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Marcus & Millichap, Inc.（MMI）与BRC Group Holdings, Inc.（RILY）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BRC Group Holdings, Inc.的1.3倍（$243.9M vs $188.3M），BRC Group Holdings, Inc.净利率更高（47.9% vs 5.5%，领先42.5%），Marcus & Millichap, Inc.同比增速更快（1.6% vs -21.9%），过去两年Marcus & Millichap, Inc.的营收复合增速更高（37.5% vs -15.4%）
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。
MMI vs RILY — 直观对比
营收规模更大
MMI
是对方的1.3倍
$188.3M
营收增速更快
MMI
高出23.5%
-21.9%
净利率更高
RILY
高出42.5%
5.5%
两年增速更快
MMI
近两年复合增速
-15.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $243.9M | $188.3M |
| 净利润 | $13.3M | $90.3M |
| 毛利率 | — | 79.5% |
| 营业利润率 | 6.3% | 32.3% |
| 净利率 | 5.5% | 47.9% |
| 营收同比 | 1.6% | -21.9% |
| 净利润同比 | 55.7% | 1710.8% |
| 每股收益（稀释后） | $0.33 | $2.78 |
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MMIRILY
| Q4 25 | $243.9M | $188.3M | ||
| Q3 25 | $193.9M | $215.3M | ||
| Q2 25 | $172.3M | $188.2M | ||
| Q1 25 | $145.0M | $197.2M | ||
| Q4 24 | $240.1M | $241.0M | ||
| Q3 24 | $168.5M | $225.5M | ||
| Q2 24 | $158.4M | $256.0M | ||
| Q1 24 | $129.1M | $263.4M |
净利润MMIRILY
| Q4 25 | $13.3M | $90.3M | ||
| Q3 25 | $240.0K | $91.1M | ||
| Q2 25 | $-11.0M | $139.5M | ||
| Q1 25 | $-4.4M | $-10.0M | ||
| Q4 24 | $8.5M | $-5.6M | ||
| Q3 24 | $-5.4M | $-284.4M | ||
| Q2 24 | $-5.5M | $-433.6M | ||
| Q1 24 | $-10.0M | $-49.2M |
毛利率MMIRILY
| Q4 25 | — | 79.5% | ||
| Q3 25 | — | 83.7% | ||
| Q2 25 | — | 81.3% | ||
| Q1 25 | — | 81.4% | ||
| Q4 24 | — | 79.8% | ||
| Q3 24 | — | 82.1% | ||
| Q2 24 | — | 84.5% | ||
| Q1 24 | — | 85.3% |
营业利润率MMIRILY
| Q4 25 | 6.3% | 32.3% | ||
| Q3 25 | -1.2% | 30.4% | ||
| Q2 25 | -5.3% | 5.7% | ||
| Q1 25 | -12.2% | -31.2% | ||
| Q4 24 | 2.8% | -69.2% | ||
| Q3 24 | -6.8% | -36.4% | ||
| Q2 24 | -5.1% | -90.8% | ||
| Q1 24 | -15.6% | -6.1% |
净利率MMIRILY
| Q4 25 | 5.5% | 47.9% | ||
| Q3 25 | 0.1% | 42.3% | ||
| Q2 25 | -6.4% | 74.1% | ||
| Q1 25 | -3.0% | -5.1% | ||
| Q4 24 | 3.6% | -2.3% | ||
| Q3 24 | -3.2% | -126.1% | ||
| Q2 24 | -3.5% | -169.4% | ||
| Q1 24 | -7.7% | -18.7% |
每股收益（稀释后）MMIRILY
| Q4 25 | $0.33 | $2.78 | ||
| Q3 25 | $0.01 | $2.91 | ||
| Q2 25 | $-0.28 | $4.50 | ||
| Q1 25 | $-0.11 | $-0.39 | ||
| Q4 24 | $0.22 | $-0.01 | ||
| Q3 24 | $-0.14 | $-9.39 | ||
| Q2 24 | $-0.14 | $-14.35 | ||
| Q1 24 | $-0.26 | $-1.71 |
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 | — | $226.6M |
| 总债务越低越好 | — | $1.4B |
| 股东权益账面价值 | $603.1M | $-171.5M |
| 总资产 | $827.2M | $1.7B |
| 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MMIRILY
| Q4 25 | — | $226.6M | ||
| Q3 25 | — | $184.2M | ||
| Q2 25 | — | $267.4M | ||
| Q1 25 | — | $138.3M | ||
| Q4 24 | — | $146.9M | ||
| Q3 24 | — | $159.2M | ||
| Q2 24 | — | $236.9M | ||
| Q1 24 | — | $190.7M |
总债务MMIRILY
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益MMIRILY
| Q4 25 | $603.1M | $-171.5M | ||
| Q3 25 | $602.2M | $-260.5M | ||
| Q2 25 | $607.8M | $-351.7M | ||
| Q1 25 | $617.6M | $-496.8M | ||
| Q4 24 | $630.8M | $-488.2M | ||
| Q3 24 | $617.7M | $-497.6M | ||
| Q2 24 | $626.7M | $-218.3M | ||
| Q1 24 | $625.6M | $228.4M |
总资产MMIRILY
| Q4 25 | $827.2M | $1.7B | ||
| Q3 25 | $812.5M | $1.7B | ||
| Q2 25 | $792.2M | $1.5B | ||
| Q1 25 | $802.0M | $1.5B | ||
| Q4 24 | $869.8M | $1.8B | ||
| Q3 24 | $833.7M | $2.2B | ||
| Q2 24 | $825.4M | $3.2B | ||
| Q1 24 | $826.7M | $5.0B |
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 | $26.2M |
| 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× | 0.29× |
| 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MMIRILY
| Q4 25 | $46.3M | $26.2M | ||
| Q3 25 | $52.2M | $-60.6M | ||
| Q2 25 | $21.0M | $-25.6M | ||
| Q1 25 | $-52.8M | $184.0K | ||
| Q4 24 | $56.7M | $-2.7M | ||
| Q3 24 | $15.2M | $19.5M | ||
| Q2 24 | $851.0K | $111.5M | ||
| Q1 24 | $-51.0M | $135.4M |
自由现金流MMIRILY
| 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MMIRILY
| 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MMIRILY
| 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MMIRILY
| Q4 25 | 3.48× | 0.29× | ||
| Q3 25 | 217.54× | -0.66× | ||
| Q2 25 | — | -0.18× | ||
| 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% |
RILY
| Transferred At Point In Time | $101.4M | 54% |
| Wealth Management Segment | $30.7M | 16% |
| Corporate Finance Consulting And Investment Banking Fees | $27.1M | 14% |
| Services And Fees | $24.8M | 13% |
| Commissions Fees And Reimbursed Expenses | $4.8M | 3% |
