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HOVNANIAN ENTERPRISES INC（HOV）与Toll Brothers, Inc.（TOL）财务数据对比。点击上方公司名可切换其他公司
Toll Brothers, Inc.的季度营收约是HOVNANIAN ENTERPRISES INC的4.2倍（$3.4B vs $817.9M）。Toll Brothers, Inc.净利率更高（13.0% vs -0.1%，领先13.1%）。Toll Brothers, Inc.同比增速更快（2.7% vs -16.5%）。Toll Brothers, Inc.自由现金流更多（$772.2M vs $164.0M）。过去两年Toll Brothers, Inc.的营收复合增速更高（32.6% vs 17.3%）
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。
Toll Brothers, Inc.是美国知名住宅建造企业，业务涵盖美国境内住宅及商业地产的开发、营销与融资服务。2020年按住宅建造营收统计，该公司为全美第五大房屋建造商，位列《财富》美国500强第411位。
HOV vs TOL — 直观对比
营收规模更大
TOL
是对方的4.2倍
$817.9M
营收增速更快
TOL
高出19.2%
-16.5%
净利率更高
TOL
高出13.1%
-0.1%
自由现金流更多
TOL
多$608.2M
$164.0M
两年增速更快
TOL
近两年复合增速
17.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $817.9M | $3.4B |
| 净利润 | $-667.0K | $446.7M |
| 毛利率 | — | 24.8% |
| 营业利润率 | -0.5% | 16.5% |
| 净利率 | -0.1% | 13.0% |
| 营收同比 | -16.5% | 2.7% |
| 净利润同比 | -100.7% | -6.0% |
| 每股收益（稀释后） | $-0.57 | $4.51 |
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HOVTOL
| Q4 25 | $817.9M | $3.4B | ||
| Q3 25 | $800.6M | $2.9B | ||
| Q2 25 | $686.5M | $2.7B | ||
| Q1 25 | $673.6M | $1.9B | ||
| Q4 24 | $979.6M | $3.3B | ||
| Q3 24 | $722.7M | $2.7B | ||
| Q2 24 | $708.4M | $2.8B | ||
| Q1 24 | $594.2M | $1.9B |
净利润HOVTOL
| Q4 25 | $-667.0K | $446.7M | ||
| Q3 25 | $16.6M | $369.6M | ||
| Q2 25 | $19.7M | $352.4M | ||
| Q1 25 | $28.2M | $177.7M | ||
| Q4 24 | $94.3M | $475.4M | ||
| Q3 24 | $72.9M | $374.6M | ||
| Q2 24 | $50.8M | $481.6M | ||
| Q1 24 | $23.9M | $239.6M |
毛利率HOVTOL
| Q4 25 | — | 24.8% | ||
| Q3 25 | — | 25.2% | ||
| Q2 25 | — | 25.8% | ||
| Q1 25 | — | 24.7% | ||
| Q4 24 | — | 26.4% | ||
| Q3 24 | — | 27.2% | ||
| Q2 24 | — | 30.4% | ||
| Q1 24 | — | 27.6% |
营业利润率HOVTOL
| Q4 25 | -0.5% | 16.5% | ||
| Q3 25 | 3.0% | 16.6% | ||
| Q2 25 | 3.9% | 16.4% | ||
| Q1 25 | 5.9% | 11.8% | ||
| Q4 24 | 12.0% | 18.3% | ||
| Q3 24 | 13.5% | 18.2% | ||
| Q2 24 | 9.8% | 22.0% | ||
| Q1 24 | 5.5% | 15.8% |
净利率HOVTOL
| Q4 25 | -0.1% | 13.0% | ||
| Q3 25 | 2.1% | 12.6% | ||
| Q2 25 | 2.9% | 12.9% | ||
| Q1 25 | 4.2% | 9.6% | ||
| Q4 24 | 9.6% | 14.3% | ||
| Q3 24 | 10.1% | 13.7% | ||
| Q2 24 | 7.2% | 17.0% | ||
| Q1 24 | 4.0% | 12.3% |
每股收益（稀释后）HOVTOL
| Q4 25 | $-0.57 | $4.51 | ||
| Q3 25 | $1.99 | $3.73 | ||
| Q2 25 | $2.43 | $3.50 | ||
| Q1 25 | $3.58 | $1.75 | ||
| Q4 24 | $12.47 | $4.61 | ||
| Q3 24 | $9.75 | $3.60 | ||
| Q2 24 | $6.66 | $4.55 | ||
| Q1 24 | $2.91 | $2.25 |
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 | — | $1.3B |
| 总债务越低越好 | $900.7M | — |
| 股东权益账面价值 | $830.9M | $8.3B |
| 总资产 | $2.6B | $14.5B |
| 负债/权益比越低杠杆越低 | 1.08× | — |
8季度趋势，按日历期对齐
现金及短期投资HOVTOL
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $852.3M | ||
| Q2 25 | — | $686.5M | ||
| Q1 25 | — | $574.8M | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $893.4M | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $754.8M |
总债务HOVTOL
| 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HOVTOL
| Q4 25 | $830.9M | $8.3B | ||
| Q3 25 | $835.4M | $8.1B | ||
| Q2 25 | $820.4M | $7.9B | ||
| Q1 25 | $811.4M | $7.8B | ||
| Q4 24 | $800.3M | $7.7B | ||
| Q3 24 | $703.4M | $7.4B | ||
| Q2 24 | $647.0M | $7.3B | ||
| Q1 24 | $607.1M | $7.0B |
总资产HOVTOL
| Q4 25 | $2.6B | $14.5B | ||
| Q3 25 | $2.6B | $14.4B | ||
| Q2 25 | $2.6B | $14.2B | ||
| Q1 25 | $2.5B | $13.6B | ||
| Q4 24 | $2.6B | $13.4B | ||
| Q3 24 | $2.5B | $13.4B | ||
| Q2 24 | $2.3B | $13.3B | ||
| Q1 24 | $2.3B | $12.5B |
负债/权益比HOVTOL
| 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 | $800.0M |
| 自由现金流经营现金流 - 资本支出 | $164.0M | $772.2M |
| 自由现金流率自由现金流/营收 | 20.0% | 22.6% |
| 资本支出强度资本支出/营收 | 0.6% | 0.8% |
| 现金转化率经营现金流/净利润 | — | 1.79× |
| 过去12个月自由现金流最近4个季度 | $166.2M | $1.0B |
8季度趋势，按日历期对齐
经营现金流HOVTOL
| Q4 25 | $169.1M | $800.0M | ||
| Q3 25 | $52.8M | $370.3M | ||
| Q2 25 | $22.3M | $362.8M | ||
| Q1 25 | $-55.9M | $-420.8M | ||
| Q4 24 | $115.8M | $682.5M | ||
| Q3 24 | $-92.3M | $175.6M | ||
| Q2 24 | $89.1M | $459.0M | ||
| Q1 24 | $-89.0M | $-307.0M |
自由现金流HOVTOL
| Q4 25 | $164.0M | $772.2M | ||
| Q3 25 | $45.8M | $344.9M | ||
| Q2 25 | $16.0M | $347.3M | ||
| Q1 25 | $-59.6M | $-438.1M | ||
| Q4 24 | $111.4M | $664.3M | ||
| Q3 24 | $-95.8M | $149.9M | ||
| Q2 24 | $84.7M | $442.9M | ||
| Q1 24 | $-94.4M | $-320.6M |
自由现金流率HOVTOL
| Q4 25 | 20.0% | 22.6% | ||
| Q3 25 | 5.7% | 11.7% | ||
| Q2 25 | 2.3% | 12.7% | ||
| Q1 25 | -8.8% | -23.6% | ||
| Q4 24 | 11.4% | 19.9% | ||
| Q3 24 | -13.3% | 5.5% | ||
| Q2 24 | 12.0% | 15.6% | ||
| Q1 24 | -15.9% | -16.5% |
资本支出强度HOVTOL
| Q4 25 | 0.6% | 0.8% | ||
| Q3 25 | 0.9% | 0.9% | ||
| Q2 25 | 0.9% | 0.6% | ||
| Q1 25 | 0.5% | 0.9% | ||
| Q4 24 | 0.5% | 0.5% | ||
| Q3 24 | 0.5% | 0.9% | ||
| Q2 24 | 0.6% | 0.6% | ||
| Q1 24 | 0.9% | 0.7% |
现金转化率HOVTOL
| Q4 25 | — | 1.79× | ||
| Q3 25 | 3.18× | 1.00× | ||
| Q2 25 | 1.13× | 1.03× | ||
| Q1 25 | -1.98× | -2.37× | ||
| Q4 24 | 1.23× | 1.44× | ||
| Q3 24 | -1.27× | 0.47× | ||
| Q2 24 | 1.75× | 0.95× | ||
| Q1 24 | -3.72× | -1.28× |
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% |
TOL
| Home Building | $3.4B | 100% |
| Land | $9.4M | 0% |
