vs
Taylor Morrison Home Corp（TMHC）与永利度假村（WYNN）财务数据对比。点击上方公司名可切换其他公司
永利度假村的季度营收约是Taylor Morrison Home Corp的1.3倍（$1.9B vs $1.4B），Taylor Morrison Home Corp净利率更高（7.1% vs 5.4%，领先1.7%），永利度假村同比增速更快（1.5% vs -26.8%），过去两年永利度假村的营收复合增速更高（0.1% 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。
永利度假村是总部位于美国内华达州帕拉代斯的上市企业，专注于高端酒店及博彩度假村的开发与运营。公司2002年由前梦幻度假村董事长兼首席执行官史蒂夫·永利创立，现任首席执行官为克雷格·比林斯，截至2020年已在全球布局6处优质物业。
TMHC vs WYNN — 直观对比
营收规模更大
WYNN
是对方的1.3倍
$1.4B
营收增速更快
WYNN
高出28.3%
-26.8%
净利率更高
TMHC
高出1.7%
5.4%
两年增速更快
WYNN
近两年复合增速
-16.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.9B |
| 净利润 | $98.6M | $100.0M |
| 毛利率 | 21.0% | — |
| 营业利润率 | — | 14.7% |
| 净利率 | 7.1% | 5.4% |
| 营收同比 | -26.8% | 1.5% |
| 净利润同比 | -53.8% | -63.9% |
| 每股收益（稀释后） | $1.12 | $0.96 |
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TMHCWYNN
| Q1 26 | $1.4B | — | ||
| Q4 25 | $2.1B | $1.9B | ||
| Q3 25 | $2.1B | $1.8B | ||
| Q2 25 | $2.0B | $1.7B | ||
| Q1 25 | $1.9B | $1.7B | ||
| Q4 24 | $2.4B | $1.8B | ||
| Q3 24 | $2.1B | $1.7B | ||
| Q2 24 | $2.0B | $1.7B |
净利润TMHCWYNN
| Q1 26 | $98.6M | — | ||
| Q4 25 | $174.0M | $100.0M | ||
| Q3 25 | $201.4M | $88.3M | ||
| Q2 25 | $193.6M | $66.2M | ||
| Q1 25 | $213.5M | $72.7M | ||
| Q4 24 | $242.5M | $277.0M | ||
| Q3 24 | $251.1M | $-32.1M | ||
| Q2 24 | $199.5M | $111.9M |
毛利率TMHCWYNN
| Q1 26 | 21.0% | — | ||
| Q4 25 | 22.0% | — | ||
| Q3 25 | 22.7% | — | ||
| Q2 25 | 23.0% | — | ||
| Q1 25 | 24.4% | — | ||
| Q4 24 | 23.9% | — | ||
| Q3 24 | 25.0% | — | ||
| Q2 24 | 23.7% | — |
营业利润率TMHCWYNN
| Q1 26 | — | — | ||
| Q4 25 | — | 14.7% | ||
| Q3 25 | — | 16.9% | ||
| Q2 25 | — | 15.2% | ||
| Q1 25 | — | 15.8% | ||
| Q4 24 | — | 20.0% | ||
| Q3 24 | — | 7.9% | ||
| Q2 24 | — | 15.6% |
净利率TMHCWYNN
| Q1 26 | 7.1% | — | ||
| Q4 25 | 8.3% | 5.4% | ||
| Q3 25 | 9.6% | 4.8% | ||
| Q2 25 | 9.5% | 3.8% | ||
| Q1 25 | 11.3% | 4.3% | ||
| Q4 24 | 10.3% | 15.1% | ||
| Q3 24 | 11.8% | -1.9% | ||
| Q2 24 | 10.0% | 6.5% |
每股收益（稀释后）TMHCWYNN
| Q1 26 | $1.12 | — | ||
| Q4 25 | $1.77 | $0.96 | ||
| Q3 25 | $2.01 | $0.85 | ||
| Q2 25 | $1.92 | $0.64 | ||
| Q1 25 | $2.07 | $0.69 | ||
| Q4 24 | $2.29 | $2.43 | ||
| Q3 24 | $2.37 | $-0.29 | ||
| Q2 24 | $1.86 | $0.91 |
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 | $1.5B |
| 总债务越低越好 | — | $10.5B |
| 股东权益账面价值 | $6.2B | $-275.5M |
| 总资产 | $9.8B | $13.1B |
| 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TMHCWYNN
| Q1 26 | $652.9M | — | ||
| Q4 25 | $850.0M | $1.5B | ||
| Q3 25 | $370.6M | $1.5B | ||
| Q2 25 | $130.2M | $2.0B | ||
| Q1 25 | $377.8M | $2.1B | ||
| Q4 24 | $487.2M | $2.4B | ||
| Q3 24 | $256.4M | $2.4B | ||
| Q2 24 | $246.8M | $2.4B |
总债务TMHCWYNN
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $10.5B | ||
| Q3 25 | $2.2B | $10.6B | ||
| Q2 25 | $2.1B | $10.5B | ||
| Q1 25 | $2.1B | $10.6B | ||
| Q4 24 | $2.1B | $10.5B | ||
| Q3 24 | $2.1B | $11.8B | ||
| Q2 24 | $2.2B | $11.0B |
股东权益TMHCWYNN
| Q1 26 | $6.2B | — | ||
| Q4 25 | $6.3B | $-275.5M | ||
| Q3 25 | $6.2B | $-370.0M | ||
| Q2 25 | $6.1B | $-441.5M | ||
| Q1 25 | $6.0B | $-360.7M | ||
| Q4 24 | $5.9B | $-224.2M | ||
| Q3 24 | $5.7B | $-281.4M | ||
| Q2 24 | $5.5B | $-109.8M |
总资产TMHCWYNN
| Q1 26 | $9.8B | — | ||
| Q4 25 | $9.8B | $13.1B | ||
| Q3 25 | $9.6B | $12.8B | ||
| Q2 25 | $9.5B | $12.7B | ||
| Q1 25 | $9.4B | $12.7B | ||
| Q4 24 | $9.3B | $13.0B | ||
| Q3 24 | $9.3B | $14.1B | ||
| Q2 24 | $9.1B | $13.3B |
负债/权益比TMHCWYNN
| Q1 26 | — | — | ||
| Q4 25 | 0.36× | — | ||
| Q3 25 | 0.35× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.35× | — | ||
| Q4 24 | 0.36× | — | ||
| Q3 24 | 0.37× | — | ||
| Q2 24 | 0.39× | — |
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 | — | $478.0M |
| 自由现金流经营现金流 - 资本支出 | — | $306.8M |
| 自由现金流率自由现金流/营收 | — | 16.4% |
| 资本支出强度资本支出/营收 | — | 9.2% |
| 现金转化率经营现金流/净利润 | — | 4.78× |
| 过去12个月自由现金流最近4个季度 | — | $692.2M |
8季度趋势，按日历期对齐
经营现金流TMHCWYNN
| Q1 26 | — | — | ||
| Q4 25 | $646.4M | $478.0M | ||
| Q3 25 | $219.6M | $335.8M | ||
| Q2 25 | $-126.0M | $405.1M | ||
| Q1 25 | $77.2M | $133.8M | ||
| Q4 24 | $438.2M | $479.0M | ||
| Q3 24 | $135.9M | $279.3M | ||
| Q2 24 | $-233.3M | $352.8M |
自由现金流TMHCWYNN
| Q1 26 | — | — | ||
| Q4 25 | $635.3M | $306.8M | ||
| Q3 25 | $206.6M | $171.8M | ||
| Q2 25 | $-133.6M | $239.8M | ||
| Q1 25 | $68.7M | $-26.2M | ||
| Q4 24 | $428.2M | $351.8M | ||
| Q3 24 | $127.1M | $178.0M | ||
| Q2 24 | $-241.7M | $259.1M |
自由现金流率TMHCWYNN
| Q1 26 | — | — | ||
| Q4 25 | 30.3% | 16.4% | ||
| Q3 25 | 9.9% | 9.4% | ||
| Q2 25 | -6.6% | 13.8% | ||
| Q1 25 | 3.6% | -1.5% | ||
| Q4 24 | 18.2% | 19.1% | ||
| Q3 24 | 6.0% | 10.5% | ||
| Q2 24 | -12.1% | 15.0% |
资本支出强度TMHCWYNN
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 9.2% | ||
| Q3 25 | 0.6% | 8.9% | ||
| Q2 25 | 0.4% | 9.5% | ||
| Q1 25 | 0.4% | 9.4% | ||
| Q4 24 | 0.4% | 6.9% | ||
| Q3 24 | 0.4% | 6.0% | ||
| Q2 24 | 0.4% | 5.4% |
现金转化率TMHCWYNN
| Q1 26 | — | — | ||
| Q4 25 | 3.71× | 4.78× | ||
| Q3 25 | 1.09× | 3.80× | ||
| Q2 25 | -0.65× | 6.12× | ||
| Q1 25 | 0.36× | 1.84× | ||
| Q4 24 | 1.81× | 1.73× | ||
| Q3 24 | 0.54× | — | ||
| Q2 24 | -1.17× | 3.15× |
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% |
WYNN
| Casino | $1.1B | 61% |
| Occupancy | $305.1M | 16% |
| Food And Beverage | $264.9M | 14% |
| Entertainment Retail And Other | $152.6M | 8% |
