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M/I HOMES, INC.（MHO）与希悦尔（SEE）财务数据对比。点击上方公司名可切换其他公司
希悦尔的季度营收约是M/I HOMES, INC.的1.2倍（$1.4B vs $1.1B），M/I HOMES, INC.净利率更高（5.6% vs 3.1%，领先2.4%），希悦尔同比增速更快（2.6% vs -4.8%），希悦尔自由现金流更多（$257.7M vs $-13.0M），过去两年M/I HOMES, INC.的营收复合增速更高（4.7% vs 2.7%）
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。
希悦尔是全球领先的包装与防护解决方案供应商，核心产品包括缓冲防护材料、食品保鲜包装、可持续减废包装系统，服务覆盖电商、零售、食品饮料、工业制造等多个海内外领域。
MHO vs SEE — 直观对比
营收规模更大
SEE
是对方的1.2倍
$1.1B
营收增速更快
SEE
高出7.4%
-4.8%
净利率更高
MHO
高出2.4%
3.1%
自由现金流更多
SEE
多$270.7M
$-13.0M
两年增速更快
MHO
近两年复合增速
2.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.4B |
| 净利润 | $64.0M | $43.8M |
| 毛利率 | 17.4% | 28.6% |
| 营业利润率 | 6.5% | 11.4% |
| 净利率 | 5.6% | 3.1% |
| 营收同比 | -4.8% | 2.6% |
| 净利润同比 | -52.1% | 700.0% |
| 每股收益（稀释后） | $2.42 | $0.30 |
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MHOSEE
| Q4 25 | $1.1B | $1.4B | ||
| Q3 25 | $1.1B | $1.3B | ||
| Q2 25 | $1.2B | $1.3B | ||
| Q1 25 | $976.1M | $1.3B | ||
| Q4 24 | $1.2B | $1.4B | ||
| Q3 24 | $1.1B | $1.3B | ||
| Q2 24 | $1.1B | $1.3B | ||
| Q1 24 | $1.0B | $1.3B |
净利润MHOSEE
| Q4 25 | $64.0M | $43.8M | ||
| Q3 25 | $106.5M | $255.1M | ||
| Q2 25 | $121.2M | $93.1M | ||
| Q1 25 | $111.2M | $113.5M | ||
| Q4 24 | $133.5M | $-7.3M | ||
| Q3 24 | $145.4M | $91.7M | ||
| Q2 24 | $146.7M | $98.3M | ||
| Q1 24 | $138.1M | $82.0M |
毛利率MHOSEE
| Q4 25 | 17.4% | 28.6% | ||
| Q3 25 | 24.5% | 29.8% | ||
| Q2 25 | 24.7% | 30.7% | ||
| Q1 25 | 25.9% | 30.9% | ||
| Q4 24 | 24.6% | 30.0% | ||
| Q3 24 | 27.1% | 30.1% | ||
| Q2 24 | 27.9% | 31.2% | ||
| Q1 24 | 27.1% | 30.3% |
营业利润率MHOSEE
| Q4 25 | 6.5% | 11.4% | ||
| Q3 25 | 12.0% | 13.8% | ||
| Q2 25 | 13.4% | 15.0% | ||
| Q1 25 | 14.4% | 14.5% | ||
| Q4 24 | 13.6% | 11.7% | ||
| Q3 24 | 15.9% | 13.9% | ||
| Q2 24 | 16.8% | 15.4% | ||
| Q1 24 | 16.6% | 14.0% |
净利率MHOSEE
| Q4 25 | 5.6% | 3.1% | ||
| Q3 25 | 9.4% | 19.0% | ||
| Q2 25 | 10.4% | 7.0% | ||
| Q1 25 | 11.4% | 9.0% | ||
| Q4 24 | 11.1% | -0.5% | ||
| Q3 24 | 12.7% | 6.9% | ||
| Q2 24 | 13.2% | 7.4% | ||
| Q1 24 | 13.2% | 6.2% |
每股收益（稀释后）MHOSEE
| Q4 25 | $2.42 | $0.30 | ||
| Q3 25 | $3.92 | $1.73 | ||
| Q2 25 | $4.42 | $0.63 | ||
| Q1 25 | $3.98 | $0.77 | ||
| Q4 24 | $4.71 | $-0.05 | ||
| Q3 24 | $5.10 | $0.63 | ||
| Q2 24 | $5.12 | $0.67 | ||
| Q1 24 | $4.78 | $0.56 |
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 | — | $344.0M |
| 总债务越低越好 | — | $3.3B |
| 股东权益账面价值 | $3.2B | $1.2B |
| 总资产 | $4.8B | $7.0B |
| 负债/权益比越低杠杆越低 | — | 2.65× |
8季度趋势，按日历期对齐
现金及短期投资MHOSEE
| Q4 25 | — | $344.0M | ||
| Q3 25 | — | $282.5M | ||
| Q2 25 | — | $354.4M | ||
| Q1 25 | — | $335.2M | ||
| Q4 24 | — | $371.8M | ||
| Q3 24 | — | $386.0M | ||
| Q2 24 | — | $388.6M | ||
| Q1 24 | — | $352.8M |
总债务MHOSEE
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $4.5B |
股东权益MHOSEE
| Q4 25 | $3.2B | $1.2B | ||
| Q3 25 | $3.1B | $1.2B | ||
| Q2 25 | $3.1B | $953.1M | ||
| Q1 25 | $3.0B | $797.9M | ||
| Q4 24 | $2.9B | $624.5M | ||
| Q3 24 | $2.8B | $771.2M | ||
| Q2 24 | $2.7B | $650.1M | ||
| Q1 24 | $2.6B | $598.3M |
总资产MHOSEE
| Q4 25 | $4.8B | $7.0B | ||
| Q3 25 | $4.8B | $7.1B | ||
| Q2 25 | $4.7B | $7.2B | ||
| Q1 25 | $4.6B | $7.0B | ||
| Q4 24 | $4.5B | $7.0B | ||
| Q3 24 | $4.5B | $7.3B | ||
| Q2 24 | $4.3B | $7.3B | ||
| Q1 24 | $4.2B | $7.2B |
负债/权益比MHOSEE
| Q4 25 | — | 2.65× | ||
| Q3 25 | — | 3.34× | ||
| Q2 25 | — | 4.18× | ||
| Q1 25 | — | 5.26× | ||
| Q4 24 | — | 6.72× | ||
| Q3 24 | — | 5.62× | ||
| Q2 24 | — | 6.81× | ||
| Q1 24 | — | 7.49× |
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 | $293.6M |
| 自由现金流经营现金流 - 资本支出 | $-13.0M | $257.7M |
| 自由现金流率自由现金流/营收 | -1.1% | 18.5% |
| 资本支出强度资本支出/营收 | 0.4% | 2.6% |
| 现金转化率经营现金流/净利润 | -0.14× | 6.70× |
| 过去12个月自由现金流最近4个季度 | $127.7M | $458.5M |
8季度趋势，按日历期对齐
经营现金流MHOSEE
| Q4 25 | $-8.7M | $293.6M | ||
| Q3 25 | $43.4M | $165.9M | ||
| Q2 25 | $37.8M | $136.6M | ||
| Q1 25 | $64.9M | $31.9M | ||
| Q4 24 | $104.4M | $244.2M | ||
| Q3 24 | $-67.9M | $170.5M | ||
| Q2 24 | $27.5M | $188.2M | ||
| Q1 24 | $115.8M | $125.1M |
自由现金流MHOSEE
| Q4 25 | $-13.0M | $257.7M | ||
| Q3 25 | $42.0M | $119.6M | ||
| Q2 25 | $35.1M | $93.2M | ||
| Q1 25 | $63.5M | $-12.0M | ||
| Q4 24 | $102.3M | $185.1M | ||
| Q3 24 | $-68.5M | $115.2M | ||
| Q2 24 | $22.0M | $129.5M | ||
| Q1 24 | $115.5M | $78.0M |
自由现金流率MHOSEE
| Q4 25 | -1.1% | 18.5% | ||
| Q3 25 | 3.7% | 8.9% | ||
| Q2 25 | 3.0% | 7.0% | ||
| Q1 25 | 6.5% | -0.9% | ||
| Q4 24 | 8.5% | 13.6% | ||
| Q3 24 | -6.0% | 8.6% | ||
| Q2 24 | 2.0% | 9.7% | ||
| Q1 24 | 11.0% | 5.9% |
资本支出强度MHOSEE
| Q4 25 | 0.4% | 2.6% | ||
| Q3 25 | 0.1% | 3.4% | ||
| Q2 25 | 0.2% | 3.3% | ||
| Q1 25 | 0.1% | 3.5% | ||
| Q4 24 | 0.2% | 4.4% | ||
| Q3 24 | 0.1% | 4.1% | ||
| Q2 24 | 0.5% | 4.4% | ||
| Q1 24 | 0.0% | 3.6% |
现金转化率MHOSEE
| Q4 25 | -0.14× | 6.70× | ||
| Q3 25 | 0.41× | 0.65× | ||
| Q2 25 | 0.31× | 1.47× | ||
| Q1 25 | 0.58× | 0.28× | ||
| Q4 24 | 0.78× | — | ||
| Q3 24 | -0.47× | 1.86× | ||
| Q2 24 | 0.19× | 1.91× | ||
| Q1 24 | 0.84× | 1.53× |
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% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
