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Meritage Homes CORP（MTH）与Toll Brothers, Inc.（TOL）财务数据对比。点击上方公司名可切换其他公司
Toll Brothers, Inc.的季度营收约是Meritage Homes CORP的2.4倍（$3.4B vs $1.4B）。Meritage Homes CORP净利率更高（17.7% vs 13.0%，领先4.7%）。Meritage Homes CORP同比增速更快（10.5% vs 2.7%）。Toll Brothers, Inc.自由现金流更多（$772.2M vs $-225.4M）
Meritage Homes Corporation是美国上市房地产开发企业，主营全美范围内各类独栋住宅建造业务，按2023年房屋销量计算为美国第五大住宅建筑商，同时在亚利桑那州开发活跃长者社区及高端地产项目。
Toll Brothers, Inc.是美国知名住宅建造企业，业务涵盖美国境内住宅及商业地产的开发、营销与融资服务。2020年按住宅建造营收统计，该公司为全美第五大房屋建造商，位列《财富》美国500强第411位。
MTH vs TOL — 直观对比
营收规模更大
TOL
是对方的2.4倍
$1.4B
营收增速更快
MTH
高出7.9%
2.7%
净利率更高
MTH
高出4.7%
13.0%
自由现金流更多
TOL
多$997.6M
$-225.4M
损益表 — Q2 2022 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $3.4B |
| 净利润 | $250.1M | $446.7M |
| 毛利率 | 31.5% | 24.8% |
| 营业利润率 | 23.5% | 16.5% |
| 净利率 | 17.7% | 13.0% |
| 营收同比 | 10.5% | 2.7% |
| 净利润同比 | 49.4% | -6.0% |
| 每股收益（稀释后） | $6.77 | $4.51 |
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MTHTOL
| Q4 25 | — | $3.4B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $1.9B |
净利润MTHTOL
| Q4 25 | — | $446.7M | ||
| Q3 25 | — | $369.6M | ||
| Q2 25 | — | $352.4M | ||
| Q1 25 | — | $177.7M | ||
| Q4 24 | — | $475.4M | ||
| Q3 24 | — | $374.6M | ||
| Q2 24 | — | $481.6M | ||
| Q1 24 | — | $239.6M |
毛利率MTHTOL
| Q4 25 | — | 24.8% | ||
| Q3 25 | — | 25.2% | ||
| Q2 25 | — | 25.8% | ||
| Q1 25 | — | 24.7% | ||
| Q4 24 | — | 26.4% | ||
| Q3 24 | — | 27.2% | ||
| Q2 24 | — | 30.4% | ||
| Q1 24 | — | 27.6% |
营业利润率MTHTOL
| Q4 25 | — | 16.5% | ||
| Q3 25 | — | 16.6% | ||
| Q2 25 | — | 16.4% | ||
| Q1 25 | — | 11.8% | ||
| Q4 24 | — | 18.3% | ||
| Q3 24 | — | 18.2% | ||
| Q2 24 | — | 22.0% | ||
| Q1 24 | — | 15.8% |
净利率MTHTOL
| Q4 25 | — | 13.0% | ||
| Q3 25 | — | 12.6% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 9.6% | ||
| Q4 24 | — | 14.3% | ||
| Q3 24 | — | 13.7% | ||
| Q2 24 | — | 17.0% | ||
| Q1 24 | — | 12.3% |
每股收益（稀释后）MTHTOL
| Q4 25 | — | $4.51 | ||
| Q3 25 | — | $3.73 | ||
| Q2 25 | — | $3.50 | ||
| Q1 25 | — | $1.75 | ||
| Q4 24 | — | $4.61 | ||
| Q3 24 | — | $3.60 | ||
| Q2 24 | — | $4.55 | ||
| Q1 24 | — | $2.25 |
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 | $272.1M | $1.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.4B | $8.3B |
| 总资产 | $5.3B | $14.5B |
| 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MTHTOL
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $852.3M | ||
| Q2 25 | — | $686.5M | ||
| Q1 25 | — | $574.8M | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $893.4M | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $754.8M |
股东权益MTHTOL
| Q4 25 | — | $8.3B | ||
| Q3 25 | — | $8.1B | ||
| Q2 25 | — | $7.9B | ||
| Q1 25 | — | $7.8B | ||
| Q4 24 | — | $7.7B | ||
| Q3 24 | — | $7.4B | ||
| Q2 24 | — | $7.3B | ||
| Q1 24 | — | $7.0B |
总资产MTHTOL
| Q4 25 | — | $14.5B | ||
| Q3 25 | — | $14.4B | ||
| Q2 25 | — | $14.2B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $13.4B | ||
| Q3 24 | — | $13.4B | ||
| Q2 24 | — | $13.3B | ||
| Q1 24 | — | $12.5B |
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 | $-219.0M | $800.0M |
| 自由现金流经营现金流 - 资本支出 | $-225.4M | $772.2M |
| 自由现金流率自由现金流/营收 | -16.0% | 22.6% |
| 资本支出强度资本支出/营收 | 0.5% | 0.8% |
| 现金转化率经营现金流/净利润 | -0.88× | 1.79× |
| 过去12个月自由现金流最近4个季度 | — | $1.0B |
8季度趋势，按日历期对齐
经营现金流MTHTOL
| Q4 25 | — | $800.0M | ||
| Q3 25 | — | $370.3M | ||
| Q2 25 | — | $362.8M | ||
| Q1 25 | — | $-420.8M | ||
| Q4 24 | — | $682.5M | ||
| Q3 24 | — | $175.6M | ||
| Q2 24 | — | $459.0M | ||
| Q1 24 | — | $-307.0M |
自由现金流MTHTOL
| Q4 25 | — | $772.2M | ||
| Q3 25 | — | $344.9M | ||
| Q2 25 | — | $347.3M | ||
| Q1 25 | — | $-438.1M | ||
| Q4 24 | — | $664.3M | ||
| Q3 24 | — | $149.9M | ||
| Q2 24 | — | $442.9M | ||
| Q1 24 | — | $-320.6M |
自由现金流率MTHTOL
| Q4 25 | — | 22.6% | ||
| Q3 25 | — | 11.7% | ||
| Q2 25 | — | 12.7% | ||
| Q1 25 | — | -23.6% | ||
| Q4 24 | — | 19.9% | ||
| Q3 24 | — | 5.5% | ||
| Q2 24 | — | 15.6% | ||
| Q1 24 | — | -16.5% |
资本支出强度MTHTOL
| Q4 25 | — | 0.8% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | 0.7% |
现金转化率MTHTOL
| Q4 25 | — | 1.79× | ||
| Q3 25 | — | 1.00× | ||
| Q2 25 | — | 1.03× | ||
| Q1 25 | — | -2.37× | ||
| Q4 24 | — | 1.44× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 0.95× | ||
| Q1 24 | — | -1.28× |
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
MTH
| Home Building | $1.4B | 100% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $9.8M | 1% |
| Financial Service | $5.1M | 0% |
| Land Closing | $3.4M | 0% |
TOL
| Home Building | $3.4B | 100% |
| Land | $9.4M | 0% |
