q2 25 | 1.05× | — | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 1.12× | — | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | 1.44× | — | ||
| Q1 24 | 1.54× | — |
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 | $169.1M | $-8.7M |
| 自由现金流经营现金流 - 资本支出 | $164.0M | $-13.0M |
| 自由现金流率自由现金流/营收 | 20.0% | -1.1% |
| 资本支出强度资本支出/营收 | 0.6% | 0.4% |
| 现金转化率经营现金流/净利润 | — | -0.14× |
| 过去12个月自由现金流最近4个季度 | $166.2M | $127.7M |
8季度趋势，按日历期对齐
经营现金流HOVMHO
| Q4 25 | $169.1M | $-8.7M | ||
| Q3 25 | $52.8M | $43.4M | ||
| Q2 25 | $22.3M | $37.8M | ||
| Q1 25 | $-55.9M | $64.9M | ||
| Q4 24 | $115.8M | $104.4M | ||
| Q3 24 | $-92.3M | $-67.9M | ||
| Q2 24 | $89.1M | $27.5M | ||
| Q1 24 | $-89.0M | $115.8M |
自由现金流HOVMHO
| Q4 25 | $164.0M | $-13.0M | ||
| Q3 25 | $45.8M | $42.0M | ||
| Q2 25 | $16.0M | $35.1M | ||
| Q1 25 | $-59.6M | $63.5M | ||
| Q4 24 | $111.4M | $102.3M | ||
| Q3 24 | $-95.8M | $-68.5M | ||
| Q2 24 | $84.7M | $22.0M | ||
| Q1 24 | $-94.4M | $115.5M |
自由现金流率HOVMHO
| Q4 25 | 20.0% | -1.1% | ||
| Q3 25 | 5.7% | 3.7% | ||
| Q2 25 | 2.3% | 3.0% | ||
| Q1 25 | -8.8% | 6.5% | ||
| Q4 24 | 11.4% | 8.5% | ||
| Q3 24 | -13.3% | -6.0% | ||
| Q2 24 | 12.0% | 2.0% | ||
| Q1 24 | -15.9% | 11.0% |
资本支出强度HOVMHO
| Q4 25 | 0.6% | 0.4% | ||
| Q3 25 | 0.9% | 0.1% | ||
| Q2 25 | 0.9% | 0.2% | ||
| Q1 25 | 0.5% | 0.1% | ||
| Q4 24 | 0.5% | 0.2% | ||
| Q3 24 | 0.5% | 0.1% | ||
| Q2 24 | 0.6% | 0.5% | ||
| Q1 24 | 0.9% | 0.0% |
现金转化率HOVMHO
| Q4 25 | — | -0.14× | ||
| Q3 25 | 3.18× | 0.41× | ||
| Q2 25 | 1.13× | 0.31× | ||
| Q1 25 | -1.98× | 0.58× | ||
| Q4 24 | 1.23× | 0.78× | ||
| Q3 24 | -1.27× | -0.47× | ||
| Q2 24 | 1.75× | 0.19× | ||
| Q1 24 | -3.72× | 0.84× |
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
HOV
| Home Building | $789.8M | 97% |
| Financial Services | $28.1M | 3% |
| Management Fees | $7.1M | 1% |
MHO
| Southern Homebuilding | $615.6M | 54% |
| Northern Homebuilding | $503.9M | 44% |
| Financial Service | $27.8M | 2% |
| Land | $4.7M | 0% |
