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National Bank Holdings Corp（NBHC）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
National Bank Holdings Corp的季度营收约是RE/MAX Holdings, Inc.的1.8倍（$126.8M vs $71.1M），National Bank Holdings Corp净利率更高（16.4% vs 2.0%，领先14.4%），过去两年National Bank Holdings Corp的营收复合增速更高（14.0% vs -4.7%）
这是一家美国区域性银行控股集团，目前在伊利诺伊、印第安纳等八个美国州布局营业网点，拥有近250个金融服务中心与约200家零售分行，总资产达485亿美元。它是总部位于印第安纳州的最大银行控股公司，也跻身美国银行业三十强之列。
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。
NBHC vs RMAX — 直观对比
营收规模更大
NBHC
是对方的1.8倍
$71.1M
净利率更高
NBHC
高出14.4%
2.0%
两年增速更快
NBHC
近两年复合增速
-4.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $126.8M | $71.1M |
| 净利润 | $20.8M | $1.4M |
| 毛利率 | — | — |
| 营业利润率 | — | 13.1% |
| 净利率 | 16.4% | 2.0% |
| 营收同比 | — | -1.8% |
| 净利润同比 | -14.2% | -75.2% |
| 每股收益（稀释后） | $0.46 | — |
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NBHCRMAX
| Q1 26 | $126.8M | — | ||
| Q4 25 | $100.6M | $71.1M | ||
| Q3 25 | $108.9M | $73.2M | ||
| Q2 25 | $104.5M | $72.8M | ||
| Q1 25 | $102.1M | $74.5M | ||
| Q4 24 | $101.3M | $72.5M | ||
| Q3 24 | $106.0M | $78.5M | ||
| Q2 24 | $97.6M | $78.5M |
净利润NBHCRMAX
| Q1 26 | $20.8M | — | ||
| Q4 25 | $16.0M | $1.4M | ||
| Q3 25 | $35.3M | $4.0M | ||
| Q2 25 | $34.0M | $4.7M | ||
| Q1 25 | $24.2M | $-2.0M | ||
| Q4 24 | $28.2M | $5.8M | ||
| Q3 24 | $33.1M | $966.0K | ||
| Q2 24 | $26.1M | $3.7M |
营业利润率NBHCRMAX
| Q1 26 | — | — | ||
| Q4 25 | 19.0% | 13.1% | ||
| Q3 25 | 39.6% | 25.0% | ||
| Q2 25 | 39.8% | 19.3% | ||
| Q1 25 | 29.2% | 7.2% | ||
| Q4 24 | 34.3% | 5.9% | ||
| Q3 24 | 37.6% | 19.4% | ||
| Q2 24 | 32.5% | 20.6% |
净利率NBHCRMAX
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.9% | 2.0% | ||
| Q3 25 | 32.4% | 5.4% | ||
| Q2 25 | 32.6% | 6.4% | ||
| Q1 25 | 23.7% | -2.6% | ||
| Q4 24 | 27.8% | 8.0% | ||
| Q3 24 | 31.2% | 1.2% | ||
| Q2 24 | 26.8% | 4.7% |
每股收益（稀释后）NBHCRMAX
| Q1 26 | $0.46 | — | ||
| Q4 25 | $0.42 | — | ||
| Q3 25 | $0.92 | — | ||
| Q2 25 | $0.88 | — | ||
| Q1 25 | $0.63 | — | ||
| Q4 24 | $0.72 | — | ||
| Q3 24 | $0.86 | — | ||
| Q2 24 | $0.68 | — |
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 | $472.8M | $118.7M |
| 总债务越低越好 | $202.1M | $432.2M |
| 股东权益账面价值 | $1.7B | $452.4M |
| 总资产 | $12.6B | $582.5M |
| 负债/权益比越低杠杆越低 | 0.12× | 0.96× |
8季度趋势，按日历期对齐
现金及短期投资NBHCRMAX
| Q1 26 | $472.8M | — | ||
| Q4 25 | $417.1M | $118.7M | ||
| Q3 25 | $555.6M | $107.5M | ||
| Q2 25 | $296.5M | $94.3M | ||
| Q1 25 | $246.3M | $89.1M | ||
| Q4 24 | $127.8M | $96.6M | ||
| Q3 24 | $180.8M | $83.8M | ||
| Q2 24 | $145.0M | $66.1M |
总债务NBHCRMAX
| Q1 26 | $202.1M | — | ||
| Q4 25 | $54.5M | $432.2M | ||
| Q3 25 | $54.7M | $433.3M | ||
| Q2 25 | $54.4M | $434.4M | ||
| Q1 25 | $54.6M | $435.3M | ||
| Q4 24 | $54.5M | $436.2M | ||
| Q3 24 | $54.4M | $437.2M | ||
| Q2 24 | $54.4M | $438.1M |
股东权益NBHCRMAX
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.4B | $452.4M | ||
| Q3 25 | $1.4B | $448.1M | ||
| Q2 25 | $1.4B | $442.4M | ||
| Q1 25 | $1.3B | $433.5M | ||
| Q4 24 | $1.3B | $429.5M | ||
| Q3 24 | $1.3B | $423.1M | ||
| Q2 24 | $1.2B | $418.4M |
总资产NBHCRMAX
| Q1 26 | $12.6B | — | ||
| Q4 25 | $9.9B | $582.5M | ||
| Q3 25 | $10.2B | $582.2M | ||
| Q2 25 | $10.0B | $574.8M | ||
| Q1 25 | $10.1B | $571.4M | ||
| Q4 24 | $9.8B | $581.6M | ||
| Q3 24 | $10.0B | $578.6M | ||
| Q2 24 | $10.0B | $571.4M |
负债/权益比NBHCRMAX
| Q1 26 | 0.12× | — | ||
| Q4 25 | 0.04× | 0.96× | ||
| Q3 25 | 0.04× | 0.97× | ||
| Q2 25 | 0.04× | 0.98× | ||
| Q1 25 | 0.04× | 1.00× | ||
| Q4 24 | 0.04× | 1.02× | ||
| Q3 24 | 0.04× | 1.03× | ||
| Q2 24 | 0.04× | 1.05× |
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NBHCRMAX
| Q1 26 | — | — | ||
| Q4 25 | $162.4M | $40.9M | ||
| Q3 25 | $52.4M | $17.7M | ||
| Q2 25 | $32.3M | $4.6M | ||
| Q1 25 | $39.6M | $5.7M | ||
| Q4 24 | $155.3M | $59.7M | ||
| Q3 24 | $47.0M | $17.6M | ||
| Q2 24 | $31.9M | $15.9M |
自由现金流NBHCRMAX
| Q1 26 | — | — | ||
| Q4 25 | — | $33.5M | ||
| Q3 25 | — | $16.4M | ||
| Q2 25 | — | $2.9M | ||
| Q1 25 | — | $4.0M | ||
| Q4 24 | — | $53.0M | ||
| Q3 24 | — | $16.3M | ||
| Q2 24 | — | $14.0M |
自由现金流率NBHCRMAX
| Q1 26 | — | — | ||
| Q4 25 | — | 47.1% | ||
| Q3 25 | — | 22.4% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 5.3% | ||
| Q4 24 | — | 73.2% | ||
| Q3 24 | — | 20.8% | ||
| Q2 24 | — | 17.8% |
资本支出强度NBHCRMAX
| Q1 26 | — | — | ||
| Q4 25 | — | 10.4% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 9.1% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 2.4% |
现金转化率NBHCRMAX
| Q1 26 | — | — | ||
| Q4 25 | 10.13× | 28.39× | ||
| Q3 25 | 1.48× | 4.45× | ||
| Q2 25 | 0.95× | 0.97× | ||
| Q1 25 | 1.64× | — | ||
| Q4 24 | 5.51× | 10.28× | ||
| Q3 24 | 1.42× | 18.22× | ||
| Q2 24 | 1.22× | 4.29× |
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
NBHC
| Net Interest Income | $108.8M | 86% |
| Noninterest Income | $18.0M | 14% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
