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HOVNANIAN ENTERPRISES INC（HOV）与Meritage Homes CORP（MTH）财务数据对比。点击上方公司名可切换其他公司
Meritage Homes CORP的季度营收约是HOVNANIAN ENTERPRISES INC的1.7倍（$1.4B vs $817.9M）。Meritage Homes CORP净利率更高（17.7% vs -0.1%，领先17.8%）。Meritage Homes CORP同比增速更快（10.5% vs -16.5%）。HOVNANIAN ENTERPRISES INC自由现金流更多（$164.0M vs $-225.4M）
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。
Meritage Homes Corporation是美国上市房地产开发企业，主营全美范围内各类独栋住宅建造业务，按2023年房屋销量计算为美国第五大住宅建筑商，同时在亚利桑那州开发活跃长者社区及高端地产项目。
HOV vs MTH — 直观对比
营收规模更大
MTH
是对方的1.7倍
$817.9M
营收增速更快
MTH
高出27.1%
-16.5%
净利率更高
MTH
高出17.8%
-0.1%
自由现金流更多
HOV
多$389.4M
$-225.4M
损益表 — Q4 2025 vs Q2 2022
| 指标 | | |
|---|---|---|
| 营收 | $817.9M | $1.4B |
| 净利润 | $-667.0K | $250.1M |
| 毛利率 | — | 31.5% |
| 营业利润率 | -0.5% | 23.5% |
| 净利率 | -0.1% | 17.7% |
| 营收同比 | -16.5% | 10.5% |
| 净利润同比 | -100.7% | 49.4% |
| 每股收益（稀释后） | $-0.57 | $6.77 |
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HOVMTH
| Q4 25 | $817.9M | — | ||
| Q3 25 | $800.6M | — | ||
| Q2 25 | $686.5M | — | ||
| Q1 25 | $673.6M | — | ||
| Q4 24 | $979.6M | — | ||
| Q3 24 | $722.7M | — | ||
| Q2 24 | $708.4M | — | ||
| Q1 24 | $594.2M | — |
净利润HOVMTH
| Q4 25 | $-667.0K | — | ||
| Q3 25 | $16.6M | — | ||
| Q2 25 | $19.7M | — | ||
| Q1 25 | $28.2M | — | ||
| Q4 24 | $94.3M | — | ||
| Q3 24 | $72.9M | — | ||
| Q2 24 | $50.8M | — | ||
| Q1 24 | $23.9M | — |
营业利润率HOVMTH
| Q4 25 | -0.5% | — | ||
| Q3 25 | 3.0% | — | ||
| Q2 25 | 3.9% | — | ||
| Q1 25 | 5.9% | — | ||
| Q4 24 | 12.0% | — | ||
| Q3 24 | 13.5% | — | ||
| Q2 24 | 9.8% | — | ||
| Q1 24 | 5.5% | — |
净利率HOVMTH
| Q4 25 | -0.1% | — | ||
| Q3 25 | 2.1% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 4.2% | — | ||
| Q4 24 | 9.6% | — | ||
| Q3 24 | 10.1% | — | ||
| Q2 24 | 7.2% | — | ||
| Q1 24 | 4.0% | — |
每股收益（稀释后）HOVMTH
| Q4 25 | $-0.57 | — | ||
| Q3 25 | $1.99 | — | ||
| Q2 25 | $2.43 | — | ||
| Q1 25 | $3.58 | — | ||
| Q4 24 | $12.47 | — | ||
| Q3 24 | $9.75 | — | ||
| Q2 24 | $6.66 | — | ||
| Q1 24 | $2.91 | — |
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 | — | $272.1M |
| 总债务越低越好 | $900.7M | — |
| 股东权益账面价值 | $830.9M | $3.4B |
| 总资产 | $2.6B | $5.3B |
| 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HOVMTH
| 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HOVMTH
| Q4 25 | $830.9M | — | ||
| Q3 25 | $835.4M | — | ||
| Q2 25 | $820.4M | — | ||
| Q1 25 | $811.4M | — | ||
| Q4 24 | $800.3M | — | ||
| Q3 24 | $703.4M | — | ||
| Q2 24 | $647.0M | — | ||
| Q1 24 | $607.1M | — |
总资产HOVMTH
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.5B | — | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.5B | — | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.3B | — |
负债/权益比HOVMTH
| 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 | $-219.0M |
| 自由现金流经营现金流 - 资本支出 | $164.0M | $-225.4M |
| 自由现金流率自由现金流/营收 | 20.0% | -16.0% |
| 资本支出强度资本支出/营收 | 0.6% | 0.5% |
| 现金转化率经营现金流/净利润 | — | -0.88× |
| 过去12个月自由现金流最近4个季度 | $166.2M | — |
8季度趋势，按日历期对齐
经营现金流HOVMTH
| Q4 25 | $169.1M | — | ||
| Q3 25 | $52.8M | — | ||
| Q2 25 | $22.3M | — | ||
| Q1 25 | $-55.9M | — | ||
| Q4 24 | $115.8M | — | ||
| Q3 24 | $-92.3M | — | ||
| Q2 24 | $89.1M | — | ||
| Q1 24 | $-89.0M | — |
自由现金流HOVMTH
| Q4 25 | $164.0M | — | ||
| Q3 25 | $45.8M | — | ||
| Q2 25 | $16.0M | — | ||
| Q1 25 | $-59.6M | — | ||
| Q4 24 | $111.4M | — | ||
| Q3 24 | $-95.8M | — | ||
| Q2 24 | $84.7M | — | ||
| Q1 24 | $-94.4M | — |
自由现金流率HOVMTH
| Q4 25 | 20.0% | — | ||
| Q3 25 | 5.7% | — | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | -8.8% | — | ||
| Q4 24 | 11.4% | — | ||
| Q3 24 | -13.3% | — | ||
| Q2 24 | 12.0% | — | ||
| Q1 24 | -15.9% | — |
资本支出强度HOVMTH
| Q4 25 | 0.6% | — | ||
| Q3 25 | 0.9% | — | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 0.5% | — | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 0.5% | — | ||
| Q2 24 | 0.6% | — | ||
| Q1 24 | 0.9% | — |
现金转化率HOVMTH
| Q4 25 | — | — | ||
| Q3 25 | 3.18× | — | ||
| Q2 25 | 1.13× | — | ||
| Q1 25 | -1.98× | — | ||
| Q4 24 | 1.23× | — | ||
| Q3 24 | -1.27× | — | ||
| Q2 24 | 1.75× | — | ||
| Q1 24 | -3.72× | — |
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% |
MTH
| Home Building | $1.4B | 100% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $9.8M | 1% |
| Financial Service | $5.1M | 0% |
| Land Closing | $3.4M | 0% |
