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Adaptive Biotechnologies Corp（ADPT）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
Adaptive Biotechnologies Corp的季度营收约是RE/MAX Holdings, Inc.的1.0倍（$71.7M vs $71.1M），RE/MAX Holdings, Inc.净利率更高（2.0% vs -18.9%，领先21.0%），Adaptive Biotechnologies Corp同比增速更快（51.0% vs -1.8%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $1.4M），过去两年Adaptive Biotechnologies Corp的营收复合增速更高（30.8% vs -4.7%）
ExpreS2ion Biotechnologies是一家丹麦生物技术企业，总部位于丹麦霍尔斯霍姆，专注于新型疫苗和免疫疗法产品的研发，在纳斯达克第一北增长市场瑞典板块挂牌上市。
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。
ADPT vs RMAX — 直观对比
营收规模更大
ADPT
是对方的1.0倍
$71.1M
营收增速更快
ADPT
高出52.9%
-1.8%
净利率更高
RMAX
高出21.0%
-18.9%
自由现金流更多
RMAX
多$32.1M
$1.4M
两年增速更快
ADPT
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $71.7M | $71.1M |
| 净利润 | $-13.6M | $1.4M |
| 毛利率 | 74.6% | — |
| 营业利润率 | -17.8% | 13.1% |
| 净利率 | -18.9% | 2.0% |
| 营收同比 | 51.0% | -1.8% |
| 净利润同比 | 59.7% | -75.2% |
| 每股收益（稀释后） | $-0.08 | — |
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ADPTRMAX
| Q4 25 | $71.7M | $71.1M | ||
| Q3 25 | $94.0M | $73.2M | ||
| Q2 25 | $58.9M | $72.8M | ||
| Q1 25 | $52.4M | $74.5M | ||
| Q4 24 | $47.5M | $72.5M | ||
| Q3 24 | $46.4M | $78.5M | ||
| Q2 24 | $43.2M | $78.5M | ||
| Q1 24 | $41.9M | $78.3M |
净利润ADPTRMAX
| Q4 25 | $-13.6M | $1.4M | ||
| Q3 25 | $9.5M | $4.0M | ||
| Q2 25 | $-25.6M | $4.7M | ||
| Q1 25 | $-29.9M | $-2.0M | ||
| Q4 24 | $-33.7M | $5.8M | ||
| Q3 24 | $-32.1M | $966.0K | ||
| Q2 24 | $-46.2M | $3.7M | ||
| Q1 24 | $-47.5M | $-3.4M |
毛利率ADPTRMAX
| Q4 25 | 74.6% | — | ||
| Q3 25 | 80.7% | — | ||
| Q2 25 | 69.4% | — | ||
| Q1 25 | 67.6% | — | ||
| Q4 24 | 62.0% | — | ||
| Q3 24 | 64.1% | — | ||
| Q2 24 | 55.3% | — | ||
| Q1 24 | 56.9% | — |
营业利润率ADPTRMAX
| Q4 25 | -17.8% | 13.1% | ||
| Q3 25 | 10.9% | 25.0% | ||
| Q2 25 | -42.5% | 19.3% | ||
| Q1 25 | -56.4% | 7.2% | ||
| Q4 24 | -71.3% | 5.9% | ||
| Q3 24 | -70.3% | 19.4% | ||
| Q2 24 | -109.6% | 20.6% | ||
| Q1 24 | -116.5% | 5.8% |
净利率ADPTRMAX
| Q4 25 | -18.9% | 2.0% | ||
| Q3 25 | 10.2% | 5.4% | ||
| Q2 25 | -43.5% | 6.4% | ||
| Q1 25 | -56.9% | -2.6% | ||
| Q4 24 | -71.0% | 8.0% | ||
| Q3 24 | -69.1% | 1.2% | ||
| Q2 24 | -107.0% | 4.7% | ||
| Q1 24 | -113.5% | -4.3% |
每股收益（稀释后）ADPTRMAX
| Q4 25 | $-0.08 | — | ||
| Q3 25 | $0.06 | — | ||
| Q2 25 | $-0.17 | — | ||
| Q1 25 | $-0.20 | — | ||
| Q4 24 | $-0.22 | — | ||
| Q3 24 | $-0.22 | — | ||
| Q2 24 | $-0.31 | — | ||
| Q1 24 | $-0.33 | — |
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 | $70.5M | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | $218.8M | $452.4M |
| 总资产 | $512.7M | $582.5M |
| 负债/权益比越低杠杆越低 | — | 0.96× |
8季度趋势，按日历期对齐
现金及短期投资ADPTRMAX
| Q4 25 | $70.5M | $118.7M | ||
| Q3 25 | $55.0M | $107.5M | ||
| Q2 25 | $43.2M | $94.3M | ||
| Q1 25 | $50.6M | $89.1M | ||
| Q4 24 | $47.9M | $96.6M | ||
| Q3 24 | $38.1M | $83.8M | ||
| Q2 24 | $59.8M | $66.1M | ||
| Q1 24 | $71.2M | $82.1M |
总债务ADPTRMAX
| Q4 25 | — | $432.2M | ||
| Q3 25 | — | $433.3M | ||
| Q2 25 | — | $434.4M | ||
| Q1 25 | — | $435.3M | ||
| Q4 24 | — | $436.2M | ||
| Q3 24 | — | $437.2M | ||
| Q2 24 | — | $438.1M | ||
| Q1 24 | — | $439.0M |
股东权益ADPTRMAX
| Q4 25 | $218.8M | $452.4M | ||
| Q3 25 | $204.4M | $448.1M | ||
| Q2 25 | $179.7M | $442.4M | ||
| Q1 25 | $190.4M | $433.5M | ||
| Q4 24 | $202.7M | $429.5M | ||
| Q3 24 | $223.8M | $423.1M | ||
| Q2 24 | $241.6M | $418.4M | ||
| Q1 24 | $274.9M | $412.0M |
总资产ADPTRMAX
| Q4 25 | $512.7M | $582.5M | ||
| Q3 25 | $490.6M | $582.2M | ||
| Q2 25 | $496.6M | $574.8M | ||
| Q1 25 | $510.9M | $571.4M | ||
| Q4 24 | $539.4M | $581.6M | ||
| Q3 24 | $558.5M | $578.6M | ||
| Q2 24 | $584.9M | $571.4M | ||
| Q1 24 | $620.3M | $566.7M |
负债/权益比ADPTRMAX
| Q4 25 | — | 0.96× | ||
| Q3 25 | — | 0.97× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | — | 1.00× | ||
| Q4 24 | — | 1.02× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 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 | $2.1M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $1.4M | $33.5M |
| 自由现金流率自由现金流/营收 | 2.0% | 47.1% |
| 资本支出强度资本支出/营收 | 0.9% | 10.4% |
| 现金转化率经营现金流/净利润 | — | 28.39× |
| 过去12个月自由现金流最近4个季度 | $-48.9M | $56.8M |
8季度趋势，按日历期对齐
经营现金流ADPTRMAX
| Q4 25 | $2.1M | $40.9M | ||
| Q3 25 | $-7.1M | $17.7M | ||
| Q2 25 | $-12.4M | $4.6M | ||
| Q1 25 | $-28.5M | $5.7M | ||
| Q4 24 | $-12.5M | $59.7M | ||
| Q3 24 | $-27.1M | $17.6M | ||
| Q2 24 | $-17.3M | $15.9M | ||
| Q1 24 | $-38.4M | $9.4M |
自由现金流ADPTRMAX
| Q4 25 | $1.4M | $33.5M | ||
| Q3 25 | $-7.5M | $16.4M | ||
| Q2 25 | $-13.1M | $2.9M | ||
| Q1 25 | $-29.7M | $4.0M | ||
| Q4 24 | $-12.6M | $53.0M | ||
| Q3 24 | $-27.4M | $16.3M | ||
| Q2 24 | $-19.0M | $14.0M | ||
| Q1 24 | $-39.9M | $6.8M |
自由现金流率ADPTRMAX
| Q4 25 | 2.0% | 47.1% | ||
| Q3 25 | -8.0% | 22.4% | ||
| Q2 25 | -22.2% | 4.0% | ||
| Q1 25 | -56.7% | 5.3% | ||
| Q4 24 | -26.5% | 73.2% | ||
| Q3 24 | -59.0% | 20.8% | ||
| Q2 24 | -44.1% | 17.8% | ||
| Q1 24 | -95.2% | 8.6% |
资本支出强度ADPTRMAX
| Q4 25 | 0.9% | 10.4% | ||
| Q3 25 | 0.4% | 1.8% | ||
| Q2 25 | 1.1% | 2.2% | ||
| Q1 25 | 2.4% | 2.3% | ||
| Q4 24 | 0.2% | 9.1% | ||
| Q3 24 | 0.7% | 1.7% | ||
| Q2 24 | 4.0% | 2.4% | ||
| Q1 24 | 3.6% | 3.3% |
现金转化率ADPTRMAX
| Q4 25 | — | 28.39× | ||
| Q3 25 | -0.75× | 4.45× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 10.28× | ||
| Q3 24 | — | 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
ADPT
| Mrd Business Segment | $61.9M | 86% |
| Immune Medicine Business | $9.8M | 14% |
| Immune Medicine Service Revenue | $100.0K | 0% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
