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eXp World Holdings, Inc.（EXPI）与Shift4 Payments, Inc.（FOUR）财务数据对比。点击上方公司名可切换其他公司
eXp World Holdings, Inc.的季度营收约是Shift4 Payments, Inc.的1.0倍（$1.2B vs $1.2B），Shift4 Payments, Inc.净利率更高（3.4% vs -1.1%，领先4.5%），Shift4 Payments, Inc.同比增速更快（34.0% vs 8.5%），Shift4 Payments, Inc.自由现金流更多（$222.5M vs $11.9M），过去两年Shift4 Payments, Inc.的营收复合增速更高（29.6% vs 12.4%）
eXp World Holdings是全球云原生房地产服务提供商，运营eXp Realty经纪网络，依托沉浸式3D虚拟园区支持代理人协作与日常运营，业务覆盖全球20余个国家的住宅及商业地产市场，同时提供按揭贷款、产权保险、从业者职业培训等配套服务。
Shift4 Payments是美国支付处理服务商，总部位于宾夕法尼亚州阿伦敦，1999年由贾里德·艾萨克曼创立。公司为零售、酒店、休闲、餐饮等行业超20万家商户提供支付处理服务，主营移动支付软硬件等商业技术，2020年于纽约证券交易所挂牌上市。
EXPI vs FOUR — 直观对比
营收规模更大
EXPI
是对方的1.0倍
$1.2B
营收增速更快
FOUR
高出25.5%
8.5%
净利率更高
FOUR
高出4.5%
-1.1%
自由现金流更多
FOUR
多$210.6M
$11.9M
两年增速更快
FOUR
近两年复合增速
12.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $-12.9M | $40.2M |
| 毛利率 | — | — |
| 营业利润率 | -1.1% | 10.8% |
| 净利率 | -1.1% | 3.4% |
| 营收同比 | 8.5% | 34.0% |
| 净利润同比 | -35.7% | -65.3% |
| 每股收益（稀释后） | $-0.08 | — |
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EXPIFOUR
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.3B | $966.2M | ||
| Q1 25 | $954.9M | $848.3M | ||
| Q4 24 | $1.1B | $887.0M | ||
| Q3 24 | $1.2B | $909.2M | ||
| Q2 24 | $1.3B | $827.0M | ||
| Q1 24 | $943.1M | $707.4M |
净利润EXPIFOUR
| Q4 25 | $-12.9M | $40.2M | ||
| Q3 25 | $3.5M | $28.1M | ||
| Q2 25 | $-2.3M | $34.0M | ||
| Q1 25 | $-11.0M | $16.7M | ||
| Q4 24 | $-9.5M | $116.0M | ||
| Q3 24 | $-8.5M | $53.8M | ||
| Q2 24 | $12.4M | $39.2M | ||
| Q1 24 | $-15.6M | $20.6M |
毛利率EXPIFOUR
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 99.9% | — | ||
| Q2 24 | 99.9% | — | ||
| Q1 24 | — | — |
营业利润率EXPIFOUR
| Q4 25 | -1.1% | 10.8% | ||
| Q3 25 | 0.3% | 9.7% | ||
| Q2 25 | -0.2% | 8.6% | ||
| Q1 25 | -1.1% | 3.0% | ||
| Q4 24 | -1.0% | 9.7% | ||
| Q3 24 | -0.7% | 8.8% | ||
| Q2 24 | 1.4% | 7.2% | ||
| Q1 24 | -1.9% | 3.0% |
净利率EXPIFOUR
| Q4 25 | -1.1% | 3.4% | ||
| Q3 25 | 0.3% | 2.4% | ||
| Q2 25 | -0.2% | 3.5% | ||
| Q1 25 | -1.2% | 2.0% | ||
| Q4 24 | -0.9% | 13.1% | ||
| Q3 24 | -0.7% | 5.9% | ||
| Q2 24 | 1.0% | 4.7% | ||
| Q1 24 | -1.7% | 2.9% |
每股收益（稀释后）EXPIFOUR
| Q4 25 | $-0.08 | — | ||
| Q3 25 | $0.02 | — | ||
| Q2 25 | $-0.01 | — | ||
| Q1 25 | $-0.07 | — | ||
| Q4 24 | $-0.06 | — | ||
| Q3 24 | $-0.06 | — | ||
| Q2 24 | $0.08 | — | ||
| Q1 24 | $-0.10 | — |
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 | $124.2M | $964.0M |
| 总债务越低越好 | — | $4.5B |
| 股东权益账面价值 | $242.8M | $1.4B |
| 总资产 | $442.5M | $8.7B |
| 负债/权益比越低杠杆越低 | — | 3.15× |
8季度趋势，按日历期对齐
现金及短期投资EXPIFOUR
| Q4 25 | $124.2M | $964.0M | ||
| Q3 25 | $112.8M | $1.5B | ||
| Q2 25 | $94.6M | $3.0B | ||
| Q1 25 | $115.7M | $1.2B | ||
| Q4 24 | $113.6M | $1.2B | ||
| Q3 24 | $130.4M | $1.4B | ||
| Q2 24 | $108.4M | $205.0M | ||
| Q1 24 | $109.2M | $522.9M |
总债务EXPIFOUR
| Q4 25 | — | $4.5B | ||
| Q3 25 | — | $4.7B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益EXPIFOUR
| Q4 25 | $242.8M | $1.4B | ||
| Q3 25 | $235.3M | $1.7B | ||
| Q2 25 | $218.4M | $1.6B | ||
| Q1 25 | $212.0M | $805.2M | ||
| Q4 24 | $204.9M | $806.6M | ||
| Q3 24 | $211.1M | $811.8M | ||
| Q2 24 | $220.3M | $700.8M | ||
| Q1 24 | $222.4M | $674.5M |
总资产EXPIFOUR
| Q4 25 | $442.5M | $8.7B | ||
| Q3 25 | $458.7M | $9.0B | ||
| Q2 25 | $481.2M | $7.0B | ||
| Q1 25 | $435.8M | $5.0B | ||
| Q4 24 | $390.7M | $5.0B | ||
| Q3 24 | $432.6M | $5.0B | ||
| Q2 24 | $457.4M | $3.5B | ||
| Q1 24 | $426.7M | $3.4B |
负债/权益比EXPIFOUR
| Q4 25 | — | 3.15× | ||
| Q3 25 | — | 2.83× | ||
| Q2 25 | — | 2.34× | ||
| Q1 25 | — | 3.53× | ||
| Q4 24 | — | 3.52× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $13.8M | $223.7M |
| 自由现金流经营现金流 - 资本支出 | $11.9M | $222.5M |
| 自由现金流率自由现金流/营收 | 1.0% | 18.7% |
| 资本支出强度资本支出/营收 | 0.2% | 0.1% |
| 现金转化率经营现金流/净利润 | — | 5.56× |
| 过去12个月自由现金流最近4个季度 | $109.0M | $624.0M |
8季度趋势，按日历期对齐
经营现金流EXPIFOUR
| Q4 25 | $13.8M | $223.7M | ||
| Q3 25 | $28.9M | $171.8M | ||
| Q2 25 | $36.1M | $141.9M | ||
| Q1 25 | $39.8M | $96.6M | ||
| Q4 24 | $13.7M | $145.4M | ||
| Q3 24 | $46.0M | $182.1M | ||
| Q2 24 | $71.1M | $116.1M | ||
| Q1 24 | $60.7M | $56.7M |
自由现金流EXPIFOUR
| Q4 25 | $11.9M | $222.5M | ||
| Q3 25 | $26.6M | $165.4M | ||
| Q2 25 | $33.3M | $141.0M | ||
| Q1 25 | $37.3M | $95.1M | ||
| Q4 24 | $11.6M | $143.8M | ||
| Q3 24 | $44.4M | $180.1M | ||
| Q2 24 | $69.7M | $113.9M | ||
| Q1 24 | $59.3M | $55.4M |
自由现金流率EXPIFOUR
| Q4 25 | 1.0% | 18.7% | ||
| Q3 25 | 2.0% | 14.1% | ||
| Q2 25 | 2.5% | 14.6% | ||
| Q1 25 | 3.9% | 11.2% | ||
| Q4 24 | 1.1% | 16.2% | ||
| Q3 24 | 3.6% | 19.8% | ||
| Q2 24 | 5.4% | 13.8% | ||
| Q1 24 | 6.3% | 7.8% |
资本支出强度EXPIFOUR
| Q4 25 | 0.2% | 0.1% | ||
| Q3 25 | 0.2% | 0.5% | ||
| Q2 25 | 0.2% | 0.1% | ||
| Q1 25 | 0.3% | 0.2% | ||
| Q4 24 | 0.2% | 0.2% | ||
| Q3 24 | 0.1% | 0.2% | ||
| Q2 24 | 0.1% | 0.3% | ||
| Q1 24 | 0.1% | 0.2% |
现金转化率EXPIFOUR
| Q4 25 | — | 5.56× | ||
| Q3 25 | 8.26× | 6.11× | ||
| Q2 25 | — | 4.17× | ||
| Q1 25 | — | 5.78× | ||
| Q4 24 | — | 1.25× | ||
| Q3 24 | — | 3.38× | ||
| Q2 24 | 5.75× | 2.96× | ||
| Q1 24 | — | 2.75× |
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
EXPI
| North American Realty | $1.1B | 96% |
| International Realty | $42.2M | 4% |
FOUR
| Payments Based Revenue | $788.8M | 66% |
| Other | $255.0M | 21% |
| Subscription And Other Revenues | $144.8M | 12% |
