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P10, Inc.（PX）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
P10, Inc.的季度营收约是RE/MAX Holdings, Inc.的1.1倍（$81.0M vs $71.1M），P10, Inc.净利率更高（11.7% vs 2.0%，领先9.6%），RE/MAX Holdings, Inc.同比增速更快（-1.8% vs -4.7%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $18.1M），过去两年P10, Inc.的营收复合增速更高（10.7% vs -4.7%）
P10, Inc.是一家全球另类资产管理公司，提供涵盖私募股权、私募信贷、实物资产、风险投资的多元化投资解决方案，主要服务北美、欧洲、亚太市场的养老基金、捐赠基金、基金会及高净值个人等客户群体。
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。
PX vs RMAX — 直观对比
营收规模更大
PX
是对方的1.1倍
$71.1M
营收增速更快
RMAX
高出2.8%
-4.7%
净利率更高
PX
高出9.6%
2.0%
自由现金流更多
RMAX
多$15.4M
$18.1M
两年增速更快
PX
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $81.0M | $71.1M |
| 净利润 | $9.5M | $1.4M |
| 毛利率 | — | — |
| 营业利润率 | 31.9% | 13.1% |
| 净利率 | 11.7% | 2.0% |
| 营收同比 | -4.7% | -1.8% |
| 净利润同比 | 79.0% | -75.2% |
| 每股收益（稀释后） | $0.08 | — |
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PXRMAX
| Q4 25 | $81.0M | $71.1M | ||
| Q3 25 | $75.9M | $73.2M | ||
| Q2 25 | $72.7M | $72.8M | ||
| Q1 25 | $67.7M | $74.5M | ||
| Q4 24 | $85.0M | $72.5M | ||
| Q3 24 | $74.2M | $78.5M | ||
| Q2 24 | $71.1M | $78.5M | ||
| Q1 24 | $66.1M | $78.3M |
净利润PXRMAX
| Q4 25 | $9.5M | $1.4M | ||
| Q3 25 | $2.1M | $4.0M | ||
| Q2 25 | $3.4M | $4.7M | ||
| Q1 25 | $4.5M | $-2.0M | ||
| Q4 24 | $5.3M | $5.8M | ||
| Q3 24 | $1.4M | $966.0K | ||
| Q2 24 | $7.0M | $3.7M | ||
| Q1 24 | $5.0M | $-3.4M |
营业利润率PXRMAX
| Q4 25 | 31.9% | 13.1% | ||
| Q3 25 | 14.1% | 25.0% | ||
| Q2 25 | 24.4% | 19.3% | ||
| Q1 25 | 16.6% | 7.2% | ||
| Q4 24 | 26.9% | 5.9% | ||
| Q3 24 | 11.9% | 19.4% | ||
| Q2 24 | 23.7% | 20.6% | ||
| Q1 24 | 18.3% | 5.8% |
净利率PXRMAX
| Q4 25 | 11.7% | 2.0% | ||
| Q3 25 | 2.8% | 5.4% | ||
| Q2 25 | 4.7% | 6.4% | ||
| Q1 25 | 6.7% | -2.6% | ||
| Q4 24 | 6.2% | 8.0% | ||
| Q3 24 | 1.9% | 1.2% | ||
| Q2 24 | 9.8% | 4.7% | ||
| Q1 24 | 7.6% | -4.3% |
每股收益（稀释后）PXRMAX
| Q4 25 | $0.08 | — | ||
| Q3 25 | $0.02 | — | ||
| Q2 25 | $0.03 | — | ||
| Q1 25 | $0.04 | — | ||
| Q4 24 | $0.05 | — | ||
| Q3 24 | $0.01 | — | ||
| Q2 24 | $0.06 | — | ||
| Q1 24 | $0.04 | — |
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 | $28.2M | $118.7M |
| 总债务越低越好 | $373.2M | $432.2M |
| 股东权益账面价值 | $403.5M | $452.4M |
| 总资产 | $928.3M | $582.5M |
| 负债/权益比越低杠杆越低 | 0.93× | 0.96× |
8季度趋势，按日历期对齐
现金及短期投资PXRMAX
| Q4 25 | $28.2M | $118.7M | ||
| Q3 25 | $40.0M | $107.5M | ||
| Q2 25 | $33.4M | $94.3M | ||
| Q1 25 | $74.4M | $89.1M | ||
| Q4 24 | $67.5M | $96.6M | ||
| Q3 24 | $61.5M | $83.8M | ||
| Q2 24 | $31.2M | $66.1M | ||
| Q1 24 | $29.0M | $82.1M |
总债务PXRMAX
| Q4 25 | $373.2M | $432.2M | ||
| Q3 25 | $393.4M | $433.3M | ||
| Q2 25 | $373.0M | $434.4M | ||
| Q1 25 | $357.2M | $435.3M | ||
| Q4 24 | $319.8M | $436.2M | ||
| Q3 24 | $319.4M | $437.2M | ||
| Q2 24 | $300.6M | $438.1M | ||
| Q1 24 | $314.0M | $439.0M |
股东权益PXRMAX
| Q4 25 | $403.5M | $452.4M | ||
| Q3 25 | $396.8M | $448.1M | ||
| Q2 25 | $388.9M | $442.4M | ||
| Q1 25 | $374.3M | $433.5M | ||
| Q4 24 | $386.9M | $429.5M | ||
| Q3 24 | $394.1M | $423.1M | ||
| Q2 24 | $396.9M | $418.4M | ||
| Q1 24 | $400.1M | $412.0M |
总资产PXRMAX
| Q4 25 | $928.3M | $582.5M | ||
| Q3 25 | $936.0M | $582.2M | ||
| Q2 25 | $932.2M | $574.8M | ||
| Q1 25 | $877.4M | $571.4M | ||
| Q4 24 | $869.3M | $581.6M | ||
| Q3 24 | $857.0M | $578.6M | ||
| Q2 24 | $823.2M | $571.4M | ||
| Q1 24 | $832.8M | $566.7M |
负债/权益比PXRMAX
| Q4 25 | 0.93× | 0.96× | ||
| Q3 25 | 0.99× | 0.97× | ||
| Q2 25 | 0.96× | 0.98× | ||
| Q1 25 | 0.95× | 1.00× | ||
| Q4 24 | 0.83× | 1.02× | ||
| Q3 24 | 0.81× | 1.03× | ||
| Q2 24 | 0.76× | 1.05× | ||
| Q1 24 | 0.78× | 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 | $23.0M | $40.9M |
| 自由现金流经营现金流 - 资本支出 | $18.1M | $33.5M |
| 自由现金流率自由现金流/营收 | 22.3% | 47.1% |
| 资本支出强度资本支出/营收 | 6.0% | 10.4% |
| 现金转化率经营现金流/净利润 | 2.43× | 28.39× |
| 过去12个月自由现金流最近4个季度 | $14.1M | $56.8M |
8季度趋势，按日历期对齐
经营现金流PXRMAX
| Q4 25 | $23.0M | $40.9M | ||
| Q3 25 | $-8.6M | $17.7M | ||
| Q2 25 | $13.4M | $4.6M | ||
| Q1 25 | $-4.7M | $5.7M | ||
| Q4 24 | $101.0M | $59.7M | ||
| Q3 24 | $27.5M | $17.6M | ||
| Q2 24 | $34.8M | $15.9M | ||
| Q1 24 | $11.0M | $9.4M |
自由现金流PXRMAX
| Q4 25 | $18.1M | $33.5M | ||
| Q3 25 | $-9.5M | $16.4M | ||
| Q2 25 | $11.6M | $2.9M | ||
| Q1 25 | $-6.0M | $4.0M | ||
| Q4 24 | $96.6M | $53.0M | ||
| Q3 24 | $25.2M | $16.3M | ||
| Q2 24 | $33.9M | $14.0M | ||
| Q1 24 | $10.7M | $6.8M |
自由现金流率PXRMAX
| Q4 25 | 22.3% | 47.1% | ||
| Q3 25 | -12.6% | 22.4% | ||
| Q2 25 | 15.9% | 4.0% | ||
| Q1 25 | -8.9% | 5.3% | ||
| Q4 24 | 113.6% | 73.2% | ||
| Q3 24 | 34.0% | 20.8% | ||
| Q2 24 | 47.7% | 17.8% | ||
| Q1 24 | 16.2% | 8.6% |
资本支出强度PXRMAX
| Q4 25 | 6.0% | 10.4% | ||
| Q3 25 | 1.2% | 1.8% | ||
| Q2 25 | 2.5% | 2.2% | ||
| Q1 25 | 1.9% | 2.3% | ||
| Q4 24 | 5.2% | 9.1% | ||
| Q3 24 | 3.0% | 1.7% | ||
| Q2 24 | 1.3% | 2.4% | ||
| Q1 24 | 0.4% | 3.3% |
现金转化率PXRMAX
| Q4 25 | 2.43× | 28.39× | ||
| Q3 25 | -4.01× | 4.45× | ||
| Q2 25 | 3.96× | 0.97× | ||
| Q1 25 | -1.05× | — | ||
| Q4 24 | 19.12× | 10.28× | ||
| Q3 24 | 19.54× | 18.22× | ||
| Q2 24 | 4.98× | 4.29× | ||
| Q1 24 | 2.18× | — |
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
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
