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Fat Brands, Inc（FAT）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
Fat Brands, Inc的季度营收约是RE/MAX Holdings, Inc.的2.0倍（$140.0M vs $71.1M），RE/MAX Holdings, Inc.净利率更高（2.0% vs -41.6%，领先43.6%），RE/MAX Holdings, Inc.同比增速更快（-1.8% vs -2.3%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $-16.9M），过去两年RE/MAX Holdings, Inc.的营收复合增速更高（-4.7% vs -6.1%）
FAT Brands是来自美国的多品牌餐饮与体育酒吧连锁运营商，总部位于加利福尼亚州比弗利山庄，主要开展餐饮品牌的连锁加盟运营业务，旗下涵盖多个餐饮及休闲体育酒吧品牌。
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。
FAT vs RMAX — 直观对比
营收规模更大
FAT
是对方的2.0倍
$71.1M
营收增速更快
RMAX
高出0.5%
-2.3%
净利率更高
RMAX
高出43.6%
-41.6%
自由现金流更多
RMAX
多$50.4M
$-16.9M
两年增速更快
RMAX
近两年复合增速
-6.1%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $140.0M | $71.1M |
| 净利润 | $-58.2M | $1.4M |
| 毛利率 | — | — |
| 营业利润率 | -12.4% | 13.1% |
| 净利率 | -41.6% | 2.0% |
| 营收同比 | -2.3% | -1.8% |
| 净利润同比 | -30.1% | -75.2% |
| 每股收益（稀释后） | $-3.39 | — |
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FATRMAX
| Q4 25 | — | $71.1M | ||
| Q3 25 | $140.0M | $73.2M | ||
| Q2 25 | $146.8M | $72.8M | ||
| Q1 25 | $142.0M | $74.5M | ||
| Q4 24 | $145.3M | $72.5M | ||
| Q3 24 | $143.4M | $78.5M | ||
| Q2 24 | $152.0M | $78.5M | ||
| Q1 24 | $152.0M | $78.3M |
净利润FATRMAX
| Q4 25 | — | $1.4M | ||
| Q3 25 | $-58.2M | $4.0M | ||
| Q2 25 | $-54.2M | $4.7M | ||
| Q1 25 | $-46.0M | $-2.0M | ||
| Q4 24 | $-67.4M | $5.8M | ||
| Q3 24 | $-44.8M | $966.0K | ||
| Q2 24 | $-39.4M | $3.7M | ||
| Q1 24 | $-38.3M | $-3.4M |
营业利润率FATRMAX
| Q4 25 | — | 13.1% | ||
| Q3 25 | -12.4% | 25.0% | ||
| Q2 25 | -10.6% | 19.3% | ||
| Q1 25 | -6.0% | 7.2% | ||
| Q4 24 | -27.1% | 5.9% | ||
| Q3 24 | -6.2% | 19.4% | ||
| Q2 24 | -1.8% | 20.6% | ||
| Q1 24 | -0.9% | 5.8% |
净利率FATRMAX
| Q4 25 | — | 2.0% | ||
| Q3 25 | -41.6% | 5.4% | ||
| Q2 25 | -36.9% | 6.4% | ||
| Q1 25 | -32.4% | -2.6% | ||
| Q4 24 | -46.4% | 8.0% | ||
| Q3 24 | -31.2% | 1.2% | ||
| Q2 24 | -25.9% | 4.7% | ||
| Q1 24 | -25.2% | -4.3% |
每股收益（稀释后）FATRMAX
| Q4 25 | — | — | ||
| Q3 25 | $-3.39 | — | ||
| Q2 25 | $-3.17 | — | ||
| Q1 25 | $-2.73 | — | ||
| Q4 24 | $-4.06 | — | ||
| Q3 24 | $-2.74 | — | ||
| Q2 24 | $-2.43 | — | ||
| Q1 24 | $-2.37 | — |
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 | — | $118.7M |
| 总债务越低越好 | $1.3B | $432.2M |
| 股东权益账面价值 | $-585.8M | $452.4M |
| 总资产 | $1.2B | $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FATRMAX
| Q4 25 | — | $118.7M | ||
| Q3 25 | — | $107.5M | ||
| Q2 25 | — | $94.3M | ||
| Q1 25 | — | $89.1M | ||
| Q4 24 | — | $96.6M | ||
| Q3 24 | — | $83.8M | ||
| Q2 24 | — | $66.1M | ||
| Q1 24 | — | $82.1M |
总债务FATRMAX
| Q4 25 | — | $432.2M | ||
| Q3 25 | $1.3B | $433.3M | ||
| Q2 25 | $1.3B | $434.4M | ||
| Q1 25 | $1.3B | $435.3M | ||
| Q4 24 | $1.3B | $436.2M | ||
| Q3 24 | $1.2B | $437.2M | ||
| Q2 24 | $1.2B | $438.1M | ||
| Q1 24 | $1.2B | $439.0M |
股东权益FATRMAX
| Q4 25 | — | $452.4M | ||
| Q3 25 | $-585.8M | $448.1M | ||
| Q2 25 | $-536.5M | $442.4M | ||
| Q1 25 | $-493.9M | $433.5M | ||
| Q4 24 | $-455.7M | $429.5M | ||
| Q3 24 | $-386.1M | $423.1M | ||
| Q2 24 | $-338.6M | $418.4M | ||
| Q1 24 | $-296.8M | $412.0M |
总资产FATRMAX
| Q4 25 | — | $582.5M | ||
| Q3 25 | $1.2B | $582.2M | ||
| Q2 25 | $1.2B | $574.8M | ||
| Q1 25 | $1.3B | $571.4M | ||
| Q4 24 | $1.3B | $581.6M | ||
| Q3 24 | $1.3B | $578.6M | ||
| Q2 24 | $1.4B | $571.4M | ||
| Q1 24 | $1.4B | $566.7M |
负债/权益比FATRMAX
| 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 | $-14.5M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $-16.9M | $33.5M |
| 自由现金流率自由现金流/营收 | -12.1% | 47.1% |
| 资本支出强度资本支出/营收 | 1.7% | 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 | $-75.0M | $56.8M |
8季度趋势，按日历期对齐
经营现金流FATRMAX
| Q4 25 | — | $40.9M | ||
| Q3 25 | $-14.5M | $17.7M | ||
| Q2 25 | $-26.9M | $4.6M | ||
| Q1 25 | $-13.2M | $5.7M | ||
| Q4 24 | $-10.4M | $59.7M | ||
| Q3 24 | $-3.2M | $17.6M | ||
| Q2 24 | $-14.2M | $15.9M | ||
| Q1 24 | $-28.4M | $9.4M |
自由现金流FATRMAX
| Q4 25 | — | $33.5M | ||
| Q3 25 | $-16.9M | $16.4M | ||
| Q2 25 | $-29.3M | $2.9M | ||
| Q1 25 | $-17.8M | $4.0M | ||
| Q4 24 | $-11.0M | $53.0M | ||
| Q3 24 | $-11.1M | $16.3M | ||
| Q2 24 | $-24.4M | $14.0M | ||
| Q1 24 | $-32.5M | $6.8M |
自由现金流率FATRMAX
| Q4 25 | — | 47.1% | ||
| Q3 25 | -12.1% | 22.4% | ||
| Q2 25 | -20.0% | 4.0% | ||
| Q1 25 | -12.5% | 5.3% | ||
| Q4 24 | -7.6% | 73.2% | ||
| Q3 24 | -7.7% | 20.8% | ||
| Q2 24 | -16.1% | 17.8% | ||
| Q1 24 | -21.4% | 8.6% |
资本支出强度FATRMAX
| Q4 25 | — | 10.4% | ||
| Q3 25 | 1.7% | 1.8% | ||
| Q2 25 | 1.6% | 2.2% | ||
| Q1 25 | 3.2% | 2.3% | ||
| Q4 24 | 0.4% | 9.1% | ||
| Q3 24 | 5.5% | 1.7% | ||
| Q2 24 | 6.7% | 2.4% | ||
| Q1 24 | 2.7% | 3.3% |
现金转化率FATRMAX
| 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
FAT
| Restaurant Sales | $96.6M | 69% |
| Royalty | $21.6M | 15% |
| Factory | $9.6M | 7% |
| Advertising | $9.1M | 7% |
| Franchisor | $1.5M | 1% |
| Other | $1.5M | 1% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
