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微宏控股（MVST）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
微宏控股的季度营收约是RE/MAX Holdings, Inc.的1.4倍（$96.4M vs $71.1M），微宏控股净利率更高（17.2% vs 2.0%，领先15.1%），RE/MAX Holdings, Inc.同比增速更快（-1.8% vs -15.0%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $15.8M），过去两年微宏控股的营收复合增速更高（8.9% vs -4.7%）
微宏控股是一家电池科技企业，总部位于美国得克萨斯州斯塔福德，在纳斯达克上市。公司主要面向商用电动汽车与并网储能系统，设计、研发并生产电池组件及电池系统，目前在美国、中国、德国均设有生产基地。
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。
MVST vs RMAX — 直观对比
营收规模更大
MVST
是对方的1.4倍
$71.1M
营收增速更快
RMAX
高出13.1%
-15.0%
净利率更高
MVST
高出15.1%
2.0%
自由现金流更多
RMAX
多$17.7M
$15.8M
两年增速更快
MVST
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $96.4M | $71.1M |
| 净利润 | $16.5M | $1.4M |
| 毛利率 | 1.0% | — |
| 营业利润率 | -42.7% | 13.1% |
| 净利率 | 17.2% | 2.0% |
| 营收同比 | -15.0% | -1.8% |
| 净利润同比 | 120.1% | -75.2% |
| 每股收益（稀释后） | $0.19 | — |
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MVSTRMAX
| Q4 25 | $96.4M | $71.1M | ||
| Q3 25 | $123.3M | $73.2M | ||
| Q2 25 | $91.3M | $72.8M | ||
| Q1 25 | $116.5M | $74.5M | ||
| Q4 24 | $113.4M | $72.5M | ||
| Q3 24 | $101.4M | $78.5M | ||
| Q2 24 | $83.7M | $78.5M | ||
| Q1 24 | $81.4M | $78.3M |
净利润MVSTRMAX
| Q4 25 | $16.5M | $1.4M | ||
| Q3 25 | $-1.5M | $4.0M | ||
| Q2 25 | $-106.1M | $4.7M | ||
| Q1 25 | $61.8M | $-2.0M | ||
| Q4 24 | $-82.3M | $5.8M | ||
| Q3 24 | $13.2M | $966.0K | ||
| Q2 24 | $-101.6M | $3.7M | ||
| Q1 24 | $-24.8M | $-3.4M |
毛利率MVSTRMAX
| Q4 25 | 1.0% | — | ||
| Q3 25 | 37.6% | — | ||
| Q2 25 | 34.7% | — | ||
| Q1 25 | 36.9% | — | ||
| Q4 24 | 36.6% | — | ||
| Q3 24 | 33.2% | — | ||
| Q2 24 | 32.5% | — | ||
| Q1 24 | 21.2% | — |
营业利润率MVSTRMAX
| Q4 25 | -42.7% | 13.1% | ||
| Q3 25 | 10.5% | 25.0% | ||
| Q2 25 | 17.8% | 19.3% | ||
| Q1 25 | 16.3% | 7.2% | ||
| Q4 24 | -1.2% | 5.9% | ||
| Q3 24 | 7.1% | 19.4% | ||
| Q2 24 | -118.0% | 20.6% | ||
| Q1 24 | -28.4% | 5.8% |
净利率MVSTRMAX
| Q4 25 | 17.2% | 2.0% | ||
| Q3 25 | -1.2% | 5.4% | ||
| Q2 25 | -116.1% | 6.4% | ||
| Q1 25 | 53.0% | -2.6% | ||
| Q4 24 | -72.6% | 8.0% | ||
| Q3 24 | 13.1% | 1.2% | ||
| Q2 24 | -121.4% | 4.7% | ||
| Q1 24 | -30.5% | -4.3% |
每股收益（稀释后）MVSTRMAX
| Q4 25 | $0.19 | — | ||
| Q3 25 | $0.00 | — | ||
| Q2 25 | $-0.33 | — | ||
| Q1 25 | $0.05 | — | ||
| Q4 24 | $-0.24 | — | ||
| Q3 24 | $0.03 | — | ||
| Q2 24 | $-0.32 | — | ||
| Q1 24 | $-0.08 | — |
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 | $105.0M | $118.7M |
| 总债务越低越好 | $13.2M | $432.2M |
| 股东权益账面价值 | $410.5M | $452.4M |
| 总资产 | $1.0B | $582.5M |
| 负债/权益比越低杠杆越低 | 0.03× | 0.96× |
8季度趋势，按日历期对齐
现金及短期投资MVSTRMAX
| Q4 25 | $105.0M | $118.7M | ||
| Q3 25 | $90.7M | $107.5M | ||
| Q2 25 | $99.7M | $94.3M | ||
| Q1 25 | $90.9M | $89.1M | ||
| Q4 24 | $73.0M | $96.6M | ||
| Q3 24 | $63.6M | $83.8M | ||
| Q2 24 | $68.2M | $66.1M | ||
| Q1 24 | $39.5M | $82.1M |
总债务MVSTRMAX
| Q4 25 | $13.2M | $432.2M | ||
| Q3 25 | $34.4M | $433.3M | ||
| Q2 25 | $34.2M | $434.4M | ||
| Q1 25 | $41.3M | $435.3M | ||
| Q4 24 | $41.1M | $436.2M | ||
| Q3 24 | $53.4M | $437.2M | ||
| Q2 24 | $34.2M | $438.1M | ||
| Q1 24 | $43.0M | $439.0M |
股东权益MVSTRMAX
| Q4 25 | $410.5M | $452.4M | ||
| Q3 25 | $358.1M | $448.1M | ||
| Q2 25 | $356.1M | $442.4M | ||
| Q1 25 | $454.2M | $433.5M | ||
| Q4 24 | $387.9M | $429.5M | ||
| Q3 24 | $486.1M | $423.1M | ||
| Q2 24 | $455.0M | $418.4M | ||
| Q1 24 | $546.1M | $412.0M |
总资产MVSTRMAX
| Q4 25 | $1.0B | $582.5M | ||
| Q3 25 | $1.0B | $582.2M | ||
| Q2 25 | $1.0B | $574.8M | ||
| Q1 25 | $982.9M | $571.4M | ||
| Q4 24 | $951.9M | $581.6M | ||
| Q3 24 | $997.9M | $578.6M | ||
| Q2 24 | $961.4M | $571.4M | ||
| Q1 24 | $1.0B | $566.7M |
负债/权益比MVSTRMAX
| Q4 25 | 0.03× | 0.96× | ||
| Q3 25 | 0.10× | 0.97× | ||
| Q2 25 | 0.10× | 0.98× | ||
| Q1 25 | 0.09× | 1.00× | ||
| Q4 24 | 0.11× | 1.02× | ||
| Q3 24 | 0.11× | 1.03× | ||
| Q2 24 | 0.08× | 1.05× | ||
| Q1 24 | 0.08× | 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 | $16.4M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $15.8M | $33.5M |
| 自由现金流率自由现金流/营收 | 16.4% | 47.1% |
| 资本支出强度资本支出/营收 | 0.7% | 10.4% |
| 现金转化率经营现金流/净利润 | 0.99× | 28.39× |
| 过去12个月自由现金流最近4个季度 | $56.1M | $56.8M |
8季度趋势，按日历期对齐
经营现金流MVSTRMAX
| Q4 25 | $16.4M | $40.9M | ||
| Q3 25 | $15.2M | $17.7M | ||
| Q2 25 | $37.2M | $4.6M | ||
| Q1 25 | $7.2M | $5.7M | ||
| Q4 24 | $6.1M | $59.7M | ||
| Q3 24 | $-5.4M | $17.6M | ||
| Q2 24 | $111.0K | $15.9M | ||
| Q1 24 | $2.0M | $9.4M |
自由现金流MVSTRMAX
| Q4 25 | $15.8M | $33.5M | ||
| Q3 25 | $1.2M | $16.4M | ||
| Q2 25 | $34.3M | $2.9M | ||
| Q1 25 | $4.8M | $4.0M | ||
| Q4 24 | $5.7M | $53.0M | ||
| Q3 24 | $-19.6M | $16.3M | ||
| Q2 24 | $-2.8M | $14.0M | ||
| Q1 24 | $-8.2M | $6.8M |
自由现金流率MVSTRMAX
| Q4 25 | 16.4% | 47.1% | ||
| Q3 25 | 1.0% | 22.4% | ||
| Q2 25 | 37.5% | 4.0% | ||
| Q1 25 | 4.1% | 5.3% | ||
| Q4 24 | 5.1% | 73.2% | ||
| Q3 24 | -19.3% | 20.8% | ||
| Q2 24 | -3.4% | 17.8% | ||
| Q1 24 | -10.1% | 8.6% |
资本支出强度MVSTRMAX
| Q4 25 | 0.7% | 10.4% | ||
| Q3 25 | 11.3% | 1.8% | ||
| Q2 25 | 3.1% | 2.2% | ||
| Q1 25 | 2.0% | 2.3% | ||
| Q4 24 | 0.3% | 9.1% | ||
| Q3 24 | 14.0% | 1.7% | ||
| Q2 24 | 3.5% | 2.4% | ||
| Q1 24 | 12.6% | 3.3% |
现金转化率MVSTRMAX
| Q4 25 | 0.99× | 28.39× | ||
| Q3 25 | — | 4.45× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | 0.12× | — | ||
| Q4 24 | — | 10.28× | ||
| Q3 24 | -0.41× | 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
MVST
| Europe | $35.1M | 36% |
| CN | $32.5M | 34% |
| US | $21.5M | 22% |
| Other | $7.2M | 8% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
