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DORCHESTER MINERALS, L.P.（DMLP）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DORCHESTER MINERALS, L.P.的1.7倍（$71.1M vs $41.9M），DORCHESTER MINERALS, L.P.净利率更高（38.7% vs 2.0%，领先36.7%），DORCHESTER MINERALS, L.P.同比增速更快（5.4% vs -1.8%），过去两年DORCHESTER MINERALS, L.P.的营收复合增速更高（16.2% vs -4.7%）
多切斯特矿业有限合伙是一家总部位于美国的上市有限合伙企业，主要收购、持有及管理油气相关的特许权权益、净利润权益、矿产产权等多元化资产组合，资产覆盖美国多个核心陆上油气产区，为合伙份额持有人提供稳定的现金流回报。
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。
DMLP vs RMAX — 直观对比
营收规模更大
RMAX
是对方的1.7倍
$41.9M
营收增速更快
DMLP
高出7.2%
-1.8%
净利率更高
DMLP
高出36.7%
2.0%
两年增速更快
DMLP
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $41.9M | $71.1M |
| 净利润 | $16.2M | $1.4M |
| 毛利率 | — | — |
| 营业利润率 | — | 13.1% |
| 净利率 | 38.7% | 2.0% |
| 营收同比 | 5.4% | -1.8% |
| 净利润同比 | 13.7% | -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DMLPRMAX
| Q4 25 | $41.9M | $71.1M | ||
| Q3 25 | $35.4M | $73.2M | ||
| Q2 25 | $32.4M | $72.8M | ||
| Q1 25 | $43.2M | $74.5M | ||
| Q4 24 | $39.7M | $72.5M | ||
| Q3 24 | $53.5M | $78.5M | ||
| Q2 24 | $37.4M | $78.5M | ||
| Q1 24 | $31.0M | $78.3M |
净利润DMLPRMAX
| Q4 25 | $16.2M | $1.4M | ||
| Q3 25 | $11.2M | $4.0M | ||
| Q2 25 | $12.3M | $4.7M | ||
| Q1 25 | $17.6M | $-2.0M | ||
| Q4 24 | $14.2M | $5.8M | ||
| Q3 24 | $36.4M | $966.0K | ||
| Q2 24 | $23.6M | $3.7M | ||
| Q1 24 | $18.2M | $-3.4M |
营业利润率DMLPRMAX
| Q4 25 | — | 13.1% | ||
| Q3 25 | — | 25.0% | ||
| Q2 25 | — | 19.3% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | — | 5.9% | ||
| Q3 24 | — | 19.4% | ||
| Q2 24 | — | 20.6% | ||
| Q1 24 | — | 5.8% |
净利率DMLPRMAX
| Q4 25 | 38.7% | 2.0% | ||
| Q3 25 | 31.5% | 5.4% | ||
| Q2 25 | 38.1% | 6.4% | ||
| Q1 25 | 40.9% | -2.6% | ||
| Q4 24 | 35.9% | 8.0% | ||
| Q3 24 | 68.1% | 1.2% | ||
| Q2 24 | 63.2% | 4.7% | ||
| Q1 24 | 58.6% | -4.3% |
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 | $41.9M | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | — | $452.4M |
| 总资产 | $309.6M | $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DMLPRMAX
| Q4 25 | $41.9M | $118.7M | ||
| Q3 25 | $41.6M | $107.5M | ||
| Q2 25 | $36.5M | $94.3M | ||
| Q1 25 | $41.5M | $89.1M | ||
| Q4 24 | $42.5M | $96.6M | ||
| Q3 24 | $56.5M | $83.8M | ||
| Q2 24 | $35.2M | $66.1M | ||
| Q1 24 | $37.7M | $82.1M |
总债务DMLPRMAX
| 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DMLPRMAX
| Q4 25 | — | $452.4M | ||
| Q3 25 | — | $448.1M | ||
| Q2 25 | — | $442.4M | ||
| Q1 25 | — | $433.5M | ||
| Q4 24 | — | $429.5M | ||
| Q3 24 | — | $423.1M | ||
| Q2 24 | — | $418.4M | ||
| Q1 24 | — | $412.0M |
总资产DMLPRMAX
| Q4 25 | $309.6M | $582.5M | ||
| Q3 25 | $330.4M | $582.2M | ||
| Q2 25 | $325.6M | $574.8M | ||
| Q1 25 | $349.0M | $571.4M | ||
| Q4 24 | $366.8M | $581.6M | ||
| Q3 24 | $403.4M | $578.6M | ||
| Q2 24 | $176.0M | $571.4M | ||
| Q1 24 | $184.8M | $566.7M |
负债/权益比DMLPRMAX
| 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 | $34.3M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | — | $33.5M |
| 自由现金流率自由现金流/营收 | — | 47.1% |
| 资本支出强度资本支出/营收 | — | 10.4% |
| 现金转化率经营现金流/净利润 | 2.12× | 28.39× |
| 过去12个月自由现金流最近4个季度 | — | $56.8M |
8季度趋势，按日历期对齐
经营现金流DMLPRMAX
| Q4 25 | $34.3M | $40.9M | ||
| Q3 25 | $34.3M | $17.7M | ||
| Q2 25 | $30.5M | $4.6M | ||
| Q1 25 | $33.4M | $5.7M | ||
| Q4 24 | $31.5M | $59.7M | ||
| Q3 24 | $43.7M | $17.6M | ||
| Q2 24 | $29.4M | $15.9M | ||
| Q1 24 | $28.0M | $9.4M |
自由现金流DMLPRMAX
| Q4 25 | — | $33.5M | ||
| Q3 25 | — | $16.4M | ||
| Q2 25 | — | $2.9M | ||
| Q1 25 | — | $4.0M | ||
| Q4 24 | — | $53.0M | ||
| Q3 24 | — | $16.3M | ||
| Q2 24 | — | $14.0M | ||
| Q1 24 | — | $6.8M |
自由现金流率DMLPRMAX
| Q4 25 | — | 47.1% | ||
| Q3 25 | — | 22.4% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 5.3% | ||
| Q4 24 | — | 73.2% | ||
| Q3 24 | — | 20.8% | ||
| Q2 24 | — | 17.8% | ||
| Q1 24 | — | 8.6% |
资本支出强度DMLPRMAX
| Q4 25 | — | 10.4% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 9.1% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 3.3% |
现金转化率DMLPRMAX
| Q4 25 | 2.12× | 28.39× | ||
| Q3 25 | 3.07× | 4.45× | ||
| Q2 25 | 2.47× | 0.97× | ||
| Q1 25 | 1.89× | — | ||
| Q4 24 | 2.21× | 10.28× | ||
| Q3 24 | 1.20× | 18.22× | ||
| Q2 24 | 1.25× | 4.29× | ||
| Q1 24 | 1.54× | — |
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
DMLP
| Royalties | $34.0M | 81% |
| Other | $7.8M | 19% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
