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Commerce.com, Inc.（CMRC）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
Commerce.com, Inc.的季度营收约是RE/MAX Holdings, Inc.的1.3倍（$89.5M vs $71.1M），RE/MAX Holdings, Inc.净利率更高（2.0% vs -9.3%，领先11.4%），Commerce.com, Inc.同比增速更快（2.9% vs -1.8%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $-2.2M），过去两年Commerce.com, Inc.的营收复合增速更高（5.5% vs -4.7%）
SPS Commerce是一家总部位于美国明尼苏达州明尼阿波利斯市的科技企业，核心业务是为客户提供基于云端的供应链管理软件解决方案。公司除在美国本土设有分支机构外，还在阿姆斯特丹、北京、香港、多伦多、悉尼等全球多个城市布局了办公网点。
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。
CMRC vs RMAX — 直观对比
营收规模更大
CMRC
是对方的1.3倍
$71.1M
营收增速更快
CMRC
高出4.7%
-1.8%
净利率更高
RMAX
高出11.4%
-9.3%
自由现金流更多
RMAX
多$35.7M
$-2.2M
两年增速更快
CMRC
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $89.5M | $71.1M |
| 净利润 | $-8.4M | $1.4M |
| 毛利率 | 78.3% | — |
| 营业利润率 | -7.4% | 13.1% |
| 净利率 | -9.3% | 2.0% |
| 营收同比 | 2.9% | -1.8% |
| 净利润同比 | -250.0% | -75.2% |
| 每股收益（稀释后） | $-0.11 | — |
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CMRCRMAX
| Q4 25 | $89.5M | $71.1M | ||
| Q3 25 | $86.0M | $73.2M | ||
| Q2 25 | $84.4M | $72.8M | ||
| Q1 25 | $82.4M | $74.5M | ||
| Q4 24 | $87.0M | $72.5M | ||
| Q3 24 | $83.7M | $78.5M | ||
| Q2 24 | $81.8M | $78.5M | ||
| Q1 24 | $80.4M | $78.3M |
净利润CMRCRMAX
| Q4 25 | $-8.4M | $1.4M | ||
| Q3 25 | $-2.2M | $4.0M | ||
| Q2 25 | $-8.4M | $4.7M | ||
| Q1 25 | $-353.0K | $-2.0M | ||
| Q4 24 | $-2.4M | $5.8M | ||
| Q3 24 | $-7.0M | $966.0K | ||
| Q2 24 | $-11.3M | $3.7M | ||
| Q1 24 | $-6.4M | $-3.4M |
毛利率CMRCRMAX
| Q4 25 | 78.3% | — | ||
| Q3 25 | 78.4% | — | ||
| Q2 25 | 79.0% | — | ||
| Q1 25 | 79.4% | — | ||
| Q4 24 | 77.6% | — | ||
| Q3 24 | 76.3% | — | ||
| Q2 24 | 75.8% | — | ||
| Q1 24 | 77.1% | — |
营业利润率CMRCRMAX
| Q4 25 | -7.4% | 13.1% | ||
| Q3 25 | -0.5% | 25.0% | ||
| Q2 25 | -8.0% | 19.3% | ||
| Q1 25 | -2.9% | 7.2% | ||
| Q4 24 | -0.9% | 5.9% | ||
| Q3 24 | -23.0% | 19.4% | ||
| Q2 24 | -16.5% | 20.6% | ||
| Q1 24 | -10.2% | 5.8% |
净利率CMRCRMAX
| Q4 25 | -9.3% | 2.0% | ||
| Q3 25 | -2.6% | 5.4% | ||
| Q2 25 | -9.9% | 6.4% | ||
| Q1 25 | -0.4% | -2.6% | ||
| Q4 24 | -2.7% | 8.0% | ||
| Q3 24 | -8.4% | 1.2% | ||
| Q2 24 | -13.8% | 4.7% | ||
| Q1 24 | -8.0% | -4.3% |
每股收益（稀释后）CMRCRMAX
| Q4 25 | $-0.11 | — | ||
| Q3 25 | $-0.03 | — | ||
| Q2 25 | $-0.10 | — | ||
| Q1 25 | $0.00 | — | ||
| Q4 24 | $-0.03 | — | ||
| Q3 24 | $-0.09 | — | ||
| Q2 24 | $-0.15 | — | ||
| 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 | $141.1M | $118.7M |
| 总债务越低越好 | $157.0M | $432.2M |
| 股东权益账面价值 | $39.4M | $452.4M |
| 总资产 | $308.8M | $582.5M |
| 负债/权益比越低杠杆越低 | 3.99× | 0.96× |
8季度趋势，按日历期对齐
现金及短期投资CMRCRMAX
| Q4 25 | $141.1M | $118.7M | ||
| Q3 25 | $142.0M | $107.5M | ||
| Q2 25 | $134.5M | $94.3M | ||
| Q1 25 | $120.7M | $89.1M | ||
| Q4 24 | $178.2M | $96.6M | ||
| Q3 24 | $168.4M | $83.8M | ||
| Q2 24 | $275.8M | $66.1M | ||
| Q1 24 | $265.2M | $82.1M |
总债务CMRCRMAX
| Q4 25 | $157.0M | $432.2M | ||
| Q3 25 | $157.3M | $433.3M | ||
| Q2 25 | $157.5M | $434.4M | ||
| Q1 25 | $157.8M | $435.3M | ||
| Q4 24 | $216.5M | $436.2M | ||
| Q3 24 | — | $437.2M | ||
| Q2 24 | $340.9M | $438.1M | ||
| Q1 24 | $340.5M | $439.0M |
股东权益CMRCRMAX
| Q4 25 | $39.4M | $452.4M | ||
| Q3 25 | $42.8M | $448.1M | ||
| Q2 25 | $38.8M | $442.4M | ||
| Q1 25 | $38.1M | $433.5M | ||
| Q4 24 | $33.4M | $429.5M | ||
| Q3 24 | $29.0M | $423.1M | ||
| Q2 24 | $26.1M | $418.4M | ||
| Q1 24 | $26.9M | $412.0M |
总资产CMRCRMAX
| Q4 25 | $308.8M | $582.5M | ||
| Q3 25 | $309.5M | $582.2M | ||
| Q2 25 | $302.5M | $574.8M | ||
| Q1 25 | $286.3M | $571.4M | ||
| Q4 24 | $340.3M | $581.6M | ||
| Q3 24 | $335.1M | $578.6M | ||
| Q2 24 | $452.5M | $571.4M | ||
| Q1 24 | $442.5M | $566.7M |
负债/权益比CMRCRMAX
| Q4 25 | 3.99× | 0.96× | ||
| Q3 25 | 3.67× | 0.97× | ||
| Q2 25 | 4.06× | 0.98× | ||
| Q1 25 | 4.14× | 1.00× | ||
| Q4 24 | 6.49× | 1.02× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | 13.06× | 1.05× | ||
| Q1 24 | 12.65× | 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 | $980.0K | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $-2.2M | $33.5M |
| 自由现金流率自由现金流/营收 | -2.4% | 47.1% |
| 资本支出强度资本支出/营收 | 3.5% | 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 | $16.9M | $56.8M |
8季度趋势，按日历期对齐
经营现金流CMRCRMAX
| Q4 25 | $980.0K | $40.9M | ||
| Q3 25 | $10.6M | $17.7M | ||
| Q2 25 | $13.6M | $4.6M | ||
| Q1 25 | $401.0K | $5.7M | ||
| Q4 24 | $12.4M | $59.7M | ||
| Q3 24 | $5.6M | $17.6M | ||
| Q2 24 | $11.7M | $15.9M | ||
| Q1 24 | $-3.4M | $9.4M |
自由现金流CMRCRMAX
| Q4 25 | $-2.2M | $33.5M | ||
| Q3 25 | $7.6M | $16.4M | ||
| Q2 25 | $11.9M | $2.9M | ||
| Q1 25 | $-424.0K | $4.0M | ||
| Q4 24 | $11.6M | $53.0M | ||
| Q3 24 | $4.5M | $16.3M | ||
| Q2 24 | $10.7M | $14.0M | ||
| Q1 24 | $-4.2M | $6.8M |
自由现金流率CMRCRMAX
| Q4 25 | -2.4% | 47.1% | ||
| Q3 25 | 8.8% | 22.4% | ||
| Q2 25 | 14.1% | 4.0% | ||
| Q1 25 | -0.5% | 5.3% | ||
| Q4 24 | 13.3% | 73.2% | ||
| Q3 24 | 5.4% | 20.8% | ||
| Q2 24 | 13.0% | 17.8% | ||
| Q1 24 | -5.3% | 8.6% |
资本支出强度CMRCRMAX
| Q4 25 | 3.5% | 10.4% | ||
| Q3 25 | 3.4% | 1.8% | ||
| Q2 25 | 2.0% | 2.2% | ||
| Q1 25 | 1.0% | 2.3% | ||
| Q4 24 | 0.9% | 9.1% | ||
| Q3 24 | 1.3% | 1.7% | ||
| Q2 24 | 1.3% | 2.4% | ||
| Q1 24 | 1.0% | 3.3% |
现金转化率CMRCRMAX
| 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
CMRC
| Subscription And Circulation | $65.2M | 73% |
| Partner And Services | $24.4M | 27% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
