vs
仲量联行（JLL）与Marcus & Millichap, Inc.（MMI）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Marcus & Millichap, Inc.的31.2倍（$7.6B vs $243.9M）。Marcus & Millichap, Inc.净利率更高（5.5% vs 5.3%，领先0.2%）。仲量联行同比增速更快（11.7% vs 1.6%）。过去两年Marcus & Millichap, Inc.的营收复合增速更高（37.5% vs 21.9%）
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。
马库斯-米利查普是一家美国商业地产服务企业，在美国和加拿大开展业务，核心服务涵盖商业地产经纪、抵押贷款经纪、市场研究及顾问咨询，业内首创了单经纪机构独家代理房源挂牌模式，目前在美加两国设有超过80家办事处，员工规模超1800人。
JLL vs MMI — 直观对比
营收规模更大
JLL
是对方的31.2倍
$243.9M
营收增速更快
JLL
高出10.1%
1.6%
净利率更高
MMI
高出0.2%
5.3%
两年增速更快
MMI
近两年复合增速
21.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $7.6B | $243.9M |
| 净利润 | $401.8M | $13.3M |
| 毛利率 | — | — |
| 营业利润率 | 6.7% | 6.3% |
| 净利率 | 5.3% | 5.5% |
| 营收同比 | 11.7% | 1.6% |
| 净利润同比 | 66.6% | 55.7% |
| 每股收益（稀释后） | $8.33 | $0.33 |
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JLLMMI
| Q4 25 | $7.6B | $243.9M | ||
| Q3 25 | $6.5B | $193.9M | ||
| Q2 25 | $6.3B | $172.3M | ||
| Q1 25 | $5.7B | $145.0M | ||
| Q4 24 | $6.8B | $240.1M | ||
| Q3 24 | $5.9B | $168.5M | ||
| Q2 24 | $5.6B | $158.4M | ||
| Q1 24 | $5.1B | $129.1M |
净利润JLLMMI
| Q4 25 | $401.8M | $13.3M | ||
| Q3 25 | $222.4M | $240.0K | ||
| Q2 25 | $110.5M | $-11.0M | ||
| Q1 25 | $57.5M | $-4.4M | ||
| Q4 24 | $241.2M | $8.5M | ||
| Q3 24 | $155.1M | $-5.4M | ||
| Q2 24 | $84.4M | $-5.5M | ||
| Q1 24 | $66.1M | $-10.0M |
营业利润率JLLMMI
| Q4 25 | 6.7% | 6.3% | ||
| Q3 25 | 4.2% | -1.2% | ||
| Q2 25 | 3.2% | -5.3% | ||
| Q1 25 | 2.1% | -12.2% | ||
| Q4 24 | 5.5% | 2.8% | ||
| Q3 24 | 3.9% | -6.8% | ||
| Q2 24 | 2.7% | -5.1% | ||
| Q1 24 | 2.2% | -15.6% |
净利率JLLMMI
| Q4 25 | 5.3% | 5.5% | ||
| Q3 25 | 3.4% | 0.1% | ||
| Q2 25 | 1.8% | -6.4% | ||
| Q1 25 | 1.0% | -3.0% | ||
| Q4 24 | 3.5% | 3.6% | ||
| Q3 24 | 2.6% | -3.2% | ||
| Q2 24 | 1.5% | -3.5% | ||
| Q1 24 | 1.3% | -7.7% |
每股收益（稀释后）JLLMMI
| Q4 25 | $8.33 | $0.33 | ||
| Q3 25 | $4.61 | $0.01 | ||
| Q2 25 | $2.32 | $-0.28 | ||
| Q1 25 | $1.14 | $-0.11 | ||
| Q4 24 | $4.98 | $0.22 | ||
| Q3 24 | $3.20 | $-0.14 | ||
| Q2 24 | $1.75 | $-0.14 | ||
| Q1 24 | $1.37 | $-0.26 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.5B | $603.1M |
| 总资产 | $17.8B | $827.2M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资JLLMMI
| Q4 25 | $599.1M | — | ||
| Q3 25 | $428.9M | — | ||
| Q2 25 | $401.4M | — | ||
| Q1 25 | $432.4M | — | ||
| Q4 24 | $416.3M | — | ||
| Q3 24 | $437.8M | — | ||
| Q2 24 | $424.4M | — | ||
| Q1 24 | $396.7M | — |
股东权益JLLMMI
| Q4 25 | $7.5B | $603.1M | ||
| Q3 25 | $7.2B | $602.2M | ||
| Q2 25 | $7.0B | $607.8M | ||
| Q1 25 | $6.8B | $617.6M | ||
| Q4 24 | $6.8B | $630.8M | ||
| Q3 24 | $6.6B | $617.7M | ||
| Q2 24 | $6.4B | $626.7M | ||
| Q1 24 | $6.3B | $625.6M |
总资产JLLMMI
| Q4 25 | $17.8B | $827.2M | ||
| Q3 25 | $17.2B | $812.5M | ||
| Q2 25 | $17.3B | $792.2M | ||
| Q1 25 | $16.6B | $802.0M | ||
| Q4 24 | $16.8B | $869.8M | ||
| Q3 24 | $17.8B | $833.7M | ||
| Q2 24 | $15.9B | $825.4M | ||
| Q1 24 | $15.5B | $826.7M |
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 | $46.3M |
| 自由现金流经营现金流 - 资本支出 | — | $43.9M |
| 自由现金流率自由现金流/营收 | — | 18.0% |
| 资本支出强度资本支出/营收 | — | 1.0% |
| 现金转化率经营现金流/净利润 | 2.52× | 3.48× |
| 过去12个月自由现金流最近4个季度 | — | $58.8M |
8季度趋势，按日历期对齐
经营现金流JLLMMI
| Q4 25 | $1.0B | $46.3M | ||
| Q3 25 | $617.1M | $52.2M | ||
| Q2 25 | $332.8M | $21.0M | ||
| Q1 25 | $-767.6M | $-52.8M | ||
| Q4 24 | $927.3M | $56.7M | ||
| Q3 24 | $261.6M | $15.2M | ||
| Q2 24 | $273.9M | $851.0K | ||
| Q1 24 | $-677.5M | $-51.0M |
自由现金流JLLMMI
| Q4 25 | — | $43.9M | ||
| Q3 25 | — | $50.0M | ||
| Q2 25 | — | $19.3M | ||
| Q1 25 | — | $-54.3M | ||
| Q4 24 | — | $55.1M | ||
| Q3 24 | — | $13.2M | ||
| Q2 24 | — | $-806.0K | ||
| Q1 24 | — | $-53.7M |
自由现金流率JLLMMI
| Q4 25 | — | 18.0% | ||
| Q3 25 | — | 25.8% | ||
| Q2 25 | — | 11.2% | ||
| Q1 25 | — | -37.5% | ||
| Q4 24 | — | 23.0% | ||
| Q3 24 | — | 7.8% | ||
| Q2 24 | — | -0.5% | ||
| Q1 24 | — | -41.6% |
资本支出强度JLLMMI
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.0% | ||
| Q1 24 | — | 2.0% |
现金转化率JLLMMI
| Q4 25 | 2.52× | 3.48× | ||
| Q3 25 | 2.77× | 217.54× | ||
| Q2 25 | 3.01× | — | ||
| Q1 25 | -13.35× | — | ||
| Q4 24 | 3.84× | 6.63× | ||
| Q3 24 | 1.69× | — | ||
| Q2 24 | 3.25× | — | ||
| Q1 24 | -10.25× | — |
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% |
MMI
| Real Estate Brokerage Commissions | $205.3M | 84% |
| Financing Fees | $33.2M | 14% |
| Other Revenues | $5.4M | 2% |
