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Franklin BSP Realty Trust, Inc.（FBRT）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
Franklin BSP Realty Trust, Inc.的季度营收约是RE/MAX Holdings, Inc.的1.1倍（$81.1M vs $71.1M），Franklin BSP Realty Trust, Inc.净利率更高（22.7% vs 2.0%，领先20.6%），Franklin BSP Realty Trust, Inc.同比增速更快（25.8% vs -1.8%），过去两年Franklin BSP Realty Trust, Inc.的营收复合增速更高（22.6% vs -4.7%）
Franklin BSP Realty Trust是一家上市房地产投资信托（REIT），专注于发起、投资和管理商业房地产信贷资产，涵盖优先抵押贷款、夹层融资等相关产品，主要面向美国市场，致力于为投资者创造稳定的经风险调整回报与分红收入。
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。
FBRT vs RMAX — 直观对比
营收规模更大
FBRT
是对方的1.1倍
$71.1M
营收增速更快
FBRT
高出27.6%
-1.8%
净利率更高
FBRT
高出20.6%
2.0%
两年增速更快
FBRT
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $81.1M | $71.1M |
| 净利润 | $18.4M | $1.4M |
| 毛利率 | — | — |
| 营业利润率 | — | 13.1% |
| 净利率 | 22.7% | 2.0% |
| 营收同比 | 25.8% | -1.8% |
| 净利润同比 | -39.1% | -75.2% |
| 每股收益（稀释后） | $0.13 | — |
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FBRTRMAX
| Q4 25 | $81.1M | $71.1M | ||
| Q3 25 | $89.5M | $73.2M | ||
| Q2 25 | $49.3M | $72.8M | ||
| Q1 25 | $50.1M | $74.5M | ||
| Q4 24 | $64.5M | $72.5M | ||
| Q3 24 | $54.0M | $78.5M | ||
| Q2 24 | $50.9M | $78.5M | ||
| Q1 24 | $54.0M | $78.3M |
净利润FBRTRMAX
| Q4 25 | $18.4M | $1.4M | ||
| Q3 25 | $17.3M | $4.0M | ||
| Q2 25 | $23.2M | $4.7M | ||
| Q1 25 | $24.1M | $-2.0M | ||
| Q4 24 | $30.2M | $5.8M | ||
| Q3 24 | $31.6M | $966.0K | ||
| Q2 24 | $-2.2M | $3.7M | ||
| Q1 24 | $35.9M | $-3.4M |
营业利润率FBRTRMAX
| 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FBRTRMAX
| Q4 25 | 22.7% | 2.0% | ||
| Q3 25 | 19.3% | 5.4% | ||
| Q2 25 | 47.1% | 6.4% | ||
| Q1 25 | 48.0% | -2.6% | ||
| Q4 24 | 46.8% | 8.0% | ||
| Q3 24 | 58.5% | 1.2% | ||
| Q2 24 | -4.3% | 4.7% | ||
| Q1 24 | 66.6% | -4.3% |
每股收益（稀释后）FBRTRMAX
| Q4 25 | $0.13 | — | ||
| Q3 25 | $0.12 | — | ||
| Q2 25 | $0.19 | — | ||
| Q1 25 | $0.20 | — | ||
| Q4 24 | $0.28 | — | ||
| Q3 24 | $0.30 | — | ||
| Q2 24 | $-0.11 | — | ||
| Q1 24 | $0.35 | — |
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 | $167.3M | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | $1.4B | $452.4M |
| 总资产 | $6.1B | $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FBRTRMAX
| Q4 25 | $167.3M | $118.7M | ||
| Q3 25 | $116.7M | $107.5M | ||
| Q2 25 | $414.1M | $94.3M | ||
| Q1 25 | $215.4M | $89.1M | ||
| Q4 24 | $184.4M | $96.6M | ||
| Q3 24 | $346.2M | $83.8M | ||
| Q2 24 | $94.8M | $66.1M | ||
| Q1 24 | $240.0M | $82.1M |
总债务FBRTRMAX
| 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FBRTRMAX
| Q4 25 | $1.4B | $452.4M | ||
| Q3 25 | $1.5B | $448.1M | ||
| Q2 25 | $1.5B | $442.4M | ||
| Q1 25 | $1.5B | $433.5M | ||
| Q4 24 | $1.5B | $429.5M | ||
| Q3 24 | $1.5B | $423.1M | ||
| Q2 24 | $1.5B | $418.4M | ||
| Q1 24 | $1.6B | $412.0M |
总资产FBRTRMAX
| Q4 25 | $6.1B | $582.5M | ||
| Q3 25 | $6.2B | $582.2M | ||
| Q2 25 | $5.6B | $574.8M | ||
| Q1 25 | $5.7B | $571.4M | ||
| Q4 24 | $6.0B | $581.6M | ||
| Q3 24 | $6.3B | $578.6M | ||
| Q2 24 | $6.3B | $571.4M | ||
| Q1 24 | $6.0B | $566.7M |
负债/权益比FBRTRMAX
| 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 | $291.9M | $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 | 15.88× | 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FBRTRMAX
| Q4 25 | $291.9M | $40.9M | ||
| Q3 25 | $-148.1M | $17.7M | ||
| Q2 25 | $11.8M | $4.6M | ||
| Q1 25 | $116.2M | $5.7M | ||
| Q4 24 | $57.2M | $59.7M | ||
| Q3 24 | $97.4M | $17.6M | ||
| Q2 24 | $1.9M | $15.9M | ||
| Q1 24 | $13.0M | $9.4M |
自由现金流FBRTRMAX
| 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FBRTRMAX
| 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FBRTRMAX
| 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FBRTRMAX
| Q4 25 | 15.88× | 28.39× | ||
| Q3 25 | -8.56× | 4.45× | ||
| Q2 25 | 0.51× | 0.97× | ||
| Q1 25 | 4.83× | — | ||
| Q4 24 | 1.90× | 10.28× | ||
| Q3 24 | 3.08× | 18.22× | ||
| Q2 24 | — | 4.29× | ||
| Q1 24 | 0.36× | — |
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
FBRT
| New Point Holdings JVLLC | $77.3M | 95% |
| Other | $2.1M | 3% |
| Office Building | $1.7M | 2% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
