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COMTECH TELECOMMUNICATIONS CORP（CMTL）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
COMTECH TELECOMMUNICATIONS CORP的季度营收约是RE/MAX Holdings, Inc.的1.6倍（$111.0M vs $71.1M），RE/MAX Holdings, Inc.净利率更高（2.0% vs -14.3%，领先16.3%），RE/MAX Holdings, Inc.同比增速更快（-1.8% vs -4.1%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $4.8M），过去两年RE/MAX Holdings, Inc.的营收复合增速更高（-4.7% vs -9.0%）
Comtech Telecommunications是一家总部位于美国的全球通信技术提供商，主营卫星通信系统、地面网络基础设施及定位服务，客户覆盖政府、国防、移动运营商和企业领域，为各类关键应用场景提供安全可靠的连接解决方案。
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。
CMTL vs RMAX — 直观对比
营收规模更大
CMTL
是对方的1.6倍
$71.1M
营收增速更快
RMAX
高出2.3%
-4.1%
净利率更高
RMAX
高出16.3%
-14.3%
自由现金流更多
RMAX
多$28.7M
$4.8M
两年增速更快
RMAX
近两年复合增速
-9.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $111.0M | $71.1M |
| 净利润 | $-15.9M | $1.4M |
| 毛利率 | 33.1% | — |
| 营业利润率 | -2.5% | 13.1% |
| 净利率 | -14.3% | 2.0% |
| 营收同比 | -4.1% | -1.8% |
| 净利润同比 | 89.3% | -75.2% |
| 每股收益（稀释后） | $-0.67 | — |
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CMTLRMAX
| Q4 25 | $111.0M | $71.1M | ||
| Q3 25 | $130.4M | $73.2M | ||
| Q2 25 | $126.8M | $72.8M | ||
| Q1 25 | $126.6M | $74.5M | ||
| Q4 24 | $115.8M | $72.5M | ||
| Q3 24 | $126.2M | $78.5M | ||
| Q2 24 | $128.1M | $78.5M | ||
| Q1 24 | $134.2M | $78.3M |
净利润CMTLRMAX
| Q4 25 | $-15.9M | $1.4M | ||
| Q3 25 | $7.9M | $4.0M | ||
| Q2 25 | $33.9M | $4.7M | ||
| Q1 25 | $-48.7M | $-2.0M | ||
| Q4 24 | $-148.4M | $5.8M | ||
| Q3 24 | $-90.8M | $966.0K | ||
| Q2 24 | $2.8M | $3.7M | ||
| Q1 24 | $-10.6M | $-3.4M |
毛利率CMTLRMAX
| Q4 25 | 33.1% | — | ||
| Q3 25 | 31.2% | — | ||
| Q2 25 | 30.7% | — | ||
| Q1 25 | 26.7% | — | ||
| Q4 24 | 12.5% | — | ||
| Q3 24 | 21.5% | — | ||
| Q2 24 | 30.4% | — | ||
| Q1 24 | 32.2% | — |
营业利润率CMTLRMAX
| Q4 25 | -2.5% | 13.1% | ||
| Q3 25 | 1.4% | 25.0% | ||
| Q2 25 | -1.2% | 19.3% | ||
| Q1 25 | -8.1% | 7.2% | ||
| Q4 24 | -111.5% | 5.9% | ||
| Q3 24 | -64.6% | 19.4% | ||
| Q2 24 | -2.7% | 20.6% | ||
| Q1 24 | 2.2% | 5.8% |
净利率CMTLRMAX
| Q4 25 | -14.3% | 2.0% | ||
| Q3 25 | 6.1% | 5.4% | ||
| Q2 25 | 26.8% | 6.4% | ||
| Q1 25 | -38.5% | -2.6% | ||
| Q4 24 | -128.2% | 8.0% | ||
| Q3 24 | -71.9% | 1.2% | ||
| Q2 24 | 2.2% | 4.7% | ||
| Q1 24 | -7.9% | -4.3% |
每股收益（稀释后）CMTLRMAX
| Q4 25 | $-0.67 | — | ||
| Q3 25 | $-0.41 | — | ||
| Q2 25 | $-0.49 | — | ||
| Q1 25 | $-0.76 | — | ||
| Q4 24 | $-5.29 | — | ||
| Q3 24 | $-3.48 | — | ||
| Q2 24 | $-0.04 | — | ||
| Q1 24 | $-1.07 | — |
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 | $43.6M | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | $85.6M | $452.4M |
| 总资产 | $734.1M | $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CMTLRMAX
| Q4 25 | $43.6M | $118.7M | ||
| Q3 25 | $40.0M | $107.5M | ||
| Q2 25 | $28.4M | $94.3M | ||
| Q1 25 | $26.7M | $89.1M | ||
| Q4 24 | $29.6M | $96.6M | ||
| Q3 24 | $32.4M | $83.8M | ||
| Q2 24 | $27.2M | $66.1M | ||
| Q1 24 | $40.0M | $82.1M |
总债务CMTLRMAX
| 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CMTLRMAX
| Q4 25 | $85.6M | $452.4M | ||
| Q3 25 | $104.4M | $448.1M | ||
| Q2 25 | $115.4M | $442.4M | ||
| Q1 25 | $128.7M | $433.5M | ||
| Q4 24 | $150.4M | $429.5M | ||
| Q3 24 | $306.3M | $423.1M | ||
| Q2 24 | $406.4M | $418.4M | ||
| Q1 24 | $407.0M | $412.0M |
总资产CMTLRMAX
| Q4 25 | $734.1M | $582.5M | ||
| Q3 25 | $740.8M | $582.2M | ||
| Q2 25 | $751.1M | $574.8M | ||
| Q1 25 | $770.6M | $571.4M | ||
| Q4 24 | $793.2M | $581.6M | ||
| Q3 24 | $793.2M | $578.6M | ||
| Q2 24 | $991.0M | $571.4M | ||
| Q1 24 | $996.8M | $566.7M |
负债/权益比CMTLRMAX
| 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 | $8.1M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $4.8M | $33.5M |
| 自由现金流率自由现金流/营收 | 4.3% | 47.1% |
| 资本支出强度资本支出/营收 | 2.9% | 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 | $12.2M | $56.8M |
8季度趋势，按日历期对齐
经营现金流CMTLRMAX
| Q4 25 | $8.1M | $40.9M | ||
| Q3 25 | $11.4M | $17.7M | ||
| Q2 25 | $2.3M | $4.6M | ||
| Q1 25 | $-234.0K | $5.7M | ||
| Q4 24 | $-21.8M | $59.7M | ||
| Q3 24 | $-9.5M | $17.6M | ||
| Q2 24 | $-3.8M | $15.9M | ||
| Q1 24 | $-26.7M | $9.4M |
自由现金流CMTLRMAX
| Q4 25 | $4.8M | $33.5M | ||
| Q3 25 | $9.4M | $16.4M | ||
| Q2 25 | $-160.0K | $2.9M | ||
| Q1 25 | $-1.9M | $4.0M | ||
| Q4 24 | $-24.2M | $53.0M | ||
| Q3 24 | $-12.4M | $16.3M | ||
| Q2 24 | $-6.5M | $14.0M | ||
| Q1 24 | $-30.9M | $6.8M |
自由现金流率CMTLRMAX
| Q4 25 | 4.3% | 47.1% | ||
| Q3 25 | 7.2% | 22.4% | ||
| Q2 25 | -0.1% | 4.0% | ||
| Q1 25 | -1.5% | 5.3% | ||
| Q4 24 | -20.9% | 73.2% | ||
| Q3 24 | -9.8% | 20.8% | ||
| Q2 24 | -5.0% | 17.8% | ||
| Q1 24 | -23.0% | 8.6% |
资本支出强度CMTLRMAX
| Q4 25 | 2.9% | 10.4% | ||
| Q3 25 | 1.6% | 1.8% | ||
| Q2 25 | 1.9% | 2.2% | ||
| Q1 25 | 1.3% | 2.3% | ||
| Q4 24 | 2.1% | 9.1% | ||
| Q3 24 | 2.3% | 1.7% | ||
| Q2 24 | 2.1% | 2.4% | ||
| Q1 24 | 3.2% | 3.3% |
现金转化率CMTLRMAX
| Q4 25 | — | 28.39× | ||
| Q3 25 | 1.45× | 4.45× | ||
| Q2 25 | 0.07× | 0.97× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 10.28× | ||
| Q3 24 | — | 18.22× | ||
| Q2 24 | -1.36× | 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
CMTL
| Satellite And Space Communications Segment | $55.1M | 50% |
| Transferred At Point In Time | $39.4M | 36% |
| Satellite And Space Communications | $16.3M | 15% |
| Terrestrial And Wireless Networks | $1.1M | 1% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
