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Lennar（LEN）与帕卡（PCAR）财务数据对比。点击上方公司名可切换其他公司
Lennar的季度营收约是帕卡的1.4倍（$9.4B vs $6.8B），帕卡净利率更高（8.2% vs 5.2%，领先2.9%），Lennar同比增速更快（-5.8% vs -13.7%），Lennar自由现金流更多（$1.7B vs $954.4M），过去两年Lennar的营收复合增速更高（13.2% vs -11.7%）
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。
帕卡是美国知名重型卡车制造企业，总部位于华盛顿州贝尔维尤，旗下拥有肯沃斯、彼得比尔特、DAF卡车三大核心子品牌，同时布局金融服务、工业零部件供应业务，在全球商用车领域占据重要市场地位。
LEN vs PCAR — 直观对比
营收规模更大
LEN
是对方的1.4倍
$6.8B
营收增速更快
LEN
高出7.9%
-13.7%
净利率更高
PCAR
高出2.9%
5.2%
自由现金流更多
LEN
多$719.9M
$954.4M
两年增速更快
LEN
近两年复合增速
-11.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $9.4B | $6.8B |
| 净利润 | $490.2M | $556.9M |
| 毛利率 | — | 19.3% |
| 营业利润率 | 7.3% | 10.3% |
| 净利率 | 5.2% | 8.2% |
| 营收同比 | -5.8% | -13.7% |
| 净利润同比 | -55.3% | -36.1% |
| 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LENPCAR
| Q4 25 | $9.4B | $6.8B | ||
| Q3 25 | $8.8B | $6.7B | ||
| Q2 25 | $8.4B | $7.5B | ||
| Q1 25 | $7.6B | $7.4B | ||
| Q4 24 | $9.9B | $7.9B | ||
| Q3 24 | $9.4B | $8.2B | ||
| Q2 24 | $8.8B | $8.8B | ||
| Q1 24 | $7.3B | $8.7B |
净利润LENPCAR
| Q4 25 | $490.2M | $556.9M | ||
| Q3 25 | $591.0M | $590.0M | ||
| Q2 25 | $477.4M | $723.8M | ||
| Q1 25 | $519.5M | $505.1M | ||
| Q4 24 | $1.1B | $872.0M | ||
| Q3 24 | $1.2B | $972.1M | ||
| Q2 24 | $954.3M | $1.1B | ||
| Q1 24 | $719.3M | $1.2B |
毛利率LENPCAR
| Q4 25 | — | 19.3% | ||
| Q3 25 | — | 19.9% | ||
| Q2 25 | — | 20.2% | ||
| Q1 25 | — | 20.8% | ||
| Q4 24 | — | 21.6% | ||
| Q3 24 | — | 22.0% | ||
| Q2 24 | — | 22.8% | ||
| Q1 24 | — | 23.7% |
营业利润率LENPCAR
| Q4 25 | 7.3% | 10.3% | ||
| Q3 25 | 9.0% | 11.1% | ||
| Q2 25 | 7.7% | 12.4% | ||
| Q1 25 | 9.1% | 8.6% | ||
| Q4 24 | 14.7% | 14.5% | ||
| Q3 24 | 16.3% | 15.2% | ||
| Q2 24 | 14.4% | 16.7% | ||
| Q1 24 | 12.7% | 17.5% |
净利率LENPCAR
| Q4 25 | 5.2% | 8.2% | ||
| Q3 25 | 6.7% | 8.8% | ||
| Q2 25 | 5.7% | 9.6% | ||
| Q1 25 | 6.8% | 6.8% | ||
| Q4 24 | 11.0% | 11.0% | ||
| Q3 24 | 12.3% | 11.8% | ||
| Q2 24 | 10.9% | 12.8% | ||
| Q1 24 | 9.8% | 13.7% |
每股收益（稀释后）LENPCAR
| Q4 25 | — | $1.06 | ||
| Q3 25 | $2.29 | $1.12 | ||
| Q2 25 | $1.81 | $1.37 | ||
| Q1 25 | $1.96 | $0.96 | ||
| Q4 24 | $4.03 | $1.65 | ||
| Q3 24 | $4.26 | $1.85 | ||
| Q2 24 | $3.45 | $2.13 | ||
| Q1 24 | $2.57 | $2.27 |
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 | — |
| 总债务越低越好 | $5.9B | — |
| 股东权益账面价值 | $22.0B | $19.3B |
| 总资产 | $34.4B | $44.3B |
| 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LENPCAR
| Q4 25 | $3.8B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $4.9B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
总债务LENPCAR
| Q4 25 | $5.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益LENPCAR
| Q4 25 | $22.0B | $19.3B | ||
| Q3 25 | $22.6B | $19.4B | ||
| Q2 25 | $22.6B | $18.9B | ||
| Q1 25 | $22.7B | $18.0B | ||
| Q4 24 | $27.9B | $17.5B | ||
| Q3 24 | $27.4B | $18.7B | ||
| Q2 24 | $26.9B | $17.7B | ||
| Q1 24 | $26.6B | $16.9B |
总资产LENPCAR
| Q4 25 | $34.4B | $44.3B | ||
| Q3 25 | $34.9B | $44.2B | ||
| Q2 25 | $34.4B | $44.1B | ||
| Q1 25 | $35.0B | $42.7B | ||
| Q4 24 | $41.3B | $43.4B | ||
| Q3 24 | $39.7B | $43.3B | ||
| Q2 24 | $38.7B | $41.2B | ||
| Q1 24 | $39.0B | $40.4B |
负债/权益比LENPCAR
| 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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $954.4M |
| 自由现金流率自由现金流/营收 | 17.9% | 14.0% |
| 资本支出强度资本支出/营收 | 0.9% | 2.8% |
| 现金转化率经营现金流/净利润 | 3.59× | 2.05× |
| 过去12个月自由现金流最近4个季度 | $28.2M | $3.7B |
8季度趋势，按日历期对齐
经营现金流LENPCAR
| Q4 25 | $1.8B | $1.1B | ||
| Q3 25 | $-158.6M | $1.5B | ||
| Q2 25 | $-1.1B | $833.4M | ||
| Q1 25 | $-289.0M | $910.3M | ||
| Q4 24 | $974.5M | $1.4B | ||
| Q3 24 | $819.2M | $1.3B | ||
| Q2 24 | $241.8M | $440.0M | ||
| Q1 24 | $367.9M | $1.5B |
自由现金流LENPCAR
| Q4 25 | $1.7B | $954.4M | ||
| Q3 25 | $-190.8M | $1.4B | ||
| Q2 25 | $-1.1B | $611.3M | ||
| Q1 25 | $-345.1M | $745.2M | ||
| Q4 24 | $933.1M | $1.2B | ||
| Q3 24 | $800.8M | $1.1B | ||
| Q2 24 | $203.0M | $219.7M | ||
| Q1 24 | $294.9M | $1.3B |
自由现金流率LENPCAR
| Q4 25 | 17.9% | 14.0% | ||
| Q3 25 | -2.2% | 20.4% | ||
| Q2 25 | -13.3% | 8.1% | ||
| Q1 25 | -4.5% | 10.0% | ||
| Q4 24 | 9.4% | 15.3% | ||
| Q3 24 | 8.5% | 13.3% | ||
| Q2 24 | 2.3% | 2.5% | ||
| Q1 24 | 4.0% | 14.6% |
资本支出强度LENPCAR
| Q4 25 | 0.9% | 2.8% | ||
| Q3 25 | 0.4% | 2.5% | ||
| Q2 25 | 0.2% | 3.0% | ||
| Q1 25 | 0.7% | 2.2% | ||
| Q4 24 | 0.4% | 3.0% | ||
| Q3 24 | 0.2% | 2.4% | ||
| Q2 24 | 0.4% | 2.5% | ||
| Q1 24 | 1.0% | 2.2% |
现金转化率LENPCAR
| Q4 25 | 3.59× | 2.05× | ||
| Q3 25 | -0.27× | 2.59× | ||
| Q2 25 | -2.29× | 1.15× | ||
| Q1 25 | -0.56× | 1.80× | ||
| Q4 24 | 0.89× | 1.66× | ||
| Q3 24 | 0.70× | 1.32× | ||
| Q2 24 | 0.25× | 0.39× | ||
| Q1 24 | 0.51× | 1.23× |
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% |
PCAR
| Truck Subsegment | $4.5B | 66% |
| Parts Subsegment | $1.7B | 25% |
| Other | $359.4M | 5% |
| Financial Services | $208.1M | 3% |
