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GRAIL, Inc.（GRAL）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GRAIL, Inc.的1.6倍（$71.1M vs $43.6M），RE/MAX Holdings, Inc.净利率更高（2.0% vs -227.5%，领先229.5%），GRAIL, Inc.同比增速更快（14.0% vs -1.8%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $-63.9M），过去两年GRAIL, Inc.的营收复合增速更高（27.7% vs -4.7%）
GRAIL是2015年成立的美国生物技术企业，总部位于加利福尼亚州门洛帕克，核心业务是研发面向无症状人群的癌症早期筛查检测产品。该公司最初是基因测序企业Illumina旗下的初创子公司，2021年被Illumina全资收购。
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。
GRAL vs RMAX — 直观对比
营收规模更大
RMAX
是对方的1.6倍
$43.6M
营收增速更快
GRAL
高出15.8%
-1.8%
净利率更高
RMAX
高出229.5%
-227.5%
自由现金流更多
RMAX
多$97.4M
$-63.9M
两年增速更快
GRAL
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $43.6M | $71.1M |
| 净利润 | $-99.2M | $1.4M |
| 毛利率 | — | — |
| 营业利润率 | -285.4% | 13.1% |
| 净利率 | -227.5% | 2.0% |
| 营收同比 | 14.0% | -1.8% |
| 净利润同比 | -2.2% | -75.2% |
| 每股收益（稀释后） | $-2.37 | — |
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GRALRMAX
| Q4 25 | $43.6M | $71.1M | ||
| Q3 25 | $36.2M | $73.2M | ||
| Q2 25 | $35.5M | $72.8M | ||
| Q1 25 | $31.8M | $74.5M | ||
| Q4 24 | $38.3M | $72.5M | ||
| Q3 24 | $28.7M | $78.5M | ||
| Q2 24 | $32.0M | $78.5M | ||
| Q1 24 | $26.7M | $78.3M |
净利润GRALRMAX
| Q4 25 | $-99.2M | $1.4M | ||
| Q3 25 | $-89.0M | $4.0M | ||
| Q2 25 | $-114.0M | $4.7M | ||
| Q1 25 | $-106.2M | $-2.0M | ||
| Q4 24 | $-97.1M | $5.8M | ||
| Q3 24 | $-125.7M | $966.0K | ||
| Q2 24 | $-1.6B | $3.7M | ||
| Q1 24 | $-218.9M | $-3.4M |
营业利润率GRALRMAX
| Q4 25 | -285.4% | 13.1% | ||
| Q3 25 | -346.2% | 25.0% | ||
| Q2 25 | -446.9% | 19.3% | ||
| Q1 25 | -482.5% | 7.2% | ||
| Q4 24 | -358.0% | 5.9% | ||
| Q3 24 | -640.5% | 19.4% | ||
| Q2 24 | -5133.8% | 20.6% | ||
| Q1 24 | -851.1% | 5.8% |
净利率GRALRMAX
| Q4 25 | -227.5% | 2.0% | ||
| Q3 25 | -245.8% | 5.4% | ||
| Q2 25 | -320.7% | 6.4% | ||
| Q1 25 | -333.6% | -2.6% | ||
| Q4 24 | -253.8% | 8.0% | ||
| Q3 24 | -438.7% | 1.2% | ||
| Q2 24 | -4958.8% | 4.7% | ||
| Q1 24 | -819.3% | -4.3% |
每股收益（稀释后）GRALRMAX
| Q4 25 | $-2.37 | — | ||
| Q3 25 | $-2.46 | — | ||
| Q2 25 | $-3.18 | — | ||
| Q1 25 | $-3.10 | — | ||
| Q4 24 | $-1.49 | — | ||
| Q3 24 | $-3.94 | — | ||
| Q2 24 | $-51.06 | — | ||
| Q1 24 | $-7.05 | — |
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 | $249.7M | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | $2.6B | $452.4M |
| 总资产 | $2.9B | $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GRALRMAX
| Q4 25 | $249.7M | $118.7M | ||
| Q3 25 | $126.9M | $107.5M | ||
| Q2 25 | $127.4M | $94.3M | ||
| Q1 25 | $133.9M | $89.1M | ||
| Q4 24 | $214.2M | $96.6M | ||
| Q3 24 | $853.6M | $83.8M | ||
| Q2 24 | $958.8M | $66.1M | ||
| Q1 24 | $199.7M | $82.1M |
总债务GRALRMAX
| 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GRALRMAX
| Q4 25 | $2.6B | $452.4M | ||
| Q3 25 | $2.2B | $448.1M | ||
| Q2 25 | $2.3B | $442.4M | ||
| Q1 25 | $2.4B | $433.5M | ||
| Q4 24 | $2.5B | $429.5M | ||
| Q3 24 | $2.6B | $423.1M | ||
| Q2 24 | $2.7B | $418.4M | ||
| Q1 24 | — | $412.0M |
总资产GRALRMAX
| Q4 25 | $2.9B | $582.5M | ||
| Q3 25 | $2.6B | $582.2M | ||
| Q2 25 | $2.7B | $574.8M | ||
| Q1 25 | $2.8B | $571.4M | ||
| Q4 24 | $3.0B | $581.6M | ||
| Q3 24 | $3.1B | $578.6M | ||
| Q2 24 | $3.3B | $571.4M | ||
| Q1 24 | — | $566.7M |
负债/权益比GRALRMAX
| 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 | $-63.8M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $-63.9M | $33.5M |
| 自由现金流率自由现金流/营收 | -146.5% | 47.1% |
| 资本支出强度资本支出/营收 | 0.2% | 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 | $-299.9M | $56.8M |
8季度趋势，按日历期对齐
经营现金流GRALRMAX
| Q4 25 | $-63.8M | $40.9M | ||
| Q3 25 | $-63.2M | $17.7M | ||
| Q2 25 | $-77.0M | $4.6M | ||
| Q1 25 | $-95.0M | $5.7M | ||
| Q4 24 | — | $59.7M | ||
| Q3 24 | $-104.6M | $17.6M | ||
| Q2 24 | $-171.8M | $15.9M | ||
| Q1 24 | $-207.3M | $9.4M |
自由现金流GRALRMAX
| Q4 25 | $-63.9M | $33.5M | ||
| Q3 25 | $-63.6M | $16.4M | ||
| Q2 25 | $-77.3M | $2.9M | ||
| Q1 25 | $-95.1M | $4.0M | ||
| Q4 24 | — | $53.0M | ||
| Q3 24 | $-105.6M | $16.3M | ||
| Q2 24 | $-173.2M | $14.0M | ||
| Q1 24 | $-209.8M | $6.8M |
自由现金流率GRALRMAX
| Q4 25 | -146.5% | 47.1% | ||
| Q3 25 | -175.8% | 22.4% | ||
| Q2 25 | -217.6% | 4.0% | ||
| Q1 25 | -298.6% | 5.3% | ||
| Q4 24 | — | 73.2% | ||
| Q3 24 | -368.4% | 20.8% | ||
| Q2 24 | -541.7% | 17.8% | ||
| Q1 24 | -785.3% | 8.6% |
资本支出强度GRALRMAX
| Q4 25 | 0.2% | 10.4% | ||
| Q3 25 | 1.1% | 1.8% | ||
| Q2 25 | 1.0% | 2.2% | ||
| Q1 25 | 0.2% | 2.3% | ||
| Q4 24 | — | 9.1% | ||
| Q3 24 | 3.4% | 1.7% | ||
| Q2 24 | 4.3% | 2.4% | ||
| Q1 24 | 9.5% | 3.3% |
现金转化率GRALRMAX
| 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
GRAL
| Screening Revenue | $42.3M | 97% |
| Developmental Services Revenue | $1.3M | 3% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
