vs
American Well Corp（AMWL）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American Well Corp的1.3倍（$71.1M vs $55.3M），RE/MAX Holdings, Inc.净利率更高（2.0% vs -45.1%，领先47.1%），RE/MAX Holdings, Inc.同比增速更快（-1.8% vs -22.1%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $-17.4M），过去两年American Well Corp的营收复合增速更高（-3.6% vs -4.7%）
美国烟草公司由J.B.杜克于1890年整合多家美国烟草制造商合并创立，1896年成为道琼斯工业平均指数最初的12支成分股之一。该公司收购了好彩公司及超过200家竞争对手，一度垄断美国烟草行业。1907年美国联邦政府发起反垄断诉讼，最终将该公司分拆为多家企业。
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。
AMWL vs RMAX — 直观对比
营收规模更大
RMAX
是对方的1.3倍
$55.3M
营收增速更快
RMAX
高出20.3%
-22.1%
净利率更高
RMAX
高出47.1%
-45.1%
自由现金流更多
RMAX
多$50.9M
$-17.4M
两年增速更快
AMWL
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $55.3M | $71.1M |
| 净利润 | $-24.9M | $1.4M |
| 毛利率 | — | — |
| 营业利润率 | -45.5% | 13.1% |
| 净利率 | -45.1% | 2.0% |
| 营收同比 | -22.1% | -1.8% |
| 净利润同比 | 41.6% | -75.2% |
| 每股收益（稀释后） | $-1.53 | — |
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AMWLRMAX
| Q4 25 | $55.3M | $71.1M | ||
| Q3 25 | $56.3M | $73.2M | ||
| Q2 25 | $70.9M | $72.8M | ||
| Q1 25 | $66.8M | $74.5M | ||
| Q4 24 | $71.0M | $72.5M | ||
| Q3 24 | $61.0M | $78.5M | ||
| Q2 24 | $62.8M | $78.5M | ||
| Q1 24 | $59.5M | $78.3M |
净利润AMWLRMAX
| Q4 25 | $-24.9M | $1.4M | ||
| Q3 25 | $-32.4M | $4.0M | ||
| Q2 25 | $-19.7M | $4.7M | ||
| Q1 25 | $-18.7M | $-2.0M | ||
| Q4 24 | $-42.7M | $5.8M | ||
| Q3 24 | $-43.5M | $966.0K | ||
| Q2 24 | $-49.9M | $3.7M | ||
| Q1 24 | $-72.1M | $-3.4M |
营业利润率AMWLRMAX
| Q4 25 | -45.5% | 13.1% | ||
| Q3 25 | -52.1% | 25.0% | ||
| Q2 25 | -28.7% | 19.3% | ||
| Q1 25 | -45.5% | 7.2% | ||
| Q4 24 | -60.2% | 5.9% | ||
| Q3 24 | -77.6% | 19.4% | ||
| Q2 24 | -83.4% | 20.6% | ||
| Q1 24 | -126.1% | 5.8% |
净利率AMWLRMAX
| Q4 25 | -45.1% | 2.0% | ||
| Q3 25 | -57.5% | 5.4% | ||
| Q2 25 | -27.8% | 6.4% | ||
| Q1 25 | -28.0% | -2.6% | ||
| Q4 24 | -60.1% | 8.0% | ||
| Q3 24 | -71.2% | 1.2% | ||
| Q2 24 | -79.5% | 4.7% | ||
| Q1 24 | -121.1% | -4.3% |
每股收益（稀释后）AMWLRMAX
| Q4 25 | $-1.53 | — | ||
| Q3 25 | $-2.00 | — | ||
| Q2 25 | $-1.24 | — | ||
| Q1 25 | $-1.19 | — | ||
| Q4 24 | $-2.71 | — | ||
| Q3 24 | $-2.87 | — | ||
| Q2 24 | $-3.36 | — | ||
| Q1 24 | $-4.94 | — |
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 | $182.3M | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | $235.6M | $452.4M |
| 总资产 | $323.8M | $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AMWLRMAX
| Q4 25 | $182.3M | $118.7M | ||
| Q3 25 | $200.9M | $107.5M | ||
| Q2 25 | $219.1M | $94.3M | ||
| Q1 25 | $222.4M | $89.1M | ||
| Q4 24 | $228.3M | $96.6M | ||
| Q3 24 | $244.6M | $83.8M | ||
| Q2 24 | $276.9M | $66.1M | ||
| Q1 24 | $308.6M | $82.1M |
总债务AMWLRMAX
| 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AMWLRMAX
| Q4 25 | $235.6M | $452.4M | ||
| Q3 25 | $254.9M | $448.1M | ||
| Q2 25 | $282.6M | $442.4M | ||
| Q1 25 | $294.0M | $433.5M | ||
| Q4 24 | $304.8M | $429.5M | ||
| Q3 24 | $336.7M | $423.1M | ||
| Q2 24 | $363.9M | $418.4M | ||
| Q1 24 | $408.7M | $412.0M |
总资产AMWLRMAX
| Q4 25 | $323.8M | $582.5M | ||
| Q3 25 | $359.4M | $582.2M | ||
| Q2 25 | $388.7M | $574.8M | ||
| Q1 25 | $419.5M | $571.4M | ||
| Q4 24 | $436.0M | $581.6M | ||
| Q3 24 | $483.0M | $578.6M | ||
| Q2 24 | $507.8M | $571.4M | ||
| Q1 24 | $548.4M | $566.7M |
负债/权益比AMWLRMAX
| 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 | $-17.4M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $-17.4M | $33.5M |
| 自由现金流率自由现金流/营收 | -31.4% | 47.1% |
| 资本支出强度资本支出/营收 | 0.0% | 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AMWLRMAX
| Q4 25 | $-17.4M | $40.9M | ||
| Q3 25 | $-18.8M | $17.7M | ||
| Q2 25 | $-4.7M | $4.6M | ||
| Q1 25 | $-25.1M | $5.7M | ||
| Q4 24 | $-13.4M | $59.7M | ||
| Q3 24 | $-32.4M | $17.6M | ||
| Q2 24 | $-21.8M | $15.9M | ||
| Q1 24 | $-59.8M | $9.4M |
自由现金流AMWLRMAX
| Q4 25 | $-17.4M | $33.5M | ||
| Q3 25 | — | $16.4M | ||
| Q2 25 | — | $2.9M | ||
| Q1 25 | $-25.1M | $4.0M | ||
| Q4 24 | $-13.4M | $53.0M | ||
| Q3 24 | $-32.4M | $16.3M | ||
| Q2 24 | $-21.8M | $14.0M | ||
| Q1 24 | $-59.8M | $6.8M |
自由现金流率AMWLRMAX
| Q4 25 | -31.4% | 47.1% | ||
| Q3 25 | — | 22.4% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | -37.6% | 5.3% | ||
| Q4 24 | -18.9% | 73.2% | ||
| Q3 24 | -53.0% | 20.8% | ||
| Q2 24 | -34.7% | 17.8% | ||
| Q1 24 | -100.5% | 8.6% |
资本支出强度AMWLRMAX
| Q4 25 | 0.0% | 10.4% | ||
| Q3 25 | 0.0% | 1.8% | ||
| Q2 25 | 0.0% | 2.2% | ||
| Q1 25 | 0.0% | 2.3% | ||
| Q4 24 | 0.0% | 9.1% | ||
| Q3 24 | 0.0% | 1.7% | ||
| Q2 24 | 0.0% | 2.4% | ||
| Q1 24 | 0.1% | 3.3% |
现金转化率AMWLRMAX
| Q4 25 | — | 28.39× | ||
| Q3 25 | — | 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
AMWL
| Platform Subscription | $28.8M | 52% |
| Visits | $23.7M | 43% |
| Others | $2.8M | 5% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
