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LGI Homes, Inc.（LGIH）与Meritage Homes CORP（MTH）财务数据对比。点击上方公司名可切换其他公司
Meritage Homes CORP的季度营收约是LGI Homes, Inc.的3.0倍（$1.4B vs $474.0M）。Meritage Homes CORP净利率更高（17.7% vs 3.7%，领先14.1%）。Meritage Homes CORP同比增速更快（10.5% vs -15.0%）
LGI Homes是一家总部位于美国得克萨斯州的新建住宅开发商，业务聚焦美国西南部地区。据《建筑商》杂志统计，该公司目前是美国第十大住宅建筑商，2019年共交付房屋7690套，较2018年增长18.1%，全年房屋销售营收达18亿美元，行业规模位居美国前列。
Meritage Homes Corporation是美国上市房地产开发企业，主营全美范围内各类独栋住宅建造业务，按2023年房屋销量计算为美国第五大住宅建筑商，同时在亚利桑那州开发活跃长者社区及高端地产项目。
LGIH vs MTH — 直观对比
营收规模更大
MTH
是对方的3.0倍
$474.0M
营收增速更快
MTH
高出25.5%
-15.0%
净利率更高
MTH
高出14.1%
3.7%
损益表 — Q4 2025 vs Q2 2022
| 指标 | | |
|---|---|---|
| 营收 | $474.0M | $1.4B |
| 净利润 | $17.3M | $250.1M |
| 毛利率 | 17.7% | 31.5% |
| 营业利润率 | 3.9% | 23.5% |
| 净利率 | 3.7% | 17.7% |
| 营收同比 | -15.0% | 10.5% |
| 净利润同比 | -66.0% | 49.4% |
| 每股收益（稀释后） | $0.74 | $6.77 |
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LGIHMTH
| Q4 25 | $474.0M | — | ||
| Q3 25 | $396.6M | — | ||
| Q2 25 | $483.5M | — | ||
| Q1 25 | $351.4M | — | ||
| Q4 24 | $557.4M | — | ||
| Q3 24 | $651.9M | — | ||
| Q2 24 | $602.5M | — | ||
| Q1 24 | $390.9M | — |
净利润LGIHMTH
| Q4 25 | $17.3M | — | ||
| Q3 25 | $19.7M | — | ||
| Q2 25 | $31.5M | — | ||
| Q1 25 | $4.0M | — | ||
| Q4 24 | $50.9M | — | ||
| Q3 24 | $69.6M | — | ||
| Q2 24 | $58.6M | — | ||
| Q1 24 | $17.1M | — |
毛利率LGIHMTH
| Q4 25 | 17.7% | — | ||
| Q3 25 | 21.5% | — | ||
| Q2 25 | 22.9% | — | ||
| Q1 25 | 21.0% | — | ||
| Q4 24 | 22.9% | — | ||
| Q3 24 | 25.1% | — | ||
| Q2 24 | 25.0% | — | ||
| Q1 24 | 23.4% | — |
营业利润率LGIHMTH
| Q4 25 | 3.9% | — | ||
| Q3 25 | 5.4% | — | ||
| Q2 25 | 8.2% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 8.2% | — | ||
| Q3 24 | 12.3% | — | ||
| Q2 24 | 11.2% | — | ||
| Q1 24 | 4.8% | — |
净利率LGIHMTH
| Q4 25 | 3.7% | — | ||
| Q3 25 | 5.0% | — | ||
| Q2 25 | 6.5% | — | ||
| Q1 25 | 1.1% | — | ||
| Q4 24 | 9.1% | — | ||
| Q3 24 | 10.7% | — | ||
| Q2 24 | 9.7% | — | ||
| Q1 24 | 4.4% | — |
每股收益（稀释后）LGIHMTH
| Q4 25 | $0.74 | — | ||
| Q3 25 | $0.85 | — | ||
| Q2 25 | $1.36 | — | ||
| Q1 25 | $0.17 | — | ||
| Q4 24 | $2.15 | — | ||
| Q3 24 | $2.95 | — | ||
| Q2 24 | $2.48 | — | ||
| Q1 24 | $0.72 | — |
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 | — | $272.1M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $2.1B | $3.4B |
| 总资产 | $3.9B | $5.3B |
| 负债/权益比越低杠杆越低 | 0.79× | — |
8季度趋势，按日历期对齐
现金及短期投资LGIHMTH
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $53.2M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
总债务LGIHMTH
| Q4 25 | $1.7B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益LGIHMTH
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.9B | — |
总资产LGIHMTH
| Q4 25 | $3.9B | — | ||
| Q3 25 | $4.0B | — | ||
| Q2 25 | $4.0B | — | ||
| Q1 25 | $3.9B | — | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $3.8B | — | ||
| Q2 24 | $3.7B | — | ||
| Q1 24 | $3.5B | — |
负债/权益比LGIHMTH
| Q4 25 | 0.79× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.73× | — | ||
| 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 | $86.8M | $-219.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-225.4M |
| 自由现金流率自由现金流/营收 | — | -16.0% |
| 资本支出强度资本支出/营收 | 0.0% | 0.5% |
| 现金转化率经营现金流/净利润 | 5.01× | -0.88× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流LGIHMTH
| Q4 25 | $86.8M | — | ||
| Q3 25 | $-13.2M | — | ||
| Q2 25 | $-86.4M | — | ||
| Q1 25 | $-127.1M | — | ||
| Q4 24 | $57.0M | — | ||
| Q3 24 | $-17.8M | — | ||
| Q2 24 | $-83.5M | — | ||
| Q1 24 | $-99.5M | — |
自由现金流LGIHMTH
| Q4 25 | — | — | ||
| Q3 25 | $-13.3M | — | ||
| Q2 25 | $-86.4M | — | ||
| Q1 25 | $-128.0M | — | ||
| Q4 24 | $56.4M | — | ||
| Q3 24 | $-17.8M | — | ||
| Q2 24 | $-83.8M | — | ||
| Q1 24 | $-100.5M | — |
自由现金流率LGIHMTH
| Q4 25 | — | — | ||
| Q3 25 | -3.3% | — | ||
| Q2 25 | -17.9% | — | ||
| Q1 25 | -36.4% | — | ||
| Q4 24 | 10.1% | — | ||
| Q3 24 | -2.7% | — | ||
| Q2 24 | -13.9% | — | ||
| Q1 24 | -25.7% | — |
资本支出强度LGIHMTH
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 0.3% | — |
现金转化率LGIHMTH
| Q4 25 | 5.01× | — | ||
| Q3 25 | -0.67× | — | ||
| Q2 25 | -2.74× | — | ||
| Q1 25 | -31.83× | — | ||
| Q4 24 | 1.12× | — | ||
| Q3 24 | -0.26× | — | ||
| Q2 24 | -1.43× | — | ||
| Q1 24 | -5.83× | — |
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
LGIH
| West Reportable Segment | $128.2M | 27% |
| Southeast Reportable Segment | $118.9M | 25% |
| Central Reportable Segment | $105.8M | 22% |
| Florida Reportable Segment | $69.2M | 15% |
| Northwest Reportable Segment | $51.8M | 11% |
MTH
| Home Building | $1.4B | 100% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $9.8M | 1% |
| Financial Service | $5.1M | 0% |
| Land Closing | $3.4M | 0% |
