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Taylor Morrison Home Corp（TMHC）与WATSCO INC（WSO）财务数据对比。点击上方公司名可切换其他公司
WATSCO INC的季度营收约是Taylor Morrison Home Corp的1.1倍（$1.6B vs $1.4B），Taylor Morrison Home Corp净利率更高（7.1% vs 4.5%，领先2.6%），WATSCO INC同比增速更快（-10.0% vs -26.8%），过去两年WATSCO INC的营收复合增速更高（0.4% vs -16.5%）
泰勒莫里森住房公司是美国规模最大的住宅建筑商之一，总部位于亚利桑那州斯科茨代尔，2007年7月由泰勒伍德罗与莫里森住房合并成立。公司业务覆盖亚利桑那、加利福尼亚、得克萨斯等十余个州，产品涵盖首次置业、中端及中高端住宅，可满足不同层级客户的住房需求。
Watsco Inc.是美国暖通空调、供暖及制冷（HVAC/R）设备及相关零部件、耗材的专业分销商。公司成立至今已超60年，最初主营HVAC/R行业相关零部件、工具制造业务，1989年通过收购佛罗里达州南部的瑞姆品牌分销商Gemaire Distributors Inc，正式从制造赛道转向分销领域。
TMHC vs WSO — 直观对比
营收规模更大
WSO
是对方的1.1倍
$1.4B
营收增速更快
WSO
高出16.9%
-26.8%
净利率更高
TMHC
高出2.6%
4.5%
两年增速更快
WSO
近两年复合增速
-16.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.6B |
| 净利润 | $98.6M | $71.7M |
| 毛利率 | 21.0% | 27.1% |
| 营业利润率 | — | 6.4% |
| 净利率 | 7.1% | 4.5% |
| 营收同比 | -26.8% | -10.0% |
| 净利润同比 | -53.8% | -25.9% |
| 每股收益（稀释后） | $1.12 | $1.82 |
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TMHCWSO
| Q1 26 | $1.4B | — | ||
| Q4 25 | $2.1B | $1.6B | ||
| Q3 25 | $2.1B | $2.1B | ||
| Q2 25 | $2.0B | $2.1B | ||
| Q1 25 | $1.9B | $1.5B | ||
| Q4 24 | $2.4B | $1.8B | ||
| Q3 24 | $2.1B | $2.2B | ||
| Q2 24 | $2.0B | $2.1B |
净利润TMHCWSO
| Q1 26 | $98.6M | — | ||
| Q4 25 | $174.0M | $71.7M | ||
| Q3 25 | $201.4M | $161.6M | ||
| Q2 25 | $193.6M | $183.6M | ||
| Q1 25 | $213.5M | $80.1M | ||
| Q4 24 | $242.5M | $96.8M | ||
| Q3 24 | $251.1M | $171.0M | ||
| Q2 24 | $199.5M | $181.4M |
毛利率TMHCWSO
| Q1 26 | 21.0% | — | ||
| Q4 25 | 22.0% | 27.1% | ||
| Q3 25 | 22.7% | 27.5% | ||
| Q2 25 | 23.0% | 29.3% | ||
| Q1 25 | 24.4% | 28.1% | ||
| Q4 24 | 23.9% | 26.7% | ||
| Q3 24 | 25.0% | 26.2% | ||
| Q2 24 | 23.7% | 27.1% |
营业利润率TMHCWSO
| Q1 26 | — | — | ||
| Q4 25 | — | 6.4% | ||
| Q3 25 | — | 11.4% | ||
| Q2 25 | — | 13.2% | ||
| Q1 25 | — | 7.3% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | — | 11.6% | ||
| Q2 24 | — | 12.6% |
净利率TMHCWSO
| Q1 26 | 7.1% | — | ||
| Q4 25 | 8.3% | 4.5% | ||
| Q3 25 | 9.6% | 7.8% | ||
| Q2 25 | 9.5% | 8.9% | ||
| Q1 25 | 11.3% | 5.2% | ||
| Q4 24 | 10.3% | 5.5% | ||
| Q3 24 | 11.8% | 7.9% | ||
| Q2 24 | 10.0% | 8.5% |
每股收益（稀释后）TMHCWSO
| Q1 26 | $1.12 | — | ||
| Q4 25 | $1.77 | $1.82 | ||
| Q3 25 | $2.01 | $3.98 | ||
| Q2 25 | $1.92 | $4.52 | ||
| Q1 25 | $2.07 | $1.93 | ||
| Q4 24 | $2.29 | $2.42 | ||
| Q3 24 | $2.37 | $4.22 | ||
| Q2 24 | $1.86 | $4.49 |
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 | $652.9M | $733.3M |
| 总债务越低越好 | — | $361.6M |
| 股东权益账面价值 | $6.2B | $2.8B |
| 总资产 | $9.8B | $4.4B |
| 负债/权益比越低杠杆越低 | — | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资TMHCWSO
| Q1 26 | $652.9M | — | ||
| Q4 25 | $850.0M | $733.3M | ||
| Q3 25 | $370.6M | $524.3M | ||
| Q2 25 | $130.2M | $293.0M | ||
| Q1 25 | $377.8M | $431.8M | ||
| Q4 24 | $487.2M | $781.9M | ||
| Q3 24 | $256.4M | $550.0M | ||
| Q2 24 | $246.8M | $424.9M |
总债务TMHCWSO
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $361.6M | ||
| Q3 25 | $2.2B | $340.8M | ||
| Q2 25 | $2.1B | $338.7M | ||
| Q1 25 | $2.1B | $346.4M | ||
| Q4 24 | $2.1B | $337.2M | ||
| Q3 24 | $2.1B | $321.0M | ||
| Q2 24 | $2.2B | $307.1M |
股东权益TMHCWSO
| Q1 26 | $6.2B | — | ||
| Q4 25 | $6.3B | $2.8B | ||
| Q3 25 | $6.2B | $2.8B | ||
| Q2 25 | $6.1B | $2.8B | ||
| Q1 25 | $6.0B | $2.7B | ||
| Q4 24 | $5.9B | $2.7B | ||
| Q3 24 | $5.7B | $2.7B | ||
| Q2 24 | $5.5B | $2.6B |
总资产TMHCWSO
| Q1 26 | $9.8B | — | ||
| Q4 25 | $9.8B | $4.4B | ||
| Q3 25 | $9.6B | $4.6B | ||
| Q2 25 | $9.5B | $4.7B | ||
| Q1 25 | $9.4B | $4.5B | ||
| Q4 24 | $9.3B | $4.5B | ||
| Q3 24 | $9.3B | $4.5B | ||
| Q2 24 | $9.1B | $4.4B |
负债/权益比TMHCWSO
| Q1 26 | — | — | ||
| Q4 25 | 0.36× | 0.13× | ||
| Q3 25 | 0.35× | 0.12× | ||
| Q2 25 | 0.35× | 0.12× | ||
| Q1 25 | 0.35× | 0.13× | ||
| Q4 24 | 0.36× | 0.13× | ||
| Q3 24 | 0.37× | 0.12× | ||
| Q2 24 | 0.39× | 0.12× |
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 | — | $399.8M |
| 自由现金流经营现金流 - 资本支出 | — | $388.5M |
| 自由现金流率自由现金流/营收 | — | 24.6% |
| 资本支出强度资本支出/营收 | — | 0.7% |
| 现金转化率经营现金流/净利润 | — | 5.57× |
| 过去12个月自由现金流最近4个季度 | — | $535.1M |
8季度趋势，按日历期对齐
经营现金流TMHCWSO
| Q1 26 | — | — | ||
| Q4 25 | $646.4M | $399.8M | ||
| Q3 25 | $219.6M | $354.9M | ||
| Q2 25 | $-126.0M | $-7.4M | ||
| Q1 25 | $77.2M | $-177.6M | ||
| Q4 24 | $438.2M | $378.9M | ||
| Q3 24 | $135.9M | $232.8M | ||
| Q2 24 | $-233.3M | $57.7M |
自由现金流TMHCWSO
| Q1 26 | — | — | ||
| Q4 25 | $635.3M | $388.5M | ||
| Q3 25 | $206.6M | $346.1M | ||
| Q2 25 | $-133.6M | $-14.3M | ||
| Q1 25 | $68.7M | $-185.2M | ||
| Q4 24 | $428.2M | $370.9M | ||
| Q3 24 | $127.1M | $223.0M | ||
| Q2 24 | $-241.7M | $51.3M |
自由现金流率TMHCWSO
| Q1 26 | — | — | ||
| Q4 25 | 30.3% | 24.6% | ||
| Q3 25 | 9.9% | 16.7% | ||
| Q2 25 | -6.6% | -0.7% | ||
| Q1 25 | 3.6% | -12.1% | ||
| Q4 24 | 18.2% | 21.1% | ||
| Q3 24 | 6.0% | 10.3% | ||
| Q2 24 | -12.1% | 2.4% |
资本支出强度TMHCWSO
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 0.7% | ||
| Q3 25 | 0.6% | 0.4% | ||
| Q2 25 | 0.4% | 0.3% | ||
| Q1 25 | 0.4% | 0.5% | ||
| Q4 24 | 0.4% | 0.5% | ||
| Q3 24 | 0.4% | 0.5% | ||
| Q2 24 | 0.4% | 0.3% |
现金转化率TMHCWSO
| Q1 26 | — | — | ||
| Q4 25 | 3.71× | 5.57× | ||
| Q3 25 | 1.09× | 2.20× | ||
| Q2 25 | -0.65× | -0.04× | ||
| Q1 25 | 0.36× | -2.22× | ||
| Q4 24 | 1.81× | 3.91× | ||
| Q3 24 | 0.54× | 1.36× | ||
| Q2 24 | -1.17× | 0.32× |
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
TMHC
| Home closings revenue, net | $1.3B | 95% |
| Financial services revenue, net | $49.3M | 4% |
| Land closings revenue | $14.5M | 1% |
| Amenity and other revenue | $11.9M | 1% |
WSO
暂无分部数据
