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Douglas Elliman Inc.（DOUG）与Marcus & Millichap, Inc.（MMI）财务数据对比。点击上方公司名可切换其他公司
Douglas Elliman Inc.的季度营收约是Marcus & Millichap, Inc.的1.0倍（$245.4M vs $243.9M）。Douglas Elliman Inc.净利率更高（27.9% vs 5.5%，领先22.5%）。Marcus & Millichap, Inc.同比增速更快（1.6% vs 0.9%）。Marcus & Millichap, Inc.自由现金流更多（$43.9M vs $-14.7M）。过去两年Marcus & Millichap, Inc.的营收复合增速更高（37.5% vs 10.7%）
Douglas Elliman Inc.是美国领先的住宅房地产经纪企业，提供高端房产买卖、租赁、物业管理及相关咨询服务，核心业务覆盖纽约、加州、佛罗里达、得克萨斯等都会区，主要服务高净值客户群体。
马库斯-米利查普是一家美国商业地产服务企业，在美国和加拿大开展业务，核心服务涵盖商业地产经纪、抵押贷款经纪、市场研究及顾问咨询，业内首创了单经纪机构独家代理房源挂牌模式，目前在美加两国设有超过80家办事处，员工规模超1800人。
DOUG vs MMI — 直观对比
营收规模更大
DOUG
是对方的1.0倍
$243.9M
营收增速更快
MMI
高出0.7%
0.9%
净利率更高
DOUG
高出22.5%
5.5%
自由现金流更多
MMI
多$58.6M
$-14.7M
两年增速更快
MMI
近两年复合增速
10.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $245.4M | $243.9M |
| 净利润 | $68.6M | $13.3M |
| 毛利率 | — | — |
| 营业利润率 | 27.3% | 6.3% |
| 净利率 | 27.9% | 5.5% |
| 营收同比 | 0.9% | 1.6% |
| 净利润同比 | 1243.4% | 55.7% |
| 每股收益（稀释后） | $0.80 | $0.33 |
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DOUGMMI
| Q4 25 | $245.4M | $243.9M | ||
| Q3 25 | $262.8M | $193.9M | ||
| Q2 25 | $271.4M | $172.3M | ||
| Q1 25 | $253.4M | $145.0M | ||
| Q4 24 | $243.3M | $240.1M | ||
| Q3 24 | $266.3M | $168.5M | ||
| Q2 24 | $285.8M | $158.4M | ||
| Q1 24 | $200.2M | $129.1M |
净利润DOUGMMI
| Q4 25 | $68.6M | $13.3M | ||
| Q3 25 | $-24.7M | $240.0K | ||
| Q2 25 | $-22.7M | $-11.0M | ||
| Q1 25 | $-6.0M | $-4.4M | ||
| Q4 24 | $-6.0M | $8.5M | ||
| Q3 24 | $-27.2M | $-5.4M | ||
| Q2 24 | $-1.7M | $-5.5M | ||
| Q1 24 | $-41.5M | $-10.0M |
营业利润率DOUGMMI
| Q4 25 | 27.3% | 6.3% | ||
| Q3 25 | -4.1% | -1.2% | ||
| Q2 25 | -2.0% | -5.3% | ||
| Q1 25 | -2.1% | -12.2% | ||
| Q4 24 | -6.7% | 2.8% | ||
| Q3 24 | -2.8% | -6.8% | ||
| Q2 24 | -1.3% | -5.1% | ||
| Q1 24 | -20.7% | -15.6% |
净利率DOUGMMI
| Q4 25 | 27.9% | 5.5% | ||
| Q3 25 | -9.4% | 0.1% | ||
| Q2 25 | -8.4% | -6.4% | ||
| Q1 25 | -2.4% | -3.0% | ||
| Q4 24 | -2.5% | 3.6% | ||
| Q3 24 | -10.2% | -3.2% | ||
| Q2 24 | -0.6% | -3.5% | ||
| Q1 24 | -20.7% | -7.7% |
每股收益（稀释后）DOUGMMI
| Q4 25 | $0.80 | $0.33 | ||
| Q3 25 | $-0.29 | $0.01 | ||
| Q2 25 | $-0.27 | $-0.28 | ||
| Q1 25 | $-0.07 | $-0.11 | ||
| Q4 24 | $-0.06 | $0.22 | ||
| Q3 24 | $-0.33 | $-0.14 | ||
| Q2 24 | $-0.02 | $-0.14 | ||
| Q1 24 | $-0.50 | $-0.26 |
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 | $115.5M | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $183.9M | $603.1M |
| 总资产 | $444.4M | $827.2M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资DOUGMMI
| Q4 25 | $115.5M | — | ||
| Q3 25 | $143.0M | — | ||
| Q2 25 | $136.3M | — | ||
| Q1 25 | $136.8M | — | ||
| Q4 24 | $145.5M | — | ||
| Q3 24 | $151.4M | — | ||
| Q2 24 | $92.9M | — | ||
| Q1 24 | $91.5M | — |
股东权益DOUGMMI
| Q4 25 | $183.9M | $603.1M | ||
| Q3 25 | $115.1M | $602.2M | ||
| Q2 25 | $137.6M | $607.8M | ||
| Q1 25 | $158.2M | $617.6M | ||
| Q4 24 | $162.2M | $630.8M | ||
| Q3 24 | $173.6M | $617.7M | ||
| Q2 24 | $196.9M | $626.7M | ||
| Q1 24 | $195.1M | $625.6M |
总资产DOUGMMI
| Q4 25 | $444.4M | $827.2M | ||
| Q3 25 | $480.6M | $812.5M | ||
| Q2 25 | $489.0M | $792.2M | ||
| Q1 25 | $493.9M | $802.0M | ||
| Q4 24 | $493.9M | $869.8M | ||
| Q3 24 | $502.7M | $833.7M | ||
| Q2 24 | $463.9M | $825.4M | ||
| Q1 24 | $461.1M | $826.7M |
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 | $-14.4M | $46.3M |
| 自由现金流经营现金流 - 资本支出 | $-14.7M | $43.9M |
| 自由现金流率自由现金流/营收 | -6.0% | 18.0% |
| 资本支出强度资本支出/营收 | 0.1% | 1.0% |
| 现金转化率经营现金流/净利润 | -0.21× | 3.48× |
| 过去12个月自由现金流最近4个季度 | $-17.2M | $58.8M |
8季度趋势，按日历期对齐
经营现金流DOUGMMI
| Q4 25 | $-14.4M | $46.3M | ||
| Q3 25 | $5.5M | $52.2M | ||
| Q2 25 | $642.0K | $21.0M | ||
| Q1 25 | $-5.6M | $-52.8M | ||
| Q4 24 | $-9.0M | $56.7M | ||
| Q3 24 | $9.0M | $15.2M | ||
| Q2 24 | $1.3M | $851.0K | ||
| Q1 24 | $-27.3M | $-51.0M |
自由现金流DOUGMMI
| Q4 25 | $-14.7M | $43.9M | ||
| Q3 25 | $4.7M | $50.0M | ||
| Q2 25 | $-575.0K | $19.3M | ||
| Q1 25 | $-6.7M | $-54.3M | ||
| Q4 24 | $-10.2M | $55.1M | ||
| Q3 24 | $7.7M | $13.2M | ||
| Q2 24 | $432.0K | $-806.0K | ||
| Q1 24 | $-29.4M | $-53.7M |
自由现金流率DOUGMMI
| Q4 25 | -6.0% | 18.0% | ||
| Q3 25 | 1.8% | 25.8% | ||
| Q2 25 | -0.2% | 11.2% | ||
| Q1 25 | -2.6% | -37.5% | ||
| Q4 24 | -4.2% | 23.0% | ||
| Q3 24 | 2.9% | 7.8% | ||
| Q2 24 | 0.2% | -0.5% | ||
| Q1 24 | -14.7% | -41.6% |
资本支出强度DOUGMMI
| Q4 25 | 0.1% | 1.0% | ||
| Q3 25 | 0.3% | 1.2% | ||
| Q2 25 | 0.4% | 1.0% | ||
| Q1 25 | 0.4% | 1.0% | ||
| Q4 24 | 0.5% | 0.6% | ||
| Q3 24 | 0.5% | 1.2% | ||
| Q2 24 | 0.3% | 1.0% | ||
| Q1 24 | 1.0% | 2.0% |
现金转化率DOUGMMI
| Q4 25 | -0.21× | 3.48× | ||
| Q3 25 | — | 217.54× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.63× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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
DOUG
| Commissions And Other Brokerage Income | $240.3M | 98% |
| Property Management Income | $2.8M | 1% |
| Property Management | $2.2M | 1% |
MMI
| Real Estate Brokerage Commissions | $205.3M | 84% |
| Financing Fees | $33.2M | 14% |
| Other Revenues | $5.4M | 2% |
