vs
Lennar（LEN）与TJX Companies（TJX）财务数据对比。点击上方公司名可切换其他公司
TJX Companies的季度营收约是Lennar的1.6倍（$15.1B vs $9.4B），TJX Companies净利率更高（9.5% vs 5.2%，领先4.3%），TJX Companies同比增速更快（7.5% vs -5.8%），Lennar自由现金流更多（$1.7B vs $1.0B），过去两年Lennar的营收复合增速更高（13.2% vs -4.0%）
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。
TJX Companies是美国跨国折扣百货零售集团，总部位于马萨诸塞州弗雷明汉。1987年作为Zayre集团的子公司成立，1989年完成企业重组后成为Zayre集团的法定承继主体，是全球折扣零售行业的领先企业，业务布局覆盖全球多个主要市场。
LEN vs TJX — 直观对比
营收规模更大
TJX
是对方的1.6倍
$9.4B
营收增速更快
TJX
高出13.3%
-5.8%
净利率更高
TJX
高出4.3%
5.2%
自由现金流更多
LEN
多$673.3M
$1.0B
两年增速更快
LEN
近两年复合增速
-4.0%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $9.4B | $15.1B |
| 净利润 | $490.2M | $1.4B |
| 毛利率 | — | 32.6% |
| 营业利润率 | 7.3% | — |
| 净利率 | 5.2% | 9.5% |
| 营收同比 | -5.8% | 7.5% |
| 净利润同比 | -55.3% | 11.2% |
| 每股收益（稀释后） | — | $1.28 |
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LENTJX
| Q4 25 | $9.4B | $15.1B | ||
| Q3 25 | $8.8B | $14.4B | ||
| Q2 25 | $8.4B | $13.1B | ||
| Q1 25 | $7.6B | $16.4B | ||
| Q4 24 | $9.9B | $14.1B | ||
| Q3 24 | $9.4B | $13.5B | ||
| Q2 24 | $8.8B | $12.5B | ||
| Q1 24 | $7.3B | $16.4B |
净利润LENTJX
| Q4 25 | $490.2M | $1.4B | ||
| Q3 25 | $591.0M | $1.2B | ||
| Q2 25 | $477.4M | $1.0B | ||
| Q1 25 | $519.5M | $1.4B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $1.2B | $1.1B | ||
| Q2 24 | $954.3M | $1.1B | ||
| Q1 24 | $719.3M | $1.4B |
毛利率LENTJX
| Q4 25 | — | 32.6% | ||
| Q3 25 | — | 30.7% | ||
| Q2 25 | — | 29.5% | ||
| Q1 25 | — | 30.5% | ||
| Q4 24 | — | 31.6% | ||
| Q3 24 | — | 30.4% | ||
| Q2 24 | — | 30.0% | ||
| Q1 24 | — | 29.8% |
营业利润率LENTJX
| Q4 25 | 7.3% | — | ||
| Q3 25 | 9.0% | — | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 9.1% | 11.6% | ||
| Q4 24 | 14.7% | 12.3% | ||
| Q3 24 | 16.3% | 10.9% | ||
| Q2 24 | 14.4% | 11.1% | ||
| Q1 24 | 12.7% | 11.2% |
净利率LENTJX
| Q4 25 | 5.2% | 9.5% | ||
| Q3 25 | 6.7% | 8.6% | ||
| Q2 25 | 5.7% | 7.9% | ||
| Q1 25 | 6.8% | 8.6% | ||
| Q4 24 | 11.0% | 9.2% | ||
| Q3 24 | 12.3% | 8.2% | ||
| Q2 24 | 10.9% | 8.6% | ||
| Q1 24 | 9.8% | 8.5% |
每股收益（稀释后）LENTJX
| Q4 25 | — | $1.28 | ||
| Q3 25 | $2.29 | $1.10 | ||
| Q2 25 | $1.81 | $0.92 | ||
| Q1 25 | $1.96 | $1.23 | ||
| Q4 24 | $4.03 | $1.14 | ||
| Q3 24 | $4.26 | $0.96 | ||
| Q2 24 | $3.45 | $0.93 | ||
| Q1 24 | $2.57 | $1.22 |
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 | $4.6B |
| 总债务越低越好 | $5.9B | — |
| 股东权益账面价值 | $22.0B | $9.4B |
| 总资产 | $34.4B | $35.2B |
| 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LENTJX
| Q4 25 | $3.8B | $4.6B | ||
| Q3 25 | — | $4.6B | ||
| Q2 25 | — | $4.3B | ||
| Q1 25 | — | $5.3B | ||
| Q4 24 | $4.9B | $4.7B | ||
| Q3 24 | — | $5.3B | ||
| Q2 24 | — | $5.1B | ||
| Q1 24 | — | $5.6B |
总债务LENTJX
| Q4 25 | $5.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益LENTJX
| Q4 25 | $22.0B | $9.4B | ||
| Q3 25 | $22.6B | $8.9B | ||
| Q2 25 | $22.6B | $8.5B | ||
| Q1 25 | $22.7B | $8.4B | ||
| Q4 24 | $27.9B | $8.2B | ||
| Q3 24 | $27.4B | $7.8B | ||
| Q2 24 | $26.9B | $7.5B | ||
| Q1 24 | $26.6B | $7.3B |
总资产LENTJX
| Q4 25 | $34.4B | $35.2B | ||
| Q3 25 | $34.9B | $32.9B | ||
| Q2 25 | $34.4B | $31.9B | ||
| Q1 25 | $35.0B | $31.7B | ||
| Q4 24 | $41.3B | $32.4B | ||
| Q3 24 | $39.7B | $30.6B | ||
| Q2 24 | $38.7B | $29.7B | ||
| Q1 24 | $39.0B | $29.7B |
负债/权益比LENTJX
| 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 | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $1.0B |
| 自由现金流率自由现金流/营收 | 17.9% | 6.6% |
| 资本支出强度资本支出/营收 | 0.9% | 3.5% |
| 现金转化率经营现金流/净利润 | 3.59× | 1.06× |
| 过去12个月自由现金流最近4个季度 | $28.2M | $4.4B |
8季度趋势，按日历期对齐
经营现金流LENTJX
| Q4 25 | $1.8B | $1.5B | ||
| Q3 25 | $-158.6M | $1.8B | ||
| Q2 25 | $-1.1B | $394.0M | ||
| Q1 25 | $-289.0M | $2.7B | ||
| Q4 24 | $974.5M | $1.0B | ||
| Q3 24 | $819.2M | $1.6B | ||
| Q2 24 | $241.8M | $737.0M | ||
| Q1 24 | $367.9M | $2.8B |
自由现金流LENTJX
| Q4 25 | $1.7B | $1.0B | ||
| Q3 25 | $-190.8M | $1.3B | ||
| Q2 25 | $-1.1B | $-103.0M | ||
| Q1 25 | $-345.1M | $2.2B | ||
| Q4 24 | $933.1M | $624.0M | ||
| Q3 24 | $800.8M | $1.1B | ||
| Q2 24 | $203.0M | $318.0M | ||
| Q1 24 | $294.9M | $2.4B |
自由现金流率LENTJX
| Q4 25 | 17.9% | 6.6% | ||
| Q3 25 | -2.2% | 9.2% | ||
| Q2 25 | -13.3% | -0.8% | ||
| Q1 25 | -4.5% | 13.4% | ||
| Q4 24 | 9.4% | 4.4% | ||
| Q3 24 | 8.5% | 7.9% | ||
| Q2 24 | 2.3% | 2.5% | ||
| Q1 24 | 4.0% | 14.4% |
资本支出强度LENTJX
| Q4 25 | 0.9% | 3.5% | ||
| Q3 25 | 0.4% | 3.2% | ||
| Q2 25 | 0.2% | 3.8% | ||
| Q1 25 | 0.7% | 3.1% | ||
| Q4 24 | 0.4% | 3.0% | ||
| Q3 24 | 0.2% | 4.2% | ||
| Q2 24 | 0.4% | 3.4% | ||
| Q1 24 | 1.0% | 2.7% |
现金转化率LENTJX
| Q4 25 | 3.59× | 1.06× | ||
| Q3 25 | -0.27× | 1.44× | ||
| Q2 25 | -2.29× | 0.38× | ||
| Q1 25 | -0.56× | 1.93× | ||
| Q4 24 | 0.89× | 0.81× | ||
| Q3 24 | 0.70× | 1.48× | ||
| Q2 24 | 0.25× | 0.69× | ||
| Q1 24 | 0.51× | 2.00× |
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% |
TJX
| Marmaxx | $9.0B | 60% |
| Home Goods | $2.5B | 17% |
| TJX International | $2.0B | 14% |
| Tjx Canada | $1.5B | 10% |
