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黑莓（BB）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
黑莓的季度营收约是RE/MAX Holdings, Inc.的2.0倍（$141.8M vs $71.1M），黑莓净利率更高（9.7% vs 2.0%，领先7.6%），黑莓同比增速更快（-0.8% vs -1.8%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $17.4M），过去两年黑莓的营收复合增速更高（17.8% vs -4.7%）
黑莓有限公司（前身为动态研究公司，简称RIM）是加拿大专注于安全通信与物联网领域的软件企业，成立于1984年。早年曾推出黑莓品牌双向寻呼机、智能手机及平板电脑产品，后续转型提供软件与服务，拥有多项核心软件应用专利。
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。
BB vs RMAX — 直观对比
营收规模更大
BB
是对方的2.0倍
$71.1M
营收增速更快
BB
高出1.0%
-1.8%
净利率更高
BB
高出7.6%
2.0%
自由现金流更多
RMAX
多$16.1M
$17.4M
两年增速更快
BB
近两年复合增速
-4.7%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $141.8M | $71.1M |
| 净利润 | $13.7M | $1.4M |
| 毛利率 | 77.5% | — |
| 营业利润率 | 8.4% | 13.1% |
| 净利率 | 9.7% | 2.0% |
| 营收同比 | -0.8% | -1.8% |
| 净利润同比 | 224.5% | -75.2% |
| 每股收益（稀释后） | $0.02 | — |
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BBRMAX
| Q4 25 | $141.8M | $71.1M | ||
| Q3 25 | $129.6M | $73.2M | ||
| Q2 25 | $121.7M | $72.8M | ||
| Q1 25 | $141.7M | $74.5M | ||
| Q4 24 | $143.6M | $72.5M | ||
| Q3 24 | $126.2M | $78.5M | ||
| Q2 24 | $123.4M | $78.5M | ||
| Q1 24 | $102.1M | $78.3M |
净利润BBRMAX
| Q4 25 | $13.7M | $1.4M | ||
| Q3 25 | $13.3M | $4.0M | ||
| Q2 25 | $1.9M | $4.7M | ||
| Q1 25 | $-7.4M | $-2.0M | ||
| Q4 24 | $-10.5M | $5.8M | ||
| Q3 24 | $-19.7M | $966.0K | ||
| Q2 24 | $-41.4M | $3.7M | ||
| Q1 24 | $-56.2M | $-3.4M |
毛利率BBRMAX
| Q4 25 | 77.5% | — | ||
| Q3 25 | 74.5% | — | ||
| Q2 25 | 74.2% | — | ||
| Q1 25 | 73.5% | — | ||
| Q4 24 | 78.1% | — | ||
| Q3 24 | 70.2% | — | ||
| Q2 24 | 72.9% | — | ||
| Q1 24 | — | — |
营业利润率BBRMAX
| Q4 25 | 8.4% | 13.1% | ||
| Q3 25 | 8.9% | 25.0% | ||
| Q2 25 | 1.6% | 19.3% | ||
| Q1 25 | -5.6% | 7.2% | ||
| Q4 24 | 13.6% | 5.9% | ||
| Q3 24 | 1.7% | 19.4% | ||
| Q2 24 | -10.5% | 20.6% | ||
| Q1 24 | 50.0% | 5.8% |
净利率BBRMAX
| Q4 25 | 9.7% | 2.0% | ||
| Q3 25 | 10.3% | 5.4% | ||
| Q2 25 | 1.6% | 6.4% | ||
| Q1 25 | -5.2% | -2.6% | ||
| Q4 24 | -7.3% | 8.0% | ||
| Q3 24 | -15.6% | 1.2% | ||
| Q2 24 | -33.5% | 4.7% | ||
| Q1 24 | -55.0% | -4.3% |
每股收益（稀释后）BBRMAX
| Q4 25 | $0.02 | — | ||
| Q3 25 | $0.02 | — | ||
| Q2 25 | $0.00 | — | ||
| Q1 25 | $-0.01 | — | ||
| Q4 24 | $-0.02 | — | ||
| Q3 24 | $-0.03 | — | ||
| Q2 24 | $-0.07 | — | ||
| Q1 24 | $-0.08 | — |
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 | $304.2M | $118.7M |
| 总债务越低越好 | $196.2M | $432.2M |
| 股东权益账面价值 | $741.1M | $452.4M |
| 总资产 | $1.2B | $582.5M |
| 负债/权益比越低杠杆越低 | 0.26× | 0.96× |
8季度趋势，按日历期对齐
现金及短期投资BBRMAX
| Q4 25 | $304.2M | $118.7M | ||
| Q3 25 | $290.5M | $107.5M | ||
| Q2 25 | $306.6M | $94.3M | ||
| Q1 25 | $337.8M | $89.1M | ||
| Q4 24 | $220.0M | $96.6M | ||
| Q3 24 | $211.0M | $83.8M | ||
| Q2 24 | $229.0M | $66.1M | ||
| Q1 24 | $237.1M | $82.1M |
总债务BBRMAX
| Q4 25 | $196.2M | $432.2M | ||
| Q3 25 | $195.9M | $433.3M | ||
| Q2 25 | $195.6M | $434.4M | ||
| Q1 25 | $195.3M | $435.3M | ||
| Q4 24 | — | $436.2M | ||
| Q3 24 | — | $437.2M | ||
| Q2 24 | — | $438.1M | ||
| Q1 24 | $194.1M | $439.0M |
股东权益BBRMAX
| Q4 25 | $741.1M | $452.4M | ||
| Q3 25 | $725.1M | $448.1M | ||
| Q2 25 | $725.1M | $442.4M | ||
| Q1 25 | $719.9M | $433.5M | ||
| Q4 24 | $725.2M | $429.5M | ||
| Q3 24 | $732.1M | $423.1M | ||
| Q2 24 | $742.6M | $418.4M | ||
| Q1 24 | $775.1M | $412.0M |
总资产BBRMAX
| Q4 25 | $1.2B | $582.5M | ||
| Q3 25 | $1.2B | $582.2M | ||
| Q2 25 | $1.2B | $574.8M | ||
| Q1 25 | $1.3B | $571.4M | ||
| Q4 24 | $1.3B | $581.6M | ||
| Q3 24 | $1.3B | $578.6M | ||
| Q2 24 | $1.3B | $571.4M | ||
| Q1 24 | $1.4B | $566.7M |
负债/权益比BBRMAX
| Q4 25 | 0.26× | 0.96× | ||
| Q3 25 | 0.27× | 0.97× | ||
| Q2 25 | 0.27× | 0.98× | ||
| Q1 25 | 0.27× | 1.00× | ||
| Q4 24 | — | 1.02× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | 0.25× | 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 | $18.3M | $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 | 12.3% | 47.1% |
| 资本支出强度资本支出/营收 | 0.6% | 10.4% |
| 现金转化率经营现金流/净利润 | 1.34× | 28.39× |
| 过去12个月自由现金流最近4个季度 | $42.8M | $56.8M |
8季度趋势，按日历期对齐
经营现金流BBRMAX
| Q4 25 | $18.3M | $40.9M | ||
| Q3 25 | $3.9M | $17.7M | ||
| Q2 25 | $-18.0M | $4.6M | ||
| Q1 25 | $41.6M | $5.7M | ||
| Q4 24 | $6.0M | $59.7M | ||
| Q3 24 | $-16.0M | $17.6M | ||
| Q2 24 | $-15.1M | $15.9M | ||
| Q1 24 | $-15.5M | $9.4M |
自由现金流BBRMAX
| Q4 25 | $17.4M | $33.5M | ||
| Q3 25 | $3.1M | $16.4M | ||
| Q2 25 | $-18.9M | $2.9M | ||
| Q1 25 | $41.2M | $4.0M | ||
| Q4 24 | $5.2M | $53.0M | ||
| Q3 24 | $-16.5M | $16.3M | ||
| Q2 24 | $-16.5M | $14.0M | ||
| Q1 24 | $-17.6M | $6.8M |
自由现金流率BBRMAX
| Q4 25 | 12.3% | 47.1% | ||
| Q3 25 | 2.4% | 22.4% | ||
| Q2 25 | -15.5% | 4.0% | ||
| Q1 25 | 29.1% | 5.3% | ||
| Q4 24 | 3.6% | 73.2% | ||
| Q3 24 | -13.1% | 20.8% | ||
| Q2 24 | -13.4% | 17.8% | ||
| Q1 24 | -17.2% | 8.6% |
资本支出强度BBRMAX
| Q4 25 | 0.6% | 10.4% | ||
| Q3 25 | 0.6% | 1.8% | ||
| Q2 25 | 0.7% | 2.2% | ||
| Q1 25 | 0.3% | 2.3% | ||
| Q4 24 | 0.6% | 9.1% | ||
| Q3 24 | 0.4% | 1.7% | ||
| Q2 24 | 1.1% | 2.4% | ||
| Q1 24 | 2.1% | 3.3% |
现金转化率BBRMAX
| Q4 25 | 1.34× | 28.39× | ||
| Q3 25 | 0.29× | 4.45× | ||
| Q2 25 | -9.47× | 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
BB
| QNX | $68.7M | 48% |
| Secure Communication | $67.0M | 47% |
| Licensing | $6.1M | 4% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
