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KB HOME（KBH）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KB HOME的2.0倍（$3.4B vs $1.7B）。Toll Brothers, Inc.净利率更高（13.0% vs 6.0%，领先7.1%）。Toll Brothers, Inc.同比增速更快（2.7% vs -15.3%）。Toll Brothers, Inc.自由现金流更多（$772.2M vs $290.1M）。过去两年Toll Brothers, Inc.的营收复合增速更高（32.6% vs 7.4%）
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。
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。
KBH vs TOL — 直观对比
营收规模更大
TOL
是对方的2.0倍
$1.7B
营收增速更快
TOL
高出18.0%
-15.3%
净利率更高
TOL
高出7.1%
6.0%
自由现金流更多
TOL
多$482.1M
$290.1M
两年增速更快
TOL
近两年复合增速
7.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $3.4B |
| 净利润 | $101.5M | $446.7M |
| 毛利率 | — | 24.8% |
| 营业利润率 | — | 16.5% |
| 净利率 | 6.0% | 13.0% |
| 营收同比 | -15.3% | 2.7% |
| 净利润同比 | -46.7% | -6.0% |
| 每股收益（稀释后） | $1.55 | $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KBHTOL
| Q4 25 | $1.7B | $3.4B | ||
| Q3 25 | $1.6B | $2.9B | ||
| Q2 25 | $1.5B | $2.7B | ||
| Q1 25 | $1.4B | $1.9B | ||
| Q4 24 | $2.0B | $3.3B | ||
| Q3 24 | $1.8B | $2.7B | ||
| Q2 24 | $1.7B | $2.8B | ||
| Q1 24 | $1.5B | $1.9B |
净利润KBHTOL
| Q4 25 | $101.5M | $446.7M | ||
| Q3 25 | $109.8M | $369.6M | ||
| Q2 25 | $107.9M | $352.4M | ||
| Q1 25 | $109.6M | $177.7M | ||
| Q4 24 | $190.6M | $475.4M | ||
| Q3 24 | $157.3M | $374.6M | ||
| Q2 24 | $168.4M | $481.6M | ||
| Q1 24 | $138.7M | $239.6M |
毛利率KBHTOL
| 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KBHTOL
| Q4 25 | — | 16.5% | ||
| Q3 25 | — | 16.6% | ||
| Q2 25 | — | 16.4% | ||
| Q1 25 | — | 11.8% | ||
| Q4 24 | — | 18.3% | ||
| Q3 24 | — | 18.2% | ||
| Q2 24 | — | 22.0% | ||
| Q1 24 | — | 15.8% |
净利率KBHTOL
| Q4 25 | 6.0% | 13.0% | ||
| Q3 25 | 6.8% | 12.6% | ||
| Q2 25 | 7.1% | 12.9% | ||
| Q1 25 | 7.9% | 9.6% | ||
| Q4 24 | 9.5% | 14.3% | ||
| Q3 24 | 9.0% | 13.7% | ||
| Q2 24 | 9.9% | 17.0% | ||
| Q1 24 | 9.4% | 12.3% |
每股收益（稀释后）KBHTOL
| Q4 25 | $1.55 | $4.51 | ||
| Q3 25 | $1.61 | $3.73 | ||
| Q2 25 | $1.50 | $3.50 | ||
| Q1 25 | $1.49 | $1.75 | ||
| Q4 24 | $2.50 | $4.61 | ||
| Q3 24 | $2.04 | $3.60 | ||
| Q2 24 | $2.15 | $4.55 | ||
| Q1 24 | $1.76 | $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 | — | — |
| 股东权益账面价值 | $3.9B | $8.3B |
| 总资产 | $6.7B | $14.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资KBHTOL
| 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 |
股东权益KBHTOL
| Q4 25 | $3.9B | $8.3B | ||
| Q3 25 | $3.9B | $8.1B | ||
| Q2 25 | $4.0B | $7.9B | ||
| Q1 25 | $4.1B | $7.8B | ||
| Q4 24 | $4.1B | $7.7B | ||
| Q3 24 | $4.0B | $7.4B | ||
| Q2 24 | $4.0B | $7.3B | ||
| Q1 24 | $3.9B | $7.0B |
总资产KBHTOL
| Q4 25 | $6.7B | $14.5B | ||
| Q3 25 | $7.0B | $14.4B | ||
| Q2 25 | $7.0B | $14.2B | ||
| Q1 25 | $7.0B | $13.6B | ||
| Q4 24 | $6.9B | $13.4B | ||
| Q3 24 | $6.8B | $13.4B | ||
| Q2 24 | $6.8B | $13.3B | ||
| Q1 24 | $6.7B | $12.5B |
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 | $800.0M |
| 自由现金流经营现金流 - 资本支出 | $290.1M | $772.2M |
| 自由现金流率自由现金流/营收 | 17.1% | 22.6% |
| 资本支出强度资本支出/营收 | 0.8% | 0.8% |
| 现金转化率经营现金流/净利润 | 2.99× | 1.79× |
| 过去12个月自由现金流最近4个季度 | $287.3M | $1.0B |
8季度趋势，按日历期对齐
经营现金流KBHTOL
| Q4 25 | $303.8M | $800.0M | ||
| Q3 25 | $197.7M | $370.3M | ||
| Q2 25 | $168.4M | $362.8M | ||
| Q1 25 | $-334.3M | $-420.8M | ||
| Q4 24 | $362.6M | $682.5M | ||
| Q3 24 | $-89.9M | $175.6M | ||
| Q2 24 | $61.5M | $459.0M | ||
| Q1 24 | $28.5M | $-307.0M |
自由现金流KBHTOL
| Q4 25 | $290.1M | $772.2M | ||
| Q3 25 | $185.8M | $344.9M | ||
| Q2 25 | $156.9M | $347.3M | ||
| Q1 25 | $-345.5M | $-438.1M | ||
| Q4 24 | $352.6M | $664.3M | ||
| Q3 24 | $-99.4M | $149.9M | ||
| Q2 24 | $51.2M | $442.9M | ||
| Q1 24 | $19.1M | $-320.6M |
自由现金流率KBHTOL
| Q4 25 | 17.1% | 22.6% | ||
| Q3 25 | 11.5% | 11.7% | ||
| Q2 25 | 10.3% | 12.7% | ||
| Q1 25 | -24.8% | -23.6% | ||
| Q4 24 | 17.6% | 19.9% | ||
| Q3 24 | -5.7% | 5.5% | ||
| Q2 24 | 3.0% | 15.6% | ||
| Q1 24 | 1.3% | -16.5% |
资本支出强度KBHTOL
| Q4 25 | 0.8% | 0.8% | ||
| Q3 25 | 0.7% | 0.9% | ||
| Q2 25 | 0.8% | 0.6% | ||
| Q1 25 | 0.8% | 0.9% | ||
| Q4 24 | 0.5% | 0.5% | ||
| Q3 24 | 0.5% | 0.9% | ||
| Q2 24 | 0.6% | 0.6% | ||
| Q1 24 | 0.6% | 0.7% |
现金转化率KBHTOL
| Q4 25 | 2.99× | 1.79× | ||
| Q3 25 | 1.80× | 1.00× | ||
| Q2 25 | 1.56× | 1.03× | ||
| Q1 25 | -3.05× | -2.37× | ||
| Q4 24 | 1.90× | 1.44× | ||
| Q3 24 | -0.57× | 0.47× | ||
| Q2 24 | 0.37× | 0.95× | ||
| Q1 24 | 0.21× | -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
KBH
| Home Building | $1.7B | 99% |
| Financial Service | $8.7M | 1% |
TOL
| Home Building | $3.4B | 100% |
| Land | $9.4M | 0% |
