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NEWMARK GROUP, INC.（NMRK）与MARRIOTT VACATIONS WORLDWIDE Corp（VAC）财务数据对比。点击上方公司名可切换其他公司
MARRIOTT VACATIONS WORLDWIDE Corp的季度营收约是NEWMARK GROUP, INC.的1.4倍（$1.2B vs $859.5M）。NEWMARK GROUP, INC.净利率更高（7.9% vs -35.0%，领先42.9%）。NEWMARK GROUP, INC.同比增速更快（18.1% vs -0.7%）。NEWMARK GROUP, INC.自由现金流更多（$608.8M vs $-6.0M）。过去两年NEWMARK GROUP, INC.的营收复合增速更高（38.2% vs 5.2%）
纽马克集团是一家总部位于纽约的全球性商业地产咨询及服务企业，旗下业务以Newmark品牌开展，在纳斯达克全球精选市场上市，股票代码为NMRK，为全球客户提供商业地产领域的多元专业服务。
万豪度假环球集团是专注于分时度假业务的公众企业，原为万豪国际集团旗下业务板块，2011年11月分拆为独立上市公司，核心业务为度假所有权运营。目前集团运营超过120家度假村，在万豪度假俱乐部品牌矩阵下拥有超70万名业主及会员，产品覆盖多个度假消费场景。
NMRK vs VAC — 直观对比
营收规模更大
VAC
是对方的1.4倍
$859.5M
营收增速更快
NMRK
高出18.9%
-0.7%
净利率更高
NMRK
高出42.9%
-35.0%
自由现金流更多
NMRK
多$614.8M
$-6.0M
两年增速更快
NMRK
近两年复合增速
5.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $859.5M | $1.2B |
| 净利润 | $68.0M | $-431.0M |
| 毛利率 | — | — |
| 营业利润率 | 14.4% | — |
| 净利率 | 7.9% | -35.0% |
| 营收同比 | 18.1% | -0.7% |
| 净利润同比 | 49.7% | -962.0% |
| 每股收益（稀释后） | $0.37 | $-12.00 |
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NMRKVAC
| Q4 25 | $859.5M | $1.2B | ||
| Q3 25 | $715.0M | $1.2B | ||
| Q2 25 | $639.6M | $1.2B | ||
| Q1 25 | $556.2M | $1.1B | ||
| Q4 24 | $727.5M | $1.2B | ||
| Q3 24 | $568.0M | $1.2B | ||
| Q2 24 | $527.3M | $1.1B | ||
| Q1 24 | $450.2M | $1.1B |
净利润NMRKVAC
| Q4 25 | $68.0M | $-431.0M | ||
| Q3 25 | $46.2M | $-2.0M | ||
| Q2 25 | $20.8M | $69.0M | ||
| Q1 25 | $-8.8M | $56.0M | ||
| Q4 24 | $45.4M | $50.0M | ||
| Q3 24 | $17.8M | $84.0M | ||
| Q2 24 | $14.3M | $37.0M | ||
| Q1 24 | $-16.3M | $47.0M |
营业利润率NMRKVAC
| Q4 25 | 14.4% | — | ||
| Q3 25 | 11.9% | — | ||
| Q2 25 | 6.7% | — | ||
| Q1 25 | -3.1% | — | ||
| Q4 24 | 14.3% | — | ||
| Q3 24 | 7.2% | — | ||
| Q2 24 | 7.7% | — | ||
| Q1 24 | -5.0% | — |
净利率NMRKVAC
| Q4 25 | 7.9% | -35.0% | ||
| Q3 25 | 6.5% | -0.2% | ||
| Q2 25 | 3.3% | 6.0% | ||
| Q1 25 | -1.6% | 5.0% | ||
| Q4 24 | 6.2% | 4.0% | ||
| Q3 24 | 3.1% | 6.9% | ||
| Q2 24 | 2.7% | 3.5% | ||
| Q1 24 | -3.6% | 4.2% |
每股收益（稀释后）NMRKVAC
| Q4 25 | $0.37 | $-12.00 | ||
| Q3 25 | $0.25 | $-0.07 | ||
| Q2 25 | $0.11 | $1.77 | ||
| Q1 25 | $-0.05 | $1.46 | ||
| Q4 24 | $0.25 | $1.29 | ||
| Q3 24 | $0.10 | $2.12 | ||
| Q2 24 | $0.08 | $0.98 | ||
| Q1 24 | $-0.09 | $1.22 |
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 | $229.1M | $406.0M |
| 总债务越低越好 | $671.7M | — |
| 股东权益账面价值 | $1.5B | $2.0B |
| 总资产 | $5.0B | $9.8B |
| 负债/权益比越低杠杆越低 | 0.46× | — |
8季度趋势，按日历期对齐
现金及短期投资NMRKVAC
| Q4 25 | $229.1M | $406.0M | ||
| Q3 25 | $224.1M | $474.0M | ||
| Q2 25 | $195.8M | $205.0M | ||
| Q1 25 | $157.1M | $196.0M | ||
| Q4 24 | $197.7M | $197.0M | ||
| Q3 24 | $178.6M | $197.0M | ||
| Q2 24 | $176.4M | $206.0M | ||
| Q1 24 | $140.9M | $237.0M |
总债务NMRKVAC
| Q4 25 | $671.7M | — | ||
| Q3 25 | $746.5M | — | ||
| Q2 25 | $871.2M | — | ||
| Q1 25 | $770.9M | — | ||
| Q4 24 | $670.7M | — | ||
| Q3 24 | $770.4M | — | ||
| Q2 24 | $745.2M | — | ||
| Q1 24 | $670.2M | — |
股东权益NMRKVAC
| Q4 25 | $1.5B | $2.0B | ||
| Q3 25 | $1.4B | $2.5B | ||
| Q2 25 | $1.3B | $2.5B | ||
| Q1 25 | $1.3B | $2.4B | ||
| Q4 24 | $1.2B | $2.4B | ||
| Q3 24 | $1.2B | $2.4B | ||
| Q2 24 | $1.2B | $2.4B | ||
| Q1 24 | $1.2B | $2.4B |
总资产NMRKVAC
| Q4 25 | $5.0B | $9.8B | ||
| Q3 25 | $5.5B | $10.1B | ||
| Q2 25 | $5.4B | $9.9B | ||
| Q1 25 | $4.8B | $9.9B | ||
| Q4 24 | $4.7B | $9.8B | ||
| Q3 24 | $5.0B | $9.7B | ||
| Q2 24 | $4.8B | $9.6B | ||
| Q1 24 | $4.4B | $9.9B |
负债/权益比NMRKVAC
| Q4 25 | 0.46× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.68× | — | ||
| Q1 25 | 0.58× | — | ||
| Q4 24 | 0.56× | — | ||
| Q3 24 | 0.66× | — | ||
| Q2 24 | 0.62× | — | ||
| Q1 24 | 0.54× | — |
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 | $618.5M | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $608.8M | $-6.0M |
| 自由现金流率自由现金流/营收 | 70.8% | -0.5% |
| 资本支出强度资本支出/营收 | 1.1% | 1.0% |
| 现金转化率经营现金流/净利润 | 9.10× | — |
| 过去12个月自由现金流最近4个季度 | $142.6M | $-29.0M |
8季度趋势，按日历期对齐
经营现金流NMRKVAC
| Q4 25 | $618.5M | $6.0M | ||
| Q3 25 | $112.6M | $62.0M | ||
| Q2 25 | $-379.7M | $-48.0M | ||
| Q1 25 | $-179.4M | $8.0M | ||
| Q4 24 | $402.6M | $100.0M | ||
| Q3 24 | $-85.2M | $72.0M | ||
| Q2 24 | $-258.5M | $30.0M | ||
| Q1 24 | $-68.8M | $3.0M |
自由现金流NMRKVAC
| Q4 25 | $608.8M | $-6.0M | ||
| Q3 25 | $104.9M | $51.0M | ||
| Q2 25 | $-386.2M | $-68.0M | ||
| Q1 25 | $-184.8M | $-6.0M | ||
| Q4 24 | $396.6M | $86.0M | ||
| Q3 24 | $-94.4M | $58.0M | ||
| Q2 24 | $-267.8M | $17.0M | ||
| Q1 24 | $-75.8M | $-13.0M |
自由现金流率NMRKVAC
| Q4 25 | 70.8% | -0.5% | ||
| Q3 25 | 14.7% | 4.3% | ||
| Q2 25 | -60.4% | -5.9% | ||
| Q1 25 | -33.2% | -0.5% | ||
| Q4 24 | 54.5% | 6.9% | ||
| Q3 24 | -16.6% | 4.8% | ||
| Q2 24 | -50.8% | 1.6% | ||
| Q1 24 | -16.8% | -1.2% |
资本支出强度NMRKVAC
| Q4 25 | 1.1% | 1.0% | ||
| Q3 25 | 1.1% | 0.9% | ||
| Q2 25 | 1.0% | 1.7% | ||
| Q1 25 | 1.0% | 1.3% | ||
| Q4 24 | 0.8% | 1.1% | ||
| Q3 24 | 1.6% | 1.1% | ||
| Q2 24 | 1.8% | 1.2% | ||
| Q1 24 | 1.6% | 1.4% |
现金转化率NMRKVAC
| Q4 25 | 9.10× | — | ||
| Q3 25 | 2.44× | — | ||
| Q2 25 | -18.24× | -0.70× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | 8.86× | 2.00× | ||
| Q3 24 | -4.79× | 0.86× | ||
| Q2 24 | -18.10× | 0.81× | ||
| Q1 24 | — | 0.06× |
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
NMRK
| Management Services | $263.1M | 31% |
| Investment Advice | $200.1M | 23% |
| Mortgage Brokerage And Debt Placement | $83.1M | 10% |
| Servicing Fees And Other | $80.7M | 9% |
| GB | $69.0M | 8% |
| Other Geographical Areas | $63.6M | 7% |
| Servicing | $36.2M | 4% |
| Other | $34.2M | 4% |
| Loan Originations Related Fees And Sales Premiums Net | $29.6M | 3% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
