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Broadstone Net Lease, Inc.（BNL）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
Broadstone Net Lease, Inc.的季度营收约是RE/MAX Holdings, Inc.的1.7倍（$118.3M vs $71.1M），Broadstone Net Lease, Inc.净利率更高（28.0% vs 2.0%，领先26.0%），Broadstone Net Lease, Inc.同比增速更快（5.5% vs -1.8%），Broadstone Net Lease, Inc.自由现金流更多（$269.8M vs $33.5M），过去两年Broadstone Net Lease, Inc.的营收复合增速更高（6.0% vs -4.7%）
Broadstone Net Lease, Inc.是一家房地产投资信托公司，主要在美国市场收购、持有并管理单一租户商业地产资产组合，覆盖工业设施、医疗物业、零售门店、办公空间等核心板块，所有物业均与租户签订长期净租赁协议。
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。
BNL vs RMAX — 直观对比
营收规模更大
BNL
是对方的1.7倍
$71.1M
营收增速更快
BNL
高出7.3%
-1.8%
净利率更高
BNL
高出26.0%
2.0%
自由现金流更多
BNL
多$236.3M
$33.5M
两年增速更快
BNL
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $118.3M | $71.1M |
| 净利润 | $33.1M | $1.4M |
| 毛利率 | — | — |
| 营业利润率 | — | 13.1% |
| 净利率 | 28.0% | 2.0% |
| 营收同比 | 5.5% | -1.8% |
| 净利润同比 | 25.5% | -75.2% |
| 每股收益（稀释后） | $0.17 | — |
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BNLRMAX
| Q4 25 | $118.3M | $71.1M | ||
| Q3 25 | $114.2M | $73.2M | ||
| Q2 25 | $113.0M | $72.8M | ||
| Q1 25 | $108.7M | $74.5M | ||
| Q4 24 | $112.1M | $72.5M | ||
| Q3 24 | $108.4M | $78.5M | ||
| Q2 24 | $105.9M | $78.5M | ||
| Q1 24 | $105.4M | $78.3M |
净利润BNLRMAX
| Q4 25 | $33.1M | $1.4M | ||
| Q3 25 | $26.5M | $4.0M | ||
| Q2 25 | $20.2M | $4.7M | ||
| Q1 25 | $16.7M | $-2.0M | ||
| Q4 24 | $26.4M | $5.8M | ||
| Q3 24 | $35.6M | $966.0K | ||
| Q2 24 | $35.3M | $3.7M | ||
| Q1 24 | $65.1M | $-3.4M |
营业利润率BNLRMAX
| Q4 25 | — | 13.1% | ||
| Q3 25 | — | 25.0% | ||
| Q2 25 | — | 19.3% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | — | 5.9% | ||
| Q3 24 | — | 19.4% | ||
| Q2 24 | — | 20.6% | ||
| Q1 24 | — | 5.8% |
净利率BNLRMAX
| Q4 25 | 28.0% | 2.0% | ||
| Q3 25 | 23.2% | 5.4% | ||
| Q2 25 | 17.8% | 6.4% | ||
| Q1 25 | 15.4% | -2.6% | ||
| Q4 24 | 23.5% | 8.0% | ||
| Q3 24 | 32.8% | 1.2% | ||
| Q2 24 | 33.4% | 4.7% | ||
| Q1 24 | 61.8% | -4.3% |
每股收益（稀释后）BNLRMAX
| Q4 25 | $0.17 | — | ||
| Q3 25 | $0.14 | — | ||
| Q2 25 | $0.10 | — | ||
| Q1 25 | $0.09 | — | ||
| Q4 24 | $0.13 | — | ||
| Q3 24 | $0.19 | — | ||
| Q2 24 | $0.19 | — | ||
| Q1 24 | $0.35 | — |
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 | $30.5M | $118.7M |
| 总债务越低越好 | $2.5B | $432.2M |
| 股东权益账面价值 | $2.9B | $452.4M |
| 总资产 | $5.7B | $582.5M |
| 负债/权益比越低杠杆越低 | 0.87× | 0.96× |
8季度趋势，按日历期对齐
现金及短期投资BNLRMAX
| Q4 25 | $30.5M | $118.7M | ||
| Q3 25 | $82.0M | $107.5M | ||
| Q2 25 | $20.8M | $94.3M | ||
| Q1 25 | $9.6M | $89.1M | ||
| Q4 24 | $14.8M | $96.6M | ||
| Q3 24 | $9.0M | $83.8M | ||
| Q2 24 | $18.3M | $66.1M | ||
| Q1 24 | $221.7M | $82.1M |
总债务BNLRMAX
| Q4 25 | $2.5B | $432.2M | ||
| Q3 25 | $2.4B | $433.3M | ||
| Q2 25 | $2.1B | $434.4M | ||
| Q1 25 | $2.0B | $435.3M | ||
| Q4 24 | $1.9B | $436.2M | ||
| Q3 24 | $2.0B | $437.2M | ||
| Q2 24 | $1.9B | $438.1M | ||
| Q1 24 | $1.9B | $439.0M |
股东权益BNLRMAX
| Q4 25 | $2.9B | $452.4M | ||
| Q3 25 | $2.9B | $448.1M | ||
| Q2 25 | $2.9B | $442.4M | ||
| Q1 25 | $2.9B | $433.5M | ||
| Q4 24 | $3.0B | $429.5M | ||
| Q3 24 | $3.0B | $423.1M | ||
| Q2 24 | $3.1B | $418.4M | ||
| Q1 24 | $3.1B | $412.0M |
总资产BNLRMAX
| Q4 25 | $5.7B | $582.5M | ||
| Q3 25 | $5.5B | $582.2M | ||
| Q2 25 | $5.3B | $574.8M | ||
| Q1 25 | $5.2B | $571.4M | ||
| Q4 24 | $5.2B | $581.6M | ||
| Q3 24 | $5.3B | $578.6M | ||
| Q2 24 | $5.3B | $571.4M | ||
| Q1 24 | $5.3B | $566.7M |
负债/权益比BNLRMAX
| Q4 25 | 0.87× | 0.96× | ||
| Q3 25 | 0.82× | 0.97× | ||
| Q2 25 | 0.73× | 0.98× | ||
| Q1 25 | 0.68× | 1.00× | ||
| Q4 24 | 0.64× | 1.02× | ||
| Q3 24 | 0.65× | 1.03× | ||
| Q2 24 | 0.62× | 1.05× | ||
| Q1 24 | 0.62× | 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 | $299.5M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $269.8M | $33.5M |
| 自由现金流率自由现金流/营收 | 228.1% | 47.1% |
| 资本支出强度资本支出/营收 | 25.1% | 10.4% |
| 现金转化率经营现金流/净利润 | 9.04× | 28.39× |
| 过去12个月自由现金流最近4个季度 | $461.6M | $56.8M |
8季度趋势，按日历期对齐
经营现金流BNLRMAX
| Q4 25 | $299.5M | $40.9M | ||
| Q3 25 | $64.2M | $17.7M | ||
| Q2 25 | $79.3M | $4.6M | ||
| Q1 25 | $71.5M | $5.7M | ||
| Q4 24 | $276.3M | $59.7M | ||
| Q3 24 | $67.3M | $17.6M | ||
| Q2 24 | $74.2M | $15.9M | ||
| Q1 24 | $70.9M | $9.4M |
自由现金流BNLRMAX
| Q4 25 | $269.8M | $33.5M | ||
| Q3 25 | $58.0M | $16.4M | ||
| Q2 25 | $76.7M | $2.9M | ||
| Q1 25 | $57.1M | $4.0M | ||
| Q4 24 | $259.5M | $53.0M | ||
| Q3 24 | $60.3M | $16.3M | ||
| Q2 24 | $74.0M | $14.0M | ||
| Q1 24 | $67.7M | $6.8M |
自由现金流率BNLRMAX
| Q4 25 | 228.1% | 47.1% | ||
| Q3 25 | 50.8% | 22.4% | ||
| Q2 25 | 67.9% | 4.0% | ||
| Q1 25 | 52.5% | 5.3% | ||
| Q4 24 | 231.4% | 73.2% | ||
| Q3 24 | 55.6% | 20.8% | ||
| Q2 24 | 69.9% | 17.8% | ||
| Q1 24 | 64.3% | 8.6% |
资本支出强度BNLRMAX
| Q4 25 | 25.1% | 10.4% | ||
| Q3 25 | 5.4% | 1.8% | ||
| Q2 25 | 2.3% | 2.2% | ||
| Q1 25 | 13.2% | 2.3% | ||
| Q4 24 | 15.0% | 9.1% | ||
| Q3 24 | 6.5% | 1.7% | ||
| Q2 24 | 0.2% | 2.4% | ||
| Q1 24 | 3.0% | 3.3% |
现金转化率BNLRMAX
| Q4 25 | 9.04× | 28.39× | ||
| Q3 25 | 2.43× | 4.45× | ||
| Q2 25 | 3.93× | 0.97× | ||
| Q1 25 | 4.27× | — | ||
| Q4 24 | 10.47× | 10.28× | ||
| Q3 24 | 1.89× | 18.22× | ||
| Q2 24 | 2.10× | 4.29× | ||
| Q1 24 | 1.09× | — |
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
BNL
| Other | $66.9M | 57% |
| Two Thousand Twenty Four Atm Program | $51.4M | 43% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
