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M/I HOMES, INC.（MHO）与Cloudflare, Inc.（NET）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Cloudflare, Inc.的1.9倍（$1.1B vs $614.5M），M/I HOMES, INC.净利率更高（5.6% vs -2.0%，领先7.5%），Cloudflare, Inc.同比增速更快（33.6% vs -4.8%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-13.0M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% 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。
Cloudflare是总部位于美国加利福尼亚州旧金山的科技企业，提供内容分发网络（CDN）、云网络安全、DDoS防护等多元互联网服务，同时是ICANN认证的域名注册商。其服务作为网站访客与客户托管服务商之间的反向代理，可有效提升访问性能，抵御恶意流量。
MHO vs NET — 直观对比
营收规模更大
MHO
是对方的1.9倍
$614.5M
营收增速更快
NET
高出38.4%
-4.8%
净利率更高
MHO
高出7.5%
-2.0%
自由现金流更多
NET
多$118.2M
$-13.0M
两年增速更快
NET
近两年复合增速
4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $614.5M |
| 净利润 | $64.0M | $-12.1M |
| 毛利率 | 17.4% | 73.6% |
| 营业利润率 | 6.5% | -8.0% |
| 净利率 | 5.6% | -2.0% |
| 营收同比 | -4.8% | 33.6% |
| 净利润同比 | -52.1% | 6.0% |
| 每股收益（稀释后） | $2.42 | $-0.03 |
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MHONET
| Q4 25 | $1.1B | $614.5M | ||
| Q3 25 | $1.1B | $562.0M | ||
| Q2 25 | $1.2B | $512.3M | ||
| Q1 25 | $976.1M | $479.1M | ||
| Q4 24 | $1.2B | $459.9M | ||
| Q3 24 | $1.1B | $430.1M | ||
| Q2 24 | $1.1B | $401.0M | ||
| Q1 24 | $1.0B | $378.6M |
净利润MHONET
| Q4 25 | $64.0M | $-12.1M | ||
| Q3 25 | $106.5M | $-1.3M | ||
| Q2 25 | $121.2M | $-50.4M | ||
| Q1 25 | $111.2M | $-38.5M | ||
| Q4 24 | $133.5M | $-12.8M | ||
| Q3 24 | $145.4M | $-15.3M | ||
| Q2 24 | $146.7M | $-15.1M | ||
| Q1 24 | $138.1M | $-35.5M |
毛利率MHONET
| Q4 25 | 17.4% | 73.6% | ||
| Q3 25 | 24.5% | 74.0% | ||
| Q2 25 | 24.7% | 74.9% | ||
| Q1 25 | 25.9% | 75.9% | ||
| Q4 24 | 24.6% | 76.4% | ||
| Q3 24 | 27.1% | 77.7% | ||
| Q2 24 | 27.9% | 77.8% | ||
| Q1 24 | 27.1% | 77.5% |
营业利润率MHONET
| Q4 25 | 6.5% | -8.0% | ||
| Q3 25 | 12.0% | -6.7% | ||
| Q2 25 | 13.4% | -13.1% | ||
| Q1 25 | 14.4% | -11.1% | ||
| Q4 24 | 13.6% | -7.5% | ||
| Q3 24 | 15.9% | -7.2% | ||
| Q2 24 | 16.8% | -8.7% | ||
| Q1 24 | 16.6% | -14.4% |
净利率MHONET
| Q4 25 | 5.6% | -2.0% | ||
| Q3 25 | 9.4% | -0.2% | ||
| Q2 25 | 10.4% | -9.8% | ||
| Q1 25 | 11.4% | -8.0% | ||
| Q4 24 | 11.1% | -2.8% | ||
| Q3 24 | 12.7% | -3.6% | ||
| Q2 24 | 13.2% | -3.8% | ||
| Q1 24 | 13.2% | -9.4% |
每股收益（稀释后）MHONET
| Q4 25 | $2.42 | $-0.03 | ||
| Q3 25 | $3.92 | $0.00 | ||
| Q2 25 | $4.42 | $-0.15 | ||
| Q1 25 | $3.98 | $-0.11 | ||
| Q4 24 | $4.71 | $-0.05 | ||
| Q3 24 | $5.10 | $-0.04 | ||
| Q2 24 | $5.12 | $-0.04 | ||
| Q1 24 | $4.78 | $-0.10 |
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 | — | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.2B | $1.5B |
| 总资产 | $4.8B | $6.0B |
| 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MHONET
| Q4 25 | — | $943.5M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $204.5M | ||
| Q4 24 | — | $147.7M | ||
| Q3 24 | — | $182.9M | ||
| Q2 24 | — | $157.0M | ||
| Q1 24 | — | $254.4M |
股东权益MHONET
| Q4 25 | $3.2B | $1.5B | ||
| Q3 25 | $3.1B | $1.3B | ||
| Q2 25 | $3.1B | $1.2B | ||
| Q1 25 | $3.0B | $1.4B | ||
| Q4 24 | $2.9B | $1.0B | ||
| Q3 24 | $2.8B | $973.1M | ||
| Q2 24 | $2.7B | $881.5M | ||
| Q1 24 | $2.6B | $797.2M |
总资产MHONET
| Q4 25 | $4.8B | $6.0B | ||
| Q3 25 | $4.8B | $5.8B | ||
| Q2 25 | $4.7B | $5.6B | ||
| Q1 25 | $4.6B | $3.7B | ||
| Q4 24 | $4.5B | $3.3B | ||
| Q3 24 | $4.5B | $3.1B | ||
| Q2 24 | $4.3B | $2.9B | ||
| Q1 24 | $4.2B | $2.8B |
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 | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $-13.0M | $105.2M |
| 自由现金流率自由现金流/营收 | -1.1% | 17.1% |
| 资本支出强度资本支出/营收 | 0.4% | 13.9% |
| 现金转化率经营现金流/净利润 | -0.14× | — |
| 过去12个月自由现金流最近4个季度 | $127.7M | $287.5M |
8季度趋势，按日历期对齐
经营现金流MHONET
| Q4 25 | $-8.7M | $190.4M | ||
| Q3 25 | $43.4M | $167.1M | ||
| Q2 25 | $37.8M | $99.8M | ||
| Q1 25 | $64.9M | $145.8M | ||
| Q4 24 | $104.4M | $127.3M | ||
| Q3 24 | $-67.9M | $104.7M | ||
| Q2 24 | $27.5M | $74.8M | ||
| Q1 24 | $115.8M | $73.6M |
自由现金流MHONET
| Q4 25 | $-13.0M | $105.2M | ||
| Q3 25 | $42.0M | $82.5M | ||
| Q2 25 | $35.1M | $39.9M | ||
| Q1 25 | $63.5M | $59.9M | ||
| Q4 24 | $102.3M | $54.2M | ||
| Q3 24 | $-68.5M | $54.5M | ||
| Q2 24 | $22.0M | $45.2M | ||
| Q1 24 | $115.5M | $41.5M |
自由现金流率MHONET
| Q4 25 | -1.1% | 17.1% | ||
| Q3 25 | 3.7% | 14.7% | ||
| Q2 25 | 3.0% | 7.8% | ||
| Q1 25 | 6.5% | 12.5% | ||
| Q4 24 | 8.5% | 11.8% | ||
| Q3 24 | -6.0% | 12.7% | ||
| Q2 24 | 2.0% | 11.3% | ||
| Q1 24 | 11.0% | 11.0% |
资本支出强度MHONET
| Q4 25 | 0.4% | 13.9% | ||
| Q3 25 | 0.1% | 15.1% | ||
| Q2 25 | 0.2% | 11.7% | ||
| Q1 25 | 0.1% | 17.9% | ||
| Q4 24 | 0.2% | 15.9% | ||
| Q3 24 | 0.1% | 11.7% | ||
| Q2 24 | 0.5% | 7.4% | ||
| Q1 24 | 0.0% | 8.5% |
现金转化率MHONET
| Q4 25 | -0.14× | — | ||
| Q3 25 | 0.41× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.58× | — | ||
| Q4 24 | 0.78× | — | ||
| Q3 24 | -0.47× | — | ||
| Q2 24 | 0.19× | — | ||
| Q1 24 | 0.84× | — |
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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
