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PulteGroup（PHM）与Vulcan Materials Company（VMC）财务数据对比。点击上方公司名可切换其他公司
PulteGroup的季度营收约是Vulcan Materials Company的1.8倍（$3.4B vs $1.9B），Vulcan Materials Company净利率更高（13.2% vs 10.2%，领先3.0%），Vulcan Materials Company同比增速更快（3.2% vs -12.4%），过去两年Vulcan Materials Company的营收复合增速更高（11.2% vs -13.9%）
PulteGroup Inc.是总部位于美国佐治亚州亚特兰大的住宅建造企业，2023年按房屋交付量统计为美国第三大住宅建造商，自成立以来累计已建成超过77.5万套住宅，是美国住宅开发领域的领先企业之一。
Vulcan Materials Company是总部位于美国阿拉巴马州伯明翰的企业，主营建筑材料的生产、配送及销售，是美国最大的砂石、碎石、砂类建材生产商，拥有400多处运营网点，雇员约1.2万人，业务覆盖美国22个州、华盛顿特区及墨西哥、加拿大、巴哈马、美属维尔京群岛。
PHM vs VMC — 直观对比
营收规模更大
PHM
是对方的1.8倍
$1.9B
营收增速更快
VMC
高出15.6%
-12.4%
净利率更高
VMC
高出3.0%
10.2%
两年增速更快
VMC
近两年复合增速
-13.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.4B | $1.9B |
| 净利润 | $347.0M | $252.0M |
| 毛利率 | — | 25.5% |
| 营业利润率 | — | 19.8% |
| 净利率 | 10.2% | 13.2% |
| 营收同比 | -12.4% | 3.2% |
| 净利润同比 | -33.6% | -14.2% |
| 每股收益（稀释后） | — | $1.90 |
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PHMVMC
| Q1 26 | $3.4B | — | ||
| Q4 25 | $4.6B | $1.9B | ||
| Q3 25 | $4.4B | $2.3B | ||
| Q2 25 | $4.4B | $2.1B | ||
| Q1 25 | $3.9B | $1.6B | ||
| Q4 24 | $4.9B | $1.9B | ||
| Q3 24 | $4.5B | $2.0B | ||
| Q2 24 | $4.6B | $2.0B |
净利润PHMVMC
| Q1 26 | $347.0M | — | ||
| Q4 25 | $501.6M | $252.0M | ||
| Q3 25 | $585.8M | $374.9M | ||
| Q2 25 | $608.5M | $320.9M | ||
| Q1 25 | $522.8M | $128.9M | ||
| Q4 24 | $913.2M | $293.6M | ||
| Q3 24 | $697.9M | $207.6M | ||
| Q2 24 | $809.1M | $308.0M |
毛利率PHMVMC
| Q1 26 | — | — | ||
| Q4 25 | — | 25.5% | ||
| Q3 25 | 27.8% | 30.4% | ||
| Q2 25 | 28.6% | 29.7% | ||
| Q1 25 | 28.8% | 22.3% | ||
| Q4 24 | — | 29.0% | ||
| Q3 24 | 30.4% | 28.2% | ||
| Q2 24 | 31.4% | 29.4% |
营业利润率PHMVMC
| Q1 26 | — | — | ||
| Q4 25 | — | 19.8% | ||
| Q3 25 | — | 23.7% | ||
| Q2 25 | — | 22.4% | ||
| Q1 25 | — | 13.9% | ||
| Q4 24 | — | 21.6% | ||
| Q3 24 | — | 16.8% | ||
| Q2 24 | — | 22.5% |
净利率PHMVMC
| Q1 26 | 10.2% | — | ||
| Q4 25 | 10.9% | 13.2% | ||
| Q3 25 | 13.3% | 16.4% | ||
| Q2 25 | 13.8% | 15.3% | ||
| Q1 25 | 13.4% | 7.9% | ||
| Q4 24 | 18.6% | 15.8% | ||
| Q3 24 | 15.6% | 10.4% | ||
| Q2 24 | 17.6% | 15.3% |
每股收益（稀释后）PHMVMC
| Q1 26 | — | — | ||
| Q4 25 | $2.56 | $1.90 | ||
| Q3 25 | $2.96 | $2.82 | ||
| Q2 25 | $3.03 | $2.42 | ||
| Q1 25 | $2.57 | $0.97 | ||
| Q4 24 | $4.41 | $2.21 | ||
| Q3 24 | $3.35 | $1.56 | ||
| Q2 24 | $3.83 | $2.31 |
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 | $1.8B | $183.3M |
| 总债务越低越好 | — | $4.4B |
| 股东权益账面价值 | $13.0B | $8.5B |
| 总资产 | $5.2B | $16.7B |
| 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PHMVMC
| Q1 26 | $1.8B | — | ||
| Q4 25 | $2.0B | $183.3M | ||
| Q3 25 | $1.5B | $191.3M | ||
| Q2 25 | $1.2B | $347.4M | ||
| Q1 25 | $1.2B | $181.3M | ||
| Q4 24 | $1.6B | $559.7M | ||
| Q3 24 | $1.4B | $433.2M | ||
| Q2 24 | $1.4B | $111.0M |
总债务PHMVMC
| Q1 26 | — | — | ||
| Q4 25 | $43.9M | $4.4B | ||
| Q3 25 | — | $4.4B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.9B | ||
| Q4 24 | $31.1M | $5.3B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | — | $3.3B |
股东权益PHMVMC
| Q1 26 | $13.0B | — | ||
| Q4 25 | $13.0B | $8.5B | ||
| Q3 25 | $12.8B | $8.7B | ||
| Q2 25 | $12.6B | $8.4B | ||
| Q1 25 | $12.3B | $8.1B | ||
| Q4 24 | $12.1B | $8.1B | ||
| Q3 24 | $11.6B | $7.9B | ||
| Q2 24 | $11.2B | $7.7B |
总资产PHMVMC
| Q1 26 | $5.2B | — | ||
| Q4 25 | $18.0B | $16.7B | ||
| Q3 25 | $17.9B | $17.0B | ||
| Q2 25 | $17.6B | $17.0B | ||
| Q1 25 | $17.3B | $16.7B | ||
| Q4 24 | $17.4B | $17.1B | ||
| Q3 24 | $17.0B | $14.4B | ||
| Q2 24 | $16.5B | $14.2B |
负债/权益比PHMVMC
| Q1 26 | — | — | ||
| Q4 25 | 0.00× | 0.51× | ||
| Q3 25 | — | 0.50× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | 0.00× | 0.65× | ||
| Q3 24 | — | 0.42× | ||
| Q2 24 | — | 0.43× |
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 | $159.8M | $543.0M |
| 自由现金流经营现金流 - 资本支出 | — | $358.2M |
| 自由现金流率自由现金流/营收 | — | 18.7% |
| 资本支出强度资本支出/营收 | 0.7% | 9.7% |
| 现金转化率经营现金流/净利润 | 0.46× | 2.15× |
| 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PHMVMC
| Q1 26 | $159.8M | — | ||
| Q4 25 | $771.1M | $543.0M | ||
| Q3 25 | $678.4M | $676.8M | ||
| Q2 25 | $287.5M | $341.7M | ||
| Q1 25 | $134.2M | $251.5M | ||
| Q4 24 | $567.6M | $440.1M | ||
| Q3 24 | $455.9M | $595.0M | ||
| Q2 24 | $417.5M | $201.1M |
自由现金流PHMVMC
| Q1 26 | — | — | ||
| Q4 25 | $739.8M | $358.2M | ||
| Q3 25 | $651.1M | $454.8M | ||
| Q2 25 | $253.0M | $238.8M | ||
| Q1 25 | $104.6M | $83.5M | ||
| Q4 24 | $543.1M | $277.6M | ||
| Q3 24 | $417.2M | $498.2M | ||
| Q2 24 | $386.2M | $9.7M |
自由现金流率PHMVMC
| Q1 26 | — | — | ||
| Q4 25 | 16.0% | 18.7% | ||
| Q3 25 | 14.8% | 19.8% | ||
| Q2 25 | 5.7% | 11.4% | ||
| Q1 25 | 2.7% | 5.1% | ||
| Q4 24 | 11.0% | 15.0% | ||
| Q3 24 | 9.3% | 24.9% | ||
| Q2 24 | 8.4% | 0.5% |
资本支出强度PHMVMC
| Q1 26 | 0.7% | — | ||
| Q4 25 | 0.7% | 9.7% | ||
| Q3 25 | 0.6% | 9.7% | ||
| Q2 25 | 0.8% | 4.9% | ||
| Q1 25 | 0.8% | 10.3% | ||
| Q4 24 | 0.5% | 8.8% | ||
| Q3 24 | 0.9% | 4.8% | ||
| Q2 24 | 0.7% | 9.5% |
现金转化率PHMVMC
| Q1 26 | 0.46× | — | ||
| Q4 25 | 1.54× | 2.15× | ||
| Q3 25 | 1.16× | 1.81× | ||
| Q2 25 | 0.47× | 1.06× | ||
| Q1 25 | 0.26× | 1.95× | ||
| Q4 24 | 0.62× | 1.50× | ||
| Q3 24 | 0.65× | 2.87× | ||
| Q2 24 | 0.52× | 0.65× |
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
PHM
| Home sale revenues | $3.3B | 97% |
| Financial Services | $71.7M | 2% |
| Land sale and other revenues | $29.3M | 1% |
VMC
| Revenue Excluding Freight Delivery | $1.7B | 87% |
| Concrete | $79.6M | 4% |
| Services | $76.3M | 4% |
| Asphalt | $59.9M | 3% |
