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NVR, Inc.（NVR）与TUTOR PERINI CORP（TPC）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TUTOR PERINI CORP的1.8倍（$2.7B vs $1.5B），NVR, Inc.净利率更高（13.4% vs 1.9%，领先11.5%），TUTOR PERINI CORP同比增速更快（41.2% vs -4.7%），NVR, Inc.自由现金流更多（$436.0M vs $98.7M），过去两年TUTOR PERINI CORP的营收复合增速更高（19.9% vs 7.8%）
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。
Tutor Perini集团是美国顶尖的大型总承包商之一，2008年由Perini公司与Tutor-Saliba公司合并成立，总部位于加利福尼亚州西尔马。公司业务覆盖北美全境，2024年营收约43.3亿美元，核心业务涵盖桥梁、公路、隧道、机场、公共交通系统等民用基建项目，同时也涉足建筑工程领域。
NVR vs TPC — 直观对比
营收规模更大
NVR
是对方的1.8倍
$1.5B
营收增速更快
TPC
高出45.9%
-4.7%
净利率更高
NVR
高出11.5%
1.9%
自由现金流更多
NVR
多$337.3M
$98.7M
两年增速更快
TPC
近两年复合增速
7.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $1.5B |
| 净利润 | $363.8M | $28.8M |
| 毛利率 | — | 9.8% |
| 营业利润率 | — | 3.3% |
| 净利率 | 13.4% | 1.9% |
| 营收同比 | -4.7% | 41.2% |
| 净利润同比 | -20.5% | 136.3% |
| 每股收益（稀释后） | $120.85 | $0.53 |
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NVRTPC
| Q4 25 | $2.7B | $1.5B | ||
| Q3 25 | $2.6B | $1.4B | ||
| Q2 25 | $2.6B | $1.4B | ||
| Q1 25 | $2.4B | $1.2B | ||
| Q4 24 | $2.8B | $1.1B | ||
| Q3 24 | $2.7B | $1.1B | ||
| Q2 24 | $2.6B | $1.1B | ||
| Q1 24 | $2.3B | $1.0B |
净利润NVRTPC
| Q4 25 | $363.8M | $28.8M | ||
| Q3 25 | $342.7M | $3.6M | ||
| Q2 25 | $333.7M | $20.0M | ||
| Q1 25 | $299.6M | $28.0M | ||
| Q4 24 | $457.4M | $-79.4M | ||
| Q3 24 | $429.3M | $-100.9M | ||
| Q2 24 | $400.9M | $812.0K | ||
| Q1 24 | $394.3M | $15.8M |
毛利率NVRTPC
| Q4 25 | — | 9.8% | ||
| Q3 25 | — | 12.0% | ||
| Q2 25 | — | 14.3% | ||
| Q1 25 | — | 10.8% | ||
| Q4 24 | — | -0.9% | ||
| Q3 24 | — | -2.4% | ||
| Q2 24 | — | 10.4% | ||
| Q1 24 | — | 11.0% |
营业利润率NVRTPC
| Q4 25 | — | 3.3% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | — | 5.6% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | — | -8.1% | ||
| Q3 24 | — | -9.9% | ||
| Q2 24 | — | 3.6% | ||
| Q1 24 | — | 4.7% |
净利率NVRTPC
| Q4 25 | 13.4% | 1.9% | ||
| Q3 25 | 13.1% | 0.3% | ||
| Q2 25 | 12.8% | 1.5% | ||
| Q1 25 | 12.5% | 2.2% | ||
| Q4 24 | 16.1% | -7.4% | ||
| Q3 24 | 15.7% | -9.3% | ||
| Q2 24 | 15.3% | 0.1% | ||
| Q1 24 | 16.9% | 1.5% |
每股收益（稀释后）NVRTPC
| Q4 25 | $120.85 | $0.53 | ||
| Q3 25 | $112.33 | $0.07 | ||
| Q2 25 | $108.54 | $0.38 | ||
| Q1 25 | $94.83 | $0.53 | ||
| Q4 24 | $139.09 | $-1.53 | ||
| Q3 24 | $130.50 | $-1.92 | ||
| Q2 24 | $120.69 | $0.02 | ||
| Q1 24 | $116.41 | $0.30 |
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 | — | $734.6M |
| 总债务越低越好 | — | $407.4M |
| 股东权益账面价值 | $3.9B | $1.2B |
| 总资产 | $5.9B | $5.2B |
| 负债/权益比越低杠杆越低 | — | 0.33× |
8季度趋势，按日历期对齐
现金及短期投资NVRTPC
| Q4 25 | — | $734.6M | ||
| Q3 25 | — | $695.7M | ||
| Q2 25 | — | $526.1M | ||
| Q1 25 | — | $276.5M | ||
| Q4 24 | — | $455.1M | ||
| Q3 24 | — | $287.4M | ||
| Q2 24 | — | $267.1M | ||
| Q1 24 | — | $358.3M |
总债务NVRTPC
| Q4 25 | — | $407.4M | ||
| Q3 25 | — | $413.1M | ||
| Q2 25 | — | $419.4M | ||
| Q1 25 | — | $405.6M | ||
| Q4 24 | — | $534.1M | ||
| Q3 24 | — | $681.4M | ||
| Q2 24 | — | $676.4M | ||
| Q1 24 | — | $801.2M |
股东权益NVRTPC
| Q4 25 | $3.9B | $1.2B | ||
| Q3 25 | $4.0B | $1.2B | ||
| Q2 25 | $3.8B | $1.2B | ||
| Q1 25 | $4.0B | $1.2B | ||
| Q4 24 | $4.2B | $1.1B | ||
| Q3 24 | $4.3B | $1.2B | ||
| Q2 24 | $4.1B | $1.3B | ||
| Q1 24 | $4.3B | $1.3B |
总资产NVRTPC
| Q4 25 | $5.9B | $5.2B | ||
| Q3 25 | $6.0B | $5.2B | ||
| Q2 25 | $5.9B | $4.9B | ||
| Q1 25 | $6.2B | $4.5B | ||
| Q4 24 | $6.4B | $4.2B | ||
| Q3 24 | $6.5B | $4.4B | ||
| Q2 24 | $6.4B | $4.3B | ||
| Q1 24 | $6.5B | $4.4B |
负债/权益比NVRTPC
| Q4 25 | — | 0.33× | ||
| Q3 25 | — | 0.35× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.35× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.56× | ||
| Q2 24 | — | 0.52× | ||
| Q1 24 | — | 0.61× |
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 | $173.7M |
| 自由现金流经营现金流 - 资本支出 | $436.0M | $98.7M |
| 自由现金流率自由现金流/营收 | 16.1% | 6.5% |
| 资本支出强度资本支出/营收 | 0.1% | 5.0% |
| 现金转化率经营现金流/净利润 | 1.21× | 6.02× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $567.2M |
8季度趋势，按日历期对齐
经营现金流NVRTPC
| Q4 25 | $439.7M | $173.7M | ||
| Q3 25 | $438.7M | $289.1M | ||
| Q2 25 | $35.1M | $262.4M | ||
| Q1 25 | $207.8M | $22.9M | ||
| Q4 24 | $637.0M | $329.6M | ||
| Q3 24 | $358.3M | $22.6M | ||
| Q2 24 | $232.7M | $53.1M | ||
| Q1 24 | $146.5M | $98.3M |
自由现金流NVRTPC
| Q4 25 | $436.0M | $98.7M | ||
| Q3 25 | $433.3M | $240.2M | ||
| Q2 25 | $26.8M | $235.6M | ||
| Q1 25 | $200.7M | $-7.2M | ||
| Q4 24 | $631.5M | $320.4M | ||
| Q3 24 | $350.1M | $15.6M | ||
| Q2 24 | $226.3M | $42.2M | ||
| Q1 24 | $137.5M | $87.8M |
自由现金流率NVRTPC
| Q4 25 | 16.1% | 6.5% | ||
| Q3 25 | 16.6% | 17.0% | ||
| Q2 25 | 1.0% | 17.1% | ||
| Q1 25 | 8.4% | -0.6% | ||
| Q4 24 | 22.2% | 30.0% | ||
| Q3 24 | 12.8% | 1.4% | ||
| Q2 24 | 8.7% | 3.7% | ||
| Q1 24 | 5.9% | 8.4% |
资本支出强度NVRTPC
| Q4 25 | 0.1% | 5.0% | ||
| Q3 25 | 0.2% | 3.5% | ||
| Q2 25 | 0.3% | 2.0% | ||
| Q1 25 | 0.3% | 2.4% | ||
| Q4 24 | 0.2% | 0.9% | ||
| Q3 24 | 0.3% | 0.6% | ||
| Q2 24 | 0.2% | 1.0% | ||
| Q1 24 | 0.4% | 1.0% |
现金转化率NVRTPC
| Q4 25 | 1.21× | 6.02× | ||
| Q3 25 | 1.28× | 79.63× | ||
| Q2 25 | 0.11× | 13.14× | ||
| Q1 25 | 0.69× | 0.82× | ||
| Q4 24 | 1.39× | — | ||
| Q3 24 | 0.83× | — | ||
| Q2 24 | 0.58× | 65.44× | ||
| Q1 24 | 0.37× | 6.24× |
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% |
TPC
| State And Local Agencies | $591.1M | 39% |
| Mass Transit | $449.9M | 30% |
| Federal Agencies | $115.0M | 8% |
| Bridges | $100.5M | 7% |
| Military Facilities | $93.1M | 6% |
| Commercial And Industrial Facilities | $46.7M | 3% |
| Detention Facilities | $43.8M | 3% |
| Power And Energy | $35.8M | 2% |
| Multi Unit Residential | $25.9M | 2% |
| Education Facilities | $12.0M | 1% |
| Water | $3.6M | 0% |
