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摩丁制造（MOD）与RH（RH）财务数据对比。点击上方公司名可切换其他公司
RH的季度营收约是摩丁制造的1.1倍（$883.8M vs $805.0M），RH净利率更高（4.1% vs -5.9%，领先10.0%），摩丁制造同比增速更快（30.5% vs 8.9%），RH自由现金流更多（$83.0M vs $-17.1M），过去两年摩丁制造的营收复合增速更高（15.5% vs 9.4%）
摩丁制造是1916年成立于美国的热管理企业。创始人亚瑟·B·摩丁获拖拉机Spirex散热器专利后创立公司，曾为福特T型车生产Turbotube散热器，1941年在威斯康星州拉辛建成全球首个车用风洞，二战期间为P-51野马战斗机供应后冷却器。
RH是美国高端家居品牌，总部位于加利福尼亚州科尔特马德拉。品牌通过线下零售门店、产品目录和线上渠道发售家居商品，截至2018年8月，在美国和加拿大共运营70家展示馆、18家全系列设计展示馆、3家婴童家居展示馆，另有36家奥莱门店。
MOD vs RH — 直观对比
营收规模更大
RH
是对方的1.1倍
$805.0M
营收增速更快
MOD
高出21.6%
8.9%
净利率更高
RH
高出10.0%
-5.9%
自由现金流更多
RH
多$100.1M
$-17.1M
两年增速更快
MOD
近两年复合增速
9.4%
损益表 — Q3 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $805.0M | $883.8M |
| 净利润 | $-47.4M | $36.3M |
| 毛利率 | 23.1% | 44.1% |
| 营业利润率 | 11.1% | 12.0% |
| 净利率 | -5.9% | 4.1% |
| 营收同比 | 30.5% | 8.9% |
| 净利润同比 | -215.6% | 9.3% |
| 每股收益（稀释后） | $-0.90 | $1.83 |
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MODRH
| Q4 25 | $805.0M | $883.8M | ||
| Q3 25 | $738.9M | $899.2M | ||
| Q2 25 | $682.8M | $814.0M | ||
| Q1 25 | $647.2M | $812.4M | ||
| Q4 24 | $616.8M | $811.7M | ||
| Q3 24 | $658.0M | $829.7M | ||
| Q2 24 | $661.5M | $727.0M | ||
| Q1 24 | $603.5M | $738.3M |
净利润MODRH
| Q4 25 | $-47.4M | $36.3M | ||
| Q3 25 | $44.4M | $51.7M | ||
| Q2 25 | $51.2M | $8.0M | ||
| Q1 25 | $49.6M | $13.9M | ||
| Q4 24 | $41.0M | $33.2M | ||
| Q3 24 | $46.1M | $29.0M | ||
| Q2 24 | $47.3M | $-3.6M | ||
| Q1 24 | $25.8M | $11.4M |
毛利率MODRH
| Q4 25 | 23.1% | 44.1% | ||
| Q3 25 | 22.3% | 45.5% | ||
| Q2 25 | 24.2% | 43.7% | ||
| Q1 25 | 25.6% | 44.7% | ||
| Q4 24 | 24.3% | 44.5% | ||
| Q3 24 | 25.2% | 45.2% | ||
| Q2 24 | 24.6% | 43.5% | ||
| Q1 24 | 22.4% | 43.5% |
营业利润率MODRH
| Q4 25 | 11.1% | 12.0% | ||
| Q3 25 | 9.9% | 14.3% | ||
| Q2 25 | 11.1% | 6.9% | ||
| Q1 25 | 11.5% | 8.7% | ||
| Q4 24 | 9.6% | 12.5% | ||
| Q3 24 | 11.4% | 11.6% | ||
| Q2 24 | 11.2% | 7.5% | ||
| Q1 24 | 7.8% | 8.7% |
净利率MODRH
| Q4 25 | -5.9% | 4.1% | ||
| Q3 25 | 6.0% | 5.8% | ||
| Q2 25 | 7.5% | 1.0% | ||
| Q1 25 | 7.7% | 1.7% | ||
| Q4 24 | 6.6% | 4.1% | ||
| Q3 24 | 7.0% | 3.5% | ||
| Q2 24 | 7.2% | -0.5% | ||
| Q1 24 | 4.3% | 1.5% |
每股收益（稀释后）MODRH
| Q4 25 | $-0.90 | $1.83 | ||
| Q3 25 | $0.83 | $2.62 | ||
| Q2 25 | $0.95 | $0.40 | ||
| Q1 25 | $0.92 | $0.71 | ||
| Q4 24 | $0.76 | $1.66 | ||
| Q3 24 | $0.86 | $1.45 | ||
| Q2 24 | $0.88 | $-0.20 | ||
| Q1 24 | $0.48 | $0.91 |
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 | $98.7M | $43.1M |
| 总债务越低越好 | $570.7M | — |
| 股东权益账面价值 | $1.1B | $3.3M |
| 总资产 | $2.5B | $4.8B |
| 负债/权益比越低杠杆越低 | 0.51× | — |
8季度趋势，按日历期对齐
现金及短期投资MODRH
| Q4 25 | $98.7M | $43.1M | ||
| Q3 25 | $83.8M | $34.6M | ||
| Q2 25 | $124.5M | $46.1M | ||
| Q1 25 | $71.6M | $30.4M | ||
| Q4 24 | $83.8M | $87.0M | ||
| Q3 24 | $78.6M | $78.3M | ||
| Q2 24 | $72.9M | $101.8M | ||
| Q1 24 | $60.1M | $123.7M |
总债务MODRH
| Q4 25 | $570.7M | — | ||
| Q3 25 | $525.8M | — | ||
| Q2 25 | $482.1M | — | ||
| Q1 25 | $296.7M | — | ||
| Q4 24 | $330.0M | — | ||
| Q3 24 | $359.1M | — | ||
| Q2 24 | $405.7M | — | ||
| Q1 24 | $399.9M | — |
股东权益MODRH
| Q4 25 | $1.1B | $3.3M | ||
| Q3 25 | $1.1B | $-40.9M | ||
| Q2 25 | $1.0B | $-110.8M | ||
| Q1 25 | $910.2M | $-163.6M | ||
| Q4 24 | $855.1M | $-183.0M | ||
| Q3 24 | $858.8M | $-234.7M | ||
| Q2 24 | $788.4M | $-289.9M | ||
| Q1 24 | $747.6M | $-297.4M |
总资产MODRH
| Q4 25 | $2.5B | $4.8B | ||
| Q3 25 | $2.4B | $4.7B | ||
| Q2 25 | $2.2B | $4.7B | ||
| Q1 25 | $1.9B | $4.6B | ||
| Q4 24 | $1.8B | $4.5B | ||
| Q3 24 | $1.9B | $4.4B | ||
| Q2 24 | $1.9B | $4.2B | ||
| Q1 24 | $1.9B | $4.1B |
负债/权益比MODRH
| Q4 25 | 0.51× | — | ||
| Q3 25 | 0.50× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | 0.33× | — | ||
| Q4 24 | 0.39× | — | ||
| Q3 24 | 0.42× | — | ||
| Q2 24 | 0.51× | — | ||
| Q1 24 | 0.53× | — |
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 | $24.7M | $131.9M |
| 自由现金流经营现金流 - 资本支出 | $-17.1M | $83.0M |
| 自由现金流率自由现金流/营收 | -2.1% | 9.4% |
| 资本支出强度资本支出/营收 | 5.2% | 5.5% |
| 现金转化率经营现金流/净利润 | — | 3.64× |
| 过去12个月自由现金流最近4个季度 | $-20.3M | $128.1M |
8季度趋势，按日历期对齐
经营现金流MODRH
| Q4 25 | $24.7M | $131.9M | ||
| Q3 25 | $1.4M | $137.7M | ||
| Q2 25 | $27.7M | $86.6M | ||
| Q1 25 | $54.8M | $-18.8M | ||
| Q4 24 | $60.7M | $-31.4M | ||
| Q3 24 | $57.3M | $11.2M | ||
| Q2 24 | $40.5M | $56.1M | ||
| Q1 24 | $39.6M | $-114.0M |
自由现金流MODRH
| Q4 25 | $-17.1M | $83.0M | ||
| Q3 25 | $-30.5M | $80.7M | ||
| Q2 25 | $200.0K | $34.1M | ||
| Q1 25 | $27.1M | $-69.7M | ||
| Q4 24 | $44.7M | $-96.0M | ||
| Q3 24 | $43.8M | $-37.9M | ||
| Q2 24 | $13.7M | $-10.1M | ||
| Q1 24 | $-4.3M | $-251.5M |
自由现金流率MODRH
| Q4 25 | -2.1% | 9.4% | ||
| Q3 25 | -4.1% | 9.0% | ||
| Q2 25 | 0.0% | 4.2% | ||
| Q1 25 | 4.2% | -8.6% | ||
| Q4 24 | 7.2% | -11.8% | ||
| Q3 24 | 6.7% | -4.6% | ||
| Q2 24 | 2.1% | -1.4% | ||
| Q1 24 | -0.7% | -34.1% |
资本支出强度MODRH
| Q4 25 | 5.2% | 5.5% | ||
| Q3 25 | 4.3% | 6.3% | ||
| Q2 25 | 4.0% | 6.5% | ||
| Q1 25 | 4.3% | 6.3% | ||
| Q4 24 | 2.6% | 8.0% | ||
| Q3 24 | 2.1% | 5.9% | ||
| Q2 24 | 4.1% | 9.1% | ||
| Q1 24 | 7.3% | 18.6% |
现金转化率MODRH
| Q4 25 | — | 3.64× | ||
| Q3 25 | 0.03× | 2.66× | ||
| Q2 25 | 0.54× | 10.78× | ||
| Q1 25 | 1.10× | -1.35× | ||
| Q4 24 | 1.48× | -0.95× | ||
| Q3 24 | 1.24× | 0.39× | ||
| Q2 24 | 0.86× | — | ||
| Q1 24 | 1.53× | -10.01× |
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
MOD
| Data Centers | $296.9M | 37% |
| Performance Technologies | $266.0M | 33% |
| Hvac Technologies | $107.1M | 13% |
| Air Cooled | $92.4M | 11% |
| Lb White | $25.6M | 3% |
| Climate By Design | $10.2M | 1% |
| Absolutaire | $7.0M | 1% |
RH
| RH Segment | $835.8M | 95% |
| Waterworks Segment | $48.0M | 5% |
| Gift Card And Merchandise Credit | $4.5M | 1% |
