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NATURAL RESOURCE PARTNERS LP（NRP）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NATURAL RESOURCE PARTNERS LP的1.4倍（$71.1M vs $51.3M），NATURAL RESOURCE PARTNERS LP净利率更高（78.5% vs 2.0%，领先76.5%），RE/MAX Holdings, Inc.同比增速更快（-1.8% vs -21.8%），过去两年RE/MAX Holdings, Inc.的营收复合增速更高（-4.7% vs -8.3%）
Natural Resource Partners LP是总部位于美国的业主有限合伙企业，主要持有、管理及出租矿产储备权益，资产涵盖煤炭、集料、工业矿物与油气资源，业务主要布局于北美地区，核心收入来自第三方资源开采企业支付的特许权使用费。
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。
NRP vs RMAX — 直观对比
营收规模更大
RMAX
是对方的1.4倍
$51.3M
营收增速更快
RMAX
高出20.0%
-21.8%
净利率更高
NRP
高出76.5%
2.0%
两年增速更快
RMAX
近两年复合增速
-8.3%
损益表 — Q1 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $51.3M | $71.1M |
| 净利润 | $40.3M | $1.4M |
| 毛利率 | — | — |
| 营业利润率 | 83.7% | 13.1% |
| 净利率 | 78.5% | 2.0% |
| 营收同比 | -21.8% | -1.8% |
| 净利润同比 | -28.4% | -75.2% |
| 每股收益（稀释后） | — | — |
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NRPRMAX
| Q4 25 | — | $71.1M | ||
| Q3 25 | — | $73.2M | ||
| Q2 25 | — | $72.8M | ||
| Q1 25 | $51.3M | $74.5M | ||
| Q4 24 | $61.8M | $72.5M | ||
| Q3 24 | $50.4M | $78.5M | ||
| Q2 24 | $54.6M | $78.5M | ||
| Q1 24 | $65.6M | $78.3M |
净利润NRPRMAX
| Q4 25 | — | $1.4M | ||
| Q3 25 | — | $4.0M | ||
| Q2 25 | — | $4.7M | ||
| Q1 25 | $40.3M | $-2.0M | ||
| Q4 24 | $42.8M | $5.8M | ||
| Q3 24 | $38.6M | $966.0K | ||
| Q2 24 | $46.1M | $3.7M | ||
| Q1 24 | $56.2M | $-3.4M |
营业利润率NRPRMAX
| Q4 25 | — | 13.1% | ||
| Q3 25 | — | 25.0% | ||
| Q2 25 | — | 19.3% | ||
| Q1 25 | 83.7% | 7.2% | ||
| Q4 24 | 74.9% | 5.9% | ||
| Q3 24 | 84.9% | 19.4% | ||
| Q2 24 | 92.3% | 20.6% | ||
| Q1 24 | 91.0% | 5.8% |
净利率NRPRMAX
| Q4 25 | — | 2.0% | ||
| Q3 25 | — | 5.4% | ||
| Q2 25 | — | 6.4% | ||
| Q1 25 | 78.5% | -2.6% | ||
| Q4 24 | 69.2% | 8.0% | ||
| Q3 24 | 76.6% | 1.2% | ||
| Q2 24 | 84.4% | 4.7% | ||
| Q1 24 | 85.7% | -4.3% |
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 | $30.9M | $118.7M |
| 总债务越低越好 | $138.8M | $432.2M |
| 股东权益账面价值 | — | $452.4M |
| 总资产 | $772.5M | $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NRPRMAX
| Q4 25 | — | $118.7M | ||
| Q3 25 | — | $107.5M | ||
| Q2 25 | — | $94.3M | ||
| Q1 25 | $30.9M | $89.1M | ||
| Q4 24 | $30.4M | $96.6M | ||
| Q3 24 | $30.9M | $83.8M | ||
| Q2 24 | $32.3M | $66.1M | ||
| Q1 24 | $11.0M | $82.1M |
总债务NRPRMAX
| Q4 25 | — | $432.2M | ||
| Q3 25 | — | $433.3M | ||
| Q2 25 | — | $434.4M | ||
| Q1 25 | $138.8M | $435.3M | ||
| Q4 24 | $142.1M | $436.2M | ||
| Q3 24 | $197.4M | $437.2M | ||
| Q2 24 | $210.3M | $438.1M | ||
| Q1 24 | $188.8M | $439.0M |
股东权益NRPRMAX
| Q4 25 | — | $452.4M | ||
| Q3 25 | — | $448.1M | ||
| Q2 25 | — | $442.4M | ||
| Q1 25 | — | $433.5M | ||
| Q4 24 | — | $429.5M | ||
| Q3 24 | — | $423.1M | ||
| Q2 24 | — | $418.4M | ||
| Q1 24 | — | $412.0M |
总资产NRPRMAX
| Q4 25 | — | $582.5M | ||
| Q3 25 | — | $582.2M | ||
| Q2 25 | — | $574.8M | ||
| Q1 25 | $772.5M | $571.4M | ||
| Q4 24 | $772.9M | $581.6M | ||
| Q3 24 | $772.9M | $578.6M | ||
| Q2 24 | $789.6M | $571.4M | ||
| Q1 24 | $772.9M | $566.7M |
负债/权益比NRPRMAX
| 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 | $34.4M | $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 | 0.86× | 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NRPRMAX
| Q4 25 | — | $40.9M | ||
| Q3 25 | — | $17.7M | ||
| Q2 25 | — | $4.6M | ||
| Q1 25 | $34.4M | $5.7M | ||
| Q4 24 | $66.2M | $59.7M | ||
| Q3 24 | $54.1M | $17.6M | ||
| Q2 24 | $56.6M | $15.9M | ||
| Q1 24 | $71.5M | $9.4M |
自由现金流NRPRMAX
| 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 | ||
| Q1 24 | — | $6.8M |
自由现金流率NRPRMAX
| 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% | ||
| Q1 24 | — | 8.6% |
资本支出强度NRPRMAX
| Q4 25 | — | 10.4% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | 0.0% | 9.1% | ||
| Q3 24 | 0.0% | 1.7% | ||
| Q2 24 | 0.0% | 2.4% | ||
| Q1 24 | 0.0% | 3.3% |
现金转化率NRPRMAX
| Q4 25 | — | 28.39× | ||
| Q3 25 | — | 4.45× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | 1.55× | 10.28× | ||
| Q3 24 | 1.40× | 18.22× | ||
| Q2 24 | 1.23× | 4.29× | ||
| Q1 24 | 1.27× | — |
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
NRP
| Coal Royalty Revenues | $35.5M | 69% |
| Soda Ash Segment | $4.6M | 9% |
| Transportation And Processing Services | $4.4M | 9% |
| Production Lease Minimum Revenues | $2.7M | 5% |
| Oil And Gas Royalty Revenues | $2.4M | 5% |
| Other | $1.6M | 3% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
