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Marcus & Millichap, Inc.（MMI）与MARRIOTT VACATIONS WORLDWIDE Corp（VAC）财务数据对比。点击上方公司名可切换其他公司
MARRIOTT VACATIONS WORLDWIDE Corp的季度营收约是Marcus & Millichap, Inc.的5.0倍（$1.2B vs $243.9M）。Marcus & Millichap, Inc.净利率更高（5.5% vs -35.0%，领先40.5%）。Marcus & Millichap, Inc.同比增速更快（1.6% vs -0.7%）。Marcus & Millichap, Inc.自由现金流更多（$43.9M vs $-6.0M）。过去两年Marcus & Millichap, Inc.的营收复合增速更高（37.5% vs 5.2%）
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。
万豪度假环球集团是专注于分时度假业务的公众企业，原为万豪国际集团旗下业务板块，2011年11月分拆为独立上市公司，核心业务为度假所有权运营。目前集团运营超过120家度假村，在万豪度假俱乐部品牌矩阵下拥有超70万名业主及会员，产品覆盖多个度假消费场景。
MMI vs VAC — 直观对比
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $243.9M | $1.2B |
| 净利润 | $13.3M | $-431.0M |
| 毛利率 | — | — |
| 营业利润率 | 6.3% | — |
| 净利率 | 5.5% | -35.0% |
| 营收同比 | 1.6% | -0.7% |
| 净利润同比 | 55.7% | -962.0% |
| 每股收益（稀释后） | $0.33 | $-12.00 |
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
| Q4 25 | $243.9M | $1.2B | ||
| Q3 25 | $193.9M | $1.2B | ||
| Q2 25 | $172.3M | $1.2B | ||
| Q1 25 | $145.0M | $1.1B | ||
| Q4 24 | $240.1M | $1.2B | ||
| Q3 24 | $168.5M | $1.2B | ||
| Q2 24 | $158.4M | $1.1B | ||
| Q1 24 | $129.1M | $1.1B |
| Q4 25 | $13.3M | $-431.0M | ||
| Q3 25 | $240.0K | $-2.0M | ||
| Q2 25 | $-11.0M | $69.0M | ||
| Q1 25 | $-4.4M | $56.0M | ||
| Q4 24 | $8.5M | $50.0M | ||
| Q3 24 | $-5.4M | $84.0M | ||
| Q2 24 | $-5.5M | $37.0M | ||
| Q1 24 | $-10.0M | $47.0M |
| Q4 25 | 6.3% | — | ||
| Q3 25 | -1.2% | — | ||
| Q2 25 | -5.3% | — | ||
| Q1 25 | -12.2% | — | ||
| Q4 24 | 2.8% | — | ||
| Q3 24 | -6.8% | — | ||
| Q2 24 | -5.1% | — | ||
| Q1 24 | -15.6% | — |
| Q4 25 | 5.5% | -35.0% | ||
| Q3 25 | 0.1% | -0.2% | ||
| Q2 25 | -6.4% | 6.0% | ||
| Q1 25 | -3.0% | 5.0% | ||
| Q4 24 | 3.6% | 4.0% | ||
| Q3 24 | -3.2% | 6.9% | ||
| Q2 24 | -3.5% | 3.5% | ||
| Q1 24 | -7.7% | 4.2% |
| Q4 25 | $0.33 | $-12.00 | ||
| Q3 25 | $0.01 | $-0.07 | ||
| Q2 25 | $-0.28 | $1.77 | ||
| Q1 25 | $-0.11 | $1.46 | ||
| Q4 24 | $0.22 | $1.29 | ||
| Q3 24 | $-0.14 | $2.12 | ||
| Q2 24 | $-0.14 | $0.98 | ||
| Q1 24 | $-0.26 | $1.22 |
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 | — | $406.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $603.1M | $2.0B |
| 总资产 | $827.2M | $9.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | — | $406.0M | ||
| Q3 25 | — | $474.0M | ||
| Q2 25 | — | $205.0M | ||
| Q1 25 | — | $196.0M | ||
| Q4 24 | — | $197.0M | ||
| Q3 24 | — | $197.0M | ||
| Q2 24 | — | $206.0M | ||
| Q1 24 | — | $237.0M |
| Q4 25 | $603.1M | $2.0B | ||
| Q3 25 | $602.2M | $2.5B | ||
| Q2 25 | $607.8M | $2.5B | ||
| Q1 25 | $617.6M | $2.4B | ||
| Q4 24 | $630.8M | $2.4B | ||
| Q3 24 | $617.7M | $2.4B | ||
| Q2 24 | $626.7M | $2.4B | ||
| Q1 24 | $625.6M | $2.4B |
| Q4 25 | $827.2M | $9.8B | ||
| Q3 25 | $812.5M | $10.1B | ||
| Q2 25 | $792.2M | $9.9B | ||
| Q1 25 | $802.0M | $9.9B | ||
| Q4 24 | $869.8M | $9.8B | ||
| Q3 24 | $833.7M | $9.7B | ||
| Q2 24 | $825.4M | $9.6B | ||
| Q1 24 | $826.7M | $9.9B |
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 | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $43.9M | $-6.0M |
| 自由现金流率自由现金流/营收 | 18.0% | -0.5% |
| 资本支出强度资本支出/营收 | 1.0% | 1.0% |
| 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 | $-29.0M |
8季度趋势，按日历期对齐
| Q4 25 | $46.3M | $6.0M | ||
| Q3 25 | $52.2M | $62.0M | ||
| Q2 25 | $21.0M | $-48.0M | ||
| Q1 25 | $-52.8M | $8.0M | ||
| Q4 24 | $56.7M | $100.0M | ||
| Q3 24 | $15.2M | $72.0M | ||
| Q2 24 | $851.0K | $30.0M | ||
| Q1 24 | $-51.0M | $3.0M |
| Q4 25 | $43.9M | $-6.0M | ||
| Q3 25 | $50.0M | $51.0M | ||
| Q2 25 | $19.3M | $-68.0M | ||
| Q1 25 | $-54.3M | $-6.0M | ||
| Q4 24 | $55.1M | $86.0M | ||
| Q3 24 | $13.2M | $58.0M | ||
| Q2 24 | $-806.0K | $17.0M | ||
| Q1 24 | $-53.7M | $-13.0M |
| Q4 25 | 18.0% | -0.5% | ||
| Q3 25 | 25.8% | 4.3% | ||
| Q2 25 | 11.2% | -5.9% | ||
| Q1 25 | -37.5% | -0.5% | ||
| Q4 24 | 23.0% | 6.9% | ||
| Q3 24 | 7.8% | 4.8% | ||
| Q2 24 | -0.5% | 1.6% | ||
| Q1 24 | -41.6% | -1.2% |
| Q4 25 | 1.0% | 1.0% | ||
| Q3 25 | 1.2% | 0.9% | ||
| Q2 25 | 1.0% | 1.7% | ||
| Q1 25 | 1.0% | 1.3% | ||
| Q4 24 | 0.6% | 1.1% | ||
| Q3 24 | 1.2% | 1.1% | ||
| Q2 24 | 1.0% | 1.2% | ||
| Q1 24 | 2.0% | 1.4% |
| Q4 25 | 3.48× | — | ||
| Q3 25 | 217.54× | — | ||
| Q2 25 | — | -0.70× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | 6.63× | 2.00× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.81× | ||
| Q1 24 | — | 0.06× |
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% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
