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KB HOME（KBH）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
KB HOME的季度营收约是M/I HOMES, INC.的1.5倍（$1.7B vs $1.1B）。KB HOME净利率更高（6.0% vs 5.6%，领先0.4%）。M/I HOMES, INC.同比增速更快（-4.8% vs -15.3%）。KB HOME自由现金流更多（$290.1M vs $-13.0M）。过去两年KB HOME的营收复合增速更高（7.4% vs 4.7%）
KB Home是美国知名住宅建造企业，1957年于密歇根州底特律成立，前身为Kaufman & Broad，是首家在纽约证券交易所上市的住宅建造商，总部现位于加利福尼亚州洛杉矶。
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。
KBH vs MHO — 直观对比
营收规模更大
KBH
是对方的1.5倍
$1.1B
营收增速更快
MHO
高出10.5%
-15.3%
净利率更高
KBH
高出0.4%
5.6%
自由现金流更多
KBH
多$303.0M
$-13.0M
两年增速更快
KBH
近两年复合增速
4.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.1B |
| 净利润 | $101.5M | $64.0M |
| 毛利率 | — | 17.4% |
| 营业利润率 | — | 6.5% |
| 净利率 | 6.0% | 5.6% |
| 营收同比 | -15.3% | -4.8% |
| 净利润同比 | -46.7% | -52.1% |
| 每股收益（稀释后） | $1.55 | $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KBHMHO
| Q4 25 | $1.7B | $1.1B | ||
| Q3 25 | $1.6B | $1.1B | ||
| Q2 25 | $1.5B | $1.2B | ||
| Q1 25 | $1.4B | $976.1M | ||
| Q4 24 | $2.0B | $1.2B | ||
| Q3 24 | $1.8B | $1.1B | ||
| Q2 24 | $1.7B | $1.1B | ||
| Q1 24 | $1.5B | $1.0B |
净利润KBHMHO
| Q4 25 | $101.5M | $64.0M | ||
| Q3 25 | $109.8M | $106.5M | ||
| Q2 25 | $107.9M | $121.2M | ||
| Q1 25 | $109.6M | $111.2M | ||
| Q4 24 | $190.6M | $133.5M | ||
| Q3 24 | $157.3M | $145.4M | ||
| Q2 24 | $168.4M | $146.7M | ||
| Q1 24 | $138.7M | $138.1M |
毛利率KBHMHO
| 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KBHMHO
| Q4 25 | — | 6.5% | ||
| Q3 25 | — | 12.0% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 14.4% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | — | 15.9% | ||
| Q2 24 | — | 16.8% | ||
| Q1 24 | — | 16.6% |
净利率KBHMHO
| Q4 25 | 6.0% | 5.6% | ||
| Q3 25 | 6.8% | 9.4% | ||
| Q2 25 | 7.1% | 10.4% | ||
| Q1 25 | 7.9% | 11.4% | ||
| Q4 24 | 9.5% | 11.1% | ||
| Q3 24 | 9.0% | 12.7% | ||
| Q2 24 | 9.9% | 13.2% | ||
| Q1 24 | 9.4% | 13.2% |
每股收益（稀释后）KBHMHO
| Q4 25 | $1.55 | $2.42 | ||
| Q3 25 | $1.61 | $3.92 | ||
| Q2 25 | $1.50 | $4.42 | ||
| Q1 25 | $1.49 | $3.98 | ||
| Q4 24 | $2.50 | $4.71 | ||
| Q3 24 | $2.04 | $5.10 | ||
| Q2 24 | $2.15 | $5.12 | ||
| Q1 24 | $1.76 | $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 | — | — |
| 股东权益账面价值 | $3.9B | $3.2B |
| 总资产 | $6.7B | $4.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
股东权益KBHMHO
| Q4 25 | $3.9B | $3.2B | ||
| Q3 25 | $3.9B | $3.1B | ||
| Q2 25 | $4.0B | $3.1B | ||
| Q1 25 | $4.1B | $3.0B | ||
| Q4 24 | $4.1B | $2.9B | ||
| Q3 24 | $4.0B | $2.8B | ||
| Q2 24 | $4.0B | $2.7B | ||
| Q1 24 | $3.9B | $2.6B |
总资产KBHMHO
| Q4 25 | $6.7B | $4.8B | ||
| Q3 25 | $7.0B | $4.8B | ||
| Q2 25 | $7.0B | $4.7B | ||
| Q1 25 | $7.0B | $4.6B | ||
| Q4 24 | $6.9B | $4.5B | ||
| Q3 24 | $6.8B | $4.5B | ||
| Q2 24 | $6.8B | $4.3B | ||
| Q1 24 | $6.7B | $4.2B |
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 | $303.8M | $-8.7M |
| 自由现金流经营现金流 - 资本支出 | $290.1M | $-13.0M |
| 自由现金流率自由现金流/营收 | 17.1% | -1.1% |
| 资本支出强度资本支出/营收 | 0.8% | 0.4% |
| 现金转化率经营现金流/净利润 | 2.99× | -0.14× |
| 过去12个月自由现金流最近4个季度 | $287.3M | $127.7M |
8季度趋势，按日历期对齐
经营现金流KBHMHO
| Q4 25 | $303.8M | $-8.7M | ||
| Q3 25 | $197.7M | $43.4M | ||
| Q2 25 | $168.4M | $37.8M | ||
| Q1 25 | $-334.3M | $64.9M | ||
| Q4 24 | $362.6M | $104.4M | ||
| Q3 24 | $-89.9M | $-67.9M | ||
| Q2 24 | $61.5M | $27.5M | ||
| Q1 24 | $28.5M | $115.8M |
自由现金流KBHMHO
| Q4 25 | $290.1M | $-13.0M | ||
| Q3 25 | $185.8M | $42.0M | ||
| Q2 25 | $156.9M | $35.1M | ||
| Q1 25 | $-345.5M | $63.5M | ||
| Q4 24 | $352.6M | $102.3M | ||
| Q3 24 | $-99.4M | $-68.5M | ||
| Q2 24 | $51.2M | $22.0M | ||
| Q1 24 | $19.1M | $115.5M |
自由现金流率KBHMHO
| Q4 25 | 17.1% | -1.1% | ||
| Q3 25 | 11.5% | 3.7% | ||
| Q2 25 | 10.3% | 3.0% | ||
| Q1 25 | -24.8% | 6.5% | ||
| Q4 24 | 17.6% | 8.5% | ||
| Q3 24 | -5.7% | -6.0% | ||
| Q2 24 | 3.0% | 2.0% | ||
| Q1 24 | 1.3% | 11.0% |
资本支出强度KBHMHO
| Q4 25 | 0.8% | 0.4% | ||
| Q3 25 | 0.7% | 0.1% | ||
| Q2 25 | 0.8% | 0.2% | ||
| Q1 25 | 0.8% | 0.1% | ||
| Q4 24 | 0.5% | 0.2% | ||
| Q3 24 | 0.5% | 0.1% | ||
| Q2 24 | 0.6% | 0.5% | ||
| Q1 24 | 0.6% | 0.0% |
现金转化率KBHMHO
| Q4 25 | 2.99× | -0.14× | ||
| Q3 25 | 1.80× | 0.41× | ||
| Q2 25 | 1.56× | 0.31× | ||
| Q1 25 | -3.05× | 0.58× | ||
| Q4 24 | 1.90× | 0.78× | ||
| Q3 24 | -0.57× | -0.47× | ||
| Q2 24 | 0.37× | 0.19× | ||
| Q1 24 | 0.21× | 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
KBH
| Home Building | $1.7B | 99% |
| Financial Service | $8.7M | 1% |
MHO
| Southern Homebuilding | $615.6M | 54% |
| Northern Homebuilding | $503.9M | 44% |
| Financial Service | $27.8M | 2% |
| Land | $4.7M | 0% |
