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Hut 8 Corp.（HUT）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
Hut 8 Corp.的季度营收约是RE/MAX Holdings, Inc.的1.2倍（$88.5M vs $71.1M），RE/MAX Holdings, Inc.净利率更高（2.0% vs -316.0%，领先318.1%），Hut 8 Corp.同比增速更快（179.2% vs -1.8%），过去两年Hut 8 Corp.的营收复合增速更高（30.8% vs -4.7%）
Tropical Hut是菲律宾水星集团旗下的快餐连锁品牌，是菲律宾历史第七悠久的餐饮连锁品牌，创立时间早于1978年成立的快乐蜂及1981年进入菲律宾市场的麦当劳。
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。
HUT vs RMAX — 直观对比
营收规模更大
HUT
是对方的1.2倍
$71.1M
营收增速更快
HUT
高出181.0%
-1.8%
净利率更高
RMAX
高出318.1%
-316.0%
两年增速更快
HUT
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $88.5M | $71.1M |
| 净利润 | $-279.7M | $1.4M |
| 毛利率 | 60.4% | — |
| 营业利润率 | -491.4% | 13.1% |
| 净利率 | -316.0% | 2.0% |
| 营收同比 | 179.2% | -1.8% |
| 净利润同比 | -283.7% | -75.2% |
| 每股收益（稀释后） | $-2.45 | — |
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HUTRMAX
| Q4 25 | $88.5M | $71.1M | ||
| Q3 25 | $83.5M | $73.2M | ||
| Q2 25 | $41.3M | $72.8M | ||
| Q1 25 | $21.8M | $74.5M | ||
| Q4 24 | $31.7M | $72.5M | ||
| Q3 24 | $43.7M | $78.5M | ||
| Q2 24 | $35.2M | $78.5M | ||
| Q1 24 | $51.7M | $78.3M |
净利润HUTRMAX
| Q4 25 | $-279.7M | $1.4M | ||
| Q3 25 | $50.1M | $4.0M | ||
| Q2 25 | $137.3M | $4.7M | ||
| Q1 25 | $-133.9M | $-2.0M | ||
| Q4 24 | $152.2M | $5.8M | ||
| Q3 24 | $647.0K | $966.0K | ||
| Q2 24 | $-71.9M | $3.7M | ||
| Q1 24 | $250.9M | $-3.4M |
毛利率HUTRMAX
| Q4 25 | 60.4% | — | ||
| Q3 25 | 61.3% | — | ||
| Q2 25 | 47.3% | — | ||
| Q1 25 | 14.5% | — | ||
| Q4 24 | 35.9% | — | ||
| Q3 24 | 59.9% | — | ||
| Q2 24 | 41.4% | — | ||
| Q1 24 | 45.6% | — |
营业利润率HUTRMAX
| Q4 25 | -491.4% | 13.1% | ||
| Q3 25 | 87.0% | 25.0% | ||
| Q2 25 | — | 19.3% | ||
| Q1 25 | -676.8% | 7.2% | ||
| Q4 24 | — | 5.9% | ||
| Q3 24 | -3.6% | 19.4% | ||
| Q2 24 | -246.2% | 20.6% | ||
| Q1 24 | — | 5.8% |
净利率HUTRMAX
| Q4 25 | -316.0% | 2.0% | ||
| Q3 25 | 60.0% | 5.4% | ||
| Q2 25 | 332.5% | 6.4% | ||
| Q1 25 | -613.7% | -2.6% | ||
| Q4 24 | 480.3% | 8.0% | ||
| Q3 24 | 1.5% | 1.2% | ||
| Q2 24 | -204.1% | 4.7% | ||
| Q1 24 | 484.9% | -4.3% |
每股收益（稀释后）HUTRMAX
| Q4 25 | $-2.45 | — | ||
| Q3 25 | $0.43 | — | ||
| Q2 25 | $1.18 | — | ||
| Q1 25 | $-1.30 | — | ||
| Q4 24 | $1.41 | — | ||
| Q3 24 | $0.01 | — | ||
| Q2 24 | $-0.78 | — | ||
| Q1 24 | $2.76 | — |
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 | $44.9M | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | $1.4B | $452.4M |
| 总资产 | $2.8B | $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HUTRMAX
| Q4 25 | $44.9M | $118.7M | ||
| Q3 25 | $33.5M | $107.5M | ||
| Q2 25 | $216.3M | $94.3M | ||
| Q1 25 | $108.4M | $89.1M | ||
| Q4 24 | $85.0M | $96.6M | ||
| Q3 24 | — | $83.8M | ||
| Q2 24 | — | $66.1M | ||
| Q1 24 | $11.5M | $82.1M |
总债务HUTRMAX
| Q4 25 | — | $432.2M | ||
| Q3 25 | — | $433.3M | ||
| Q2 25 | — | $434.4M | ||
| Q1 25 | — | $435.3M | ||
| Q4 24 | $300.6M | $436.2M | ||
| Q3 24 | $297.3M | $437.2M | ||
| Q2 24 | $328.8M | $438.1M | ||
| Q1 24 | $177.6M | $439.0M |
股东权益HUTRMAX
| Q4 25 | $1.4B | $452.4M | ||
| Q3 25 | $1.4B | $448.1M | ||
| Q2 25 | $1.3B | $442.4M | ||
| Q1 25 | $960.0M | $433.5M | ||
| Q4 24 | $976.7M | $429.5M | ||
| Q3 24 | $703.9M | $423.1M | ||
| Q2 24 | $660.1M | $418.4M | ||
| Q1 24 | $732.0M | $412.0M |
总资产HUTRMAX
| Q4 25 | $2.8B | $582.5M | ||
| Q3 25 | $2.7B | $582.2M | ||
| Q2 25 | $2.0B | $574.8M | ||
| Q1 25 | $1.6B | $571.4M | ||
| Q4 24 | $1.5B | $581.6M | ||
| Q3 24 | $1.1B | $578.6M | ||
| Q2 24 | $1.1B | $571.4M | ||
| Q1 24 | $999.0M | $566.7M |
负债/权益比HUTRMAX
| Q4 25 | — | 0.96× | ||
| Q3 25 | — | 0.97× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | — | 1.00× | ||
| Q4 24 | 0.31× | 1.02× | ||
| Q3 24 | 0.42× | 1.03× | ||
| Q2 24 | 0.50× | 1.05× | ||
| Q1 24 | 0.24× | 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 | $-139.2M | $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 | — | 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HUTRMAX
| Q4 25 | $-139.2M | $40.9M | ||
| Q3 25 | $770.0K | $17.7M | ||
| Q2 25 | $-48.8M | $4.6M | ||
| Q1 25 | $-33.8M | $5.7M | ||
| Q4 24 | $-68.5M | $59.7M | ||
| Q3 24 | $-4.2M | $17.6M | ||
| Q2 24 | $-16.4M | $15.9M | ||
| Q1 24 | $-26.3M | $9.4M |
自由现金流HUTRMAX
| Q4 25 | — | $33.5M | ||
| Q3 25 | — | $16.4M | ||
| Q2 25 | — | $2.9M | ||
| Q1 25 | — | $4.0M | ||
| Q4 24 | — | $53.0M | ||
| Q3 24 | — | $16.3M | ||
| Q2 24 | — | $14.0M | ||
| Q1 24 | — | $6.8M |
自由现金流率HUTRMAX
| Q4 25 | — | 47.1% | ||
| Q3 25 | — | 22.4% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 5.3% | ||
| Q4 24 | — | 73.2% | ||
| Q3 24 | — | 20.8% | ||
| Q2 24 | — | 17.8% | ||
| Q1 24 | — | 8.6% |
资本支出强度HUTRMAX
| Q4 25 | — | 10.4% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 9.1% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 3.3% |
现金转化率HUTRMAX
| Q4 25 | — | 28.39× | ||
| Q3 25 | 0.02× | 4.45× | ||
| Q2 25 | -0.36× | 0.97× | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.45× | 10.28× | ||
| Q3 24 | -6.49× | 18.22× | ||
| Q2 24 | — | 4.29× | ||
| Q1 24 | -0.11× | — |
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
HUT
| High Performance Computing Colocation And Cloud | $81.9M | 93% |
| Power | $5.0M | 6% |
| Digital Infrastructure | $1.6M | 2% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
