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Fathom Holdings Inc.（FTHM）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
Fathom Holdings Inc.的季度营收约是RE/MAX Holdings, Inc.的1.3倍（$90.6M vs $71.1M），RE/MAX Holdings, Inc.净利率更高（2.0% vs -7.4%，领先9.4%），Fathom Holdings Inc.同比增速更快（-1.2% vs -1.8%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $-20.7M），过去两年Fathom Holdings Inc.的营收复合增速更高（13.4% vs -4.7%）
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。
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。
FTHM vs RMAX — 直观对比
营收规模更大
FTHM
是对方的1.3倍
$71.1M
营收增速更快
FTHM
高出0.6%
-1.8%
净利率更高
RMAX
高出9.4%
-7.4%
自由现金流更多
RMAX
多$54.2M
$-20.7M
两年增速更快
FTHM
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $90.6M | $71.1M |
| 净利润 | $-6.7M | $1.4M |
| 毛利率 | — | — |
| 营业利润率 | -5.2% | 13.1% |
| 净利率 | -7.4% | 2.0% |
| 营收同比 | -1.2% | -1.8% |
| 净利润同比 | -7.7% | -75.2% |
| 每股收益（稀释后） | $-0.20 | — |
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FTHMRMAX
| Q4 25 | $90.6M | $71.1M | ||
| Q3 25 | $115.3M | $73.2M | ||
| Q2 25 | $121.4M | $72.8M | ||
| Q1 25 | $93.1M | $74.5M | ||
| Q4 24 | $91.7M | $72.5M | ||
| Q3 24 | $83.7M | $78.5M | ||
| Q2 24 | $89.2M | $78.5M | ||
| Q1 24 | $70.5M | $78.3M |
净利润FTHMRMAX
| Q4 25 | $-6.7M | $1.4M | ||
| Q3 25 | $-4.4M | $4.0M | ||
| Q2 25 | $-3.6M | $4.7M | ||
| Q1 25 | $-5.6M | $-2.0M | ||
| Q4 24 | $-6.2M | $5.8M | ||
| Q3 24 | $-8.1M | $966.0K | ||
| Q2 24 | $-1.3M | $3.7M | ||
| Q1 24 | $-5.9M | $-3.4M |
营业利润率FTHMRMAX
| Q4 25 | -5.2% | 13.1% | ||
| Q3 25 | -3.5% | 25.0% | ||
| Q2 25 | -2.0% | 19.3% | ||
| Q1 25 | -4.8% | 7.2% | ||
| Q4 24 | -7.0% | 5.9% | ||
| Q3 24 | -9.3% | 19.4% | ||
| Q2 24 | -4.1% | 20.6% | ||
| Q1 24 | -8.0% | 5.8% |
净利率FTHMRMAX
| Q4 25 | -7.4% | 2.0% | ||
| Q3 25 | -3.8% | 5.4% | ||
| Q2 25 | -3.0% | 6.4% | ||
| Q1 25 | -6.1% | -2.6% | ||
| Q4 24 | -6.8% | 8.0% | ||
| Q3 24 | -9.7% | 1.2% | ||
| Q2 24 | -1.5% | 4.7% | ||
| Q1 24 | -8.4% | -4.3% |
每股收益（稀释后）FTHMRMAX
| Q4 25 | $-0.20 | — | ||
| Q3 25 | $-0.15 | — | ||
| Q2 25 | $-0.13 | — | ||
| Q1 25 | $-0.24 | — | ||
| Q4 24 | $-0.29 | — | ||
| Q3 24 | $-0.40 | — | ||
| Q2 24 | $-0.07 | — | ||
| Q1 24 | $-0.31 | — |
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 | $118.7M |
| 总债务越低越好 | $5.6M | $432.2M |
| 股东权益账面价值 | $37.4M | $452.4M |
| 总资产 | $78.0M | $582.5M |
| 负债/权益比越低杠杆越低 | 0.15× | 0.96× |
8季度趋势，按日历期对齐
现金及短期投资FTHMRMAX
| Q4 25 | $5.8M | $118.7M | ||
| Q3 25 | $9.8M | $107.5M | ||
| Q2 25 | $4.9M | $94.3M | ||
| Q1 25 | $8.0M | $89.1M | ||
| Q4 24 | $7.1M | $96.6M | ||
| Q3 24 | $13.1M | $83.8M | ||
| Q2 24 | $10.4M | $66.1M | ||
| Q1 24 | $5.7M | $82.1M |
总债务FTHMRMAX
| Q4 25 | $5.6M | $432.2M | ||
| Q3 25 | $5.1M | $433.3M | ||
| Q2 25 | $5.1M | $434.4M | ||
| Q1 25 | $5.1M | $435.3M | ||
| Q4 24 | $9.5M | $436.2M | ||
| Q3 24 | $8.8M | $437.2M | ||
| Q2 24 | $3.6M | $438.1M | ||
| Q1 24 | $3.7M | $439.0M |
股东权益FTHMRMAX
| Q4 25 | $37.4M | $452.4M | ||
| Q3 25 | $43.4M | $448.1M | ||
| Q2 25 | $40.7M | $442.4M | ||
| Q1 25 | $43.4M | $433.5M | ||
| Q4 24 | $44.7M | $429.5M | ||
| Q3 24 | $47.1M | $423.1M | ||
| Q2 24 | $53.1M | $418.4M | ||
| Q1 24 | $51.9M | $412.0M |
总资产FTHMRMAX
| Q4 25 | $78.0M | $582.5M | ||
| Q3 25 | $83.2M | $582.2M | ||
| Q2 25 | $80.4M | $574.8M | ||
| Q1 25 | $81.0M | $571.4M | ||
| Q4 24 | $75.4M | $581.6M | ||
| Q3 24 | $80.9M | $578.6M | ||
| Q2 24 | $80.2M | $571.4M | ||
| Q1 24 | $78.2M | $566.7M |
负债/权益比FTHMRMAX
| Q4 25 | 0.15× | 0.96× | ||
| Q3 25 | 0.12× | 0.97× | ||
| Q2 25 | 0.12× | 0.98× | ||
| Q1 25 | 0.12× | 1.00× | ||
| Q4 24 | 0.21× | 1.02× | ||
| Q3 24 | 0.19× | 1.03× | ||
| Q2 24 | 0.07× | 1.05× | ||
| Q1 24 | 0.07× | 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 | $-20.5M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $-20.7M | $33.5M |
| 自由现金流率自由现金流/营收 | -22.8% | 47.1% |
| 资本支出强度资本支出/营收 | 0.1% | 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 | $-29.4M | $56.8M |
8季度趋势，按日历期对齐
经营现金流FTHMRMAX
| Q4 25 | $-20.5M | $40.9M | ||
| Q3 25 | $3.0M | $17.7M | ||
| Q2 25 | $-5.9M | $4.6M | ||
| Q1 25 | $-5.7M | $5.7M | ||
| Q4 24 | $-4.7M | $59.7M | ||
| Q3 24 | $-330.0K | $17.6M | ||
| Q2 24 | $-3.1M | $15.9M | ||
| Q1 24 | $-947.0K | $9.4M |
自由现金流FTHMRMAX
| Q4 25 | $-20.7M | $33.5M | ||
| Q3 25 | $3.0M | $16.4M | ||
| Q2 25 | $-6.0M | $2.9M | ||
| Q1 25 | $-5.8M | $4.0M | ||
| Q4 24 | $-4.7M | $53.0M | ||
| Q3 24 | $-364.0K | $16.3M | ||
| Q2 24 | $-3.1M | $14.0M | ||
| Q1 24 | $-948.0K | $6.8M |
自由现金流率FTHMRMAX
| Q4 25 | -22.8% | 47.1% | ||
| Q3 25 | 2.6% | 22.4% | ||
| Q2 25 | -4.9% | 4.0% | ||
| Q1 25 | -6.2% | 5.3% | ||
| Q4 24 | -5.2% | 73.2% | ||
| Q3 24 | -0.4% | 20.8% | ||
| Q2 24 | -3.5% | 17.8% | ||
| Q1 24 | -1.3% | 8.6% |
资本支出强度FTHMRMAX
| Q4 25 | 0.1% | 10.4% | ||
| Q3 25 | 0.0% | 1.8% | ||
| Q2 25 | 0.0% | 2.2% | ||
| Q1 25 | 0.0% | 2.3% | ||
| Q4 24 | 0.1% | 9.1% | ||
| Q3 24 | 0.0% | 1.7% | ||
| Q2 24 | 0.0% | 2.4% | ||
| Q1 24 | 0.0% | 3.3% |
现金转化率FTHMRMAX
| 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
FTHM
| Real Estate Brokerage | $84.9M | 94% |
| Mortgage Segment | $3.4M | 4% |
| Other | $2.3M | 3% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
