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AlTi Global, Inc.（ALTI）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
AlTi Global, Inc.的季度营收约是RE/MAX Holdings, Inc.的1.2倍（$86.6M vs $71.1M），RE/MAX Holdings, Inc.净利率更高（2.0% vs -15.1%，领先17.2%），AlTi Global, Inc.同比增速更快（87.0% vs -1.8%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $-52.2M），过去两年AlTi Global, Inc.的营收复合增速更高（30.6% vs -4.7%）
该公司原名Cristal Global，是全球第二大二氧化钛生产商，同时也是钛化学品的龙头供应商，由原国家二氧化钛有限公司与 Millennium Chemicals 合并组建而成，总部设于沙特阿拉伯吉达。该公司是全球第五大二氧化钛原料生产商Bemax的重要股东。
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。
ALTI vs RMAX — 直观对比
营收规模更大
ALTI
是对方的1.2倍
$71.1M
营收增速更快
ALTI
高出88.9%
-1.8%
净利率更高
RMAX
高出17.2%
-15.1%
自由现金流更多
RMAX
多$85.7M
$-52.2M
两年增速更快
ALTI
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $86.6M | $71.1M |
| 净利润 | $-13.1M | $1.4M |
| 毛利率 | — | — |
| 营业利润率 | -2.1% | 13.1% |
| 净利率 | -15.1% | 2.0% |
| 营收同比 | 87.0% | -1.8% |
| 净利润同比 | 75.6% | -75.2% |
| 每股收益（稀释后） | — | — |
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ALTIRMAX
| Q4 25 | $86.6M | $71.1M | ||
| Q3 25 | $57.2M | $73.2M | ||
| Q2 25 | $53.1M | $72.8M | ||
| Q1 25 | $58.0M | $74.5M | ||
| Q4 24 | $46.3M | $72.5M | ||
| Q3 24 | $51.8M | $78.5M | ||
| Q2 24 | $49.5M | $78.5M | ||
| Q1 24 | $50.8M | $78.3M |
净利润ALTIRMAX
| Q4 25 | $-13.1M | $1.4M | ||
| Q3 25 | $-84.1M | $4.0M | ||
| Q2 25 | $-24.4M | $4.7M | ||
| Q1 25 | $1.9M | $-2.0M | ||
| Q4 24 | $-53.8M | $5.8M | ||
| Q3 24 | $-72.5M | $966.0K | ||
| Q2 24 | $-6.4M | $3.7M | ||
| Q1 24 | $29.7M | $-3.4M |
营业利润率ALTIRMAX
| Q4 25 | -2.1% | 13.1% | ||
| Q3 25 | -49.8% | 25.0% | ||
| Q2 25 | -56.7% | 19.3% | ||
| Q1 25 | -23.3% | 7.2% | ||
| Q4 24 | -42.7% | 5.9% | ||
| Q3 24 | -18.4% | 19.4% | ||
| Q2 24 | -30.2% | 20.6% | ||
| Q1 24 | -28.9% | 5.8% |
净利率ALTIRMAX
| Q4 25 | -15.1% | 2.0% | ||
| Q3 25 | -147.0% | 5.4% | ||
| Q2 25 | -45.9% | 6.4% | ||
| Q1 25 | 3.3% | -2.6% | ||
| Q4 24 | -116.1% | 8.0% | ||
| Q3 24 | -140.0% | 1.2% | ||
| Q2 24 | -12.9% | 4.7% | ||
| Q1 24 | 58.4% | -4.3% |
每股收益（稀释后）ALTIRMAX
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-0.33 | — | ||
| Q1 25 | $-0.04 | — | ||
| Q4 24 | $-0.71 | — | ||
| Q3 24 | $-0.88 | — | ||
| Q2 24 | $-0.18 | — | ||
| Q1 24 | $0.18 | — |
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 | $41.2M | $118.7M |
| 总债务越低越好 | $883.0K | $432.2M |
| 股东权益账面价值 | $600.1M | $452.4M |
| 总资产 | $1.2B | $582.5M |
| 负债/权益比越低杠杆越低 | 0.00× | 0.96× |
8季度趋势，按日历期对齐
现金及短期投资ALTIRMAX
| Q4 25 | $41.2M | $118.7M | ||
| Q3 25 | $35.8M | $107.5M | ||
| Q2 25 | $42.4M | $94.3M | ||
| Q1 25 | $52.8M | $89.1M | ||
| Q4 24 | $64.4M | $96.6M | ||
| Q3 24 | $220.6M | $83.8M | ||
| Q2 24 | $60.0M | $66.1M | ||
| Q1 24 | $134.2M | $82.1M |
总债务ALTIRMAX
| Q4 25 | $883.0K | $432.2M | ||
| Q3 25 | $586.0K | $433.3M | ||
| Q2 25 | $673.0K | $434.4M | ||
| Q1 25 | — | $435.3M | ||
| Q4 24 | $0 | $436.2M | ||
| Q3 24 | $128.4M | $437.2M | ||
| Q2 24 | $164.0M | $438.1M | ||
| Q1 24 | $183.7M | $439.0M |
股东权益ALTIRMAX
| Q4 25 | $600.1M | $452.4M | ||
| Q3 25 | $607.2M | $448.1M | ||
| Q2 25 | $685.4M | $442.4M | ||
| Q1 25 | $665.2M | $433.5M | ||
| Q4 24 | $658.4M | $429.5M | ||
| Q3 24 | $707.0M | $423.1M | ||
| Q2 24 | $540.2M | $418.4M | ||
| Q1 24 | $510.9M | $412.0M |
总资产ALTIRMAX
| Q4 25 | $1.2B | $582.5M | ||
| Q3 25 | $1.2B | $582.2M | ||
| Q2 25 | $1.2B | $574.8M | ||
| Q1 25 | $1.2B | $571.4M | ||
| Q4 24 | $1.3B | $581.6M | ||
| Q3 24 | $1.4B | $578.6M | ||
| Q2 24 | $1.3B | $571.4M | ||
| Q1 24 | $1.3B | $566.7M |
负债/权益比ALTIRMAX
| Q4 25 | 0.00× | 0.96× | ||
| Q3 25 | 0.00× | 0.97× | ||
| Q2 25 | 0.00× | 0.98× | ||
| Q1 25 | — | 1.00× | ||
| Q4 24 | 0.00× | 1.02× | ||
| Q3 24 | 0.18× | 1.03× | ||
| Q2 24 | 0.30× | 1.05× | ||
| Q1 24 | 0.36× | 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 | $-51.4M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $-52.2M | $33.5M |
| 自由现金流率自由现金流/营收 | -60.3% | 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 | — | $56.8M |
8季度趋势，按日历期对齐
经营现金流ALTIRMAX
| Q4 25 | $-51.4M | $40.9M | ||
| Q3 25 | $-53.5M | $17.7M | ||
| Q2 25 | $-19.9M | $4.6M | ||
| Q1 25 | $-30.2M | $5.7M | ||
| Q4 24 | $-50.7M | $59.7M | ||
| Q3 24 | $-4.9M | $17.6M | ||
| Q2 24 | $-30.2M | $15.9M | ||
| Q1 24 | $-15.5M | $9.4M |
自由现金流ALTIRMAX
| Q4 25 | $-52.2M | $33.5M | ||
| Q3 25 | — | $16.4M | ||
| Q2 25 | $-20.0M | $2.9M | ||
| Q1 25 | $-31.0M | $4.0M | ||
| Q4 24 | $-58.2M | $53.0M | ||
| Q3 24 | $-9.4M | $16.3M | ||
| Q2 24 | $-31.2M | $14.0M | ||
| Q1 24 | $-15.7M | $6.8M |
自由现金流率ALTIRMAX
| Q4 25 | -60.3% | 47.1% | ||
| Q3 25 | — | 22.4% | ||
| Q2 25 | -37.6% | 4.0% | ||
| Q1 25 | -53.4% | 5.3% | ||
| Q4 24 | -125.7% | 73.2% | ||
| Q3 24 | -18.2% | 20.8% | ||
| Q2 24 | -63.2% | 17.8% | ||
| Q1 24 | -30.9% | 8.6% |
资本支出强度ALTIRMAX
| Q4 25 | 0.9% | 10.4% | ||
| Q3 25 | 0.0% | 1.8% | ||
| Q2 25 | 0.0% | 2.2% | ||
| Q1 25 | 1.3% | 2.3% | ||
| Q4 24 | 16.3% | 9.1% | ||
| Q3 24 | 8.7% | 1.7% | ||
| Q2 24 | 2.2% | 2.4% | ||
| Q1 24 | 0.4% | 3.3% |
现金转化率ALTIRMAX
| Q4 25 | — | 28.39× | ||
| Q3 25 | — | 4.45× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | -15.80× | — | ||
| Q4 24 | — | 10.28× | ||
| Q3 24 | — | 18.22× | ||
| Q2 24 | — | 4.29× | ||
| Q1 24 | -0.52× | — |
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
ALTI
| Management Advisory Fees | $51.1M | 59% |
| Other | $32.7M | 38% |
| Distributions From Investments | $2.9M | 3% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
