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HERON THERAPEUTICS, INC.（HRTX）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HERON THERAPEUTICS, INC.的1.8倍（$71.1M vs $40.6M），RE/MAX Holdings, Inc.净利率更高（2.0% vs -7.3%，领先9.3%），HERON THERAPEUTICS, INC.同比增速更快（-0.5% vs -1.8%），过去两年HERON THERAPEUTICS, INC.的营收复合增速更高（8.2% vs -4.7%）
安提贝制药是一家总部位于多伦多的制药企业，由曾参与创立全球首个气态介质药物开发企业NicOx的约翰·L·华莱士创立于2009年。该企业专注于依托气态介质技术研发缓解疼痛与炎症的药物，2013年在多伦多风险交易所挂牌，2015年收购再生医学领域经销商Citagenix，2020年11月转板多伦多证券交易所。
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。
HRTX vs RMAX — 直观对比
营收规模更大
RMAX
是对方的1.8倍
$40.6M
营收增速更快
HRTX
高出1.4%
-1.8%
净利率更高
RMAX
高出9.3%
-7.3%
两年增速更快
HRTX
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $40.6M | $71.1M |
| 净利润 | $-3.0M | $1.4M |
| 毛利率 | 72.6% | — |
| 营业利润率 | 0.1% | 13.1% |
| 净利率 | -7.3% | 2.0% |
| 营收同比 | -0.5% | -1.8% |
| 净利润同比 | -180.6% | -75.2% |
| 每股收益（稀释后） | $-0.01 | — |
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HRTXRMAX
| Q4 25 | $40.6M | $71.1M | ||
| Q3 25 | $38.2M | $73.2M | ||
| Q2 25 | $37.2M | $72.8M | ||
| Q1 25 | $38.9M | $74.5M | ||
| Q4 24 | $40.8M | $72.5M | ||
| Q3 24 | $32.8M | $78.5M | ||
| Q2 24 | $36.0M | $78.5M | ||
| Q1 24 | $34.7M | $78.3M |
净利润HRTXRMAX
| Q4 25 | $-3.0M | $1.4M | ||
| Q3 25 | $-17.5M | $4.0M | ||
| Q2 25 | $-2.4M | $4.7M | ||
| Q1 25 | $2.6M | $-2.0M | ||
| Q4 24 | $3.7M | $5.8M | ||
| Q3 24 | $-4.8M | $966.0K | ||
| Q2 24 | $-9.2M | $3.7M | ||
| Q1 24 | $-3.2M | $-3.4M |
毛利率HRTXRMAX
| Q4 25 | 72.6% | — | ||
| Q3 25 | 68.8% | — | ||
| Q2 25 | 73.5% | — | ||
| Q1 25 | 78.3% | — | ||
| Q4 24 | 74.9% | — | ||
| Q3 24 | 71.2% | — | ||
| Q2 24 | 70.8% | — | ||
| Q1 24 | 75.6% | — |
营业利润率HRTXRMAX
| Q4 25 | 0.1% | 13.1% | ||
| Q3 25 | -10.7% | 25.0% | ||
| Q2 25 | -4.4% | 19.3% | ||
| Q1 25 | 8.1% | 7.2% | ||
| Q4 24 | 10.2% | 5.9% | ||
| Q3 24 | -13.6% | 19.4% | ||
| Q2 24 | -17.9% | 20.6% | ||
| Q1 24 | -13.8% | 5.8% |
净利率HRTXRMAX
| Q4 25 | -7.3% | 2.0% | ||
| Q3 25 | -45.8% | 5.4% | ||
| Q2 25 | -6.4% | 6.4% | ||
| Q1 25 | 6.8% | -2.6% | ||
| Q4 24 | 9.0% | 8.0% | ||
| Q3 24 | -14.8% | 1.2% | ||
| Q2 24 | -25.6% | 4.7% | ||
| Q1 24 | -9.1% | -4.3% |
每股收益（稀释后）HRTXRMAX
| Q4 25 | $-0.01 | — | ||
| Q3 25 | $-0.10 | — | ||
| Q2 25 | $-0.02 | — | ||
| Q1 25 | $0.01 | — | ||
| Q4 24 | $0.02 | — | ||
| Q3 24 | $-0.03 | — | ||
| Q2 24 | $-0.06 | — | ||
| Q1 24 | $-0.02 | — |
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 | $28.6M | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | $14.3M | $452.4M |
| 总资产 | $255.9M | $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HRTXRMAX
| Q4 25 | $28.6M | $118.7M | ||
| Q3 25 | $43.1M | $107.5M | ||
| Q2 25 | $16.5M | $94.3M | ||
| Q1 25 | $19.3M | $89.1M | ||
| Q4 24 | $25.8M | $96.6M | ||
| Q3 24 | $25.7M | $83.8M | ||
| Q2 24 | $18.4M | $66.1M | ||
| Q1 24 | $20.4M | $82.1M |
总债务HRTXRMAX
| 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HRTXRMAX
| Q4 25 | $14.3M | $452.4M | ||
| Q3 25 | $14.9M | $448.1M | ||
| Q2 25 | $-27.3M | $442.4M | ||
| Q1 25 | $-28.5M | $433.5M | ||
| Q4 24 | $-33.7M | $429.5M | ||
| Q3 24 | $-40.0M | $423.1M | ||
| Q2 24 | $-37.9M | $418.4M | ||
| Q1 24 | $-33.8M | $412.0M |
总资产HRTXRMAX
| Q4 25 | $255.9M | $582.5M | ||
| Q3 25 | $248.9M | $582.2M | ||
| Q2 25 | $232.1M | $574.8M | ||
| Q1 25 | $235.8M | $571.4M | ||
| Q4 24 | $233.1M | $581.6M | ||
| Q3 24 | $220.8M | $578.6M | ||
| Q2 24 | $218.1M | $571.4M | ||
| Q1 24 | $217.9M | $566.7M |
负债/权益比HRTXRMAX
| 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 | $-9.2M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | — | $33.5M |
| 自由现金流率自由现金流/营收 | — | 47.1% |
| 资本支出强度资本支出/营收 | 0.0% | 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 | — | $56.8M |
8季度趋势，按日历期对齐
经营现金流HRTXRMAX
| Q4 25 | $-9.2M | $40.9M | ||
| Q3 25 | $1.3M | $17.7M | ||
| Q2 25 | $-10.9M | $4.6M | ||
| Q1 25 | $-8.9M | $5.7M | ||
| Q4 24 | $-11.8M | $59.7M | ||
| Q3 24 | $3.4M | $17.6M | ||
| Q2 24 | $-4.6M | $15.9M | ||
| Q1 24 | $-9.5M | $9.4M |
自由现金流HRTXRMAX
| Q4 25 | — | $33.5M | ||
| Q3 25 | — | $16.4M | ||
| Q2 25 | $-11.1M | $2.9M | ||
| Q1 25 | $-9.0M | $4.0M | ||
| Q4 24 | — | $53.0M | ||
| Q3 24 | $2.9M | $16.3M | ||
| Q2 24 | — | $14.0M | ||
| Q1 24 | — | $6.8M |
自由现金流率HRTXRMAX
| Q4 25 | — | 47.1% | ||
| Q3 25 | — | 22.4% | ||
| Q2 25 | -29.8% | 4.0% | ||
| Q1 25 | -23.1% | 5.3% | ||
| Q4 24 | — | 73.2% | ||
| Q3 24 | 9.0% | 20.8% | ||
| Q2 24 | — | 17.8% | ||
| Q1 24 | — | 8.6% |
资本支出强度HRTXRMAX
| Q4 25 | 0.0% | 10.4% | ||
| Q3 25 | 0.0% | 1.8% | ||
| Q2 25 | 0.6% | 2.2% | ||
| Q1 25 | 0.3% | 2.3% | ||
| Q4 24 | — | 9.1% | ||
| Q3 24 | 1.3% | 1.7% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 3.3% |
现金转化率HRTXRMAX
| Q4 25 | — | 28.39× | ||
| Q3 25 | — | 4.45× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | -3.37× | — | ||
| Q4 24 | -3.22× | 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
HRTX
| CINVANTI | $22.9M | 56% |
| ZYNRELEF | $12.5M | 31% |
| Aponvie | $3.8M | 9% |
| SUSTOL | $1.3M | 3% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
