vs
M/I HOMES, INC.（MHO）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
M/I HOMES, INC.的季度营收约是明晟的1.4倍（$1.1B vs $822.5M），明晟净利率更高（34.6% vs 5.6%，领先29.0%），明晟同比增速更快（10.6% vs -4.8%），明晟自由现金流更多（$488.7M vs $-13.0M），过去两年明晟的营收复合增速更高（10.0% vs 4.7%）
M/I Homes是美国领先的住宅建筑企业，主要设计、建造及销售独栋住宅、联排住宅与复式公寓，业务覆盖美国多州，面向首次置业、改善型及高端置业群体，提供节能住宅产品与个性化定制服务。
MSCI（明晟）是总部位于美国纽约的金融服务企业，为全球市场提供股票、固定收益、房地产指数、多资产组合分析工具及ESG、气候金融相关产品，旗下运营MSCI全球指数、MSCI新兴市场指数、MSCI全球所有国家（ACWI）指数等多款知名指数产品。
MHO vs MSCI — 直观对比
营收规模更大
MHO
是对方的1.4倍
$822.5M
营收增速更快
MSCI
高出15.4%
-4.8%
净利率更高
MSCI
高出29.0%
5.6%
自由现金流更多
MSCI
多$501.7M
$-13.0M
两年增速更快
MSCI
近两年复合增速
4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $822.5M |
| 净利润 | $64.0M | $284.7M |
| 毛利率 | 17.4% | — |
| 营业利润率 | 6.5% | 56.4% |
| 净利率 | 5.6% | 34.6% |
| 营收同比 | -4.8% | 10.6% |
| 净利润同比 | -52.1% | -6.8% |
| 每股收益（稀释后） | $2.42 | $3.81 |
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MHOMSCI
| Q4 25 | $1.1B | $822.5M | ||
| Q3 25 | $1.1B | $793.4M | ||
| Q2 25 | $1.2B | $772.7M | ||
| Q1 25 | $976.1M | $745.8M | ||
| Q4 24 | $1.2B | $743.5M | ||
| Q3 24 | $1.1B | $724.7M | ||
| Q2 24 | $1.1B | $707.9M | ||
| Q1 24 | $1.0B | $680.0M |
净利润MHOMSCI
| Q4 25 | $64.0M | $284.7M | ||
| Q3 25 | $106.5M | $325.4M | ||
| Q2 25 | $121.2M | $303.6M | ||
| Q1 25 | $111.2M | $288.6M | ||
| Q4 24 | $133.5M | $305.5M | ||
| Q3 24 | $145.4M | $280.9M | ||
| Q2 24 | $146.7M | $266.8M | ||
| Q1 24 | $138.1M | $256.0M |
毛利率MHOMSCI
| Q4 25 | 17.4% | — | ||
| Q3 25 | 24.5% | — | ||
| Q2 25 | 24.7% | — | ||
| Q1 25 | 25.9% | — | ||
| Q4 24 | 24.6% | — | ||
| Q3 24 | 27.1% | — | ||
| Q2 24 | 27.9% | — | ||
| Q1 24 | 27.1% | — |
营业利润率MHOMSCI
| Q4 25 | 6.5% | 56.4% | ||
| Q3 25 | 12.0% | 56.4% | ||
| Q2 25 | 13.4% | 55.0% | ||
| Q1 25 | 14.4% | 50.6% | ||
| Q4 24 | 13.6% | 54.5% | ||
| Q3 24 | 15.9% | 55.4% | ||
| Q2 24 | 16.8% | 54.0% | ||
| Q1 24 | 16.6% | 49.9% |
净利率MHOMSCI
| Q4 25 | 5.6% | 34.6% | ||
| Q3 25 | 9.4% | 41.0% | ||
| Q2 25 | 10.4% | 39.3% | ||
| Q1 25 | 11.4% | 38.7% | ||
| Q4 24 | 11.1% | 41.1% | ||
| Q3 24 | 12.7% | 38.8% | ||
| Q2 24 | 13.2% | 37.7% | ||
| Q1 24 | 13.2% | 37.6% |
每股收益（稀释后）MHOMSCI
| Q4 25 | $2.42 | $3.81 | ||
| Q3 25 | $3.92 | $4.25 | ||
| Q2 25 | $4.42 | $3.92 | ||
| Q1 25 | $3.98 | $3.71 | ||
| Q4 24 | $4.71 | $3.89 | ||
| Q3 24 | $5.10 | $3.57 | ||
| Q2 24 | $5.12 | $3.37 | ||
| Q1 24 | $4.78 | $3.22 |
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 | — | $515.3M |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $3.2B | $-2.7B |
| 总资产 | $4.8B | $5.7B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资MHOMSCI
| Q4 25 | — | $515.3M | ||
| Q3 25 | — | $400.1M | ||
| Q2 25 | — | $347.3M | ||
| Q1 25 | — | $360.7M | ||
| Q4 24 | — | $409.4M | ||
| Q3 24 | — | $501.0M | ||
| Q2 24 | — | $451.4M | ||
| Q1 24 | — | $519.3M |
总债务MHOMSCI
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B | ||
| Q1 24 | — | $4.5B |
股东权益MHOMSCI
| Q4 25 | $3.2B | $-2.7B | ||
| Q3 25 | $3.1B | $-1.9B | ||
| Q2 25 | $3.1B | $-886.2M | ||
| Q1 25 | $3.0B | $-958.6M | ||
| Q4 24 | $2.9B | $-940.0M | ||
| Q3 24 | $2.8B | $-751.0M | ||
| Q2 24 | $2.7B | $-734.5M | ||
| Q1 24 | $2.6B | $-650.5M |
总资产MHOMSCI
| Q4 25 | $4.8B | $5.7B | ||
| Q3 25 | $4.8B | $5.4B | ||
| Q2 25 | $4.7B | $5.4B | ||
| Q1 25 | $4.6B | $5.3B | ||
| Q4 24 | $4.5B | $5.4B | ||
| Q3 24 | $4.5B | $5.4B | ||
| Q2 24 | $4.3B | $5.5B | ||
| Q1 24 | $4.2B | $5.5B |
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 | $-8.7M | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $-13.0M | $488.7M |
| 自由现金流率自由现金流/营收 | -1.1% | 59.4% |
| 资本支出强度资本支出/营收 | 0.4% | 1.5% |
| 现金转化率经营现金流/净利润 | -0.14× | 1.76× |
| 过去12个月自由现金流最近4个季度 | $127.7M | $1.5B |
8季度趋势，按日历期对齐
经营现金流MHOMSCI
| Q4 25 | $-8.7M | $501.1M | ||
| Q3 25 | $43.4M | $449.4M | ||
| Q2 25 | $37.8M | $336.1M | ||
| Q1 25 | $64.9M | $301.7M | ||
| Q4 24 | $104.4M | $430.6M | ||
| Q3 24 | $-67.9M | $421.6M | ||
| Q2 24 | $27.5M | $349.2M | ||
| Q1 24 | $115.8M | $300.1M |
自由现金流MHOMSCI
| Q4 25 | $-13.0M | $488.7M | ||
| Q3 25 | $42.0M | $445.5M | ||
| Q2 25 | $35.1M | $324.7M | ||
| Q1 25 | $63.5M | $290.2M | ||
| Q4 24 | $102.3M | $416.4M | ||
| Q3 24 | $-68.5M | $415.0M | ||
| Q2 24 | $22.0M | $340.6M | ||
| Q1 24 | $115.5M | $295.9M |
自由现金流率MHOMSCI
| Q4 25 | -1.1% | 59.4% | ||
| Q3 25 | 3.7% | 56.2% | ||
| Q2 25 | 3.0% | 42.0% | ||
| Q1 25 | 6.5% | 38.9% | ||
| Q4 24 | 8.5% | 56.0% | ||
| Q3 24 | -6.0% | 57.3% | ||
| Q2 24 | 2.0% | 48.1% | ||
| Q1 24 | 11.0% | 43.5% |
资本支出强度MHOMSCI
| Q4 25 | 0.4% | 1.5% | ||
| Q3 25 | 0.1% | 0.5% | ||
| Q2 25 | 0.2% | 1.5% | ||
| Q1 25 | 0.1% | 1.5% | ||
| Q4 24 | 0.2% | 1.9% | ||
| Q3 24 | 0.1% | 0.9% | ||
| Q2 24 | 0.5% | 1.2% | ||
| Q1 24 | 0.0% | 0.6% |
现金转化率MHOMSCI
| Q4 25 | -0.14× | 1.76× | ||
| Q3 25 | 0.41× | 1.38× | ||
| Q2 25 | 0.31× | 1.11× | ||
| Q1 25 | 0.58× | 1.05× | ||
| Q4 24 | 0.78× | 1.41× | ||
| Q3 24 | -0.47× | 1.50× | ||
| Q2 24 | 0.19× | 1.31× | ||
| Q1 24 | 0.84× | 1.17× |
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
MHO
| Southern Homebuilding | $615.6M | 54% |
| Northern Homebuilding | $503.9M | 44% |
| Financial Service | $27.8M | 2% |
| Land | $4.7M | 0% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
