vs
NVR, Inc.（NVR）与Steel Dynamics（STLD）财务数据对比。点击上方公司名可切换其他公司
Steel Dynamics的季度营收约是NVR, Inc.的1.9倍（$5.2B vs $2.7B），NVR, Inc.净利率更高（13.4% vs 7.7%，领先5.7%），Steel Dynamics同比增速更快（17.9% vs -4.7%），过去两年NVR, Inc.的营收复合增速更高（7.8% vs 6.0%）
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。
Steel Dynamics是总部位于美国印第安纳州韦恩堡的钢铁生产企业，钢铁产能达1300万吨，为美国第三大碳钢产品生产商，按利润率及每吨运营利润率计算属于美国盈利能力最强的钢企之一，凭借2021年营收位列2022年财富美国500强第196位。
NVR vs STLD — 直观对比
营收规模更大
STLD
是对方的1.9倍
$2.7B
营收增速更快
STLD
高出22.6%
-4.7%
净利率更高
NVR
高出5.7%
7.7%
两年增速更快
NVR
近两年复合增速
6.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $5.2B |
| 净利润 | $363.8M | $400.1M |
| 毛利率 | — | 14.7% |
| 营业利润率 | — | 10.3% |
| 净利率 | 13.4% | 7.7% |
| 营收同比 | -4.7% | 17.9% |
| 净利润同比 | -20.5% | 51.3% |
| 每股收益（稀释后） | $120.85 | $2.78 |
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NVRSTLD
| Q1 26 | — | $5.2B | ||
| Q4 25 | $2.7B | $4.4B | ||
| Q3 25 | $2.6B | $4.8B | ||
| Q2 25 | $2.6B | $4.6B | ||
| Q1 25 | $2.4B | $4.4B | ||
| Q4 24 | $2.8B | $3.9B | ||
| Q3 24 | $2.7B | $4.3B | ||
| Q2 24 | $2.6B | $4.6B |
净利润NVRSTLD
| Q1 26 | — | $400.1M | ||
| Q4 25 | $363.8M | $266.0M | ||
| Q3 25 | $342.7M | $403.7M | ||
| Q2 25 | $333.7M | $298.7M | ||
| Q1 25 | $299.6M | $217.2M | ||
| Q4 24 | $457.4M | $207.3M | ||
| Q3 24 | $429.3M | $317.8M | ||
| Q2 24 | $400.9M | $428.0M |
毛利率NVRSTLD
| Q1 26 | — | 14.7% | ||
| Q4 25 | — | 12.0% | ||
| Q3 25 | — | 15.7% | ||
| Q2 25 | — | 13.5% | ||
| Q1 25 | — | 11.1% | ||
| Q4 24 | — | 11.4% | ||
| Q3 24 | — | 13.9% | ||
| Q2 24 | — | 16.7% |
营业利润率NVRSTLD
| Q1 26 | — | 10.3% | ||
| Q4 25 | — | 7.0% | ||
| Q3 25 | — | 10.5% | ||
| Q2 25 | — | 8.4% | ||
| Q1 25 | — | 6.3% | ||
| Q4 24 | — | 6.1% | ||
| Q3 24 | — | 9.1% | ||
| Q2 24 | — | 12.1% |
净利率NVRSTLD
| Q1 26 | — | 7.7% | ||
| Q4 25 | 13.4% | 6.0% | ||
| Q3 25 | 13.1% | 8.4% | ||
| Q2 25 | 12.8% | 6.5% | ||
| Q1 25 | 12.5% | 5.0% | ||
| Q4 24 | 16.1% | 5.4% | ||
| Q3 24 | 15.7% | 7.3% | ||
| Q2 24 | 15.3% | 9.2% |
每股收益（稀释后）NVRSTLD
| Q1 26 | — | $2.78 | ||
| Q4 25 | $120.85 | $1.80 | ||
| Q3 25 | $112.33 | $2.74 | ||
| Q2 25 | $108.54 | $2.01 | ||
| Q1 25 | $94.83 | $1.44 | ||
| Q4 24 | $139.09 | $1.40 | ||
| Q3 24 | $130.50 | $2.05 | ||
| Q2 24 | $120.69 | $2.72 |
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 | — | $556.5M |
| 总债务越低越好 | — | $4.2B |
| 股东权益账面价值 | $3.9B | $9.0B |
| 总资产 | $5.9B | $16.7B |
| 负债/权益比越低杠杆越低 | — | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资NVRSTLD
| Q1 26 | — | $556.5M | ||
| Q4 25 | — | $769.9M | ||
| Q3 25 | — | $770.4M | ||
| Q2 25 | — | $497.6M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $737.3M | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.2B |
总债务NVRSTLD
| Q1 26 | — | $4.2B | ||
| Q4 25 | — | $4.2B | ||
| Q3 25 | — | $3.8B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | — | $3.7B | ||
| Q2 24 | — | $3.1B |
股东权益NVRSTLD
| Q1 26 | — | $9.0B | ||
| Q4 25 | $3.9B | $9.0B | ||
| Q3 25 | $4.0B | $9.0B | ||
| Q2 25 | $3.8B | $8.9B | ||
| Q1 25 | $4.0B | $8.8B | ||
| Q4 24 | $4.2B | $8.9B | ||
| Q3 24 | $4.3B | $9.1B | ||
| Q2 24 | $4.1B | $9.1B |
总资产NVRSTLD
| Q1 26 | — | $16.7B | ||
| Q4 25 | $5.9B | $16.4B | ||
| Q3 25 | $6.0B | $16.0B | ||
| Q2 25 | $5.9B | $15.5B | ||
| Q1 25 | $6.2B | $15.9B | ||
| Q4 24 | $6.4B | $14.9B | ||
| Q3 24 | $6.5B | $15.7B | ||
| Q2 24 | $6.4B | $15.1B |
负债/权益比NVRSTLD
| Q1 26 | — | 0.47× | ||
| Q4 25 | — | 0.47× | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.43× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 0.41× | ||
| Q2 24 | — | 0.34× |
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 | $148.3M |
| 自由现金流经营现金流 - 资本支出 | $436.0M | — |
| 自由现金流率自由现金流/营收 | 16.1% | — |
| 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× | 0.37× |
| 过去12个月自由现金流最近4个季度 | $1.1B | — |
8季度趋势，按日历期对齐
经营现金流NVRSTLD
| Q1 26 | — | $148.3M | ||
| Q4 25 | $439.7M | $272.7M | ||
| Q3 25 | $438.7M | $722.6M | ||
| Q2 25 | $35.1M | $301.6M | ||
| Q1 25 | $207.8M | $152.6M | ||
| Q4 24 | $637.0M | $346.9M | ||
| Q3 24 | $358.3M | $759.9M | ||
| Q2 24 | $232.7M | $382.6M |
自由现金流NVRSTLD
| Q1 26 | — | — | ||
| Q4 25 | $436.0M | $84.2M | ||
| Q3 25 | $433.3M | $556.9M | ||
| Q2 25 | $26.8M | $13.3M | ||
| Q1 25 | $200.7M | $-152.9M | ||
| Q4 24 | $631.5M | $-106.3M | ||
| Q3 24 | $350.1M | $138.5M | ||
| Q2 24 | $226.3M | $-36.6M |
自由现金流率NVRSTLD
| Q1 26 | — | — | ||
| Q4 25 | 16.1% | 1.9% | ||
| Q3 25 | 16.6% | 11.5% | ||
| Q2 25 | 1.0% | 0.3% | ||
| Q1 25 | 8.4% | -3.5% | ||
| Q4 24 | 22.2% | -2.7% | ||
| Q3 24 | 12.8% | 3.2% | ||
| Q2 24 | 8.7% | -0.8% |
资本支出强度NVRSTLD
| Q1 26 | — | — | ||
| Q4 25 | 0.1% | 4.3% | ||
| Q3 25 | 0.2% | 3.4% | ||
| Q2 25 | 0.3% | 6.3% | ||
| Q1 25 | 0.3% | 7.0% | ||
| Q4 24 | 0.2% | 11.7% | ||
| Q3 24 | 0.3% | 14.3% | ||
| Q2 24 | 0.2% | 9.0% |
现金转化率NVRSTLD
| Q1 26 | — | 0.37× | ||
| Q4 25 | 1.21× | 1.03× | ||
| Q3 25 | 1.28× | 1.79× | ||
| Q2 25 | 0.11× | 1.01× | ||
| Q1 25 | 0.69× | 0.70× | ||
| Q4 24 | 1.39× | 1.67× | ||
| Q3 24 | 0.83× | 2.39× | ||
| Q2 24 | 0.58× | 0.89× |
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% |
STLD
| Steel | $3.5B | 68% |
| Metals Recycling | $593.2M | 11% |
| Other | $490.1M | 9% |
| Steel Fabrication | $355.4M | 7% |
| Aluminum | $227.4M | 4% |
