vs
ESTABLISHMENT LABS HOLDINGS INC.（ESTA）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ESTABLISHMENT LABS HOLDINGS INC.的1.1倍（$71.1M vs $64.6M），ESTABLISHMENT LABS HOLDINGS INC.同比增速更快（45.2% vs -1.8%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $-2.0M），过去两年ESTABLISHMENT LABS HOLDINGS INC.的营收复合增速更高（31.9% vs -4.7%）
Establishment Labs Holdings Inc.是一家总部位于美国的无晶圆厂半导体企业，同时专注于人工智能领域业务，核心为数据中心及AI基础设施研发高速连接解决方案，于2024年3月在纳斯达克挂牌上市。
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。
ESTA vs RMAX — 直观对比
营收规模更大
RMAX
是对方的1.1倍
$64.6M
营收增速更快
ESTA
高出47.0%
-1.8%
自由现金流更多
RMAX
多$35.5M
$-2.0M
两年增速更快
ESTA
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $64.6M | $71.1M |
| 净利润 | — | $1.4M |
| 毛利率 | 70.5% | — |
| 营业利润率 | -6.1% | 13.1% |
| 净利率 | — | 2.0% |
| 营收同比 | 45.2% | -1.8% |
| 净利润同比 | — | -75.2% |
| 每股收益（稀释后） | $-0.07 | — |
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ESTARMAX
| Q4 25 | $64.6M | $71.1M | ||
| Q3 25 | $53.8M | $73.2M | ||
| Q2 25 | $51.3M | $72.8M | ||
| Q1 25 | $41.4M | $74.5M | ||
| Q4 24 | $44.5M | $72.5M | ||
| Q3 24 | $40.2M | $78.5M | ||
| Q2 24 | $44.1M | $78.5M | ||
| Q1 24 | $37.2M | $78.3M |
净利润ESTARMAX
| Q4 25 | — | $1.4M | ||
| Q3 25 | $-11.1M | $4.0M | ||
| Q2 25 | $-16.6M | $4.7M | ||
| Q1 25 | $-20.7M | $-2.0M | ||
| Q4 24 | — | $5.8M | ||
| Q3 24 | $-16.7M | $966.0K | ||
| Q2 24 | $-17.2M | $3.7M | ||
| Q1 24 | $-16.2M | $-3.4M |
毛利率ESTARMAX
| Q4 25 | 70.5% | — | ||
| Q3 25 | 70.1% | — | ||
| Q2 25 | 68.8% | — | ||
| Q1 25 | 67.2% | — | ||
| Q4 24 | 68.5% | — | ||
| Q3 24 | 63.9% | — | ||
| Q2 24 | 65.6% | — | ||
| Q1 24 | 65.6% | — |
营业利润率ESTARMAX
| Q4 25 | -6.1% | 13.1% | ||
| Q3 25 | -7.5% | 25.0% | ||
| Q2 25 | -27.5% | 19.3% | ||
| Q1 25 | -41.0% | 7.2% | ||
| Q4 24 | -41.9% | 5.9% | ||
| Q3 24 | -32.7% | 19.4% | ||
| Q2 24 | -21.2% | 20.6% | ||
| Q1 24 | -23.8% | 5.8% |
净利率ESTARMAX
| Q4 25 | — | 2.0% | ||
| Q3 25 | -20.7% | 5.4% | ||
| Q2 25 | -32.3% | 6.4% | ||
| Q1 25 | -50.1% | -2.6% | ||
| Q4 24 | — | 8.0% | ||
| Q3 24 | -41.5% | 1.2% | ||
| Q2 24 | -38.9% | 4.7% | ||
| Q1 24 | -43.6% | -4.3% |
每股收益（稀释后）ESTARMAX
| Q4 25 | $-0.07 | — | ||
| Q3 25 | $-0.38 | — | ||
| Q2 25 | $-0.57 | — | ||
| Q1 25 | $-0.70 | — | ||
| Q4 24 | $-1.21 | — | ||
| Q3 24 | $-0.59 | — | ||
| Q2 24 | $-0.62 | — | ||
| Q1 24 | $-0.58 | — |
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 | $75.6M | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | $23.5M | $452.4M |
| 总资产 | $357.2M | $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ESTARMAX
| Q4 25 | $75.6M | $118.7M | ||
| Q3 25 | $70.6M | $107.5M | ||
| Q2 25 | $54.6M | $94.3M | ||
| Q1 25 | $69.2M | $89.1M | ||
| Q4 24 | $90.3M | $96.6M | ||
| Q3 24 | — | $83.8M | ||
| Q2 24 | — | $66.1M | ||
| Q1 24 | — | $82.1M |
总债务ESTARMAX
| Q4 25 | — | $432.2M | ||
| Q3 25 | — | $433.3M | ||
| Q2 25 | — | $434.4M | ||
| Q1 25 | — | $435.3M | ||
| Q4 24 | $0 | $436.2M | ||
| Q3 24 | — | $437.2M | ||
| Q2 24 | — | $438.1M | ||
| Q1 24 | — | $439.0M |
股东权益ESTARMAX
| Q4 25 | $23.5M | $452.4M | ||
| Q3 25 | $16.4M | $448.1M | ||
| Q2 25 | $22.8M | $442.4M | ||
| Q1 25 | $38.5M | $433.5M | ||
| Q4 24 | $53.1M | $429.5M | ||
| Q3 24 | $32.7M | $423.1M | ||
| Q2 24 | $45.0M | $418.4M | ||
| Q1 24 | $56.9M | $412.0M |
总资产ESTARMAX
| Q4 25 | $357.2M | $582.5M | ||
| Q3 25 | $338.9M | $582.2M | ||
| Q2 25 | $329.7M | $574.8M | ||
| Q1 25 | $333.4M | $571.4M | ||
| Q4 24 | $346.8M | $581.6M | ||
| Q3 24 | $282.7M | $578.6M | ||
| Q2 24 | $285.1M | $571.4M | ||
| Q1 24 | $301.8M | $566.7M |
负债/权益比ESTARMAX
| Q4 25 | — | 0.96× | ||
| Q3 25 | — | 0.97× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | — | 1.00× | ||
| Q4 24 | 0.00× | 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 | $-162.0K | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $-2.0M | $33.5M |
| 自由现金流率自由现金流/营收 | -3.1% | 47.1% |
| 资本支出强度资本支出/营收 | 2.8% | 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 | $-56.9M | $56.8M |
8季度趋势，按日历期对齐
经营现金流ESTARMAX
| Q4 25 | $-162.0K | $40.9M | ||
| Q3 25 | $-11.3M | $17.7M | ||
| Q2 25 | $-18.8M | $4.6M | ||
| Q1 25 | $-20.7M | $5.7M | ||
| Q4 24 | $-20.7M | $59.7M | ||
| Q3 24 | $-12.5M | $17.6M | ||
| Q2 24 | $-14.2M | $15.9M | ||
| Q1 24 | $-11.2M | $9.4M |
自由现金流ESTARMAX
| Q4 25 | $-2.0M | $33.5M | ||
| Q3 25 | $-13.1M | $16.4M | ||
| Q2 25 | $-20.4M | $2.9M | ||
| Q1 25 | $-21.5M | $4.0M | ||
| Q4 24 | $-21.3M | $53.0M | ||
| Q3 24 | $-13.9M | $16.3M | ||
| Q2 24 | $-15.0M | $14.0M | ||
| Q1 24 | $-14.5M | $6.8M |
自由现金流率ESTARMAX
| Q4 25 | -3.1% | 47.1% | ||
| Q3 25 | -24.4% | 22.4% | ||
| Q2 25 | -39.7% | 4.0% | ||
| Q1 25 | -51.9% | 5.3% | ||
| Q4 24 | -47.8% | 73.2% | ||
| Q3 24 | -34.6% | 20.8% | ||
| Q2 24 | -33.9% | 17.8% | ||
| Q1 24 | -38.9% | 8.6% |
资本支出强度ESTARMAX
| Q4 25 | 2.8% | 10.4% | ||
| Q3 25 | 3.4% | 1.8% | ||
| Q2 25 | 3.2% | 2.2% | ||
| Q1 25 | 1.8% | 2.3% | ||
| Q4 24 | 1.2% | 9.1% | ||
| Q3 24 | 3.7% | 1.7% | ||
| Q2 24 | 1.8% | 2.4% | ||
| Q1 24 | 8.9% | 3.3% |
现金转化率ESTARMAX
| Q4 25 | — | 28.39× | ||
| Q3 25 | — | 4.45× | ||
| Q2 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
ESTA
暂无分部数据
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
