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美世（MERC）与NEWMARK GROUP, INC.（NMRK）财务数据对比。点击上方公司名可切换其他公司
NEWMARK GROUP, INC.的季度营收约是美世的1.9倍（$859.5M vs $449.5M），NEWMARK GROUP, INC.净利率更高（7.9% vs -68.7%，领先76.6%），NEWMARK GROUP, INC.同比增速更快（18.1% vs -8.0%），NEWMARK GROUP, INC.自由现金流更多（$608.8M vs $32.0M），过去两年NEWMARK GROUP, INC.的营收复合增速更高（38.2% vs -9.9%）
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
纽马克集团是一家总部位于纽约的全球性商业地产咨询及服务企业，旗下业务以Newmark品牌开展，在纳斯达克全球精选市场上市，股票代码为NMRK，为全球客户提供商业地产领域的多元专业服务。
MERC vs NMRK — 直观对比
营收规模更大
NMRK
是对方的1.9倍
$449.5M
营收增速更快
NMRK
高出26.1%
-8.0%
净利率更高
NMRK
高出76.6%
-68.7%
自由现金流更多
NMRK
多$576.8M
$32.0M
两年增速更快
NMRK
近两年复合增速
-9.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $449.5M | $859.5M |
| 净利润 | $-308.7M | $68.0M |
| 毛利率 | — | — |
| 营业利润率 | -62.0% | 14.4% |
| 净利率 | -68.7% | 7.9% |
| 营收同比 | -8.0% | 18.1% |
| 净利润同比 | -1947.7% | 49.7% |
| 每股收益（稀释后） | $-4.61 | $0.37 |
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MERCNMRK
| Q4 25 | $449.5M | $859.5M | ||
| Q3 25 | $458.1M | $715.0M | ||
| Q2 25 | $453.5M | $639.6M | ||
| Q1 25 | $507.0M | $556.2M | ||
| Q4 24 | $488.4M | $727.5M | ||
| Q3 24 | $502.1M | $568.0M | ||
| Q2 24 | $499.4M | $527.3M | ||
| Q1 24 | $553.4M | $450.2M |
净利润MERCNMRK
| Q4 25 | $-308.7M | $68.0M | ||
| Q3 25 | $-80.8M | $46.2M | ||
| Q2 25 | $-86.1M | $20.8M | ||
| Q1 25 | $-22.3M | $-8.8M | ||
| Q4 24 | $16.7M | $45.4M | ||
| Q3 24 | $-17.6M | $17.8M | ||
| Q2 24 | $-67.6M | $14.3M | ||
| Q1 24 | $-16.7M | $-16.3M |
营业利润率MERCNMRK
| Q4 25 | -62.0% | 14.4% | ||
| Q3 25 | -14.8% | 11.9% | ||
| Q2 25 | -12.9% | 6.7% | ||
| Q1 25 | 1.3% | -3.1% | ||
| Q4 24 | 10.3% | 14.3% | ||
| Q3 24 | 1.8% | 7.2% | ||
| Q2 24 | -8.8% | 7.7% | ||
| Q1 24 | -0.1% | -5.0% |
净利率MERCNMRK
| Q4 25 | -68.7% | 7.9% | ||
| Q3 25 | -17.6% | 6.5% | ||
| Q2 25 | -19.0% | 3.3% | ||
| Q1 25 | -4.4% | -1.6% | ||
| Q4 24 | 3.4% | 6.2% | ||
| Q3 24 | -3.5% | 3.1% | ||
| Q2 24 | -13.5% | 2.7% | ||
| Q1 24 | -3.0% | -3.6% |
每股收益（稀释后）MERCNMRK
| Q4 25 | $-4.61 | $0.37 | ||
| Q3 25 | $-1.21 | $0.25 | ||
| Q2 25 | $-1.29 | $0.11 | ||
| Q1 25 | $-0.33 | $-0.05 | ||
| Q4 24 | $0.25 | $0.25 | ||
| Q3 24 | $-0.26 | $0.10 | ||
| Q2 24 | $-1.01 | $0.08 | ||
| Q1 24 | $-0.25 | $-0.09 |
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 | $186.8M | $229.1M |
| 总债务越低越好 | $1.6B | $671.7M |
| 股东权益账面价值 | $68.1M | $1.5B |
| 总资产 | $2.0B | $5.0B |
| 负债/权益比越低杠杆越低 | 23.58× | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资MERCNMRK
| Q4 25 | $186.8M | $229.1M | ||
| Q3 25 | $98.1M | $224.1M | ||
| Q2 25 | $146.5M | $195.8M | ||
| Q1 25 | $181.5M | $157.1M | ||
| Q4 24 | $184.9M | $197.7M | ||
| Q3 24 | $239.0M | $178.6M | ||
| Q2 24 | $263.2M | $176.4M | ||
| Q1 24 | $274.3M | $140.9M |
总债务MERCNMRK
| Q4 25 | $1.6B | $671.7M | ||
| Q3 25 | $1.5B | $746.5M | ||
| Q2 25 | $1.5B | $871.2M | ||
| Q1 25 | $1.5B | $770.9M | ||
| Q4 24 | $1.5B | $670.7M | ||
| Q3 24 | $1.6B | $770.4M | ||
| Q2 24 | $1.6B | $745.2M | ||
| Q1 24 | $1.6B | $670.2M |
股东权益MERCNMRK
| Q4 25 | $68.1M | $1.5B | ||
| Q3 25 | $359.5M | $1.4B | ||
| Q2 25 | $446.5M | $1.3B | ||
| Q1 25 | $437.4M | $1.3B | ||
| Q4 24 | $429.8M | $1.2B | ||
| Q3 24 | $516.8M | $1.2B | ||
| Q2 24 | $487.7M | $1.2B | ||
| Q1 24 | $573.6M | $1.2B |
总资产MERCNMRK
| Q4 25 | $2.0B | $5.0B | ||
| Q3 25 | $2.3B | $5.5B | ||
| Q2 25 | $2.4B | $5.4B | ||
| Q1 25 | $2.3B | $4.8B | ||
| Q4 24 | $2.3B | $4.7B | ||
| Q3 24 | $2.5B | $5.0B | ||
| Q2 24 | $2.5B | $4.8B | ||
| Q1 24 | $2.6B | $4.4B |
负债/权益比MERCNMRK
| Q4 25 | 23.58× | 0.46× | ||
| Q3 25 | 4.30× | 0.55× | ||
| Q2 25 | 3.42× | 0.68× | ||
| Q1 25 | 3.44× | 0.58× | ||
| Q4 24 | 3.43× | 0.56× | ||
| Q3 24 | 3.09× | 0.66× | ||
| Q2 24 | 3.22× | 0.62× | ||
| Q1 24 | 2.82× | 0.54× |
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 | $46.2M | $618.5M |
| 自由现金流经营现金流 - 资本支出 | $32.0M | $608.8M |
| 自由现金流率自由现金流/营收 | 7.1% | 70.8% |
| 资本支出强度资本支出/营收 | 3.1% | 1.1% |
| 现金转化率经营现金流/净利润 | — | 9.10× |
| 过去12个月自由现金流最近4个季度 | $-80.0M | $142.6M |
8季度趋势，按日历期对齐
经营现金流MERCNMRK
| Q4 25 | $46.2M | $618.5M | ||
| Q3 25 | $-30.1M | $112.6M | ||
| Q2 25 | $-4.5M | $-379.7M | ||
| Q1 25 | $-3.0M | $-179.4M | ||
| Q4 24 | $71.2M | $402.6M | ||
| Q3 24 | $-13.9M | $-85.2M | ||
| Q2 24 | $62.2M | $-258.5M | ||
| Q1 24 | $-29.2M | $-68.8M |
自由现金流MERCNMRK
| Q4 25 | $32.0M | $608.8M | ||
| Q3 25 | $-60.1M | $104.9M | ||
| Q2 25 | $-28.9M | $-386.2M | ||
| Q1 25 | $-23.1M | $-184.8M | ||
| Q4 24 | $50.4M | $396.6M | ||
| Q3 24 | $-41.2M | $-94.4M | ||
| Q2 24 | $44.3M | $-267.8M | ||
| Q1 24 | $-47.7M | $-75.8M |
自由现金流率MERCNMRK
| Q4 25 | 7.1% | 70.8% | ||
| Q3 25 | -13.1% | 14.7% | ||
| Q2 25 | -6.4% | -60.4% | ||
| Q1 25 | -4.6% | -33.2% | ||
| Q4 24 | 10.3% | 54.5% | ||
| Q3 24 | -8.2% | -16.6% | ||
| Q2 24 | 8.9% | -50.8% | ||
| Q1 24 | -8.6% | -16.8% |
资本支出强度MERCNMRK
| Q4 25 | 3.1% | 1.1% | ||
| Q3 25 | 6.6% | 1.1% | ||
| Q2 25 | 5.4% | 1.0% | ||
| Q1 25 | 4.0% | 1.0% | ||
| Q4 24 | 4.2% | 0.8% | ||
| Q3 24 | 5.4% | 1.6% | ||
| Q2 24 | 3.6% | 1.8% | ||
| Q1 24 | 3.3% | 1.6% |
现金转化率MERCNMRK
| Q4 25 | — | 9.10× | ||
| Q3 25 | — | 2.44× | ||
| Q2 25 | — | -18.24× | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.26× | 8.86× | ||
| Q3 24 | — | -4.79× | ||
| Q2 24 | — | -18.10× | ||
| 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
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
NMRK
| Management Services | $263.1M | 31% |
| Investment Advice | $200.1M | 23% |
| Mortgage Brokerage And Debt Placement | $83.1M | 10% |
| Servicing Fees And Other | $80.7M | 9% |
| GB | $69.0M | 8% |
| Other Geographical Areas | $63.6M | 7% |
| Servicing | $36.2M | 4% |
| Other | $34.2M | 4% |
| Loan Originations Related Fees And Sales Premiums Net | $29.6M | 3% |
