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M/I HOMES, INC.（MHO）与RUSH ENTERPRISES INC \TX\（RUSHA）财务数据对比。点击上方公司名可切换其他公司
RUSH ENTERPRISES INC \TX\的季度营收约是M/I HOMES, INC.的1.5倍（$1.7B vs $1.1B），M/I HOMES, INC.净利率更高（5.6% vs 3.7%，领先1.9%），M/I HOMES, INC.同比增速更快（-4.8% vs -9.0%），RUSH ENTERPRISES INC \TX\自由现金流更多（$411.6M vs $-13.0M），过去两年M/I HOMES, INC.的营收复合增速更高（4.7% vs -6.8%）
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。
Rush Enterprises是总部位于美国得克萨斯州新布朗费尔斯的商用车经销商，核心业务是通过旗下Rush Truck Centers销售全新及二手卡车。2019年该公司在全美20个州运营超200家卡车中心，在加拿大设有14个网点，2020年入选财富500强榜单。
MHO vs RUSHA — 直观对比
营收规模更大
RUSHA
是对方的1.5倍
$1.1B
营收增速更快
MHO
高出4.2%
-9.0%
净利率更高
MHO
高出1.9%
3.7%
自由现金流更多
RUSHA
多$424.5M
$-13.0M
两年增速更快
MHO
近两年复合增速
-6.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.7B |
| 净利润 | $64.0M | $61.7M |
| 毛利率 | 17.4% | 20.4% |
| 营业利润率 | 6.5% | 4.9% |
| 净利率 | 5.6% | 3.7% |
| 营收同比 | -4.8% | -9.0% |
| 净利润同比 | -52.1% | 1.8% |
| 每股收益（稀释后） | $2.42 | $0.77 |
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MHORUSHA
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.1B | $1.7B | ||
| Q3 25 | $1.1B | $1.8B | ||
| Q2 25 | $1.2B | $1.8B | ||
| Q1 25 | $976.1M | $1.8B | ||
| Q4 24 | $1.2B | $1.9B | ||
| Q3 24 | $1.1B | $1.8B | ||
| Q2 24 | $1.1B | $1.9B |
净利润MHORUSHA
| Q1 26 | — | $61.7M | ||
| Q4 25 | $64.0M | $64.3M | ||
| Q3 25 | $106.5M | $66.7M | ||
| Q2 25 | $121.2M | $72.4M | ||
| Q1 25 | $111.2M | $60.3M | ||
| Q4 24 | $133.5M | $74.8M | ||
| Q3 24 | $145.4M | $79.1M | ||
| Q2 24 | $146.7M | $78.7M |
毛利率MHORUSHA
| Q1 26 | — | 20.4% | ||
| Q4 25 | 17.4% | 20.8% | ||
| Q3 25 | 24.5% | 21.0% | ||
| Q2 25 | 24.7% | 20.7% | ||
| Q1 25 | 25.9% | 20.3% | ||
| Q4 24 | 24.6% | 19.3% | ||
| Q3 24 | 27.1% | 21.0% | ||
| Q2 24 | 27.9% | 20.2% |
营业利润率MHORUSHA
| Q1 26 | — | 4.9% | ||
| Q4 25 | 6.5% | 5.5% | ||
| Q3 25 | 12.0% | 5.6% | ||
| Q2 25 | 13.4% | 6.0% | ||
| Q1 25 | 14.4% | 5.2% | ||
| Q4 24 | 13.6% | 5.8% | ||
| Q3 24 | 15.9% | 6.7% | ||
| Q2 24 | 16.8% | 6.4% |
净利率MHORUSHA
| Q1 26 | — | 3.7% | ||
| Q4 25 | 5.6% | 3.8% | ||
| Q3 25 | 9.4% | 3.7% | ||
| Q2 25 | 10.4% | 3.9% | ||
| Q1 25 | 11.4% | 3.4% | ||
| Q4 24 | 11.1% | 3.9% | ||
| Q3 24 | 12.7% | 4.4% | ||
| Q2 24 | 13.2% | 4.1% |
每股收益（稀释后）MHORUSHA
| Q1 26 | — | $0.77 | ||
| Q4 25 | $2.42 | $0.81 | ||
| Q3 25 | $3.92 | $0.83 | ||
| Q2 25 | $4.42 | $0.90 | ||
| Q1 25 | $3.98 | $0.73 | ||
| Q4 24 | $4.71 | $-95.13 | ||
| Q3 24 | $5.10 | $0.97 | ||
| Q2 24 | $5.12 | $97.00 |
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 | — | $277.8M |
| 股东权益账面价值 | $3.2B | $2.3B |
| 总资产 | $4.8B | $4.5B |
| 负债/权益比越低杠杆越低 | — | 0.12× |
8季度趋势，按日历期对齐
现金及短期投资MHORUSHA
| Q1 26 | — | — | ||
| Q4 25 | — | $212.6M | ||
| Q3 25 | — | $242.0M | ||
| Q2 25 | — | $211.1M | ||
| Q1 25 | — | $228.7M | ||
| Q4 24 | — | $228.1M | ||
| Q3 24 | — | $185.1M | ||
| Q2 24 | — | $167.3M |
总债务MHORUSHA
| Q1 26 | — | $277.8M | ||
| Q4 25 | — | $274.8M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $408.4M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益MHORUSHA
| Q1 26 | — | $2.3B | ||
| Q4 25 | $3.2B | $2.2B | ||
| Q3 25 | $3.1B | $2.2B | ||
| Q2 25 | $3.1B | $2.2B | ||
| Q1 25 | $3.0B | $2.2B | ||
| Q4 24 | $2.9B | $2.1B | ||
| Q3 24 | $2.8B | $2.1B | ||
| Q2 24 | $2.7B | $2.0B |
总资产MHORUSHA
| Q1 26 | — | $4.5B | ||
| Q4 25 | $4.8B | $4.4B | ||
| Q3 25 | $4.8B | $4.6B | ||
| Q2 25 | $4.7B | $4.7B | ||
| Q1 25 | $4.6B | $4.7B | ||
| Q4 24 | $4.5B | $4.6B | ||
| Q3 24 | $4.5B | $4.6B | ||
| Q2 24 | $4.3B | $4.5B |
负债/权益比MHORUSHA
| Q1 26 | — | 0.12× | ||
| Q4 25 | — | 0.12× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | — | ||
| Q2 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 | $-8.7M | — |
| 自由现金流经营现金流 - 资本支出 | $-13.0M | $411.6M |
| 自由现金流率自由现金流/营收 | -1.1% | 24.4% |
| 资本支出强度资本支出/营收 | 0.4% | 2.0% |
| 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 | $828.4M |
8季度趋势，按日历期对齐
经营现金流MHORUSHA
| Q1 26 | — | — | ||
| Q4 25 | $-8.7M | $112.9M | ||
| Q3 25 | $43.4M | $367.8M | ||
| Q2 25 | $37.8M | $227.6M | ||
| Q1 25 | $64.9M | $153.5M | ||
| Q4 24 | $104.4M | $392.3M | ||
| Q3 24 | $-67.9M | $111.7M | ||
| Q2 24 | $27.5M | $270.6M |
自由现金流MHORUSHA
| Q1 26 | — | $411.6M | ||
| Q4 25 | $-13.0M | $31.9M | ||
| Q3 25 | $42.0M | $271.2M | ||
| Q2 25 | $35.1M | $113.8M | ||
| Q1 25 | $63.5M | $45.1M | ||
| Q4 24 | $102.3M | $263.5M | ||
| Q3 24 | $-68.5M | $-20.0M | ||
| Q2 24 | $22.0M | $177.2M |
自由现金流率MHORUSHA
| Q1 26 | — | 24.4% | ||
| Q4 25 | -1.1% | 1.9% | ||
| Q3 25 | 3.7% | 15.2% | ||
| Q2 25 | 3.0% | 6.2% | ||
| Q1 25 | 6.5% | 2.6% | ||
| Q4 24 | 8.5% | 13.7% | ||
| Q3 24 | -6.0% | -1.1% | ||
| Q2 24 | 2.0% | 9.1% |
资本支出强度MHORUSHA
| Q1 26 | — | 2.0% | ||
| Q4 25 | 0.4% | 4.8% | ||
| Q3 25 | 0.1% | 5.4% | ||
| Q2 25 | 0.2% | 6.2% | ||
| Q1 25 | 0.1% | 6.2% | ||
| Q4 24 | 0.2% | 6.7% | ||
| Q3 24 | 0.1% | 7.3% | ||
| Q2 24 | 0.5% | 4.8% |
现金转化率MHORUSHA
| Q1 26 | — | — | ||
| Q4 25 | -0.14× | 1.75× | ||
| Q3 25 | 0.41× | 5.51× | ||
| Q2 25 | 0.31× | 3.14× | ||
| Q1 25 | 0.58× | 2.55× | ||
| Q4 24 | 0.78× | 5.25× | ||
| Q3 24 | -0.47× | 1.41× | ||
| Q2 24 | 0.19× | 3.44× |
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% |
RUSHA
| New and used commercial vehicle sales | $955.1M | 57% |
| Aftermarket products and services sales | $627.2M | 37% |
| Lease and rental sales | $92.3M | 5% |
| Finance and insurance | $5.6M | 0% |
