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Marcus & Millichap, Inc.（MMI）与RE/MAX Holdings, Inc.（RMAX）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RE/MAX Holdings, Inc.的3.4倍（$243.9M vs $71.1M）。Marcus & Millichap, Inc.净利率更高（5.5% vs 2.0%，领先3.4%）。Marcus & Millichap, Inc.同比增速更快（1.6% vs -1.8%）。Marcus & Millichap, Inc.自由现金流更多（$43.9M vs $10.2M）。过去两年Marcus & Millichap, Inc.的营收复合增速更高（37.5% vs -4.7%）
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。
RE/MAX是全球知名的房地产特许经营机构，业务遍布全球一百多个国家和地区，旗下拥有数千家门店，总计超过十万名房产经纪人，在国际房产中介领域拥有极高的品牌知名度与市场影响力。
MMI vs RMAX — 直观对比
营收规模更大
MMI
是对方的3.4倍
$71.1M
营收增速更快
MMI
高出3.4%
-1.8%
净利率更高
MMI
高出3.4%
2.0%
自由现金流更多
MMI
多$33.7M
$10.2M
两年增速更快
MMI
近两年复合增速
-4.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $243.9M | $71.1M |
| 净利润 | $13.3M | $1.4M |
| 毛利率 | — | — |
| 营业利润率 | 6.3% | 13.1% |
| 净利率 | 5.5% | 2.0% |
| 营收同比 | 1.6% | -1.8% |
| 净利润同比 | 55.7% | -75.2% |
| 每股收益（稀释后） | $0.33 | — |
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MMIRMAX
| Q4 25 | $243.9M | $71.1M | ||
| Q3 25 | $193.9M | $73.2M | ||
| Q2 25 | $172.3M | $72.8M | ||
| Q1 25 | $145.0M | $74.5M | ||
| Q4 24 | $240.1M | $72.5M | ||
| Q3 24 | $168.5M | $78.5M | ||
| Q2 24 | $158.4M | $78.5M | ||
| Q1 24 | $129.1M | $78.3M |
净利润MMIRMAX
| Q4 25 | $13.3M | $1.4M | ||
| Q3 25 | $240.0K | $4.0M | ||
| Q2 25 | $-11.0M | $4.7M | ||
| Q1 25 | $-4.4M | $-2.0M | ||
| Q4 24 | $8.5M | $5.8M | ||
| Q3 24 | $-5.4M | $966.0K | ||
| Q2 24 | $-5.5M | $3.7M | ||
| Q1 24 | $-10.0M | $-3.4M |
营业利润率MMIRMAX
| Q4 25 | 6.3% | 13.1% | ||
| Q3 25 | -1.2% | 25.0% | ||
| Q2 25 | -5.3% | 19.3% | ||
| Q1 25 | -12.2% | 7.2% | ||
| Q4 24 | 2.8% | 5.9% | ||
| Q3 24 | -6.8% | 19.4% | ||
| Q2 24 | -5.1% | 20.6% | ||
| Q1 24 | -15.6% | 5.8% |
净利率MMIRMAX
| Q4 25 | 5.5% | 2.0% | ||
| Q3 25 | 0.1% | 5.4% | ||
| Q2 25 | -6.4% | 6.4% | ||
| Q1 25 | -3.0% | -2.6% | ||
| Q4 24 | 3.6% | 8.0% | ||
| Q3 24 | -3.2% | 1.2% | ||
| Q2 24 | -3.5% | 4.7% | ||
| Q1 24 | -7.7% | -4.3% |
每股收益（稀释后）MMIRMAX
| Q4 25 | $0.33 | — | ||
| Q3 25 | $0.01 | — | ||
| Q2 25 | $-0.28 | — | ||
| Q1 25 | $-0.11 | — | ||
| Q4 24 | $0.22 | — | ||
| Q3 24 | $-0.14 | — | ||
| Q2 24 | $-0.14 | — | ||
| Q1 24 | $-0.26 | — |
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 | — | $118.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $603.1M | $452.4M |
| 总资产 | $827.2M | $582.5M |
| 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MMIRMAX
| Q4 25 | — | $118.7M | ||
| Q3 25 | — | $107.5M | ||
| Q2 25 | — | $94.3M | ||
| Q1 25 | — | $89.1M | ||
| Q4 24 | — | $96.6M | ||
| Q3 24 | — | $83.8M | ||
| Q2 24 | — | $66.1M | ||
| Q1 24 | — | $82.1M |
股东权益MMIRMAX
| Q4 25 | $603.1M | $452.4M | ||
| Q3 25 | $602.2M | $448.1M | ||
| Q2 25 | $607.8M | $442.4M | ||
| Q1 25 | $617.6M | $433.5M | ||
| Q4 24 | $630.8M | $429.5M | ||
| Q3 24 | $617.7M | $423.1M | ||
| Q2 24 | $626.7M | $418.4M | ||
| Q1 24 | $625.6M | $412.0M |
总资产MMIRMAX
| Q4 25 | $827.2M | $582.5M | ||
| Q3 25 | $812.5M | $582.2M | ||
| Q2 25 | $792.2M | $574.8M | ||
| Q1 25 | $802.0M | $571.4M | ||
| Q4 24 | $869.8M | $581.6M | ||
| Q3 24 | $833.7M | $578.6M | ||
| Q2 24 | $825.4M | $571.4M | ||
| Q1 24 | $826.7M | $566.7M |
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 | $12.9M |
| 自由现金流经营现金流 - 资本支出 | $43.9M | $10.2M |
| 自由现金流率自由现金流/营收 | 18.0% | 14.3% |
| 资本支出强度资本支出/营收 | 1.0% | 3.9% |
| 现金转化率经营现金流/净利润 | 3.48× | 8.97× |
| 过去12个月自由现金流最近4个季度 | $58.8M | $33.5M |
8季度趋势，按日历期对齐
经营现金流MMIRMAX
| Q4 25 | $46.3M | $12.9M | ||
| Q3 25 | $52.2M | $17.7M | ||
| Q2 25 | $21.0M | $4.6M | ||
| Q1 25 | $-52.8M | $5.7M | ||
| Q4 24 | $56.7M | $16.8M | ||
| Q3 24 | $15.2M | $17.6M | ||
| Q2 24 | $851.0K | $15.9M | ||
| Q1 24 | $-51.0M | $9.4M |
自由现金流MMIRMAX
| Q4 25 | $43.9M | $10.2M | ||
| Q3 25 | $50.0M | $16.4M | ||
| Q2 25 | $19.3M | $2.9M | ||
| Q1 25 | $-54.3M | $4.0M | ||
| Q4 24 | $55.1M | $16.0M | ||
| Q3 24 | $13.2M | $16.3M | ||
| Q2 24 | $-806.0K | $14.0M | ||
| Q1 24 | $-53.7M | $6.8M |
自由现金流率MMIRMAX
| Q4 25 | 18.0% | 14.3% | ||
| Q3 25 | 25.8% | 22.4% | ||
| Q2 25 | 11.2% | 4.0% | ||
| Q1 25 | -37.5% | 5.3% | ||
| Q4 24 | 23.0% | 22.1% | ||
| Q3 24 | 7.8% | 20.8% | ||
| Q2 24 | -0.5% | 17.8% | ||
| Q1 24 | -41.6% | 8.6% |
资本支出强度MMIRMAX
| Q4 25 | 1.0% | 3.9% | ||
| Q3 25 | 1.2% | 1.8% | ||
| Q2 25 | 1.0% | 2.2% | ||
| Q1 25 | 1.0% | 2.3% | ||
| Q4 24 | 0.6% | 1.1% | ||
| Q3 24 | 1.2% | 1.7% | ||
| Q2 24 | 1.0% | 2.4% | ||
| Q1 24 | 2.0% | 3.3% |
现金转化率MMIRMAX
| Q4 25 | 3.48× | 8.97× | ||
| Q3 25 | 217.54× | 4.45× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.63× | 2.89× | ||
| Q3 24 | — | 18.22× | ||
| Q2 24 | — | 4.29× | ||
| 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% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
