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OneSpan Inc.（OSPN）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OneSpan Inc.的1.1倍（$71.1M vs $62.9M），OneSpan Inc.净利率更高（69.2% vs 2.0%，领先67.2%），OneSpan Inc.同比增速更快（2.9% vs -1.8%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $9.6M），过去两年OneSpan Inc.的营收复合增速更高（-1.5% vs -4.7%）
OneSpan Inc.是一家总部位于美国马萨诸塞州波士顿的信息安全企业，核心业务涵盖网络欺诈防御平台搭建、多因素身份验证工具提供以及电子签名软件开发，为各类机构提供专业的数字安全与身份合规管理解决方案。
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。
OSPN vs RMAX — 直观对比
营收规模更大
RMAX
是对方的1.1倍
$62.9M
营收增速更快
OSPN
高出4.7%
-1.8%
净利率更高
OSPN
高出67.2%
2.0%
自由现金流更多
RMAX
多$23.9M
$9.6M
两年增速更快
OSPN
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $62.9M | $71.1M |
| 净利润 | $43.5M | $1.4M |
| 毛利率 | 73.6% | — |
| 营业利润率 | 19.9% | 13.1% |
| 净利率 | 69.2% | 2.0% |
| 营收同比 | 2.9% | -1.8% |
| 净利润同比 | 51.3% | -75.2% |
| 每股收益（稀释后） | $1.13 | — |
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OSPNRMAX
| Q4 25 | $62.9M | $71.1M | ||
| Q3 25 | $57.1M | $73.2M | ||
| Q2 25 | $59.8M | $72.8M | ||
| Q1 25 | $63.4M | $74.5M | ||
| Q4 24 | $61.2M | $72.5M | ||
| Q3 24 | $56.2M | $78.5M | ||
| Q2 24 | $60.9M | $78.5M | ||
| Q1 24 | $64.8M | $78.3M |
净利润OSPNRMAX
| Q4 25 | $43.5M | $1.4M | ||
| Q3 25 | $6.5M | $4.0M | ||
| Q2 25 | $8.3M | $4.7M | ||
| Q1 25 | $14.5M | $-2.0M | ||
| Q4 24 | $28.8M | $5.8M | ||
| Q3 24 | $8.3M | $966.0K | ||
| Q2 24 | $6.6M | $3.7M | ||
| Q1 24 | $13.5M | $-3.4M |
毛利率OSPNRMAX
| Q4 25 | 73.6% | — | ||
| Q3 25 | 73.6% | — | ||
| Q2 25 | 73.5% | — | ||
| Q1 25 | 74.3% | — | ||
| Q4 24 | 74.0% | — | ||
| Q3 24 | 73.9% | — | ||
| Q2 24 | 66.2% | — | ||
| Q1 24 | 73.1% | — |
营业利润率OSPNRMAX
| Q4 25 | 19.9% | 13.1% | ||
| Q3 25 | 14.4% | 25.0% | ||
| Q2 25 | 17.6% | 19.3% | ||
| Q1 25 | 27.1% | 7.2% | ||
| Q4 24 | 19.3% | 5.9% | ||
| Q3 24 | 20.0% | 19.4% | ||
| Q2 24 | 12.5% | 20.6% | ||
| Q1 24 | 21.8% | 5.8% |
净利率OSPNRMAX
| Q4 25 | 69.2% | 2.0% | ||
| Q3 25 | 11.4% | 5.4% | ||
| Q2 25 | 13.9% | 6.4% | ||
| Q1 25 | 22.9% | -2.6% | ||
| Q4 24 | 47.1% | 8.0% | ||
| Q3 24 | 14.7% | 1.2% | ||
| Q2 24 | 10.8% | 4.7% | ||
| Q1 24 | 20.8% | -4.3% |
每股收益（稀释后）OSPNRMAX
| Q4 25 | $1.13 | — | ||
| Q3 25 | $0.17 | — | ||
| Q2 25 | $0.21 | — | ||
| Q1 25 | $0.37 | — | ||
| Q4 24 | $0.73 | — | ||
| Q3 24 | $0.21 | — | ||
| Q2 24 | $0.17 | — | ||
| Q1 24 | $0.35 | — |
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 | $70.5M | $118.7M |
| 总债务越低越好 | — | $432.2M |
| 股东权益账面价值 | $271.8M | $452.4M |
| 总资产 | $397.7M | $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OSPNRMAX
| Q4 25 | $70.5M | $118.7M | ||
| Q3 25 | $85.6M | $107.5M | ||
| Q2 25 | $92.9M | $94.3M | ||
| Q1 25 | $105.2M | $89.1M | ||
| Q4 24 | $83.2M | $96.6M | ||
| Q3 24 | $77.5M | $83.8M | ||
| Q2 24 | $63.8M | $66.1M | ||
| Q1 24 | $63.9M | $82.1M |
总债务OSPNRMAX
| 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OSPNRMAX
| Q4 25 | $271.8M | $452.4M | ||
| Q3 25 | $238.3M | $448.1M | ||
| Q2 25 | $242.5M | $442.4M | ||
| Q1 25 | $231.1M | $433.5M | ||
| Q4 24 | $212.5M | $429.5M | ||
| Q3 24 | $194.6M | $423.1M | ||
| Q2 24 | $178.6M | $418.4M | ||
| Q1 24 | $170.9M | $412.0M |
总资产OSPNRMAX
| Q4 25 | $397.7M | $582.5M | ||
| Q3 25 | $343.5M | $582.2M | ||
| Q2 25 | $357.1M | $574.8M | ||
| Q1 25 | $333.8M | $571.4M | ||
| Q4 24 | $338.7M | $581.6M | ||
| Q3 24 | $289.3M | $578.6M | ||
| Q2 24 | $286.9M | $571.4M | ||
| Q1 24 | $277.1M | $566.7M |
负债/权益比OSPNRMAX
| 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 | $12.6M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $9.6M | $33.5M |
| 自由现金流率自由现金流/营收 | 15.3% | 47.1% |
| 资本支出强度资本支出/营收 | 4.7% | 10.4% |
| 现金转化率经营现金流/净利润 | 0.29× | 28.39× |
| 过去12个月自由现金流最近4个季度 | $50.5M | $56.8M |
8季度趋势，按日历期对齐
经营现金流OSPNRMAX
| Q4 25 | $12.6M | $40.9M | ||
| Q3 25 | $11.3M | $17.7M | ||
| Q2 25 | $6.2M | $4.6M | ||
| Q1 25 | $29.4M | $5.7M | ||
| Q4 24 | $12.4M | $59.7M | ||
| Q3 24 | $14.0M | $17.6M | ||
| Q2 24 | $2.3M | $15.9M | ||
| Q1 24 | $27.0M | $9.4M |
自由现金流OSPNRMAX
| Q4 25 | $9.6M | $33.5M | ||
| Q3 25 | $8.8M | $16.4M | ||
| Q2 25 | $4.4M | $2.9M | ||
| Q1 25 | $27.7M | $4.0M | ||
| Q4 24 | $10.5M | $53.0M | ||
| Q3 24 | $12.0M | $16.3M | ||
| Q2 24 | $26.0K | $14.0M | ||
| Q1 24 | $23.9M | $6.8M |
自由现金流率OSPNRMAX
| Q4 25 | 15.3% | 47.1% | ||
| Q3 25 | 15.4% | 22.4% | ||
| Q2 25 | 7.3% | 4.0% | ||
| Q1 25 | 43.8% | 5.3% | ||
| Q4 24 | 17.1% | 73.2% | ||
| Q3 24 | 21.4% | 20.8% | ||
| Q2 24 | 0.0% | 17.8% | ||
| Q1 24 | 36.9% | 8.6% |
资本支出强度OSPNRMAX
| Q4 25 | 4.7% | 10.4% | ||
| Q3 25 | 4.4% | 1.8% | ||
| Q2 25 | 3.1% | 2.2% | ||
| Q1 25 | 2.6% | 2.3% | ||
| Q4 24 | 3.2% | 9.1% | ||
| Q3 24 | 3.5% | 1.7% | ||
| Q2 24 | 3.7% | 2.4% | ||
| Q1 24 | 4.7% | 3.3% |
现金转化率OSPNRMAX
| Q4 25 | 0.29× | 28.39× | ||
| Q3 25 | 1.74× | 4.45× | ||
| Q2 25 | 0.75× | 0.97× | ||
| Q1 25 | 2.02× | — | ||
| Q4 24 | 0.43× | 10.28× | ||
| Q3 24 | 1.69× | 18.22× | ||
| Q2 24 | 0.35× | 4.29× | ||
| Q1 24 | 2.00× | — |
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
OSPN
| Transferred At Point In Time | $32.7M | 52% |
| Subscription | $21.1M | 34% |
| Maintenance Support And Other | $9.2M | 15% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
