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MAXIMUS, INC.（MMS）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
MAXIMUS, INC.的季度营收约是利氏兄弟拍卖行的1.1倍（$1.3B vs $1.2B），利氏兄弟拍卖行净利率更高（9.1% vs 7.0%，领先2.1%），利氏兄弟拍卖行同比增速更快（5.4% vs -4.1%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $-250.7M），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% vs -0.1%）
MAXIMUS是美国一家政府服务企业，业务覆盖美国、加拿大、英国等国家，为医疗补助、联邦医疗保险、医改、就业帮扶、学生贷款服务等各类政府项目提供行政及配套服务。公司总部位于弗吉尼亚州泰森斯，现有员工3.96万名，2024财年营收达53亿美元。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
MMS vs RBA — 直观对比
营收规模更大
MMS
是对方的1.1倍
$1.2B
营收增速更快
RBA
高出9.5%
-4.1%
净利率更高
RBA
高出2.1%
7.0%
自由现金流更多
RBA
多$437.2M
$-250.7M
两年增速更快
RBA
近两年复合增速
-0.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.2B |
| 净利润 | $93.9M | $109.7M |
| 毛利率 | 23.7% | — |
| 营业利润率 | 10.9% | 14.7% |
| 净利率 | 7.0% | 9.1% |
| 营收同比 | -4.1% | 5.4% |
| 净利润同比 | 128.0% | -7.4% |
| 每股收益（稀释后） | $1.70 | $0.53 |
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MMSRBA
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.4B | $1.1B | ||
| Q3 24 | $1.3B | $981.8M | ||
| Q2 24 | $1.3B | $1.1B | ||
| Q1 24 | $1.3B | $1.1B |
净利润MMSRBA
| Q4 25 | $93.9M | $109.7M | ||
| Q3 25 | $75.3M | $95.5M | ||
| Q2 25 | $106.0M | $109.8M | ||
| Q1 25 | $96.6M | $113.4M | ||
| Q4 24 | $41.2M | $118.5M | ||
| Q3 24 | $72.5M | $76.1M | ||
| Q2 24 | $89.8M | $111.1M | ||
| Q1 24 | $80.5M | $107.4M |
毛利率MMSRBA
| Q4 25 | 23.7% | — | ||
| Q3 25 | 25.3% | — | ||
| Q2 25 | 26.7% | — | ||
| Q1 25 | 24.9% | — | ||
| Q4 24 | 21.5% | — | ||
| Q3 24 | 22.9% | — | ||
| Q2 24 | 25.3% | — | ||
| Q1 24 | 23.6% | — |
营业利润率MMSRBA
| Q4 25 | 10.9% | 14.7% | ||
| Q3 25 | 9.3% | 14.5% | ||
| Q2 25 | 12.3% | 15.9% | ||
| Q1 25 | 11.2% | 17.1% | ||
| Q4 24 | 6.2% | 18.1% | ||
| Q3 24 | 8.5% | 15.6% | ||
| Q2 24 | 10.8% | 18.4% | ||
| Q1 24 | 9.5% | 18.7% |
净利率MMSRBA
| Q4 25 | 7.0% | 9.1% | ||
| Q3 25 | 5.7% | 8.7% | ||
| Q2 25 | 7.9% | 9.3% | ||
| Q1 25 | 7.1% | 10.2% | ||
| Q4 24 | 2.9% | 10.4% | ||
| Q3 24 | 5.5% | 7.8% | ||
| Q2 24 | 6.8% | 10.1% | ||
| Q1 24 | 6.0% | 10.1% |
每股收益（稀释后）MMSRBA
| Q4 25 | $1.70 | $0.53 | ||
| Q3 25 | $1.27 | $0.43 | ||
| Q2 25 | $1.86 | $0.53 | ||
| Q1 25 | $1.69 | $0.55 | ||
| Q4 24 | $0.69 | $0.58 | ||
| Q3 24 | $1.18 | $0.36 | ||
| Q2 24 | $1.46 | $0.54 | ||
| Q1 24 | $1.31 | $0.53 |
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 | $137.6M | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $1.7B | $5.6B |
| 总资产 | $4.2B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资MMSRBA
| Q4 25 | $137.6M | $531.5M | ||
| Q3 25 | $222.4M | $674.7M | ||
| Q2 25 | $59.8M | $710.2M | ||
| Q1 25 | $108.1M | $578.1M | ||
| Q4 24 | $72.7M | $533.9M | ||
| Q3 24 | $183.1M | $650.7M | ||
| Q2 24 | $102.8M | $599.5M | ||
| Q1 24 | $77.4M | $462.8M |
总债务MMSRBA
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.9B |
股东权益MMSRBA
| Q4 25 | $1.7B | $5.6B | ||
| Q3 25 | $1.7B | $5.5B | ||
| Q2 25 | $1.8B | $5.5B | ||
| Q1 25 | $1.7B | $5.3B | ||
| Q4 24 | $1.6B | $5.2B | ||
| Q3 24 | $1.8B | $5.2B | ||
| Q2 24 | $1.8B | $5.2B | ||
| Q1 24 | $1.8B | $5.1B |
总资产MMSRBA
| Q4 25 | $4.2B | $12.1B | ||
| Q3 25 | $4.1B | $12.2B | ||
| Q2 25 | $4.5B | $12.2B | ||
| Q1 25 | $4.2B | $11.9B | ||
| Q4 24 | $4.1B | $11.8B | ||
| Q3 24 | $4.1B | $11.9B | ||
| Q2 24 | $4.0B | $12.1B | ||
| Q1 24 | $4.0B | $12.0B |
负债/权益比MMSRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
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 | $-244.4M | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $-250.7M | $186.5M |
| 自由现金流率自由现金流/营收 | -18.6% | 15.5% |
| 资本支出强度资本支出/营收 | 0.5% | 5.7% |
| 现金转化率经营现金流/净利润 | -2.60× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $218.5M | $719.2M |
8季度趋势，按日历期对齐
经营现金流MMSRBA
| Q4 25 | $-244.4M | $255.2M | ||
| Q3 25 | $649.4M | $239.7M | ||
| Q2 25 | $-182.7M | $326.5M | ||
| Q1 25 | $42.7M | $156.8M | ||
| Q4 24 | $-80.0M | $184.5M | ||
| Q3 24 | $163.8M | $285.4M | ||
| Q2 24 | $199.3M | $337.3M | ||
| Q1 24 | $130.5M | $124.8M |
自由现金流MMSRBA
| Q4 25 | $-250.7M | $186.5M | ||
| Q3 25 | $641.8M | $188.5M | ||
| Q2 25 | $-198.2M | $241.7M | ||
| Q1 25 | $25.5M | $102.5M | ||
| Q4 24 | $-103.0M | $127.9M | ||
| Q3 24 | $131.9M | $248.5M | ||
| Q2 24 | $164.6M | $308.6M | ||
| Q1 24 | $105.2M | $79.6M |
自由现金流率MMSRBA
| Q4 25 | -18.6% | 15.5% | ||
| Q3 25 | 48.7% | 17.3% | ||
| Q2 25 | -14.7% | 20.4% | ||
| Q1 25 | 1.9% | 9.2% | ||
| Q4 24 | -7.3% | 11.2% | ||
| Q3 24 | 10.0% | 25.3% | ||
| Q2 24 | 12.5% | 28.2% | ||
| Q1 24 | 7.8% | 7.5% |
资本支出强度MMSRBA
| Q4 25 | 0.5% | 5.7% | ||
| Q3 25 | 0.6% | 4.7% | ||
| Q2 25 | 1.1% | 7.2% | ||
| Q1 25 | 1.3% | 4.9% | ||
| Q4 24 | 1.6% | 5.0% | ||
| Q3 24 | 2.4% | 3.8% | ||
| Q2 24 | 2.6% | 2.6% | ||
| Q1 24 | 1.9% | 4.2% |
现金转化率MMSRBA
| Q4 25 | -2.60× | 2.33× | ||
| Q3 25 | 8.63× | 2.51× | ||
| Q2 25 | -1.72× | 2.97× | ||
| Q1 25 | 0.44× | 1.38× | ||
| Q4 24 | -1.94× | 1.56× | ||
| Q3 24 | 2.26× | 3.75× | ||
| Q2 24 | 2.22× | 3.04× | ||
| Q1 24 | 1.62× | 1.16× |
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
MMS
| Clinical Services | $523.7M | 39% |
| Cost Plus Contracts | $386.4M | 29% |
| Outside The United States | $143.2M | 11% |
| International Government Agencies | $141.0M | 10% |
| Technology Solutions | $74.8M | 6% |
| Employment And Other | $70.2M | 5% |
| Other Including Local Municipalities And Commercial Customers | $17.6M | 1% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
