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Lennar（LEN）与Toll Brothers, Inc.（TOL）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Toll Brothers, Inc.的2.7倍（$9.4B vs $3.4B），Toll Brothers, Inc.净利率更高（13.0% vs 5.2%，领先7.8%），Toll Brothers, Inc.同比增速更快（2.7% vs -5.8%），Lennar自由现金流更多（$1.7B vs $772.2M），过去两年Toll Brothers, Inc.的营收复合增速更高（32.6% 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。
Toll Brothers, Inc.是美国知名住宅建造企业，业务涵盖美国境内住宅及商业地产的开发、营销与融资服务。2020年按住宅建造营收统计，该公司为全美第五大房屋建造商，位列《财富》美国500强第411位。
LEN vs TOL — 直观对比
营收规模更大
LEN
是对方的2.7倍
$3.4B
营收增速更快
TOL
高出8.5%
-5.8%
净利率更高
TOL
高出7.8%
5.2%
自由现金流更多
LEN
多$902.1M
$772.2M
两年增速更快
TOL
近两年复合增速
13.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $9.4B | $3.4B |
| 净利润 | $490.2M | $446.7M |
| 毛利率 | — | 24.8% |
| 营业利润率 | 7.3% | 16.5% |
| 净利率 | 5.2% | 13.0% |
| 营收同比 | -5.8% | 2.7% |
| 净利润同比 | -55.3% | -6.0% |
| 每股收益（稀释后） | — | $4.51 |
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LENTOL
| Q4 25 | $9.4B | $3.4B | ||
| Q3 25 | $8.8B | $2.9B | ||
| Q2 25 | $8.4B | $2.7B | ||
| Q1 25 | $7.6B | $1.9B | ||
| Q4 24 | $9.9B | $3.3B | ||
| Q3 24 | $9.4B | $2.7B | ||
| Q2 24 | $8.8B | $2.8B | ||
| Q1 24 | $7.3B | $1.9B |
净利润LENTOL
| Q4 25 | $490.2M | $446.7M | ||
| Q3 25 | $591.0M | $369.6M | ||
| Q2 25 | $477.4M | $352.4M | ||
| Q1 25 | $519.5M | $177.7M | ||
| Q4 24 | $1.1B | $475.4M | ||
| Q3 24 | $1.2B | $374.6M | ||
| Q2 24 | $954.3M | $481.6M | ||
| Q1 24 | $719.3M | $239.6M |
毛利率LENTOL
| Q4 25 | — | 24.8% | ||
| Q3 25 | — | 25.2% | ||
| Q2 25 | — | 25.8% | ||
| Q1 25 | — | 24.7% | ||
| Q4 24 | — | 26.4% | ||
| Q3 24 | — | 27.2% | ||
| Q2 24 | — | 30.4% | ||
| Q1 24 | — | 27.6% |
营业利润率LENTOL
| Q4 25 | 7.3% | 16.5% | ||
| Q3 25 | 9.0% | 16.6% | ||
| Q2 25 | 7.7% | 16.4% | ||
| Q1 25 | 9.1% | 11.8% | ||
| Q4 24 | 14.7% | 18.3% | ||
| Q3 24 | 16.3% | 18.2% | ||
| Q2 24 | 14.4% | 22.0% | ||
| Q1 24 | 12.7% | 15.8% |
净利率LENTOL
| Q4 25 | 5.2% | 13.0% | ||
| Q3 25 | 6.7% | 12.6% | ||
| Q2 25 | 5.7% | 12.9% | ||
| Q1 25 | 6.8% | 9.6% | ||
| Q4 24 | 11.0% | 14.3% | ||
| Q3 24 | 12.3% | 13.7% | ||
| Q2 24 | 10.9% | 17.0% | ||
| Q1 24 | 9.8% | 12.3% |
每股收益（稀释后）LENTOL
| Q4 25 | — | $4.51 | ||
| Q3 25 | $2.29 | $3.73 | ||
| Q2 25 | $1.81 | $3.50 | ||
| Q1 25 | $1.96 | $1.75 | ||
| Q4 24 | $4.03 | $4.61 | ||
| Q3 24 | $4.26 | $3.60 | ||
| Q2 24 | $3.45 | $4.55 | ||
| Q1 24 | $2.57 | $2.25 |
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 | $1.3B |
| 总债务越低越好 | $5.9B | — |
| 股东权益账面价值 | $22.0B | $8.3B |
| 总资产 | $34.4B | $14.5B |
| 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LENTOL
| Q4 25 | $3.8B | $1.3B | ||
| Q3 25 | — | $852.3M | ||
| Q2 25 | — | $686.5M | ||
| Q1 25 | — | $574.8M | ||
| Q4 24 | $4.9B | $1.3B | ||
| Q3 24 | — | $893.4M | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $754.8M |
总债务LENTOL
| Q4 25 | $5.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益LENTOL
| Q4 25 | $22.0B | $8.3B | ||
| Q3 25 | $22.6B | $8.1B | ||
| Q2 25 | $22.6B | $7.9B | ||
| Q1 25 | $22.7B | $7.8B | ||
| Q4 24 | $27.9B | $7.7B | ||
| Q3 24 | $27.4B | $7.4B | ||
| Q2 24 | $26.9B | $7.3B | ||
| Q1 24 | $26.6B | $7.0B |
总资产LENTOL
| Q4 25 | $34.4B | $14.5B | ||
| Q3 25 | $34.9B | $14.4B | ||
| Q2 25 | $34.4B | $14.2B | ||
| Q1 25 | $35.0B | $13.6B | ||
| Q4 24 | $41.3B | $13.4B | ||
| Q3 24 | $39.7B | $13.4B | ||
| Q2 24 | $38.7B | $13.3B | ||
| Q1 24 | $39.0B | $12.5B |
负债/权益比LENTOL
| 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 | $800.0M |
| 自由现金流经营现金流 - 资本支出 | $1.7B | $772.2M |
| 自由现金流率自由现金流/营收 | 17.9% | 22.6% |
| 资本支出强度资本支出/营收 | 0.9% | 0.8% |
| 现金转化率经营现金流/净利润 | 3.59× | 1.79× |
| 过去12个月自由现金流最近4个季度 | $28.2M | $1.0B |
8季度趋势，按日历期对齐
经营现金流LENTOL
| Q4 25 | $1.8B | $800.0M | ||
| Q3 25 | $-158.6M | $370.3M | ||
| Q2 25 | $-1.1B | $362.8M | ||
| Q1 25 | $-289.0M | $-420.8M | ||
| Q4 24 | $974.5M | $682.5M | ||
| Q3 24 | $819.2M | $175.6M | ||
| Q2 24 | $241.8M | $459.0M | ||
| Q1 24 | $367.9M | $-307.0M |
自由现金流LENTOL
| Q4 25 | $1.7B | $772.2M | ||
| Q3 25 | $-190.8M | $344.9M | ||
| Q2 25 | $-1.1B | $347.3M | ||
| Q1 25 | $-345.1M | $-438.1M | ||
| Q4 24 | $933.1M | $664.3M | ||
| Q3 24 | $800.8M | $149.9M | ||
| Q2 24 | $203.0M | $442.9M | ||
| Q1 24 | $294.9M | $-320.6M |
自由现金流率LENTOL
| Q4 25 | 17.9% | 22.6% | ||
| Q3 25 | -2.2% | 11.7% | ||
| Q2 25 | -13.3% | 12.7% | ||
| Q1 25 | -4.5% | -23.6% | ||
| Q4 24 | 9.4% | 19.9% | ||
| Q3 24 | 8.5% | 5.5% | ||
| Q2 24 | 2.3% | 15.6% | ||
| Q1 24 | 4.0% | -16.5% |
资本支出强度LENTOL
| Q4 25 | 0.9% | 0.8% | ||
| Q3 25 | 0.4% | 0.9% | ||
| Q2 25 | 0.2% | 0.6% | ||
| Q1 25 | 0.7% | 0.9% | ||
| Q4 24 | 0.4% | 0.5% | ||
| Q3 24 | 0.2% | 0.9% | ||
| Q2 24 | 0.4% | 0.6% | ||
| Q1 24 | 1.0% | 0.7% |
现金转化率LENTOL
| Q4 25 | 3.59× | 1.79× | ||
| Q3 25 | -0.27× | 1.00× | ||
| Q2 25 | -2.29× | 1.03× | ||
| Q1 25 | -0.56× | -2.37× | ||
| Q4 24 | 0.89× | 1.44× | ||
| Q3 24 | 0.70× | 0.47× | ||
| Q2 24 | 0.25× | 0.95× | ||
| Q1 24 | 0.51× | -1.28× |
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% |
TOL
| Home Building | $3.4B | 100% |
| Land | $9.4M | 0% |
