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National CineMedia, Inc.（NCMI）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
RE/MAX Holdings, Inc.的季度营收约是National CineMedia, Inc.的1.1倍（$71.1M vs $63.4M），National CineMedia, Inc.净利率更高（2.5% vs 2.0%，领先0.5%），National CineMedia, Inc.同比增速更快（1.6% vs -1.8%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $-2.0M），过去两年RE/MAX Holdings, Inc.的营收复合增速更高（-4.7% vs -16.4%）
国家影院传媒是一家美国影院广告企业，依托由AMC、喜满客、 regal等头部连锁影院及区域影院院线组成的影院数字化网络，面向美国消费者，在影院场地、线上渠道以及移动端开展影院广告业务，是美国影院广告领域的核心运营商。
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。
NCMI vs RMAX — 直观对比
营收规模更大
RMAX
是对方的1.1倍
$63.4M
营收增速更快
NCMI
高出3.4%
-1.8%
净利率更高
NCMI
高出0.5%
2.0%
自由现金流更多
RMAX
多$35.5M
$-2.0M
两年增速更快
RMAX
近两年复合增速
-16.4%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $63.4M | $71.1M |
| 净利润 | $1.6M | $1.4M |
| 毛利率 | 95.0% | — |
| 营业利润率 | -2.8% | 13.1% |
| 净利率 | 2.5% | 2.0% |
| 营收同比 | 1.6% | -1.8% |
| 净利润同比 | 144.4% | -75.2% |
| 每股收益（稀释后） | $0.02 | — |
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NCMIRMAX
| Q4 25 | — | $71.1M | ||
| Q3 25 | $63.4M | $73.2M | ||
| Q2 25 | $51.8M | $72.8M | ||
| Q1 25 | $34.9M | $74.5M | ||
| Q4 24 | $86.3M | $72.5M | ||
| Q3 24 | $62.4M | $78.5M | ||
| Q2 24 | $54.7M | $78.5M | ||
| Q1 24 | $37.4M | $78.3M |
净利润NCMIRMAX
| Q4 25 | — | $1.4M | ||
| Q3 25 | $1.6M | $4.0M | ||
| Q2 25 | $-10.7M | $4.7M | ||
| Q1 25 | $-30.7M | $-2.0M | ||
| Q4 24 | $24.7M | $5.8M | ||
| Q3 24 | $-3.6M | $966.0K | ||
| Q2 24 | $-8.7M | $3.7M | ||
| Q1 24 | $-34.7M | $-3.4M |
毛利率NCMIRMAX
| Q4 25 | — | — | ||
| Q3 25 | 95.0% | — | ||
| Q2 25 | 93.8% | — | ||
| Q1 25 | 91.1% | — | ||
| Q4 24 | 96.4% | — | ||
| Q3 24 | 94.7% | — | ||
| Q2 24 | 93.2% | — | ||
| Q1 24 | 90.4% | — |
营业利润率NCMIRMAX
| Q4 25 | — | 13.1% | ||
| Q3 25 | -2.8% | 25.0% | ||
| Q2 25 | -23.2% | 19.3% | ||
| Q1 25 | -68.5% | 7.2% | ||
| Q4 24 | 23.2% | 5.9% | ||
| Q3 24 | -12.0% | 19.4% | ||
| Q2 24 | -17.0% | 20.6% | ||
| Q1 24 | -60.7% | 5.8% |
净利率NCMIRMAX
| Q4 25 | — | 2.0% | ||
| Q3 25 | 2.5% | 5.4% | ||
| Q2 25 | -20.7% | 6.4% | ||
| Q1 25 | -88.0% | -2.6% | ||
| Q4 24 | 28.6% | 8.0% | ||
| Q3 24 | -5.8% | 1.2% | ||
| Q2 24 | -15.9% | 4.7% | ||
| Q1 24 | -92.8% | -4.3% |
每股收益（稀释后）NCMIRMAX
| Q4 25 | — | — | ||
| Q3 25 | $0.02 | — | ||
| Q2 25 | $-0.11 | — | ||
| Q1 25 | $-0.32 | — | ||
| Q4 24 | $0.26 | — | ||
| Q3 24 | $-0.04 | — | ||
| Q2 24 | $-0.09 | — | ||
| Q1 24 | $-0.36 | — |
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 | $29.9M | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | $350.5M | $452.4M |
| 总资产 | $451.9M | $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NCMIRMAX
| Q4 25 | — | $118.7M | ||
| Q3 25 | $29.9M | $107.5M | ||
| Q2 25 | $37.2M | $94.3M | ||
| Q1 25 | $59.8M | $89.1M | ||
| Q4 24 | $75.2M | $96.6M | ||
| Q3 24 | $49.5M | $83.8M | ||
| Q2 24 | $53.8M | $66.1M | ||
| Q1 24 | $57.1M | $82.1M |
总债务NCMIRMAX
| Q4 25 | — | $432.2M | ||
| Q3 25 | — | $433.3M | ||
| Q2 25 | — | $434.4M | ||
| Q1 25 | — | $435.3M | ||
| Q4 24 | — | $436.2M | ||
| Q3 24 | — | $437.2M | ||
| Q2 24 | — | $438.1M | ||
| Q1 24 | — | $439.0M |
股东权益NCMIRMAX
| Q4 25 | — | $452.4M | ||
| Q3 25 | $350.5M | $448.1M | ||
| Q2 25 | $350.0M | $442.4M | ||
| Q1 25 | $370.8M | $433.5M | ||
| Q4 24 | $411.2M | $429.5M | ||
| Q3 24 | $385.5M | $423.1M | ||
| Q2 24 | $387.9M | $418.4M | ||
| Q1 24 | $402.3M | $412.0M |
总资产NCMIRMAX
| Q4 25 | — | $582.5M | ||
| Q3 25 | $451.9M | $582.2M | ||
| Q2 25 | $462.0M | $574.8M | ||
| Q1 25 | $503.8M | $571.4M | ||
| Q4 24 | $568.6M | $581.6M | ||
| Q3 24 | $526.1M | $578.6M | ||
| Q2 24 | $527.2M | $571.4M | ||
| Q1 24 | $538.6M | $566.7M |
负债/权益比NCMIRMAX
| 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 | $-1.0M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $-2.0M | $33.5M |
| 自由现金流率自由现金流/营收 | -3.2% | 47.1% |
| 资本支出强度资本支出/营收 | 1.6% | 10.4% |
| 现金转化率经营现金流/净利润 | -0.63× | 28.39× |
| 过去12个月自由现金流最近4个季度 | $24.8M | $56.8M |
8季度趋势，按日历期对齐
经营现金流NCMIRMAX
| Q4 25 | — | $40.9M | ||
| Q3 25 | $-1.0M | $17.7M | ||
| Q2 25 | $-4.9M | $4.6M | ||
| Q1 25 | $6.0M | $5.7M | ||
| Q4 24 | $30.5M | $59.7M | ||
| Q3 24 | $-2.0M | $17.6M | ||
| Q2 24 | $7.7M | $15.9M | ||
| Q1 24 | $24.1M | $9.4M |
自由现金流NCMIRMAX
| Q4 25 | — | $33.5M | ||
| Q3 25 | $-2.0M | $16.4M | ||
| Q2 25 | $-6.6M | $2.9M | ||
| Q1 25 | $5.3M | $4.0M | ||
| Q4 24 | $28.1M | $53.0M | ||
| Q3 24 | $-2.6M | $16.3M | ||
| Q2 24 | $6.4M | $14.0M | ||
| Q1 24 | $22.6M | $6.8M |
自由现金流率NCMIRMAX
| Q4 25 | — | 47.1% | ||
| Q3 25 | -3.2% | 22.4% | ||
| Q2 25 | -12.7% | 4.0% | ||
| Q1 25 | 15.2% | 5.3% | ||
| Q4 24 | 32.6% | 73.2% | ||
| Q3 24 | -4.2% | 20.8% | ||
| Q2 24 | 11.7% | 17.8% | ||
| Q1 24 | 60.4% | 8.6% |
资本支出强度NCMIRMAX
| Q4 25 | — | 10.4% | ||
| Q3 25 | 1.6% | 1.8% | ||
| Q2 25 | 3.3% | 2.2% | ||
| Q1 25 | 2.0% | 2.3% | ||
| Q4 24 | 2.8% | 9.1% | ||
| Q3 24 | 1.0% | 1.7% | ||
| Q2 24 | 2.4% | 2.4% | ||
| Q1 24 | 4.0% | 3.3% |
现金转化率NCMIRMAX
| Q4 25 | — | 28.39× | ||
| Q3 25 | -0.63× | 4.45× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.23× | 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
NCMI
| National Advertising Revenue | $49.9M | 79% |
| Local Advertising Revenue | $9.6M | 15% |
| Founding Member Advertising Revenue From Beverage Concessionaire Agreements | $3.9M | 6% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
