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M/I HOMES, INC.（MHO）与Tri Pointe Homes, Inc.（TPH）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Tri Pointe Homes, Inc.的1.2倍（$1.1B vs $972.6M）。Tri Pointe Homes, Inc.净利率更高（6.2% vs 5.6%，领先0.6%）。M/I HOMES, INC.同比增速更快（-4.8% vs -22.4%）。Tri Pointe Homes, Inc.自由现金流更多（$213.2M vs $-13.0M）。过去两年M/I HOMES, INC.的营收复合增速更高（4.7% vs 1.8%）
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。
Tri Pointe Homes, Inc.是总部位于美国内华达州inclinet村的住宅建筑企业，为购房者提供融资及保险服务，业务覆盖亚利桑那、加利福尼亚、内华达、华盛顿、科罗拉多、得克萨斯、哥伦比亚特区、马里兰、北卡罗来纳、南卡罗来纳、弗吉尼亚等地区，按房屋交付量计算是美国第18大住宅建筑商。
MHO vs TPH — 直观对比
营收规模更大
MHO
是对方的1.2倍
$972.6M
营收增速更快
MHO
高出17.6%
-22.4%
净利率更高
TPH
高出0.6%
5.6%
自由现金流更多
TPH
多$226.1M
$-13.0M
两年增速更快
MHO
近两年复合增速
1.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $972.6M |
| 净利润 | $64.0M | $60.2M |
| 毛利率 | 17.4% | — |
| 营业利润率 | 6.5% | 8.1% |
| 净利率 | 5.6% | 6.2% |
| 营收同比 | -4.8% | -22.4% |
| 净利润同比 | -52.1% | -53.4% |
| 每股收益（稀释后） | $2.42 | $0.70 |
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MHOTPH
| Q4 25 | $1.1B | $972.6M | ||
| Q3 25 | $1.1B | $854.7M | ||
| Q2 25 | $1.2B | $902.4M | ||
| Q1 25 | $976.1M | $740.9M | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.1B | $1.1B | ||
| Q2 24 | $1.1B | $1.2B | ||
| Q1 24 | $1.0B | $939.4M |
净利润MHOTPH
| Q4 25 | $64.0M | $60.2M | ||
| Q3 25 | $106.5M | $56.1M | ||
| Q2 25 | $121.2M | $60.7M | ||
| Q1 25 | $111.2M | $64.0M | ||
| Q4 24 | $133.5M | $129.2M | ||
| Q3 24 | $145.4M | $111.8M | ||
| Q2 24 | $146.7M | $118.0M | ||
| Q1 24 | $138.1M | $99.1M |
毛利率MHOTPH
| Q4 25 | 17.4% | — | ||
| Q3 25 | 24.5% | — | ||
| Q2 25 | 24.7% | — | ||
| Q1 25 | 25.9% | — | ||
| Q4 24 | 24.6% | — | ||
| Q3 24 | 27.1% | — | ||
| Q2 24 | 27.9% | — | ||
| Q1 24 | 27.1% | — |
营业利润率MHOTPH
| Q4 25 | 6.5% | 8.1% | ||
| Q3 25 | 12.0% | 8.1% | ||
| Q2 25 | 13.4% | 8.5% | ||
| Q1 25 | 14.4% | 10.4% | ||
| Q4 24 | 13.6% | 13.4% | ||
| Q3 24 | 15.9% | 12.6% | ||
| Q2 24 | 16.8% | 12.9% | ||
| Q1 24 | 16.6% | 12.3% |
净利率MHOTPH
| Q4 25 | 5.6% | 6.2% | ||
| Q3 25 | 9.4% | 6.6% | ||
| Q2 25 | 10.4% | 6.7% | ||
| Q1 25 | 11.4% | 8.6% | ||
| Q4 24 | 11.1% | 10.3% | ||
| Q3 24 | 12.7% | 9.8% | ||
| Q2 24 | 13.2% | 10.2% | ||
| Q1 24 | 13.2% | 10.5% |
每股收益（稀释后）MHOTPH
| Q4 25 | $2.42 | $0.70 | ||
| Q3 25 | $3.92 | $0.64 | ||
| Q2 25 | $4.42 | $0.68 | ||
| Q1 25 | $3.98 | $0.70 | ||
| Q4 24 | $4.71 | $1.37 | ||
| Q3 24 | $5.10 | $1.18 | ||
| Q2 24 | $5.12 | $1.25 | ||
| Q1 24 | $4.78 | $1.03 |
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 | — | $982.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.2B | $3.3B |
| 总资产 | $4.8B | $5.0B |
| 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MHOTPH
| Q4 25 | — | $982.8M | ||
| Q3 25 | — | $792.0M | ||
| Q2 25 | — | $622.6M | ||
| Q1 25 | — | $812.9M | ||
| Q4 24 | — | $970.0M | ||
| Q3 24 | — | $676.0M | ||
| Q2 24 | — | $492.9M | ||
| Q1 24 | — | $944.0M |
总债务MHOTPH
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $646.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益MHOTPH
| Q4 25 | $3.2B | $3.3B | ||
| Q3 25 | $3.1B | $3.3B | ||
| Q2 25 | $3.1B | $3.3B | ||
| Q1 25 | $3.0B | $3.3B | ||
| Q4 24 | $2.9B | $3.3B | ||
| Q3 24 | $2.8B | $3.2B | ||
| Q2 24 | $2.7B | $3.1B | ||
| Q1 24 | $2.6B | $3.0B |
总资产MHOTPH
| Q4 25 | $4.8B | $5.0B | ||
| Q3 25 | $4.8B | $5.0B | ||
| Q2 25 | $4.7B | $4.8B | ||
| Q1 25 | $4.6B | $4.8B | ||
| Q4 24 | $4.5B | $4.9B | ||
| Q3 24 | $4.5B | $4.8B | ||
| Q2 24 | $4.3B | $4.6B | ||
| Q1 24 | $4.2B | $5.0B |
负债/权益比MHOTPH
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $221.0M |
| 自由现金流经营现金流 - 资本支出 | $-13.0M | $213.2M |
| 自由现金流率自由现金流/营收 | -1.1% | 21.9% |
| 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× | 3.67× |
| 过去12个月自由现金流最近4个季度 | $127.7M | $128.5M |
8季度趋势，按日历期对齐
经营现金流MHOTPH
| Q4 25 | $-8.7M | $221.0M | ||
| Q3 25 | $43.4M | $45.9M | ||
| Q2 25 | $37.8M | $-74.3M | ||
| Q1 25 | $64.9M | $-31.2M | ||
| Q4 24 | $104.4M | $360.3M | ||
| Q3 24 | $-67.9M | $167.9M | ||
| Q2 24 | $27.5M | $23.1M | ||
| Q1 24 | $115.8M | $144.7M |
自由现金流MHOTPH
| Q4 25 | $-13.0M | $213.2M | ||
| Q3 25 | $42.0M | $39.1M | ||
| Q2 25 | $35.1M | $-84.5M | ||
| Q1 25 | $63.5M | $-39.3M | ||
| Q4 24 | $102.3M | $355.9M | ||
| Q3 24 | $-68.5M | $161.5M | ||
| Q2 24 | $22.0M | $17.0M | ||
| Q1 24 | $115.5M | $138.3M |
自由现金流率MHOTPH
| Q4 25 | -1.1% | 21.9% | ||
| Q3 25 | 3.7% | 4.6% | ||
| Q2 25 | 3.0% | -9.4% | ||
| Q1 25 | 6.5% | -5.3% | ||
| Q4 24 | 8.5% | 28.4% | ||
| Q3 24 | -6.0% | 14.1% | ||
| Q2 24 | 2.0% | 1.5% | ||
| Q1 24 | 11.0% | 14.7% |
资本支出强度MHOTPH
| Q4 25 | 0.4% | 0.8% | ||
| Q3 25 | 0.1% | 0.8% | ||
| Q2 25 | 0.2% | 1.1% | ||
| Q1 25 | 0.1% | 1.1% | ||
| Q4 24 | 0.2% | 0.3% | ||
| Q3 24 | 0.1% | 0.6% | ||
| Q2 24 | 0.5% | 0.5% | ||
| Q1 24 | 0.0% | 0.7% |
现金转化率MHOTPH
| Q4 25 | -0.14× | 3.67× | ||
| Q3 25 | 0.41× | 0.82× | ||
| Q2 25 | 0.31× | -1.22× | ||
| Q1 25 | 0.58× | -0.49× | ||
| Q4 24 | 0.78× | 2.79× | ||
| Q3 24 | -0.47× | 1.50× | ||
| Q2 24 | 0.19× | 0.20× | ||
| Q1 24 | 0.84× | 1.46× |
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% |
TPH
| West | $547.8M | 56% |
| Central | $245.1M | 25% |
| East | $161.8M | 17% |
| Financial Services Segment | $18.0M | 2% |
| Land | $7.9M | 1% |
