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Marcus & Millichap, Inc.（MMI）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Marcus & Millichap, Inc.的3.5倍（$859.5M vs $243.9M）。NEWMARK GROUP, INC.净利率更高（7.9% vs 5.5%，领先2.5%）。NEWMARK GROUP, INC.同比增速更快（18.1% vs 1.6%）。NEWMARK GROUP, INC.自由现金流更多（$608.8M vs $43.9M）。过去两年NEWMARK GROUP, INC.的营收复合增速更高（38.2% vs 37.5%）
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。
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。
MMI vs NMRK — 直观对比
营收规模更大
NMRK
是对方的3.5倍
$243.9M
营收增速更快
NMRK
高出16.5%
1.6%
净利率更高
NMRK
高出2.5%
5.5%
自由现金流更多
NMRK
多$565.0M
$43.9M
两年增速更快
NMRK
近两年复合增速
37.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $243.9M | $859.5M |
| 净利润 | $13.3M | $68.0M |
| 毛利率 | — | — |
| 营业利润率 | 6.3% | 14.4% |
| 净利率 | 5.5% | 7.9% |
| 营收同比 | 1.6% | 18.1% |
| 净利润同比 | 55.7% | 49.7% |
| 每股收益（稀释后） | $0.33 | $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MMINMRK
| Q4 25 | $243.9M | $859.5M | ||
| Q3 25 | $193.9M | $715.0M | ||
| Q2 25 | $172.3M | $639.6M | ||
| Q1 25 | $145.0M | $556.2M | ||
| Q4 24 | $240.1M | $727.5M | ||
| Q3 24 | $168.5M | $568.0M | ||
| Q2 24 | $158.4M | $527.3M | ||
| Q1 24 | $129.1M | $450.2M |
净利润MMINMRK
| Q4 25 | $13.3M | $68.0M | ||
| Q3 25 | $240.0K | $46.2M | ||
| Q2 25 | $-11.0M | $20.8M | ||
| Q1 25 | $-4.4M | $-8.8M | ||
| Q4 24 | $8.5M | $45.4M | ||
| Q3 24 | $-5.4M | $17.8M | ||
| Q2 24 | $-5.5M | $14.3M | ||
| Q1 24 | $-10.0M | $-16.3M |
营业利润率MMINMRK
| Q4 25 | 6.3% | 14.4% | ||
| Q3 25 | -1.2% | 11.9% | ||
| Q2 25 | -5.3% | 6.7% | ||
| Q1 25 | -12.2% | -3.1% | ||
| Q4 24 | 2.8% | 14.3% | ||
| Q3 24 | -6.8% | 7.2% | ||
| Q2 24 | -5.1% | 7.7% | ||
| Q1 24 | -15.6% | -5.0% |
净利率MMINMRK
| Q4 25 | 5.5% | 7.9% | ||
| Q3 25 | 0.1% | 6.5% | ||
| Q2 25 | -6.4% | 3.3% | ||
| Q1 25 | -3.0% | -1.6% | ||
| Q4 24 | 3.6% | 6.2% | ||
| Q3 24 | -3.2% | 3.1% | ||
| Q2 24 | -3.5% | 2.7% | ||
| Q1 24 | -7.7% | -3.6% |
每股收益（稀释后）MMINMRK
| Q4 25 | $0.33 | $0.37 | ||
| Q3 25 | $0.01 | $0.25 | ||
| Q2 25 | $-0.28 | $0.11 | ||
| Q1 25 | $-0.11 | $-0.05 | ||
| Q4 24 | $0.22 | $0.25 | ||
| Q3 24 | $-0.14 | $0.10 | ||
| Q2 24 | $-0.14 | $0.08 | ||
| Q1 24 | $-0.26 | $-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 | — | $229.1M |
| 总债务越低越好 | — | $671.7M |
| 股东权益账面价值 | $603.1M | $1.5B |
| 总资产 | $827.2M | $5.0B |
| 负债/权益比越低杠杆越低 | — | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资MMINMRK
| Q4 25 | — | $229.1M | ||
| Q3 25 | — | $224.1M | ||
| Q2 25 | — | $195.8M | ||
| Q1 25 | — | $157.1M | ||
| Q4 24 | — | $197.7M | ||
| Q3 24 | — | $178.6M | ||
| Q2 24 | — | $176.4M | ||
| Q1 24 | — | $140.9M |
总债务MMINMRK
| Q4 25 | — | $671.7M | ||
| Q3 25 | — | $746.5M | ||
| Q2 25 | — | $871.2M | ||
| Q1 25 | — | $770.9M | ||
| Q4 24 | — | $670.7M | ||
| Q3 24 | — | $770.4M | ||
| Q2 24 | — | $745.2M | ||
| Q1 24 | — | $670.2M |
股东权益MMINMRK
| Q4 25 | $603.1M | $1.5B | ||
| Q3 25 | $602.2M | $1.4B | ||
| Q2 25 | $607.8M | $1.3B | ||
| Q1 25 | $617.6M | $1.3B | ||
| Q4 24 | $630.8M | $1.2B | ||
| Q3 24 | $617.7M | $1.2B | ||
| Q2 24 | $626.7M | $1.2B | ||
| Q1 24 | $625.6M | $1.2B |
总资产MMINMRK
| Q4 25 | $827.2M | $5.0B | ||
| Q3 25 | $812.5M | $5.5B | ||
| Q2 25 | $792.2M | $5.4B | ||
| Q1 25 | $802.0M | $4.8B | ||
| Q4 24 | $869.8M | $4.7B | ||
| Q3 24 | $833.7M | $5.0B | ||
| Q2 24 | $825.4M | $4.8B | ||
| Q1 24 | $826.7M | $4.4B |
负债/权益比MMINMRK
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | 0.55× | ||
| Q2 25 | — | 0.68× | ||
| Q1 25 | — | 0.58× | ||
| Q4 24 | — | 0.56× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.62× | ||
| Q1 24 | — | 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 | $46.3M | $618.5M |
| 自由现金流经营现金流 - 资本支出 | $43.9M | $608.8M |
| 自由现金流率自由现金流/营收 | 18.0% | 70.8% |
| 资本支出强度资本支出/营收 | 1.0% | 1.1% |
| 现金转化率经营现金流/净利润 | 3.48× | 9.10× |
| 过去12个月自由现金流最近4个季度 | $58.8M | $142.6M |
8季度趋势，按日历期对齐
经营现金流MMINMRK
| Q4 25 | $46.3M | $618.5M | ||
| Q3 25 | $52.2M | $112.6M | ||
| Q2 25 | $21.0M | $-379.7M | ||
| Q1 25 | $-52.8M | $-179.4M | ||
| Q4 24 | $56.7M | $402.6M | ||
| Q3 24 | $15.2M | $-85.2M | ||
| Q2 24 | $851.0K | $-258.5M | ||
| Q1 24 | $-51.0M | $-68.8M |
自由现金流MMINMRK
| Q4 25 | $43.9M | $608.8M | ||
| Q3 25 | $50.0M | $104.9M | ||
| Q2 25 | $19.3M | $-386.2M | ||
| Q1 25 | $-54.3M | $-184.8M | ||
| Q4 24 | $55.1M | $396.6M | ||
| Q3 24 | $13.2M | $-94.4M | ||
| Q2 24 | $-806.0K | $-267.8M | ||
| Q1 24 | $-53.7M | $-75.8M |
自由现金流率MMINMRK
| Q4 25 | 18.0% | 70.8% | ||
| Q3 25 | 25.8% | 14.7% | ||
| Q2 25 | 11.2% | -60.4% | ||
| Q1 25 | -37.5% | -33.2% | ||
| Q4 24 | 23.0% | 54.5% | ||
| Q3 24 | 7.8% | -16.6% | ||
| Q2 24 | -0.5% | -50.8% | ||
| Q1 24 | -41.6% | -16.8% |
资本支出强度MMINMRK
| Q4 25 | 1.0% | 1.1% | ||
| Q3 25 | 1.2% | 1.1% | ||
| Q2 25 | 1.0% | 1.0% | ||
| Q1 25 | 1.0% | 1.0% | ||
| Q4 24 | 0.6% | 0.8% | ||
| Q3 24 | 1.2% | 1.6% | ||
| Q2 24 | 1.0% | 1.8% | ||
| Q1 24 | 2.0% | 1.6% |
现金转化率MMINMRK
| Q4 25 | 3.48× | 9.10× | ||
| Q3 25 | 217.54× | 2.44× | ||
| Q2 25 | — | -18.24× | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.63× | 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
MMI
| Real Estate Brokerage Commissions | $205.3M | 84% |
| Financing Fees | $33.2M | 14% |
| Other Revenues | $5.4M | 2% |
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% |
