<p>KB Home ((KBH)) 已召开其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<p>KB Home 在强劲的 2025 年业绩与利润率和需求压力之间取得平衡</p>
<p>最新的 KB Home 财报电话会议传达了谨慎乐观的语气，管理层强调了强劲的 2025 年财务表现、可观的股东回报以及在建造时间和成本效率方面的显著运营改善。同时，管理层也承认了实际的压力点：平均售价下降、利润率减弱以及减少的订单积压可能会抑制增长。对投资者的信息很明确——基本面稳健，但未来的道路将取决于在更具挑战性的房地产市场中的执行力。</p>
<h2>强劲的收入结果和盈利能力</h2>
<p>KB Home 报告了超过 62 亿美元的 2025 财年总收入，突显出尽管房地产环境波动，需求依然强劲。净收入接近 4.3 亿美元，显示出即使在价格和利润率承压的情况下，盈利能力依然持续。每股账面价值增长了 10%，这是股东权益增长的一个关键指标，也是许多价值导向投资者在住宅建筑行业密切关注的指标。</p>
<h2>大量资本回馈股东</h2>
<p>管理层强调了其对资本回馈的承诺，向股东发出了强烈信号。公司在 2025 财年向股东回馈了超过 6 亿美元，主要通过 5.4 亿美元的股票回购实现。总的来说，KB Home 回购了 13% 的流通股，提升了每股指标，并展示了对股票估值的信心。股息进一步补充了这一积极的回购计划，使公司在住宅建筑领域成为一个对股东友好的名字。</p>
<h2>建造时间的运营改善</h2>
<p>在运营方面，KB Home 报告第四季度建造时间同比改善约 20%。公司现在始终能够在 120 天或更短的时间内完成建造，这是在抵押贷款利率和买家情绪可能迅速变化时的关键竞争优势。更快的周期时间帮助建筑商降低持有成本、提高库存周转率，并更好地将供应与需求对接——这些都是利润和资本回报的关键驱动因素。</p>
<h2>扩大社区覆盖范围</h2>
<p>公司通过扩大社区基础继续投资于增长。活跃社区增加了 5%，达到 271 个，使 KB Home 拥有更广泛的地理和产品覆盖。展望未来，管理层计划在 2026 年第一季度开设 35 到 40 个新社区，使建筑商能够在市场条件改善时捕捉需求。这一扩张还使收入来源在不同地区和价格区间多样化，有助于抵消特定市场的局部疲软。</p>
<h2>成本效率部分抵消市场压力</h2>
<p>KB Home 强调了在成本控制方面取得的显著进展。第四季度新开工房屋的直接成本环比下降 4%，同比下降 6%。这些减少为抵御售价下降和土地成本上升的压力提供了重要缓冲。对于投资者而言，成本结构的改善表明，尽管价格环境可能不理想，但公司正在通过严格的运营管理积极维护其盈利能力。</p>
<h2>平均售价下滑</h2>
<p>并非所有趋势都是有利的。平均售价下降了 7%，降至 466,000 美元，受到区域和产品组合变化以及更广泛市场条件的影响。这反映了买家趋向于更实惠产品、竞争性定价以及某些市场中可能更高的激励措施的组合。虽然较低的价格可以支持销量，但如果没有通过成本效率来抵消，最终会挤压每单位的收入和利润潜力。</p>
<h2>净订单放缓和积压减少</h2>
<p>第四季度净订单总计 2,414 份，而取消率保持在 18% 的可控水平，表明潜在需求仍然存在但未加速。更值得关注的是积压：期初积压现在占全年交付目标的 27%，低于 2025 年初的 34%。较少的积压使公司在需求进一步减弱时可见度降低，并增加了执行风险，这是投资者关注近期收入稳定性的关键点。</p>
<h2>土地成本和产品组合的利润压力</h2>
<p>住房毛利润率为 17%，低于去年，反映了更高的土地成本和不太有利的区域及产品组合。尽管公司在直接成本降低方面取得了进展，但更昂贵的地块和向低价或利润较低产品的转变正在压缩利润。这种双重压力突显了管理层为何专注于优化产品组合并转向更多定制建造的房屋，这通常具有更好的盈利能力。</p>
<h2>现货库存对盈利能力的影响</h2>
<p>较旧的现货库存——在没有预售的情况下建造且在成本较高时启动的房屋——继续拖累利润。这些单位通常需要激进的定价或激励措施才能销售，尤其是在竞争激烈的市场中。清理这些库存对于充分实现当前建造成本降低的好处是必要的，但这暂时稀释了整体利润表现，也是投资者在 KB Home 处理其遗留项目时将监控的另一个因素。</p>
<h2>2026 年初的短期利润展望</h2>
<p>展望 2026 年第一季度，KB Home 预计住房毛利率将在 15.4% 到 16% 之间。管理层指出，季节性因素、价格压力和更高的地块成本是导致这一较低毛利率的主要原因。在当前环境下，这一指导并不令人意外，但表明毛利率的恢复将是渐进的而非立竿见影的，这进一步强调了持续的成本控制和产品组合管理的重要性。</p>
<h2>前瞻性指导：在有序执行中实现增长潜力</h2>
<p>对于 2026 财年，KB Home 预计住房收入将在 51 亿美元到 61 亿美元之间，基于交付 11,000 到 12,500 套住房的预期——这一范围反映了机遇与不确定性。公司旨在将定制住房的比例从 57% 提升至 70% 或更高，借助其可定制的模式来实现毛利率的改善。管理层还强调了强劲的资产负债表，流动资金为 14.3 亿美元，总债务资本比率为 30.3%，为投资土地、社区和股东回报提供了灵活性。2026 年第一季度计划开设 35-40 个社区进一步支持了增长的叙述，即使公司在应对毛利率和需求的逆风。</p>
<p>总之，KB Home 的财报电话会议描绘了一幅财务稳健、运营更为敏锐、关注股东的建筑商形象，但其所处的住房市场更加具有挑战性。2025 年强劲的业绩、积极的回购以及改善的建造周期展示了公司的优势，而较低的售价、较薄的订单积压和毛利压力则突显了风险。对于投资者而言，KB Home 呈现出一个有序执行和潜在上行的故事，如果住房条件稳定，向更高毛利的定制住房转变获得 traction。</p>

<p>KB Home 第四季度的财报电话会议强调了 2025 年强劲的财务业绩，收入为 62 亿美元，净利润为 4.3 亿美元。尽管股东回报和运营收益强劲，但面临的挑战包括售价下降、利润率减弱和订单积压减少。公司向股东返还了 6 亿美元，改善了建造时间，并扩大了社区布局。成本效率在一定程度上抵消了市场压力，但平均售价下降了 7%。净订单总计 2414 份，较薄的订单积压带来了执行风险。土地成本和产品组合带来的利润压力仍然是一个关注点</p>

<p>KB Home ((KBH)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>KB Home ((KBH)) 已召开其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 50% Off TipRanks Premium and Invest with Confidence</h3>
<div class="lb-trans"><h3>享受 TipRanks Premium 50% 折扣，自信投资</h3>
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<li>Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions</li>
<li>Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，帮助您做出更聪明、更精准的决策</li>
<li>通过最新的新闻和分析保持市场领先，使您的投资组合始终处于最大潜力的状态</li>
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</div><p>KB Home Balances Strong 2025 Results With Margin and Demand Headwinds</p>
<div class="lb-trans"><p>KB Home 在强劲的 2025 年业绩与利润率和需求压力之间取得平衡</p>
</div><p>The latest KB Home earnings call struck a cautiously optimistic tone, as management highlighted robust 2025 financial performance, sizable shareholder returns, and notable operational gains in build times and cost efficiency. At the same time, executives acknowledged real pressure points: lower average selling prices, softer margins, and a reduced backlog that could temper growth. The message to investors was clear—fundamentals are solid, but the path forward will depend on execution in a more challenging housing market.</p>
<div class="lb-trans"><p>最新的 KB Home 财报电话会议传达了谨慎乐观的语气，管理层强调了强劲的 2025 年财务表现、可观的股东回报以及在建造时间和成本效率方面的显著运营改善。同时，管理层也承认了实际的压力点：平均售价下降、利润率减弱以及减少的订单积压可能会抑制增长。对投资者的信息很明确——基本面稳健，但未来的道路将取决于在更具挑战性的房地产市场中的执行力。</p>
</div><h2>Robust Top-Line Results and Earnings Power</h2>
<div class="lb-trans"><h2>强劲的收入结果和盈利能力</h2>
</div><p>KB Home reported total revenues of more than $6.2 billion for fiscal 2025, underlining resilient demand despite a choppy housing environment. Net income approached $430 million, demonstrating continued earnings power even as pricing and margins came under pressure. Book value per share climbed 10%, a key marker of underlying shareholder equity growth and a metric many value-oriented investors closely track in the homebuilding sector.</p>
<div class="lb-trans"><p>KB Home 报告了超过 62 亿美元的 2025 财年总收入，突显出尽管房地产环境波动，需求依然强劲。净收入接近 4.3 亿美元，显示出即使在价格和利润率承压的情况下，盈利能力依然持续。每股账面价值增长了 10%，这是股东权益增长的一个关键指标，也是许多价值导向投资者在住宅建筑行业密切关注的指标。</p>
</div><h2>Significant Capital Returned to Shareholders</h2>
<div class="lb-trans"><h2>大量资本回馈股东</h2>
</div><p>Management underscored its commitment to capital returns, sending a strong signal to equity investors. The company returned more than $600 million to shareholders in fiscal 2025, driven primarily by $540 million in share repurchases. In total, KB Home bought back 13% of its outstanding shares, enhancing per-share metrics and demonstrating confidence in the stock’s valuation. Dividends further complemented this aggressive buyback program, positioning the company as a shareholder-friendly name in the homebuilding space.</p>
<div class="lb-trans"><p>管理层强调了其对资本回馈的承诺，向股东发出了强烈信号。公司在 2025 财年向股东回馈了超过 6 亿美元，主要通过 5.4 亿美元的股票回购实现。总的来说，KB Home 回购了 13% 的流通股，提升了每股指标，并展示了对股票估值的信心。股息进一步补充了这一积极的回购计划，使公司在住宅建筑领域成为一个对股东友好的名字。</p>
</div><h2>Operational Gains in Build Times</h2>
<div class="lb-trans"><h2>建造时间的运营改善</h2>
</div><p>On the operations front, KB Home reported a roughly 20% year-over-year improvement in build times during the fourth quarter. The company now consistently hits its target of 120 days or less from start to completion, a critical competitive advantage when mortgage rates and buyer sentiment can shift quickly. Faster cycle times help the builder reduce carrying costs, increase inventory turns, and better align supply with demand—key drivers for both margins and returns on capital.</p>
<div class="lb-trans"><p>在运营方面，KB Home 报告第四季度建造时间同比改善约 20%。公司现在始终能够在 120 天或更短的时间内完成建造，这是在抵押贷款利率和买家情绪可能迅速变化时的关键竞争优势。更快的周期时间帮助建筑商降低持有成本、提高库存周转率，并更好地将供应与需求对接——这些都是利润和资本回报的关键驱动因素。</p>
</div><h2>Expanding Community Footprint</h2>
<div class="lb-trans"><h2>扩大社区覆盖范围</h2>
</div><p>The company continued to invest in growth by expanding its community base. Active communities increased 5% to 271, giving KB Home a broader geographic and product footprint. Looking ahead, management plans to open 35 to 40 new communities in the first quarter of 2026, positioning the builder to capture demand when market conditions improve. This expansion also diversifies revenue streams across regions and price points, which can help offset localized softness in specific markets.</p>
<div class="lb-trans"><p>公司通过扩大社区基础继续投资于增长。活跃社区增加了 5%，达到 271 个，使 KB Home 拥有更广泛的地理和产品覆盖。展望未来，管理层计划在 2026 年第一季度开设 35 到 40 个新社区，使建筑商能够在市场条件改善时捕捉需求。这一扩张还使收入来源在不同地区和价格区间多样化，有助于抵消特定市场的局部疲软。</p>
</div><h2>Cost Efficiency Provides a Partial Offset to Market Pressure</h2>
<div class="lb-trans"><h2>成本效率部分抵消市场压力</h2>
</div><p>KB Home emphasized meaningful progress on cost control. Direct costs for homes started in the fourth quarter fell 4% sequentially and 6% year over year. These reductions offer a critical buffer against pressures from lower selling prices and higher land costs. For investors, this improvement in cost structure suggests that while the pricing environment may not be ideal, the company is actively defending its profitability through disciplined operational management.</p>
<div class="lb-trans"><p>KB Home 强调了在成本控制方面取得的显著进展。第四季度新开工房屋的直接成本环比下降 4%，同比下降 6%。这些减少为抵御售价下降和土地成本上升的压力提供了重要缓冲。对于投资者而言，成本结构的改善表明，尽管价格环境可能不理想，但公司正在通过严格的运营管理积极维护其盈利能力。</p>
</div><h2>Softening Average Selling Prices</h2>
<div class="lb-trans"><h2>平均售价下滑</h2>
</div><p>Not all trends were favorable. The average selling price declined 7% to $466,000, weighed down by regional and product mix shifts and broader market conditions. This reflects a combination of buyers gravitating toward more affordable product, competitive pricing, and perhaps higher incentives in some markets. While lower prices can support volume, they also squeeze revenue per unit and, ultimately, margin potential if not offset by cost efficiencies.</p>
<div class="lb-trans"><p>并非所有趋势都是有利的。平均售价下降了 7%，降至 466,000 美元，受到区域和产品组合变化以及更广泛市场条件的影响。这反映了买家趋向于更实惠产品、竞争性定价以及某些市场中可能更高的激励措施的组合。虽然较低的价格可以支持销量，但如果没有通过成本效率来抵消，最终会挤压每单位的收入和利润潜力。</p>
</div><h2>Moderating Net Orders and a Thinner Backlog</h2>
<div class="lb-trans"><h2>净订单放缓和积压减少</h2>
</div><p>Net orders in the fourth quarter totaled 2,414, while cancellations remained controlled at 18%, suggesting underlying demand is still present but not accelerating. A more notable concern is the backlog: the beginning backlog now represents 27% of the full-year delivery target, down from 34% at the start of 2025. A slimmer backlog gives the company less built-in visibility and raises execution risk if demand softens further, a key watch point for investors tracking near-term revenue stability.</p>
<div class="lb-trans"><p>第四季度净订单总计 2,414 份，而取消率保持在 18% 的可控水平，表明潜在需求仍然存在但未加速。更值得关注的是积压：期初积压现在占全年交付目标的 27%，低于 2025 年初的 34%。较少的积压使公司在需求进一步减弱时可见度降低，并增加了执行风险，这是投资者关注近期收入稳定性的关键点。</p>
</div><h2>Margin Pressure from Land Costs and Mix</h2>
<div class="lb-trans"><h2>土地成本和产品组合的利润压力</h2>
</div><p>Housing gross profit margin came in at 17%, lower than the prior year, reflecting higher land costs and less favorable regional and product mix. While the company is making strides in direct cost reductions, more expensive lots and a shift toward lower-priced or less profitable products are compressing margins. This dual pressure underscores why management is focused on mix optimization and shifting toward more built-to-order homes, which typically carry better profitability.</p>
<div class="lb-trans"><p>住房毛利润率为 17%，低于去年，反映了更高的土地成本和不太有利的区域及产品组合。尽管公司在直接成本降低方面取得了进展，但更昂贵的地块和向低价或利润较低产品的转变正在压缩利润。这种双重压力突显了管理层为何专注于优化产品组合并转向更多定制建造的房屋，这通常具有更好的盈利能力。</p>
</div><h2>Spec Inventory Weighs on Profitability</h2>
<div class="lb-trans"><h2>现货库存对盈利能力的影响</h2>
</div><p>Older spec inventory—homes built without pre-sale and started when costs were higher—continues to drag on margins. These units often require aggressive pricing or incentives to move, especially in a more competitive market. Clearing this inventory is necessary to fully realize the benefit of lower current build costs, but it temporarily dilutes overall margin performance and is another factor investors will monitor as KB Home works through its legacy pipeline.</p>
<div class="lb-trans"><p>较旧的现货库存——在没有预售的情况下建造且在成本较高时启动的房屋——继续拖累利润。这些单位通常需要激进的定价或激励措施才能销售，尤其是在竞争激烈的市场中。清理这些库存对于充分实现当前建造成本降低的好处是必要的，但这暂时稀释了整体利润表现，也是投资者在 KB Home 处理其遗留项目时将监控的另一个因素。</p>
</div><h2>Near-Term Margin Outlook for Early 2026</h2>
<div class="lb-trans"><h2>2026 年初的短期利润展望</h2>
</div><p>Looking ahead to the first quarter of 2026, KB Home expects housing gross margins to land between 15.4% and 16%. Management cited seasonality, pricing pressure, and higher lot costs as the key drivers of this lower margin profile. While not a surprise in the current environment, this guidance indicates that margin recovery will be gradual rather than immediate, reinforcing the importance of continued cost discipline and product mix management.</p>
<div class="lb-trans"><p>展望 2026 年第一季度，KB Home 预计住房毛利率将在 15.4% 到 16% 之间。管理层指出，季节性因素、价格压力和更高的地块成本是导致这一较低毛利率的主要原因。在当前环境下，这一指导并不令人意外，但表明毛利率的恢复将是渐进的而非立竿见影的，这进一步强调了持续的成本控制和产品组合管理的重要性。</p>
</div><h2>Forward Guidance: Growth Potential with Disciplined Execution</h2>
<div class="lb-trans"><h2>前瞻性指导：在有序执行中实现增长潜力</h2>
</div><p>For fiscal 2026, KB Home projects housing revenues between $5.1 billion and $6.1 billion, based on deliveries of 11,000 to 12,500 homes—a range that reflects both opportunity and uncertainty. The company aims to boost the share of built-to-order homes from 57% to 70% or higher, targeting margin improvement by leveraging its customizable model. Management also highlighted a strong balance sheet, with $1.43 billion in liquidity and a total debt-to-capital ratio of 30.3%, providing flexibility to invest in land, communities, and shareholder returns. Community openings of 35–40 in the first quarter of 2026 further support the growth narrative, even as the company navigates margin and demand headwinds.</p>
<div class="lb-trans"><p>对于 2026 财年，KB Home 预计住房收入将在 51 亿美元到 61 亿美元之间，基于交付 11,000 到 12,500 套住房的预期——这一范围反映了机遇与不确定性。公司旨在将定制住房的比例从 57% 提升至 70% 或更高，借助其可定制的模式来实现毛利率的改善。管理层还强调了强劲的资产负债表，流动资金为 14.3 亿美元，总债务资本比率为 30.3%，为投资土地、社区和股东回报提供了灵活性。2026 年第一季度计划开设 35-40 个社区进一步支持了增长的叙述，即使公司在应对毛利率和需求的逆风。</p>
</div><p>In sum, KB Home’s earnings call painted a picture of a builder that is financially solid, operationally sharper, and shareholder-focused, yet operating in a more challenging housing market. Strong 2025 results, aggressive buybacks, and improved build times showcase the company’s strengths, while lower selling prices, thinner backlog, and margin pressure highlight the risks. For investors, KB Home presents a story of disciplined execution and potential upside if housing conditions stabilize and the shift toward higher-margin, built-to-order homes gains traction.</p>
<div class="lb-trans"><p>总之，KB Home 的财报电话会议描绘了一幅财务稳健、运营更为敏锐、关注股东的建筑商形象，但其所处的住房市场更加具有挑战性。2025 年强劲的业绩、积极的回购以及改善的建造周期展示了公司的优势，而较低的售价、较薄的订单积压和毛利压力则突显了风险。对于投资者而言，KB Home 呈现出一个有序执行和潜在上行的故事，如果住房条件稳定，向更高毛利的定制住房转变获得 traction。</p>
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KB Home 财报电话会议：利润表现强劲，但利润率面临考验