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北方信托（CZNC）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
RE/MAX Holdings, Inc.的季度营收约是北方信托的1.9倍（$71.1M vs $36.9M），北方信托净利率更高（12.1% vs 2.0%，领先10.1%），北方信托同比增速更快（31.6% vs -1.8%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $30.1M），过去两年北方信托的营收复合增速更高（19.7% vs -4.7%）
北方信托是一家总部位于美国伊利诺伊州芝加哥市的金融服务企业，主要服务对象为企业、机构投资者与超高净值个人。它是美国规模领先的银行机构之一，也是美国持续经营历史最悠久的银行之一，截至2025年底，其管理资产规模达1.8万亿美元，托管资产规模达14.9万亿美元。
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。
CZNC vs RMAX — 直观对比
营收规模更大
RMAX
是对方的1.9倍
$36.9M
营收增速更快
CZNC
高出33.4%
-1.8%
净利率更高
CZNC
高出10.1%
2.0%
自由现金流更多
RMAX
多$3.4M
$30.1M
两年增速更快
CZNC
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $36.9M | $71.1M |
| 净利润 | $4.5M | $1.4M |
| 毛利率 | — | — |
| 营业利润率 | 14.6% | 13.1% |
| 净利率 | 12.1% | 2.0% |
| 营收同比 | 31.6% | -1.8% |
| 净利润同比 | -45.4% | -75.2% |
| 每股收益（稀释后） | — | — |
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CZNCRMAX
| Q4 25 | $36.9M | $71.1M | ||
| Q3 25 | $29.6M | $73.2M | ||
| Q2 25 | $29.3M | $72.8M | ||
| Q1 25 | $27.0M | $74.5M | ||
| Q4 24 | $28.0M | $72.5M | ||
| Q3 24 | $27.3M | $78.5M | ||
| Q2 24 | $27.3M | $78.5M | ||
| Q1 24 | $25.7M | $78.3M |
净利润CZNCRMAX
| Q4 25 | $4.5M | $1.4M | ||
| Q3 25 | $6.6M | $4.0M | ||
| Q2 25 | $6.1M | $4.7M | ||
| Q1 25 | $6.3M | $-2.0M | ||
| Q4 24 | $8.2M | $5.8M | ||
| Q3 24 | $6.4M | $966.0K | ||
| Q2 24 | $6.1M | $3.7M | ||
| Q1 24 | $5.3M | $-3.4M |
营业利润率CZNCRMAX
| Q4 25 | 14.6% | 13.1% | ||
| Q3 25 | 27.1% | 25.0% | ||
| Q2 25 | 25.7% | 19.3% | ||
| Q1 25 | 28.6% | 7.2% | ||
| Q4 24 | 36.1% | 5.9% | ||
| Q3 24 | 28.6% | 19.4% | ||
| Q2 24 | 27.4% | 20.6% | ||
| Q1 24 | 25.1% | 5.8% |
净利率CZNCRMAX
| Q4 25 | 12.1% | 2.0% | ||
| Q3 25 | 22.2% | 5.4% | ||
| Q2 25 | 20.9% | 6.4% | ||
| Q1 25 | 23.3% | -2.6% | ||
| Q4 24 | 29.2% | 8.0% | ||
| Q3 24 | 23.3% | 1.2% | ||
| Q2 24 | 22.4% | 4.7% | ||
| Q1 24 | 20.6% | -4.3% |
每股收益（稀释后）CZNCRMAX
| Q4 25 | — | — | ||
| Q3 25 | $0.42 | — | ||
| Q2 25 | $0.40 | — | ||
| Q1 25 | $0.41 | — | ||
| Q4 24 | $0.53 | — | ||
| Q3 24 | $0.41 | — | ||
| Q2 24 | $0.40 | — | ||
| 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 | $46.1M | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | $341.7M | $452.4M |
| 总资产 | $3.1B | $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CZNCRMAX
| Q4 25 | $46.1M | $118.7M | ||
| Q3 25 | $123.1M | $107.5M | ||
| Q2 25 | $99.6M | $94.3M | ||
| Q1 25 | $114.7M | $89.1M | ||
| Q4 24 | $126.2M | $96.6M | ||
| Q3 24 | $184.2M | $83.8M | ||
| Q2 24 | $100.4M | $66.1M | ||
| Q1 24 | $46.4M | $82.1M |
总债务CZNCRMAX
| 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CZNCRMAX
| Q4 25 | $341.7M | $452.4M | ||
| Q3 25 | $294.0M | $448.1M | ||
| Q2 25 | $286.4M | $442.4M | ||
| Q1 25 | $281.8M | $433.5M | ||
| Q4 24 | $275.3M | $429.5M | ||
| Q3 24 | $277.3M | $423.1M | ||
| Q2 24 | $263.2M | $418.4M | ||
| Q1 24 | $261.7M | $412.0M |
总资产CZNCRMAX
| Q4 25 | $3.1B | $582.5M | ||
| Q3 25 | $2.7B | $582.2M | ||
| Q2 25 | $2.6B | $574.8M | ||
| Q1 25 | $2.6B | $571.4M | ||
| Q4 24 | $2.6B | $581.6M | ||
| Q3 24 | $2.7B | $578.6M | ||
| Q2 24 | $2.6B | $571.4M | ||
| Q1 24 | $2.5B | $566.7M |
负债/权益比CZNCRMAX
| 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 | $32.0M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $30.1M | $33.5M |
| 自由现金流率自由现金流/营收 | 81.6% | 47.1% |
| 资本支出强度资本支出/营收 | 5.2% | 10.4% |
| 现金转化率经营现金流/净利润 | 7.17× | 28.39× |
| 过去12个月自由现金流最近4个季度 | $50.1M | $56.8M |
8季度趋势，按日历期对齐
经营现金流CZNCRMAX
| Q4 25 | $32.0M | $40.9M | ||
| Q3 25 | $11.3M | $17.7M | ||
| Q2 25 | $8.5M | $4.6M | ||
| Q1 25 | $1.6M | $5.7M | ||
| Q4 24 | $33.0M | $59.7M | ||
| Q3 24 | $6.6M | $17.6M | ||
| Q2 24 | $8.6M | $15.9M | ||
| Q1 24 | $5.7M | $9.4M |
自由现金流CZNCRMAX
| Q4 25 | $30.1M | $33.5M | ||
| Q3 25 | $10.9M | $16.4M | ||
| Q2 25 | $8.0M | $2.9M | ||
| Q1 25 | $1.0M | $4.0M | ||
| Q4 24 | $31.1M | $53.0M | ||
| Q3 24 | $6.4M | $16.3M | ||
| Q2 24 | $8.0M | $14.0M | ||
| Q1 24 | $5.0M | $6.8M |
自由现金流率CZNCRMAX
| Q4 25 | 81.6% | 47.1% | ||
| Q3 25 | 36.9% | 22.4% | ||
| Q2 25 | 27.4% | 4.0% | ||
| Q1 25 | 3.9% | 5.3% | ||
| Q4 24 | 111.1% | 73.2% | ||
| Q3 24 | 23.6% | 20.8% | ||
| Q2 24 | 29.2% | 17.8% | ||
| Q1 24 | 19.4% | 8.6% |
资本支出强度CZNCRMAX
| Q4 25 | 5.2% | 10.4% | ||
| Q3 25 | 1.4% | 1.8% | ||
| Q2 25 | 1.7% | 2.2% | ||
| Q1 25 | 2.0% | 2.3% | ||
| Q4 24 | 6.8% | 9.1% | ||
| Q3 24 | 0.5% | 1.7% | ||
| Q2 24 | 2.4% | 2.4% | ||
| Q1 24 | 2.9% | 3.3% |
现金转化率CZNCRMAX
| Q4 25 | 7.17× | 28.39× | ||
| Q3 25 | 1.73× | 4.45× | ||
| Q2 25 | 1.39× | 0.97× | ||
| Q1 25 | 0.25× | — | ||
| Q4 24 | 4.04× | 10.28× | ||
| Q3 24 | 1.04× | 18.22× | ||
| Q2 24 | 1.41× | 4.29× | ||
| Q1 24 | 1.08× | — |
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
CZNC
暂无分部数据
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
