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Armada Hoffler Properties, Inc.（AHH）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
Armada Hoffler Properties, Inc.的季度营收约是RE/MAX Holdings, Inc.的1.1倍（$75.6M vs $71.1M），Armada Hoffler Properties, Inc.净利率更高（3.1% vs 2.0%，领先1.1%），Armada Hoffler Properties, Inc.同比增速更快（0.8% vs -1.8%），过去两年RE/MAX Holdings, Inc.的营收复合增速更高（-4.7% vs -22.8%）
Armada Hoffler Properties是一家公开上市的房地产投资信托，业务覆盖美国大西洋中部及东南部地区，开发、持有并运营涵盖办公、零售、多户住宅的多元化优质物业组合，同时为第三方客户提供全链条建筑开发服务。
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。
AHH vs RMAX — 直观对比
营收规模更大
AHH
是对方的1.1倍
$71.1M
营收增速更快
AHH
高出2.6%
-1.8%
净利率更高
AHH
高出1.1%
2.0%
两年增速更快
RMAX
近两年复合增速
-22.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $75.6M | $71.1M |
| 净利润 | $2.4M | $1.4M |
| 毛利率 | — | — |
| 营业利润率 | 31.0% | 13.1% |
| 净利率 | 3.1% | 2.0% |
| 营收同比 | 0.8% | -1.8% |
| 净利润同比 | -89.8% | -75.2% |
| 每股收益（稀释后） | $0.00 | — |
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AHHRMAX
| Q4 25 | $75.6M | $71.1M | ||
| Q3 25 | $72.7M | $73.2M | ||
| Q2 25 | $69.1M | $72.8M | ||
| Q1 25 | $67.8M | $74.5M | ||
| Q4 24 | $75.0M | $72.5M | ||
| Q3 24 | $114.4M | $78.5M | ||
| Q2 24 | $116.8M | $78.5M | ||
| Q1 24 | $127.0M | $78.3M |
净利润AHHRMAX
| Q4 25 | $2.4M | $1.4M | ||
| Q3 25 | $80.0K | $4.0M | ||
| Q2 25 | $5.9M | $4.7M | ||
| Q1 25 | $-2.8M | $-2.0M | ||
| Q4 24 | $23.4M | $5.8M | ||
| Q3 24 | $-5.0M | $966.0K | ||
| Q2 24 | $3.2M | $3.7M | ||
| Q1 24 | $14.1M | $-3.4M |
毛利率AHHRMAX
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 45.0% | — | ||
| Q2 24 | 41.8% | — | ||
| Q1 24 | 37.9% | — |
营业利润率AHHRMAX
| Q4 25 | 31.0% | 13.1% | ||
| Q3 25 | 29.2% | 25.0% | ||
| Q2 25 | 29.6% | 19.3% | ||
| Q1 25 | 23.2% | 7.2% | ||
| Q4 24 | 50.1% | 5.9% | ||
| Q3 24 | 19.0% | 19.4% | ||
| Q2 24 | 11.9% | 20.6% | ||
| Q1 24 | 15.1% | 5.8% |
净利率AHHRMAX
| Q4 25 | 3.1% | 2.0% | ||
| Q3 25 | 0.1% | 5.4% | ||
| Q2 25 | 8.6% | 6.4% | ||
| Q1 25 | -4.1% | -2.6% | ||
| Q4 24 | 31.2% | 8.0% | ||
| Q3 24 | -4.4% | 1.2% | ||
| Q2 24 | 2.7% | 4.7% | ||
| Q1 24 | 11.1% | -4.3% |
每股收益（稀释后）AHHRMAX
| Q4 25 | $0.00 | — | ||
| Q3 25 | $-0.04 | — | ||
| Q2 25 | $0.04 | — | ||
| Q1 25 | $-0.07 | — | ||
| Q4 24 | $0.28 | — | ||
| Q3 24 | $-0.11 | — | ||
| Q2 24 | $0.00 | — | ||
| Q1 24 | $0.17 | — |
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 | $49.1M | $118.7M |
| 总债务越低越好 | $1.5B | $432.2M |
| 股东权益账面价值 | $627.8M | $452.4M |
| 总资产 | $2.6B | $582.5M |
| 负债/权益比越低杠杆越低 | 2.43× | 0.96× |
8季度趋势，按日历期对齐
现金及短期投资AHHRMAX
| Q4 25 | $49.1M | $118.7M | ||
| Q3 25 | $46.5M | $107.5M | ||
| Q2 25 | $52.1M | $94.3M | ||
| Q1 25 | $45.7M | $89.1M | ||
| Q4 24 | $31.9M | $96.6M | ||
| Q3 24 | $43.9M | $83.8M | ||
| Q2 24 | $20.3M | $66.1M | ||
| Q1 24 | $41.9M | $82.1M |
总债务AHHRMAX
| Q4 25 | $1.5B | $432.2M | ||
| Q3 25 | $1.5B | $433.3M | ||
| Q2 25 | $1.4B | $434.4M | ||
| Q1 25 | $1.3B | $435.3M | ||
| Q4 24 | $1.3B | $436.2M | ||
| Q3 24 | $1.3B | $437.2M | ||
| Q2 24 | $1.4B | $438.1M | ||
| Q1 24 | $1.4B | $439.0M |
股东权益AHHRMAX
| Q4 25 | $627.8M | $452.4M | ||
| Q3 25 | $638.8M | $448.1M | ||
| Q2 25 | $652.0M | $442.4M | ||
| Q1 25 | $657.4M | $433.5M | ||
| Q4 24 | $670.6M | $429.5M | ||
| Q3 24 | $663.9M | $423.1M | ||
| Q2 24 | $562.7M | $418.4M | ||
| Q1 24 | $571.4M | $412.0M |
总资产AHHRMAX
| Q4 25 | $2.6B | $582.5M | ||
| Q3 25 | $2.6B | $582.2M | ||
| Q2 25 | $2.6B | $574.8M | ||
| Q1 25 | $2.5B | $571.4M | ||
| Q4 24 | $2.5B | $581.6M | ||
| Q3 24 | $2.6B | $578.6M | ||
| Q2 24 | $2.6B | $571.4M | ||
| Q1 24 | $2.6B | $566.7M |
负债/权益比AHHRMAX
| Q4 25 | 2.43× | 0.96× | ||
| Q3 25 | 2.33× | 0.97× | ||
| Q2 25 | 2.22× | 0.98× | ||
| Q1 25 | 2.01× | 1.00× | ||
| Q4 24 | 1.93× | 1.02× | ||
| Q3 24 | 2.00× | 1.03× | ||
| Q2 24 | 2.52× | 1.05× | ||
| Q1 24 | 2.50× | 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 | $64.2M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | — | $33.5M |
| 自由现金流率自由现金流/营收 | — | 47.1% |
| 资本支出强度资本支出/营收 | — | 10.4% |
| 现金转化率经营现金流/净利润 | 26.99× | 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AHHRMAX
| Q4 25 | $64.2M | $40.9M | ||
| Q3 25 | $26.3M | $17.7M | ||
| Q2 25 | $11.1M | $4.6M | ||
| Q1 25 | $107.0K | $5.7M | ||
| Q4 24 | $112.0M | $59.7M | ||
| Q3 24 | $27.3M | $17.6M | ||
| Q2 24 | $17.4M | $15.9M | ||
| Q1 24 | $46.5M | $9.4M |
自由现金流AHHRMAX
| Q4 25 | — | $33.5M | ||
| Q3 25 | — | $16.4M | ||
| Q2 25 | — | $2.9M | ||
| Q1 25 | — | $4.0M | ||
| Q4 24 | — | $53.0M | ||
| Q3 24 | — | $16.3M | ||
| Q2 24 | — | $14.0M | ||
| Q1 24 | — | $6.8M |
自由现金流率AHHRMAX
| Q4 25 | — | 47.1% | ||
| Q3 25 | — | 22.4% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 5.3% | ||
| Q4 24 | — | 73.2% | ||
| Q3 24 | — | 20.8% | ||
| Q2 24 | — | 17.8% | ||
| Q1 24 | — | 8.6% |
资本支出强度AHHRMAX
| Q4 25 | — | 10.4% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 9.1% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 3.3% |
现金转化率AHHRMAX
| Q4 25 | 26.99× | 28.39× | ||
| Q3 25 | 328.63× | 4.45× | ||
| Q2 25 | 1.87× | 0.97× | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.78× | 10.28× | ||
| Q3 24 | — | 18.22× | ||
| Q2 24 | 5.48× | 4.29× | ||
| Q1 24 | 3.30× | — |
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
AHH
| Office Real Estate Segment | $28.8M | 38% |
| Retail Real Estate Segment | $25.4M | 34% |
| Multifamily Residential Real Estate | $17.7M | 23% |
| Real Estate Financing Segment | $3.6M | 5% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
