vs
RE/MAX Holdings, Inc.（RMAX）与再鼎医药（ZLAB）财务数据对比。点击上方公司名可切换其他公司
再鼎医药的季度营收约是RE/MAX Holdings, Inc.的1.8倍（$127.1M vs $71.1M），再鼎医药同比增速更快（17.1% vs -1.8%），RE/MAX Holdings, Inc.自由现金流更多（$33.5M vs $-26.7M），过去两年再鼎医药的营收复合增速更高（20.8% 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。
再鼎医药是一家创新生物制药企业，专注于肿瘤、自身免疫性疾病、感染性疾病等领域创新疗法的研发、生产与商业化，核心市场覆盖大中华区，与全球多家头部生物科技企业合作，为存在未被满足医疗需求的患者提供治疗方案。
RMAX vs ZLAB — 直观对比
营收规模更大
ZLAB
是对方的1.8倍
$71.1M
营收增速更快
ZLAB
高出19.0%
-1.8%
自由现金流更多
RMAX
多$60.2M
$-26.7M
两年增速更快
ZLAB
近两年复合增速
-4.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $71.1M | $127.1M |
| 净利润 | $1.4M | — |
| 毛利率 | — | 51.0% |
| 营业利润率 | 13.1% | -54.6% |
| 净利率 | 2.0% | — |
| 营收同比 | -1.8% | 17.1% |
| 净利润同比 | -75.2% | — |
| 每股收益（稀释后） | — | $-0.05 |
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RMAXZLAB
| Q4 25 | $71.1M | $127.1M | ||
| Q3 25 | $73.2M | $115.4M | ||
| Q2 25 | $72.8M | $109.1M | ||
| Q1 25 | $74.5M | $105.7M | ||
| Q4 24 | $72.5M | $108.5M | ||
| Q3 24 | $78.5M | $101.8M | ||
| Q2 24 | $78.5M | $100.1M | ||
| Q1 24 | $78.3M | $87.1M |
净利润RMAXZLAB
| Q4 25 | $1.4M | — | ||
| Q3 25 | $4.0M | $-36.0M | ||
| Q2 25 | $4.7M | $-40.7M | ||
| Q1 25 | $-2.0M | $-48.4M | ||
| Q4 24 | $5.8M | — | ||
| Q3 24 | $966.0K | $-41.7M | ||
| Q2 24 | $3.7M | $-80.3M | ||
| Q1 24 | $-3.4M | $-53.5M |
毛利率RMAXZLAB
| Q4 25 | — | 51.0% | ||
| Q3 25 | — | 59.5% | ||
| Q2 25 | — | 60.6% | ||
| Q1 25 | — | 63.6% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 64.1% | ||
| Q2 24 | — | 64.9% | ||
| Q1 24 | — | 61.4% |
营业利润率RMAXZLAB
| Q4 25 | 13.1% | -54.6% | ||
| Q3 25 | 25.0% | -42.3% | ||
| Q2 25 | 19.3% | -50.3% | ||
| Q1 25 | 7.2% | -53.3% | ||
| Q4 24 | 5.9% | -62.6% | ||
| Q3 24 | 19.4% | -66.6% | ||
| Q2 24 | 20.6% | -76.0% | ||
| Q1 24 | 5.8% | -80.7% |
净利率RMAXZLAB
| Q4 25 | 2.0% | — | ||
| Q3 25 | 5.4% | -31.2% | ||
| Q2 25 | 6.4% | -37.3% | ||
| Q1 25 | -2.6% | -45.8% | ||
| Q4 24 | 8.0% | — | ||
| Q3 24 | 1.2% | -40.9% | ||
| Q2 24 | 4.7% | -80.2% | ||
| Q1 24 | -4.3% | -61.4% |
每股收益（稀释后）RMAXZLAB
| Q4 25 | — | $-0.05 | ||
| Q3 25 | — | $-0.03 | ||
| Q2 25 | — | $-0.04 | ||
| Q1 25 | — | $-0.04 | ||
| Q4 24 | — | $-0.09 | ||
| Q3 24 | — | $-0.04 | ||
| Q2 24 | — | $-0.08 | ||
| Q1 24 | — | $-0.05 |
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 | $689.6M |
| 总债务越低越好 | $432.2M | — |
| 股东权益账面价值 | $452.4M | $715.5M |
| 总资产 | $582.5M | $1.2B |
| 负债/权益比越低杠杆越低 | 0.96× | — |
8季度趋势，按日历期对齐
现金及短期投资RMAXZLAB
| Q4 25 | $118.7M | $689.6M | ||
| Q3 25 | $107.5M | $717.2M | ||
| Q2 25 | $94.3M | $732.2M | ||
| Q1 25 | $89.1M | $757.3M | ||
| Q4 24 | $96.6M | $779.7M | ||
| Q3 24 | $83.8M | $616.1M | ||
| Q2 24 | $66.1M | $630.0M | ||
| Q1 24 | $82.1M | $650.8M |
总债务RMAXZLAB
| Q4 25 | $432.2M | — | ||
| Q3 25 | $433.3M | — | ||
| Q2 25 | $434.4M | — | ||
| Q1 25 | $435.3M | — | ||
| Q4 24 | $436.2M | — | ||
| Q3 24 | $437.2M | — | ||
| Q2 24 | $438.1M | — | ||
| Q1 24 | $439.0M | — |
股东权益RMAXZLAB
| Q4 25 | $452.4M | $715.5M | ||
| Q3 25 | $448.1M | $759.9M | ||
| Q2 25 | $442.4M | $791.7M | ||
| Q1 25 | $433.5M | $810.8M | ||
| Q4 24 | $429.5M | $840.9M | ||
| Q3 24 | $423.1M | $667.7M | ||
| Q2 24 | $418.4M | $704.2M | ||
| Q1 24 | $412.0M | $762.2M |
总资产RMAXZLAB
| Q4 25 | $582.5M | $1.2B | ||
| Q3 25 | $582.2M | $1.2B | ||
| Q2 25 | $574.8M | $1.2B | ||
| Q1 25 | $571.4M | $1.2B | ||
| Q4 24 | $581.6M | $1.2B | ||
| Q3 24 | $578.6M | $985.3M | ||
| Q2 24 | $571.4M | $987.4M | ||
| Q1 24 | $566.7M | $988.4M |
负债/权益比RMAXZLAB
| Q4 25 | 0.96× | — | ||
| Q3 25 | 0.97× | — | ||
| Q2 25 | 0.98× | — | ||
| Q1 25 | 1.00× | — | ||
| Q4 24 | 1.02× | — | ||
| Q3 24 | 1.03× | — | ||
| Q2 24 | 1.05× | — | ||
| Q1 24 | 1.07× | — |
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 | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $33.5M | $-26.7M |
| 自由现金流率自由现金流/营收 | 47.1% | -21.0% |
| 资本支出强度资本支出/营收 | 10.4% | 0.5% |
| 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 | $-158.9M |
8季度趋势，按日历期对齐
经营现金流RMAXZLAB
| Q4 25 | $40.9M | $-26.0M | ||
| Q3 25 | $17.7M | $-32.0M | ||
| Q2 25 | $4.6M | $-31.0M | ||
| Q1 25 | $5.7M | $-61.7M | ||
| Q4 24 | $59.7M | $-55.8M | ||
| Q3 24 | $17.6M | $-26.8M | ||
| Q2 24 | $15.9M | $-42.2M | ||
| Q1 24 | $9.4M | $-90.1M |
自由现金流RMAXZLAB
| Q4 25 | $33.5M | $-26.7M | ||
| Q3 25 | $16.4M | $-35.0M | ||
| Q2 25 | $2.9M | $-33.9M | ||
| Q1 25 | $4.0M | $-63.2M | ||
| Q4 24 | $53.0M | $-58.4M | ||
| Q3 24 | $16.3M | $-28.2M | ||
| Q2 24 | $14.0M | $-42.9M | ||
| Q1 24 | $6.8M | $-91.1M |
自由现金流率RMAXZLAB
| Q4 25 | 47.1% | -21.0% | ||
| Q3 25 | 22.4% | -30.4% | ||
| Q2 25 | 4.0% | -31.1% | ||
| Q1 25 | 5.3% | -59.9% | ||
| Q4 24 | 73.2% | -53.8% | ||
| Q3 24 | 20.8% | -27.7% | ||
| Q2 24 | 17.8% | -42.9% | ||
| Q1 24 | 8.6% | -104.5% |
资本支出强度RMAXZLAB
| Q4 25 | 10.4% | 0.5% | ||
| Q3 25 | 1.8% | 2.6% | ||
| Q2 25 | 2.2% | 2.6% | ||
| Q1 25 | 2.3% | 1.5% | ||
| Q4 24 | 9.1% | 2.4% | ||
| Q3 24 | 1.7% | 1.3% | ||
| Q2 24 | 2.4% | 0.7% | ||
| Q1 24 | 3.3% | 1.1% |
现金转化率RMAXZLAB
| Q4 25 | 28.39× | — | ||
| Q3 25 | 4.45× | — | ||
| Q2 25 | 0.97× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 10.28× | — | ||
| Q3 24 | 18.22× | — | ||
| 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% |
ZLAB
| Zejula | $56.0M | 44% |
| Other | $21.9M | 17% |
| Nuzyra | $16.0M | 13% |
| Optune | $11.9M | 9% |
| XACDURO | $10.7M | 8% |
| Qinlock | $9.7M | 8% |
| AUGTYRO | $836.0K | 1% |
