vs
NVR, Inc.（NVR）与北极星（PII）财务数据对比。点击上方公司名可切换其他公司
NVR, Inc.的季度营收约是北极星的1.6倍（$2.7B vs $1.7B），NVR, Inc.净利率更高（13.4% vs -2.8%，领先16.3%），北极星同比增速更快（8.0% vs -4.7%），NVR, Inc.自由现金流更多（$436.0M vs $-342.5M），过去两年NVR, Inc.的营收复合增速更高（7.8% vs -8.0%）
NVR, Inc.是总部位于美国弗吉尼亚州雷斯顿的知名住宅建造企业，同时运营抵押贷款银行及产权服务相关业务。公司业务主要布局美国东海岸，覆盖14个州及华盛顿特区，2021年有22%的营收来自华盛顿大都会区。
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
NVR vs PII — 直观对比
营收规模更大
NVR
是对方的1.6倍
$1.7B
营收增速更快
PII
高出12.7%
-4.7%
净利率更高
NVR
高出16.3%
-2.8%
自由现金流更多
NVR
多$778.5M
$-342.5M
两年增速更快
NVR
近两年复合增速
-8.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $1.7B |
| 净利润 | $363.8M | $-47.2M |
| 毛利率 | — | 20.2% |
| 营业利润率 | — | — |
| 净利率 | 13.4% | -2.8% |
| 营收同比 | -4.7% | 8.0% |
| 净利润同比 | -20.5% | 29.2% |
| 每股收益（稀释后） | $120.85 | $-0.83 |
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NVRPII
| Q1 26 | — | $1.7B | ||
| Q4 25 | $2.7B | $1.9B | ||
| Q3 25 | $2.6B | $1.8B | ||
| Q2 25 | $2.6B | $1.9B | ||
| Q1 25 | $2.4B | $1.5B | ||
| Q4 24 | $2.8B | $1.8B | ||
| Q3 24 | $2.7B | $1.7B | ||
| Q2 24 | $2.6B | $2.0B |
净利润NVRPII
| Q1 26 | — | $-47.2M | ||
| Q4 25 | $363.8M | $-303.6M | ||
| Q3 25 | $342.7M | $-15.8M | ||
| Q2 25 | $333.7M | $-79.3M | ||
| Q1 25 | $299.6M | $-66.8M | ||
| Q4 24 | $457.4M | $10.6M | ||
| Q3 24 | $429.3M | $27.7M | ||
| Q2 24 | $400.9M | $68.7M |
毛利率NVRPII
| Q1 26 | — | 20.2% | ||
| Q4 25 | — | 20.0% | ||
| Q3 25 | — | 20.7% | ||
| Q2 25 | — | 19.4% | ||
| Q1 25 | — | 16.0% | ||
| Q4 24 | — | 20.4% | ||
| Q3 24 | — | 20.6% | ||
| Q2 24 | — | 21.6% |
营业利润率NVRPII
| Q1 26 | — | — | ||
| Q4 25 | — | -16.7% | ||
| Q3 25 | — | 1.1% | ||
| Q2 25 | — | -0.7% | ||
| Q1 25 | — | -2.4% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 3.8% | ||
| Q2 24 | — | 6.1% |
净利率NVRPII
| Q1 26 | — | -2.8% | ||
| Q4 25 | 13.4% | -15.8% | ||
| Q3 25 | 13.1% | -0.9% | ||
| Q2 25 | 12.8% | -4.3% | ||
| Q1 25 | 12.5% | -4.3% | ||
| Q4 24 | 16.1% | 0.6% | ||
| Q3 24 | 15.7% | 1.6% | ||
| Q2 24 | 15.3% | 3.5% |
每股收益（稀释后）NVRPII
| Q1 26 | — | $-0.83 | ||
| Q4 25 | $120.85 | $-5.34 | ||
| Q3 25 | $112.33 | $-0.28 | ||
| Q2 25 | $108.54 | $-1.39 | ||
| Q1 25 | $94.83 | $-1.17 | ||
| Q4 24 | $139.09 | $0.18 | ||
| Q3 24 | $130.50 | $0.49 | ||
| Q2 24 | $120.69 | $1.21 |
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 | — | $282.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.9B | $750.4M |
| 总资产 | $5.9B | $5.2B |
| 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NVRPII
| Q1 26 | — | $282.0M | ||
| Q4 25 | — | $138.0M | ||
| Q3 25 | — | $335.5M | ||
| Q2 25 | — | $324.3M | ||
| Q1 25 | — | $291.7M | ||
| Q4 24 | — | $287.8M | ||
| Q3 24 | — | $291.3M | ||
| Q2 24 | — | $322.7M |
总债务NVRPII
| Q1 26 | — | — | ||
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $2.1B |
股东权益NVRPII
| Q1 26 | — | $750.4M | ||
| Q4 25 | $3.9B | $828.4M | ||
| Q3 25 | $4.0B | $1.1B | ||
| Q2 25 | $3.8B | $1.2B | ||
| Q1 25 | $4.0B | $1.2B | ||
| Q4 24 | $4.2B | $1.3B | ||
| Q3 24 | $4.3B | $1.3B | ||
| Q2 24 | $4.1B | $1.3B |
总资产NVRPII
| Q1 26 | — | $5.2B | ||
| Q4 25 | $5.9B | $4.9B | ||
| Q3 25 | $6.0B | $5.3B | ||
| Q2 25 | $5.9B | $5.4B | ||
| Q1 25 | $6.2B | $5.5B | ||
| Q4 24 | $6.4B | $5.5B | ||
| Q3 24 | $6.5B | $5.6B | ||
| Q2 24 | $6.4B | $5.7B |
负债/权益比NVRPII
| Q1 26 | — | — | ||
| Q4 25 | — | 1.82× | ||
| Q3 25 | — | 1.13× | ||
| Q2 25 | — | 1.17× | ||
| Q1 25 | — | 1.32× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | — | 1.29× | ||
| Q2 24 | — | 1.56× |
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 | $439.7M | — |
| 自由现金流经营现金流 - 资本支出 | $436.0M | $-342.5M |
| 自由现金流率自由现金流/营收 | 16.1% | -20.6% |
| 资本支出强度资本支出/营收 | 0.1% | — |
| 现金转化率经营现金流/净利润 | 1.21× | — |
| 过去12个月自由现金流最近4个季度 | $1.1B | $168.0M |
8季度趋势，按日历期对齐
经营现金流NVRPII
| Q1 26 | — | — | ||
| Q4 25 | $439.7M | $178.7M | ||
| Q3 25 | $438.7M | $158.8M | ||
| Q2 25 | $35.1M | $320.3M | ||
| Q1 25 | $207.8M | $83.2M | ||
| Q4 24 | $637.0M | $206.3M | ||
| Q3 24 | $358.3M | $21.0M | ||
| Q2 24 | $232.7M | $146.3M |
自由现金流NVRPII
| Q1 26 | — | $-342.5M | ||
| Q4 25 | $436.0M | $114.0M | ||
| Q3 25 | $433.3M | $116.7M | ||
| Q2 25 | $26.8M | $279.8M | ||
| Q1 25 | $200.7M | $47.6M | ||
| Q4 24 | $631.5M | $137.3M | ||
| Q3 24 | $350.1M | $-32.4M | ||
| Q2 24 | $226.3M | $79.1M |
自由现金流率NVRPII
| Q1 26 | — | -20.6% | ||
| Q4 25 | 16.1% | 5.9% | ||
| Q3 25 | 16.6% | 6.3% | ||
| Q2 25 | 1.0% | 15.1% | ||
| Q1 25 | 8.4% | 3.1% | ||
| Q4 24 | 22.2% | 7.8% | ||
| Q3 24 | 12.8% | -1.9% | ||
| Q2 24 | 8.7% | 4.0% |
资本支出强度NVRPII
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 3.4% | ||
| Q3 25 | 0.2% | 2.3% | ||
| Q2 25 | 0.3% | 2.2% | ||
| Q1 25 | 0.3% | 2.3% | ||
| Q4 24 | 0.2% | 3.9% | ||
| Q3 24 | 0.3% | 3.1% | ||
| Q2 24 | 0.2% | 3.4% |
现金转化率NVRPII
| Q1 26 | — | — | ||
| Q4 25 | 1.21× | — | ||
| Q3 25 | 1.28× | — | ||
| Q2 25 | 0.11× | — | ||
| Q1 25 | 0.69× | — | ||
| Q4 24 | 1.39× | 19.46× | ||
| Q3 24 | 0.83× | 0.76× | ||
| Q2 24 | 0.58× | 2.13× |
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
NVR
| Home Building Segment | $2.6B | 97% |
| Mortgage Banking Segment | $77.4M | 3% |
PII
暂无分部数据
