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纳斯达克（NDAQ）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
纳斯达克的季度营收约是利氏兄弟拍卖行的1.8倍（$2.1B vs $1.2B），纳斯达克净利率更高（24.3% vs 9.1%，领先15.2%），利氏兄弟拍卖行同比增速更快（5.4% vs 2.0%），过去两年纳斯达克的营收复合增速更高（9.2% vs 6.3%）
纳斯达克是美国的证券交易所，市值规模在全球证券交易所中排名第二，也是全球首个完全电子化的股票市场。其总部位于纽约曼哈顿，是美国交易量领先、活跃度最高的股票交易场所之一。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
NDAQ vs RBA — 直观对比
营收规模更大
NDAQ
是对方的1.8倍
$1.2B
营收增速更快
RBA
高出3.5%
2.0%
净利率更高
NDAQ
高出15.2%
9.1%
两年增速更快
NDAQ
近两年复合增速
6.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $519.0M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | 30.7% | 14.7% |
| 净利率 | 24.3% | 9.1% |
| 营收同比 | 2.0% | 5.4% |
| 净利润同比 | 31.4% | -7.4% |
| 每股收益（稀释后） | $0.91 | $0.53 |
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NDAQRBA
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $2.0B | $1.1B | ||
| Q2 25 | $2.1B | $1.2B | ||
| Q1 25 | $2.1B | $1.1B | ||
| Q4 24 | $2.0B | $1.1B | ||
| Q3 24 | $1.9B | $981.8M | ||
| Q2 24 | $1.8B | $1.1B |
净利润NDAQRBA
| Q1 26 | $519.0M | — | ||
| Q4 25 | $518.0M | $109.7M | ||
| Q3 25 | $423.0M | $95.5M | ||
| Q2 25 | $452.0M | $109.8M | ||
| Q1 25 | $395.0M | $113.4M | ||
| Q4 24 | $355.0M | $118.5M | ||
| Q3 24 | $306.0M | $76.1M | ||
| Q2 24 | $222.0M | $111.1M |
毛利率NDAQRBA
| Q1 26 | — | — | ||
| Q4 25 | 65.5% | — | ||
| Q3 25 | 67.2% | — | ||
| Q2 25 | 62.5% | — | ||
| Q1 25 | 59.2% | — | ||
| Q4 24 | 60.4% | — | ||
| Q3 24 | 60.3% | — | ||
| Q2 24 | 64.7% | — |
营业利润率NDAQRBA
| Q1 26 | 30.7% | — | ||
| Q4 25 | 29.7% | 14.7% | ||
| Q3 25 | 29.9% | 14.5% | ||
| Q2 25 | 27.2% | 15.9% | ||
| Q1 25 | 26.2% | 17.1% | ||
| Q4 24 | 25.4% | 18.1% | ||
| Q3 24 | 23.6% | 15.6% | ||
| Q2 24 | 23.6% | 18.4% |
净利率NDAQRBA
| Q1 26 | 24.3% | — | ||
| Q4 25 | 24.4% | 9.1% | ||
| Q3 25 | 21.6% | 8.7% | ||
| Q2 25 | 21.6% | 9.3% | ||
| Q1 25 | 18.9% | 10.2% | ||
| Q4 24 | 17.5% | 10.4% | ||
| Q3 24 | 16.1% | 7.8% | ||
| Q2 24 | 12.4% | 10.1% |
每股收益（稀释后）NDAQRBA
| Q1 26 | $0.91 | — | ||
| Q4 25 | $0.90 | $0.53 | ||
| Q3 25 | $0.73 | $0.43 | ||
| Q2 25 | $0.78 | $0.53 | ||
| Q1 25 | $0.68 | $0.55 | ||
| Q4 24 | $0.62 | $0.58 | ||
| Q3 24 | $0.53 | $0.36 | ||
| Q2 24 | $0.38 | $0.54 |
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 | $515.0M | $531.5M |
| 总债务越低越好 | $9.0B | $2.3B |
| 股东权益账面价值 | $12.0B | $5.6B |
| 总资产 | $27.3B | $12.1B |
| 负债/权益比越低杠杆越低 | 0.74× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资NDAQRBA
| Q1 26 | $515.0M | — | ||
| Q4 25 | $604.0M | $531.5M | ||
| Q3 25 | $470.0M | $674.7M | ||
| Q2 25 | $732.0M | $710.2M | ||
| Q1 25 | $690.0M | $578.1M | ||
| Q4 24 | $592.0M | $533.9M | ||
| Q3 24 | $266.0M | $650.7M | ||
| Q2 24 | $416.0M | $599.5M |
总债务NDAQRBA
| Q1 26 | $9.0B | — | ||
| Q4 25 | $8.6B | $2.3B | ||
| Q3 25 | $8.7B | $2.6B | ||
| Q2 25 | $8.7B | $2.6B | ||
| Q1 25 | $8.9B | $2.6B | ||
| Q4 24 | $9.1B | $2.6B | ||
| Q3 24 | $9.4B | $2.7B | ||
| Q2 24 | $9.2B | $2.8B |
股东权益NDAQRBA
| Q1 26 | $12.0B | — | ||
| Q4 25 | $12.2B | $5.6B | ||
| Q3 25 | $12.0B | $5.5B | ||
| Q2 25 | $11.8B | $5.5B | ||
| Q1 25 | $11.5B | $5.3B | ||
| Q4 24 | $11.2B | $5.2B | ||
| Q3 24 | $11.1B | $5.2B | ||
| Q2 24 | $10.9B | $5.2B |
总资产NDAQRBA
| Q1 26 | $27.3B | — | ||
| Q4 25 | $31.1B | $12.1B | ||
| Q3 25 | $30.7B | $12.2B | ||
| Q2 25 | $30.4B | $12.2B | ||
| Q1 25 | $30.6B | $11.9B | ||
| Q4 24 | $30.4B | $11.8B | ||
| Q3 24 | $30.6B | $11.9B | ||
| Q2 24 | $30.2B | $12.1B |
负债/权益比NDAQRBA
| Q1 26 | 0.74× | — | ||
| Q4 25 | 0.70× | 0.42× | ||
| Q3 25 | 0.72× | 0.47× | ||
| Q2 25 | 0.73× | 0.47× | ||
| Q1 25 | 0.77× | 0.50× | ||
| Q4 24 | 0.81× | 0.50× | ||
| Q3 24 | 0.85× | 0.52× | ||
| Q2 24 | 0.85× | 0.55× |
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 | — | $255.2M |
| 自由现金流经营现金流 - 资本支出 | — | $186.5M |
| 自由现金流率自由现金流/营收 | — | 15.5% |
| 资本支出强度资本支出/营收 | — | 5.7% |
| 现金转化率经营现金流/净利润 | — | 2.33× |
| 过去12个月自由现金流最近4个季度 | — | $719.2M |
8季度趋势，按日历期对齐
经营现金流NDAQRBA
| Q1 26 | — | — | ||
| Q4 25 | $625.0M | $255.2M | ||
| Q3 25 | $221.0M | $239.7M | ||
| Q2 25 | $746.0M | $326.5M | ||
| Q1 25 | $663.0M | $156.8M | ||
| Q4 24 | $705.0M | $184.5M | ||
| Q3 24 | $244.0M | $285.4M | ||
| Q2 24 | $460.0M | $337.3M |
自由现金流NDAQRBA
| Q1 26 | — | — | ||
| Q4 25 | $536.0M | $186.5M | ||
| Q3 25 | $152.0M | $188.5M | ||
| Q2 25 | $687.0M | $241.7M | ||
| Q1 25 | $614.0M | $102.5M | ||
| Q4 24 | $645.0M | $127.9M | ||
| Q3 24 | $188.0M | $248.5M | ||
| Q2 24 | $408.0M | $308.6M |
自由现金流率NDAQRBA
| Q1 26 | — | — | ||
| Q4 25 | 25.2% | 15.5% | ||
| Q3 25 | 7.8% | 17.3% | ||
| Q2 25 | 32.9% | 20.4% | ||
| Q1 25 | 29.4% | 9.2% | ||
| Q4 24 | 31.7% | 11.2% | ||
| Q3 24 | 9.9% | 25.3% | ||
| Q2 24 | 22.8% | 28.2% |
资本支出强度NDAQRBA
| Q1 26 | — | — | ||
| Q4 25 | 4.2% | 5.7% | ||
| Q3 25 | 3.5% | 4.7% | ||
| Q2 25 | 2.8% | 7.2% | ||
| Q1 25 | 2.3% | 4.9% | ||
| Q4 24 | 3.0% | 5.0% | ||
| Q3 24 | 2.9% | 3.8% | ||
| Q2 24 | 2.9% | 2.6% |
现金转化率NDAQRBA
| Q1 26 | — | — | ||
| Q4 25 | 1.21× | 2.33× | ||
| Q3 25 | 0.52× | 2.51× | ||
| Q2 25 | 1.65× | 2.97× | ||
| Q1 25 | 1.68× | 1.38× | ||
| Q4 24 | 1.99× | 1.56× | ||
| Q3 24 | 0.80× | 3.75× | ||
| Q2 24 | 2.07× | 3.04× |
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
NDAQ
| Market Services | $1.0B | 49% |
| Capital Access Platforms | $565.0M | 26% |
| Financial Technology | $517.0M | 24% |
| Other Revenues | $8.0M | 0% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
