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M/I HOMES, INC.（MHO）与Worthington Steel, Inc.（WS）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Worthington Steel, Inc.的1.3倍（$1.1B vs $871.9M），M/I HOMES, INC.净利率更高（5.6% vs 2.2%，领先3.4%），Worthington Steel, Inc.同比增速更快（18.0% vs -4.8%），Worthington Steel, Inc.自由现金流更多（$74.6M vs $-13.0M），过去两年M/I HOMES, INC.的营收复合增速更高（4.7% vs 3.9%）
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。
沃辛顿钢铁是总部位于美国俄亥俄州哥伦布市的工业制造企业，下设消费品和建筑建材两大业务板块，主营各类压力容器的设计与生产，覆盖丙烷、氧气、氦气储罐，制冷剂及工业气瓶，露营与民用气瓶，以及用于存储、处理、加热、扩容和流量控制的供水系统罐体等产品。
MHO vs WS — 直观对比
营收规模更大
MHO
是对方的1.3倍
$871.9M
营收增速更快
WS
高出22.8%
-4.8%
净利率更高
MHO
高出3.4%
2.2%
自由现金流更多
WS
多$87.6M
$-13.0M
两年增速更快
MHO
近两年复合增速
3.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $871.9M |
| 净利润 | $64.0M | $18.8M |
| 毛利率 | 17.4% | 10.7% |
| 营业利润率 | 6.5% | 2.5% |
| 净利率 | 5.6% | 2.2% |
| 营收同比 | -4.8% | 18.0% |
| 净利润同比 | -52.1% | 46.9% |
| 每股收益（稀释后） | $2.42 | $0.37 |
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MHOWS
| Q4 25 | $1.1B | $871.9M | ||
| Q3 25 | $1.1B | $872.9M | ||
| Q2 25 | $1.2B | $832.9M | ||
| Q1 25 | $976.1M | $687.4M | ||
| Q4 24 | $1.2B | $739.0M | ||
| Q3 24 | $1.1B | $834.0M | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.0B | $805.8M |
净利润MHOWS
| Q4 25 | $64.0M | $18.8M | ||
| Q3 25 | $106.5M | $36.8M | ||
| Q2 25 | $121.2M | $55.7M | ||
| Q1 25 | $111.2M | $13.8M | ||
| Q4 24 | $133.5M | $12.8M | ||
| Q3 24 | $145.4M | $28.4M | ||
| Q2 24 | $146.7M | — | ||
| Q1 24 | $138.1M | $49.0M |
毛利率MHOWS
| Q4 25 | 17.4% | 10.7% | ||
| Q3 25 | 24.5% | 13.2% | ||
| Q2 25 | 24.7% | 15.2% | ||
| Q1 25 | 25.9% | 11.8% | ||
| Q4 24 | 24.6% | 10.8% | ||
| Q3 24 | 27.1% | 12.0% | ||
| Q2 24 | 27.9% | — | ||
| Q1 24 | 27.1% | 14.9% |
营业利润率MHOWS
| Q4 25 | 6.5% | 2.5% | ||
| Q3 25 | 12.0% | 5.5% | ||
| Q2 25 | 13.4% | 8.0% | ||
| Q1 25 | 14.4% | 2.7% | ||
| Q4 24 | 13.6% | 2.6% | ||
| Q3 24 | 15.9% | 5.2% | ||
| Q2 24 | 16.8% | — | ||
| Q1 24 | 16.6% | 8.2% |
净利率MHOWS
| Q4 25 | 5.6% | 2.2% | ||
| Q3 25 | 9.4% | 4.2% | ||
| Q2 25 | 10.4% | 6.7% | ||
| Q1 25 | 11.4% | 2.0% | ||
| Q4 24 | 11.1% | 1.7% | ||
| Q3 24 | 12.7% | 3.4% | ||
| Q2 24 | 13.2% | — | ||
| Q1 24 | 13.2% | 6.1% |
每股收益（稀释后）MHOWS
| Q4 25 | $2.42 | $0.37 | ||
| Q3 25 | $3.92 | $0.72 | ||
| Q2 25 | $4.42 | $1.11 | ||
| Q1 25 | $3.98 | $0.27 | ||
| Q4 24 | $4.71 | $0.25 | ||
| Q3 24 | $5.10 | $0.56 | ||
| Q2 24 | $5.12 | — | ||
| Q1 24 | $4.78 | $0.98 |
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 | — | $89.8M |
| 总债务越低越好 | — | $72.1M |
| 股东权益账面价值 | $3.2B | $1.1B |
| 总资产 | $4.8B | $2.1B |
| 负债/权益比越低杠杆越低 | — | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资MHOWS
| Q4 25 | — | $89.8M | ||
| Q3 25 | — | $78.3M | ||
| Q2 25 | — | $38.0M | ||
| Q1 25 | — | $63.3M | ||
| Q4 24 | — | $52.0M | ||
| Q3 24 | — | $36.0M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $60.8M |
总债务MHOWS
| Q4 25 | — | $72.1M | ||
| Q3 25 | — | $73.4M | ||
| Q2 25 | — | $151.5M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $115.0M | ||
| Q3 24 | — | $122.2M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $147.2M |
股东权益MHOWS
| Q4 25 | $3.2B | $1.1B | ||
| Q3 25 | $3.1B | $1.1B | ||
| Q2 25 | $3.1B | $1.1B | ||
| Q1 25 | $3.0B | $1.0B | ||
| Q4 24 | $2.9B | $1.0B | ||
| Q3 24 | $2.8B | $1.0B | ||
| Q2 24 | $2.7B | — | ||
| Q1 24 | $2.6B | $937.6M |
总资产MHOWS
| Q4 25 | $4.8B | $2.1B | ||
| Q3 25 | $4.8B | $2.2B | ||
| Q2 25 | $4.7B | $2.0B | ||
| Q1 25 | $4.6B | $1.8B | ||
| Q4 24 | $4.5B | $1.7B | ||
| Q3 24 | $4.5B | $1.8B | ||
| Q2 24 | $4.3B | — | ||
| Q1 24 | $4.2B | $1.8B |
负债/权益比MHOWS
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.14× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.11× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.16× |
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 | $99.3M |
| 自由现金流经营现金流 - 资本支出 | $-13.0M | $74.6M |
| 自由现金流率自由现金流/营收 | -1.1% | 8.6% |
| 资本支出强度资本支出/营收 | 0.4% | 2.8% |
| 现金转化率经营现金流/净利润 | -0.14× | 5.28× |
| 过去12个月自由现金流最近4个季度 | $127.7M | $72.5M |
8季度趋势，按日历期对齐
经营现金流MHOWS
| Q4 25 | $-8.7M | $99.3M | ||
| Q3 25 | $43.4M | $-6.3M | ||
| Q2 25 | $37.8M | $53.9M | ||
| Q1 25 | $64.9M | $53.8M | ||
| Q4 24 | $104.4M | $68.0M | ||
| Q3 24 | $-67.9M | $54.6M | ||
| Q2 24 | $27.5M | — | ||
| Q1 24 | $115.8M | $44.7M |
自由现金流MHOWS
| Q4 25 | $-13.0M | $74.6M | ||
| Q3 25 | $42.0M | $-35.7M | ||
| Q2 25 | $35.1M | $8.4M | ||
| Q1 25 | $63.5M | $25.2M | ||
| Q4 24 | $102.3M | $33.2M | ||
| Q3 24 | $-68.5M | $33.1M | ||
| Q2 24 | $22.0M | — | ||
| Q1 24 | $115.5M | $22.3M |
自由现金流率MHOWS
| Q4 25 | -1.1% | 8.6% | ||
| Q3 25 | 3.7% | -4.1% | ||
| Q2 25 | 3.0% | 1.0% | ||
| Q1 25 | 6.5% | 3.7% | ||
| Q4 24 | 8.5% | 4.5% | ||
| Q3 24 | -6.0% | 4.0% | ||
| Q2 24 | 2.0% | — | ||
| Q1 24 | 11.0% | 2.8% |
资本支出强度MHOWS
| Q4 25 | 0.4% | 2.8% | ||
| Q3 25 | 0.1% | 3.4% | ||
| Q2 25 | 0.2% | 5.5% | ||
| Q1 25 | 0.1% | 4.2% | ||
| Q4 24 | 0.2% | 4.7% | ||
| Q3 24 | 0.1% | 2.6% | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | 0.0% | 2.8% |
现金转化率MHOWS
| Q4 25 | -0.14× | 5.28× | ||
| Q3 25 | 0.41× | -0.17× | ||
| Q2 25 | 0.31× | 0.97× | ||
| Q1 25 | 0.58× | 3.90× | ||
| Q4 24 | 0.78× | 5.31× | ||
| Q3 24 | -0.47× | 1.92× | ||
| Q2 24 | 0.19× | — | ||
| Q1 24 | 0.84× | 0.91× |
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% |
WS
| Direct | $844.1M | 97% |
| Toll | $27.8M | 3% |
