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DULUTH HOLDINGS INC.（DLTH）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
DULUTH HOLDINGS INC.的季度营收约是RE/MAX Holdings, Inc.的1.6倍（$114.9M vs $71.1M），RE/MAX Holdings, Inc.净利率更高（2.0% vs -8.8%，领先10.8%），RE/MAX Holdings, Inc.同比增速更快（-1.8% vs -9.6%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $-8.9M），过去两年RE/MAX Holdings, Inc.的营收复合增速更高（-4.7% vs -31.6%）
德卢思控股是一家美国工装及配饰企业，主打通过旗下德卢思贸易品牌开展产品销售业务，面向市场推出各类实用工装及相关配饰产品，是美国本土颇具特色的服饰零售企业。
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。
DLTH vs RMAX — 直观对比
营收规模更大
DLTH
是对方的1.6倍
$71.1M
营收增速更快
RMAX
高出7.8%
-9.6%
净利率更高
RMAX
高出10.8%
-8.8%
自由现金流更多
RMAX
多$42.4M
$-8.9M
两年增速更快
RMAX
近两年复合增速
-31.6%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $114.9M | $71.1M |
| 净利润 | $-10.1M | $1.4M |
| 毛利率 | 53.8% | — |
| 营业利润率 | -7.7% | 13.1% |
| 净利率 | -8.8% | 2.0% |
| 营收同比 | -9.6% | -1.8% |
| 净利润同比 | 64.6% | -75.2% |
| 每股收益（稀释后） | $-0.29 | — |
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DLTHRMAX
| Q4 25 | $114.9M | $71.1M | ||
| Q3 25 | $131.7M | $73.2M | ||
| Q2 25 | $102.7M | $72.8M | ||
| Q1 25 | $241.3M | $74.5M | ||
| Q4 24 | $127.1M | $72.5M | ||
| Q3 24 | $141.6M | $78.5M | ||
| Q2 24 | $116.7M | $78.5M | ||
| Q1 24 | $245.6M | $78.3M |
净利润DLTHRMAX
| Q4 25 | $-10.1M | $1.4M | ||
| Q3 25 | $1.3M | $4.0M | ||
| Q2 25 | $-15.3M | $4.7M | ||
| Q1 25 | $-5.6M | $-2.0M | ||
| Q4 24 | $-28.2M | $5.8M | ||
| Q3 24 | $-2.0M | $966.0K | ||
| Q2 24 | $-7.9M | $3.7M | ||
| Q1 24 | $6.4M | $-3.4M |
毛利率DLTHRMAX
| Q4 25 | 53.8% | — | ||
| Q3 25 | 54.7% | — | ||
| Q2 25 | 52.0% | — | ||
| Q1 25 | 44.1% | — | ||
| Q4 24 | 52.3% | — | ||
| Q3 24 | 52.3% | — | ||
| Q2 24 | 52.8% | — | ||
| Q1 24 | 48.2% | — |
营业利润率DLTHRMAX
| Q4 25 | -7.7% | 13.1% | ||
| Q3 25 | 1.8% | 25.0% | ||
| Q2 25 | -12.0% | 19.3% | ||
| Q1 25 | -1.8% | 7.2% | ||
| Q4 24 | -17.4% | 5.9% | ||
| Q3 24 | -1.1% | 19.4% | ||
| Q2 24 | -7.7% | 20.6% | ||
| Q1 24 | 3.6% | 5.8% |
净利率DLTHRMAX
| Q4 25 | -8.8% | 2.0% | ||
| Q3 25 | 1.0% | 5.4% | ||
| Q2 25 | -14.9% | 6.4% | ||
| Q1 25 | -2.3% | -2.6% | ||
| Q4 24 | -22.2% | 8.0% | ||
| Q3 24 | -1.4% | 1.2% | ||
| Q2 24 | -6.7% | 4.7% | ||
| Q1 24 | 2.6% | -4.3% |
每股收益（稀释后）DLTHRMAX
| Q4 25 | $-0.29 | — | ||
| Q3 25 | $0.04 | — | ||
| Q2 25 | $-0.45 | — | ||
| Q1 25 | $-0.17 | — | ||
| Q4 24 | $-0.84 | — | ||
| Q3 24 | $-0.06 | — | ||
| Q2 24 | $-0.24 | — | ||
| Q1 24 | $0.20 | — |
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 | $8.2M | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | $160.6M | $452.4M |
| 总资产 | $468.0M | $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DLTHRMAX
| Q4 25 | $8.2M | $118.7M | ||
| Q3 25 | $5.7M | $107.5M | ||
| Q2 25 | $8.6M | $94.3M | ||
| Q1 25 | $3.3M | $89.1M | ||
| Q4 24 | $9.3M | $96.6M | ||
| Q3 24 | $9.8M | $83.8M | ||
| Q2 24 | $6.8M | $66.1M | ||
| Q1 24 | $32.2M | $82.1M |
总债务DLTHRMAX
| 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DLTHRMAX
| Q4 25 | $160.6M | $452.4M | ||
| Q3 25 | $170.0M | $448.1M | ||
| Q2 25 | $167.9M | $442.4M | ||
| Q1 25 | $182.7M | $433.5M | ||
| Q4 24 | $188.1M | $429.5M | ||
| Q3 24 | $215.7M | $423.1M | ||
| Q2 24 | $218.4M | $418.4M | ||
| Q1 24 | $222.8M | $412.0M |
总资产DLTHRMAX
| Q4 25 | $468.0M | $582.5M | ||
| Q3 25 | $433.8M | $582.2M | ||
| Q2 25 | $463.7M | $574.8M | ||
| Q1 25 | $452.4M | $571.4M | ||
| Q4 24 | $533.1M | $581.6M | ||
| Q3 24 | $488.6M | $578.6M | ||
| Q2 24 | $471.4M | $571.4M | ||
| Q1 24 | $491.2M | $566.7M |
负债/权益比DLTHRMAX
| 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 | $-6.7M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $-8.9M | $33.5M |
| 自由现金流率自由现金流/营收 | -7.8% | 47.1% |
| 资本支出强度资本支出/营收 | 2.0% | 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 | $1.7M | $56.8M |
8季度趋势，按日历期对齐
经营现金流DLTHRMAX
| Q4 25 | $-6.7M | $40.9M | ||
| Q3 25 | $32.0M | $17.7M | ||
| Q2 25 | $-56.5M | $4.6M | ||
| Q1 25 | $41.2M | $5.7M | ||
| Q4 24 | $-41.1M | $59.7M | ||
| Q3 24 | $16.6M | $17.6M | ||
| Q2 24 | $-33.7M | $15.9M | ||
| Q1 24 | $69.7M | $9.4M |
自由现金流DLTHRMAX
| Q4 25 | $-8.9M | $33.5M | ||
| Q3 25 | $29.8M | $16.4M | ||
| Q2 25 | $-57.8M | $2.9M | ||
| Q1 25 | $38.7M | $4.0M | ||
| Q4 24 | $-43.7M | $53.0M | ||
| Q3 24 | $15.0M | $16.3M | ||
| Q2 24 | $-35.2M | $14.0M | ||
| Q1 24 | $60.6M | $6.8M |
自由现金流率DLTHRMAX
| Q4 25 | -7.8% | 47.1% | ||
| Q3 25 | 22.6% | 22.4% | ||
| Q2 25 | -56.3% | 4.0% | ||
| Q1 25 | 16.0% | 5.3% | ||
| Q4 24 | -34.4% | 73.2% | ||
| Q3 24 | 10.6% | 20.8% | ||
| Q2 24 | -30.2% | 17.8% | ||
| Q1 24 | 24.7% | 8.6% |
资本支出强度DLTHRMAX
| Q4 25 | 2.0% | 10.4% | ||
| Q3 25 | 1.7% | 1.8% | ||
| Q2 25 | 1.3% | 2.2% | ||
| Q1 25 | 1.0% | 2.3% | ||
| Q4 24 | 2.1% | 9.1% | ||
| Q3 24 | 1.2% | 1.7% | ||
| Q2 24 | 1.3% | 2.4% | ||
| Q1 24 | 3.7% | 3.3% |
现金转化率DLTHRMAX
| Q4 25 | — | 28.39× | ||
| Q3 25 | 25.40× | 4.45× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 10.28× | ||
| Q3 24 | — | 18.22× | ||
| Q2 24 | — | 4.29× | ||
| Q1 24 | 10.86× | — |
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
DLTH
| Sales Channel Directly To Consumer | $67.4M | 59% |
| Sales Channel Through Intermediary | $47.4M | 41% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
