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M/I HOMES, INC.（MHO）与Ryman Hospitality Properties, Inc.（RHP）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Ryman Hospitality Properties, Inc.的1.7倍（$1.1B vs $664.6M），Ryman Hospitality Properties, Inc.净利率更高（10.4% vs 5.6%，领先4.9%），Ryman Hospitality Properties, Inc.同比增速更快（13.2% vs -4.8%），过去两年M/I HOMES, INC.的营收复合增速更高（4.7% vs 4.1%）
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。
莱曼酒店地产是一家主营酒店、度假村、娱乐及媒体业务的企业，得名于旗下位于田纳西州纳什维尔的国家历史地标莱曼礼堂。公司历史可追溯至曾为俄克拉荷马出版公司子公司时期，1983年收购WSM公司后奠定现代业务基础，同时将知名演出IP大奥普里等核心资产纳入麾下。
MHO vs RHP — 直观对比
营收规模更大
MHO
是对方的1.7倍
$664.6M
营收增速更快
RHP
高出18.0%
-4.8%
净利率更高
RHP
高出4.9%
5.6%
两年增速更快
MHO
近两年复合增速
4.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $664.6M |
| 净利润 | $64.0M | $69.4M |
| 毛利率 | 17.4% | — |
| 营业利润率 | 6.5% | 20.7% |
| 净利率 | 5.6% | 10.4% |
| 营收同比 | -4.8% | 13.2% |
| 净利润同比 | -52.1% | 10.1% |
| 每股收益（稀释后） | $2.42 | $1.03 |
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MHORHP
| Q1 26 | — | $664.6M | ||
| Q4 25 | $1.1B | $737.8M | ||
| Q3 25 | $1.1B | $592.5M | ||
| Q2 25 | $1.2B | $659.5M | ||
| Q1 25 | $976.1M | $587.3M | ||
| Q4 24 | $1.2B | $647.6M | ||
| Q3 24 | $1.1B | $550.0M | ||
| Q2 24 | $1.1B | $613.3M |
净利润MHORHP
| Q1 26 | — | $69.4M | ||
| Q4 25 | $64.0M | $74.5M | ||
| Q3 25 | $106.5M | $34.9M | ||
| Q2 25 | $121.2M | $71.8M | ||
| Q1 25 | $111.2M | $63.0M | ||
| Q4 24 | $133.5M | $72.3M | ||
| Q3 24 | $145.4M | $59.0M | ||
| Q2 24 | $146.7M | $100.8M |
毛利率MHORHP
| Q1 26 | — | — | ||
| Q4 25 | 17.4% | 41.4% | ||
| Q3 25 | 24.5% | 40.9% | ||
| Q2 25 | 24.7% | 49.7% | ||
| Q1 25 | 25.9% | 44.4% | ||
| Q4 24 | 24.6% | 40.4% | ||
| Q3 24 | 27.1% | 43.1% | ||
| Q2 24 | 27.9% | 48.4% |
营业利润率MHORHP
| Q1 26 | — | 20.7% | ||
| Q4 25 | 6.5% | 19.4% | ||
| Q3 25 | 12.0% | 15.0% | ||
| Q2 25 | 13.4% | 21.1% | ||
| Q1 25 | 14.4% | 19.8% | ||
| Q4 24 | 13.6% | 18.6% | ||
| Q3 24 | 15.9% | 19.3% | ||
| Q2 24 | 16.8% | 27.4% |
净利率MHORHP
| Q1 26 | — | 10.4% | ||
| Q4 25 | 5.6% | 10.1% | ||
| Q3 25 | 9.4% | 5.9% | ||
| Q2 25 | 10.4% | 10.9% | ||
| Q1 25 | 11.4% | 10.7% | ||
| Q4 24 | 11.1% | 11.2% | ||
| Q3 24 | 12.7% | 10.7% | ||
| Q2 24 | 13.2% | 16.4% |
每股收益（稀释后）MHORHP
| Q1 26 | — | $1.03 | ||
| Q4 25 | $2.42 | $1.12 | ||
| Q3 25 | $3.92 | $0.53 | ||
| Q2 25 | $4.42 | $1.12 | ||
| Q1 25 | $3.98 | $1.00 | ||
| Q4 24 | $4.71 | $1.12 | ||
| Q3 24 | $5.10 | $0.94 | ||
| Q2 24 | $5.12 | $1.65 |
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 | $770.8M |
| 总资产 | $4.8B | $6.2B |
| 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MHORHP
| Q1 26 | — | — | ||
| Q4 25 | — | $471.4M | ||
| Q3 25 | — | $483.3M | ||
| Q2 25 | — | $420.6M | ||
| Q1 25 | — | $413.9M | ||
| Q4 24 | — | $477.7M | ||
| Q3 24 | — | $534.9M | ||
| Q2 24 | — | $498.4M |
股东权益MHORHP
| Q1 26 | — | $770.8M | ||
| Q4 25 | $3.2B | $750.2M | ||
| Q3 25 | $3.1B | $758.5M | ||
| Q2 25 | $3.1B | $800.4M | ||
| Q1 25 | $3.0B | $531.5M | ||
| Q4 24 | $2.9B | $549.0M | ||
| Q3 24 | $2.8B | $551.9M | ||
| Q2 24 | $2.7B | $562.6M |
总资产MHORHP
| Q1 26 | — | $6.2B | ||
| Q4 25 | $4.8B | $6.2B | ||
| Q3 25 | $4.8B | $6.2B | ||
| Q2 25 | $4.7B | $6.1B | ||
| Q1 25 | $4.6B | $5.2B | ||
| Q4 24 | $4.5B | $5.2B | ||
| Q3 24 | $4.5B | $5.2B | ||
| Q2 24 | $4.3B | $5.1B |
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 | — |
| 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× | — |
| 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MHORHP
| Q1 26 | — | — | ||
| Q4 25 | $-8.7M | $164.7M | ||
| Q3 25 | $43.4M | $205.2M | ||
| Q2 25 | $37.8M | $122.5M | ||
| Q1 25 | $64.9M | $98.2M | ||
| Q4 24 | $104.4M | $166.6M | ||
| Q3 24 | $-67.9M | $218.1M | ||
| Q2 24 | $27.5M | $184.3M |
自由现金流MHORHP
| Q1 26 | — | — | ||
| Q4 25 | $-13.0M | $58.5M | ||
| Q3 25 | $42.0M | $135.4M | ||
| Q2 25 | $35.1M | $53.0M | ||
| Q1 25 | $63.5M | $-14.5M | ||
| Q4 24 | $102.3M | $76.0M | ||
| Q3 24 | $-68.5M | $85.7M | ||
| Q2 24 | $22.0M | $78.8M |
自由现金流率MHORHP
| Q1 26 | — | — | ||
| Q4 25 | -1.1% | 7.9% | ||
| Q3 25 | 3.7% | 22.9% | ||
| Q2 25 | 3.0% | 8.0% | ||
| Q1 25 | 6.5% | -2.5% | ||
| Q4 24 | 8.5% | 11.7% | ||
| Q3 24 | -6.0% | 15.6% | ||
| Q2 24 | 2.0% | 12.9% |
资本支出强度MHORHP
| Q1 26 | — | — | ||
| Q4 25 | 0.4% | 14.4% | ||
| Q3 25 | 0.1% | 11.8% | ||
| Q2 25 | 0.2% | 10.5% | ||
| Q1 25 | 0.1% | 19.2% | ||
| Q4 24 | 0.2% | 14.0% | ||
| Q3 24 | 0.1% | 24.1% | ||
| Q2 24 | 0.5% | 17.2% |
现金转化率MHORHP
| Q1 26 | — | — | ||
| Q4 25 | -0.14× | 2.21× | ||
| Q3 25 | 0.41× | 5.88× | ||
| Q2 25 | 0.31× | 1.71× | ||
| Q1 25 | 0.58× | 1.56× | ||
| Q4 24 | 0.78× | 2.30× | ||
| Q3 24 | -0.47× | 3.70× | ||
| Q2 24 | 0.19× | 1.83× |
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
MHO
| Southern Homebuilding | $615.6M | 54% |
| Northern Homebuilding | $503.9M | 44% |
| Financial Service | $27.8M | 2% |
| Land | $4.7M | 0% |
RHP
| Food and beverage | $289.3M | 44% |
| Rooms | $223.8M | 34% |
| Entertainment | $79.2M | 12% |
| Other | $72.3M | 11% |
