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RE/MAX Holdings, Inc.（RMAX）与Repay Holdings Corp（RPAY）财务数据对比。点击上方公司名可切换其他公司
Repay Holdings Corp的季度营收约是RE/MAX Holdings, Inc.的1.1倍（$78.6M vs $71.1M），RE/MAX Holdings, Inc.净利率更高（2.0% vs -178.3%，领先180.3%），Repay Holdings Corp同比增速更快（0.4% vs -1.8%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $23.2M），过去两年Repay Holdings Corp的营收复合增速更高（-1.3% vs -4.7%）
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。
Repay Holdings Corp是一家聚焦北美市场的支付技术服务商，为零售、医疗、汽车服务、电商等领域的企业提供整合支付处理方案，涵盖银行卡收单、ACH转账、POS系统集成等数字化支付工具，助力客户简化交易流程、提升运营效率。
RMAX vs RPAY — 直观对比
营收规模更大
RPAY
是对方的1.1倍
$71.1M
营收增速更快
RPAY
高出2.2%
-1.8%
净利率更高
RMAX
高出180.3%
-178.3%
自由现金流更多
RMAX
多$10.3M
$23.2M
两年增速更快
RPAY
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $71.1M | $78.6M |
| 净利润 | $1.4M | $-140.1M |
| 毛利率 | — | 74.2% |
| 营业利润率 | 13.1% | -182.2% |
| 净利率 | 2.0% | -178.3% |
| 营收同比 | -1.8% | 0.4% |
| 净利润同比 | -75.2% | -3304.1% |
| 每股收益（稀释后） | — | $-1.68 |
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RMAXRPAY
| Q4 25 | $71.1M | $78.6M | ||
| Q3 25 | $73.2M | $77.7M | ||
| Q2 25 | $72.8M | $75.6M | ||
| Q1 25 | $74.5M | $77.3M | ||
| Q4 24 | $72.5M | $78.3M | ||
| Q3 24 | $78.5M | $79.1M | ||
| Q2 24 | $78.5M | $74.9M | ||
| Q1 24 | $78.3M | $80.7M |
净利润RMAXRPAY
| Q4 25 | $1.4M | $-140.1M | ||
| Q3 25 | $4.0M | $-6.4M | ||
| Q2 25 | $4.7M | $-102.3M | ||
| Q1 25 | $-2.0M | $-7.9M | ||
| Q4 24 | $5.8M | $-4.1M | ||
| Q3 24 | $966.0K | $3.2M | ||
| Q2 24 | $3.7M | $-4.1M | ||
| Q1 24 | $-3.4M | $-5.2M |
毛利率RMAXRPAY
| Q4 25 | — | 74.2% | ||
| Q3 25 | — | 74.4% | ||
| Q2 25 | — | 75.7% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.3% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 78.2% | ||
| Q1 24 | — | 76.2% |
营业利润率RMAXRPAY
| Q4 25 | 13.1% | -182.2% | ||
| Q3 25 | 25.0% | -3.9% | ||
| Q2 25 | 19.3% | -138.7% | ||
| Q1 25 | 7.2% | -4.7% | ||
| Q4 24 | 5.9% | -1.5% | ||
| Q3 24 | 19.4% | -0.9% | ||
| Q2 24 | 20.6% | -4.6% | ||
| Q1 24 | 5.8% | -3.1% |
净利率RMAXRPAY
| Q4 25 | 2.0% | -178.3% | ||
| Q3 25 | 5.4% | -8.3% | ||
| Q2 25 | 6.4% | -135.2% | ||
| Q1 25 | -2.6% | -10.3% | ||
| Q4 24 | 8.0% | -5.3% | ||
| Q3 24 | 1.2% | 4.1% | ||
| Q2 24 | 4.7% | -5.4% | ||
| Q1 24 | -4.3% | -6.5% |
每股收益（稀释后）RMAXRPAY
| Q4 25 | — | $-1.68 | ||
| Q3 25 | — | $-0.08 | ||
| Q2 25 | — | $-1.15 | ||
| Q1 25 | — | $-0.09 | ||
| Q4 24 | — | $-0.04 | ||
| Q3 24 | — | $0.03 | ||
| Q2 24 | — | $-0.04 | ||
| Q1 24 | — | $-0.06 |
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 | $118.7M | $115.7M |
| 总债务越低越好 | $432.2M | $280.1M |
| 股东权益账面价值 | $452.4M | $484.4M |
| 总资产 | $582.5M | $1.2B |
| 负债/权益比越低杠杆越低 | 0.96× | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资RMAXRPAY
| Q4 25 | $118.7M | $115.7M | ||
| Q3 25 | $107.5M | $95.7M | ||
| Q2 25 | $94.3M | $162.6M | ||
| Q1 25 | $89.1M | $165.5M | ||
| Q4 24 | $96.6M | $189.5M | ||
| Q3 24 | $83.8M | $168.7M | ||
| Q2 24 | $66.1M | $147.1M | ||
| Q1 24 | $82.1M | $128.3M |
总债务RMAXRPAY
| Q4 25 | $432.2M | $280.1M | ||
| Q3 25 | $433.3M | $279.5M | ||
| Q2 25 | $434.4M | $279.0M | ||
| Q1 25 | $435.3M | $497.6M | ||
| Q4 24 | $436.2M | $496.8M | ||
| Q3 24 | $437.2M | $496.2M | ||
| Q2 24 | $438.1M | $435.6M | ||
| Q1 24 | $439.0M | $434.9M |
股东权益RMAXRPAY
| Q4 25 | $452.4M | $484.4M | ||
| Q3 25 | $448.1M | $616.9M | ||
| Q2 25 | $442.4M | $633.7M | ||
| Q1 25 | $433.5M | $755.7M | ||
| Q4 24 | $429.5M | $761.3M | ||
| Q3 24 | $423.1M | $754.7M | ||
| Q2 24 | $418.4M | $815.4M | ||
| Q1 24 | $412.0M | $813.8M |
总资产RMAXRPAY
| Q4 25 | $582.5M | $1.2B | ||
| Q3 25 | $582.2M | $1.3B | ||
| Q2 25 | $574.8M | $1.4B | ||
| Q1 25 | $571.4M | $1.5B | ||
| Q4 24 | $581.6M | $1.6B | ||
| Q3 24 | $578.6M | $1.6B | ||
| Q2 24 | $571.4M | $1.5B | ||
| Q1 24 | $566.7M | $1.5B |
负债/权益比RMAXRPAY
| Q4 25 | 0.96× | 0.58× | ||
| Q3 25 | 0.97× | 0.45× | ||
| Q2 25 | 0.98× | 0.44× | ||
| Q1 25 | 1.00× | 0.66× | ||
| Q4 24 | 1.02× | 0.65× | ||
| Q3 24 | 1.03× | 0.66× | ||
| Q2 24 | 1.05× | 0.53× | ||
| Q1 24 | 1.07× | 0.53× |
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 | $40.9M | $23.3M |
| 自由现金流经营现金流 - 资本支出 | $33.5M | $23.2M |
| 自由现金流率自由现金流/营收 | 47.1% | 29.6% |
| 资本支出强度资本支出/营收 | 10.4% | 0.1% |
| 现金转化率经营现金流/净利润 | 28.39× | — |
| 过去12个月自由现金流最近4个季度 | $56.8M | $90.7M |
8季度趋势，按日历期对齐
经营现金流RMAXRPAY
| Q4 25 | $40.9M | $23.3M | ||
| Q3 25 | $17.7M | $32.2M | ||
| Q2 25 | $4.6M | $33.1M | ||
| Q1 25 | $5.7M | $2.5M | ||
| Q4 24 | $59.7M | $34.3M | ||
| Q3 24 | $17.6M | $60.1M | ||
| Q2 24 | $15.9M | $31.0M | ||
| Q1 24 | $9.4M | $24.8M |
自由现金流RMAXRPAY
| Q4 25 | $33.5M | $23.2M | ||
| Q3 25 | $16.4M | $32.1M | ||
| Q2 25 | $2.9M | $33.0M | ||
| Q1 25 | $4.0M | $2.4M | ||
| Q4 24 | $53.0M | $34.0M | ||
| Q3 24 | $16.3M | $59.8M | ||
| Q2 24 | $14.0M | $30.5M | ||
| Q1 24 | $6.8M | $24.7M |
自由现金流率RMAXRPAY
| Q4 25 | 47.1% | 29.6% | ||
| Q3 25 | 22.4% | 41.3% | ||
| Q2 25 | 4.0% | 43.6% | ||
| Q1 25 | 5.3% | 3.0% | ||
| Q4 24 | 73.2% | 43.5% | ||
| Q3 24 | 20.8% | 75.6% | ||
| Q2 24 | 17.8% | 40.7% | ||
| Q1 24 | 8.6% | 30.6% |
资本支出强度RMAXRPAY
| Q4 25 | 10.4% | 0.1% | ||
| Q3 25 | 1.8% | 0.2% | ||
| Q2 25 | 2.2% | 0.1% | ||
| Q1 25 | 2.3% | 0.2% | ||
| Q4 24 | 9.1% | 0.3% | ||
| Q3 24 | 1.7% | 0.3% | ||
| Q2 24 | 2.4% | 0.6% | ||
| Q1 24 | 3.3% | 0.1% |
现金转化率RMAXRPAY
| Q4 25 | 28.39× | — | ||
| Q3 25 | 4.45× | — | ||
| Q2 25 | 0.97× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 10.28× | — | ||
| Q3 24 | 18.22× | 18.52× | ||
| Q2 24 | 4.29× | — | ||
| Q1 24 | — | — |
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
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
