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RE/MAX Holdings, Inc.（RMAX）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RE/MAX Holdings, Inc.的17.3倍（$1.2B vs $71.1M）。RE/MAX Holdings, Inc.净利率更高（2.0% vs -35.0%，领先37.0%）。MARRIOTT VACATIONS WORLDWIDE Corp同比增速更快（-0.7% vs -1.8%）。RE/MAX Holdings, Inc.自由现金流更多（$10.2M vs $-6.0M）。过去两年MARRIOTT VACATIONS WORLDWIDE Corp的营收复合增速更高（5.2% 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。
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。
RMAX vs VAC — 直观对比
营收规模更大
VAC
是对方的17.3倍
$71.1M
营收增速更快
VAC
高出1.1%
-1.8%
净利率更高
RMAX
高出37.0%
-35.0%
自由现金流更多
RMAX
多$16.2M
$-6.0M
两年增速更快
VAC
近两年复合增速
-4.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $71.1M | $1.2B |
| 净利润 | $1.4M | $-431.0M |
| 毛利率 | — | — |
| 营业利润率 | 13.1% | — |
| 净利率 | 2.0% | -35.0% |
| 营收同比 | -1.8% | -0.7% |
| 净利润同比 | -75.2% | -962.0% |
| 每股收益（稀释后） | — | $-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
营收RMAXVAC
| Q4 25 | $71.1M | $1.2B | ||
| Q3 25 | $73.2M | $1.2B | ||
| Q2 25 | $72.8M | $1.2B | ||
| Q1 25 | $74.5M | $1.1B | ||
| Q4 24 | $72.5M | $1.2B | ||
| Q3 24 | $78.5M | $1.2B | ||
| Q2 24 | $78.5M | $1.1B | ||
| Q1 24 | $78.3M | $1.1B |
净利润RMAXVAC
| Q4 25 | $1.4M | $-431.0M | ||
| Q3 25 | $4.0M | $-2.0M | ||
| Q2 25 | $4.7M | $69.0M | ||
| Q1 25 | $-2.0M | $56.0M | ||
| Q4 24 | $5.8M | $50.0M | ||
| Q3 24 | $966.0K | $84.0M | ||
| Q2 24 | $3.7M | $37.0M | ||
| Q1 24 | $-3.4M | $47.0M |
营业利润率RMAXVAC
| Q4 25 | 13.1% | — | ||
| Q3 25 | 25.0% | — | ||
| Q2 25 | 19.3% | — | ||
| Q1 25 | 7.2% | — | ||
| Q4 24 | 5.9% | — | ||
| Q3 24 | 19.4% | — | ||
| Q2 24 | 20.6% | — | ||
| Q1 24 | 5.8% | — |
净利率RMAXVAC
| Q4 25 | 2.0% | -35.0% | ||
| Q3 25 | 5.4% | -0.2% | ||
| Q2 25 | 6.4% | 6.0% | ||
| Q1 25 | -2.6% | 5.0% | ||
| Q4 24 | 8.0% | 4.0% | ||
| Q3 24 | 1.2% | 6.9% | ||
| Q2 24 | 4.7% | 3.5% | ||
| Q1 24 | -4.3% | 4.2% |
每股收益（稀释后）RMAXVAC
| Q4 25 | — | $-12.00 | ||
| Q3 25 | — | $-0.07 | ||
| Q2 25 | — | $1.77 | ||
| Q1 25 | — | $1.46 | ||
| Q4 24 | — | $1.29 | ||
| Q3 24 | — | $2.12 | ||
| Q2 24 | — | $0.98 | ||
| Q1 24 | — | $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 | $118.7M | $406.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $452.4M | $2.0B |
| 总资产 | $582.5M | $9.8B |
| 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RMAXVAC
| Q4 25 | $118.7M | $406.0M | ||
| Q3 25 | $107.5M | $474.0M | ||
| Q2 25 | $94.3M | $205.0M | ||
| Q1 25 | $89.1M | $196.0M | ||
| Q4 24 | $96.6M | $197.0M | ||
| Q3 24 | $83.8M | $197.0M | ||
| Q2 24 | $66.1M | $206.0M | ||
| Q1 24 | $82.1M | $237.0M |
股东权益RMAXVAC
| Q4 25 | $452.4M | $2.0B | ||
| Q3 25 | $448.1M | $2.5B | ||
| Q2 25 | $442.4M | $2.5B | ||
| Q1 25 | $433.5M | $2.4B | ||
| Q4 24 | $429.5M | $2.4B | ||
| Q3 24 | $423.1M | $2.4B | ||
| Q2 24 | $418.4M | $2.4B | ||
| Q1 24 | $412.0M | $2.4B |
总资产RMAXVAC
| Q4 25 | $582.5M | $9.8B | ||
| Q3 25 | $582.2M | $10.1B | ||
| Q2 25 | $574.8M | $9.9B | ||
| Q1 25 | $571.4M | $9.9B | ||
| Q4 24 | $581.6M | $9.8B | ||
| Q3 24 | $578.6M | $9.7B | ||
| Q2 24 | $571.4M | $9.6B | ||
| Q1 24 | $566.7M | $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 | $12.9M | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $10.2M | $-6.0M |
| 自由现金流率自由现金流/营收 | 14.3% | -0.5% |
| 资本支出强度资本支出/营收 | 3.9% | 1.0% |
| 现金转化率经营现金流/净利润 | 8.97× | — |
| 过去12个月自由现金流最近4个季度 | $33.5M | $-29.0M |
8季度趋势，按日历期对齐
经营现金流RMAXVAC
| Q4 25 | $12.9M | $6.0M | ||
| Q3 25 | $17.7M | $62.0M | ||
| Q2 25 | $4.6M | $-48.0M | ||
| Q1 25 | $5.7M | $8.0M | ||
| Q4 24 | $16.8M | $100.0M | ||
| Q3 24 | $17.6M | $72.0M | ||
| Q2 24 | $15.9M | $30.0M | ||
| Q1 24 | $9.4M | $3.0M |
自由现金流RMAXVAC
| Q4 25 | $10.2M | $-6.0M | ||
| Q3 25 | $16.4M | $51.0M | ||
| Q2 25 | $2.9M | $-68.0M | ||
| Q1 25 | $4.0M | $-6.0M | ||
| Q4 24 | $16.0M | $86.0M | ||
| Q3 24 | $16.3M | $58.0M | ||
| Q2 24 | $14.0M | $17.0M | ||
| Q1 24 | $6.8M | $-13.0M |
自由现金流率RMAXVAC
| Q4 25 | 14.3% | -0.5% | ||
| Q3 25 | 22.4% | 4.3% | ||
| Q2 25 | 4.0% | -5.9% | ||
| Q1 25 | 5.3% | -0.5% | ||
| Q4 24 | 22.1% | 6.9% | ||
| Q3 24 | 20.8% | 4.8% | ||
| Q2 24 | 17.8% | 1.6% | ||
| Q1 24 | 8.6% | -1.2% |
资本支出强度RMAXVAC
| Q4 25 | 3.9% | 1.0% | ||
| Q3 25 | 1.8% | 0.9% | ||
| Q2 25 | 2.2% | 1.7% | ||
| Q1 25 | 2.3% | 1.3% | ||
| Q4 24 | 1.1% | 1.1% | ||
| Q3 24 | 1.7% | 1.1% | ||
| Q2 24 | 2.4% | 1.2% | ||
| Q1 24 | 3.3% | 1.4% |
现金转化率RMAXVAC
| Q4 25 | 8.97× | — | ||
| Q3 25 | 4.45× | — | ||
| Q2 25 | 0.97× | -0.70× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | 2.89× | 2.00× | ||
| Q3 24 | 18.22× | 0.86× | ||
| Q2 24 | 4.29× | 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
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
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% |
