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Marcus & Millichap, Inc.（MMI）与Ribbon Communications Inc.（RBBN）财务数据对比。点击上方公司名可切换其他公司
Marcus & Millichap, Inc.的季度营收约是Ribbon Communications Inc.的1.5倍（$243.9M vs $162.6M），Ribbon Communications Inc.净利率更高（54.8% vs 5.5%，领先49.3%），Marcus & Millichap, Inc.同比增速更快（1.6% vs -10.3%），过去两年Marcus & Millichap, Inc.的营收复合增速更高（37.5% vs -8.1%）
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。
睿宾通信公司（Ribbon Communications Inc.）主要为电信运营商、企业及关键基础设施领域提供软件、IP与光网络解决方案。公司于2017年由Genband与Sonus Networks合并成立，总部位于美国得克萨斯州普莱诺，是一家上市科技企业。
MMI vs RBBN — 直观对比
营收规模更大
MMI
是对方的1.5倍
$162.6M
营收增速更快
MMI
高出11.9%
-10.3%
净利率更高
RBBN
高出49.3%
5.5%
两年增速更快
MMI
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $243.9M | $162.6M |
| 净利润 | $13.3M | $89.1M |
| 毛利率 | — | 42.9% |
| 营业利润率 | 6.3% | 37.6% |
| 净利率 | 5.5% | 54.8% |
| 营收同比 | 1.6% | -10.3% |
| 净利润同比 | 55.7% | — |
| 每股收益（稀释后） | $0.33 | $0.50 |
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MMIRBBN
| Q1 26 | — | $162.6M | ||
| Q4 25 | $243.9M | $227.3M | ||
| Q3 25 | $193.9M | $215.4M | ||
| Q2 25 | $172.3M | $220.6M | ||
| Q1 25 | $145.0M | $181.3M | ||
| Q4 24 | $240.1M | $251.4M | ||
| Q3 24 | $168.5M | $210.2M | ||
| Q2 24 | $158.4M | $192.6M |
净利润MMIRBBN
| Q1 26 | — | $89.1M | ||
| Q4 25 | $13.3M | — | ||
| Q3 25 | $240.0K | $-12.1M | ||
| Q2 25 | $-11.0M | $-11.1M | ||
| Q1 25 | $-4.4M | $-26.2M | ||
| Q4 24 | $8.5M | — | ||
| Q3 24 | $-5.4M | $-13.4M | ||
| Q2 24 | $-5.5M | $-16.8M |
毛利率MMIRBBN
| Q1 26 | — | 42.9% | ||
| Q4 25 | — | 53.3% | ||
| Q3 25 | — | 50.1% | ||
| Q2 25 | — | 49.6% | ||
| Q1 25 | — | 45.4% | ||
| Q4 24 | — | 55.7% | ||
| Q3 24 | — | 52.1% | ||
| Q2 24 | — | 50.8% |
营业利润率MMIRBBN
| Q1 26 | — | 37.6% | ||
| Q4 25 | 6.3% | 4.1% | ||
| Q3 25 | -1.2% | 1.3% | ||
| Q2 25 | -5.3% | 1.9% | ||
| Q1 25 | -12.2% | -10.8% | ||
| Q4 24 | 2.8% | 13.2% | ||
| Q3 24 | -6.8% | -0.4% | ||
| Q2 24 | -5.1% | -1.0% |
净利率MMIRBBN
| Q1 26 | — | 54.8% | ||
| Q4 25 | 5.5% | — | ||
| Q3 25 | 0.1% | -5.6% | ||
| Q2 25 | -6.4% | -5.0% | ||
| Q1 25 | -3.0% | -14.5% | ||
| Q4 24 | 3.6% | — | ||
| Q3 24 | -3.2% | -6.4% | ||
| Q2 24 | -3.5% | -8.7% |
每股收益（稀释后）MMIRBBN
| Q1 26 | — | $0.50 | ||
| Q4 25 | $0.33 | $0.50 | ||
| Q3 25 | $0.01 | $-0.07 | ||
| Q2 25 | $-0.28 | $-0.06 | ||
| Q1 25 | $-0.11 | $-0.15 | ||
| Q4 24 | $0.22 | $0.05 | ||
| Q3 24 | $-0.14 | $-0.08 | ||
| Q2 24 | $-0.14 | $-0.10 |
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 | — | $67.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $603.1M | $419.1M |
| 总资产 | $827.2M | — |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资MMIRBBN
| Q1 26 | — | $67.6M | ||
| Q4 25 | — | $96.4M | ||
| Q3 25 | — | $74.8M | ||
| Q2 25 | — | $60.5M | ||
| Q1 25 | — | $71.2M | ||
| Q4 24 | — | $87.8M | ||
| Q3 24 | — | $37.2M | ||
| Q2 24 | — | $64.6M |
总债务MMIRBBN
| Q1 26 | — | — | ||
| Q4 25 | — | $342.1M | ||
| Q3 25 | — | $344.3M | ||
| Q2 25 | — | $346.5M | ||
| Q1 25 | — | $347.4M | ||
| Q4 24 | — | $348.3M | ||
| Q3 24 | — | $349.1M | ||
| Q2 24 | — | $350.0M |
股东权益MMIRBBN
| Q1 26 | — | $419.1M | ||
| Q4 25 | $603.1M | $449.0M | ||
| Q3 25 | $602.2M | $360.1M | ||
| Q2 25 | $607.8M | $370.4M | ||
| Q1 25 | $617.6M | $381.8M | ||
| Q4 24 | $630.8M | $404.6M | ||
| Q3 24 | $617.7M | $395.5M | ||
| Q2 24 | $626.7M | $405.0M |
总资产MMIRBBN
| Q1 26 | — | — | ||
| Q4 25 | $827.2M | $1.2B | ||
| Q3 25 | $812.5M | $1.1B | ||
| Q2 25 | $792.2M | $1.1B | ||
| Q1 25 | $802.0M | $1.1B | ||
| Q4 24 | $869.8M | $1.2B | ||
| Q3 24 | $833.7M | $1.1B | ||
| Q2 24 | $825.4M | $1.1B |
负债/权益比MMIRBBN
| Q1 26 | — | — | ||
| Q4 25 | — | 0.76× | ||
| Q3 25 | — | 0.96× | ||
| Q2 25 | — | 0.94× | ||
| Q1 25 | — | 0.91× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | — | 0.88× | ||
| Q2 24 | — | 0.86× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $43.9M | — |
| 自由现金流率自由现金流/营收 | 18.0% | — |
| 资本支出强度资本支出/营收 | 1.0% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流MMIRBBN
| Q1 26 | — | — | ||
| Q4 25 | $46.3M | $29.2M | ||
| Q3 25 | $52.2M | $26.5M | ||
| Q2 25 | $21.0M | $-795.0K | ||
| Q1 25 | $-52.8M | $-3.5M | ||
| Q4 24 | $56.7M | $61.8M | ||
| Q3 24 | $15.2M | $-14.8M | ||
| Q2 24 | $851.0K | $-9.8M |
自由现金流MMIRBBN
| Q1 26 | — | — | ||
| Q4 25 | $43.9M | $27.3M | ||
| Q3 25 | $50.0M | $21.0M | ||
| Q2 25 | $19.3M | $-6.5M | ||
| Q1 25 | $-54.3M | $-15.7M | ||
| Q4 24 | $55.1M | $53.8M | ||
| Q3 24 | $13.2M | $-23.7M | ||
| Q2 24 | $-806.0K | $-12.9M |
自由现金流率MMIRBBN
| Q1 26 | — | — | ||
| Q4 25 | 18.0% | 12.0% | ||
| Q3 25 | 25.8% | 9.7% | ||
| Q2 25 | 11.2% | -2.9% | ||
| Q1 25 | -37.5% | -8.7% | ||
| Q4 24 | 23.0% | 21.4% | ||
| Q3 24 | 7.8% | -11.3% | ||
| Q2 24 | -0.5% | -6.7% |
资本支出强度MMIRBBN
| Q1 26 | — | — | ||
| Q4 25 | 1.0% | 0.9% | ||
| Q3 25 | 1.2% | 2.6% | ||
| Q2 25 | 1.0% | 2.6% | ||
| Q1 25 | 1.0% | 6.7% | ||
| Q4 24 | 0.6% | 3.2% | ||
| Q3 24 | 1.2% | 4.2% | ||
| Q2 24 | 1.0% | 1.6% |
现金转化率MMIRBBN
| Q1 26 | — | — | ||
| Q4 25 | 3.48× | — | ||
| Q3 25 | 217.54× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.63× | — | ||
| Q3 24 | — | — | ||
| Q2 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% |
RBBN
| Service | $94.5M | 58% |
| Product | $68.1M | 42% |
