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KB HOME（KBH）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
KB HOME的季度营收约是Meritage Homes CORP的1.2倍（$1.7B vs $1.4B）。Meritage Homes CORP净利率更高（17.7% vs 6.0%，领先11.7%）。Meritage Homes CORP同比增速更快（10.5% vs -15.3%）。KB HOME自由现金流更多（$290.1M vs $-225.4M）
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。
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。
KBH vs MTH — 直观对比
营收规模更大
KBH
是对方的1.2倍
$1.4B
营收增速更快
MTH
高出25.8%
-15.3%
净利率更高
MTH
高出11.7%
6.0%
自由现金流更多
KBH
多$515.5M
$-225.4M
损益表 — Q4 2025 vs Q2 2022
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.4B |
| 净利润 | $101.5M | $250.1M |
| 毛利率 | — | 31.5% |
| 营业利润率 | — | 23.5% |
| 净利率 | 6.0% | 17.7% |
| 营收同比 | -15.3% | 10.5% |
| 净利润同比 | -46.7% | 49.4% |
| 每股收益（稀释后） | $1.55 | $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KBHMTH
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.6B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.5B | — |
净利润KBHMTH
| Q4 25 | $101.5M | — | ||
| Q3 25 | $109.8M | — | ||
| Q2 25 | $107.9M | — | ||
| Q1 25 | $109.6M | — | ||
| Q4 24 | $190.6M | — | ||
| Q3 24 | $157.3M | — | ||
| Q2 24 | $168.4M | — | ||
| Q1 24 | $138.7M | — |
净利率KBHMTH
| Q4 25 | 6.0% | — | ||
| Q3 25 | 6.8% | — | ||
| Q2 25 | 7.1% | — | ||
| Q1 25 | 7.9% | — | ||
| Q4 24 | 9.5% | — | ||
| Q3 24 | 9.0% | — | ||
| Q2 24 | 9.9% | — | ||
| Q1 24 | 9.4% | — |
每股收益（稀释后）KBHMTH
| Q4 25 | $1.55 | — | ||
| Q3 25 | $1.61 | — | ||
| Q2 25 | $1.50 | — | ||
| Q1 25 | $1.49 | — | ||
| Q4 24 | $2.50 | — | ||
| Q3 24 | $2.04 | — | ||
| Q2 24 | $2.15 | — | ||
| Q1 24 | $1.76 | — |
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 | — | — |
| 股东权益账面价值 | $3.9B | $3.4B |
| 总资产 | $6.7B | $5.3B |
| 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KBHMTH
| Q4 25 | $3.9B | — | ||
| Q3 25 | $3.9B | — | ||
| Q2 25 | $4.0B | — | ||
| Q1 25 | $4.1B | — | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $4.0B | — | ||
| Q2 24 | $4.0B | — | ||
| Q1 24 | $3.9B | — |
总资产KBHMTH
| Q4 25 | $6.7B | — | ||
| Q3 25 | $7.0B | — | ||
| Q2 25 | $7.0B | — | ||
| Q1 25 | $7.0B | — | ||
| Q4 24 | $6.9B | — | ||
| Q3 24 | $6.8B | — | ||
| Q2 24 | $6.8B | — | ||
| Q1 24 | $6.7B | — |
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 | $-219.0M |
| 自由现金流经营现金流 - 资本支出 | $290.1M | $-225.4M |
| 自由现金流率自由现金流/营收 | 17.1% | -16.0% |
| 资本支出强度资本支出/营收 | 0.8% | 0.5% |
| 现金转化率经营现金流/净利润 | 2.99× | -0.88× |
| 过去12个月自由现金流最近4个季度 | $287.3M | — |
8季度趋势，按日历期对齐
经营现金流KBHMTH
| Q4 25 | $303.8M | — | ||
| Q3 25 | $197.7M | — | ||
| Q2 25 | $168.4M | — | ||
| Q1 25 | $-334.3M | — | ||
| Q4 24 | $362.6M | — | ||
| Q3 24 | $-89.9M | — | ||
| Q2 24 | $61.5M | — | ||
| Q1 24 | $28.5M | — |
自由现金流KBHMTH
| Q4 25 | $290.1M | — | ||
| Q3 25 | $185.8M | — | ||
| Q2 25 | $156.9M | — | ||
| Q1 25 | $-345.5M | — | ||
| Q4 24 | $352.6M | — | ||
| Q3 24 | $-99.4M | — | ||
| Q2 24 | $51.2M | — | ||
| Q1 24 | $19.1M | — |
自由现金流率KBHMTH
| Q4 25 | 17.1% | — | ||
| Q3 25 | 11.5% | — | ||
| Q2 25 | 10.3% | — | ||
| Q1 25 | -24.8% | — | ||
| Q4 24 | 17.6% | — | ||
| Q3 24 | -5.7% | — | ||
| Q2 24 | 3.0% | — | ||
| Q1 24 | 1.3% | — |
资本支出强度KBHMTH
| Q4 25 | 0.8% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 0.5% | — | ||
| Q2 24 | 0.6% | — | ||
| Q1 24 | 0.6% | — |
现金转化率KBHMTH
| Q4 25 | 2.99× | — | ||
| Q3 25 | 1.80× | — | ||
| Q2 25 | 1.56× | — | ||
| Q1 25 | -3.05× | — | ||
| Q4 24 | 1.90× | — | ||
| Q3 24 | -0.57× | — | ||
| Q2 24 | 0.37× | — | ||
| Q1 24 | 0.21× | — |
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% |
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% |
