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FUELCELL ENERGY INC（FCEL）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FUELCELL ENERGY INC的1.3倍（$71.1M vs $55.0M），RE/MAX Holdings, Inc.净利率更高（2.0% vs -54.3%，领先56.3%），FUELCELL ENERGY INC同比增速更快（11.5% vs -1.8%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $-23.9M），过去两年FUELCELL ENERGY INC的营收复合增速更高（81.6% vs -4.7%）
燃料电池能源公司是一家上市燃料电池企业，总部位于美国康涅狄格州丹伯里，公司主打基于熔融碳酸盐燃料电池技术的发电站业务，从事相关产品的设计、生产，同时还提供发电站运营及相关技术服务。
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。
FCEL vs RMAX — 直观对比
营收规模更大
RMAX
是对方的1.3倍
$55.0M
营收增速更快
FCEL
高出13.4%
-1.8%
净利率更高
RMAX
高出56.3%
-54.3%
自由现金流更多
RMAX
多$57.4M
$-23.9M
两年增速更快
FCEL
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $55.0M | $71.1M |
| 净利润 | $-29.9M | $1.4M |
| 毛利率 | -12.1% | — |
| 营业利润率 | -51.5% | 13.1% |
| 净利率 | -54.3% | 2.0% |
| 营收同比 | 11.5% | -1.8% |
| 净利润同比 | 27.9% | -75.2% |
| 每股收益（稀释后） | $-0.43 | — |
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FCELRMAX
| Q4 25 | $55.0M | $71.1M | ||
| Q3 25 | $46.7M | $73.2M | ||
| Q2 25 | $37.4M | $72.8M | ||
| Q1 25 | $19.0M | $74.5M | ||
| Q4 24 | $49.3M | $72.5M | ||
| Q3 24 | $23.7M | $78.5M | ||
| Q2 24 | $22.4M | $78.5M | ||
| Q1 24 | $16.7M | $78.3M |
净利润FCELRMAX
| Q4 25 | $-29.9M | $1.4M | ||
| Q3 25 | $-91.7M | $4.0M | ||
| Q2 25 | $-38.0M | $4.7M | ||
| Q1 25 | $-28.3M | $-2.0M | ||
| Q4 24 | $-41.4M | $5.8M | ||
| Q3 24 | $-32.7M | $966.0K | ||
| Q2 24 | $-32.1M | $3.7M | ||
| Q1 24 | $-19.8M | $-3.4M |
毛利率FCELRMAX
| Q4 25 | -12.1% | — | ||
| Q3 25 | -11.0% | — | ||
| Q2 25 | -25.2% | — | ||
| Q1 25 | -27.4% | — | ||
| Q4 24 | -22.1% | — | ||
| Q3 24 | -26.2% | — | ||
| Q2 24 | -31.6% | — | ||
| Q1 24 | -70.2% | — |
营业利润率FCELRMAX
| Q4 25 | -51.5% | 13.1% | ||
| Q3 25 | -204.0% | 25.0% | ||
| Q2 25 | -95.7% | 19.3% | ||
| Q1 25 | -172.9% | 7.2% | ||
| Q4 24 | -83.2% | 5.9% | ||
| Q3 24 | -141.9% | 19.4% | ||
| Q2 24 | -184.5% | 20.6% | ||
| Q1 24 | -254.5% | 5.8% |
净利率FCELRMAX
| Q4 25 | -54.3% | 2.0% | ||
| Q3 25 | -196.1% | 5.4% | ||
| Q2 25 | -101.7% | 6.4% | ||
| Q1 25 | -149.1% | -2.6% | ||
| Q4 24 | -84.0% | 8.0% | ||
| Q3 24 | -137.8% | 1.2% | ||
| Q2 24 | -143.4% | 4.7% | ||
| Q1 24 | -118.6% | -4.3% |
每股收益（稀释后）FCELRMAX
| Q4 25 | $-0.43 | — | ||
| Q3 25 | $-3.78 | — | ||
| Q2 25 | $-1.79 | — | ||
| Q1 25 | $-1.42 | — | ||
| Q4 24 | $-2.29 | — | ||
| Q3 24 | $-1.99 | — | ||
| Q2 24 | $-2.18 | — | ||
| Q1 24 | $-1.37 | — |
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 | $278.1M | $118.7M |
| 总债务越低越好 | $103.8M | $432.2M |
| 股东权益账面价值 | $662.2M | $452.4M |
| 总资产 | $932.1M | $582.5M |
| 负债/权益比越低杠杆越低 | 0.16× | 0.96× |
8季度趋势，按日历期对齐
现金及短期投资FCELRMAX
| Q4 25 | $278.1M | $118.7M | ||
| Q3 25 | $174.7M | $107.5M | ||
| Q2 25 | $177.0M | $94.3M | ||
| Q1 25 | $208.4M | $89.1M | ||
| Q4 24 | $257.3M | $96.6M | ||
| Q3 24 | $267.2M | $83.8M | ||
| Q2 24 | $260.1M | $66.1M | ||
| Q1 24 | $297.5M | $82.1M |
总债务FCELRMAX
| Q4 25 | $103.8M | $432.2M | ||
| Q3 25 | $106.4M | $433.3M | ||
| Q2 25 | $109.4M | $434.4M | ||
| Q1 25 | $112.3M | $435.3M | ||
| Q4 24 | $115.7M | $436.2M | ||
| Q3 24 | $112.7M | $437.2M | ||
| Q2 24 | $116.2M | $438.1M | ||
| Q1 24 | $107.2M | $439.0M |
股东权益FCELRMAX
| Q4 25 | $662.2M | $452.4M | ||
| Q3 25 | $556.2M | $448.1M | ||
| Q2 25 | $609.2M | $442.4M | ||
| Q1 25 | $635.2M | $433.5M | ||
| Q4 24 | $656.9M | $429.5M | ||
| Q3 24 | $675.8M | $423.1M | ||
| Q2 24 | $639.8M | $418.4M | ||
| Q1 24 | $663.9M | $412.0M |
总资产FCELRMAX
| Q4 25 | $932.1M | $582.5M | ||
| Q3 25 | $830.5M | $582.2M | ||
| Q2 25 | $883.8M | $574.8M | ||
| Q1 25 | $907.5M | $571.4M | ||
| Q4 24 | $944.1M | $581.6M | ||
| Q3 24 | $948.9M | $578.6M | ||
| Q2 24 | $916.8M | $571.4M | ||
| Q1 24 | $923.2M | $566.7M |
负债/权益比FCELRMAX
| Q4 25 | 0.16× | 0.96× | ||
| Q3 25 | 0.19× | 0.97× | ||
| Q2 25 | 0.18× | 0.98× | ||
| Q1 25 | 0.18× | 1.00× | ||
| Q4 24 | 0.18× | 1.02× | ||
| Q3 24 | 0.17× | 1.03× | ||
| Q2 24 | 0.18× | 1.05× | ||
| Q1 24 | 0.16× | 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 | $-22.9M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $-23.9M | $33.5M |
| 自由现金流率自由现金流/营收 | -43.4% | 47.1% |
| 资本支出强度资本支出/营收 | 1.8% | 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 | $-143.9M | $56.8M |
8季度趋势，按日历期对齐
经营现金流FCELRMAX
| Q4 25 | $-22.9M | $40.9M | ||
| Q3 25 | $-26.8M | $17.7M | ||
| Q2 25 | $-29.9M | $4.6M | ||
| Q1 25 | $-45.7M | $5.7M | ||
| Q4 24 | $5.8M | $59.7M | ||
| Q3 24 | $-63.4M | $17.6M | ||
| Q2 24 | $-37.1M | $15.9M | ||
| Q1 24 | $-58.3M | $9.4M |
自由现金流FCELRMAX
| Q4 25 | $-23.9M | $33.5M | ||
| Q3 25 | $-32.1M | $16.4M | ||
| Q2 25 | $-35.2M | $2.9M | ||
| Q1 25 | $-52.8M | $4.0M | ||
| Q4 24 | $-4.7M | $53.0M | ||
| Q3 24 | $-76.8M | $16.3M | ||
| Q2 24 | $-50.3M | $14.0M | ||
| Q1 24 | $-68.8M | $6.8M |
自由现金流率FCELRMAX
| Q4 25 | -43.4% | 47.1% | ||
| Q3 25 | -68.6% | 22.4% | ||
| Q2 25 | -94.0% | 4.0% | ||
| Q1 25 | -277.8% | 5.3% | ||
| Q4 24 | -9.5% | 73.2% | ||
| Q3 24 | -324.0% | 20.8% | ||
| Q2 24 | -224.5% | 17.8% | ||
| Q1 24 | -412.4% | 8.6% |
资本支出强度FCELRMAX
| Q4 25 | 1.8% | 10.4% | ||
| Q3 25 | 11.2% | 1.8% | ||
| Q2 25 | 14.1% | 2.2% | ||
| Q1 25 | 37.2% | 2.3% | ||
| Q4 24 | 21.4% | 9.1% | ||
| Q3 24 | 56.6% | 1.7% | ||
| Q2 24 | 58.9% | 2.4% | ||
| Q1 24 | 63.3% | 3.3% |
现金转化率FCELRMAX
| 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
FCEL
| Other | $30.0M | 55% |
| Electricity Generation | $12.2M | 22% |
| Services | $7.3M | 13% |
| Advanced Technologies | $5.5M | 10% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
