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NL INDUSTRIES INC（NL）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NL INDUSTRIES INC的1.9倍（$71.1M vs $37.7M），RE/MAX Holdings, Inc.净利率更高（2.0% vs -82.2%，领先84.2%），RE/MAX Holdings, Inc.同比增速更快（-1.8% vs -1.9%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $-4.7M），过去两年NL INDUSTRIES INC的营收复合增速更高（-0.4% vs -4.7%）
NL工业公司前身为国民铅业公司，是一家铅冶炼企业，目前总部位于美国得克萨斯州休斯顿。该企业历史底蕴深厚，早在1896年5月26日道琼斯工业平均指数创立之初，NL工业就是最初纳入指数的12只成分股之一。
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。
NL vs RMAX — 直观对比
营收规模更大
RMAX
是对方的1.9倍
$37.7M
营收增速更快
RMAX
高出0.0%
-1.9%
净利率更高
RMAX
高出84.2%
-82.2%
自由现金流更多
RMAX
多$38.3M
$-4.7M
两年增速更快
NL
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $37.7M | $71.1M |
| 净利润 | $-31.0M | $1.4M |
| 毛利率 | 32.1% | — |
| 营业利润率 | 7.6% | 13.1% |
| 净利率 | -82.2% | 2.0% |
| 营收同比 | -1.9% | -1.8% |
| 净利润同比 | -287.2% | -75.2% |
| 每股收益（稀释后） | $-0.63 | — |
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NLRMAX
| Q4 25 | $37.7M | $71.1M | ||
| Q3 25 | $40.0M | $73.2M | ||
| Q2 25 | $40.4M | $72.8M | ||
| Q1 25 | $40.3M | $74.5M | ||
| Q4 24 | $38.4M | $72.5M | ||
| Q3 24 | $33.7M | $78.5M | ||
| Q2 24 | $35.9M | $78.5M | ||
| Q1 24 | $38.0M | $78.3M |
净利润NLRMAX
| Q4 25 | $-31.0M | $1.4M | ||
| Q3 25 | $-7.9M | $4.0M | ||
| Q2 25 | $355.0K | $4.7M | ||
| Q1 25 | $667.0K | $-2.0M | ||
| Q4 24 | $16.5M | $5.8M | ||
| Q3 24 | $36.0M | $966.0K | ||
| Q2 24 | $7.8M | $3.7M | ||
| Q1 24 | $6.8M | $-3.4M |
毛利率NLRMAX
| Q4 25 | 32.1% | — | ||
| Q3 25 | 27.6% | — | ||
| Q2 25 | 31.9% | — | ||
| Q1 25 | 30.2% | — | ||
| Q4 24 | 28.8% | — | ||
| Q3 24 | 28.1% | — | ||
| Q2 24 | 31.1% | — | ||
| Q1 24 | 25.5% | — |
营业利润率NLRMAX
| Q4 25 | 7.6% | 13.1% | ||
| Q3 25 | 4.6% | 25.0% | ||
| Q2 25 | 6.9% | 19.3% | ||
| Q1 25 | 7.8% | 7.2% | ||
| Q4 24 | 87.7% | 5.9% | ||
| Q3 24 | 6.0% | 19.4% | ||
| Q2 24 | 2.2% | 20.6% | ||
| Q1 24 | 3.6% | 5.8% |
净利率NLRMAX
| Q4 25 | -82.2% | 2.0% | ||
| Q3 25 | -19.7% | 5.4% | ||
| Q2 25 | 0.9% | 6.4% | ||
| Q1 25 | 1.7% | -2.6% | ||
| Q4 24 | 43.1% | 8.0% | ||
| Q3 24 | 107.0% | 1.2% | ||
| Q2 24 | 21.8% | 4.7% | ||
| Q1 24 | 18.0% | -4.3% |
每股收益（稀释后）NLRMAX
| Q4 25 | $-0.63 | — | ||
| Q3 25 | $-0.16 | — | ||
| Q2 25 | $0.01 | — | ||
| Q1 25 | $0.01 | — | ||
| Q4 24 | $0.34 | — | ||
| Q3 24 | $0.74 | — | ||
| Q2 24 | $0.16 | — | ||
| Q1 24 | $0.14 | — |
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 | $110.6M | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | $358.8M | $452.4M |
| 总资产 | $464.2M | $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NLRMAX
| Q4 25 | $110.6M | $118.7M | ||
| Q3 25 | $101.9M | $107.5M | ||
| Q2 25 | $111.5M | $94.3M | ||
| Q1 25 | $110.0M | $89.1M | ||
| Q4 24 | $163.2M | $96.6M | ||
| Q3 24 | $146.0M | $83.8M | ||
| Q2 24 | $179.4M | $66.1M | ||
| Q1 24 | $167.9M | $82.1M |
总债务NLRMAX
| 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NLRMAX
| Q4 25 | $358.8M | $452.4M | ||
| Q3 25 | $375.4M | $448.1M | ||
| Q2 25 | $397.6M | $442.4M | ||
| Q1 25 | $397.6M | $433.5M | ||
| Q4 24 | $396.9M | $429.5M | ||
| Q3 24 | $386.0M | $423.1M | ||
| Q2 24 | $373.1M | $418.4M | ||
| Q1 24 | $368.1M | $412.0M |
总资产NLRMAX
| Q4 25 | $464.2M | $582.5M | ||
| Q3 25 | $500.2M | $582.2M | ||
| Q2 25 | $523.7M | $574.8M | ||
| Q1 25 | $520.0M | $571.4M | ||
| Q4 24 | $578.3M | $581.6M | ||
| Q3 24 | $585.6M | $578.6M | ||
| Q2 24 | $580.0M | $571.4M | ||
| Q1 24 | $568.8M | $566.7M |
负债/权益比NLRMAX
| 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 | $-4.2M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $-4.7M | $33.5M |
| 自由现金流率自由现金流/营收 | -12.6% | 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 | — | 28.39× |
| 过去12个月自由现金流最近4个季度 | $-40.1M | $56.8M |
8季度趋势，按日历期对齐
经营现金流NLRMAX
| Q4 25 | $-4.2M | $40.9M | ||
| Q3 25 | $7.9M | $17.7M | ||
| Q2 25 | $7.3M | $4.6M | ||
| Q1 25 | $-47.5M | $5.7M | ||
| Q4 24 | $9.0M | $59.7M | ||
| Q3 24 | $-5.7M | $17.6M | ||
| Q2 24 | $15.5M | $15.9M | ||
| Q1 24 | $6.7M | $9.4M |
自由现金流NLRMAX
| Q4 25 | $-4.7M | $33.5M | ||
| Q3 25 | $7.0M | $16.4M | ||
| Q2 25 | $5.9M | $2.9M | ||
| Q1 25 | $-48.3M | $4.0M | ||
| Q4 24 | $8.7M | $53.0M | ||
| Q3 24 | $-6.1M | $16.3M | ||
| Q2 24 | $15.1M | $14.0M | ||
| Q1 24 | $6.4M | $6.8M |
自由现金流率NLRMAX
| Q4 25 | -12.6% | 47.1% | ||
| Q3 25 | 17.4% | 22.4% | ||
| Q2 25 | 14.7% | 4.0% | ||
| Q1 25 | -119.9% | 5.3% | ||
| Q4 24 | 22.8% | 73.2% | ||
| Q3 24 | -18.3% | 20.8% | ||
| Q2 24 | 42.1% | 17.8% | ||
| Q1 24 | 17.0% | 8.6% |
资本支出强度NLRMAX
| Q4 25 | 1.6% | 10.4% | ||
| Q3 25 | 2.5% | 1.8% | ||
| Q2 25 | 3.3% | 2.2% | ||
| Q1 25 | 2.0% | 2.3% | ||
| Q4 24 | 0.6% | 9.1% | ||
| Q3 24 | 1.4% | 1.7% | ||
| Q2 24 | 1.2% | 2.4% | ||
| Q1 24 | 0.8% | 3.3% |
现金转化率NLRMAX
| Q4 25 | — | 28.39× | ||
| Q3 25 | — | 4.45× | ||
| Q2 25 | 20.53× | 0.97× | ||
| Q1 25 | -71.18× | — | ||
| Q4 24 | 0.54× | 10.28× | ||
| Q3 24 | -0.16× | 18.22× | ||
| Q2 24 | 1.98× | 4.29× | ||
| Q1 24 | 0.99× | — |
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
NL
| Security Products | $29.5M | 78% |
| Marine Components | $8.2M | 22% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
