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Marcus & Millichap, Inc.（MMI）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
ROYAL GOLD INC的季度营收约是Marcus & Millichap, Inc.的1.5倍（$375.3M vs $243.9M），ROYAL GOLD INC净利率更高（24.9% vs 5.5%，领先19.5%），ROYAL GOLD INC同比增速更快（85.3% vs 1.6%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% 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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
MMI vs RGLD — 直观对比
营收规模更大
RGLD
是对方的1.5倍
$243.9M
营收增速更快
RGLD
高出83.7%
1.6%
净利率更高
RGLD
高出19.5%
5.5%
两年增速更快
RGLD
近两年复合增速
37.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $243.9M | $375.3M |
| 净利润 | $13.3M | $93.6M |
| 毛利率 | — | 64.6% |
| 营业利润率 | 6.3% | 56.2% |
| 净利率 | 5.5% | 24.9% |
| 营收同比 | 1.6% | 85.3% |
| 净利润同比 | 55.7% | -12.8% |
| 每股收益（稀释后） | $0.33 | $1.04 |
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MMIRGLD
| Q4 25 | $243.9M | $375.3M | ||
| Q3 25 | $193.9M | $252.1M | ||
| Q2 25 | $172.3M | $209.6M | ||
| Q1 25 | $145.0M | $193.4M | ||
| Q4 24 | $240.1M | $202.6M | ||
| Q3 24 | $168.5M | $193.8M | ||
| Q2 24 | $158.4M | $174.1M | ||
| Q1 24 | $129.1M | $148.9M |
净利润MMIRGLD
| Q4 25 | $13.3M | $93.6M | ||
| Q3 25 | $240.0K | $126.8M | ||
| Q2 25 | $-11.0M | $132.3M | ||
| Q1 25 | $-4.4M | $113.5M | ||
| Q4 24 | $8.5M | $107.4M | ||
| Q3 24 | $-5.4M | $96.2M | ||
| Q2 24 | $-5.5M | $81.2M | ||
| Q1 24 | $-10.0M | $47.2M |
毛利率MMIRGLD
| Q4 25 | — | 64.6% | ||
| Q3 25 | — | 73.6% | ||
| Q2 25 | — | 72.6% | ||
| Q1 25 | — | 69.4% | ||
| Q4 24 | — | 70.3% | ||
| Q3 24 | — | 66.6% | ||
| Q2 24 | — | 64.7% | ||
| Q1 24 | — | 58.4% |
营业利润率MMIRGLD
| Q4 25 | 6.3% | 56.2% | ||
| Q3 25 | -1.2% | 64.4% | ||
| Q2 25 | -5.3% | 67.7% | ||
| Q1 25 | -12.2% | 63.6% | ||
| Q4 24 | 2.8% | 65.9% | ||
| Q3 24 | -6.8% | 61.3% | ||
| Q2 24 | -5.1% | 58.6% | ||
| Q1 24 | -15.6% | 50.7% |
净利率MMIRGLD
| Q4 25 | 5.5% | 24.9% | ||
| Q3 25 | 0.1% | 50.3% | ||
| Q2 25 | -6.4% | 63.1% | ||
| Q1 25 | -3.0% | 58.7% | ||
| Q4 24 | 3.6% | 53.0% | ||
| Q3 24 | -3.2% | 49.7% | ||
| Q2 24 | -3.5% | 46.6% | ||
| Q1 24 | -7.7% | 31.7% |
每股收益（稀释后）MMIRGLD
| Q4 25 | $0.33 | $1.04 | ||
| Q3 25 | $0.01 | $1.92 | ||
| Q2 25 | $-0.28 | $2.01 | ||
| Q1 25 | $-0.11 | $1.72 | ||
| Q4 24 | $0.22 | $1.63 | ||
| Q3 24 | $-0.14 | $1.46 | ||
| Q2 24 | $-0.14 | $1.23 | ||
| Q1 24 | $-0.26 | $0.72 |
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 | — | $233.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $603.1M | $7.2B |
| 总资产 | $827.2M | $9.5B |
| 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MMIRGLD
| Q4 25 | — | $233.7M | ||
| Q3 25 | — | $172.8M | ||
| Q2 25 | — | $248.2M | ||
| Q1 25 | — | $240.8M | ||
| Q4 24 | — | $195.5M | ||
| Q3 24 | — | $127.9M | ||
| Q2 24 | — | $74.2M | ||
| Q1 24 | — | $137.9M |
总债务MMIRGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $50.0M | ||
| Q1 24 | — | — |
股东权益MMIRGLD
| Q4 25 | $603.1M | $7.2B | ||
| Q3 25 | $602.2M | $3.4B | ||
| Q2 25 | $607.8M | $3.3B | ||
| Q1 25 | $617.6M | $3.2B | ||
| Q4 24 | $630.8M | $3.1B | ||
| Q3 24 | $617.7M | $3.0B | ||
| Q2 24 | $626.7M | $3.0B | ||
| Q1 24 | $625.6M | $2.9B |
总资产MMIRGLD
| Q4 25 | $827.2M | $9.5B | ||
| Q3 25 | $812.5M | $4.5B | ||
| Q2 25 | $792.2M | $3.6B | ||
| Q1 25 | $802.0M | $3.5B | ||
| Q4 24 | $869.8M | $3.4B | ||
| Q3 24 | $833.7M | $3.3B | ||
| Q2 24 | $825.4M | $3.3B | ||
| Q1 24 | $826.7M | $3.3B |
负债/权益比MMIRGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.02× | ||
| Q1 24 | — | — |
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 | $241.7M |
| 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× | 2.58× |
| 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MMIRGLD
| Q4 25 | $46.3M | $241.7M | ||
| Q3 25 | $52.2M | $174.0M | ||
| Q2 25 | $21.0M | $152.8M | ||
| Q1 25 | $-52.8M | $136.4M | ||
| Q4 24 | $56.7M | $141.1M | ||
| Q3 24 | $15.2M | $136.7M | ||
| Q2 24 | $851.0K | $113.5M | ||
| Q1 24 | $-51.0M | $138.3M |
自由现金流MMIRGLD
| Q4 25 | $43.9M | — | ||
| Q3 25 | $50.0M | — | ||
| Q2 25 | $19.3M | — | ||
| Q1 25 | $-54.3M | — | ||
| Q4 24 | $55.1M | — | ||
| Q3 24 | $13.2M | — | ||
| Q2 24 | $-806.0K | — | ||
| Q1 24 | $-53.7M | — |
自由现金流率MMIRGLD
| Q4 25 | 18.0% | — | ||
| Q3 25 | 25.8% | — | ||
| Q2 25 | 11.2% | — | ||
| Q1 25 | -37.5% | — | ||
| Q4 24 | 23.0% | — | ||
| Q3 24 | 7.8% | — | ||
| Q2 24 | -0.5% | — | ||
| Q1 24 | -41.6% | — |
资本支出强度MMIRGLD
| Q4 25 | 1.0% | — | ||
| Q3 25 | 1.2% | — | ||
| Q2 25 | 1.0% | — | ||
| Q1 25 | 1.0% | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 1.2% | — | ||
| Q2 24 | 1.0% | — | ||
| Q1 24 | 2.0% | — |
现金转化率MMIRGLD
| Q4 25 | 3.48× | 2.58× | ||
| Q3 25 | 217.54× | 1.37× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | — | 1.20× | ||
| Q4 24 | 6.63× | 1.31× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | — | 1.40× | ||
| Q1 24 | — | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
