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TheRealReal, Inc.（REAL）与RESOURCES CONNECTION, INC.（RGP）财务数据对比。点击上方公司名可切换其他公司
TheRealReal, Inc.的季度营收约是RESOURCES CONNECTION, INC.的1.6倍（$194.1M vs $117.7M），TheRealReal, Inc.同比增速更快（18.3% vs -19.2%），TheRealReal, Inc.自由现金流更多（$45.8M vs $15.6M），过去两年TheRealReal, Inc.的营收复合增速更高（16.2% vs -11.8%）
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。
RGP原名 Resources Global Professionals，是 Resources Connection, Inc. 的核心运营主体，面向全球客户提供多领域专业咨询服务，覆盖财务会计、信息管理、治理风险合规、人力资本、法务监管、企业咨询与重组、战略传播以及供应链管理等板块。
REAL vs RGP — 直观对比
营收规模更大
REAL
是对方的1.6倍
$117.7M
营收增速更快
REAL
高出37.5%
-19.2%
自由现金流更多
REAL
多$30.3M
$15.6M
两年增速更快
REAL
近两年复合增速
-11.8%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $194.1M | $117.7M |
| 净利润 | — | $-12.7M |
| 毛利率 | 74.8% | 37.1% |
| 营业利润率 | 3.2% | -10.3% |
| 净利率 | — | -10.8% |
| 营收同比 | 18.3% | -19.2% |
| 净利润同比 | — | 81.6% |
| 每股收益（稀释后） | $0.06 | $-0.38 |
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REALRGP
| Q4 25 | $194.1M | $117.7M | ||
| Q3 25 | $173.6M | $120.2M | ||
| Q2 25 | $165.2M | $139.3M | ||
| Q1 25 | $160.0M | $129.4M | ||
| Q4 24 | $164.0M | $145.6M | ||
| Q3 24 | $147.8M | $136.9M | ||
| Q2 24 | $144.9M | $148.2M | ||
| Q1 24 | $143.8M | $151.3M |
净利润REALRGP
| Q4 25 | — | $-12.7M | ||
| Q3 25 | $-54.1M | $-2.4M | ||
| Q2 25 | $-11.4M | $-73.3M | ||
| Q1 25 | $62.4M | $-44.1M | ||
| Q4 24 | — | $-68.7M | ||
| Q3 24 | $-17.9M | $-5.7M | ||
| Q2 24 | $-16.7M | $10.5M | ||
| Q1 24 | $-31.1M | $2.5M |
毛利率REALRGP
| Q4 25 | 74.8% | 37.1% | ||
| Q3 25 | 74.3% | 39.5% | ||
| Q2 25 | 74.3% | 40.2% | ||
| Q1 25 | 75.0% | 35.1% | ||
| Q4 24 | 74.4% | 38.5% | ||
| Q3 24 | 74.9% | 36.5% | ||
| Q2 24 | 74.1% | 40.2% | ||
| Q1 24 | 74.6% | 37.0% |
营业利润率REALRGP
| Q4 25 | 3.2% | -10.3% | ||
| Q3 25 | -4.3% | -1.7% | ||
| Q2 25 | -6.0% | -47.0% | ||
| Q1 25 | -8.0% | -38.4% | ||
| Q4 24 | -3.1% | -52.7% | ||
| Q3 24 | -9.9% | -3.5% | ||
| Q2 24 | -13.0% | 7.6% | ||
| Q1 24 | -12.5% | 2.8% |
净利率REALRGP
| Q4 25 | — | -10.8% | ||
| Q3 25 | -31.1% | -2.0% | ||
| Q2 25 | -6.9% | -52.6% | ||
| Q1 25 | 39.0% | -34.0% | ||
| Q4 24 | — | -47.2% | ||
| Q3 24 | -12.1% | -4.2% | ||
| Q2 24 | -11.5% | 7.1% | ||
| Q1 24 | -21.6% | 1.7% |
每股收益（稀释后）REALRGP
| Q4 25 | $0.06 | $-0.38 | ||
| Q3 25 | $-0.49 | $-0.07 | ||
| Q2 25 | $-0.13 | $-2.21 | ||
| Q1 25 | $-0.14 | $-1.34 | ||
| Q4 24 | $-0.57 | $-2.08 | ||
| Q3 24 | $-0.17 | $-0.17 | ||
| Q2 24 | $-0.20 | $0.31 | ||
| Q1 24 | $-0.30 | $0.08 |
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 | $89.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-415.5M | $194.6M |
| 总资产 | $409.0M | $289.3M |
| 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REALRGP
| Q4 25 | $151.2M | $89.8M | ||
| Q3 25 | $108.4M | $77.5M | ||
| Q2 25 | $94.3M | $86.1M | ||
| Q1 25 | $139.6M | $72.5M | ||
| Q4 24 | $172.2M | $78.2M | ||
| Q3 24 | $153.2M | $89.6M | ||
| Q2 24 | $150.7M | $108.9M | ||
| Q1 24 | $166.0M | $113.8M |
股东权益REALRGP
| Q4 25 | $-415.5M | $194.6M | ||
| Q3 25 | $-385.1M | $206.4M | ||
| Q2 25 | $-338.2M | $207.1M | ||
| Q1 25 | $-336.1M | $277.8M | ||
| Q4 24 | $-407.4M | $325.7M | ||
| Q3 24 | $-345.4M | $407.2M | ||
| Q2 24 | $-335.3M | $418.8M | ||
| Q1 24 | $-327.1M | $414.9M |
总资产REALRGP
| Q4 25 | $409.0M | $289.3M | ||
| Q3 25 | $366.2M | $287.2M | ||
| Q2 25 | $349.4M | $304.7M | ||
| Q1 25 | $400.4M | $375.6M | ||
| Q4 24 | $423.1M | $424.9M | ||
| Q3 24 | $406.3M | $512.9M | ||
| Q2 24 | $407.4M | $510.9M | ||
| Q1 24 | $431.6M | $523.2M |
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 | $15.9M |
| 自由现金流经营现金流 - 资本支出 | $45.8M | $15.6M |
| 自由现金流率自由现金流/营收 | 23.6% | 13.2% |
| 资本支出强度资本支出/营收 | 1.9% | 0.3% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $18.4M | $24.3M |
8季度趋势，按日历期对齐
经营现金流REALRGP
| Q4 25 | $49.5M | $15.9M | ||
| Q3 25 | $19.3M | $-7.8M | ||
| Q2 25 | $-3.6M | $16.8M | ||
| Q1 25 | $-28.3M | $659.0K | ||
| Q4 24 | $28.0M | $1.8M | ||
| Q3 24 | $9.1M | $-309.0K | ||
| Q2 24 | $-6.8M | $3.2M | ||
| Q1 24 | $-3.5M | $20.5M |
自由现金流REALRGP
| Q4 25 | $45.8M | $15.6M | ||
| Q3 25 | $16.9M | $-8.0M | ||
| Q2 25 | $-11.4M | $16.5M | ||
| Q1 25 | $-33.0M | $238.0K | ||
| Q4 24 | $22.9M | $61.0K | ||
| Q3 24 | $5.0M | $-575.0K | ||
| Q2 24 | $-9.8M | $3.0M | ||
| Q1 24 | $-5.6M | $20.4M |
自由现金流率REALRGP
| Q4 25 | 23.6% | 13.2% | ||
| Q3 25 | 9.7% | -6.6% | ||
| Q2 25 | -6.9% | 11.8% | ||
| Q1 25 | -20.6% | 0.2% | ||
| Q4 24 | 14.0% | 0.0% | ||
| Q3 24 | 3.4% | -0.4% | ||
| Q2 24 | -6.7% | 2.1% | ||
| Q1 24 | -3.9% | 13.5% |
资本支出强度REALRGP
| Q4 25 | 1.9% | 0.3% | ||
| Q3 25 | 1.4% | 0.1% | ||
| Q2 25 | 4.7% | 0.2% | ||
| Q1 25 | 2.9% | 0.3% | ||
| Q4 24 | 3.1% | 1.2% | ||
| Q3 24 | 2.7% | 0.2% | ||
| Q2 24 | 2.1% | 0.1% | ||
| Q1 24 | 1.5% | 0.1% |
现金转化率REALRGP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.45× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.30× | ||
| Q1 24 | — | 8.04× |
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% |
RGP
| US | $93.7M | 80% |
| Non Us | $24.0M | 20% |
