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Marcus & Millichap, Inc.（MMI）与GIBRALTAR INDUSTRIES, INC.（ROCK）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GIBRALTAR INDUSTRIES, INC.的1.1倍（$243.9M vs $225.0M），GIBRALTAR INDUSTRIES, INC.同比增速更快（24.9% vs 1.6%），Marcus & Millichap, Inc.自由现金流更多（$43.9M vs $26.2M），过去两年Marcus & Millichap, Inc.的营收复合增速更高（37.5% vs -12.3%）
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。
直布罗陀工业公司是专业建筑、基础设施及可再生能源产品制造商与分销商，主营通风系统、屋面配件、太阳能安装支架、园林景观产品等，主要服务北美地区住宅、商业建筑及清洁能源市场，专注提供创新可持续的客户解决方案。
MMI vs ROCK — 直观对比
营收规模更大
MMI
是对方的1.1倍
$225.0M
营收增速更快
ROCK
高出23.3%
1.6%
自由现金流更多
MMI
多$17.7M
$26.2M
两年增速更快
MMI
近两年复合增速
-12.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $243.9M | $225.0M |
| 净利润 | $13.3M | — |
| 毛利率 | — | 25.3% |
| 营业利润率 | 6.3% | 7.9% |
| 净利率 | 5.5% | — |
| 营收同比 | 1.6% | 24.9% |
| 净利润同比 | 55.7% | — |
| 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MMIROCK
| Q4 25 | $243.9M | $225.0M | ||
| Q3 25 | $193.9M | $310.9M | ||
| Q2 25 | $172.3M | $309.5M | ||
| Q1 25 | $145.0M | $290.0M | ||
| Q4 24 | $240.1M | $180.1M | ||
| Q3 24 | $168.5M | $277.1M | ||
| Q2 24 | $158.4M | $273.6M | ||
| Q1 24 | $129.1M | $292.5M |
净利润MMIROCK
| Q4 25 | $13.3M | — | ||
| Q3 25 | $240.0K | $-89.1M | ||
| Q2 25 | $-11.0M | $26.0M | ||
| Q1 25 | $-4.4M | $21.1M | ||
| Q4 24 | $8.5M | — | ||
| Q3 24 | $-5.4M | $34.0M | ||
| Q2 24 | $-5.5M | $32.2M | ||
| Q1 24 | $-10.0M | $24.9M |
毛利率MMIROCK
| Q4 25 | — | 25.3% | ||
| Q3 25 | — | 26.6% | ||
| Q2 25 | — | 28.4% | ||
| Q1 25 | — | 26.8% | ||
| Q4 24 | — | 29.0% | ||
| Q3 24 | — | 29.4% | ||
| Q2 24 | — | 30.5% | ||
| Q1 24 | — | 28.9% |
营业利润率MMIROCK
| Q4 25 | 6.3% | 7.9% | ||
| Q3 25 | -1.2% | 12.8% | ||
| Q2 25 | -5.3% | 12.8% | ||
| Q1 25 | -12.2% | 8.8% | ||
| Q4 24 | 2.8% | 13.3% | ||
| Q3 24 | -6.8% | 15.6% | ||
| Q2 24 | -5.1% | 14.9% | ||
| Q1 24 | -15.6% | 10.8% |
净利率MMIROCK
| Q4 25 | 5.5% | — | ||
| Q3 25 | 0.1% | -28.6% | ||
| Q2 25 | -6.4% | 8.4% | ||
| Q1 25 | -3.0% | 7.3% | ||
| Q4 24 | 3.6% | — | ||
| Q3 24 | -3.2% | 12.3% | ||
| Q2 24 | -3.5% | 11.8% | ||
| Q1 24 | -7.7% | 8.5% |
每股收益（稀释后）MMIROCK
| Q4 25 | $0.33 | — | ||
| Q3 25 | $0.01 | $-2.98 | ||
| Q2 25 | $-0.28 | $0.87 | ||
| Q1 25 | $-0.11 | — | ||
| Q4 24 | $0.22 | — | ||
| Q3 24 | $-0.14 | $1.11 | ||
| Q2 24 | $-0.14 | $1.05 | ||
| 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 | — | $115.7M |
| 总债务越低越好 | — | $0 |
| 股东权益账面价值 | $603.1M | $950.4M |
| 总资产 | $827.2M | $1.4B |
| 负债/权益比越低杠杆越低 | — | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资MMIROCK
| Q4 25 | — | $115.7M | ||
| Q3 25 | — | $89.4M | ||
| Q2 25 | — | $43.3M | ||
| Q1 25 | — | $25.1M | ||
| Q4 24 | — | $269.5M | ||
| Q3 24 | — | $228.9M | ||
| Q2 24 | — | $179.1M | ||
| Q1 24 | — | $146.7M |
总债务MMIROCK
| Q4 25 | — | $0 | ||
| Q3 25 | — | $0 | ||
| Q2 25 | — | $0 | ||
| Q1 25 | — | $0 | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $0 | ||
| Q1 24 | — | $0 |
股东权益MMIROCK
| Q4 25 | $603.1M | $950.4M | ||
| Q3 25 | $602.2M | $951.8M | ||
| Q2 25 | $607.8M | $1.0B | ||
| Q1 25 | $617.6M | $1.0B | ||
| Q4 24 | $630.8M | $1.0B | ||
| Q3 24 | $617.7M | $1.0B | ||
| Q2 24 | $626.7M | $975.7M | ||
| Q1 24 | $625.6M | $940.2M |
总资产MMIROCK
| Q4 25 | $827.2M | $1.4B | ||
| Q3 25 | $812.5M | $1.4B | ||
| Q2 25 | $792.2M | $1.5B | ||
| Q1 25 | $802.0M | $1.4B | ||
| Q4 24 | $869.8M | $1.4B | ||
| Q3 24 | $833.7M | $1.4B | ||
| Q2 24 | $825.4M | $1.4B | ||
| Q1 24 | $826.7M | $1.3B |
负债/权益比MMIROCK
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.00× |
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 | $35.5M |
| 自由现金流经营现金流 - 资本支出 | $43.9M | $26.2M |
| 自由现金流率自由现金流/营收 | 18.0% | 11.7% |
| 资本支出强度资本支出/营收 | 1.0% | 4.1% |
| 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 | $120.6M |
8季度趋势，按日历期对齐
经营现金流MMIROCK
| Q4 25 | $46.3M | $35.5M | ||
| Q3 25 | $52.2M | $73.0M | ||
| Q2 25 | $21.0M | $44.9M | ||
| Q1 25 | $-52.8M | $13.7M | ||
| Q4 24 | $56.7M | $19.9M | ||
| Q3 24 | $15.2M | $64.7M | ||
| Q2 24 | $851.0K | $36.5M | ||
| Q1 24 | $-51.0M | $53.2M |
自由现金流MMIROCK
| Q4 25 | $43.9M | $26.2M | ||
| Q3 25 | $50.0M | $64.8M | ||
| Q2 25 | $19.3M | $27.3M | ||
| Q1 25 | $-54.3M | $2.3M | ||
| Q4 24 | $55.1M | $14.1M | ||
| Q3 24 | $13.2M | $60.5M | ||
| Q2 24 | $-806.0K | $33.5M | ||
| Q1 24 | $-53.7M | $48.8M |
自由现金流率MMIROCK
| Q4 25 | 18.0% | 11.7% | ||
| Q3 25 | 25.8% | 20.8% | ||
| Q2 25 | 11.2% | 8.8% | ||
| Q1 25 | -37.5% | 0.8% | ||
| Q4 24 | 23.0% | 7.8% | ||
| Q3 24 | 7.8% | 21.8% | ||
| Q2 24 | -0.5% | 12.2% | ||
| Q1 24 | -41.6% | 16.7% |
资本支出强度MMIROCK
| Q4 25 | 1.0% | 4.1% | ||
| Q3 25 | 1.2% | 2.6% | ||
| Q2 25 | 1.0% | 5.7% | ||
| Q1 25 | 1.0% | 3.9% | ||
| Q4 24 | 0.6% | 3.3% | ||
| Q3 24 | 1.2% | 1.5% | ||
| Q2 24 | 1.0% | 1.1% | ||
| Q1 24 | 2.0% | 1.5% |
现金转化率MMIROCK
| Q4 25 | 3.48× | — | ||
| Q3 25 | 217.54× | — | ||
| Q2 25 | — | 1.73× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | 6.63× | — | ||
| Q3 24 | — | 1.90× | ||
| Q2 24 | — | 1.13× | ||
| Q1 24 | — | 2.13× |
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% |
ROCK
| Transferred At Point In Time | $183.5M | 82% |
| Infrastructure | $22.5M | 10% |
| Other | $18.9M | 8% |
