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HORIZON BANCORP INC（HBNC）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HORIZON BANCORP INC的1.1倍（$71.1M vs $63.5M），HORIZON BANCORP INC净利率更高（42.4% vs 2.0%，领先40.4%），HORIZON BANCORP INC同比增速更快（19.5% vs -1.8%），HORIZON BANCORP INC自由现金流更多（$74.3M vs $33.5M），过去两年HORIZON BANCORP INC的营收复合增速更高（9.2% vs -4.7%）
第一地平线集团（原第一田纳西银行）是一家金融服务企业，1864年成立，总部位于美国田纳西州孟菲斯。集团通过旗下银行子公司第一地平线银行，在美国东南部12个州开展金融业务，是该区域第四大区域性银行。
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。
HBNC vs RMAX — 直观对比
营收规模更大
RMAX
是对方的1.1倍
$63.5M
营收增速更快
HBNC
高出21.3%
-1.8%
净利率更高
HBNC
高出40.4%
2.0%
自由现金流更多
HBNC
多$40.8M
$33.5M
两年增速更快
HBNC
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $63.5M | $71.1M |
| 净利润 | $26.9M | $1.4M |
| 毛利率 | — | — |
| 营业利润率 | 51.5% | 13.1% |
| 净利率 | 42.4% | 2.0% |
| 营收同比 | 19.5% | -1.8% |
| 净利润同比 | 347.4% | -75.2% |
| 每股收益（稀释后） | $0.44 | — |
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HBNCRMAX
| Q4 25 | $63.5M | $71.1M | ||
| Q3 25 | $58.4M | $73.2M | ||
| Q2 25 | $66.3M | $72.8M | ||
| Q1 25 | $68.8M | $74.5M | ||
| Q4 24 | $53.1M | $72.5M | ||
| Q3 24 | $58.4M | $78.5M | ||
| Q2 24 | $55.8M | $78.5M | ||
| Q1 24 | $53.2M | $78.3M |
净利润HBNCRMAX
| Q4 25 | $26.9M | $1.4M | ||
| Q3 25 | $-222.0M | $4.0M | ||
| Q2 25 | $20.6M | $4.7M | ||
| Q1 25 | $23.9M | $-2.0M | ||
| Q4 24 | $-10.9M | $5.8M | ||
| Q3 24 | $18.2M | $966.0K | ||
| Q2 24 | $14.1M | $3.7M | ||
| Q1 24 | $14.0M | $-3.4M |
营业利润率HBNCRMAX
| Q4 25 | 51.5% | 13.1% | ||
| Q3 25 | -490.4% | 25.0% | ||
| Q2 25 | 36.8% | 19.3% | ||
| Q1 25 | 40.8% | 7.2% | ||
| Q4 24 | -41.3% | 5.9% | ||
| Q3 24 | 31.0% | 19.4% | ||
| Q2 24 | 28.5% | 20.6% | ||
| Q1 24 | 28.8% | 5.8% |
净利率HBNCRMAX
| Q4 25 | 42.4% | 2.0% | ||
| Q3 25 | -380.2% | 5.4% | ||
| Q2 25 | 31.1% | 6.4% | ||
| Q1 25 | 34.8% | -2.6% | ||
| Q4 24 | -20.5% | 8.0% | ||
| Q3 24 | 31.1% | 1.2% | ||
| Q2 24 | 25.4% | 4.7% | ||
| Q1 24 | 26.3% | -4.3% |
每股收益（稀释后）HBNCRMAX
| Q4 25 | $0.44 | — | ||
| Q3 25 | $-4.69 | — | ||
| Q2 25 | $0.47 | — | ||
| Q1 25 | $0.54 | — | ||
| Q4 24 | $-0.25 | — | ||
| Q3 24 | $0.41 | — | ||
| Q2 24 | $0.32 | — | ||
| Q1 24 | $0.32 | — |
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 | $139.5M | $118.7M |
| 总债务越低越好 | $248.6M | $432.2M |
| 股东权益账面价值 | $688.3M | $452.4M |
| 总资产 | $6.4B | $582.5M |
| 负债/权益比越低杠杆越低 | 0.36× | 0.96× |
8季度趋势，按日历期对齐
现金及短期投资HBNCRMAX
| Q4 25 | $139.5M | $118.7M | ||
| Q3 25 | $458.3M | $107.5M | ||
| Q2 25 | $137.9M | $94.3M | ||
| Q1 25 | $169.7M | $89.1M | ||
| Q4 24 | $293.4M | $96.6M | ||
| Q3 24 | $234.8M | $83.8M | ||
| Q2 24 | $146.1M | $66.1M | ||
| Q1 24 | — | $82.1M |
总债务HBNCRMAX
| Q4 25 | $248.6M | $432.2M | ||
| Q3 25 | — | $433.3M | ||
| Q2 25 | — | $434.4M | ||
| Q1 25 | — | $435.3M | ||
| Q4 24 | $1.2B | $436.2M | ||
| Q3 24 | — | $437.2M | ||
| Q2 24 | — | $438.1M | ||
| Q1 24 | — | $439.0M |
股东权益HBNCRMAX
| Q4 25 | $688.3M | $452.4M | ||
| Q3 25 | $660.8M | $448.1M | ||
| Q2 25 | $790.9M | $442.4M | ||
| Q1 25 | $776.1M | $433.5M | ||
| Q4 24 | $763.6M | $429.5M | ||
| Q3 24 | $754.8M | $423.1M | ||
| Q2 24 | $726.7M | $418.4M | ||
| Q1 24 | $721.3M | $412.0M |
总资产HBNCRMAX
| Q4 25 | $6.4B | $582.5M | ||
| Q3 25 | $6.7B | $582.2M | ||
| Q2 25 | $7.7B | $574.8M | ||
| Q1 25 | $7.6B | $571.4M | ||
| Q4 24 | $7.8B | $581.6M | ||
| Q3 24 | $7.9B | $578.6M | ||
| Q2 24 | $7.9B | $571.4M | ||
| Q1 24 | $7.9B | $566.7M |
负债/权益比HBNCRMAX
| Q4 25 | 0.36× | 0.96× | ||
| Q3 25 | — | 0.97× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | — | 1.00× | ||
| Q4 24 | 1.61× | 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 | $79.2M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $74.3M | $33.5M |
| 自由现金流率自由现金流/营收 | 117.0% | 47.1% |
| 资本支出强度资本支出/营收 | 7.8% | 10.4% |
| 现金转化率经营现金流/净利润 | 2.94× | 28.39× |
| 过去12个月自由现金流最近4个季度 | $115.9M | $56.8M |
8季度趋势，按日历期对齐
经营现金流HBNCRMAX
| Q4 25 | $79.2M | $40.9M | ||
| Q3 25 | $10.9M | $17.7M | ||
| Q2 25 | $19.5M | $4.6M | ||
| Q1 25 | $15.2M | $5.7M | ||
| Q4 24 | $6.4M | $59.7M | ||
| Q3 24 | $32.3M | $17.6M | ||
| Q2 24 | $15.9M | $15.9M | ||
| Q1 24 | $6.5M | $9.4M |
自由现金流HBNCRMAX
| Q4 25 | $74.3M | $33.5M | ||
| Q3 25 | $9.4M | $16.4M | ||
| Q2 25 | $18.1M | $2.9M | ||
| Q1 25 | $14.1M | $4.0M | ||
| Q4 24 | $1.3M | $53.0M | ||
| Q3 24 | $31.0M | $16.3M | ||
| Q2 24 | $15.1M | $14.0M | ||
| Q1 24 | $5.4M | $6.8M |
自由现金流率HBNCRMAX
| Q4 25 | 117.0% | 47.1% | ||
| Q3 25 | 16.1% | 22.4% | ||
| Q2 25 | 27.3% | 4.0% | ||
| Q1 25 | 20.5% | 5.3% | ||
| Q4 24 | 2.4% | 73.2% | ||
| Q3 24 | 53.1% | 20.8% | ||
| Q2 24 | 27.1% | 17.8% | ||
| Q1 24 | 10.1% | 8.6% |
资本支出强度HBNCRMAX
| Q4 25 | 7.8% | 10.4% | ||
| Q3 25 | 2.6% | 1.8% | ||
| Q2 25 | 2.1% | 2.2% | ||
| Q1 25 | 1.6% | 2.3% | ||
| Q4 24 | 9.6% | 9.1% | ||
| Q3 24 | 2.2% | 1.7% | ||
| Q2 24 | 1.5% | 2.4% | ||
| Q1 24 | 2.2% | 3.3% |
现金转化率HBNCRMAX
| Q4 25 | 2.94× | 28.39× | ||
| Q3 25 | — | 4.45× | ||
| Q2 25 | 0.94× | 0.97× | ||
| Q1 25 | 0.64× | — | ||
| Q4 24 | — | 10.28× | ||
| Q3 24 | 1.78× | 18.22× | ||
| Q2 24 | 1.13× | 4.29× | ||
| Q1 24 | 0.47× | — |
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
HBNC
暂无分部数据
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
