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Marcus & Millichap, Inc.（MMI）与RBC Bearings INC（RBC）财务数据对比。点击上方公司名可切换其他公司
RBC Bearings INC的季度营收约是Marcus & Millichap, Inc.的1.9倍（$461.6M vs $243.9M），RBC Bearings INC净利率更高（14.6% vs 5.5%，领先9.1%），RBC Bearings INC同比增速更快（17.0% vs 1.6%），RBC Bearings INC自由现金流更多（$99.1M vs $43.9M），过去两年Marcus & Millichap, Inc.的营收复合增速更高（37.5% vs 5.6%）
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。
该文本实际介绍的并非RBC Bearings，而是美国多佛公司。多佛是一家工业产品综合制造商，1955年成立，总部位于伊利诺伊州当纳斯格罗夫。2021年其业务分为五大板块：工程产品、清洁能源与加注、成像与识别、泵与工艺解决方案、气候与可持续技术，是标普500成分股，在纽约证券交易所上市。
MMI vs RBC — 直观对比
营收规模更大
RBC
是对方的1.9倍
$243.9M
营收增速更快
RBC
高出15.4%
1.6%
净利率更高
RBC
高出9.1%
5.5%
自由现金流更多
RBC
多$55.2M
$43.9M
两年增速更快
MMI
近两年复合增速
5.6%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $243.9M | $461.6M |
| 净利润 | $13.3M | $67.4M |
| 毛利率 | — | 44.3% |
| 营业利润率 | 6.3% | 22.3% |
| 净利率 | 5.5% | 14.6% |
| 营收同比 | 1.6% | 17.0% |
| 净利润同比 | 55.7% | 16.4% |
| 每股收益（稀释后） | $0.33 | $2.13 |
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MMIRBC
| Q4 25 | $243.9M | $461.6M | ||
| Q3 25 | $193.9M | $455.3M | ||
| Q2 25 | $172.3M | $436.0M | ||
| Q1 25 | $145.0M | $437.7M | ||
| Q4 24 | $240.1M | $394.4M | ||
| Q3 24 | $168.5M | $397.9M | ||
| Q2 24 | $158.4M | $406.3M | ||
| Q1 24 | $129.1M | $413.7M |
净利润MMIRBC
| Q4 25 | $13.3M | $67.4M | ||
| Q3 25 | $240.0K | $60.0M | ||
| Q2 25 | $-11.0M | $68.5M | ||
| Q1 25 | $-4.4M | $72.7M | ||
| Q4 24 | $8.5M | $57.9M | ||
| Q3 24 | $-5.4M | $54.2M | ||
| Q2 24 | $-5.5M | $61.4M | ||
| Q1 24 | $-10.0M | — |
毛利率MMIRBC
| Q4 25 | — | 44.3% | ||
| Q3 25 | — | 44.1% | ||
| Q2 25 | — | 44.8% | ||
| Q1 25 | — | 44.2% | ||
| Q4 24 | — | 44.3% | ||
| Q3 24 | — | 43.7% | ||
| Q2 24 | — | 45.3% | ||
| Q1 24 | — | 43.1% |
营业利润率MMIRBC
| Q4 25 | 6.3% | 22.3% | ||
| Q3 25 | -1.2% | 21.5% | ||
| Q2 25 | -5.3% | 23.2% | ||
| Q1 25 | -12.2% | 23.0% | ||
| Q4 24 | 2.8% | 21.7% | ||
| Q3 24 | -6.8% | 21.6% | ||
| Q2 24 | -5.1% | 24.0% | ||
| Q1 24 | -15.6% | 22.8% |
净利率MMIRBC
| Q4 25 | 5.5% | 14.6% | ||
| Q3 25 | 0.1% | 13.2% | ||
| Q2 25 | -6.4% | 15.7% | ||
| Q1 25 | -3.0% | 16.6% | ||
| Q4 24 | 3.6% | 14.7% | ||
| Q3 24 | -3.2% | 13.6% | ||
| Q2 24 | -3.5% | 15.1% | ||
| Q1 24 | -7.7% | — |
每股收益（稀释后）MMIRBC
| Q4 25 | $0.33 | $2.13 | ||
| Q3 25 | $0.01 | $1.90 | ||
| Q2 25 | $-0.28 | $2.17 | ||
| Q1 25 | $-0.11 | $2.33 | ||
| Q4 24 | $0.22 | $1.82 | ||
| Q3 24 | $-0.14 | $1.65 | ||
| Q2 24 | $-0.14 | $1.90 | ||
| Q1 24 | $-0.26 | $1.92 |
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 | — | $107.6M |
| 总债务越低越好 | — | $990.2M |
| 股东权益账面价值 | $603.1M | $3.3B |
| 总资产 | $827.2M | $5.1B |
| 负债/权益比越低杠杆越低 | — | 0.30× |
8季度趋势，按日历期对齐
现金及短期投资MMIRBC
| Q4 25 | — | $107.6M | ||
| Q3 25 | — | $91.2M | ||
| Q2 25 | — | $132.9M | ||
| Q1 25 | — | $36.8M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $76.8M | ||
| Q1 24 | — | $63.5M |
总债务MMIRBC
| Q4 25 | — | $990.2M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $915.6M | ||
| Q1 25 | — | $920.1M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.2B |
股东权益MMIRBC
| Q4 25 | $603.1M | $3.3B | ||
| Q3 25 | $602.2M | $3.2B | ||
| Q2 25 | $607.8M | $3.1B | ||
| Q1 25 | $617.6M | $3.0B | ||
| Q4 24 | $630.8M | $2.9B | ||
| Q3 24 | $617.7M | $2.9B | ||
| Q2 24 | $626.7M | $2.8B | ||
| Q1 24 | $625.6M | $2.8B |
总资产MMIRBC
| Q4 25 | $827.2M | $5.1B | ||
| Q3 25 | $812.5M | $5.1B | ||
| Q2 25 | $792.2M | $4.8B | ||
| Q1 25 | $802.0M | $4.7B | ||
| Q4 24 | $869.8M | $4.7B | ||
| Q3 24 | $833.7M | $4.7B | ||
| Q2 24 | $825.4M | $4.7B | ||
| Q1 24 | $826.7M | $4.7B |
负债/权益比MMIRBC
| Q4 25 | — | 0.30× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.43× |
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 | $122.1M |
| 自由现金流经营现金流 - 资本支出 | $43.9M | $99.1M |
| 自由现金流率自由现金流/营收 | 18.0% | 21.5% |
| 资本支出强度资本支出/营收 | 1.0% | 5.0% |
| 现金转化率经营现金流/净利润 | 3.48× | 1.81× |
| 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MMIRBC
| Q4 25 | $46.3M | $122.1M | ||
| Q3 25 | $52.2M | $88.4M | ||
| Q2 25 | $21.0M | $120.0M | ||
| Q1 25 | $-52.8M | — | ||
| Q4 24 | $56.7M | $84.0M | ||
| Q3 24 | $15.2M | — | ||
| Q2 24 | $851.0K | $97.4M | ||
| Q1 24 | $-51.0M | — |
自由现金流MMIRBC
| Q4 25 | $43.9M | $99.1M | ||
| Q3 25 | $50.0M | $71.7M | ||
| Q2 25 | $19.3M | $104.3M | ||
| Q1 25 | $-54.3M | — | ||
| Q4 24 | $55.1M | $73.6M | ||
| Q3 24 | $13.2M | — | ||
| Q2 24 | $-806.0K | $88.4M | ||
| Q1 24 | $-53.7M | — |
自由现金流率MMIRBC
| Q4 25 | 18.0% | 21.5% | ||
| Q3 25 | 25.8% | 15.7% | ||
| Q2 25 | 11.2% | 23.9% | ||
| Q1 25 | -37.5% | — | ||
| Q4 24 | 23.0% | 18.7% | ||
| Q3 24 | 7.8% | — | ||
| Q2 24 | -0.5% | 21.8% | ||
| Q1 24 | -41.6% | — |
资本支出强度MMIRBC
| Q4 25 | 1.0% | 5.0% | ||
| Q3 25 | 1.2% | 3.7% | ||
| Q2 25 | 1.0% | 3.6% | ||
| Q1 25 | 1.0% | 3.2% | ||
| Q4 24 | 0.6% | 2.6% | ||
| Q3 24 | 1.2% | 4.1% | ||
| Q2 24 | 1.0% | 2.2% | ||
| Q1 24 | 2.0% | — |
现金转化率MMIRBC
| Q4 25 | 3.48× | 1.81× | ||
| Q3 25 | 217.54× | 1.47× | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.63× | 1.45× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.59× | ||
| 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% |
RBC
| Domestic | $413.3M | 90% |
| Foreign | $48.3M | 10% |
