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M/I HOMES, INC.（MHO）与PIPER SANDLER COMPANIES（PIPR）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PIPER SANDLER COMPANIES的1.7倍（$1.1B vs $667.0M），PIPER SANDLER COMPANIES净利率更高（17.1% vs 5.6%，领先11.5%），PIPER SANDLER COMPANIES同比增速更快（37.4% vs -4.8%），过去两年PIPER SANDLER COMPANIES的营收复合增速更高（39.2% 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。
Piper Sandler是一家美国跨国投资银行及金融服务提供商，核心业务覆盖并购重组、财务重整、公开募股、公共财政、机构经纪、投资管理、证券研究等领域，通过旗下核心子公司Piper Sandler & Co.为企业、机构投资者及公共组织提供专业金融服务。
MHO vs PIPR — 直观对比
营收规模更大
MHO
是对方的1.7倍
$667.0M
营收增速更快
PIPR
高出42.2%
-4.8%
净利率更高
PIPR
高出11.5%
5.6%
两年增速更快
PIPR
近两年复合增速
4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $667.0M |
| 净利润 | $64.0M | $114.0M |
| 毛利率 | 17.4% | — |
| 营业利润率 | 6.5% | 28.3% |
| 净利率 | 5.6% | 17.1% |
| 营收同比 | -4.8% | 37.4% |
| 净利润同比 | -52.1% | 65.0% |
| 每股收益（稀释后） | $2.42 | $6.41 |
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MHOPIPR
| Q4 25 | $1.1B | $667.0M | ||
| Q3 25 | $1.1B | $480.1M | ||
| Q2 25 | $1.2B | $398.6M | ||
| Q1 25 | $976.1M | $358.6M | ||
| Q4 24 | $1.2B | $485.4M | ||
| Q3 24 | $1.1B | $360.9M | ||
| Q2 24 | $1.1B | $340.8M | ||
| Q1 24 | $1.0B | $344.4M |
净利润MHOPIPR
| Q4 25 | $64.0M | $114.0M | ||
| Q3 25 | $106.5M | $60.3M | ||
| Q2 25 | $121.2M | $42.2M | ||
| Q1 25 | $111.2M | $64.9M | ||
| Q4 24 | $133.5M | $69.1M | ||
| Q3 24 | $145.4M | $34.8M | ||
| Q2 24 | $146.7M | $34.8M | ||
| Q1 24 | $138.1M | $42.5M |
毛利率MHOPIPR
| 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MHOPIPR
| Q4 25 | 6.5% | 28.3% | ||
| Q3 25 | 12.0% | 22.4% | ||
| Q2 25 | 13.4% | 12.3% | ||
| Q1 25 | 14.4% | 8.2% | ||
| Q4 24 | 13.6% | 16.9% | ||
| Q3 24 | 15.9% | 15.4% | ||
| Q2 24 | 16.8% | 8.3% | ||
| Q1 24 | 16.6% | 15.2% |
净利率MHOPIPR
| Q4 25 | 5.6% | 17.1% | ||
| Q3 25 | 9.4% | 12.6% | ||
| Q2 25 | 10.4% | 10.6% | ||
| Q1 25 | 11.4% | 18.1% | ||
| Q4 24 | 11.1% | 14.2% | ||
| Q3 24 | 12.7% | 9.6% | ||
| Q2 24 | 13.2% | 10.2% | ||
| Q1 24 | 13.2% | 12.3% |
每股收益（稀释后）MHOPIPR
| Q4 25 | $2.42 | $6.41 | ||
| Q3 25 | $3.92 | $3.38 | ||
| Q2 25 | $4.42 | $2.38 | ||
| Q1 25 | $3.98 | $3.65 | ||
| Q4 24 | $4.71 | $3.88 | ||
| Q3 24 | $5.10 | $1.96 | ||
| Q2 24 | $5.12 | $1.97 | ||
| Q1 24 | $4.78 | $2.43 |
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 | — | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.2B | $1.4B |
| 总资产 | $4.8B | $2.6B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
股东权益MHOPIPR
| Q4 25 | $3.2B | $1.4B | ||
| Q3 25 | $3.1B | $1.3B | ||
| Q2 25 | $3.1B | $1.2B | ||
| Q1 25 | $3.0B | $1.2B | ||
| Q4 24 | $2.9B | $1.2B | ||
| Q3 24 | $2.8B | $1.2B | ||
| Q2 24 | $2.7B | $1.1B | ||
| Q1 24 | $2.6B | $1.1B |
总资产MHOPIPR
| Q4 25 | $4.8B | $2.6B | ||
| Q3 25 | $4.8B | $2.2B | ||
| Q2 25 | $4.7B | $2.0B | ||
| Q1 25 | $4.6B | $1.8B | ||
| Q4 24 | $4.5B | $2.3B | ||
| Q3 24 | $4.5B | $2.0B | ||
| Q2 24 | $4.3B | $1.9B | ||
| Q1 24 | $4.2B | $1.8B |
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 | $729.8M |
| 自由现金流经营现金流 - 资本支出 | $-13.0M | — |
| 自由现金流率自由现金流/营收 | -1.1% | — |
| 资本支出强度资本支出/营收 | 0.4% | — |
| 现金转化率经营现金流/净利润 | -0.14× | 6.40× |
| 过去12个月自由现金流最近4个季度 | $127.7M | — |
8季度趋势，按日历期对齐
经营现金流MHOPIPR
| Q4 25 | $-8.7M | $729.8M | ||
| Q3 25 | $43.4M | $31.9M | ||
| Q2 25 | $37.8M | $32.1M | ||
| Q1 25 | $64.9M | $-207.2M | ||
| Q4 24 | $104.4M | $163.8M | ||
| Q3 24 | $-67.9M | $80.1M | ||
| Q2 24 | $27.5M | $266.5M | ||
| Q1 24 | $115.8M | $-197.2M |
自由现金流MHOPIPR
| Q4 25 | $-13.0M | — | ||
| Q3 25 | $42.0M | — | ||
| Q2 25 | $35.1M | — | ||
| Q1 25 | $63.5M | — | ||
| Q4 24 | $102.3M | — | ||
| Q3 24 | $-68.5M | — | ||
| Q2 24 | $22.0M | — | ||
| Q1 24 | $115.5M | — |
自由现金流率MHOPIPR
| Q4 25 | -1.1% | — | ||
| Q3 25 | 3.7% | — | ||
| Q2 25 | 3.0% | — | ||
| Q1 25 | 6.5% | — | ||
| Q4 24 | 8.5% | — | ||
| Q3 24 | -6.0% | — | ||
| Q2 24 | 2.0% | — | ||
| Q1 24 | 11.0% | — |
资本支出强度MHOPIPR
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.1% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | 0.0% | — |
现金转化率MHOPIPR
| Q4 25 | -0.14× | 6.40× | ||
| Q3 25 | 0.41× | 0.53× | ||
| Q2 25 | 0.31× | 0.76× | ||
| Q1 25 | 0.58× | -3.19× | ||
| Q4 24 | 0.78× | 2.37× | ||
| Q3 24 | -0.47× | 2.30× | ||
| Q2 24 | 0.19× | 7.66× | ||
| Q1 24 | 0.84× | -4.64× |
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% |
PIPR
| Advisory Services | $402.6M | 60% |
| Equities Financing | $66.7M | 10% |
| Equity Salesand Trading | $64.2M | 10% |
| Fixed Income Salesand Trading | $47.9M | 7% |
| Other | $46.7M | 7% |
| Debt Financing | $38.9M | 6% |
