vs
CS Disco, Inc.（LAW）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CS Disco, Inc.的1.7倍（$71.1M vs $41.2M），RE/MAX Holdings, Inc.净利率更高（2.0% vs -20.7%，领先22.7%），CS Disco, Inc.同比增速更快（11.3% vs -1.8%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $255.0K），过去两年CS Disco, Inc.的营收复合增速更高（7.6% vs -4.7%）
CS Disco, Inc.是一家领先的法律科技企业，开发面向法律从业者的云原生软件产品，涵盖电子取证、文档审核、案件管理及法律工作流自动化等工具，服务客户包括律师事务所、企业法务部门及政府法律机构。
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。
LAW vs RMAX — 直观对比
营收规模更大
RMAX
是对方的1.7倍
$41.2M
营收增速更快
LAW
高出13.1%
-1.8%
净利率更高
RMAX
高出22.7%
-20.7%
自由现金流更多
RMAX
多$33.2M
$255.0K
两年增速更快
LAW
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $41.2M | $71.1M |
| 净利润 | $-8.5M | $1.4M |
| 毛利率 | 75.1% | — |
| 营业利润率 | -22.4% | 13.1% |
| 净利率 | -20.7% | 2.0% |
| 营收同比 | 11.3% | -1.8% |
| 净利润同比 | 66.3% | -75.2% |
| 每股收益（稀释后） | $-0.13 | — |
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LAWRMAX
| Q4 25 | $41.2M | $71.1M | ||
| Q3 25 | $40.9M | $73.2M | ||
| Q2 25 | $38.1M | $72.8M | ||
| Q1 25 | $36.7M | $74.5M | ||
| Q4 24 | $37.0M | $72.5M | ||
| Q3 24 | $36.3M | $78.5M | ||
| Q2 24 | $36.0M | $78.5M | ||
| Q1 24 | $35.6M | $78.3M |
净利润LAWRMAX
| Q4 25 | $-8.5M | $1.4M | ||
| Q3 25 | $-13.7M | $4.0M | ||
| Q2 25 | $-10.8M | $4.7M | ||
| Q1 25 | $-11.4M | $-2.0M | ||
| Q4 24 | $-25.2M | $5.8M | ||
| Q3 24 | $-9.2M | $966.0K | ||
| Q2 24 | $-10.8M | $3.7M | ||
| Q1 24 | $-10.6M | $-3.4M |
毛利率LAWRMAX
| Q4 25 | 75.1% | — | ||
| Q3 25 | 75.5% | — | ||
| Q2 25 | 74.6% | — | ||
| Q1 25 | 74.1% | — | ||
| Q4 24 | 74.2% | — | ||
| Q3 24 | 73.1% | — | ||
| Q2 24 | 74.2% | — | ||
| Q1 24 | 75.1% | — |
营业利润率LAWRMAX
| Q4 25 | -22.4% | 13.1% | ||
| Q3 25 | -35.3% | 25.0% | ||
| Q2 25 | -31.0% | 19.3% | ||
| Q1 25 | -34.4% | 7.2% | ||
| Q4 24 | -70.6% | 5.9% | ||
| Q3 24 | -30.0% | 19.4% | ||
| Q2 24 | -34.4% | 20.6% | ||
| Q1 24 | -34.7% | 5.8% |
净利率LAWRMAX
| Q4 25 | -20.7% | 2.0% | ||
| Q3 25 | -33.4% | 5.4% | ||
| Q2 25 | -28.4% | 6.4% | ||
| Q1 25 | -31.1% | -2.6% | ||
| Q4 24 | -68.1% | 8.0% | ||
| Q3 24 | -25.3% | 1.2% | ||
| Q2 24 | -30.1% | 4.7% | ||
| Q1 24 | -29.7% | -4.3% |
每股收益（稀释后）LAWRMAX
| Q4 25 | $-0.13 | — | ||
| Q3 25 | $-0.22 | — | ||
| Q2 25 | $-0.18 | — | ||
| Q1 25 | $-0.19 | — | ||
| Q4 24 | $-0.43 | — | ||
| Q3 24 | $-0.15 | — | ||
| Q2 24 | $-0.18 | — | ||
| Q1 24 | $-0.17 | — |
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 | $114.6M | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | $128.1M | $452.4M |
| 总资产 | $173.6M | $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LAWRMAX
| Q4 25 | $114.6M | $118.7M | ||
| Q3 25 | $113.5M | $107.5M | ||
| Q2 25 | $114.5M | $94.3M | ||
| Q1 25 | $118.8M | $89.1M | ||
| Q4 24 | $129.1M | $96.6M | ||
| Q3 24 | $126.8M | $83.8M | ||
| Q2 24 | $130.0M | $66.1M | ||
| Q1 24 | $148.7M | $82.1M |
总债务LAWRMAX
| 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LAWRMAX
| Q4 25 | $128.1M | $452.4M | ||
| Q3 25 | $130.6M | $448.1M | ||
| Q2 25 | $137.9M | $442.4M | ||
| Q1 25 | $142.2M | $433.5M | ||
| Q4 24 | $147.5M | $429.5M | ||
| Q3 24 | $167.3M | $423.1M | ||
| Q2 24 | $170.9M | $418.4M | ||
| Q1 24 | $193.2M | $412.0M |
总资产LAWRMAX
| Q4 25 | $173.6M | $582.5M | ||
| Q3 25 | $174.8M | $582.2M | ||
| Q2 25 | $164.9M | $574.8M | ||
| Q1 25 | $168.0M | $571.4M | ||
| Q4 24 | $180.3M | $581.6M | ||
| Q3 24 | $194.4M | $578.6M | ||
| Q2 24 | $198.0M | $571.4M | ||
| Q1 24 | $217.3M | $566.7M |
负债/权益比LAWRMAX
| 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 | $762.0K | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $255.0K | $33.5M |
| 自由现金流率自由现金流/营收 | 0.6% | 47.1% |
| 资本支出强度资本支出/营收 | 1.2% | 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 | $-18.0M | $56.8M |
8季度趋势，按日历期对齐
经营现金流LAWRMAX
| Q4 25 | $762.0K | $40.9M | ||
| Q3 25 | $-979.0K | $17.7M | ||
| Q2 25 | $-4.2M | $4.6M | ||
| Q1 25 | $-10.5M | $5.7M | ||
| Q4 24 | $2.1M | $59.7M | ||
| Q3 24 | $-2.9M | $17.6M | ||
| Q2 24 | $-650.0K | $15.9M | ||
| Q1 24 | $-7.3M | $9.4M |
自由现金流LAWRMAX
| Q4 25 | $255.0K | $33.5M | ||
| Q3 25 | $-2.0M | $16.4M | ||
| Q2 25 | $-5.2M | $2.9M | ||
| Q1 25 | $-11.0M | $4.0M | ||
| Q4 24 | $1.5M | $53.0M | ||
| Q3 24 | $-3.7M | $16.3M | ||
| Q2 24 | $-1.3M | $14.0M | ||
| Q1 24 | $-8.0M | $6.8M |
自由现金流率LAWRMAX
| Q4 25 | 0.6% | 47.1% | ||
| Q3 25 | -5.0% | 22.4% | ||
| Q2 25 | -13.6% | 4.0% | ||
| Q1 25 | -30.1% | 5.3% | ||
| Q4 24 | 4.1% | 73.2% | ||
| Q3 24 | -10.3% | 20.8% | ||
| Q2 24 | -3.6% | 17.8% | ||
| Q1 24 | -22.5% | 8.6% |
资本支出强度LAWRMAX
| Q4 25 | 1.2% | 10.4% | ||
| Q3 25 | 2.6% | 1.8% | ||
| Q2 25 | 2.5% | 2.2% | ||
| Q1 25 | 1.4% | 2.3% | ||
| Q4 24 | 1.5% | 9.1% | ||
| Q3 24 | 2.4% | 1.7% | ||
| Q2 24 | 1.8% | 2.4% | ||
| Q1 24 | 1.9% | 3.3% |
现金转化率LAWRMAX
| Q4 25 | — | 28.39× | ||
| Q3 25 | — | 4.45× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 10.28× | ||
| Q3 24 | — | 18.22× | ||
| Q2 24 | — | 4.29× | ||
| Q1 24 | — | — |
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
LAW
| Software | $35.1M | 85% |
| Services | $6.0M | 15% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
