vs
Fathom Holdings Inc.（FTHM）与TELOS CORP（TLS）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TELOS CORP的1.9倍（$90.6M vs $46.8M），Fathom Holdings Inc.净利率更高（-7.4% vs -34.9%，领先27.5%），TELOS CORP同比增速更快（77.4% vs -1.2%），TELOS CORP自由现金流更多（$8.0M vs $-20.7M），过去两年TELOS CORP的营收复合增速更高（25.7% 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。
泰洛斯公司（Telos Corporation）是一家信息技术与网络安全企业，总部位于美国弗吉尼亚州阿什本。公司主要服务对象为政府与企业客户，业务合同大部分来自美国国防部，核心客户涵盖美国军方、情报机构、民政部门以及北约盟友机构。
FTHM vs TLS — 直观对比
营收规模更大
FTHM
是对方的1.9倍
$46.8M
营收增速更快
TLS
高出78.6%
-1.2%
净利率更高
FTHM
高出27.5%
-34.9%
自由现金流更多
TLS
多$28.6M
$-20.7M
两年增速更快
TLS
近两年复合增速
13.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $90.6M | $46.8M |
| 净利润 | $-6.7M | $-16.3M |
| 毛利率 | — | 35.0% |
| 营业利润率 | -5.2% | -39.6% |
| 净利率 | -7.4% | -34.9% |
| 营收同比 | -1.2% | 77.4% |
| 净利润同比 | -7.7% | -74.8% |
| 每股收益（稀释后） | $-0.20 | $-0.22 |
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FTHMTLS
| Q4 25 | $90.6M | $46.8M | ||
| Q3 25 | $115.3M | $51.4M | ||
| Q2 25 | $121.4M | $36.0M | ||
| Q1 25 | $93.1M | $30.6M | ||
| Q4 24 | $91.7M | $26.4M | ||
| Q3 24 | $83.7M | $23.8M | ||
| Q2 24 | $89.2M | $28.5M | ||
| Q1 24 | $70.5M | $29.6M |
净利润FTHMTLS
| Q4 25 | $-6.7M | $-16.3M | ||
| Q3 25 | $-4.4M | $-2.1M | ||
| Q2 25 | $-3.6M | $-9.5M | ||
| Q1 25 | $-5.6M | $-8.6M | ||
| Q4 24 | $-6.2M | $-9.3M | ||
| Q3 24 | $-8.1M | $-28.1M | ||
| Q2 24 | $-1.3M | $-7.8M | ||
| Q1 24 | $-5.9M | $-7.4M |
毛利率FTHMTLS
| Q4 25 | — | 35.0% | ||
| Q3 25 | — | 39.9% | ||
| Q2 25 | — | 33.2% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 40.3% | ||
| Q3 24 | — | 13.2% | ||
| Q2 24 | — | 34.1% | ||
| Q1 24 | — | 37.0% |
营业利润率FTHMTLS
| Q4 25 | -5.2% | -39.6% | ||
| Q3 25 | -3.5% | -4.8% | ||
| Q2 25 | -2.0% | -27.5% | ||
| Q1 25 | -4.8% | -29.5% | ||
| Q4 24 | -7.0% | -37.6% | ||
| Q3 24 | -9.3% | -121.4% | ||
| Q2 24 | -4.1% | -30.3% | ||
| Q1 24 | -8.0% | -28.5% |
净利率FTHMTLS
| Q4 25 | -7.4% | -34.9% | ||
| Q3 25 | -3.8% | -4.1% | ||
| Q2 25 | -3.0% | -26.5% | ||
| Q1 25 | -6.1% | -28.1% | ||
| Q4 24 | -6.8% | -35.4% | ||
| Q3 24 | -9.7% | -118.0% | ||
| Q2 24 | -1.5% | -27.2% | ||
| Q1 24 | -8.4% | -24.9% |
每股收益（稀释后）FTHMTLS
| Q4 25 | $-0.20 | $-0.22 | ||
| Q3 25 | $-0.15 | $-0.03 | ||
| Q2 25 | $-0.13 | $-0.13 | ||
| Q1 25 | $-0.24 | $-0.12 | ||
| Q4 24 | $-0.29 | $-0.13 | ||
| Q3 24 | $-0.40 | $-0.39 | ||
| Q2 24 | $-0.07 | $-0.11 | ||
| Q1 24 | $-0.31 | $-0.10 |
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 | $53.2M |
| 总债务越低越好 | $5.6M | — |
| 股东权益账面价值 | $37.4M | $96.0M |
| 总资产 | $78.0M | $139.9M |
| 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FTHMTLS
| Q4 25 | $5.8M | $53.2M | ||
| Q3 25 | $9.8M | $59.0M | ||
| Q2 25 | $4.9M | $57.0M | ||
| Q1 25 | $8.0M | $57.8M | ||
| Q4 24 | $7.1M | $54.6M | ||
| Q3 24 | $13.1M | $69.8M | ||
| Q2 24 | $10.4M | $80.1M | ||
| Q1 24 | $5.7M | $93.9M |
总债务FTHMTLS
| Q4 25 | $5.6M | — | ||
| Q3 25 | $5.1M | — | ||
| Q2 25 | $5.1M | — | ||
| Q1 25 | $5.1M | — | ||
| Q4 24 | $9.5M | — | ||
| Q3 24 | $8.8M | — | ||
| Q2 24 | $3.6M | — | ||
| Q1 24 | $3.7M | — |
股东权益FTHMTLS
| Q4 25 | $37.4M | $96.0M | ||
| Q3 25 | $43.4M | $119.7M | ||
| Q2 25 | $40.7M | $118.4M | ||
| Q1 25 | $43.4M | $126.1M | ||
| Q4 24 | $44.7M | $127.1M | ||
| Q3 24 | $47.1M | $129.5M | ||
| Q2 24 | $53.1M | $149.1M | ||
| Q1 24 | $51.9M | $154.4M |
总资产FTHMTLS
| Q4 25 | $78.0M | $139.9M | ||
| Q3 25 | $83.2M | $164.3M | ||
| Q2 25 | $80.4M | $165.0M | ||
| Q1 25 | $81.0M | $158.1M | ||
| Q4 24 | $75.4M | $158.2M | ||
| Q3 24 | $80.9M | $166.3M | ||
| Q2 24 | $80.2M | $182.4M | ||
| Q1 24 | $78.2M | $195.4M |
负债/权益比FTHMTLS
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.12× | — | ||
| 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 | $-20.5M | $8.0M |
| 自由现金流经营现金流 - 资本支出 | $-20.7M | $8.0M |
| 自由现金流率自由现金流/营收 | -22.8% | 17.0% |
| 资本支出强度资本支出/营收 | 0.1% | 0.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-29.4M | $29.4M |
8季度趋势，按日历期对齐
经营现金流FTHMTLS
| Q4 25 | $-20.5M | $8.0M | ||
| Q3 25 | $3.0M | $9.1M | ||
| Q2 25 | $-5.9M | $7.0M | ||
| Q1 25 | $-5.7M | $6.1M | ||
| Q4 24 | $-4.7M | $-10.5M | ||
| Q3 24 | $-330.0K | $-7.1M | ||
| Q2 24 | $-3.1M | $-8.0M | ||
| Q1 24 | $-947.0K | $-350.0K |
自由现金流FTHMTLS
| Q4 25 | $-20.7M | $8.0M | ||
| Q3 25 | $3.0M | $8.7M | ||
| Q2 25 | $-6.0M | $6.8M | ||
| Q1 25 | $-5.8M | $6.0M | ||
| Q4 24 | $-4.7M | $-12.4M | ||
| Q3 24 | $-364.0K | $-7.1M | ||
| Q2 24 | $-3.1M | $-8.2M | ||
| Q1 24 | $-948.0K | $-447.0K |
自由现金流率FTHMTLS
| Q4 25 | -22.8% | 17.0% | ||
| Q3 25 | 2.6% | 16.9% | ||
| Q2 25 | -4.9% | 19.0% | ||
| Q1 25 | -6.2% | 19.5% | ||
| Q4 24 | -5.2% | -47.0% | ||
| Q3 24 | -0.4% | -30.0% | ||
| Q2 24 | -3.5% | -28.9% | ||
| Q1 24 | -1.3% | -1.5% |
资本支出强度FTHMTLS
| Q4 25 | 0.1% | 0.1% | ||
| Q3 25 | 0.0% | 0.9% | ||
| Q2 25 | 0.0% | 0.4% | ||
| Q1 25 | 0.0% | 0.4% | ||
| Q4 24 | 0.1% | 7.1% | ||
| Q3 24 | 0.0% | 0.2% | ||
| Q2 24 | 0.0% | 0.8% | ||
| Q1 24 | 0.0% | 0.3% |
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% |
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
