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Marcus & Millichap, Inc.（MMI）与Opendoor Technologies Inc.（OPEN）财务数据对比。点击上方公司名可切换其他公司
Opendoor Technologies Inc.的季度营收约是Marcus & Millichap, Inc.的3.0倍（$736.0M vs $243.9M）。Marcus & Millichap, Inc.净利率更高（5.5% vs -148.9%，领先154.4%）。Marcus & Millichap, Inc.同比增速更快（1.6% vs -32.1%）。Opendoor Technologies Inc.自由现金流更多（$67.0M vs $43.9M）。过去两年Marcus & Millichap, Inc.的营收复合增速更高（37.5% vs -21.1%）
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。
Opendoor Technologies Inc.是一家主营住宅房地产买卖的线上企业，总部位于旧金山。平台可通过线上流程向房主提供房屋即时现金报价，收购房产后进行修缮再重新挂牌出售，同时还提供基于移动端应用的购房服务及配套融资方案，截至2021年11月业务覆盖美国44个区域市场。
MMI vs OPEN — 直观对比
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $243.9M | $736.0M |
| 净利润 | $13.3M | $-1.1B |
| 毛利率 | — | 7.7% |
| 营业利润率 | 6.3% | -20.4% |
| 净利率 | 5.5% | -148.9% |
| 营收同比 | 1.6% | -32.1% |
| 净利润同比 | 55.7% | -869.9% |
| 每股收益（稀释后） | $0.33 | $-1.42 |
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
| Q4 25 | $243.9M | $736.0M | ||
| Q3 25 | $193.9M | $915.0M | ||
| Q2 25 | $172.3M | $1.6B | ||
| Q1 25 | $145.0M | $1.2B | ||
| Q4 24 | $240.1M | $1.1B | ||
| Q3 24 | $168.5M | $1.4B | ||
| Q2 24 | $158.4M | $1.5B | ||
| Q1 24 | $129.1M | $1.2B |
| Q4 25 | $13.3M | $-1.1B | ||
| Q3 25 | $240.0K | $-90.0M | ||
| Q2 25 | $-11.0M | $-29.0M | ||
| Q1 25 | $-4.4M | $-85.0M | ||
| Q4 24 | $8.5M | $-113.0M | ||
| Q3 24 | $-5.4M | $-78.0M | ||
| Q2 24 | $-5.5M | $-92.0M | ||
| Q1 24 | $-10.0M | $-109.0M |
| Q4 25 | — | 7.7% | ||
| Q3 25 | — | 7.2% | ||
| Q2 25 | — | 8.2% | ||
| Q1 25 | — | 8.6% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | — | 7.6% | ||
| Q2 24 | — | 8.5% | ||
| Q1 24 | — | 9.7% |
| Q4 25 | 6.3% | -20.4% | ||
| Q3 25 | -1.2% | -7.4% | ||
| Q2 25 | -5.3% | -0.8% | ||
| Q1 25 | -12.2% | -4.9% | ||
| Q4 24 | 2.8% | -8.7% | ||
| Q3 24 | -6.8% | -4.9% | ||
| Q2 24 | -5.1% | -4.8% | ||
| Q1 24 | -15.6% | -7.4% |
| Q4 25 | 5.5% | -148.9% | ||
| Q3 25 | 0.1% | -9.8% | ||
| Q2 25 | -6.4% | -1.9% | ||
| Q1 25 | -3.0% | -7.4% | ||
| Q4 24 | 3.6% | -10.4% | ||
| Q3 24 | -3.2% | -5.7% | ||
| Q2 24 | -3.5% | -6.1% | ||
| Q1 24 | -7.7% | -9.2% |
| Q4 25 | $0.33 | $-1.42 | ||
| Q3 25 | $0.01 | $-0.12 | ||
| Q2 25 | $-0.28 | $-0.04 | ||
| Q1 25 | $-0.11 | $-0.12 | ||
| Q4 24 | $0.22 | $-0.16 | ||
| Q3 24 | $-0.14 | $-0.11 | ||
| Q2 24 | $-0.14 | $-0.13 | ||
| Q1 24 | $-0.26 | $-0.16 |
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 | — | $962.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $603.1M | $1.0B |
| 总资产 | $827.2M | $2.4B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | — | $962.0M | ||
| Q3 25 | — | $962.0M | ||
| Q2 25 | — | $789.0M | ||
| Q1 25 | — | $559.0M | ||
| Q4 24 | — | $679.0M | ||
| Q3 24 | — | $837.0M | ||
| Q2 24 | — | $809.0M | ||
| Q1 24 | — | $990.0M |
| Q4 25 | $603.1M | $1.0B | ||
| Q3 25 | $602.2M | $811.0M | ||
| Q2 25 | $607.8M | $631.0M | ||
| Q1 25 | $617.6M | $645.0M | ||
| Q4 24 | $630.8M | $713.0M | ||
| Q3 24 | $617.7M | $801.0M | ||
| Q2 24 | $626.7M | $845.0M | ||
| Q1 24 | $625.6M | $899.0M |
| Q4 25 | $827.2M | $2.4B | ||
| Q3 25 | $812.5M | $2.7B | ||
| Q2 25 | $792.2M | $2.9B | ||
| Q1 25 | $802.0M | $3.3B | ||
| Q4 24 | $869.8M | $3.1B | ||
| Q3 24 | $833.7M | $3.4B | ||
| Q2 24 | $825.4M | $3.4B | ||
| Q1 24 | $826.7M | $3.4B |
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 | $70.0M |
| 自由现金流经营现金流 - 资本支出 | $43.9M | $67.0M |
| 自由现金流率自由现金流/营收 | 18.0% | 9.1% |
| 资本支出强度资本支出/营收 | 1.0% | 0.4% |
| 现金转化率经营现金流/净利润 | 3.48× | — |
| 过去12个月自由现金流最近4个季度 | $58.8M | $1.0B |
8季度趋势，按日历期对齐
| Q4 25 | $46.3M | $70.0M | ||
| Q3 25 | $52.2M | $435.0M | ||
| Q2 25 | $21.0M | $823.0M | ||
| Q1 25 | $-52.8M | $-279.0M | ||
| Q4 24 | $56.7M | $-80.0M | ||
| Q3 24 | $15.2M | $62.0M | ||
| Q2 24 | $851.0K | $-399.0M | ||
| Q1 24 | $-51.0M | $-178.0M |
| Q4 25 | $43.9M | $67.0M | ||
| Q3 25 | $50.0M | $432.0M | ||
| Q2 25 | $19.3M | $821.0M | ||
| Q1 25 | $-54.3M | $-283.0M | ||
| Q4 24 | $55.1M | $-83.0M | ||
| Q3 24 | $13.2M | $56.0M | ||
| Q2 24 | $-806.0K | $-407.0M | ||
| Q1 24 | $-53.7M | $-186.0M |
| Q4 25 | 18.0% | 9.1% | ||
| Q3 25 | 25.8% | 47.2% | ||
| Q2 25 | 11.2% | 52.4% | ||
| Q1 25 | -37.5% | -24.5% | ||
| Q4 24 | 23.0% | -7.7% | ||
| Q3 24 | 7.8% | 4.1% | ||
| Q2 24 | -0.5% | -26.9% | ||
| Q1 24 | -41.6% | -15.7% |
| Q4 25 | 1.0% | 0.4% | ||
| Q3 25 | 1.2% | 0.3% | ||
| Q2 25 | 1.0% | 0.1% | ||
| Q1 25 | 1.0% | 0.3% | ||
| Q4 24 | 0.6% | 0.3% | ||
| Q3 24 | 1.2% | 0.4% | ||
| Q2 24 | 1.0% | 0.5% | ||
| Q1 24 | 2.0% | 0.7% |
| Q4 25 | 3.48× | — | ||
| Q3 25 | 217.54× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.63× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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% |
OPEN
暂无分部数据
