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仲量联行（JLL）与CarMax（KMX）财务数据对比。点击上方公司名可切换其他公司
仲量联行的季度营收约是CarMax的1.3倍（$7.6B vs $5.8B），仲量联行净利率更高（5.3% vs 1.1%，领先4.2%），仲量联行同比增速更快（11.7% vs -6.9%），过去两年仲量联行的营收复合增速更高（21.9% vs 1.5%）
仲量联行（JLL）是总部位于美国芝加哥的全球知名房地产服务企业，位列《财富》世界500强第188位，在80个国家设有办事处，面向机构投资者、散户投资者及高净值人群提供全球投资管理服务，同时通过JLL Technologies推出科技产品，旗下PropTech基金JLL Spark主营地产科技领域风险投资。
CarMax是美国知名二手车零售企业，下设两大业务板块：零售运营业务与汽车金融服务。该品牌最初是电路城公司的副业项目，1993年9月在弗吉尼亚州里士满开设首家门店，截至2025年1月在全美共运营253家线下门店。
JLL vs KMX — 直观对比
营收规模更大
JLL
是对方的1.3倍
$5.8B
营收增速更快
JLL
高出18.6%
-6.9%
净利率更高
JLL
高出4.2%
1.1%
两年增速更快
JLL
近两年复合增速
1.5%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $7.6B | $5.8B |
| 净利润 | $401.8M | $62.2M |
| 毛利率 | — | 10.2% |
| 营业利润率 | 6.7% | — |
| 净利率 | 5.3% | 1.1% |
| 营收同比 | 11.7% | -6.9% |
| 净利润同比 | 66.6% | -50.4% |
| 每股收益（稀释后） | $8.33 | $0.43 |
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JLLKMX
| Q4 25 | $7.6B | $5.8B | ||
| Q3 25 | $6.5B | $6.6B | ||
| Q2 25 | $6.3B | $7.5B | ||
| Q1 25 | $5.7B | $6.0B | ||
| Q4 24 | $6.8B | $6.2B | ||
| Q3 24 | $5.9B | $7.0B | ||
| Q2 24 | $5.6B | $7.1B | ||
| Q1 24 | $5.1B | $5.6B |
净利润JLLKMX
| Q4 25 | $401.8M | $62.2M | ||
| Q3 25 | $222.4M | $95.4M | ||
| Q2 25 | $110.5M | $210.4M | ||
| Q1 25 | $57.5M | $89.9M | ||
| Q4 24 | $241.2M | $125.4M | ||
| Q3 24 | $155.1M | $132.8M | ||
| Q2 24 | $84.4M | $152.4M | ||
| Q1 24 | $66.1M | $50.3M |
毛利率JLLKMX
| Q4 25 | — | 10.2% | ||
| Q3 25 | — | 10.9% | ||
| Q2 25 | — | 11.8% | ||
| Q1 25 | — | 11.1% | ||
| Q4 24 | — | 10.9% | ||
| Q3 24 | — | 10.8% | ||
| Q2 24 | — | 11.1% | ||
| Q1 24 | — | 10.4% |
营业利润率JLLKMX
| Q4 25 | 6.7% | — | ||
| Q3 25 | 4.2% | — | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | 2.1% | 2.0% | ||
| Q4 24 | 5.5% | 2.7% | ||
| Q3 24 | 3.9% | 2.5% | ||
| Q2 24 | 2.7% | 2.9% | ||
| Q1 24 | 2.2% | 1.2% |
净利率JLLKMX
| Q4 25 | 5.3% | 1.1% | ||
| Q3 25 | 3.4% | 1.4% | ||
| Q2 25 | 1.8% | 2.8% | ||
| Q1 25 | 1.0% | 1.5% | ||
| Q4 24 | 3.5% | 2.0% | ||
| Q3 24 | 2.6% | 1.9% | ||
| Q2 24 | 1.5% | 2.1% | ||
| Q1 24 | 1.3% | 0.9% |
每股收益（稀释后）JLLKMX
| Q4 25 | $8.33 | $0.43 | ||
| Q3 25 | $4.61 | $0.64 | ||
| Q2 25 | $2.32 | $1.38 | ||
| Q1 25 | $1.14 | $0.58 | ||
| Q4 24 | $4.98 | $0.81 | ||
| Q3 24 | $3.20 | $0.85 | ||
| Q2 24 | $1.75 | $0.97 | ||
| Q1 24 | $1.37 | $0.31 |
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 | $599.1M | $204.9M |
| 总债务越低越好 | — | $16.6B |
| 股东权益账面价值 | $7.5B | $6.1B |
| 总资产 | $17.8B | $25.6B |
| 负债/权益比越低杠杆越低 | — | 2.74× |
8季度趋势，按日历期对齐
现金及短期投资JLLKMX
| Q4 25 | $599.1M | $204.9M | ||
| Q3 25 | $428.9M | $540.4M | ||
| Q2 25 | $401.4M | $262.8M | ||
| Q1 25 | $432.4M | $247.0M | ||
| Q4 24 | $416.3M | $271.9M | ||
| Q3 24 | $437.8M | $524.7M | ||
| Q2 24 | $424.4M | $218.9M | ||
| Q1 24 | $396.7M | $574.1M |
总债务JLLKMX
| Q4 25 | — | $16.6B | ||
| Q3 25 | — | $17.8B | ||
| Q2 25 | — | $18.0B | ||
| Q1 25 | — | $18.1B | ||
| Q4 24 | — | $18.1B | ||
| Q3 24 | — | $18.1B | ||
| Q2 24 | — | $18.2B | ||
| Q1 24 | — | $18.0B |
股东权益JLLKMX
| Q4 25 | $7.5B | $6.1B | ||
| Q3 25 | $7.2B | $6.2B | ||
| Q2 25 | $7.0B | $6.3B | ||
| Q1 25 | $6.8B | $6.2B | ||
| Q4 24 | $6.8B | $6.2B | ||
| Q3 24 | $6.6B | $6.2B | ||
| Q2 24 | $6.4B | $6.2B | ||
| Q1 24 | $6.3B | $6.1B |
总资产JLLKMX
| Q4 25 | $17.8B | $25.6B | ||
| Q3 25 | $17.2B | $27.1B | ||
| Q2 25 | $17.3B | $27.4B | ||
| Q1 25 | $16.6B | $27.4B | ||
| Q4 24 | $16.8B | $27.3B | ||
| Q3 24 | $17.8B | $27.3B | ||
| Q2 24 | $15.9B | $27.2B | ||
| Q1 24 | $15.5B | $27.2B |
负债/权益比JLLKMX
| Q4 25 | — | 2.74× | ||
| Q3 25 | — | 2.87× | ||
| Q2 25 | — | 2.86× | ||
| Q1 25 | — | 2.91× | ||
| Q4 24 | — | 2.92× | ||
| Q3 24 | — | 2.93× | ||
| Q2 24 | — | 2.95× | ||
| Q1 24 | — | 2.96× |
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 | $1.0B | $1.3B |
| 自由现金流经营现金流 - 资本支出 | — | $1.1B |
| 自由现金流率自由现金流/营收 | — | 19.2% |
| 资本支出强度资本支出/营收 | — | 2.4% |
| 现金转化率经营现金流/净利润 | 2.52× | 20.14× |
| 过去12个月自由现金流最近4个季度 | — | $1.9B |
8季度趋势，按日历期对齐
经营现金流JLLKMX
| Q4 25 | $1.0B | $1.3B | ||
| Q3 25 | $617.1M | $785.5M | ||
| Q2 25 | $332.8M | $299.5M | ||
| Q1 25 | $-767.6M | $146.4M | ||
| Q4 24 | $927.3M | $-23.4M | ||
| Q3 24 | $261.6M | $619.1M | ||
| Q2 24 | $273.9M | $-117.7M | ||
| Q1 24 | $-677.5M | $309.6M |
自由现金流JLLKMX
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $654.0M | ||
| Q2 25 | — | $162.8M | ||
| Q1 25 | — | $18.8M | ||
| Q4 24 | — | $-150.6M | ||
| Q3 24 | — | $509.9M | ||
| Q2 24 | — | $-221.6M | ||
| Q1 24 | — | $199.8M |
自由现金流率JLLKMX
| Q4 25 | — | 19.2% | ||
| Q3 25 | — | 9.9% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | -2.4% | ||
| Q3 24 | — | 7.3% | ||
| Q2 24 | — | -3.1% | ||
| Q1 24 | — | 3.6% |
资本支出强度JLLKMX
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 2.0% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | 2.0% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 1.5% | ||
| Q1 24 | — | 2.0% |
现金转化率JLLKMX
| Q4 25 | 2.52× | 20.14× | ||
| Q3 25 | 2.77× | 8.24× | ||
| Q2 25 | 3.01× | 1.42× | ||
| Q1 25 | -13.35× | 1.63× | ||
| Q4 24 | 3.84× | -0.19× | ||
| Q3 24 | 1.69× | 4.66× | ||
| Q2 24 | 3.25× | -0.77× | ||
| Q1 24 | -10.25× | 6.16× |
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
JLL
| Workplace Management | $3.8B | 50% |
| Project Management | $1.1B | 15% |
| Leasing Advisory | $1.0B | 13% |
| Leasing | $964.9M | 13% |
| Property Management | $480.2M | 6% |
| Portfolio Services And Other | $152.1M | 2% |
| Advisory Fees | $98.1M | 1% |
| Loan Servicing | $42.2M | 1% |
| Transaction Fees Other | $16.4M | 0% |
KMX
| Used Vehicles | $4.5B | 78% |
| Wholesale Vehicles | $1.1B | 19% |
| Other | $150.6M | 3% |
| Extendedprotectionplan Domain | $96.6M | 2% |
| Advertising Subscription Revenues Domain | $35.1M | 1% |
| Service Domain | $18.5M | 0% |
| Thirdpartyfinancefees Domain | $3.0M | 0% |
