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Fathom Holdings Inc.（FTHM）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
Marcus & Millichap, Inc.的季度营收约是Fathom Holdings Inc.的2.7倍（$243.9M vs $90.6M）。Marcus & Millichap, Inc.净利率更高（5.5% vs -7.4%，领先12.9%）。Marcus & Millichap, Inc.同比增速更快（1.6% vs -1.2%）。Marcus & Millichap, Inc.自由现金流更多（$43.9M vs $-11.9M）。过去两年Marcus & Millichap, Inc.的营收复合增速更高（37.5% vs 13.4%）
Fathom Holdings Inc.是一家总部位于美国的房地产科技与服务企业，为房产经纪人、经纪机构和消费者提供数字交易管理、按揭服务、产权保险、住宅经纪等一站式解决方案，业务覆盖美国大部分区域市场。
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。
FTHM vs MMI — 直观对比
营收规模更大
MMI
是对方的2.7倍
$90.6M
营收增速更快
MMI
高出2.8%
-1.2%
净利率更高
MMI
高出12.9%
-7.4%
自由现金流更多
MMI
多$55.8M
$-11.9M
两年增速更快
MMI
近两年复合增速
13.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $90.6M | $243.9M |
| 净利润 | $-6.7M | $13.3M |
| 毛利率 | — | — |
| 营业利润率 | -5.2% | 6.3% |
| 净利率 | -7.4% | 5.5% |
| 营收同比 | -1.2% | 1.6% |
| 净利润同比 | -7.7% | 55.7% |
| 每股收益（稀释后） | $-0.20 | $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FTHMMMI
| Q4 25 | $90.6M | $243.9M | ||
| Q3 25 | $115.3M | $193.9M | ||
| Q2 25 | $121.4M | $172.3M | ||
| Q1 25 | $93.1M | $145.0M | ||
| Q4 24 | $91.7M | $240.1M | ||
| Q3 24 | $83.7M | $168.5M | ||
| Q2 24 | $89.2M | $158.4M | ||
| Q1 24 | $70.5M | $129.1M |
净利润FTHMMMI
| Q4 25 | $-6.7M | $13.3M | ||
| Q3 25 | $-4.4M | $240.0K | ||
| Q2 25 | $-3.6M | $-11.0M | ||
| Q1 25 | $-5.6M | $-4.4M | ||
| Q4 24 | $-6.2M | $8.5M | ||
| Q3 24 | $-8.1M | $-5.4M | ||
| Q2 24 | $-1.3M | $-5.5M | ||
| Q1 24 | $-5.9M | $-10.0M |
营业利润率FTHMMMI
| Q4 25 | -5.2% | 6.3% | ||
| Q3 25 | -3.5% | -1.2% | ||
| Q2 25 | -2.0% | -5.3% | ||
| Q1 25 | -4.8% | -12.2% | ||
| Q4 24 | -7.0% | 2.8% | ||
| Q3 24 | -9.3% | -6.8% | ||
| Q2 24 | -4.1% | -5.1% | ||
| Q1 24 | -8.0% | -15.6% |
净利率FTHMMMI
| Q4 25 | -7.4% | 5.5% | ||
| Q3 25 | -3.8% | 0.1% | ||
| Q2 25 | -3.0% | -6.4% | ||
| Q1 25 | -6.1% | -3.0% | ||
| Q4 24 | -6.8% | 3.6% | ||
| Q3 24 | -9.7% | -3.2% | ||
| Q2 24 | -1.5% | -3.5% | ||
| Q1 24 | -8.4% | -7.7% |
每股收益（稀释后）FTHMMMI
| Q4 25 | $-0.20 | $0.33 | ||
| Q3 25 | $-0.15 | $0.01 | ||
| Q2 25 | $-0.13 | $-0.28 | ||
| Q1 25 | $-0.24 | $-0.11 | ||
| Q4 24 | $-0.29 | $0.22 | ||
| Q3 24 | $-0.40 | $-0.14 | ||
| Q2 24 | $-0.07 | $-0.14 | ||
| Q1 24 | $-0.31 | $-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 | $5.8M | — |
| 总债务越低越好 | $5.6M | — |
| 股东权益账面价值 | $37.4M | $603.1M |
| 总资产 | $78.0M | $827.2M |
| 负债/权益比越低杠杆越低 | 0.15× | — |
8季度趋势，按日历期对齐
现金及短期投资FTHMMMI
| Q4 25 | $5.8M | — | ||
| Q3 25 | $9.8M | — | ||
| Q2 25 | $4.9M | — | ||
| Q1 25 | $8.0M | — | ||
| Q4 24 | $7.1M | — | ||
| Q3 24 | $13.1M | — | ||
| Q2 24 | $10.4M | — | ||
| Q1 24 | $5.7M | — |
总债务FTHMMMI
| Q4 25 | $5.6M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $9.5M | — | ||
| Q3 24 | $8.8M | — | ||
| Q2 24 | $3.6M | — | ||
| Q1 24 | $3.7M | — |
股东权益FTHMMMI
| Q4 25 | $37.4M | $603.1M | ||
| Q3 25 | $43.4M | $602.2M | ||
| Q2 25 | $40.7M | $607.8M | ||
| Q1 25 | $43.4M | $617.6M | ||
| Q4 24 | $44.7M | $630.8M | ||
| Q3 24 | $47.1M | $617.7M | ||
| Q2 24 | $53.1M | $626.7M | ||
| Q1 24 | $51.9M | $625.6M |
总资产FTHMMMI
| Q4 25 | $78.0M | $827.2M | ||
| Q3 25 | $83.2M | $812.5M | ||
| Q2 25 | $80.4M | $792.2M | ||
| Q1 25 | $81.0M | $802.0M | ||
| Q4 24 | $75.4M | $869.8M | ||
| Q3 24 | $80.9M | $833.7M | ||
| Q2 24 | $80.2M | $825.4M | ||
| Q1 24 | $78.2M | $826.7M |
负债/权益比FTHMMMI
| Q4 25 | 0.15× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.21× | — | ||
| Q3 24 | 0.19× | — | ||
| Q2 24 | 0.07× | — | ||
| Q1 24 | 0.07× | — |
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 | $-11.9M | $46.3M |
| 自由现金流经营现金流 - 资本支出 | $-11.9M | $43.9M |
| 自由现金流率自由现金流/营收 | -13.2% | 18.0% |
| 资本支出强度资本支出/营收 | 0.0% | 1.0% |
| 现金转化率经营现金流/净利润 | — | 3.48× |
| 过去12个月自由现金流最近4个季度 | $-20.7M | $58.8M |
8季度趋势，按日历期对齐
经营现金流FTHMMMI
| Q4 25 | $-11.9M | $46.3M | ||
| Q3 25 | $3.0M | $52.2M | ||
| Q2 25 | $-5.9M | $21.0M | ||
| Q1 25 | $-5.7M | $-52.8M | ||
| Q4 24 | $-317.0K | $56.7M | ||
| Q3 24 | $-330.0K | $15.2M | ||
| Q2 24 | $-3.1M | $851.0K | ||
| Q1 24 | $-947.0K | $-51.0M |
自由现金流FTHMMMI
| Q4 25 | $-11.9M | $43.9M | ||
| Q3 25 | $3.0M | $50.0M | ||
| Q2 25 | $-6.0M | $19.3M | ||
| Q1 25 | $-5.8M | $-54.3M | ||
| Q4 24 | $-322.0K | $55.1M | ||
| Q3 24 | $-364.0K | $13.2M | ||
| Q2 24 | $-3.1M | $-806.0K | ||
| Q1 24 | $-948.0K | $-53.7M |
自由现金流率FTHMMMI
| Q4 25 | -13.2% | 18.0% | ||
| Q3 25 | 2.6% | 25.8% | ||
| Q2 25 | -4.9% | 11.2% | ||
| Q1 25 | -6.2% | -37.5% | ||
| Q4 24 | -0.4% | 23.0% | ||
| Q3 24 | -0.4% | 7.8% | ||
| Q2 24 | -3.5% | -0.5% | ||
| Q1 24 | -1.3% | -41.6% |
资本支出强度FTHMMMI
| Q4 25 | 0.0% | 1.0% | ||
| Q3 25 | 0.0% | 1.2% | ||
| Q2 25 | 0.0% | 1.0% | ||
| Q1 25 | 0.0% | 1.0% | ||
| Q4 24 | 0.0% | 0.6% | ||
| Q3 24 | 0.0% | 1.2% | ||
| Q2 24 | 0.0% | 1.0% | ||
| Q1 24 | 0.0% | 2.0% |
现金转化率FTHMMMI
| Q4 25 | — | 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
FTHM
| Real Estate Brokerage | $84.9M | 94% |
| Mortgage Segment | $3.4M | 4% |
| Other | $2.3M | 3% |
MMI
| Real Estate Brokerage Commissions | $205.3M | 84% |
| Financing Fees | $33.2M | 14% |
| Other Revenues | $5.4M | 2% |
