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Marcus & Millichap, Inc.（MMI）与Real Brokerage Inc（REAX）财务数据对比。点击上方公司名可切换其他公司
Real Brokerage Inc的季度营收约是Marcus & Millichap, Inc.的2.3倍（$568.5M vs $243.9M）。Marcus & Millichap, Inc.净利率更高（5.5% vs -0.1%，领先5.5%）。Real Brokerage Inc同比增速更快（52.6% vs 1.6%）。Marcus & Millichap, Inc.自由现金流更多（$43.9M vs $8.4M）
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。
该企业是美国房产服务企业，主营房产经纪业务运营与品牌特许经营，业务覆盖房产中介、 relocation服务、产权服务、保险及结算服务，旗下拥有Better Homes and Gardens Real Estate、21世纪不动产、Coldwell Banker、Corcoran Group、ERA房地产以及苏富比国际地产等多个知名品牌，2026年被Compass, Inc.收购。
MMI vs REAX — 直观对比
营收规模更大
REAX
是对方的2.3倍
$243.9M
营收增速更快
REAX
高出51.0%
1.6%
净利率更高
MMI
高出5.5%
-0.1%
自由现金流更多
MMI
多$35.5M
$8.4M
损益表 — Q4 2025 vs Q3 2025
| 指标 | | |
|---|---|---|
| 营收 | $243.9M | $568.5M |
| 净利润 | $13.3M | $-447.0K |
| 毛利率 | — | 7.9% |
| 营业利润率 | 6.3% | -0.1% |
| 净利率 | 5.5% | -0.1% |
| 营收同比 | 1.6% | 52.6% |
| 净利润同比 | 55.7% | 82.7% |
| 每股收益（稀释后） | $0.33 | $0.00 |
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MMIREAX
| Q4 25 | $243.9M | — | ||
| Q3 25 | $193.9M | $568.5M | ||
| Q2 25 | $172.3M | $540.7M | ||
| Q1 25 | $145.0M | $354.0M | ||
| Q4 24 | $240.1M | — | ||
| Q3 24 | $168.5M | $372.5M | ||
| Q2 24 | $158.4M | — | ||
| Q1 24 | $129.1M | $200.7M |
净利润MMIREAX
| Q4 25 | $13.3M | — | ||
| Q3 25 | $240.0K | $-447.0K | ||
| Q2 25 | $-11.0M | $1.5M | ||
| Q1 25 | $-4.4M | $-5.0M | ||
| Q4 24 | $8.5M | — | ||
| Q3 24 | $-5.4M | $-2.6M | ||
| Q2 24 | $-5.5M | — | ||
| Q1 24 | $-10.0M | $-16.1M |
毛利率MMIREAX
| Q4 25 | — | — | ||
| Q3 25 | — | 7.9% | ||
| Q2 25 | — | 8.9% | ||
| Q1 25 | — | 9.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 8.6% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 10.3% |
营业利润率MMIREAX
| Q4 25 | 6.3% | — | ||
| Q3 25 | -1.2% | -0.1% | ||
| Q2 25 | -5.3% | 0.3% | ||
| Q1 25 | -12.2% | -1.5% | ||
| Q4 24 | 2.8% | — | ||
| Q3 24 | -6.8% | -0.7% | ||
| Q2 24 | -5.1% | — | ||
| Q1 24 | -15.6% | -7.8% |
净利率MMIREAX
| Q4 25 | 5.5% | — | ||
| Q3 25 | 0.1% | -0.1% | ||
| Q2 25 | -6.4% | 0.3% | ||
| Q1 25 | -3.0% | -1.4% | ||
| Q4 24 | 3.6% | — | ||
| Q3 24 | -3.2% | -0.7% | ||
| Q2 24 | -3.5% | — | ||
| Q1 24 | -7.7% | -8.0% |
每股收益（稀释后）MMIREAX
| Q4 25 | $0.33 | — | ||
| Q3 25 | $0.01 | $0.00 | ||
| Q2 25 | $-0.28 | $0.01 | ||
| Q1 25 | $-0.11 | $-0.02 | ||
| Q4 24 | $0.22 | — | ||
| Q3 24 | $-0.14 | $-0.01 | ||
| Q2 24 | $-0.14 | — | ||
| 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 | — | $38.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $603.1M | $53.6M |
| 总资产 | $827.2M | $145.2M |
| 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MMIREAX
| Q4 25 | — | — | ||
| Q3 25 | — | $38.7M | ||
| Q2 25 | — | $49.7M | ||
| Q1 25 | — | $24.7M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $22.6M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $20.1M |
股东权益MMIREAX
| Q4 25 | $603.1M | — | ||
| Q3 25 | $602.2M | $53.6M | ||
| Q2 25 | $607.8M | $49.2M | ||
| Q1 25 | $617.6M | $32.8M | ||
| Q4 24 | $630.8M | — | ||
| Q3 24 | $617.7M | $29.8M | ||
| Q2 24 | $626.7M | — | ||
| Q1 24 | $625.6M | $25.6M |
总资产MMIREAX
| Q4 25 | $827.2M | — | ||
| Q3 25 | $812.5M | $145.2M | ||
| Q2 25 | $792.2M | $149.4M | ||
| Q1 25 | $802.0M | $100.5M | ||
| Q4 24 | $869.8M | — | ||
| Q3 24 | $833.7M | $102.5M | ||
| Q2 24 | $825.4M | — | ||
| Q1 24 | $826.7M | — |
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 | $8.8M |
| 自由现金流经营现金流 - 资本支出 | $43.9M | $8.4M |
| 自由现金流率自由现金流/营收 | 18.0% | 1.5% |
| 资本支出强度资本支出/营收 | 1.0% | 0.1% |
| 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 | $71.7M |
8季度趋势，按日历期对齐
经营现金流MMIREAX
| Q4 25 | $46.3M | — | ||
| Q3 25 | $52.2M | $8.8M | ||
| Q2 25 | $21.0M | $41.0M | ||
| Q1 25 | $-52.8M | $15.9M | ||
| Q4 24 | $56.7M | — | ||
| Q3 24 | $15.2M | $7.2M | ||
| Q2 24 | $851.0K | — | ||
| Q1 24 | $-51.0M | $21.5M |
自由现金流MMIREAX
| Q4 25 | $43.9M | — | ||
| Q3 25 | $50.0M | $8.4M | ||
| Q2 25 | $19.3M | $40.8M | ||
| Q1 25 | $-54.3M | $15.7M | ||
| Q4 24 | $55.1M | — | ||
| Q3 24 | $13.2M | $6.8M | ||
| Q2 24 | $-806.0K | — | ||
| Q1 24 | $-53.7M | $21.4M |
自由现金流率MMIREAX
| Q4 25 | 18.0% | — | ||
| Q3 25 | 25.8% | 1.5% | ||
| Q2 25 | 11.2% | 7.5% | ||
| Q1 25 | -37.5% | 4.4% | ||
| Q4 24 | 23.0% | — | ||
| Q3 24 | 7.8% | 1.8% | ||
| Q2 24 | -0.5% | — | ||
| Q1 24 | -41.6% | 10.7% |
资本支出强度MMIREAX
| Q4 25 | 1.0% | — | ||
| Q3 25 | 1.2% | 0.1% | ||
| Q2 25 | 1.0% | 0.0% | ||
| Q1 25 | 1.0% | 0.1% | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 1.2% | 0.1% | ||
| Q2 24 | 1.0% | — | ||
| Q1 24 | 2.0% | 0.0% |
现金转化率MMIREAX
| Q4 25 | 3.48× | — | ||
| Q3 25 | 217.54× | — | ||
| Q2 25 | — | 27.13× | ||
| 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% |
REAX
暂无分部数据
