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三维系统（DDD）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
三维系统的季度营收约是RE/MAX Holdings, Inc.的1.5倍（$106.3M vs $71.1M），RE/MAX Holdings, Inc.净利率更高（2.0% vs -18.4%，领先20.4%），RE/MAX Holdings, Inc.同比增速更快（-1.8% vs -4.3%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $-16.6M），过去两年三维系统的营收复合增速更高（1.6% vs -4.7%）
3D Systems是一家总部位于美国南卡罗来纳州罗克希尔的企业，核心业务涵盖3D打印机、3D打印材料的研发生产与销售，同时提供3D打印零部件定制及应用工程服务，可产品概念模型、精密功能原型、工裝母模以及直接数字化生产零部件等产品，服务各行各业的数字化制造需求。
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。
DDD vs RMAX — 直观对比
营收规模更大
DDD
是对方的1.5倍
$71.1M
营收增速更快
RMAX
高出2.4%
-4.3%
净利率更高
RMAX
高出20.4%
-18.4%
自由现金流更多
RMAX
多$50.1M
$-16.6M
两年增速更快
DDD
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $106.3M | $71.1M |
| 净利润 | $-19.5M | $1.4M |
| 毛利率 | 30.8% | — |
| 营业利润率 | -21.3% | 13.1% |
| 净利率 | -18.4% | 2.0% |
| 营收同比 | -4.3% | -1.8% |
| 净利润同比 | 41.7% | -75.2% |
| 每股收益（稀释后） | $0.04 | — |
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DDDRMAX
| Q4 25 | $106.3M | $71.1M | ||
| Q3 25 | $91.2M | $73.2M | ||
| Q2 25 | $94.8M | $72.8M | ||
| Q1 25 | $94.5M | $74.5M | ||
| Q4 24 | $111.0M | $72.5M | ||
| Q3 24 | $112.9M | $78.5M | ||
| Q2 24 | $113.3M | $78.5M | ||
| Q1 24 | $102.9M | $78.3M |
净利润DDDRMAX
| Q4 25 | $-19.5M | $1.4M | ||
| Q3 25 | $-18.1M | $4.0M | ||
| Q2 25 | $104.4M | $4.7M | ||
| Q1 25 | $-37.0M | $-2.0M | ||
| Q4 24 | $-33.5M | $5.8M | ||
| Q3 24 | $-178.6M | $966.0K | ||
| Q2 24 | $-27.3M | $3.7M | ||
| Q1 24 | $-16.0M | $-3.4M |
毛利率DDDRMAX
| Q4 25 | 30.8% | — | ||
| Q3 25 | 32.3% | — | ||
| Q2 25 | 38.1% | — | ||
| Q1 25 | 34.6% | — | ||
| Q4 24 | 31.0% | — | ||
| Q3 24 | 36.9% | — | ||
| Q2 24 | 41.6% | — | ||
| Q1 24 | 39.8% | — |
营业利润率DDDRMAX
| Q4 25 | -21.3% | 13.1% | ||
| Q3 25 | -23.4% | 25.0% | ||
| Q2 25 | -16.2% | 19.3% | ||
| Q1 25 | -38.9% | 7.2% | ||
| Q4 24 | -27.4% | 5.9% | ||
| Q3 24 | -160.0% | 19.4% | ||
| Q2 24 | -23.3% | 20.6% | ||
| Q1 24 | -38.7% | 5.8% |
净利率DDDRMAX
| Q4 25 | -18.4% | 2.0% | ||
| Q3 25 | -19.8% | 5.4% | ||
| Q2 25 | 110.1% | 6.4% | ||
| Q1 25 | -39.1% | -2.6% | ||
| Q4 24 | -30.1% | 8.0% | ||
| Q3 24 | -158.2% | 1.2% | ||
| Q2 24 | -24.1% | 4.7% | ||
| Q1 24 | -15.5% | -4.3% |
每股收益（稀释后）DDDRMAX
| Q4 25 | $0.04 | — | ||
| Q3 25 | $-0.14 | — | ||
| Q2 25 | $0.57 | — | ||
| Q1 25 | $-0.28 | — | ||
| Q4 24 | $-0.26 | — | ||
| Q3 24 | $-1.35 | — | ||
| Q2 24 | $-0.21 | — | ||
| Q1 24 | $-0.12 | — |
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 | $95.6M | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | $240.4M | $452.4M |
| 总资产 | $521.7M | $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DDDRMAX
| Q4 25 | $95.6M | $118.7M | ||
| Q3 25 | $95.5M | $107.5M | ||
| Q2 25 | $116.4M | $94.3M | ||
| Q1 25 | $135.0M | $89.1M | ||
| Q4 24 | $171.3M | $96.6M | ||
| Q3 24 | $190.0M | $83.8M | ||
| Q2 24 | $192.7M | $66.1M | ||
| Q1 24 | $212.0M | $82.1M |
总债务DDDRMAX
| 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DDDRMAX
| Q4 25 | $240.4M | $452.4M | ||
| Q3 25 | $221.1M | $448.1M | ||
| Q2 25 | $241.2M | $442.4M | ||
| Q1 25 | $145.6M | $433.5M | ||
| Q4 24 | $176.2M | $429.5M | ||
| Q3 24 | $218.0M | $423.1M | ||
| Q2 24 | $381.7M | $418.4M | ||
| Q1 24 | $408.4M | $412.0M |
总资产DDDRMAX
| Q4 25 | $521.7M | $582.5M | ||
| Q3 25 | $554.5M | $582.2M | ||
| Q2 25 | $587.8M | $574.8M | ||
| Q1 25 | $583.4M | $571.4M | ||
| Q4 24 | $608.8M | $581.6M | ||
| Q3 24 | $658.3M | $578.6M | ||
| Q2 24 | $821.5M | $571.4M | ||
| Q1 24 | $857.2M | $566.7M |
负债/权益比DDDRMAX
| 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 | $-14.7M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $-16.6M | $33.5M |
| 自由现金流率自由现金流/营收 | -15.7% | 47.1% |
| 资本支出强度资本支出/营收 | 1.8% | 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 | $-97.8M | $56.8M |
8季度趋势，按日历期对齐
经营现金流DDDRMAX
| Q4 25 | $-14.7M | $40.9M | ||
| Q3 25 | $-13.5M | $17.7M | ||
| Q2 25 | $-25.8M | $4.6M | ||
| Q1 25 | $-33.8M | $5.7M | ||
| Q4 24 | $-7.8M | $59.7M | ||
| Q3 24 | $-801.0K | $17.6M | ||
| Q2 24 | $-10.8M | $15.9M | ||
| Q1 24 | $-25.5M | $9.4M |
自由现金流DDDRMAX
| Q4 25 | $-16.6M | $33.5M | ||
| Q3 25 | $-15.8M | $16.4M | ||
| Q2 25 | $-28.8M | $2.9M | ||
| Q1 25 | $-36.6M | $4.0M | ||
| Q4 24 | $-13.1M | $53.0M | ||
| Q3 24 | $-4.4M | $16.3M | ||
| Q2 24 | $-14.7M | $14.0M | ||
| Q1 24 | $-28.7M | $6.8M |
自由现金流率DDDRMAX
| Q4 25 | -15.7% | 47.1% | ||
| Q3 25 | -17.3% | 22.4% | ||
| Q2 25 | -30.4% | 4.0% | ||
| Q1 25 | -38.7% | 5.3% | ||
| Q4 24 | -11.8% | 73.2% | ||
| Q3 24 | -3.9% | 20.8% | ||
| Q2 24 | -13.0% | 17.8% | ||
| Q1 24 | -27.9% | 8.6% |
资本支出强度DDDRMAX
| Q4 25 | 1.8% | 10.4% | ||
| Q3 25 | 2.5% | 1.8% | ||
| Q2 25 | 3.1% | 2.2% | ||
| Q1 25 | 3.0% | 2.3% | ||
| Q4 24 | 4.8% | 9.1% | ||
| Q3 24 | 3.2% | 1.7% | ||
| Q2 24 | 3.5% | 2.4% | ||
| Q1 24 | 3.1% | 3.3% |
现金转化率DDDRMAX
| Q4 25 | — | 28.39× | ||
| Q3 25 | — | 4.45× | ||
| Q2 25 | -0.25× | 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
DDD
| Products | $62.6M | 59% |
| Services | $43.7M | 41% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
