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BRANDYWINE REALTY TRUST（BDN）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
BRANDYWINE REALTY TRUST的季度营收约是RE/MAX Holdings, Inc.的1.8倍（$127.0M vs $71.1M），RE/MAX Holdings, Inc.净利率更高（2.0% vs -38.4%，领先40.5%），BRANDYWINE REALTY TRUST同比增速更快（4.5% vs -1.8%），过去两年BRANDYWINE REALTY TRUST的营收复合增速更高（0.7% vs -4.7%）
白兰地房地产信托是一家总部位于费城的房地产投资信托基金（REIT），核心投资方向为费城、华盛顿特区以及德克萨斯州奥斯汀的写字楼物业，是美国聚焦核心都市商务地产的专业REIT运营商。
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。
BDN vs RMAX — 直观对比
营收规模更大
BDN
是对方的1.8倍
$71.1M
营收增速更快
BDN
高出6.4%
-1.8%
净利率更高
RMAX
高出40.5%
-38.4%
两年增速更快
BDN
近两年复合增速
-4.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $127.0M | $71.1M |
| 净利润 | $-48.8M | $1.4M |
| 毛利率 | — | — |
| 营业利润率 | 1.2% | 13.1% |
| 净利率 | -38.4% | 2.0% |
| 营收同比 | 4.5% | -1.8% |
| 净利润同比 | -80.4% | -75.2% |
| 每股收益（稀释后） | $-0.28 | — |
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BDNRMAX
| Q1 26 | $127.0M | — | ||
| Q4 25 | $121.0M | $71.1M | ||
| Q3 25 | $121.4M | $73.2M | ||
| Q2 25 | $120.6M | $72.8M | ||
| Q1 25 | $121.5M | $74.5M | ||
| Q4 24 | $121.9M | $72.5M | ||
| Q3 24 | $131.8M | $78.5M | ||
| Q2 24 | $125.3M | $78.5M |
净利润BDNRMAX
| Q1 26 | $-48.8M | — | ||
| Q4 25 | $-36.7M | $1.4M | ||
| Q3 25 | $-25.9M | $4.0M | ||
| Q2 25 | $-88.7M | $4.7M | ||
| Q1 25 | $-27.0M | $-2.0M | ||
| Q4 24 | $-44.5M | $5.8M | ||
| Q3 24 | $-165.2M | $966.0K | ||
| Q2 24 | $30.2M | $3.7M |
毛利率BDNRMAX
| Q1 26 | — | — | ||
| Q4 25 | 61.3% | — | ||
| Q3 25 | 62.6% | — | ||
| Q2 25 | 62.4% | — | ||
| Q1 25 | 60.8% | — | ||
| Q4 24 | 61.2% | — | ||
| Q3 24 | 64.9% | — | ||
| Q2 24 | 63.1% | — |
营业利润率BDNRMAX
| Q1 26 | 1.2% | — | ||
| Q4 25 | 22.8% | 13.1% | ||
| Q3 25 | 20.8% | 25.0% | ||
| Q2 25 | -34.3% | 19.3% | ||
| Q1 25 | 12.5% | 7.2% | ||
| Q4 24 | 18.0% | 5.9% | ||
| Q3 24 | -7.2% | 19.4% | ||
| Q2 24 | 15.5% | 20.6% |
净利率BDNRMAX
| Q1 26 | -38.4% | — | ||
| Q4 25 | -30.3% | 2.0% | ||
| Q3 25 | -21.3% | 5.4% | ||
| Q2 25 | -73.5% | 6.4% | ||
| Q1 25 | -22.2% | -2.6% | ||
| Q4 24 | -36.5% | 8.0% | ||
| Q3 24 | -125.4% | 1.2% | ||
| Q2 24 | 24.1% | 4.7% |
每股收益（稀释后）BDNRMAX
| Q1 26 | $-0.28 | — | ||
| Q4 25 | $-0.21 | — | ||
| Q3 25 | $-0.15 | — | ||
| Q2 25 | $-0.51 | — | ||
| Q1 25 | $-0.16 | — | ||
| Q4 24 | $-0.25 | — | ||
| Q3 24 | $-0.96 | — | ||
| Q2 24 | $0.17 | — |
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 | $36.2M | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | — | $452.4M |
| 总资产 | $3.6B | $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BDNRMAX
| Q1 26 | $36.2M | — | ||
| Q4 25 | $32.3M | $118.7M | ||
| Q3 25 | $75.5M | $107.5M | ||
| Q2 25 | $122.6M | $94.3M | ||
| Q1 25 | $29.4M | $89.1M | ||
| Q4 24 | $90.2M | $96.6M | ||
| Q3 24 | $36.5M | $83.8M | ||
| Q2 24 | $30.4M | $66.1M |
总债务BDNRMAX
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $432.2M | ||
| Q3 25 | $2.3B | $433.3M | ||
| Q2 25 | $2.3B | $434.4M | ||
| Q1 25 | $2.2B | $435.3M | ||
| Q4 24 | $2.2B | $436.2M | ||
| Q3 24 | $2.3B | $437.2M | ||
| Q2 24 | $2.2B | $438.1M |
股东权益BDNRMAX
| Q1 26 | — | — | ||
| Q4 25 | $792.7M | $452.4M | ||
| Q3 25 | $841.5M | $448.1M | ||
| Q2 25 | $879.8M | $442.4M | ||
| Q1 25 | $993.6M | $433.5M | ||
| Q4 24 | $1.0B | $429.5M | ||
| Q3 24 | $1.1B | $423.1M | ||
| Q2 24 | $1.3B | $418.4M |
总资产BDNRMAX
| Q1 26 | $3.6B | — | ||
| Q4 25 | $3.6B | $582.5M | ||
| Q3 25 | $3.3B | $582.2M | ||
| Q2 25 | $3.4B | $574.8M | ||
| Q1 25 | $3.4B | $571.4M | ||
| Q4 24 | $3.5B | $581.6M | ||
| Q3 24 | $3.6B | $578.6M | ||
| Q2 24 | $3.8B | $571.4M |
负债/权益比BDNRMAX
| Q1 26 | — | — | ||
| Q4 25 | 3.23× | 0.96× | ||
| Q3 25 | 2.70× | 0.97× | ||
| Q2 25 | 2.63× | 0.98× | ||
| Q1 25 | 2.23× | 1.00× | ||
| Q4 24 | 2.13× | 1.02× | ||
| Q3 24 | 2.06× | 1.03× | ||
| Q2 24 | 1.73× | 1.05× |
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 | — | $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 | — | 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BDNRMAX
| Q1 26 | — | — | ||
| Q4 25 | $116.7M | $40.9M | ||
| Q3 25 | $47.5M | $17.7M | ||
| Q2 25 | $34.4M | $4.6M | ||
| Q1 25 | $6.3M | $5.7M | ||
| Q4 24 | $181.1M | $59.7M | ||
| Q3 24 | $52.2M | $17.6M | ||
| Q2 24 | $48.2M | $15.9M |
自由现金流BDNRMAX
| Q1 26 | — | — | ||
| 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 |
自由现金流率BDNRMAX
| Q1 26 | — | — | ||
| 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% |
资本支出强度BDNRMAX
| Q1 26 | — | — | ||
| 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% |
现金转化率BDNRMAX
| Q1 26 | — | — | ||
| Q4 25 | — | 28.39× | ||
| Q3 25 | — | 4.45× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 10.28× | ||
| Q3 24 | — | 18.22× | ||
| Q2 24 | 1.60× | 4.29× |
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
BDN
| Rents | $120.7M | 95% |
| Third party management fees, labor reimbursement and leasing | $4.7M | 4% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
