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DLH Holdings Corp.（DLHC）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DLH Holdings Corp.的1.0倍（$71.1M vs $68.9M），RE/MAX Holdings, Inc.净利率更高（2.0% vs -1.9%，领先3.9%），RE/MAX Holdings, Inc.同比增速更快（-1.8% vs -24.1%），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 -17.4%）
DLH Holdings Corp.是一家总部位于美国的政府服务供应商，主要为退伍军人事务部、国防部、卫生与公众服务部等联邦机构提供技术赋能的医疗、物流、工程及任务支持服务，同时服务部分州及地方公共部门客户。
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。
DLHC vs RMAX — 直观对比
营收规模更大
RMAX
是对方的1.0倍
$68.9M
营收增速更快
RMAX
高出22.3%
-24.1%
净利率更高
RMAX
高出3.9%
-1.9%
自由现金流更多
RMAX
多$38.3M
$-4.8M
两年增速更快
RMAX
近两年复合增速
-17.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $68.9M | $71.1M |
| 净利润 | $-1.3M | $1.4M |
| 毛利率 | — | — |
| 营业利润率 | 2.1% | 13.1% |
| 净利率 | -1.9% | 2.0% |
| 营收同比 | -24.1% | -1.8% |
| 净利润同比 | -218.7% | -75.2% |
| 每股收益（稀释后） | $-0.09 | — |
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DLHCRMAX
| Q4 25 | $68.9M | $71.1M | ||
| Q3 25 | $81.2M | $73.2M | ||
| Q2 25 | $83.3M | $72.8M | ||
| Q1 25 | $89.2M | $74.5M | ||
| Q4 24 | $90.8M | $72.5M | ||
| Q3 24 | $96.4M | $78.5M | ||
| Q2 24 | $100.7M | $78.5M | ||
| Q1 24 | $101.0M | $78.3M |
净利润DLHCRMAX
| Q4 25 | $-1.3M | $1.4M | ||
| Q3 25 | $-920.0K | $4.0M | ||
| Q2 25 | $289.0K | $4.7M | ||
| Q1 25 | $878.0K | $-2.0M | ||
| Q4 24 | $1.1M | $5.8M | ||
| Q3 24 | $2.3M | $966.0K | ||
| Q2 24 | $1.1M | $3.7M | ||
| Q1 24 | $1.8M | $-3.4M |
营业利润率DLHCRMAX
| Q4 25 | 2.1% | 13.1% | ||
| Q3 25 | 2.8% | 25.0% | ||
| Q2 25 | 4.5% | 19.3% | ||
| Q1 25 | 5.7% | 7.2% | ||
| Q4 24 | 6.2% | 5.9% | ||
| Q3 24 | 6.6% | 19.4% | ||
| Q2 24 | 5.7% | 20.6% | ||
| Q1 24 | 5.9% | 5.8% |
净利率DLHCRMAX
| Q4 25 | -1.9% | 2.0% | ||
| Q3 25 | -1.1% | 5.4% | ||
| Q2 25 | 0.3% | 6.4% | ||
| Q1 25 | 1.0% | -2.6% | ||
| Q4 24 | 1.2% | 8.0% | ||
| Q3 24 | 2.4% | 1.2% | ||
| Q2 24 | 1.1% | 4.7% | ||
| Q1 24 | 1.8% | -4.3% |
每股收益（稀释后）DLHCRMAX
| Q4 25 | $-0.09 | — | ||
| Q3 25 | $-0.07 | — | ||
| Q2 25 | $0.02 | — | ||
| Q1 25 | $0.06 | — | ||
| Q4 24 | $0.08 | — | ||
| Q3 24 | $0.16 | — | ||
| Q2 24 | $0.08 | — | ||
| 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 | $257.0K | $118.7M |
| 总债务越低越好 | $133.5M | $432.2M |
| 股东权益账面价值 | $112.2M | $452.4M |
| 总资产 | $283.5M | $582.5M |
| 负债/权益比越低杠杆越低 | 1.19× | 0.96× |
8季度趋势，按日历期对齐
现金及短期投资DLHCRMAX
| Q4 25 | $257.0K | $118.7M | ||
| Q3 25 | $125.0K | $107.5M | ||
| Q2 25 | $194.0K | $94.3M | ||
| Q1 25 | $196.0K | $89.1M | ||
| Q4 24 | $451.0K | $96.6M | ||
| Q3 24 | $342.0K | $83.8M | ||
| Q2 24 | $423.0K | $66.1M | ||
| Q1 24 | $238.0K | $82.1M |
总债务DLHCRMAX
| Q4 25 | $133.5M | $432.2M | ||
| Q3 25 | $128.0M | $433.3M | ||
| Q2 25 | $138.3M | $434.4M | ||
| Q1 25 | $147.3M | $435.3M | ||
| Q4 24 | $162.2M | $436.2M | ||
| Q3 24 | $149.4M | $437.2M | ||
| Q2 24 | $160.9M | $438.1M | ||
| Q1 24 | $164.8M | $439.0M |
股东权益DLHCRMAX
| Q4 25 | $112.2M | $452.4M | ||
| Q3 25 | $113.0M | $448.1M | ||
| Q2 25 | $113.7M | $442.4M | ||
| Q1 25 | $112.8M | $433.5M | ||
| Q4 24 | $111.4M | $429.5M | ||
| Q3 24 | $110.1M | $423.1M | ||
| Q2 24 | $108.6M | $418.4M | ||
| Q1 24 | $106.8M | $412.0M |
总资产DLHCRMAX
| Q4 25 | $283.5M | $582.5M | ||
| Q3 25 | $290.7M | $582.2M | ||
| Q2 25 | $299.3M | $574.8M | ||
| Q1 25 | $306.6M | $571.4M | ||
| Q4 24 | $325.0M | $581.6M | ||
| Q3 24 | $314.4M | $578.6M | ||
| Q2 24 | $325.0M | $571.4M | ||
| Q1 24 | $325.9M | $566.7M |
负债/权益比DLHCRMAX
| Q4 25 | 1.19× | 0.96× | ||
| Q3 25 | 1.13× | 0.97× | ||
| Q2 25 | 1.22× | 0.98× | ||
| Q1 25 | 1.31× | 1.00× | ||
| Q4 24 | 1.46× | 1.02× | ||
| Q3 24 | 1.36× | 1.03× | ||
| Q2 24 | 1.48× | 1.05× | ||
| Q1 24 | 1.54× | 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 | $-4.8M | $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 | -7.0% | 47.1% |
| 资本支出强度资本支出/营收 | 0.1% | 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 | $29.2M | $56.8M |
8季度趋势，按日历期对齐
经营现金流DLHCRMAX
| Q4 25 | $-4.8M | $40.9M | ||
| Q3 25 | $10.7M | $17.7M | ||
| Q2 25 | $9.6M | $4.6M | ||
| Q1 25 | $14.5M | $5.7M | ||
| Q4 24 | $-11.5M | $59.7M | ||
| Q3 24 | $12.4M | $17.6M | ||
| Q2 24 | $4.6M | $15.9M | ||
| Q1 24 | $5.2M | $9.4M |
自由现金流DLHCRMAX
| Q4 25 | $-4.8M | $33.5M | ||
| Q3 25 | $10.7M | $16.4M | ||
| Q2 25 | $9.4M | $2.9M | ||
| Q1 25 | $14.0M | $4.0M | ||
| Q4 24 | $-12.1M | $53.0M | ||
| Q3 24 | $12.2M | $16.3M | ||
| Q2 24 | $4.5M | $14.0M | ||
| Q1 24 | $4.9M | $6.8M |
自由现金流率DLHCRMAX
| Q4 25 | -7.0% | 47.1% | ||
| Q3 25 | 13.1% | 22.4% | ||
| Q2 25 | 11.2% | 4.0% | ||
| Q1 25 | 15.6% | 5.3% | ||
| Q4 24 | -13.3% | 73.2% | ||
| Q3 24 | 12.7% | 20.8% | ||
| Q2 24 | 4.4% | 17.8% | ||
| Q1 24 | 4.9% | 8.6% |
资本支出强度DLHCRMAX
| Q4 25 | 0.1% | 10.4% | ||
| Q3 25 | 0.0% | 1.8% | ||
| Q2 25 | 0.3% | 2.2% | ||
| Q1 25 | 0.6% | 2.3% | ||
| Q4 24 | 0.6% | 9.1% | ||
| Q3 24 | 0.2% | 1.7% | ||
| Q2 24 | 0.2% | 2.4% | ||
| Q1 24 | 0.3% | 3.3% |
现金转化率DLHCRMAX
| Q4 25 | — | 28.39× | ||
| Q3 25 | — | 4.45× | ||
| Q2 25 | 33.12× | 0.97× | ||
| Q1 25 | 16.52× | — | ||
| Q4 24 | -10.35× | 10.28× | ||
| Q3 24 | 5.42× | 18.22× | ||
| Q2 24 | 4.06× | 4.29× | ||
| Q1 24 | 2.89× | — |
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
DLHC
| Sales Channel Directly To Consumer | $64.5M | 94% |
| Sales Channel Through Intermediary | $4.4M | 6% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
