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Marcus & Millichap, Inc.（MMI）与STURM RUGER & CO INC（RGR）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STURM RUGER & CO INC的1.6倍（$243.9M vs $151.1M），STURM RUGER & CO INC同比增速更快（3.6% vs 1.6%），Marcus & Millichap, Inc.自由现金流更多（$43.9M vs $12.3M），过去两年Marcus & Millichap, Inc.的营收复合增速更高（37.5% vs 5.1%）
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。
鲁格公司（Ruger）是总部位于美国康涅狄格州绍斯波特的枪械制造企业，除总部外，还在新罕布什尔州纽波特、北卡罗来纳州梅约丹以及亚利桑那州普雷斯科特设有生产工厂。公司由亚历山大·麦考密克·斯特姆与威廉·B·鲁格于1949年共同创立，自1969年起公开上市交易。
MMI vs RGR — 直观对比
营收规模更大
MMI
是对方的1.6倍
$151.1M
营收增速更快
RGR
高出2.0%
1.6%
自由现金流更多
MMI
多$31.5M
$12.3M
两年增速更快
MMI
近两年复合增速
5.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $243.9M | $151.1M |
| 净利润 | $13.3M | — |
| 毛利率 | — | 17.8% |
| 营业利润率 | 6.3% | 2.3% |
| 净利率 | 5.5% | — |
| 营收同比 | 1.6% | 3.6% |
| 净利润同比 | 55.7% | — |
| 每股收益（稀释后） | $0.33 | $0.22 |
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MMIRGR
| Q4 25 | $243.9M | $151.1M | ||
| Q3 25 | $193.9M | $126.8M | ||
| Q2 25 | $172.3M | $132.5M | ||
| Q1 25 | $145.0M | $135.7M | ||
| Q4 24 | $240.1M | $145.8M | ||
| Q3 24 | $168.5M | $122.3M | ||
| Q2 24 | $158.4M | $130.8M | ||
| Q1 24 | $129.1M | $136.8M |
净利润MMIRGR
| Q4 25 | $13.3M | — | ||
| Q3 25 | $240.0K | $1.6M | ||
| Q2 25 | $-11.0M | $-17.2M | ||
| Q1 25 | $-4.4M | $7.8M | ||
| Q4 24 | $8.5M | — | ||
| Q3 24 | $-5.4M | $4.7M | ||
| Q2 24 | $-5.5M | $8.3M | ||
| Q1 24 | $-10.0M | $7.1M |
毛利率MMIRGR
| Q4 25 | — | 17.8% | ||
| Q3 25 | — | 15.1% | ||
| Q2 25 | — | 3.9% | ||
| Q1 25 | — | 22.0% | ||
| Q4 24 | — | 22.8% | ||
| Q3 24 | — | 18.5% | ||
| Q2 24 | — | 22.3% | ||
| Q1 24 | — | 21.5% |
营业利润率MMIRGR
| Q4 25 | 6.3% | 2.3% | ||
| Q3 25 | -1.2% | -2.7% | ||
| Q2 25 | -5.3% | -15.6% | ||
| Q1 25 | -12.2% | 6.2% | ||
| Q4 24 | 2.8% | 7.8% | ||
| Q3 24 | -6.8% | 3.1% | ||
| Q2 24 | -5.1% | 6.9% | ||
| Q1 24 | -15.6% | 5.5% |
净利率MMIRGR
| Q4 25 | 5.5% | — | ||
| Q3 25 | 0.1% | 1.2% | ||
| Q2 25 | -6.4% | -13.0% | ||
| Q1 25 | -3.0% | 5.7% | ||
| Q4 24 | 3.6% | — | ||
| Q3 24 | -3.2% | 3.9% | ||
| Q2 24 | -3.5% | 6.3% | ||
| Q1 24 | -7.7% | 5.2% |
每股收益（稀释后）MMIRGR
| Q4 25 | $0.33 | $0.22 | ||
| Q3 25 | $0.01 | $0.10 | ||
| Q2 25 | $-0.28 | $-1.05 | ||
| Q1 25 | $-0.11 | $0.46 | ||
| Q4 24 | $0.22 | $0.62 | ||
| Q3 24 | $-0.14 | $0.28 | ||
| Q2 24 | $-0.14 | $0.47 | ||
| Q1 24 | $-0.26 | $0.40 |
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 | — | $92.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $603.1M | $283.8M |
| 总资产 | $827.2M | $342.0M |
| 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MMIRGR
| Q4 25 | — | $92.5M | ||
| Q3 25 | — | $80.8M | ||
| Q2 25 | — | $101.4M | ||
| Q1 25 | — | $108.3M | ||
| Q4 24 | — | $105.5M | ||
| Q3 24 | — | $96.0M | ||
| Q2 24 | — | $105.6M | ||
| Q1 24 | — | $115.3M |
股东权益MMIRGR
| Q4 25 | $603.1M | $283.8M | ||
| Q3 25 | $602.2M | $279.6M | ||
| Q2 25 | $607.8M | $289.3M | ||
| Q1 25 | $617.6M | $321.5M | ||
| Q4 24 | $630.8M | $319.6M | ||
| Q3 24 | $617.7M | $314.9M | ||
| Q2 24 | $626.7M | $321.5M | ||
| Q1 24 | $625.6M | $332.0M |
总资产MMIRGR
| Q4 25 | $827.2M | $342.0M | ||
| Q3 25 | $812.5M | $342.3M | ||
| Q2 25 | $792.2M | $349.5M | ||
| Q1 25 | $802.0M | $379.0M | ||
| Q4 24 | $869.8M | $384.0M | ||
| Q3 24 | $833.7M | $373.5M | ||
| Q2 24 | $825.4M | $376.7M | ||
| Q1 24 | $826.7M | $385.0M |
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 | $15.5M |
| 自由现金流经营现金流 - 资本支出 | $43.9M | $12.3M |
| 自由现金流率自由现金流/营收 | 18.0% | 8.2% |
| 资本支出强度资本支出/营收 | 1.0% | 2.1% |
| 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 | $38.5M |
8季度趋势，按日历期对齐
经营现金流MMIRGR
| Q4 25 | $46.3M | $15.5M | ||
| Q3 25 | $52.2M | $12.9M | ||
| Q2 25 | $21.0M | $14.7M | ||
| Q1 25 | $-52.8M | $11.1M | ||
| Q4 24 | $56.7M | $20.0M | ||
| Q3 24 | $15.2M | $9.4M | ||
| Q2 24 | $851.0K | $18.7M | ||
| Q1 24 | $-51.0M | $7.3M |
自由现金流MMIRGR
| Q4 25 | $43.9M | $12.3M | ||
| Q3 25 | $50.0M | $7.0M | ||
| Q2 25 | $19.3M | $9.1M | ||
| Q1 25 | $-54.3M | $10.0M | ||
| Q4 24 | $55.1M | $16.4M | ||
| Q3 24 | $13.2M | $2.6M | ||
| Q2 24 | $-806.0K | $10.1M | ||
| Q1 24 | $-53.7M | $5.6M |
自由现金流率MMIRGR
| Q4 25 | 18.0% | 8.2% | ||
| Q3 25 | 25.8% | 5.5% | ||
| Q2 25 | 11.2% | 6.9% | ||
| Q1 25 | -37.5% | 7.4% | ||
| Q4 24 | 23.0% | 11.2% | ||
| Q3 24 | 7.8% | 2.1% | ||
| Q2 24 | -0.5% | 7.7% | ||
| Q1 24 | -41.6% | 4.1% |
资本支出强度MMIRGR
| Q4 25 | 1.0% | 2.1% | ||
| Q3 25 | 1.2% | 4.6% | ||
| Q2 25 | 1.0% | 4.2% | ||
| Q1 25 | 1.0% | 0.8% | ||
| Q4 24 | 0.6% | 2.5% | ||
| Q3 24 | 1.2% | 5.5% | ||
| Q2 24 | 1.0% | 6.6% | ||
| Q1 24 | 2.0% | 1.3% |
现金转化率MMIRGR
| Q4 25 | 3.48× | — | ||
| Q3 25 | 217.54× | 8.15× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.43× | ||
| Q4 24 | 6.63× | — | ||
| Q3 24 | — | 1.98× | ||
| Q2 24 | — | 2.27× | ||
| Q1 24 | — | 1.04× |
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% |
RGR
| Firearms | $150.6M | 100% |
| Castings | $7.3M | 5% |
