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Karman Holdings Inc.（KRMN）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
Karman Holdings Inc.的季度营收约是RE/MAX Holdings, Inc.的1.9倍（$134.5M vs $71.1M），Karman Holdings Inc.净利率更高（5.7% vs 2.0%，领先3.7%），Karman Holdings Inc.同比增速更快（47.4% vs -1.8%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $4.0M），过去两年Karman Holdings Inc.的营收复合增速更高（27.3% vs -4.7%）
Karman Holdings是一家美国航天与防务系统制造商，总部位于加利福尼亚州亨廷顿海滩，当前估值约40亿美元，近期已完成首次公开发行，专注为航天及国防领域提供相关系统产品及配套服务。
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。
KRMN vs RMAX — 直观对比
营收规模更大
KRMN
是对方的1.9倍
$71.1M
营收增速更快
KRMN
高出49.2%
-1.8%
净利率更高
KRMN
高出3.7%
2.0%
自由现金流更多
RMAX
多$29.5M
$4.0M
两年增速更快
KRMN
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $134.5M | $71.1M |
| 净利润 | $7.7M | $1.4M |
| 毛利率 | 39.9% | — |
| 营业利润率 | 15.7% | 13.1% |
| 净利率 | 5.7% | 2.0% |
| 营收同比 | 47.4% | -1.8% |
| 净利润同比 | 358.3% | -75.2% |
| 每股收益（稀释后） | $0.06 | — |
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KRMNRMAX
| Q4 25 | $134.5M | $71.1M | ||
| Q3 25 | $121.8M | $73.2M | ||
| Q2 25 | $115.1M | $72.8M | ||
| Q1 25 | $100.1M | $74.5M | ||
| Q4 24 | $91.2M | $72.5M | ||
| Q3 24 | $86.0M | $78.5M | ||
| Q2 24 | $85.0M | $78.5M | ||
| Q1 24 | $83.0M | $78.3M |
净利润KRMNRMAX
| Q4 25 | $7.7M | $1.4M | ||
| Q3 25 | $7.6M | $4.0M | ||
| Q2 25 | $6.8M | $4.7M | ||
| Q1 25 | $-4.8M | $-2.0M | ||
| Q4 24 | $1.7M | $5.8M | ||
| Q3 24 | $4.3M | $966.0K | ||
| Q2 24 | $4.6M | $3.7M | ||
| Q1 24 | $2.1M | $-3.4M |
毛利率KRMNRMAX
| Q4 25 | 39.9% | — | ||
| Q3 25 | 41.0% | — | ||
| Q2 25 | 40.9% | — | ||
| Q1 25 | 39.4% | — | ||
| Q4 24 | 38.1% | — | ||
| Q3 24 | 39.3% | — | ||
| Q2 24 | 40.7% | — | ||
| Q1 24 | 34.9% | — |
营业利润率KRMNRMAX
| Q4 25 | 15.7% | 13.1% | ||
| Q3 25 | 17.9% | 25.0% | ||
| Q2 25 | 17.5% | 19.3% | ||
| Q1 25 | 10.0% | 7.2% | ||
| Q4 24 | 15.8% | 5.9% | ||
| Q3 24 | 20.2% | 19.4% | ||
| Q2 24 | 21.5% | 20.6% | ||
| Q1 24 | 16.3% | 5.8% |
净利率KRMNRMAX
| Q4 25 | 5.7% | 2.0% | ||
| Q3 25 | 6.3% | 5.4% | ||
| Q2 25 | 5.9% | 6.4% | ||
| Q1 25 | -4.8% | -2.6% | ||
| Q4 24 | 1.8% | 8.0% | ||
| Q3 24 | 5.0% | 1.2% | ||
| Q2 24 | 5.4% | 4.7% | ||
| Q1 24 | 2.6% | -4.3% |
每股收益（稀释后）KRMNRMAX
| Q4 25 | $0.06 | — | ||
| Q3 25 | $0.06 | — | ||
| Q2 25 | $0.05 | — | ||
| Q1 25 | $-0.04 | — | ||
| Q4 24 | $0.01 | — | ||
| Q3 24 | $0.03 | — | ||
| Q2 24 | $0.03 | — | ||
| Q1 24 | $0.01 | — |
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 | $34.0M | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | $382.7M | $452.4M |
| 总资产 | $1.1B | $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KRMNRMAX
| Q4 25 | $34.0M | $118.7M | ||
| Q3 25 | $18.7M | $107.5M | ||
| Q2 25 | $27.4M | $94.3M | ||
| Q1 25 | $113.7M | $89.1M | ||
| Q4 24 | $11.5M | $96.6M | ||
| Q3 24 | — | $83.8M | ||
| Q2 24 | — | $66.1M | ||
| Q1 24 | — | $82.1M |
总债务KRMNRMAX
| 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KRMNRMAX
| Q4 25 | $382.7M | $452.4M | ||
| Q3 25 | $369.1M | $448.1M | ||
| Q2 25 | $361.5M | $442.4M | ||
| Q1 25 | $348.9M | $433.5M | ||
| Q4 24 | $196.0M | $429.5M | ||
| Q3 24 | $194.1M | $423.1M | ||
| Q2 24 | $189.6M | $418.4M | ||
| Q1 24 | $184.8M | $412.0M |
总资产KRMNRMAX
| Q4 25 | $1.1B | $582.5M | ||
| Q3 25 | $968.1M | $582.2M | ||
| Q2 25 | $953.9M | $574.8M | ||
| Q1 25 | $875.4M | $571.4M | ||
| Q4 24 | $774.0M | $581.6M | ||
| Q3 24 | — | $578.6M | ||
| Q2 24 | — | $571.4M | ||
| Q1 24 | — | $566.7M |
负债/权益比KRMNRMAX
| 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 | $8.7M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $4.0M | $33.5M |
| 自由现金流率自由现金流/营收 | 3.0% | 47.1% |
| 资本支出强度资本支出/营收 | 3.5% | 10.4% |
| 现金转化率经营现金流/净利润 | 1.13× | 28.39× |
| 过去12个月自由现金流最近4个季度 | $-42.5M | $56.8M |
8季度趋势，按日历期对齐
经营现金流KRMNRMAX
| Q4 25 | $8.7M | $40.9M | ||
| Q3 25 | $131.0K | $17.7M | ||
| Q2 25 | $-17.4M | $4.6M | ||
| Q1 25 | $-13.6M | $5.7M | ||
| Q4 24 | — | $59.7M | ||
| Q3 24 | — | $17.6M | ||
| Q2 24 | — | $15.9M | ||
| Q1 24 | $3.1M | $9.4M |
自由现金流KRMNRMAX
| Q4 25 | $4.0M | $33.5M | ||
| Q3 25 | $-6.8M | $16.4M | ||
| Q2 25 | $-21.0M | $2.9M | ||
| Q1 25 | $-18.6M | $4.0M | ||
| Q4 24 | — | $53.0M | ||
| Q3 24 | — | $16.3M | ||
| Q2 24 | — | $14.0M | ||
| Q1 24 | $1.5M | $6.8M |
自由现金流率KRMNRMAX
| Q4 25 | 3.0% | 47.1% | ||
| Q3 25 | -5.6% | 22.4% | ||
| Q2 25 | -18.2% | 4.0% | ||
| Q1 25 | -18.6% | 5.3% | ||
| Q4 24 | — | 73.2% | ||
| Q3 24 | — | 20.8% | ||
| Q2 24 | — | 17.8% | ||
| Q1 24 | 1.8% | 8.6% |
资本支出强度KRMNRMAX
| Q4 25 | 3.5% | 10.4% | ||
| Q3 25 | 5.7% | 1.8% | ||
| Q2 25 | 3.2% | 2.2% | ||
| Q1 25 | 5.0% | 2.3% | ||
| Q4 24 | — | 9.1% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | 1.9% | 3.3% |
现金转化率KRMNRMAX
| Q4 25 | 1.13× | 28.39× | ||
| Q3 25 | 0.02× | 4.45× | ||
| Q2 25 | -2.55× | 0.97× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 10.28× | ||
| Q3 24 | — | 18.22× | ||
| Q2 24 | — | 4.29× | ||
| Q1 24 | 1.45× | — |
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
KRMN
| Tactical Missile And Integrated Defense Systems | $50.5M | 38% |
| Hypersonic And Strategic Missile Defense | $48.4M | 36% |
| Space And Launch | $35.7M | 27% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
