vs
Lennar（LEN）与Lowe's（LOW）财务数据对比。点击上方公司名可切换其他公司
Lowe's的季度营收约是Lennar的2.2倍（$20.8B vs $9.4B），Lowe's净利率更高（7.8% vs 5.2%，领先2.5%），Lowe's同比增速更快（3.2% vs -5.8%），Lennar自由现金流更多（$1.7B vs $90.0M），过去两年Lennar的营收复合增速更高（13.2% vs -8.7%）
Lennar Corporation是总部位于美国佛罗里达州迈阿密-戴德县的住宅建筑企业，截至2025年按房屋销量统计为美国第二大住宅建筑商。公司业务覆盖多户型及单户住宅租赁物业投资、高端地产开发，旗下LenX板块布局地产科技，另有Lennar Mortgage提供按揭贷款服务。
Lowe's是美国知名家居建材零售企业，总部位于北卡罗来纳州穆尔斯维尔，主营家居改善类相关产品的线下零售业务。截至2022年10月，该公司及旗下关联业务在北美地区共运营2181家家居建材及五金门店，服务普通消费者及专业装修从业人员。
LEN vs LOW — 直观对比
营收规模更大
LOW
是对方的2.2倍
$9.4B
营收增速更快
LOW
高出9.0%
-5.8%
净利率更高
LOW
高出2.5%
5.2%
自由现金流更多
LEN
多$1.6B
$90.0M
两年增速更快
LEN
近两年复合增速
-8.7%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $9.4B | $20.8B |
| 净利润 | $490.2M | $1.6B |
| 毛利率 | — | 34.2% |
| 营业利润率 | 7.3% | 11.9% |
| 净利率 | 5.2% | 7.8% |
| 营收同比 | -5.8% | 3.2% |
| 净利润同比 | -55.3% | -4.7% |
| 每股收益（稀释后） | — | $2.88 |
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LENLOW
| Q4 25 | $9.4B | $20.8B | ||
| Q3 25 | $8.8B | — | ||
| Q2 25 | $8.4B | $20.9B | ||
| Q1 25 | $7.6B | — | ||
| Q4 24 | $9.9B | $20.2B | ||
| Q3 24 | $9.4B | $23.6B | ||
| Q2 24 | $8.8B | $21.4B | ||
| Q1 24 | $7.3B | $18.6B |
净利润LENLOW
| Q4 25 | $490.2M | $1.6B | ||
| Q3 25 | $591.0M | — | ||
| Q2 25 | $477.4M | $1.6B | ||
| Q1 25 | $519.5M | — | ||
| Q4 24 | $1.1B | $1.7B | ||
| Q3 24 | $1.2B | $2.4B | ||
| Q2 24 | $954.3M | $1.8B | ||
| Q1 24 | $719.3M | $1.0B |
毛利率LENLOW
| Q4 25 | — | 34.2% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 33.4% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 33.7% | ||
| Q3 24 | — | 33.5% | ||
| Q2 24 | — | 33.2% | ||
| Q1 24 | — | 32.4% |
营业利润率LENLOW
| Q4 25 | 7.3% | 11.9% | ||
| Q3 25 | 9.0% | — | ||
| Q2 25 | 7.7% | 11.9% | ||
| Q1 25 | 9.1% | — | ||
| Q4 24 | 14.7% | 12.6% | ||
| Q3 24 | 16.3% | 14.6% | ||
| Q2 24 | 14.4% | 12.4% | ||
| Q1 24 | 12.7% | 9.1% |
净利率LENLOW
| Q4 25 | 5.2% | 7.8% | ||
| Q3 25 | 6.7% | — | ||
| Q2 25 | 5.7% | 7.8% | ||
| Q1 25 | 6.8% | — | ||
| Q4 24 | 11.0% | 8.4% | ||
| Q3 24 | 12.3% | 10.1% | ||
| Q2 24 | 10.9% | 8.2% | ||
| Q1 24 | 9.8% | 5.5% |
每股收益（稀释后）LENLOW
| Q4 25 | — | $2.88 | ||
| Q3 25 | $2.29 | — | ||
| Q2 25 | $1.81 | $2.92 | ||
| Q1 25 | $1.96 | — | ||
| Q4 24 | $4.03 | $2.99 | ||
| Q3 24 | $4.26 | $4.17 | ||
| Q2 24 | $3.45 | $3.06 | ||
| Q1 24 | $2.57 | $1.81 |
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 | $3.8B | $1.0B |
| 总债务越低越好 | $5.9B | $37.5B |
| 股东权益账面价值 | $22.0B | $-10.4B |
| 总资产 | $34.4B | $53.5B |
| 负债/权益比越低杠杆越低 | 0.27× | — |
8季度趋势，按日历期对齐
现金及短期投资LENLOW
| Q4 25 | $3.8B | $1.0B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $3.4B | ||
| Q1 25 | — | — | ||
| Q4 24 | $4.9B | $3.6B | ||
| Q3 24 | — | $4.7B | ||
| Q2 24 | — | $3.5B | ||
| Q1 24 | — | $1.2B |
总债务LENLOW
| Q4 25 | $5.9B | $37.5B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $30.5B | ||
| Q1 25 | — | — | ||
| Q4 24 | $4.2B | $32.9B | ||
| Q3 24 | — | $34.7B | ||
| Q2 24 | — | $34.6B | ||
| Q1 24 | — | $35.4B |
股东权益LENLOW
| Q4 25 | $22.0B | $-10.4B | ||
| Q3 25 | $22.6B | — | ||
| Q2 25 | $22.6B | $-13.3B | ||
| Q1 25 | $22.7B | — | ||
| Q4 24 | $27.9B | $-13.4B | ||
| Q3 24 | $27.4B | $-13.8B | ||
| Q2 24 | $26.9B | $-14.6B | ||
| Q1 24 | $26.6B | $-15.1B |
总资产LENLOW
| Q4 25 | $34.4B | $53.5B | ||
| Q3 25 | $34.9B | — | ||
| Q2 25 | $34.4B | $45.4B | ||
| Q1 25 | $35.0B | — | ||
| Q4 24 | $41.3B | $44.7B | ||
| Q3 24 | $39.7B | $44.9B | ||
| Q2 24 | $38.7B | $45.4B | ||
| Q1 24 | $39.0B | $41.8B |
负债/权益比LENLOW
| Q4 25 | 0.27× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.15× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $1.8B | $687.0M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $90.0M |
| 自由现金流率自由现金流/营收 | 17.9% | 0.4% |
| 资本支出强度资本支出/营收 | 0.9% | 2.9% |
| 现金转化率经营现金流/净利润 | 3.59× | 0.43× |
| 过去12个月自由现金流最近4个季度 | $28.2M | $6.4B |
8季度趋势，按日历期对齐
经营现金流LENLOW
| Q4 25 | $1.8B | $687.0M | ||
| Q3 25 | $-158.6M | — | ||
| Q2 25 | $-1.1B | $3.4B | ||
| Q1 25 | $-289.0M | — | ||
| Q4 24 | $974.5M | $1.3B | ||
| Q3 24 | $819.2M | $3.2B | ||
| Q2 24 | $241.8M | $4.3B | ||
| Q1 24 | $367.9M | $1.1B |
自由现金流LENLOW
| Q4 25 | $1.7B | $90.0M | ||
| Q3 25 | $-190.8M | — | ||
| Q2 25 | $-1.1B | $2.9B | ||
| Q1 25 | $-345.1M | — | ||
| Q4 24 | $933.1M | $728.0M | ||
| Q3 24 | $800.8M | $2.7B | ||
| Q2 24 | $203.0M | $3.9B | ||
| Q1 24 | $294.9M | $488.0M |
自由现金流率LENLOW
| Q4 25 | 17.9% | 0.4% | ||
| Q3 25 | -2.2% | — | ||
| Q2 25 | -13.3% | 13.7% | ||
| Q1 25 | -4.5% | — | ||
| Q4 24 | 9.4% | 3.6% | ||
| Q3 24 | 8.5% | 11.6% | ||
| Q2 24 | 2.3% | 18.2% | ||
| Q1 24 | 4.0% | 2.6% |
资本支出强度LENLOW
| Q4 25 | 0.9% | 2.9% | ||
| Q3 25 | 0.4% | — | ||
| Q2 25 | 0.2% | 2.5% | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 0.4% | 2.8% | ||
| Q3 24 | 0.2% | 1.8% | ||
| Q2 24 | 0.4% | 1.8% | ||
| Q1 24 | 1.0% | 3.3% |
现金转化率LENLOW
| Q4 25 | 3.59× | 0.43× | ||
| Q3 25 | -0.27× | — | ||
| Q2 25 | -2.29× | 2.06× | ||
| Q1 25 | -0.56× | — | ||
| Q4 24 | 0.89× | 0.77× | ||
| Q3 24 | 0.70× | 1.32× | ||
| Q2 24 | 0.25× | 2.43× | ||
| Q1 24 | 0.51× | 1.09× |
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
LEN
| Lennar Homebuilding East Central West Houstonand Other | $8.9B | 95% |
| Lennar Financial Services | $308.8M | 3% |
| Lennar Multifamily | $158.7M | 2% |
| Lennar Other | $14.8M | 0% |
| Homebuilding Other Regions | $3.9M | 0% |
LOW
| Home Decor | $7.8B | 37% |
| Building Products | $6.9B | 33% |
| Hardlines | $5.1B | 25% |
| Services | $753.0M | 4% |
| Other | $384.0M | 2% |
