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M/I HOMES, INC.（MHO）与SCANSOURCE, INC.（SCSC）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SCANSOURCE, INC.的1.5倍（$1.1B vs $766.5M），M/I HOMES, INC.净利率更高（5.6% vs 2.2%，领先3.4%），SCANSOURCE, INC.同比增速更快（2.5% vs -4.8%），SCANSOURCE, INC.自由现金流更多（$28.9M vs $-13.0M），过去两年M/I HOMES, INC.的营收复合增速更高（4.7% vs 0.9%）
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。
ScanSource是全球领先的专业技术分销商，主营销售点系统、条码扫描设备、网络安全产品、云服务及通信解决方案，面向北美、拉美、欧洲的增值经销商、服务提供商及企业客户，覆盖零售、医疗、工业、公共部门等领域。
MHO vs SCSC — 直观对比
营收规模更大
MHO
是对方的1.5倍
$766.5M
营收增速更快
SCSC
高出7.4%
-4.8%
净利率更高
MHO
高出3.4%
2.2%
自由现金流更多
SCSC
多$41.8M
$-13.0M
两年增速更快
MHO
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $766.5M |
| 净利润 | $64.0M | $16.5M |
| 毛利率 | 17.4% | 13.4% |
| 营业利润率 | 6.5% | 2.3% |
| 净利率 | 5.6% | 2.2% |
| 营收同比 | -4.8% | 2.5% |
| 净利润同比 | -52.1% | -3.3% |
| 每股收益（稀释后） | $2.42 | $0.75 |
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MHOSCSC
| Q4 25 | $1.1B | $766.5M | ||
| Q3 25 | $1.1B | $739.6M | ||
| Q2 25 | $1.2B | $812.9M | ||
| Q1 25 | $976.1M | $704.8M | ||
| Q4 24 | $1.2B | $747.5M | ||
| Q3 24 | $1.1B | $775.6M | ||
| Q2 24 | $1.1B | $746.1M | ||
| Q1 24 | $1.0B | $752.6M |
净利润MHOSCSC
| Q4 25 | $64.0M | $16.5M | ||
| Q3 25 | $106.5M | $19.9M | ||
| Q2 25 | $121.2M | $20.1M | ||
| Q1 25 | $111.2M | $17.4M | ||
| Q4 24 | $133.5M | $17.1M | ||
| Q3 24 | $145.4M | $17.0M | ||
| Q2 24 | $146.7M | $16.1M | ||
| Q1 24 | $138.1M | $12.8M |
毛利率MHOSCSC
| Q4 25 | 17.4% | 13.4% | ||
| Q3 25 | 24.5% | 14.5% | ||
| Q2 25 | 24.7% | 12.9% | ||
| Q1 25 | 25.9% | 14.2% | ||
| Q4 24 | 24.6% | 13.6% | ||
| Q3 24 | 27.1% | 13.1% | ||
| Q2 24 | 27.9% | 13.0% | ||
| Q1 24 | 27.1% | 12.6% |
营业利润率MHOSCSC
| Q4 25 | 6.5% | 2.3% | ||
| Q3 25 | 12.0% | 3.5% | ||
| Q2 25 | 13.4% | 3.3% | ||
| Q1 25 | 14.4% | 3.2% | ||
| Q4 24 | 13.6% | 2.5% | ||
| Q3 24 | 15.9% | 2.3% | ||
| Q2 24 | 16.8% | 2.9% | ||
| Q1 24 | 16.6% | 2.3% |
净利率MHOSCSC
| Q4 25 | 5.6% | 2.2% | ||
| Q3 25 | 9.4% | 2.7% | ||
| Q2 25 | 10.4% | 2.5% | ||
| Q1 25 | 11.4% | 2.5% | ||
| Q4 24 | 11.1% | 2.3% | ||
| Q3 24 | 12.7% | 2.2% | ||
| Q2 24 | 13.2% | 2.2% | ||
| Q1 24 | 13.2% | 1.7% |
每股收益（稀释后）MHOSCSC
| Q4 25 | $2.42 | $0.75 | ||
| Q3 25 | $3.92 | $0.89 | ||
| Q2 25 | $4.42 | $0.87 | ||
| Q1 25 | $3.98 | $0.74 | ||
| Q4 24 | $4.71 | $0.70 | ||
| Q3 24 | $5.10 | $0.69 | ||
| Q2 24 | $5.12 | $0.66 | ||
| Q1 24 | $4.78 | $0.50 |
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 | — | $83.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.2B | $910.9M |
| 总资产 | $4.8B | $1.7B |
| 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MHOSCSC
| Q4 25 | — | $83.5M | ||
| Q3 25 | — | $124.9M | ||
| Q2 25 | — | $126.2M | ||
| Q1 25 | — | $146.3M | ||
| Q4 24 | — | $110.5M | ||
| Q3 24 | — | $145.0M | ||
| Q2 24 | — | $185.5M | ||
| Q1 24 | — | $159.1M |
股东权益MHOSCSC
| Q4 25 | $3.2B | $910.9M | ||
| Q3 25 | $3.1B | $914.0M | ||
| Q2 25 | $3.1B | $906.4M | ||
| Q1 25 | $3.0B | $901.7M | ||
| Q4 24 | $2.9B | $900.7M | ||
| Q3 24 | $2.8B | $920.9M | ||
| Q2 24 | $2.7B | $924.3M | ||
| Q1 24 | $2.6B | $944.1M |
总资产MHOSCSC
| Q4 25 | $4.8B | $1.7B | ||
| Q3 25 | $4.8B | $1.7B | ||
| Q2 25 | $4.7B | $1.8B | ||
| Q1 25 | $4.6B | $1.7B | ||
| Q4 24 | $4.5B | $1.7B | ||
| Q3 24 | $4.5B | $1.8B | ||
| Q2 24 | $4.3B | $1.8B | ||
| 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 | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $-13.0M | $28.9M |
| 自由现金流率自由现金流/营收 | -1.1% | 3.8% |
| 资本支出强度资本支出/营收 | 0.4% | 0.3% |
| 现金转化率经营现金流/净利润 | -0.14× | 1.87× |
| 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MHOSCSC
| Q4 25 | $-8.7M | $30.8M | ||
| Q3 25 | $43.4M | $23.2M | ||
| Q2 25 | $37.8M | — | ||
| Q1 25 | $64.9M | $66.1M | ||
| Q4 24 | $104.4M | $-6.2M | ||
| Q3 24 | $-67.9M | $44.8M | ||
| Q2 24 | $27.5M | — | ||
| Q1 24 | $115.8M | $160.2M |
自由现金流MHOSCSC
| Q4 25 | $-13.0M | $28.9M | ||
| Q3 25 | $42.0M | $20.8M | ||
| Q2 25 | $35.1M | — | ||
| Q1 25 | $63.5M | $64.6M | ||
| Q4 24 | $102.3M | $-8.2M | ||
| Q3 24 | $-68.5M | $42.5M | ||
| Q2 24 | $22.0M | — | ||
| Q1 24 | $115.5M | $157.7M |
自由现金流率MHOSCSC
| Q4 25 | -1.1% | 3.8% | ||
| Q3 25 | 3.7% | 2.8% | ||
| Q2 25 | 3.0% | — | ||
| Q1 25 | 6.5% | 9.2% | ||
| Q4 24 | 8.5% | -1.1% | ||
| Q3 24 | -6.0% | 5.5% | ||
| Q2 24 | 2.0% | — | ||
| Q1 24 | 11.0% | 21.0% |
资本支出强度MHOSCSC
| Q4 25 | 0.4% | 0.3% | ||
| Q3 25 | 0.1% | 0.3% | ||
| Q2 25 | 0.2% | 0.3% | ||
| Q1 25 | 0.1% | 0.2% | ||
| Q4 24 | 0.2% | 0.3% | ||
| Q3 24 | 0.1% | 0.3% | ||
| Q2 24 | 0.5% | 0.2% | ||
| Q1 24 | 0.0% | 0.3% |
现金转化率MHOSCSC
| Q4 25 | -0.14× | 1.87× | ||
| Q3 25 | 0.41× | 1.17× | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.58× | 3.79× | ||
| Q4 24 | 0.78× | -0.36× | ||
| Q3 24 | -0.47× | 2.64× | ||
| Q2 24 | 0.19× | — | ||
| Q1 24 | 0.84× | 12.51× |
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% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
