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Applied Digital Corp.（APLD）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
Applied Digital Corp.的季度营收约是RE/MAX Holdings, Inc.的1.8倍（$126.6M vs $71.1M），RE/MAX Holdings, Inc.净利率更高（2.0% vs -11.4%，领先13.4%），Applied Digital Corp.同比增速更快（98.2% vs -1.8%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $-567.9M），过去两年Applied Digital Corp.的营收复合增速更高（70.9% vs -4.7%）
BAE系统旗下的国际防务与安全技术企业，专注于提供数字化解决方案，支持客户快速开展数据驱动决策，服务覆盖执法机构、国家安全部门、政府单位、关键基础设施运营商、电信企业、军方及航天领域。
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。
APLD vs RMAX — 直观对比
营收规模更大
APLD
是对方的1.8倍
$71.1M
营收增速更快
APLD
高出100.0%
-1.8%
净利率更高
RMAX
高出13.4%
-11.4%
自由现金流更多
RMAX
多$601.4M
$-567.9M
两年增速更快
APLD
近两年复合增速
-4.7%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $126.6M | $71.1M |
| 净利润 | $-14.4M | $1.4M |
| 毛利率 | 20.6% | — |
| 营业利润率 | -24.5% | 13.1% |
| 净利率 | -11.4% | 2.0% |
| 营收同比 | 98.2% | -1.8% |
| 净利润同比 | 89.6% | -75.2% |
| 每股收益（稀释后） | $-0.07 | — |
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APLDRMAX
| Q4 25 | $126.6M | $71.1M | ||
| Q3 25 | $64.2M | $73.2M | ||
| Q2 25 | $-33.3M | $72.8M | ||
| Q1 25 | $52.9M | $74.5M | ||
| Q4 24 | $63.9M | $72.5M | ||
| Q3 24 | $60.7M | $78.5M | ||
| Q2 24 | $43.7M | $78.5M | ||
| Q1 24 | $43.3M | $78.3M |
净利润APLDRMAX
| Q4 25 | $-14.4M | $1.4M | ||
| Q3 25 | $-16.9M | $4.0M | ||
| Q2 25 | $-52.5M | $4.7M | ||
| Q1 25 | $-35.6M | $-2.0M | ||
| Q4 24 | $-138.7M | $5.8M | ||
| Q3 24 | $-4.2M | $966.0K | ||
| Q2 24 | $-64.5M | $3.7M | ||
| Q1 24 | $-62.8M | $-3.4M |
毛利率APLDRMAX
| Q4 25 | 20.6% | — | ||
| Q3 25 | 13.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 7.1% | — | ||
| Q4 24 | 18.0% | — | ||
| Q3 24 | -0.6% | — | ||
| Q2 24 | -9.1% | — | ||
| Q1 24 | -8.6% | — |
营业利润率APLDRMAX
| Q4 25 | -24.5% | 13.1% | ||
| Q3 25 | -34.7% | 25.0% | ||
| Q2 25 | — | 19.3% | ||
| Q1 25 | -35.8% | 7.2% | ||
| Q4 24 | -29.1% | 5.9% | ||
| Q3 24 | 15.6% | 19.4% | ||
| Q2 24 | -68.4% | 20.6% | ||
| Q1 24 | -128.8% | 5.8% |
净利率APLDRMAX
| Q4 25 | -11.4% | 2.0% | ||
| Q3 25 | -26.4% | 5.4% | ||
| Q2 25 | 157.8% | 6.4% | ||
| Q1 25 | -67.2% | -2.6% | ||
| Q4 24 | -217.2% | 8.0% | ||
| Q3 24 | -7.0% | 1.2% | ||
| Q2 24 | -147.5% | 4.7% | ||
| Q1 24 | -145.0% | -4.3% |
每股收益（稀释后）APLDRMAX
| Q4 25 | $-0.07 | — | ||
| Q3 25 | $-0.07 | — | ||
| Q2 25 | $-0.31 | — | ||
| Q1 25 | $-0.16 | — | ||
| Q4 24 | $-0.66 | — | ||
| Q3 24 | $-0.03 | — | ||
| Q2 24 | $-0.57 | — | ||
| Q1 24 | $-0.52 | — |
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 | $1.9B | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | $1.4B | $452.4M |
| 总资产 | $5.2B | $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APLDRMAX
| Q4 25 | $1.9B | $118.7M | ||
| Q3 25 | $73.9M | $107.5M | ||
| Q2 25 | $41.6M | $94.3M | ||
| Q1 25 | $68.7M | $89.1M | ||
| Q4 24 | $286.2M | $96.6M | ||
| Q3 24 | $58.2M | $83.8M | ||
| Q2 24 | $3.3M | $66.1M | ||
| Q1 24 | $4.4M | $82.1M |
总债务APLDRMAX
| 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APLDRMAX
| Q4 25 | $1.4B | $452.4M | ||
| Q3 25 | $1.0B | $448.1M | ||
| Q2 25 | $497.7M | $442.4M | ||
| Q1 25 | $454.6M | $433.5M | ||
| Q4 24 | $434.6M | $429.5M | ||
| Q3 24 | $241.8M | $423.1M | ||
| Q2 24 | $124.8M | $418.4M | ||
| Q1 24 | $118.5M | $412.0M |
总资产APLDRMAX
| Q4 25 | $5.2B | $582.5M | ||
| Q3 25 | $2.4B | $582.2M | ||
| Q2 25 | $1.9B | $574.8M | ||
| Q1 25 | $1.7B | $571.4M | ||
| Q4 24 | $1.5B | $581.6M | ||
| Q3 24 | $937.7M | $578.6M | ||
| Q2 24 | $762.9M | $571.4M | ||
| Q1 24 | $643.2M | $566.7M |
负债/权益比APLDRMAX
| 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 | $-15.8M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $-567.9M | $33.5M |
| 自由现金流率自由现金流/营收 | -448.6% | 47.1% |
| 资本支出强度资本支出/营收 | 436.1% | 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 | $-1.3B | $56.8M |
8季度趋势，按日历期对齐
经营现金流APLDRMAX
| Q4 25 | $-15.8M | $40.9M | ||
| Q3 25 | $-82.0M | $17.7M | ||
| Q2 25 | $6.9M | $4.6M | ||
| Q1 25 | $5.9M | $5.7M | ||
| Q4 24 | $-52.3M | $59.7M | ||
| Q3 24 | $-75.9M | $17.6M | ||
| Q2 24 | $-34.1M | $15.9M | ||
| Q1 24 | $38.8M | $9.4M |
自由现金流APLDRMAX
| Q4 25 | $-567.9M | $33.5M | ||
| Q3 25 | $-331.4M | $16.4M | ||
| Q2 25 | $-191.4M | $2.9M | ||
| Q1 25 | $-251.6M | $4.0M | ||
| Q4 24 | $-223.3M | $53.0M | ||
| Q3 24 | $-130.7M | $16.3M | ||
| Q2 24 | $-88.9M | $14.0M | ||
| Q1 24 | $-2.3M | $6.8M |
自由现金流率APLDRMAX
| Q4 25 | -448.6% | 47.1% | ||
| Q3 25 | -516.1% | 22.4% | ||
| Q2 25 | 574.8% | 4.0% | ||
| Q1 25 | -475.4% | 5.3% | ||
| Q4 24 | -349.6% | 73.2% | ||
| Q3 24 | -215.3% | 20.8% | ||
| Q2 24 | -203.5% | 17.8% | ||
| Q1 24 | -5.4% | 8.6% |
资本支出强度APLDRMAX
| Q4 25 | 436.1% | 10.4% | ||
| Q3 25 | 388.4% | 1.8% | ||
| Q2 25 | -595.4% | 2.2% | ||
| Q1 25 | 486.6% | 2.3% | ||
| Q4 24 | 267.8% | 9.1% | ||
| Q3 24 | 90.3% | 1.7% | ||
| Q2 24 | 125.4% | 2.4% | ||
| Q1 24 | 95.0% | 3.3% |
现金转化率APLDRMAX
| 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
APLD
| HPC Hosting Business | $85.0M | 67% |
| Data Center Hosting Business | $41.6M | 33% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
