vs
Lennar（LEN）与Smurfit Westrock（SW）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Smurfit Westrock的1.2倍（$9.4B vs $7.7B），Lennar净利率更高（5.2% vs 0.8%，领先4.4%），Smurfit Westrock同比增速更快（0.7% vs -5.8%），过去两年Smurfit Westrock的营收复合增速更高（61.2% 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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
LEN vs SW — 直观对比
营收规模更大
LEN
是对方的1.2倍
$7.7B
营收增速更快
SW
高出6.6%
-5.8%
净利率更高
LEN
高出4.4%
0.8%
两年增速更快
SW
近两年复合增速
13.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $9.4B | $7.7B |
| 净利润 | $490.2M | $63.0M |
| 毛利率 | — | 16.4% |
| 营业利润率 | 7.3% | 3.3% |
| 净利率 | 5.2% | 0.8% |
| 营收同比 | -5.8% | 0.7% |
| 净利润同比 | -55.3% | 0.0% |
| 每股收益（稀释后） | — | $0.12 |
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LENSW
| Q1 26 | — | $7.7B | ||
| Q4 25 | $9.4B | $7.6B | ||
| Q3 25 | $8.8B | $8.0B | ||
| Q2 25 | $8.4B | $7.9B | ||
| Q1 25 | $7.6B | $7.7B | ||
| Q4 24 | $9.9B | $7.5B | ||
| Q3 24 | $9.4B | $7.7B | ||
| Q2 24 | $8.8B | $3.0B |
净利润LENSW
| Q1 26 | — | $63.0M | ||
| Q4 25 | $490.2M | $97.0M | ||
| Q3 25 | $591.0M | $246.0M | ||
| Q2 25 | $477.4M | $-28.0M | ||
| Q1 25 | $519.5M | $384.0M | ||
| Q4 24 | $1.1B | $146.0M | ||
| Q3 24 | $1.2B | $-150.0M | ||
| Q2 24 | $954.3M | $132.0M |
毛利率LENSW
| Q1 26 | — | 16.4% | ||
| Q4 25 | — | 18.2% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | — | 20.6% | ||
| Q4 24 | — | 19.1% | ||
| Q3 24 | — | 17.6% | ||
| Q2 24 | — | 23.3% |
营业利润率LENSW
| Q1 26 | — | 3.3% | ||
| Q4 25 | 7.3% | 5.1% | ||
| Q3 25 | 9.0% | 6.6% | ||
| Q2 25 | 7.7% | 3.2% | ||
| Q1 25 | 9.1% | 7.2% | ||
| Q4 24 | 14.7% | 5.3% | ||
| Q3 24 | 16.3% | 0.7% | ||
| Q2 24 | 14.4% | 8.2% |
净利率LENSW
| Q1 26 | — | 0.8% | ||
| Q4 25 | 5.2% | 1.3% | ||
| Q3 25 | 6.7% | 3.1% | ||
| Q2 25 | 5.7% | -0.4% | ||
| Q1 25 | 6.8% | 5.0% | ||
| Q4 24 | 11.0% | 1.9% | ||
| Q3 24 | 12.3% | -2.0% | ||
| Q2 24 | 10.9% | 4.4% |
每股收益（稀释后）LENSW
| Q1 26 | — | $0.12 | ||
| Q4 25 | — | $0.18 | ||
| Q3 25 | $2.29 | $0.47 | ||
| Q2 25 | $1.81 | $-0.05 | ||
| Q1 25 | $1.96 | $0.73 | ||
| Q4 24 | $4.03 | $-0.12 | ||
| Q3 24 | $4.26 | $-0.30 | ||
| Q2 24 | $3.45 | $0.51 |
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 | $980.0M |
| 股东权益账面价值 | $22.0B | $18.1B |
| 总资产 | $34.4B | $45.2B |
| 负债/权益比越低杠杆越低 | 0.27× | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资LENSW
| Q1 26 | — | — | ||
| Q4 25 | $3.8B | $892.0M | ||
| Q3 25 | — | $851.0M | ||
| Q2 25 | — | $778.0M | ||
| Q1 25 | — | $797.0M | ||
| Q4 24 | $4.9B | $855.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $26.8K |
总债务LENSW
| Q1 26 | — | $980.0M | ||
| Q4 25 | $5.9B | $13.4B | ||
| Q3 25 | — | $13.3B | ||
| Q2 25 | — | $13.3B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | $4.2B | $12.5B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | — |
股东权益LENSW
| Q1 26 | — | $18.1B | ||
| Q4 25 | $22.0B | $18.3B | ||
| Q3 25 | $22.6B | $18.4B | ||
| Q2 25 | $22.6B | $18.3B | ||
| Q1 25 | $22.7B | $17.9B | ||
| Q4 24 | $27.9B | $17.4B | ||
| Q3 24 | $27.4B | $18.0B | ||
| Q2 24 | $26.9B | $14.5K |
总资产LENSW
| Q1 26 | — | $45.2B | ||
| Q4 25 | $34.4B | $45.2B | ||
| Q3 25 | $34.9B | $45.6B | ||
| Q2 25 | $34.4B | $45.7B | ||
| Q1 25 | $35.0B | $44.6B | ||
| Q4 24 | $41.3B | $43.8B | ||
| Q3 24 | $39.7B | $45.0B | ||
| Q2 24 | $38.7B | $26.8K |
负债/权益比LENSW
| Q1 26 | — | 0.05× | ||
| Q4 25 | 0.27× | 0.73× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | 0.15× | 0.72× | ||
| Q3 24 | — | 0.73× | ||
| Q2 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 | $204.0M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | — |
| 自由现金流率自由现金流/营收 | 17.9% | — |
| 资本支出强度资本支出/营收 | 0.9% | — |
| 现金转化率经营现金流/净利润 | 3.59× | 3.24× |
| 过去12个月自由现金流最近4个季度 | $28.2M | — |
8季度趋势，按日历期对齐
经营现金流LENSW
| Q1 26 | — | $204.0M | ||
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $-158.6M | $1.1B | ||
| Q2 25 | $-1.1B | $829.0M | ||
| Q1 25 | $-289.0M | $235.0M | ||
| Q4 24 | $974.5M | $781.0M | ||
| Q3 24 | $819.2M | $320.0M | ||
| Q2 24 | $241.8M | $340.0M |
自由现金流LENSW
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $612.0M | ||
| Q3 25 | $-190.8M | $523.0M | ||
| Q2 25 | $-1.1B | $307.0M | ||
| Q1 25 | $-345.1M | $-242.0M | ||
| Q4 24 | $933.1M | $212.0M | ||
| Q3 24 | $800.8M | $-192.0M | ||
| Q2 24 | $203.0M | $163.0M |
自由现金流率LENSW
| Q1 26 | — | — | ||
| Q4 25 | 17.9% | 8.1% | ||
| Q3 25 | -2.2% | 6.5% | ||
| Q2 25 | -13.3% | 3.9% | ||
| Q1 25 | -4.5% | -3.2% | ||
| Q4 24 | 9.4% | 2.8% | ||
| Q3 24 | 8.5% | -2.5% | ||
| Q2 24 | 2.3% | 5.5% |
资本支出强度LENSW
| Q1 26 | — | — | ||
| Q4 25 | 0.9% | 7.7% | ||
| Q3 25 | 0.4% | 7.6% | ||
| Q2 25 | 0.2% | 6.6% | ||
| Q1 25 | 0.7% | 6.2% | ||
| Q4 24 | 0.4% | 7.5% | ||
| Q3 24 | 0.2% | 6.7% | ||
| Q2 24 | 0.4% | 6.0% |
现金转化率LENSW
| Q1 26 | — | 3.24× | ||
| Q4 25 | 3.59× | 12.32× | ||
| Q3 25 | -0.27× | 4.61× | ||
| Q2 25 | -2.29× | — | ||
| Q1 25 | -0.56× | 0.61× | ||
| Q4 24 | 0.89× | 5.35× | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 0.25× | 2.58× |
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% |
SW
暂无分部数据
