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Lennar（LEN）与Live Nation Entertainment（LYV）财务数据对比。点击上方公司名可切换其他公司
Lennar的季度营收约是Live Nation Entertainment的1.5倍（$9.4B vs $6.3B），Lennar净利率更高（5.2% vs -3.2%，领先8.4%），Live Nation Entertainment同比增速更快（11.1% vs -5.8%），Lennar自由现金流更多（$1.7B vs $-405.6M），过去两年Live Nation Entertainment的营收复合增速更高（28.9% vs 13.2%）
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。
Live Nation Entertainment是美国跨国娱乐企业，2010年由Live Nation与Ticketmaster合并成立，旗下保留运营两大原有品牌。公司业务覆盖全球，主营现场娱乐活动宣发、票务销售，同时持有并运营多家娱乐场馆，还为音乐人提供艺人经纪管理服务。
LEN vs LYV — 直观对比
营收规模更大
LEN
是对方的1.5倍
$6.3B
营收增速更快
LYV
高出16.9%
-5.8%
净利率更高
LEN
高出8.4%
-3.2%
自由现金流更多
LEN
多$2.1B
$-405.6M
两年增速更快
LYV
近两年复合增速
13.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $9.4B | $6.3B |
| 净利润 | $490.2M | $-202.1M |
| 毛利率 | — | — |
| 营业利润率 | 7.3% | -2.3% |
| 净利率 | 5.2% | -3.2% |
| 营收同比 | -5.8% | 11.1% |
| 净利润同比 | -55.3% | -204.6% |
| 每股收益（稀释后） | — | $-1.06 |
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LENLYV
| Q4 25 | $9.4B | $6.3B | ||
| Q3 25 | $8.8B | $8.5B | ||
| Q2 25 | $8.4B | $7.0B | ||
| Q1 25 | $7.6B | $3.4B | ||
| Q4 24 | $9.9B | $5.7B | ||
| Q3 24 | $9.4B | $7.7B | ||
| Q2 24 | $8.8B | $6.0B | ||
| Q1 24 | $7.3B | $3.8B |
净利润LENLYV
| Q4 25 | $490.2M | $-202.1M | ||
| Q3 25 | $591.0M | $431.5M | ||
| Q2 25 | $477.4M | $243.4M | ||
| Q1 25 | $519.5M | $23.2M | ||
| Q4 24 | $1.1B | $193.2M | ||
| Q3 24 | $1.2B | $451.8M | ||
| Q2 24 | $954.3M | $298.0M | ||
| Q1 24 | $719.3M | $-46.7M |
营业利润率LENLYV
| Q4 25 | 7.3% | -2.3% | ||
| Q3 25 | 9.0% | 9.3% | ||
| Q2 25 | 7.7% | 6.9% | ||
| Q1 25 | 9.1% | 3.4% | ||
| Q4 24 | 14.7% | -4.3% | ||
| Q3 24 | 16.3% | 8.4% | ||
| Q2 24 | 14.4% | 7.7% | ||
| Q1 24 | 12.7% | -1.0% |
净利率LENLYV
| Q4 25 | 5.2% | -3.2% | ||
| Q3 25 | 6.7% | 5.1% | ||
| Q2 25 | 5.7% | 3.5% | ||
| Q1 25 | 6.8% | 0.7% | ||
| Q4 24 | 11.0% | 3.4% | ||
| Q3 24 | 12.3% | 5.9% | ||
| Q2 24 | 10.9% | 4.9% | ||
| Q1 24 | 9.8% | -1.2% |
每股收益（稀释后）LENLYV
| Q4 25 | — | $-1.06 | ||
| Q3 25 | $2.29 | $0.73 | ||
| Q2 25 | $1.81 | $0.41 | ||
| Q1 25 | $1.96 | $-0.32 | ||
| Q4 24 | $4.03 | $0.58 | ||
| Q3 24 | $4.26 | $1.66 | ||
| Q2 24 | $3.45 | $1.03 | ||
| Q1 24 | $2.57 | $-0.53 |
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 | $7.1B |
| 总债务越低越好 | $5.9B | $7.6B |
| 股东权益账面价值 | $22.0B | $271.0M |
| 总资产 | $34.4B | $22.9B |
| 负债/权益比越低杠杆越低 | 0.27× | 28.09× |
8季度趋势，按日历期对齐
现金及短期投资LENLYV
| Q4 25 | $3.8B | $7.1B | ||
| Q3 25 | — | $6.8B | ||
| Q2 25 | — | $7.1B | ||
| Q1 25 | — | $7.2B | ||
| Q4 24 | $4.9B | $6.1B | ||
| Q3 24 | — | $5.5B | ||
| Q2 24 | — | $6.4B | ||
| Q1 24 | — | $6.5B |
总债务LENLYV
| Q4 25 | $5.9B | $7.6B | ||
| Q3 25 | — | $6.1B | ||
| Q2 25 | — | $5.0B | ||
| Q1 25 | — | $5.9B | ||
| Q4 24 | $4.2B | $6.2B | ||
| Q3 24 | — | $5.7B | ||
| Q2 24 | — | $5.1B | ||
| Q1 24 | — | $5.1B |
股东权益LENLYV
| Q4 25 | $22.0B | $271.0M | ||
| Q3 25 | $22.6B | $521.3M | ||
| Q2 25 | $22.6B | $360.1M | ||
| Q1 25 | $22.7B | $106.0M | ||
| Q4 24 | $27.9B | $173.3M | ||
| Q3 24 | $27.4B | $288.0M | ||
| Q2 24 | $26.9B | $-43.3M | ||
| Q1 24 | $26.6B | $-114.8M |
总资产LENLYV
| Q4 25 | $34.4B | $22.9B | ||
| Q3 25 | $34.9B | $22.9B | ||
| Q2 25 | $34.4B | $23.2B | ||
| Q1 25 | $35.0B | $21.8B | ||
| Q4 24 | $41.3B | $19.6B | ||
| Q3 24 | $39.7B | $19.7B | ||
| Q2 24 | $38.7B | $20.5B | ||
| Q1 24 | $39.0B | $20.0B |
负债/权益比LENLYV
| Q4 25 | 0.27× | 28.09× | ||
| Q3 25 | — | 11.71× | ||
| Q2 25 | — | 13.86× | ||
| Q1 25 | — | 55.93× | ||
| Q4 24 | 0.15× | 35.65× | ||
| Q3 24 | — | 19.70× | ||
| 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 | $-53.7M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $-405.6M |
| 自由现金流率自由现金流/营收 | 17.9% | -6.4% |
| 资本支出强度资本支出/营收 | 0.9% | 5.6% |
| 现金转化率经营现金流/净利润 | 3.59× | — |
| 过去12个月自由现金流最近4个季度 | $28.2M | $333.6M |
8季度趋势，按日历期对齐
经营现金流LENLYV
| Q4 25 | $1.8B | $-53.7M | ||
| Q3 25 | $-158.6M | $-95.7M | ||
| Q2 25 | $-1.1B | $223.5M | ||
| Q1 25 | $-289.0M | $1.3B | ||
| Q4 24 | $974.5M | $1.0B | ||
| Q3 24 | $819.2M | $-720.9M | ||
| Q2 24 | $241.8M | $412.1M | ||
| Q1 24 | $367.9M | $988.9M |
自由现金流LENLYV
| Q4 25 | $1.7B | $-405.6M | ||
| Q3 25 | $-190.8M | $-371.3M | ||
| Q2 25 | $-1.1B | $-39.9M | ||
| Q1 25 | $-345.1M | $1.2B | ||
| Q4 24 | $933.1M | $890.2M | ||
| Q3 24 | $800.8M | $-879.0M | ||
| Q2 24 | $203.0M | $212.4M | ||
| Q1 24 | $294.9M | $854.8M |
自由现金流率LENLYV
| Q4 25 | 17.9% | -6.4% | ||
| Q3 25 | -2.2% | -4.4% | ||
| Q2 25 | -13.3% | -0.6% | ||
| Q1 25 | -4.5% | 34.0% | ||
| Q4 24 | 9.4% | 15.7% | ||
| Q3 24 | 8.5% | -11.5% | ||
| Q2 24 | 2.3% | 3.5% | ||
| Q1 24 | 4.0% | 22.5% |
资本支出强度LENLYV
| Q4 25 | 0.9% | 5.6% | ||
| Q3 25 | 0.4% | 3.2% | ||
| Q2 25 | 0.2% | 3.8% | ||
| Q1 25 | 0.7% | 5.0% | ||
| Q4 24 | 0.4% | 2.7% | ||
| Q3 24 | 0.2% | 2.1% | ||
| Q2 24 | 0.4% | 3.3% | ||
| Q1 24 | 1.0% | 3.5% |
现金转化率LENLYV
| Q4 25 | 3.59× | — | ||
| Q3 25 | -0.27× | -0.22× | ||
| Q2 25 | -2.29× | 0.92× | ||
| Q1 25 | -0.56× | 56.94× | ||
| Q4 24 | 0.89× | 5.41× | ||
| Q3 24 | 0.70× | -1.60× | ||
| Q2 24 | 0.25× | 1.38× | ||
| Q1 24 | 0.51× | — |
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% |
LYV
| Concerts | $5.1B | 82% |
| Ticketing | $846.2M | 13% |
| Sponsorship And Advertising | $329.9M | 5% |
