vs
TheRealReal, Inc.（REAL）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
ROYAL GOLD INC的季度营收约是TheRealReal, Inc.的1.9倍（$375.3M vs $194.1M），ROYAL GOLD INC同比增速更快（85.3% vs 18.3%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% vs 16.2%）
TheRealReal是专业的奢侈品线上交易平台，所有在售商品均经过专业人员鉴定，可满足用户买卖二手奢侈品的需求。截至2023年9月30日，平台会员规模已超3800万，累计售出商品近4000万件。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
REAL vs RGLD — 直观对比
营收规模更大
RGLD
是对方的1.9倍
$194.1M
营收增速更快
RGLD
高出67.0%
18.3%
两年增速更快
RGLD
近两年复合增速
16.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $194.1M | $375.3M |
| 净利润 | — | $93.6M |
| 毛利率 | 74.8% | 64.6% |
| 营业利润率 | 3.2% | 56.2% |
| 净利率 | — | 24.9% |
| 营收同比 | 18.3% | 85.3% |
| 净利润同比 | — | -12.8% |
| 每股收益（稀释后） | $0.06 | $1.04 |
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REALRGLD
| Q4 25 | $194.1M | $375.3M | ||
| Q3 25 | $173.6M | $252.1M | ||
| Q2 25 | $165.2M | $209.6M | ||
| Q1 25 | $160.0M | $193.4M | ||
| Q4 24 | $164.0M | $202.6M | ||
| Q3 24 | $147.8M | $193.8M | ||
| Q2 24 | $144.9M | $174.1M | ||
| Q1 24 | $143.8M | $148.9M |
净利润REALRGLD
| Q4 25 | — | $93.6M | ||
| Q3 25 | $-54.1M | $126.8M | ||
| Q2 25 | $-11.4M | $132.3M | ||
| Q1 25 | $62.4M | $113.5M | ||
| Q4 24 | — | $107.4M | ||
| Q3 24 | $-17.9M | $96.2M | ||
| Q2 24 | $-16.7M | $81.2M | ||
| Q1 24 | $-31.1M | $47.2M |
毛利率REALRGLD
| Q4 25 | 74.8% | 64.6% | ||
| Q3 25 | 74.3% | 73.6% | ||
| Q2 25 | 74.3% | 72.6% | ||
| Q1 25 | 75.0% | 69.4% | ||
| Q4 24 | 74.4% | 70.3% | ||
| Q3 24 | 74.9% | 66.6% | ||
| Q2 24 | 74.1% | 64.7% | ||
| Q1 24 | 74.6% | 58.4% |
营业利润率REALRGLD
| Q4 25 | 3.2% | 56.2% | ||
| Q3 25 | -4.3% | 64.4% | ||
| Q2 25 | -6.0% | 67.7% | ||
| Q1 25 | -8.0% | 63.6% | ||
| Q4 24 | -3.1% | 65.9% | ||
| Q3 24 | -9.9% | 61.3% | ||
| Q2 24 | -13.0% | 58.6% | ||
| Q1 24 | -12.5% | 50.7% |
净利率REALRGLD
| Q4 25 | — | 24.9% | ||
| Q3 25 | -31.1% | 50.3% | ||
| Q2 25 | -6.9% | 63.1% | ||
| Q1 25 | 39.0% | 58.7% | ||
| Q4 24 | — | 53.0% | ||
| Q3 24 | -12.1% | 49.7% | ||
| Q2 24 | -11.5% | 46.6% | ||
| Q1 24 | -21.6% | 31.7% |
每股收益（稀释后）REALRGLD
| Q4 25 | $0.06 | $1.04 | ||
| Q3 25 | $-0.49 | $1.92 | ||
| Q2 25 | $-0.13 | $2.01 | ||
| Q1 25 | $-0.14 | $1.72 | ||
| Q4 24 | $-0.57 | $1.63 | ||
| Q3 24 | $-0.17 | $1.46 | ||
| Q2 24 | $-0.20 | $1.23 | ||
| Q1 24 | $-0.30 | $0.72 |
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 | $151.2M | $233.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-415.5M | $7.2B |
| 总资产 | $409.0M | $9.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资REALRGLD
| Q4 25 | $151.2M | $233.7M | ||
| Q3 25 | $108.4M | $172.8M | ||
| Q2 25 | $94.3M | $248.2M | ||
| Q1 25 | $139.6M | $240.8M | ||
| Q4 24 | $172.2M | $195.5M | ||
| Q3 24 | $153.2M | $127.9M | ||
| Q2 24 | $150.7M | $74.2M | ||
| Q1 24 | $166.0M | $137.9M |
总债务REALRGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $50.0M | ||
| Q1 24 | — | — |
股东权益REALRGLD
| Q4 25 | $-415.5M | $7.2B | ||
| Q3 25 | $-385.1M | $3.4B | ||
| Q2 25 | $-338.2M | $3.3B | ||
| Q1 25 | $-336.1M | $3.2B | ||
| Q4 24 | $-407.4M | $3.1B | ||
| Q3 24 | $-345.4M | $3.0B | ||
| Q2 24 | $-335.3M | $3.0B | ||
| Q1 24 | $-327.1M | $2.9B |
总资产REALRGLD
| Q4 25 | $409.0M | $9.5B | ||
| Q3 25 | $366.2M | $4.5B | ||
| Q2 25 | $349.4M | $3.6B | ||
| Q1 25 | $400.4M | $3.5B | ||
| Q4 24 | $423.1M | $3.4B | ||
| Q3 24 | $406.3M | $3.3B | ||
| Q2 24 | $407.4M | $3.3B | ||
| Q1 24 | $431.6M | $3.3B |
负债/权益比REALRGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.02× | ||
| Q1 24 | — | — |
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 | $49.5M | $241.7M |
| 自由现金流经营现金流 - 资本支出 | $45.8M | — |
| 自由现金流率自由现金流/营收 | 23.6% | — |
| 资本支出强度资本支出/营收 | 1.9% | — |
| 现金转化率经营现金流/净利润 | — | 2.58× |
| 过去12个月自由现金流最近4个季度 | $18.4M | — |
8季度趋势，按日历期对齐
经营现金流REALRGLD
| Q4 25 | $49.5M | $241.7M | ||
| Q3 25 | $19.3M | $174.0M | ||
| Q2 25 | $-3.6M | $152.8M | ||
| Q1 25 | $-28.3M | $136.4M | ||
| Q4 24 | $28.0M | $141.1M | ||
| Q3 24 | $9.1M | $136.7M | ||
| Q2 24 | $-6.8M | $113.5M | ||
| Q1 24 | $-3.5M | $138.3M |
自由现金流REALRGLD
| Q4 25 | $45.8M | — | ||
| Q3 25 | $16.9M | — | ||
| Q2 25 | $-11.4M | — | ||
| Q1 25 | $-33.0M | — | ||
| Q4 24 | $22.9M | — | ||
| Q3 24 | $5.0M | — | ||
| Q2 24 | $-9.8M | — | ||
| Q1 24 | $-5.6M | — |
自由现金流率REALRGLD
| Q4 25 | 23.6% | — | ||
| Q3 25 | 9.7% | — | ||
| Q2 25 | -6.9% | — | ||
| Q1 25 | -20.6% | — | ||
| Q4 24 | 14.0% | — | ||
| Q3 24 | 3.4% | — | ||
| Q2 24 | -6.7% | — | ||
| Q1 24 | -3.9% | — |
资本支出强度REALRGLD
| Q4 25 | 1.9% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 4.7% | — | ||
| Q1 25 | 2.9% | — | ||
| Q4 24 | 3.1% | — | ||
| Q3 24 | 2.7% | — | ||
| Q2 24 | 2.1% | — | ||
| Q1 24 | 1.5% | — |
现金转化率REALRGLD
| Q4 25 | — | 2.58× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | -0.45× | 1.20× | ||
| Q4 24 | — | 1.31× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | — | 1.40× | ||
| Q1 24 | — | 2.93× |
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
REAL
| Services | $149.0M | 77% |
| Products | $27.2M | 14% |
| Shipping And Handling | $17.8M | 9% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
