vs
M/I HOMES, INC.（MHO）与Taylor Morrison Home Corp（TMHC）财务数据对比。点击上方公司名可切换其他公司
Taylor Morrison Home Corp的季度营收约是M/I HOMES, INC.的1.2倍（$1.4B vs $1.1B）。Taylor Morrison Home Corp净利率更高（7.1% vs 5.6%，领先1.5%）。M/I HOMES, INC.同比增速更快（-4.8% vs -26.8%）。过去两年M/I HOMES, INC.的营收复合增速更高（4.7% vs -16.5%）
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。
泰勒莫里森住房公司是美国规模最大的住宅建筑商之一，总部位于亚利桑那州斯科茨代尔，2007年7月由泰勒伍德罗与莫里森住房合并成立。公司业务覆盖亚利桑那、加利福尼亚、得克萨斯等十余个州，产品涵盖首次置业、中端及中高端住宅，可满足不同层级客户的住房需求。
MHO vs TMHC — 直观对比
营收规模更大
TMHC
是对方的1.2倍
$1.1B
营收增速更快
MHO
高出22.0%
-26.8%
净利率更高
TMHC
高出1.5%
5.6%
两年增速更快
MHO
近两年复合增速
-16.5%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.4B |
| 净利润 | $64.0M | $98.6M |
| 毛利率 | 17.4% | 21.0% |
| 营业利润率 | 6.5% | — |
| 净利率 | 5.6% | 7.1% |
| 营收同比 | -4.8% | -26.8% |
| 净利润同比 | -52.1% | -53.8% |
| 每股收益（稀释后） | $2.42 | $1.12 |
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MHOTMHC
| Q1 26 | — | $1.4B | ||
| Q4 25 | $1.1B | $2.1B | ||
| Q3 25 | $1.1B | $2.1B | ||
| Q2 25 | $1.2B | $2.0B | ||
| Q1 25 | $976.1M | $1.9B | ||
| Q4 24 | $1.2B | $2.4B | ||
| Q3 24 | $1.1B | $2.1B | ||
| Q2 24 | $1.1B | $2.0B |
净利润MHOTMHC
| Q1 26 | — | $98.6M | ||
| Q4 25 | $64.0M | $174.0M | ||
| Q3 25 | $106.5M | $201.4M | ||
| Q2 25 | $121.2M | $193.6M | ||
| Q1 25 | $111.2M | $213.5M | ||
| Q4 24 | $133.5M | $242.5M | ||
| Q3 24 | $145.4M | $251.1M | ||
| Q2 24 | $146.7M | $199.5M |
毛利率MHOTMHC
| Q1 26 | — | 21.0% | ||
| Q4 25 | 17.4% | 22.0% | ||
| Q3 25 | 24.5% | 22.7% | ||
| Q2 25 | 24.7% | 23.0% | ||
| Q1 25 | 25.9% | 24.4% | ||
| Q4 24 | 24.6% | 23.9% | ||
| Q3 24 | 27.1% | 25.0% | ||
| Q2 24 | 27.9% | 23.7% |
营业利润率MHOTMHC
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | — | ||
| Q3 25 | 12.0% | — | ||
| Q2 25 | 13.4% | — | ||
| Q1 25 | 14.4% | — | ||
| Q4 24 | 13.6% | — | ||
| Q3 24 | 15.9% | — | ||
| Q2 24 | 16.8% | — |
净利率MHOTMHC
| Q1 26 | — | 7.1% | ||
| Q4 25 | 5.6% | 8.3% | ||
| Q3 25 | 9.4% | 9.6% | ||
| Q2 25 | 10.4% | 9.5% | ||
| Q1 25 | 11.4% | 11.3% | ||
| Q4 24 | 11.1% | 10.3% | ||
| Q3 24 | 12.7% | 11.8% | ||
| Q2 24 | 13.2% | 10.0% |
每股收益（稀释后）MHOTMHC
| Q1 26 | — | $1.12 | ||
| Q4 25 | $2.42 | $1.77 | ||
| Q3 25 | $3.92 | $2.01 | ||
| Q2 25 | $4.42 | $1.92 | ||
| Q1 25 | $3.98 | $2.07 | ||
| Q4 24 | $4.71 | $2.29 | ||
| Q3 24 | $5.10 | $2.37 | ||
| Q2 24 | $5.12 | $1.86 |
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 | — | $652.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.2B | $6.2B |
| 总资产 | $4.8B | $9.8B |
| 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MHOTMHC
| Q1 26 | — | $652.9M | ||
| Q4 25 | — | $850.0M | ||
| Q3 25 | — | $370.6M | ||
| Q2 25 | — | $130.2M | ||
| Q1 25 | — | $377.8M | ||
| Q4 24 | — | $487.2M | ||
| Q3 24 | — | $256.4M | ||
| Q2 24 | — | $246.8M |
总债务MHOTMHC
| Q1 26 | — | — | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | — | $2.1B | ||
| Q2 24 | — | $2.2B |
股东权益MHOTMHC
| Q1 26 | — | $6.2B | ||
| Q4 25 | $3.2B | $6.3B | ||
| Q3 25 | $3.1B | $6.2B | ||
| Q2 25 | $3.1B | $6.1B | ||
| Q1 25 | $3.0B | $6.0B | ||
| Q4 24 | $2.9B | $5.9B | ||
| Q3 24 | $2.8B | $5.7B | ||
| Q2 24 | $2.7B | $5.5B |
总资产MHOTMHC
| Q1 26 | — | $9.8B | ||
| Q4 25 | $4.8B | $9.8B | ||
| Q3 25 | $4.8B | $9.6B | ||
| Q2 25 | $4.7B | $9.5B | ||
| Q1 25 | $4.6B | $9.4B | ||
| Q4 24 | $4.5B | $9.3B | ||
| Q3 24 | $4.5B | $9.3B | ||
| Q2 24 | $4.3B | $9.1B |
负债/权益比MHOTMHC
| Q1 26 | — | — | ||
| Q4 25 | — | 0.36× | ||
| Q3 25 | — | 0.35× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.35× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.39× |
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MHOTMHC
| Q1 26 | — | — | ||
| Q4 25 | $-8.7M | $646.4M | ||
| Q3 25 | $43.4M | $219.6M | ||
| Q2 25 | $37.8M | $-126.0M | ||
| Q1 25 | $64.9M | $77.2M | ||
| Q4 24 | $104.4M | $438.2M | ||
| Q3 24 | $-67.9M | $135.9M | ||
| Q2 24 | $27.5M | $-233.3M |
自由现金流MHOTMHC
| Q1 26 | — | — | ||
| Q4 25 | $-13.0M | $635.3M | ||
| Q3 25 | $42.0M | $206.6M | ||
| Q2 25 | $35.1M | $-133.6M | ||
| Q1 25 | $63.5M | $68.7M | ||
| Q4 24 | $102.3M | $428.2M | ||
| Q3 24 | $-68.5M | $127.1M | ||
| Q2 24 | $22.0M | $-241.7M |
自由现金流率MHOTMHC
| Q1 26 | — | — | ||
| Q4 25 | -1.1% | 30.3% | ||
| Q3 25 | 3.7% | 9.9% | ||
| Q2 25 | 3.0% | -6.6% | ||
| Q1 25 | 6.5% | 3.6% | ||
| Q4 24 | 8.5% | 18.2% | ||
| Q3 24 | -6.0% | 6.0% | ||
| Q2 24 | 2.0% | -12.1% |
资本支出强度MHOTMHC
| Q1 26 | — | — | ||
| Q4 25 | 0.4% | 0.5% | ||
| Q3 25 | 0.1% | 0.6% | ||
| Q2 25 | 0.2% | 0.4% | ||
| Q1 25 | 0.1% | 0.4% | ||
| Q4 24 | 0.2% | 0.4% | ||
| Q3 24 | 0.1% | 0.4% | ||
| Q2 24 | 0.5% | 0.4% |
现金转化率MHOTMHC
| Q1 26 | — | — | ||
| Q4 25 | -0.14× | 3.71× | ||
| Q3 25 | 0.41× | 1.09× | ||
| Q2 25 | 0.31× | -0.65× | ||
| Q1 25 | 0.58× | 0.36× | ||
| Q4 24 | 0.78× | 1.81× | ||
| Q3 24 | -0.47× | 0.54× | ||
| Q2 24 | 0.19× | -1.17× |
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% |
TMHC
| Home closings revenue, net | $1.3B | 95% |
| Financial services revenue, net | $49.3M | 4% |
| Land closings revenue | $14.5M | 1% |
| Amenity and other revenue | $11.9M | 1% |
