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Inspirato Inc（ISPO）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Inspirato Inc的1.3倍（$71.1M vs $55.5M），RE/MAX Holdings, Inc.净利率更高（2.0% vs -8.1%，领先10.2%），RE/MAX Holdings, Inc.同比增速更快（-1.8% vs -19.6%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $-3.0M），过去两年RE/MAX Holdings, Inc.的营收复合增速更高（-4.7% vs -11.4%）
Inspirato Inc是一家高端旅行及酒店订阅服务供应商，主要面向北美高净值人群，提供精选豪华别墅租赁、专属度假村权益、定制化行程规划服务，同时也为企业客户提供高端员工差旅激励解决方案。
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。
ISPO vs RMAX — 直观对比
营收规模更大
RMAX
是对方的1.3倍
$55.5M
营收增速更快
RMAX
高出17.8%
-19.6%
净利率更高
RMAX
高出10.2%
-8.1%
自由现金流更多
RMAX
多$36.5M
$-3.0M
两年增速更快
RMAX
近两年复合增速
-11.4%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $55.5M | $71.1M |
| 净利润 | $-4.5M | $1.4M |
| 毛利率 | 31.4% | — |
| 营业利润率 | -8.0% | 13.1% |
| 净利率 | -8.1% | 2.0% |
| 营收同比 | -19.6% | -1.8% |
| 净利润同比 | -204.4% | -75.2% |
| 每股收益（稀释后） | $-0.36 | — |
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ISPORMAX
| Q4 25 | — | $71.1M | ||
| Q3 25 | $55.5M | $73.2M | ||
| Q2 25 | $63.1M | $72.8M | ||
| Q1 25 | $65.9M | $74.5M | ||
| Q4 24 | $63.1M | $72.5M | ||
| Q3 24 | $69.1M | $78.5M | ||
| Q2 24 | $67.4M | $78.5M | ||
| Q1 24 | $80.2M | $78.3M |
净利润ISPORMAX
| Q4 25 | — | $1.4M | ||
| Q3 25 | $-4.5M | $4.0M | ||
| Q2 25 | $-5.3M | $4.7M | ||
| Q1 25 | $1.6M | $-2.0M | ||
| Q4 24 | $-2.3M | $5.8M | ||
| Q3 24 | $4.3M | $966.0K | ||
| Q2 24 | $-8.7M | $3.7M | ||
| Q1 24 | $1.3M | $-3.4M |
毛利率ISPORMAX
| Q4 25 | — | — | ||
| Q3 25 | 31.4% | — | ||
| Q2 25 | 27.5% | — | ||
| Q1 25 | 38.8% | — | ||
| Q4 24 | 34.7% | — | ||
| Q3 24 | 71.5% | — | ||
| Q2 24 | 24.0% | — | ||
| Q1 24 | 39.5% | — |
营业利润率ISPORMAX
| Q4 25 | — | 13.1% | ||
| Q3 25 | -8.0% | 25.0% | ||
| Q2 25 | -8.3% | 19.3% | ||
| Q1 25 | 2.5% | 7.2% | ||
| Q4 24 | -3.2% | 5.9% | ||
| Q3 24 | 9.8% | 19.4% | ||
| Q2 24 | -22.8% | 20.6% | ||
| Q1 24 | 3.0% | 5.8% |
净利率ISPORMAX
| Q4 25 | — | 2.0% | ||
| Q3 25 | -8.1% | 5.4% | ||
| Q2 25 | -8.4% | 6.4% | ||
| Q1 25 | 2.5% | -2.6% | ||
| Q4 24 | -3.6% | 8.0% | ||
| Q3 24 | 6.3% | 1.2% | ||
| Q2 24 | -12.9% | 4.7% | ||
| Q1 24 | 1.6% | -4.3% |
每股收益（稀释后）ISPORMAX
| Q4 25 | — | — | ||
| Q3 25 | $-0.36 | — | ||
| Q2 25 | $-0.42 | — | ||
| Q1 25 | $0.12 | — | ||
| Q4 24 | $0.98 | — | ||
| Q3 24 | $0.62 | — | ||
| Q2 24 | $-2.33 | — | ||
| Q1 24 | $-0.18 | — |
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 | $13.7M | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | $-134.0M | $452.4M |
| 总资产 | $228.3M | $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ISPORMAX
| Q4 25 | — | $118.7M | ||
| Q3 25 | $13.7M | $107.5M | ||
| Q2 25 | $16.7M | $94.3M | ||
| Q1 25 | $16.4M | $89.1M | ||
| Q4 24 | $21.8M | $96.6M | ||
| Q3 24 | $13.5M | $83.8M | ||
| Q2 24 | $18.8M | $66.1M | ||
| Q1 24 | $22.6M | $82.1M |
总债务ISPORMAX
| 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ISPORMAX
| Q4 25 | — | $452.4M | ||
| Q3 25 | $-134.0M | $448.1M | ||
| Q2 25 | $-129.7M | $442.4M | ||
| Q1 25 | $-125.2M | $433.5M | ||
| Q4 24 | $-129.9M | $429.5M | ||
| Q3 24 | $-134.6M | $423.1M | ||
| Q2 24 | $-35.2M | $418.4M | ||
| Q1 24 | $-27.5M | $412.0M |
总资产ISPORMAX
| Q4 25 | — | $582.5M | ||
| Q3 25 | $228.3M | $582.2M | ||
| Q2 25 | $252.6M | $574.8M | ||
| Q1 25 | $270.1M | $571.4M | ||
| Q4 24 | $273.9M | $581.6M | ||
| Q3 24 | $273.3M | $578.6M | ||
| Q2 24 | $301.7M | $571.4M | ||
| Q1 24 | $313.0M | $566.7M |
负债/权益比ISPORMAX
| 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 | $-2.2M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $-3.0M | $33.5M |
| 自由现金流率自由现金流/营收 | -5.4% | 47.1% |
| 资本支出强度资本支出/营收 | 1.4% | 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 | $-31.2M | $56.8M |
8季度趋势，按日历期对齐
经营现金流ISPORMAX
| Q4 25 | — | $40.9M | ||
| Q3 25 | $-2.2M | $17.7M | ||
| Q2 25 | $1.1M | $4.6M | ||
| Q1 25 | $-6.6M | $5.7M | ||
| Q4 24 | $-15.8M | $59.7M | ||
| Q3 24 | $-13.7M | $17.6M | ||
| Q2 24 | $-1.8M | $15.9M | ||
| Q1 24 | $-7.2M | $9.4M |
自由现金流ISPORMAX
| Q4 25 | — | $33.5M | ||
| Q3 25 | $-3.0M | $16.4M | ||
| Q2 25 | $468.0K | $2.9M | ||
| Q1 25 | $-7.5M | $4.0M | ||
| Q4 24 | $-21.2M | $53.0M | ||
| Q3 24 | $-14.8M | $16.3M | ||
| Q2 24 | $-3.7M | $14.0M | ||
| Q1 24 | $-8.5M | $6.8M |
自由现金流率ISPORMAX
| Q4 25 | — | 47.1% | ||
| Q3 25 | -5.4% | 22.4% | ||
| Q2 25 | 0.7% | 4.0% | ||
| Q1 25 | -11.4% | 5.3% | ||
| Q4 24 | -33.7% | 73.2% | ||
| Q3 24 | -21.5% | 20.8% | ||
| Q2 24 | -5.5% | 17.8% | ||
| Q1 24 | -10.6% | 8.6% |
资本支出强度ISPORMAX
| Q4 25 | — | 10.4% | ||
| Q3 25 | 1.4% | 1.8% | ||
| Q2 25 | 1.0% | 2.2% | ||
| Q1 25 | 1.3% | 2.3% | ||
| Q4 24 | 8.7% | 9.1% | ||
| Q3 24 | 1.6% | 1.7% | ||
| Q2 24 | 2.8% | 2.4% | ||
| Q1 24 | 1.6% | 3.3% |
现金转化率ISPORMAX
| Q4 25 | — | 28.39× | ||
| Q3 25 | — | 4.45× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | -4.09× | — | ||
| Q4 24 | — | 10.28× | ||
| Q3 24 | -3.16× | 18.22× | ||
| Q2 24 | — | 4.29× | ||
| Q1 24 | -5.70× | — |
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
ISPO
| Residence And Hotel Travel | $25.9M | 47% |
| Subscription | $19.4M | 35% |
| Experiences And Bespoke Travel | $8.0M | 14% |
| Rewards And Other Revenue | $2.3M | 4% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
