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ADAMAS TRUST, INC.（ADAM）与RE/MAX Holdings, Inc.（RMAX）财务数据对比。点击上方公司名可切换其他公司
RE/MAX Holdings, Inc.的季度营收约是ADAMAS TRUST, INC.的1.6倍（$71.1M vs $43.2M），ADAMAS TRUST, INC.净利率更高（124.0% vs 2.0%，领先122.0%），ADAMAS TRUST, INC.同比增速更快（61.6% vs -1.8%），ADAMAS TRUST, INC.自由现金流更多（$125.9M vs $33.5M），过去两年ADAMAS TRUST, INC.的营收复合增速更高（55.5% vs -4.7%）
RE/MAX是全球知名的房地产特许经营机构，业务遍布全球一百多个国家和地区，旗下拥有数千家门店，总计超过十万名房产经纪人，在国际房产中介领域拥有极高的品牌知名度与市场影响力。
ADAM vs RMAX — 直观对比
营收规模更大
RMAX
是对方的1.6倍
$43.2M
营收增速更快
ADAM
高出63.5%
-1.8%
净利率更高
ADAM
高出122.0%
2.0%
自由现金流更多
ADAM
多$92.4M
$33.5M
两年增速更快
ADAM
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $43.2M | $71.1M |
| 净利润 | $53.5M | $1.4M |
| 毛利率 | — | — |
| 营业利润率 | — | 13.1% |
| 净利率 | 124.0% | 2.0% |
| 营收同比 | 61.6% | -1.8% |
| 净利润同比 | 270.5% | -75.2% |
| 每股收益（稀释后） | $0.45 | — |
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ADAMRMAX
| Q4 25 | $43.2M | $71.1M | ||
| Q3 25 | $36.6M | $73.2M | ||
| Q2 25 | $36.4M | $72.8M | ||
| Q1 25 | $33.1M | $74.5M | ||
| Q4 24 | $26.7M | $72.5M | ||
| Q3 24 | $20.2M | $78.5M | ||
| Q2 24 | $19.0M | $78.5M | ||
| Q1 24 | $17.9M | $78.3M |
净利润ADAMRMAX
| Q4 25 | $53.5M | $1.4M | ||
| Q3 25 | $44.8M | $4.0M | ||
| Q2 25 | $8.5M | $4.7M | ||
| Q1 25 | $42.2M | $-2.0M | ||
| Q4 24 | $-31.4M | $5.8M | ||
| Q3 24 | $42.8M | $966.0K | ||
| Q2 24 | $-15.6M | $3.7M | ||
| Q1 24 | $-57.9M | $-3.4M |
营业利润率ADAMRMAX
| Q4 25 | — | 13.1% | ||
| Q3 25 | — | 25.0% | ||
| Q2 25 | 11.7% | 19.3% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | -119.0% | 5.9% | ||
| Q3 24 | — | 19.4% | ||
| Q2 24 | -124.7% | 20.6% | ||
| Q1 24 | -448.8% | 5.8% |
净利率ADAMRMAX
| Q4 25 | 124.0% | 2.0% | ||
| Q3 25 | 122.5% | 5.4% | ||
| Q2 25 | 23.4% | 6.4% | ||
| Q1 25 | 127.4% | -2.6% | ||
| Q4 24 | -117.5% | 8.0% | ||
| Q3 24 | 211.7% | 1.2% | ||
| Q2 24 | -81.9% | 4.7% | ||
| Q1 24 | -324.1% | -4.3% |
每股收益（稀释后）ADAMRMAX
| Q4 25 | $0.45 | — | ||
| Q3 25 | $0.36 | — | ||
| Q2 25 | $-0.04 | — | ||
| Q1 25 | $0.33 | — | ||
| Q4 24 | $-0.46 | — | ||
| Q3 24 | $0.36 | — | ||
| Q2 24 | $-0.29 | — | ||
| Q1 24 | $-0.75 | — |
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 | $210.3M | $118.7M |
| 总债务越低越好 | $735.8M | $432.2M |
| 股东权益账面价值 | $1.4B | $452.4M |
| 总资产 | $12.6B | $582.5M |
| 负债/权益比越低杠杆越低 | 0.52× | 0.96× |
8季度趋势，按日历期对齐
现金及短期投资ADAMRMAX
| Q4 25 | $210.3M | $118.7M | ||
| Q3 25 | $185.3M | $107.5M | ||
| Q2 25 | $160.4M | $94.3M | ||
| Q1 25 | $177.1M | $89.1M | ||
| Q4 24 | $167.4M | $96.6M | ||
| Q3 24 | $195.1M | $83.8M | ||
| Q2 24 | $235.5M | $66.1M | ||
| Q1 24 | $226.9M | $82.1M |
总债务ADAMRMAX
| Q4 25 | $735.8M | $432.2M | ||
| Q3 25 | $766.6M | $433.3M | ||
| Q2 25 | $653.0M | $434.4M | ||
| Q1 25 | $654.4M | $435.3M | ||
| Q4 24 | $573.2M | $436.2M | ||
| Q3 24 | $699.4M | $437.2M | ||
| Q2 24 | $800.7M | $438.1M | ||
| Q1 24 | $1.0B | $439.0M |
股东权益ADAMRMAX
| Q4 25 | $1.4B | $452.4M | ||
| Q3 25 | $1.4B | $448.1M | ||
| Q2 25 | $1.4B | $442.4M | ||
| Q1 25 | $1.4B | $433.5M | ||
| Q4 24 | $1.4B | $429.5M | ||
| Q3 24 | $1.4B | $423.1M | ||
| Q2 24 | $1.4B | $418.4M | ||
| Q1 24 | $1.5B | $412.0M |
总资产ADAMRMAX
| Q4 25 | $12.6B | $582.5M | ||
| Q3 25 | $12.4B | $582.2M | ||
| Q2 25 | $10.6B | $574.8M | ||
| Q1 25 | $10.0B | $571.4M | ||
| Q4 24 | $9.2B | $581.6M | ||
| Q3 24 | $8.9B | $578.6M | ||
| Q2 24 | $8.2B | $571.4M | ||
| Q1 24 | $7.4B | $566.7M |
负债/权益比ADAMRMAX
| Q4 25 | 0.52× | 0.96× | ||
| Q3 25 | 0.55× | 0.97× | ||
| Q2 25 | 0.47× | 0.98× | ||
| Q1 25 | 0.47× | 1.00× | ||
| Q4 24 | 0.41× | 1.02× | ||
| Q3 24 | 0.48× | 1.03× | ||
| Q2 24 | 0.56× | 1.05× | ||
| Q1 24 | 0.67× | 1.07× |
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 | $134.0M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $125.9M | $33.5M |
| 自由现金流率自由现金流/营收 | 291.6% | 47.1% |
| 资本支出强度资本支出/营收 | 18.9% | 10.4% |
| 现金转化率经营现金流/净利润 | 2.50× | 28.39× |
| 过去12个月自由现金流最近4个季度 | — | $56.8M |
8季度趋势，按日历期对齐
经营现金流ADAMRMAX
| Q4 25 | $134.0M | $40.9M | ||
| Q3 25 | $6.9M | $17.7M | ||
| Q2 25 | $39.2M | $4.6M | ||
| Q1 25 | $25.8M | $5.7M | ||
| Q4 24 | $14.1M | $59.7M | ||
| Q3 24 | $-922.0K | $17.6M | ||
| Q2 24 | $-993.0K | $15.9M | ||
| Q1 24 | $-13.1M | $9.4M |
自由现金流ADAMRMAX
| Q4 25 | $125.9M | $33.5M | ||
| Q3 25 | — | $16.4M | ||
| Q2 25 | — | $2.9M | ||
| Q1 25 | — | $4.0M | ||
| Q4 24 | $-10.6M | $53.0M | ||
| Q3 24 | $-8.6M | $16.3M | ||
| Q2 24 | $-8.6M | $14.0M | ||
| Q1 24 | $-19.1M | $6.8M |
自由现金流率ADAMRMAX
| Q4 25 | 291.6% | 47.1% | ||
| Q3 25 | — | 22.4% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 5.3% | ||
| Q4 24 | -39.6% | 73.2% | ||
| Q3 24 | -42.3% | 20.8% | ||
| Q2 24 | -44.9% | 17.8% | ||
| Q1 24 | -107.0% | 8.6% |
资本支出强度ADAMRMAX
| Q4 25 | 18.9% | 10.4% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | 92.3% | 9.1% | ||
| Q3 24 | 37.7% | 1.7% | ||
| Q2 24 | 39.7% | 2.4% | ||
| Q1 24 | 33.5% | 3.3% |
现金转化率ADAMRMAX
| Q4 25 | 2.50× | 28.39× | ||
| Q3 25 | 0.15× | 4.45× | ||
| Q2 25 | 4.59× | 0.97× | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | 10.28× | ||
| Q3 24 | -0.02× | 18.22× | ||
| Q2 24 | — | 4.29× | ||
| Q1 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
ADAM
| Other | $19.6M | 45% |
| Constructive Loans LLC | $14.4M | 33% |
| Multifamily | $9.1M | 21% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
