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Real Brokerage Inc（REAX）与MARRIOTT VACATIONS WORLDWIDE Corp（VAC）财务数据对比。点击上方公司名可切换其他公司
MARRIOTT VACATIONS WORLDWIDE Corp的季度营收约是Real Brokerage Inc的2.2倍（$1.2B vs $568.5M）。Real Brokerage Inc净利率更高（-0.1% vs -35.0%，领先34.9%）。Real Brokerage Inc同比增速更快（52.6% vs -0.7%）。Real Brokerage Inc自由现金流更多（$8.4M vs $-6.0M）
该企业是美国房产服务企业，主营房产经纪业务运营与品牌特许经营，业务覆盖房产中介、 relocation服务、产权服务、保险及结算服务，旗下拥有Better Homes and Gardens Real Estate、21世纪不动产、Coldwell Banker、Corcoran Group、ERA房地产以及苏富比国际地产等多个知名品牌，2026年被Compass, Inc.收购。
万豪度假环球集团是专注于分时度假业务的公众企业，原为万豪国际集团旗下业务板块，2011年11月分拆为独立上市公司，核心业务为度假所有权运营。目前集团运营超过120家度假村，在万豪度假俱乐部品牌矩阵下拥有超70万名业主及会员，产品覆盖多个度假消费场景。
REAX vs VAC — 直观对比
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $568.5M | $1.2B |
| 净利润 | $-447.0K | $-431.0M |
| 毛利率 | 7.9% | — |
| 营业利润率 | -0.1% | — |
| 净利率 | -0.1% | -35.0% |
| 营收同比 | 52.6% | -0.7% |
| 净利润同比 | 82.7% | -962.0% |
| 每股收益（稀释后） | $0.00 | $-12.00 |
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
| Q4 25 | — | $1.2B | ||
| Q3 25 | $568.5M | $1.2B | ||
| Q2 25 | $540.7M | $1.2B | ||
| Q1 25 | $354.0M | $1.1B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $372.5M | $1.2B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | $200.7M | $1.1B |
| Q4 25 | — | $-431.0M | ||
| Q3 25 | $-447.0K | $-2.0M | ||
| Q2 25 | $1.5M | $69.0M | ||
| Q1 25 | $-5.0M | $56.0M | ||
| Q4 24 | — | $50.0M | ||
| Q3 24 | $-2.6M | $84.0M | ||
| Q2 24 | — | $37.0M | ||
| Q1 24 | $-16.1M | $47.0M |
| Q4 25 | — | — | ||
| Q3 25 | 7.9% | — | ||
| Q2 25 | 8.9% | — | ||
| Q1 25 | 9.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 8.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 10.3% | — |
| Q4 25 | — | — | ||
| Q3 25 | -0.1% | — | ||
| Q2 25 | 0.3% | — | ||
| Q1 25 | -1.5% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.7% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -7.8% | — |
| Q4 25 | — | -35.0% | ||
| Q3 25 | -0.1% | -0.2% | ||
| Q2 25 | 0.3% | 6.0% | ||
| Q1 25 | -1.4% | 5.0% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | -0.7% | 6.9% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | -8.0% | 4.2% |
| Q4 25 | — | $-12.00 | ||
| Q3 25 | $0.00 | $-0.07 | ||
| Q2 25 | $0.01 | $1.77 | ||
| Q1 25 | $-0.02 | $1.46 | ||
| Q4 24 | — | $1.29 | ||
| Q3 24 | $-0.01 | $2.12 | ||
| Q2 24 | — | $0.98 | ||
| Q1 24 | $-0.09 | $1.22 |
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 | $38.7M | $406.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $53.6M | $2.0B |
| 总资产 | $145.2M | $9.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | — | $406.0M | ||
| Q3 25 | $38.7M | $474.0M | ||
| Q2 25 | $49.7M | $205.0M | ||
| Q1 25 | $24.7M | $196.0M | ||
| Q4 24 | — | $197.0M | ||
| Q3 24 | $22.6M | $197.0M | ||
| Q2 24 | — | $206.0M | ||
| Q1 24 | $20.1M | $237.0M |
| Q4 25 | — | $2.0B | ||
| Q3 25 | $53.6M | $2.5B | ||
| Q2 25 | $49.2M | $2.5B | ||
| Q1 25 | $32.8M | $2.4B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $29.8M | $2.4B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | $25.6M | $2.4B |
| Q4 25 | — | $9.8B | ||
| Q3 25 | $145.2M | $10.1B | ||
| Q2 25 | $149.4M | $9.9B | ||
| Q1 25 | $100.5M | $9.9B | ||
| Q4 24 | — | $9.8B | ||
| Q3 24 | $102.5M | $9.7B | ||
| Q2 24 | — | $9.6B | ||
| Q1 24 | — | $9.9B |
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 | $8.8M | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $8.4M | $-6.0M |
| 自由现金流率自由现金流/营收 | 1.5% | -0.5% |
| 资本支出强度资本支出/营收 | 0.1% | 1.0% |
| 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 | $71.7M | $-29.0M |
8季度趋势，按日历期对齐
| Q4 25 | — | $6.0M | ||
| Q3 25 | $8.8M | $62.0M | ||
| Q2 25 | $41.0M | $-48.0M | ||
| Q1 25 | $15.9M | $8.0M | ||
| Q4 24 | — | $100.0M | ||
| Q3 24 | $7.2M | $72.0M | ||
| Q2 24 | — | $30.0M | ||
| Q1 24 | $21.5M | $3.0M |
| Q4 25 | — | $-6.0M | ||
| Q3 25 | $8.4M | $51.0M | ||
| Q2 25 | $40.8M | $-68.0M | ||
| Q1 25 | $15.7M | $-6.0M | ||
| Q4 24 | — | $86.0M | ||
| Q3 24 | $6.8M | $58.0M | ||
| Q2 24 | — | $17.0M | ||
| Q1 24 | $21.4M | $-13.0M |
| Q4 25 | — | -0.5% | ||
| Q3 25 | 1.5% | 4.3% | ||
| Q2 25 | 7.5% | -5.9% | ||
| Q1 25 | 4.4% | -0.5% | ||
| Q4 24 | — | 6.9% | ||
| Q3 24 | 1.8% | 4.8% | ||
| Q2 24 | — | 1.6% | ||
| Q1 24 | 10.7% | -1.2% |
| Q4 25 | — | 1.0% | ||
| Q3 25 | 0.1% | 0.9% | ||
| Q2 25 | 0.0% | 1.7% | ||
| Q1 25 | 0.1% | 1.3% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | 0.1% | 1.1% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | 0.0% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 27.13× | -0.70× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | — | 2.00× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.81× | ||
| Q1 24 | — | 0.06× |
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
REAX
暂无分部数据
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
