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MANNKIND CORP（MNKD）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
MANNKIND CORP的季度营收约是RE/MAX Holdings, Inc.的1.6倍（$112.0M vs $71.1M），RE/MAX Holdings, Inc.净利率更高（2.0% vs -14.2%，领先16.3%），MANNKIND CORP同比增速更快（45.8% vs -1.8%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $-10.0M），过去两年MANNKIND CORP的营收复合增速更高（30.0% vs -4.7%）
曼凯德公司是一家生物制药企业，成立于1991年2月，总部位于美国康涅狄格州丹伯里，专注于糖尿病、肺动脉高压等疾病治疗药物的研发、生产及商业化推广，致力于为相关患者提供创新的治疗方案。
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。
MNKD vs RMAX — 直观对比
营收规模更大
MNKD
是对方的1.6倍
$71.1M
营收增速更快
MNKD
高出47.7%
-1.8%
净利率更高
RMAX
高出16.3%
-14.2%
自由现金流更多
RMAX
多$43.5M
$-10.0M
两年增速更快
MNKD
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $112.0M | $71.1M |
| 净利润 | $-15.9M | $1.4M |
| 毛利率 | 87.6% | — |
| 营业利润率 | -6.9% | 13.1% |
| 净利率 | -14.2% | 2.0% |
| 营收同比 | 45.8% | -1.8% |
| 净利润同比 | -314.9% | -75.2% |
| 每股收益（稀释后） | $-0.05 | — |
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MNKDRMAX
| Q4 25 | $112.0M | $71.1M | ||
| Q3 25 | $82.1M | $73.2M | ||
| Q2 25 | $76.5M | $72.8M | ||
| Q1 25 | $78.4M | $74.5M | ||
| Q4 24 | $76.8M | $72.5M | ||
| Q3 24 | $70.1M | $78.5M | ||
| Q2 24 | $72.4M | $78.5M | ||
| Q1 24 | $66.3M | $78.3M |
净利润MNKDRMAX
| Q4 25 | $-15.9M | $1.4M | ||
| Q3 25 | $8.0M | $4.0M | ||
| Q2 25 | $668.0K | $4.7M | ||
| Q1 25 | $13.2M | $-2.0M | ||
| Q4 24 | $7.4M | $5.8M | ||
| Q3 24 | $11.6M | $966.0K | ||
| Q2 24 | $-2.0M | $3.7M | ||
| Q1 24 | $10.6M | $-3.4M |
毛利率MNKDRMAX
| Q4 25 | 87.6% | — | ||
| Q3 25 | 94.5% | — | ||
| Q2 25 | 94.0% | — | ||
| Q1 25 | 95.2% | — | ||
| Q4 24 | 93.7% | — | ||
| Q3 24 | 95.4% | — | ||
| Q2 24 | 92.3% | — | ||
| Q1 24 | 94.2% | — |
营业利润率MNKDRMAX
| Q4 25 | -6.9% | 13.1% | ||
| Q3 25 | 23.0% | 25.0% | ||
| Q2 25 | 6.9% | 19.3% | ||
| Q1 25 | 28.5% | 7.2% | ||
| Q4 24 | 34.5% | 5.9% | ||
| Q3 24 | 18.2% | 19.4% | ||
| Q2 24 | 22.9% | 20.6% | ||
| Q1 24 | 25.2% | 5.8% |
净利率MNKDRMAX
| Q4 25 | -14.2% | 2.0% | ||
| Q3 25 | 9.7% | 5.4% | ||
| Q2 25 | 0.9% | 6.4% | ||
| Q1 25 | 16.8% | -2.6% | ||
| Q4 24 | 9.7% | 8.0% | ||
| Q3 24 | 16.5% | 1.2% | ||
| Q2 24 | -2.8% | 4.7% | ||
| Q1 24 | 16.0% | -4.3% |
每股收益（稀释后）MNKDRMAX
| Q4 25 | $-0.05 | — | ||
| Q3 25 | $0.03 | — | ||
| Q2 25 | $0.00 | — | ||
| Q1 25 | $0.04 | — | ||
| Q4 24 | $0.03 | — | ||
| Q3 24 | $0.04 | — | ||
| Q2 24 | $-0.01 | — | ||
| Q1 24 | $0.04 | — |
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 | $171.3M | $118.7M |
| 总债务越低越好 | $354.6M | $432.2M |
| 股东权益账面价值 | $-51.0M | $452.4M |
| 总资产 | $792.2M | $582.5M |
| 负债/权益比越低杠杆越低 | — | 0.96× |
8季度趋势，按日历期对齐
现金及短期投资MNKDRMAX
| Q4 25 | $171.3M | $118.7M | ||
| Q3 25 | $260.0M | $107.5M | ||
| Q2 25 | $179.0M | $94.3M | ||
| Q1 25 | $181.5M | $89.1M | ||
| Q4 24 | $197.3M | $96.6M | ||
| Q3 24 | $251.6M | $83.8M | ||
| Q2 24 | $247.8M | $66.1M | ||
| Q1 24 | $300.7M | $82.1M |
总债务MNKDRMAX
| Q4 25 | $354.6M | $432.2M | ||
| Q3 25 | $109.7M | $433.3M | ||
| Q2 25 | $36.2M | $434.4M | ||
| Q1 25 | $36.1M | $435.3M | ||
| Q4 24 | $36.1M | $436.2M | ||
| Q3 24 | $227.9M | $437.2M | ||
| Q2 24 | $227.6M | $438.1M | ||
| Q1 24 | $264.1M | $439.0M |
股东权益MNKDRMAX
| Q4 25 | $-51.0M | $452.4M | ||
| Q3 25 | $-44.6M | $448.1M | ||
| Q2 25 | $-55.0M | $442.4M | ||
| Q1 25 | $-58.6M | $433.5M | ||
| Q4 24 | $-78.8M | $429.5M | ||
| Q3 24 | $-209.9M | $423.1M | ||
| Q2 24 | $-225.8M | $418.4M | ||
| Q1 24 | $-230.0M | $412.0M |
总资产MNKDRMAX
| Q4 25 | $792.2M | $582.5M | ||
| Q3 25 | $494.6M | $582.2M | ||
| Q2 25 | $411.7M | $574.8M | ||
| Q1 25 | $410.1M | $571.4M | ||
| Q4 24 | $393.8M | $581.6M | ||
| Q3 24 | $464.2M | $578.6M | ||
| Q2 24 | $443.8M | $571.4M | ||
| Q1 24 | $480.9M | $566.7M |
负债/权益比MNKDRMAX
| Q4 25 | — | 0.96× | ||
| Q3 25 | — | 0.97× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | — | 1.00× | ||
| Q4 24 | — | 1.02× | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.07× |
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 | $-8.0M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $-10.0M | $33.5M |
| 自由现金流率自由现金流/营收 | -8.9% | 47.1% |
| 资本支出强度资本支出/营收 | 1.8% | 10.4% |
| 现金转化率经营现金流/净利润 | — | 28.39× |
| 过去12个月自由现金流最近4个季度 | $13.7M | $56.8M |
8季度趋势，按日历期对齐
经营现金流MNKDRMAX
| Q4 25 | $-8.0M | $40.9M | ||
| Q3 25 | $23.6M | $17.7M | ||
| Q2 25 | $8.9M | $4.6M | ||
| Q1 25 | $-6.4M | $5.7M | ||
| Q4 24 | $22.6M | $59.7M | ||
| Q3 24 | $9.3M | $17.6M | ||
| Q2 24 | $3.8M | $15.9M | ||
| Q1 24 | $6.7M | $9.4M |
自由现金流MNKDRMAX
| Q4 25 | $-10.0M | $33.5M | ||
| Q3 25 | $22.5M | $16.4M | ||
| Q2 25 | $7.8M | $2.9M | ||
| Q1 25 | $-6.7M | $4.0M | ||
| Q4 24 | $19.7M | $53.0M | ||
| Q3 24 | $7.9M | $16.3M | ||
| Q2 24 | $861.0K | $14.0M | ||
| Q1 24 | $4.3M | $6.8M |
自由现金流率MNKDRMAX
| Q4 25 | -8.9% | 47.1% | ||
| Q3 25 | 27.4% | 22.4% | ||
| Q2 25 | 10.2% | 4.0% | ||
| Q1 25 | -8.6% | 5.3% | ||
| Q4 24 | 25.7% | 73.2% | ||
| Q3 24 | 11.3% | 20.8% | ||
| Q2 24 | 1.2% | 17.8% | ||
| Q1 24 | 6.5% | 8.6% |
资本支出强度MNKDRMAX
| Q4 25 | 1.8% | 10.4% | ||
| Q3 25 | 1.4% | 1.8% | ||
| Q2 25 | 1.5% | 2.2% | ||
| Q1 25 | 0.4% | 2.3% | ||
| Q4 24 | 3.8% | 9.1% | ||
| Q3 24 | 2.0% | 1.7% | ||
| Q2 24 | 4.1% | 2.4% | ||
| Q1 24 | 3.6% | 3.3% |
现金转化率MNKDRMAX
| Q4 25 | — | 28.39× | ||
| Q3 25 | 2.96× | 4.45× | ||
| Q2 25 | 13.40× | 0.97× | ||
| Q1 25 | -0.48× | — | ||
| Q4 24 | 3.05× | 10.28× | ||
| Q3 24 | 0.81× | 18.22× | ||
| Q2 24 | — | 4.29× | ||
| Q1 24 | 0.63× | — |
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
MNKD
| Products | $50.4M | 45% |
| Royalty | $33.6M | 30% |
| Afrezza | $22.9M | 20% |
| V Go | $4.3M | 4% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
