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微策略（MSTR）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
微策略的季度营收约是RE/MAX Holdings, Inc.的1.7倍（$123.0M vs $71.1M），微策略同比增速更快（1.9% vs -1.8%），过去两年微策略的营收复合增速更高（3.3% vs -4.7%）
Strategy Inc（原名为微策略）是1989年成立的美国上市企业，主营商业智能与移动软件业务，旗下产品可帮助企业分析内外部数据以支撑经营决策，还可用于移动应用开发，总部位于弗吉尼亚州泰森斯角，商业分析赛道核心竞品包括SAP等。
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。
MSTR vs RMAX — 直观对比
营收规模更大
MSTR
是对方的1.7倍
$71.1M
营收增速更快
MSTR
高出3.7%
-1.8%
两年增速更快
MSTR
近两年复合增速
-4.7%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $123.0M | $71.1M |
| 净利润 | — | $1.4M |
| 毛利率 | 66.1% | — |
| 营业利润率 | — | 13.1% |
| 净利率 | — | 2.0% |
| 营收同比 | 1.9% | -1.8% |
| 净利润同比 | — | -75.2% |
| 每股收益（稀释后） | — | — |
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MSTRRMAX
| Q4 25 | $123.0M | $71.1M | ||
| Q3 25 | $128.7M | $73.2M | ||
| Q2 25 | $114.5M | $72.8M | ||
| Q1 25 | $111.1M | $74.5M | ||
| Q4 24 | $120.7M | $72.5M | ||
| Q3 24 | $116.1M | $78.5M | ||
| Q2 24 | $111.4M | $78.5M | ||
| Q1 24 | $115.2M | $78.3M |
净利润MSTRRMAX
| Q4 25 | — | $1.4M | ||
| Q3 25 | $2.8B | $4.0M | ||
| Q2 25 | $10.0B | $4.7M | ||
| Q1 25 | $-4.2B | $-2.0M | ||
| Q4 24 | $-670.8M | $5.8M | ||
| Q3 24 | $-340.2M | $966.0K | ||
| Q2 24 | $-102.6M | $3.7M | ||
| Q1 24 | $-53.1M | $-3.4M |
毛利率MSTRRMAX
| Q4 25 | 66.1% | — | ||
| Q3 25 | 70.5% | — | ||
| Q2 25 | 68.8% | — | ||
| Q1 25 | 69.4% | — | ||
| Q4 24 | 71.7% | — | ||
| Q3 24 | 70.4% | — | ||
| Q2 24 | 72.2% | — | ||
| Q1 24 | 74.0% | — |
营业利润率MSTRRMAX
| Q4 25 | — | 13.1% | ||
| Q3 25 | — | 25.0% | ||
| Q2 25 | — | 19.3% | ||
| Q1 25 | -5331.4% | 7.2% | ||
| Q4 24 | -842.1% | 5.9% | ||
| Q3 24 | -372.7% | 19.4% | ||
| Q2 24 | -179.7% | 20.6% | ||
| Q1 24 | -176.8% | 5.8% |
净利率MSTRRMAX
| Q4 25 | — | 2.0% | ||
| Q3 25 | 2164.1% | 5.4% | ||
| Q2 25 | 8752.7% | 6.4% | ||
| Q1 25 | -3797.2% | -2.6% | ||
| Q4 24 | -555.8% | 8.0% | ||
| Q3 24 | -293.1% | 1.2% | ||
| Q2 24 | -92.0% | 4.7% | ||
| Q1 24 | -46.1% | -4.3% |
每股收益（稀释后）MSTRRMAX
| Q4 25 | — | — | ||
| Q3 25 | $8.42 | — | ||
| Q2 25 | $32.60 | — | ||
| Q1 25 | $-16.49 | — | ||
| Q4 24 | $4.49 | — | ||
| Q3 24 | $-1.72 | — | ||
| Q2 24 | $-0.57 | — | ||
| Q1 24 | $-0.31 | — |
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 | $2.3B | $118.7M |
| 总债务越低越好 | $8.2B | $432.2M |
| 股东权益账面价值 | $44.1B | $452.4M |
| 总资产 | $61.6B | $582.5M |
| 负债/权益比越低杠杆越低 | 0.19× | 0.96× |
8季度趋势，按日历期对齐
现金及短期投资MSTRRMAX
| Q4 25 | $2.3B | $118.7M | ||
| Q3 25 | $54.3M | $107.5M | ||
| Q2 25 | $50.1M | $94.3M | ||
| Q1 25 | $60.3M | $89.1M | ||
| Q4 24 | $38.1M | $96.6M | ||
| Q3 24 | $46.3M | $83.8M | ||
| Q2 24 | $66.9M | $66.1M | ||
| Q1 24 | $81.3M | $82.1M |
总债务MSTRRMAX
| Q4 25 | $8.2B | $432.2M | ||
| Q3 25 | $8.2B | $433.3M | ||
| Q2 25 | $8.2B | $434.4M | ||
| Q1 25 | $8.1B | $435.3M | ||
| Q4 24 | $7.2B | $436.2M | ||
| Q3 24 | $4.2B | $437.2M | ||
| Q2 24 | $3.8B | $438.1M | ||
| Q1 24 | $3.6B | $439.0M |
股东权益MSTRRMAX
| Q4 25 | $44.1B | $452.4M | ||
| Q3 25 | $52.3B | $448.1M | ||
| Q2 25 | $47.5B | $442.4M | ||
| Q1 25 | $32.2B | $433.5M | ||
| Q4 24 | $18.2B | $429.5M | ||
| Q3 24 | $3.8B | $423.1M | ||
| Q2 24 | $2.8B | $418.4M | ||
| Q1 24 | $2.4B | $412.0M |
总资产MSTRRMAX
| Q4 25 | $61.6B | $582.5M | ||
| Q3 25 | $73.6B | $582.2M | ||
| Q2 25 | $64.8B | $574.8M | ||
| Q1 25 | $43.9B | $571.4M | ||
| Q4 24 | $25.8B | $581.6M | ||
| Q3 24 | $8.3B | $578.6M | ||
| Q2 24 | $7.1B | $571.4M | ||
| Q1 24 | $6.4B | $566.7M |
负债/权益比MSTRRMAX
| Q4 25 | 0.19× | 0.96× | ||
| Q3 25 | 0.16× | 0.97× | ||
| Q2 25 | 0.17× | 0.98× | ||
| Q1 25 | 0.25× | 1.00× | ||
| Q4 24 | 0.39× | 1.02× | ||
| Q3 24 | 1.12× | 1.03× | ||
| Q2 24 | 1.36× | 1.05× | ||
| Q1 24 | 1.48× | 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 | — | $40.9M |
| 自由现金流经营现金流 - 资本支出 | — | $33.5M |
| 自由现金流率自由现金流/营收 | — | 47.1% |
| 资本支出强度资本支出/营收 | — | 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 | — | $56.8M |
8季度趋势，按日历期对齐
经营现金流MSTRRMAX
| Q4 25 | — | $40.9M | ||
| Q3 25 | $-8.3M | $17.7M | ||
| Q2 25 | $-34.9M | $4.6M | ||
| Q1 25 | $-2.4M | $5.7M | ||
| Q4 24 | $-17.3M | $59.7M | ||
| Q3 24 | $-41.0M | $17.6M | ||
| Q2 24 | $-23.3M | $15.9M | ||
| Q1 24 | $28.6M | $9.4M |
自由现金流MSTRRMAX
| Q4 25 | — | $33.5M | ||
| Q3 25 | $-11.1M | $16.4M | ||
| Q2 25 | $-37.0M | $2.9M | ||
| Q1 25 | $-5.1M | $4.0M | ||
| Q4 24 | $-17.6M | $53.0M | ||
| Q3 24 | $-41.4M | $16.3M | ||
| Q2 24 | $-24.1M | $14.0M | ||
| Q1 24 | $27.0M | $6.8M |
自由现金流率MSTRRMAX
| Q4 25 | — | 47.1% | ||
| Q3 25 | -8.6% | 22.4% | ||
| Q2 25 | -32.3% | 4.0% | ||
| Q1 25 | -4.6% | 5.3% | ||
| Q4 24 | -14.6% | 73.2% | ||
| Q3 24 | -35.7% | 20.8% | ||
| Q2 24 | -21.6% | 17.8% | ||
| Q1 24 | 23.5% | 8.6% |
资本支出强度MSTRRMAX
| Q4 25 | — | 10.4% | ||
| Q3 25 | 2.2% | 1.8% | ||
| Q2 25 | 1.8% | 2.2% | ||
| Q1 25 | 2.5% | 2.3% | ||
| Q4 24 | 0.2% | 9.1% | ||
| Q3 24 | 0.4% | 1.7% | ||
| Q2 24 | 0.6% | 2.4% | ||
| Q1 24 | 1.3% | 3.3% |
现金转化率MSTRRMAX
| Q4 25 | — | 28.39× | ||
| Q3 25 | -0.00× | 4.45× | ||
| Q2 25 | -0.00× | 0.97× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 10.28× | ||
| 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
MSTR
暂无分部数据
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
