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M/I HOMES, INC.（MHO）与ADVANCED DRAINAGE SYSTEMS, INC.（WMS）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ADVANCED DRAINAGE SYSTEMS, INC.的1.7倍（$1.1B vs $693.4M），ADVANCED DRAINAGE SYSTEMS, INC.净利率更高（13.5% vs 5.6%，领先7.9%），ADVANCED DRAINAGE SYSTEMS, INC.同比增速更快（0.4% vs -4.8%），ADVANCED DRAINAGE SYSTEMS, INC.自由现金流更多（$183.6M vs $-13.0M），过去两年M/I HOMES, INC.的营收复合增速更高（4.7% vs 3.0%）
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。
Advanced Drainage Systems（简称ADS）是一家美国企业，主营聚丙烯、聚乙烯管材，塑料渗滤场系统、化粪池及配套配件、雨水调蓄设施、PVC排水构件、管件、水过滤与分离设备的设计、生产及销售，是美国规模最大的高密度聚乙烯管道生产商，总部位于俄亥俄州希利厄德。
MHO vs WMS — 直观对比
营收规模更大
MHO
是对方的1.7倍
$693.4M
营收增速更快
WMS
高出5.2%
-4.8%
净利率更高
WMS
高出7.9%
5.6%
自由现金流更多
WMS
多$196.5M
$-13.0M
两年增速更快
MHO
近两年复合增速
3.0%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $693.4M |
| 净利润 | $64.0M | $93.6M |
| 毛利率 | 17.4% | 37.4% |
| 营业利润率 | 6.5% | 19.7% |
| 净利率 | 5.6% | 13.5% |
| 营收同比 | -4.8% | 0.4% |
| 净利润同比 | -52.1% | 15.3% |
| 每股收益（稀释后） | $2.42 | $1.19 |
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MHOWMS
| Q4 25 | $1.1B | $693.4M | ||
| Q3 25 | $1.1B | $850.4M | ||
| Q2 25 | $1.2B | $829.9M | ||
| Q1 25 | $976.1M | $615.8M | ||
| Q4 24 | $1.2B | $690.5M | ||
| Q3 24 | $1.1B | $782.6M | ||
| Q2 24 | $1.1B | $815.3M | ||
| Q1 24 | $1.0B | $653.8M |
净利润MHOWMS
| Q4 25 | $64.0M | $93.6M | ||
| Q3 25 | $106.5M | $156.0M | ||
| Q2 25 | $121.2M | $143.9M | ||
| Q1 25 | $111.2M | $77.2M | ||
| Q4 24 | $133.5M | $81.2M | ||
| Q3 24 | $145.4M | $130.4M | ||
| Q2 24 | $146.7M | $161.4M | ||
| Q1 24 | $138.1M | $94.8M |
毛利率MHOWMS
| Q4 25 | 17.4% | 37.4% | ||
| Q3 25 | 24.5% | 40.0% | ||
| Q2 25 | 24.7% | 39.8% | ||
| Q1 25 | 25.9% | 36.7% | ||
| Q4 24 | 24.6% | 35.0% | ||
| Q3 24 | 27.1% | 37.6% | ||
| Q2 24 | 27.9% | 40.8% | ||
| Q1 24 | 27.1% | 38.5% |
营业利润率MHOWMS
| Q4 25 | 6.5% | 19.7% | ||
| Q3 25 | 12.0% | 26.3% | ||
| Q2 25 | 13.4% | 24.8% | ||
| Q1 25 | 14.4% | 19.0% | ||
| Q4 24 | 13.6% | 18.4% | ||
| Q3 24 | 15.9% | 23.9% | ||
| Q2 24 | 16.8% | 27.7% | ||
| Q1 24 | 16.6% | 20.7% |
净利率MHOWMS
| Q4 25 | 5.6% | 13.5% | ||
| Q3 25 | 9.4% | 18.3% | ||
| Q2 25 | 10.4% | 17.3% | ||
| Q1 25 | 11.4% | 12.5% | ||
| Q4 24 | 11.1% | 11.8% | ||
| Q3 24 | 12.7% | 16.7% | ||
| Q2 24 | 13.2% | 19.8% | ||
| Q1 24 | 13.2% | 14.5% |
每股收益（稀释后）MHOWMS
| Q4 25 | $2.42 | $1.19 | ||
| Q3 25 | $3.92 | $1.99 | ||
| Q2 25 | $4.42 | $1.84 | ||
| Q1 25 | $3.98 | $0.99 | ||
| Q4 24 | $4.71 | $1.04 | ||
| Q3 24 | $5.10 | $1.67 | ||
| Q2 24 | $5.12 | $2.06 | ||
| Q1 24 | $4.78 | $1.22 |
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 | — | $1.0B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.2B | $1.9B |
| 总资产 | $4.8B | $4.1B |
| 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MHOWMS
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $812.9M | ||
| Q2 25 | — | $638.3M | ||
| Q1 25 | — | $463.3M | ||
| Q4 24 | — | $488.9M | ||
| Q3 24 | — | $613.0M | ||
| Q2 24 | — | $541.6M | ||
| Q1 24 | — | $490.2M |
总债务MHOWMS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.3B |
股东权益MHOWMS
| Q4 25 | $3.2B | $1.9B | ||
| Q3 25 | $3.1B | $1.8B | ||
| Q2 25 | $3.1B | $1.7B | ||
| Q1 25 | $3.0B | $1.5B | ||
| Q4 24 | $2.9B | $1.5B | ||
| Q3 24 | $2.8B | $1.4B | ||
| Q2 24 | $2.7B | $1.3B | ||
| Q1 24 | $2.6B | $1.2B |
总资产MHOWMS
| Q4 25 | $4.8B | $4.1B | ||
| Q3 25 | $4.8B | $4.1B | ||
| Q2 25 | $4.7B | $3.9B | ||
| Q1 25 | $4.6B | $3.7B | ||
| Q4 24 | $4.5B | $3.6B | ||
| Q3 24 | $4.5B | $3.5B | ||
| Q2 24 | $4.3B | $3.4B | ||
| Q1 24 | $4.2B | $3.3B |
负债/权益比MHOWMS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.83× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.11× |
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 | $269.3M |
| 自由现金流经营现金流 - 资本支出 | $-13.0M | $183.6M |
| 自由现金流率自由现金流/营收 | -1.1% | 26.5% |
| 资本支出强度资本支出/营收 | 0.4% | 12.4% |
| 现金转化率经营现金流/净利润 | -0.14× | 2.88× |
| 过去12个月自由现金流最近4个季度 | $127.7M | $577.1M |
8季度趋势，按日历期对齐
经营现金流MHOWMS
| Q4 25 | $-8.7M | $269.3M | ||
| Q3 25 | $43.4M | $234.9M | ||
| Q2 25 | $37.8M | $275.0M | ||
| Q1 25 | $64.9M | $41.2M | ||
| Q4 24 | $104.4M | $189.9M | ||
| Q3 24 | $-67.9M | $166.9M | ||
| Q2 24 | $27.5M | $183.4M | ||
| Q1 24 | $115.8M | $17.7M |
自由现金流MHOWMS
| Q4 25 | $-13.0M | $183.6M | ||
| Q3 25 | $42.0M | $176.4M | ||
| Q2 25 | $35.1M | $222.4M | ||
| Q1 25 | $63.5M | $-5.3M | ||
| Q4 24 | $102.3M | $135.7M | ||
| Q3 24 | $-68.5M | $112.4M | ||
| Q2 24 | $22.0M | $125.7M | ||
| Q1 24 | $115.5M | $-29.8M |
自由现金流率MHOWMS
| Q4 25 | -1.1% | 26.5% | ||
| Q3 25 | 3.7% | 20.7% | ||
| Q2 25 | 3.0% | 26.8% | ||
| Q1 25 | 6.5% | -0.9% | ||
| Q4 24 | 8.5% | 19.7% | ||
| Q3 24 | -6.0% | 14.4% | ||
| Q2 24 | 2.0% | 15.4% | ||
| Q1 24 | 11.0% | -4.6% |
资本支出强度MHOWMS
| Q4 25 | 0.4% | 12.4% | ||
| Q3 25 | 0.1% | 6.9% | ||
| Q2 25 | 0.2% | 6.3% | ||
| Q1 25 | 0.1% | 7.6% | ||
| Q4 24 | 0.2% | 7.9% | ||
| Q3 24 | 0.1% | 7.0% | ||
| Q2 24 | 0.5% | 7.1% | ||
| Q1 24 | 0.0% | 7.3% |
现金转化率MHOWMS
| Q4 25 | -0.14× | 2.88× | ||
| Q3 25 | 0.41× | 1.51× | ||
| Q2 25 | 0.31× | 1.91× | ||
| Q1 25 | 0.58× | 0.53× | ||
| Q4 24 | 0.78× | 2.34× | ||
| Q3 24 | -0.47× | 1.28× | ||
| Q2 24 | 0.19× | 1.14× | ||
| Q1 24 | 0.84× | 0.19× |
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% |
WMS
| Reportable Segment Aggregation Before Other Operating Segment | $557.3M | 80% |
| Other | $85.5M | 12% |
| Pipe | $35.5M | 5% |
| Allied Products And Other | $15.0M | 2% |
