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Martin Marietta Materials（MLM）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Martin Marietta Materials的1.2倍（$1.4B vs $1.1B），Martin Marietta Materials净利率更高（24.5% vs 7.1%，领先17.4%），Taylor Morrison Home Corp同比增速更快（-26.8% vs -30.1%），过去两年Martin Marietta Materials的营收复合增速更高（-4.5% vs -16.5%）
马丁·玛丽埃塔材料公司是美国大型集料及重型建筑材料供应商，业务覆盖美国26个州、加拿大及加勒比地区，主要为道路、人行道、地基等各类基建项目提供所需原材料。
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。
MLM 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
TMHC
高出3.3%
-30.1%
净利率更高
MLM
高出17.4%
7.1%
两年增速更快
MLM
近两年复合增速
-16.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.4B |
| 净利润 | $279.0M | $98.6M |
| 毛利率 | 35.0% | 21.0% |
| 营业利润率 | 24.6% | — |
| 净利率 | 24.5% | 7.1% |
| 营收同比 | -30.1% | -26.8% |
| 净利润同比 | -4.8% | -53.8% |
| 每股收益（稀释后） | $4.59 | $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MLMTMHC
| Q1 26 | — | $1.4B | ||
| Q4 25 | $1.1B | $2.1B | ||
| Q3 25 | $1.8B | $2.1B | ||
| Q2 25 | $1.8B | $2.0B | ||
| Q1 25 | $1.4B | $1.9B | ||
| Q4 24 | $1.6B | $2.4B | ||
| Q3 24 | $1.9B | $2.1B | ||
| Q2 24 | $1.8B | $2.0B |
净利润MLMTMHC
| Q1 26 | — | $98.6M | ||
| Q4 25 | $279.0M | $174.0M | ||
| Q3 25 | $414.0M | $201.4M | ||
| Q2 25 | $328.0M | $193.6M | ||
| Q1 25 | $116.0M | $213.5M | ||
| Q4 24 | $293.0M | $242.5M | ||
| Q3 24 | $363.0M | $251.1M | ||
| Q2 24 | $294.0M | $199.5M |
毛利率MLMTMHC
| Q1 26 | — | 21.0% | ||
| Q4 25 | 35.0% | 22.0% | ||
| Q3 25 | 33.1% | 22.7% | ||
| Q2 25 | 30.0% | 23.0% | ||
| Q1 25 | 24.8% | 24.4% | ||
| Q4 24 | 30.0% | 23.9% | ||
| Q3 24 | 31.7% | 25.0% | ||
| Q2 24 | 29.3% | 23.7% |
营业利润率MLMTMHC
| Q1 26 | — | — | ||
| Q4 25 | 24.6% | — | ||
| Q3 25 | 27.4% | — | ||
| Q2 25 | 25.3% | — | ||
| Q1 25 | 14.3% | — | ||
| Q4 24 | 24.4% | — | ||
| Q3 24 | 25.9% | — | ||
| Q2 24 | 22.6% | — |
净利率MLMTMHC
| Q1 26 | — | 7.1% | ||
| Q4 25 | 24.5% | 8.3% | ||
| Q3 25 | 22.4% | 9.6% | ||
| Q2 25 | 18.1% | 9.5% | ||
| Q1 25 | 8.6% | 11.3% | ||
| Q4 24 | 18.0% | 10.3% | ||
| Q3 24 | 19.2% | 11.8% | ||
| Q2 24 | 16.7% | 10.0% |
每股收益（稀释后）MLMTMHC
| Q1 26 | — | $1.12 | ||
| Q4 25 | $4.59 | $1.77 | ||
| Q3 25 | $6.85 | $2.01 | ||
| Q2 25 | $5.43 | $1.92 | ||
| Q1 25 | $1.90 | $2.07 | ||
| Q4 24 | $4.87 | $2.29 | ||
| Q3 24 | $5.91 | $2.37 | ||
| Q2 24 | $4.76 | $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 | $67.0M | $652.9M |
| 总债务越低越好 | $5.3B | — |
| 股东权益账面价值 | $10.0B | $6.2B |
| 总资产 | $18.7B | $9.8B |
| 负债/权益比越低杠杆越低 | 0.53× | — |
8季度趋势，按日历期对齐
现金及短期投资MLMTMHC
| Q1 26 | — | $652.9M | ||
| Q4 25 | $67.0M | $850.0M | ||
| Q3 25 | $57.0M | $370.6M | ||
| Q2 25 | $225.0M | $130.2M | ||
| Q1 25 | $101.0M | $377.8M | ||
| Q4 24 | $670.0M | $487.2M | ||
| Q3 24 | $52.0M | $256.4M | ||
| Q2 24 | $109.0M | $246.8M |
总债务MLMTMHC
| Q1 26 | — | — | ||
| Q4 25 | $5.3B | $2.3B | ||
| Q3 25 | $5.5B | $2.2B | ||
| Q2 25 | $5.4B | $2.1B | ||
| Q1 25 | $5.4B | $2.1B | ||
| Q4 24 | $5.4B | $2.1B | ||
| Q3 24 | $4.0B | $2.1B | ||
| Q2 24 | $4.3B | $2.2B |
股东权益MLMTMHC
| Q1 26 | — | $6.2B | ||
| Q4 25 | $10.0B | $6.3B | ||
| Q3 25 | $9.7B | $6.2B | ||
| Q2 25 | $9.4B | $6.1B | ||
| Q1 25 | $9.1B | $6.0B | ||
| Q4 24 | $9.5B | $5.9B | ||
| Q3 24 | $9.2B | $5.7B | ||
| Q2 24 | $8.8B | $5.5B |
总资产MLMTMHC
| Q1 26 | — | $9.8B | ||
| Q4 25 | $18.7B | $9.8B | ||
| Q3 25 | $18.7B | $9.6B | ||
| Q2 25 | $18.1B | $9.5B | ||
| Q1 25 | $17.7B | $9.4B | ||
| Q4 24 | $18.2B | $9.3B | ||
| Q3 24 | $16.5B | $9.3B | ||
| Q2 24 | $16.3B | $9.1B |
负债/权益比MLMTMHC
| Q1 26 | — | — | ||
| Q4 25 | 0.53× | 0.36× | ||
| Q3 25 | 0.57× | 0.35× | ||
| Q2 25 | 0.58× | 0.35× | ||
| Q1 25 | 0.60× | 0.35× | ||
| Q4 24 | 0.57× | 0.36× | ||
| Q3 24 | 0.44× | 0.37× | ||
| Q2 24 | 0.49× | 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 | $629.0M | — |
| 自由现金流经营现金流 - 资本支出 | $424.0M | — |
| 自由现金流率自由现金流/营收 | 37.2% | — |
| 资本支出强度资本支出/营收 | 18.0% | — |
| 现金转化率经营现金流/净利润 | 2.25× | — |
| 过去12个月自由现金流最近4个季度 | $978.0M | — |
8季度趋势，按日历期对齐
经营现金流MLMTMHC
| Q1 26 | — | — | ||
| Q4 25 | $629.0M | $646.4M | ||
| Q3 25 | $551.0M | $219.6M | ||
| Q2 25 | $387.0M | $-126.0M | ||
| Q1 25 | $218.0M | $77.2M | ||
| Q4 24 | $686.0M | $438.2M | ||
| Q3 24 | $600.0M | $135.9M | ||
| Q2 24 | $1.0M | $-233.3M |
自由现金流MLMTMHC
| Q1 26 | — | — | ||
| Q4 25 | $424.0M | $635.3M | ||
| Q3 25 | $361.0M | $206.6M | ||
| Q2 25 | $208.0M | $-133.6M | ||
| Q1 25 | $-15.0M | $68.7M | ||
| Q4 24 | $453.0M | $428.2M | ||
| Q3 24 | $317.0M | $127.1M | ||
| Q2 24 | $-138.0M | $-241.7M |
自由现金流率MLMTMHC
| Q1 26 | — | — | ||
| Q4 25 | 37.2% | 30.3% | ||
| Q3 25 | 19.6% | 9.9% | ||
| Q2 25 | 11.5% | -6.6% | ||
| Q1 25 | -1.1% | 3.6% | ||
| Q4 24 | 27.8% | 18.2% | ||
| Q3 24 | 16.8% | 6.0% | ||
| Q2 24 | -7.8% | -12.1% |
资本支出强度MLMTMHC
| Q1 26 | — | — | ||
| Q4 25 | 18.0% | 0.5% | ||
| Q3 25 | 10.3% | 0.6% | ||
| Q2 25 | 9.9% | 0.4% | ||
| Q1 25 | 17.2% | 0.4% | ||
| Q4 24 | 14.3% | 0.4% | ||
| Q3 24 | 15.0% | 0.4% | ||
| Q2 24 | 7.9% | 0.4% |
现金转化率MLMTMHC
| Q1 26 | — | — | ||
| Q4 25 | 2.25× | 3.71× | ||
| Q3 25 | 1.33× | 1.09× | ||
| Q2 25 | 1.18× | -0.65× | ||
| Q1 25 | 1.88× | 0.36× | ||
| Q4 24 | 2.34× | 1.81× | ||
| Q3 24 | 1.65× | 0.54× | ||
| Q2 24 | 0.00× | -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
MLM
| Building Materials Business East Group | $774.0M | 68% |
| Building Materials Business West Group | $233.0M | 20% |
| Services | $88.0M | 8% |
| Other | $45.0M | 4% |
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% |
