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美世（MERC）与Rithm Capital Corp.（RITM）财务数据对比。点击上方公司名可切换其他公司
Rithm Capital Corp.的季度营收约是美世的1.8倍（$828.2M vs $449.5M），Rithm Capital Corp.净利率更高（13.2% vs -68.7%，领先81.9%），Rithm Capital Corp.同比增速更快（508.5% vs -8.0%），过去两年美世的营收复合增速更高（-9.9% vs -17.9%）
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。
Rithm Capital Corp.是总部位于美国纽约的投资管理机构，核心业务聚焦房地产投资与另类资产投资，依托专业的投研团队和成熟的市场运营经验，为合作伙伴及投资者提供优质的资产配置解决方案与长期收益回报。
MERC vs RITM — 直观对比
营收规模更大
RITM
是对方的1.8倍
$449.5M
营收增速更快
RITM
高出516.4%
-8.0%
净利率更高
RITM
高出81.9%
-68.7%
两年增速更快
MERC
近两年复合增速
-17.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $449.5M | $828.2M |
| 净利润 | $-308.7M | $109.5M |
| 毛利率 | — | — |
| 营业利润率 | -62.0% | 29.9% |
| 净利率 | -68.7% | 13.2% |
| 营收同比 | -8.0% | 508.5% |
| 净利润同比 | -1947.7% | 27.7% |
| 每股收益（稀释后） | $-4.61 | $0.12 |
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MERCRITM
| Q1 26 | — | $828.2M | ||
| Q4 25 | $449.5M | $1.5B | ||
| Q3 25 | $458.1M | $1.1B | ||
| Q2 25 | $453.5M | $1.2B | ||
| Q1 25 | $507.0M | $768.4M | ||
| Q4 24 | $488.4M | $2.1B | ||
| Q3 24 | $502.1M | $619.5M | ||
| Q2 24 | $499.4M | $1.2B |
净利润MERCRITM
| Q1 26 | — | $109.5M | ||
| Q4 25 | $-308.7M | $85.0M | ||
| Q3 25 | $-80.8M | $221.5M | ||
| Q2 25 | $-86.1M | $311.7M | ||
| Q1 25 | $-22.3M | $78.8M | ||
| Q4 24 | $16.7M | $290.2M | ||
| Q3 24 | $-17.6M | $121.7M | ||
| Q2 24 | $-67.6M | $235.6M |
营业利润率MERCRITM
| Q1 26 | — | 29.9% | ||
| Q4 25 | -62.0% | 13.8% | ||
| Q3 25 | -14.8% | 21.4% | ||
| Q2 25 | -12.9% | 25.2% | ||
| Q1 25 | 1.3% | 7.4% | ||
| Q4 24 | 10.3% | 23.8% | ||
| Q3 24 | 1.8% | 7.3% | ||
| Q2 24 | -8.8% | 23.6% |
净利率MERCRITM
| Q1 26 | — | 13.2% | ||
| Q4 25 | -68.7% | 5.7% | ||
| Q3 25 | -17.6% | 20.0% | ||
| Q2 25 | -19.0% | 25.6% | ||
| Q1 25 | -4.4% | 10.3% | ||
| Q4 24 | 3.4% | 14.0% | ||
| Q3 24 | -3.5% | 19.7% | ||
| Q2 24 | -13.5% | 19.2% |
每股收益（稀释后）MERCRITM
| Q1 26 | — | $0.12 | ||
| Q4 25 | $-4.61 | $0.09 | ||
| Q3 25 | $-1.21 | $0.35 | ||
| Q2 25 | $-1.29 | $0.53 | ||
| Q1 25 | $-0.33 | $0.07 | ||
| Q4 24 | $0.25 | $0.50 | ||
| Q3 24 | $-0.26 | $0.20 | ||
| Q2 24 | $-1.01 | $0.43 |
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 | — |
| 总债务越低越好 | $1.6B | — |
| 股东权益账面价值 | $68.1M | $9.1B |
| 总资产 | $2.0B | $53.4B |
| 负债/权益比越低杠杆越低 | 23.58× | — |
8季度趋势，按日历期对齐
现金及短期投资MERCRITM
| Q1 26 | — | — | ||
| Q4 25 | $186.8M | $1.8B | ||
| Q3 25 | $98.1M | $1.6B | ||
| Q2 25 | $146.5M | $1.6B | ||
| Q1 25 | $181.5M | $1.5B | ||
| Q4 24 | $184.9M | $1.5B | ||
| Q3 24 | $239.0M | $1.6B | ||
| Q2 24 | $263.2M | $1.2B |
总债务MERCRITM
| Q1 26 | — | — | ||
| Q4 25 | $1.6B | $35.4B | ||
| Q3 25 | $1.5B | $32.2B | ||
| Q2 25 | $1.5B | $31.2B | ||
| Q1 25 | $1.5B | $32.2B | ||
| Q4 24 | $1.5B | $32.6B | ||
| Q3 24 | $1.6B | $29.6B | ||
| Q2 24 | $1.6B | $30.1B |
股东权益MERCRITM
| Q1 26 | — | $9.1B | ||
| Q4 25 | $68.1M | $8.4B | ||
| Q3 25 | $359.5M | $8.5B | ||
| Q2 25 | $446.5M | $7.9B | ||
| Q1 25 | $437.4M | $7.8B | ||
| Q4 24 | $429.8M | $7.8B | ||
| Q3 24 | $516.8M | $7.7B | ||
| Q2 24 | $487.7M | $7.3B |
总资产MERCRITM
| Q1 26 | — | $53.4B | ||
| Q4 25 | $2.0B | $53.1B | ||
| Q3 25 | $2.3B | $47.2B | ||
| Q2 25 | $2.4B | $44.3B | ||
| Q1 25 | $2.3B | $45.3B | ||
| Q4 24 | $2.3B | $46.0B | ||
| Q3 24 | $2.5B | $42.3B | ||
| Q2 24 | $2.5B | $42.0B |
负债/权益比MERCRITM
| Q1 26 | — | — | ||
| Q4 25 | 23.58× | 4.20× | ||
| Q3 25 | 4.30× | 3.79× | ||
| Q2 25 | 3.42× | 3.92× | ||
| Q1 25 | 3.44× | 4.14× | ||
| Q4 24 | 3.43× | 4.18× | ||
| Q3 24 | 3.09× | 3.87× | ||
| Q2 24 | 3.22× | 4.10× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $32.0M | — |
| 自由现金流率自由现金流/营收 | 7.1% | — |
| 资本支出强度资本支出/营收 | 3.1% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-80.0M | — |
8季度趋势，按日历期对齐
经营现金流MERCRITM
| Q1 26 | — | — | ||
| Q4 25 | $46.2M | $-114.6M | ||
| Q3 25 | $-30.1M | $-2.0B | ||
| Q2 25 | $-4.5M | $-557.1M | ||
| Q1 25 | $-3.0M | $1.4B | ||
| Q4 24 | $71.2M | $-1.8B | ||
| Q3 24 | $-13.9M | $768.1M | ||
| Q2 24 | $62.2M | $-55.7M |
自由现金流MERCRITM
| Q1 26 | — | — | ||
| Q4 25 | $32.0M | — | ||
| Q3 25 | $-60.1M | — | ||
| Q2 25 | $-28.9M | — | ||
| Q1 25 | $-23.1M | — | ||
| Q4 24 | $50.4M | — | ||
| Q3 24 | $-41.2M | — | ||
| Q2 24 | $44.3M | — |
自由现金流率MERCRITM
| Q1 26 | — | — | ||
| Q4 25 | 7.1% | — | ||
| Q3 25 | -13.1% | — | ||
| Q2 25 | -6.4% | — | ||
| Q1 25 | -4.6% | — | ||
| Q4 24 | 10.3% | — | ||
| Q3 24 | -8.2% | — | ||
| Q2 24 | 8.9% | — |
资本支出强度MERCRITM
| Q1 26 | — | — | ||
| Q4 25 | 3.1% | — | ||
| Q3 25 | 6.6% | — | ||
| Q2 25 | 5.4% | — | ||
| Q1 25 | 4.0% | — | ||
| Q4 24 | 4.2% | — | ||
| Q3 24 | 5.4% | — | ||
| Q2 24 | 3.6% | — |
现金转化率MERCRITM
| Q1 26 | — | — | ||
| Q4 25 | — | -1.35× | ||
| Q3 25 | — | -9.22× | ||
| Q2 25 | — | -1.79× | ||
| Q1 25 | — | 18.03× | ||
| Q4 24 | 4.26× | -6.04× | ||
| Q3 24 | — | 6.31× | ||
| Q2 24 | — | -0.24× |
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% |
RITM
| Servicing revenue, net | $375.1M | 45% |
| Other | $234.9M | 28% |
| Gain on originated residential mortgage loans, held-for-sale, net | $195.0M | 24% |
| Other revenue | $23.3M | 3% |
