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M/I HOMES, INC.（MHO）与Toll Brothers, Inc.（TOL）财务数据对比。点击上方公司名可切换其他公司
Toll Brothers, Inc.的季度营收约是M/I HOMES, INC.的3.0倍（$3.4B vs $1.1B）。Toll Brothers, Inc.净利率更高（13.0% vs 5.6%，领先7.5%）。Toll Brothers, Inc.同比增速更快（2.7% vs -4.8%）。Toll Brothers, Inc.自由现金流更多（$772.2M vs $-13.0M）。过去两年Toll Brothers, Inc.的营收复合增速更高（32.6% vs 4.7%）
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。
Toll Brothers, Inc.是美国知名住宅建造企业，业务涵盖美国境内住宅及商业地产的开发、营销与融资服务。2020年按住宅建造营收统计，该公司为全美第五大房屋建造商，位列《财富》美国500强第411位。
MHO vs TOL — 直观对比
营收规模更大
TOL
是对方的3.0倍
$1.1B
营收增速更快
TOL
高出7.5%
-4.8%
净利率更高
TOL
高出7.5%
5.6%
自由现金流更多
TOL
多$785.2M
$-13.0M
两年增速更快
TOL
近两年复合增速
4.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $3.4B |
| 净利润 | $64.0M | $446.7M |
| 毛利率 | 17.4% | 24.8% |
| 营业利润率 | 6.5% | 16.5% |
| 净利率 | 5.6% | 13.0% |
| 营收同比 | -4.8% | 2.7% |
| 净利润同比 | -52.1% | -6.0% |
| 每股收益（稀释后） | $2.42 | $4.51 |
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MHOTOL
| Q4 25 | $1.1B | $3.4B | ||
| Q3 25 | $1.1B | $2.9B | ||
| Q2 25 | $1.2B | $2.7B | ||
| Q1 25 | $976.1M | $1.9B | ||
| Q4 24 | $1.2B | $3.3B | ||
| Q3 24 | $1.1B | $2.7B | ||
| Q2 24 | $1.1B | $2.8B | ||
| Q1 24 | $1.0B | $1.9B |
净利润MHOTOL
| Q4 25 | $64.0M | $446.7M | ||
| Q3 25 | $106.5M | $369.6M | ||
| Q2 25 | $121.2M | $352.4M | ||
| Q1 25 | $111.2M | $177.7M | ||
| Q4 24 | $133.5M | $475.4M | ||
| Q3 24 | $145.4M | $374.6M | ||
| Q2 24 | $146.7M | $481.6M | ||
| Q1 24 | $138.1M | $239.6M |
毛利率MHOTOL
| Q4 25 | 17.4% | 24.8% | ||
| Q3 25 | 24.5% | 25.2% | ||
| Q2 25 | 24.7% | 25.8% | ||
| Q1 25 | 25.9% | 24.7% | ||
| Q4 24 | 24.6% | 26.4% | ||
| Q3 24 | 27.1% | 27.2% | ||
| Q2 24 | 27.9% | 30.4% | ||
| Q1 24 | 27.1% | 27.6% |
营业利润率MHOTOL
| Q4 25 | 6.5% | 16.5% | ||
| Q3 25 | 12.0% | 16.6% | ||
| Q2 25 | 13.4% | 16.4% | ||
| Q1 25 | 14.4% | 11.8% | ||
| Q4 24 | 13.6% | 18.3% | ||
| Q3 24 | 15.9% | 18.2% | ||
| Q2 24 | 16.8% | 22.0% | ||
| Q1 24 | 16.6% | 15.8% |
净利率MHOTOL
| Q4 25 | 5.6% | 13.0% | ||
| Q3 25 | 9.4% | 12.6% | ||
| Q2 25 | 10.4% | 12.9% | ||
| Q1 25 | 11.4% | 9.6% | ||
| Q4 24 | 11.1% | 14.3% | ||
| Q3 24 | 12.7% | 13.7% | ||
| Q2 24 | 13.2% | 17.0% | ||
| Q1 24 | 13.2% | 12.3% |
每股收益（稀释后）MHOTOL
| Q4 25 | $2.42 | $4.51 | ||
| Q3 25 | $3.92 | $3.73 | ||
| Q2 25 | $4.42 | $3.50 | ||
| Q1 25 | $3.98 | $1.75 | ||
| Q4 24 | $4.71 | $4.61 | ||
| Q3 24 | $5.10 | $3.60 | ||
| Q2 24 | $5.12 | $4.55 | ||
| Q1 24 | $4.78 | $2.25 |
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 | — | $1.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.2B | $8.3B |
| 总资产 | $4.8B | $14.5B |
| 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MHOTOL
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $852.3M | ||
| Q2 25 | — | $686.5M | ||
| Q1 25 | — | $574.8M | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $893.4M | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $754.8M |
股东权益MHOTOL
| Q4 25 | $3.2B | $8.3B | ||
| Q3 25 | $3.1B | $8.1B | ||
| Q2 25 | $3.1B | $7.9B | ||
| Q1 25 | $3.0B | $7.8B | ||
| Q4 24 | $2.9B | $7.7B | ||
| Q3 24 | $2.8B | $7.4B | ||
| Q2 24 | $2.7B | $7.3B | ||
| Q1 24 | $2.6B | $7.0B |
总资产MHOTOL
| Q4 25 | $4.8B | $14.5B | ||
| Q3 25 | $4.8B | $14.4B | ||
| Q2 25 | $4.7B | $14.2B | ||
| Q1 25 | $4.6B | $13.6B | ||
| Q4 24 | $4.5B | $13.4B | ||
| Q3 24 | $4.5B | $13.4B | ||
| Q2 24 | $4.3B | $13.3B | ||
| Q1 24 | $4.2B | $12.5B |
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 | $800.0M |
| 自由现金流经营现金流 - 资本支出 | $-13.0M | $772.2M |
| 自由现金流率自由现金流/营收 | -1.1% | 22.6% |
| 资本支出强度资本支出/营收 | 0.4% | 0.8% |
| 现金转化率经营现金流/净利润 | -0.14× | 1.79× |
| 过去12个月自由现金流最近4个季度 | $127.7M | $1.0B |
8季度趋势，按日历期对齐
经营现金流MHOTOL
| Q4 25 | $-8.7M | $800.0M | ||
| Q3 25 | $43.4M | $370.3M | ||
| Q2 25 | $37.8M | $362.8M | ||
| Q1 25 | $64.9M | $-420.8M | ||
| Q4 24 | $104.4M | $682.5M | ||
| Q3 24 | $-67.9M | $175.6M | ||
| Q2 24 | $27.5M | $459.0M | ||
| Q1 24 | $115.8M | $-307.0M |
自由现金流MHOTOL
| Q4 25 | $-13.0M | $772.2M | ||
| Q3 25 | $42.0M | $344.9M | ||
| Q2 25 | $35.1M | $347.3M | ||
| Q1 25 | $63.5M | $-438.1M | ||
| Q4 24 | $102.3M | $664.3M | ||
| Q3 24 | $-68.5M | $149.9M | ||
| Q2 24 | $22.0M | $442.9M | ||
| Q1 24 | $115.5M | $-320.6M |
自由现金流率MHOTOL
| Q4 25 | -1.1% | 22.6% | ||
| Q3 25 | 3.7% | 11.7% | ||
| Q2 25 | 3.0% | 12.7% | ||
| Q1 25 | 6.5% | -23.6% | ||
| Q4 24 | 8.5% | 19.9% | ||
| Q3 24 | -6.0% | 5.5% | ||
| Q2 24 | 2.0% | 15.6% | ||
| Q1 24 | 11.0% | -16.5% |
资本支出强度MHOTOL
| Q4 25 | 0.4% | 0.8% | ||
| Q3 25 | 0.1% | 0.9% | ||
| Q2 25 | 0.2% | 0.6% | ||
| Q1 25 | 0.1% | 0.9% | ||
| Q4 24 | 0.2% | 0.5% | ||
| Q3 24 | 0.1% | 0.9% | ||
| Q2 24 | 0.5% | 0.6% | ||
| Q1 24 | 0.0% | 0.7% |
现金转化率MHOTOL
| Q4 25 | -0.14× | 1.79× | ||
| Q3 25 | 0.41× | 1.00× | ||
| Q2 25 | 0.31× | 1.03× | ||
| Q1 25 | 0.58× | -2.37× | ||
| Q4 24 | 0.78× | 1.44× | ||
| Q3 24 | -0.47× | 0.47× | ||
| Q2 24 | 0.19× | 0.95× | ||
| Q1 24 | 0.84× | -1.28× |
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% |
TOL
| Home Building | $3.4B | 100% |
| Land | $9.4M | 0% |
