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Apollo Commercial Real Estate Finance, Inc.（ARI）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
Apollo Commercial Real Estate Finance, Inc.的季度营收约是RE/MAX Holdings, Inc.的1.0倍（$73.3M vs $71.1M），Apollo Commercial Real Estate Finance, Inc.净利率更高（39.9% vs 2.0%，领先37.8%），Apollo Commercial Real Estate Finance, Inc.同比增速更快（4.0% vs -1.8%），过去两年Apollo Commercial Real Estate Finance, Inc.的营收复合增速更高（-4.6% vs -4.7%）
阿波罗商业房地产金融公司是一家房地产投资信托企业，主要发起、收购并管理商业地产债务资产，包括优先抵押贷款、夹层贷款及商业抵押贷款支持证券，主营美国市场，致力于为投资者创造稳定收益。
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。
ARI vs RMAX — 直观对比
营收规模更大
ARI
是对方的1.0倍
$71.1M
营收增速更快
ARI
高出5.8%
-1.8%
净利率更高
ARI
高出37.8%
2.0%
两年增速更快
ARI
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $73.3M | $71.1M |
| 净利润 | $29.2M | $1.4M |
| 毛利率 | — | — |
| 营业利润率 | 39.7% | 13.1% |
| 净利率 | 39.9% | 2.0% |
| 营收同比 | 4.0% | -1.8% |
| 净利润同比 | -28.2% | -75.2% |
| 每股收益（稀释后） | $0.19 | — |
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ARIRMAX
| Q4 25 | $73.3M | $71.1M | ||
| Q3 25 | $61.6M | $73.2M | ||
| Q2 25 | $70.9M | $72.8M | ||
| Q1 25 | $65.8M | $74.5M | ||
| Q4 24 | $70.5M | $72.5M | ||
| Q3 24 | $71.6M | $78.5M | ||
| Q2 24 | $81.1M | $78.5M | ||
| Q1 24 | $80.5M | $78.3M |
净利润ARIRMAX
| Q4 25 | $29.2M | $1.4M | ||
| Q3 25 | $50.8M | $4.0M | ||
| Q2 25 | $20.7M | $4.7M | ||
| Q1 25 | $26.0M | $-2.0M | ||
| Q4 24 | $40.7M | $5.8M | ||
| Q3 24 | $-91.5M | $966.0K | ||
| Q2 24 | $35.8M | $3.7M | ||
| Q1 24 | $-104.5M | $-3.4M |
营业利润率ARIRMAX
| Q4 25 | 39.7% | 13.1% | ||
| Q3 25 | 82.8% | 25.0% | ||
| Q2 25 | 29.4% | 19.3% | ||
| Q1 25 | 39.7% | 7.2% | ||
| Q4 24 | 57.9% | 5.9% | ||
| Q3 24 | -127.8% | 19.4% | ||
| Q2 24 | 44.2% | 20.6% | ||
| Q1 24 | -129.6% | 5.8% |
净利率ARIRMAX
| Q4 25 | 39.9% | 2.0% | ||
| Q3 25 | 82.4% | 5.4% | ||
| Q2 25 | 29.3% | 6.4% | ||
| Q1 25 | 39.5% | -2.6% | ||
| Q4 24 | 57.7% | 8.0% | ||
| Q3 24 | -127.9% | 1.2% | ||
| Q2 24 | 44.1% | 4.7% | ||
| Q1 24 | -129.8% | -4.3% |
每股收益（稀释后）ARIRMAX
| Q4 25 | $0.19 | — | ||
| Q3 25 | $0.34 | — | ||
| Q2 25 | $0.12 | — | ||
| Q1 25 | $0.16 | — | ||
| Q4 24 | $0.25 | — | ||
| Q3 24 | $-0.69 | — | ||
| Q2 24 | $0.23 | — | ||
| Q1 24 | $-0.76 | — |
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 | $139.8M | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | $1.9B | $452.4M |
| 总资产 | $9.9B | $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ARIRMAX
| Q4 25 | $139.8M | $118.7M | ||
| Q3 25 | $245.9M | $107.5M | ||
| Q2 25 | $177.6M | $94.3M | ||
| Q1 25 | $166.4M | $89.1M | ||
| Q4 24 | $317.4M | $96.6M | ||
| Q3 24 | $194.3M | $83.8M | ||
| Q2 24 | $174.7M | $66.1M | ||
| Q1 24 | $161.2M | $82.1M |
总债务ARIRMAX
| 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ARIRMAX
| Q4 25 | $1.9B | $452.4M | ||
| Q3 25 | $1.9B | $448.1M | ||
| Q2 25 | $1.8B | $442.4M | ||
| Q1 25 | $1.9B | $433.5M | ||
| Q4 24 | $1.9B | $429.5M | ||
| Q3 24 | $1.9B | $423.1M | ||
| Q2 24 | $2.0B | $418.4M | ||
| Q1 24 | $2.0B | $412.0M |
总资产ARIRMAX
| Q4 25 | $9.9B | $582.5M | ||
| Q3 25 | $9.5B | $582.2M | ||
| Q2 25 | $9.8B | $574.8M | ||
| Q1 25 | $8.8B | $571.4M | ||
| Q4 24 | $8.4B | $581.6M | ||
| Q3 24 | $9.1B | $578.6M | ||
| Q2 24 | $9.3B | $571.4M | ||
| Q1 24 | $9.2B | $566.7M |
负债/权益比ARIRMAX
| 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 | $142.5M | $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 | 4.88× | 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ARIRMAX
| Q4 25 | $142.5M | $40.9M | ||
| Q3 25 | $31.7M | $17.7M | ||
| Q2 25 | $63.2M | $4.6M | ||
| Q1 25 | $39.3M | $5.7M | ||
| Q4 24 | $200.3M | $59.7M | ||
| Q3 24 | $47.2M | $17.6M | ||
| Q2 24 | $50.2M | $15.9M | ||
| Q1 24 | $52.8M | $9.4M |
自由现金流ARIRMAX
| 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ARIRMAX
| 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ARIRMAX
| 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ARIRMAX
| Q4 25 | 4.88× | 28.39× | ||
| Q3 25 | 0.62× | 4.45× | ||
| Q2 25 | 3.05× | 0.97× | ||
| Q1 25 | 1.51× | — | ||
| Q4 24 | 4.93× | 10.28× | ||
| Q3 24 | — | 18.22× | ||
| Q2 24 | 1.40× | 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
ARI
暂无分部数据
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
