vs
eXp World Holdings, Inc.（EXPI）与六旗（FUN）财务数据对比。点击上方公司名可切换其他公司
eXp World Holdings, Inc.的季度营收约是六旗的1.8倍（$1.2B vs $650.1M），eXp World Holdings, Inc.净利率更高（-1.1% vs -14.2%，领先13.1%），eXp World Holdings, Inc.自由现金流更多（$11.9M vs $-109.3M）
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。
六旗娱乐是总部位于美国北卡罗来纳州夏洛特的游乐园运营企业，由雪松会与原六旗公司于2024年7月1日对等合并而成，是全球最大的区域性游乐园运营商。旗下共运营42个场地，包含27座游乐园、15座水上乐园，配套9处 onsite 度假物业。
EXPI vs FUN — 直观对比
营收规模更大
EXPI
是对方的1.8倍
$650.1M
净利率更高
EXPI
高出13.1%
-14.2%
自由现金流更多
EXPI
多$121.2M
$-109.3M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $650.1M |
| 净利润 | $-12.9M | $-92.4M |
| 毛利率 | — | 91.4% |
| 营业利润率 | -1.1% | -3.8% |
| 净利率 | -1.1% | -14.2% |
| 营收同比 | 8.5% | — |
| 净利润同比 | -35.7% | — |
| 每股收益（稀释后） | $-0.08 | $-0.93 |
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EXPIFUN
| Q4 25 | $1.2B | $650.1M | ||
| Q3 25 | $1.3B | $1.3B | ||
| Q2 25 | $1.3B | $930.4M | ||
| Q1 25 | $954.9M | $202.1M | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.3B | $571.6M | ||
| Q1 24 | $943.1M | — |
净利润EXPIFUN
| Q4 25 | $-12.9M | $-92.4M | ||
| Q3 25 | $3.5M | $-1.2B | ||
| Q2 25 | $-2.3M | $-99.6M | ||
| Q1 25 | $-11.0M | $-219.7M | ||
| Q4 24 | $-9.5M | — | ||
| Q3 24 | $-8.5M | $111.0M | ||
| Q2 24 | $12.4M | $55.6M | ||
| Q1 24 | $-15.6M | — |
毛利率EXPIFUN
| Q4 25 | — | 91.4% | ||
| Q3 25 | — | 91.6% | ||
| Q2 25 | — | 91.3% | ||
| Q1 25 | — | 89.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | 99.9% | 91.9% | ||
| Q2 24 | 99.9% | 90.7% | ||
| Q1 24 | — | — |
营业利润率EXPIFUN
| Q4 25 | -1.1% | -3.8% | ||
| Q3 25 | 0.3% | -83.7% | ||
| Q2 25 | -0.2% | 8.0% | ||
| Q1 25 | -1.1% | -158.9% | ||
| Q4 24 | -1.0% | — | ||
| Q3 24 | -0.7% | 19.5% | ||
| Q2 24 | 1.4% | 21.6% | ||
| Q1 24 | -1.9% | — |
净利率EXPIFUN
| Q4 25 | -1.1% | -14.2% | ||
| Q3 25 | 0.3% | -90.1% | ||
| Q2 25 | -0.2% | -10.7% | ||
| Q1 25 | -1.2% | -108.7% | ||
| Q4 24 | -0.9% | — | ||
| Q3 24 | -0.7% | 8.2% | ||
| Q2 24 | 1.0% | 9.7% | ||
| Q1 24 | -1.7% | — |
每股收益（稀释后）EXPIFUN
| Q4 25 | $-0.08 | $-0.93 | ||
| Q3 25 | $0.02 | $-11.77 | ||
| Q2 25 | $-0.01 | $-0.99 | ||
| Q1 25 | $-0.07 | $-2.20 | ||
| Q4 24 | $-0.06 | — | ||
| Q3 24 | $-0.06 | $1.10 | ||
| 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 | $91.1M |
| 总债务越低越好 | — | $5.2B |
| 股东权益账面价值 | $242.8M | $549.8M |
| 总资产 | $442.5M | $7.8B |
| 负债/权益比越低杠杆越低 | — | 9.40× |
8季度趋势，按日历期对齐
现金及短期投资EXPIFUN
| Q4 25 | $124.2M | $91.1M | ||
| Q3 25 | $112.8M | $70.7M | ||
| Q2 25 | $94.6M | $107.4M | ||
| Q1 25 | $115.7M | $61.5M | ||
| Q4 24 | $113.6M | — | ||
| Q3 24 | $130.4M | $89.7M | ||
| Q2 24 | $108.4M | $52.9M | ||
| Q1 24 | $109.2M | — |
总债务EXPIFUN
| Q4 25 | — | $5.2B | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $5.3B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $4.6B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | — |
股东权益EXPIFUN
| Q4 25 | $242.8M | $549.8M | ||
| Q3 25 | $235.3M | $614.3M | ||
| Q2 25 | $218.4M | $1.8B | ||
| Q1 25 | $212.0M | $1.8B | ||
| Q4 24 | $204.9M | — | ||
| Q3 24 | $211.1M | $2.3B | ||
| Q2 24 | $220.3M | — | ||
| Q1 24 | $222.4M | — |
总资产EXPIFUN
| Q4 25 | $442.5M | $7.8B | ||
| Q3 25 | $458.7M | $7.9B | ||
| Q2 25 | $481.2M | $9.5B | ||
| Q1 25 | $435.8M | $9.2B | ||
| Q4 24 | $390.7M | — | ||
| Q3 24 | $432.6M | $9.4B | ||
| Q2 24 | $457.4M | $2.3B | ||
| Q1 24 | $426.7M | — |
负债/权益比EXPIFUN
| Q4 25 | — | 9.40× | ||
| Q3 25 | — | 8.16× | ||
| Q2 25 | — | 2.97× | ||
| Q1 25 | — | 2.75× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.95× | ||
| 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 | $-37.7M |
| 自由现金流经营现金流 - 资本支出 | $11.9M | $-109.3M |
| 自由现金流率自由现金流/营收 | 1.0% | -16.8% |
| 资本支出强度资本支出/营收 | 0.2% | 11.0% |
| 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 | $109.0M | $-152.2M |
8季度趋势，按日历期对齐
经营现金流EXPIFUN
| Q4 25 | $13.8M | $-37.7M | ||
| Q3 25 | $28.9M | $356.2M | ||
| Q2 25 | $36.1M | $187.0M | ||
| Q1 25 | $39.8M | $-178.0M | ||
| Q4 24 | $13.7M | — | ||
| Q3 24 | $46.0M | $337.4M | ||
| Q2 24 | $71.1M | — | ||
| Q1 24 | $60.7M | — |
自由现金流EXPIFUN
| Q4 25 | $11.9M | $-109.3M | ||
| Q3 25 | $26.6M | $256.2M | ||
| Q2 25 | $33.3M | $18.8M | ||
| Q1 25 | $37.3M | $-318.0M | ||
| Q4 24 | $11.6M | — | ||
| Q3 24 | $44.4M | $227.7M | ||
| Q2 24 | $69.7M | — | ||
| Q1 24 | $59.3M | — |
自由现金流率EXPIFUN
| Q4 25 | 1.0% | -16.8% | ||
| Q3 25 | 2.0% | 19.4% | ||
| Q2 25 | 2.5% | 2.0% | ||
| Q1 25 | 3.9% | -157.4% | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 3.6% | 16.9% | ||
| Q2 24 | 5.4% | — | ||
| Q1 24 | 6.3% | — |
资本支出强度EXPIFUN
| Q4 25 | 0.2% | 11.0% | ||
| Q3 25 | 0.2% | 7.6% | ||
| Q2 25 | 0.2% | 18.1% | ||
| Q1 25 | 0.3% | 69.3% | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.1% | 8.1% | ||
| Q2 24 | 0.1% | — | ||
| Q1 24 | 0.1% | — |
现金转化率EXPIFUN
| Q4 25 | — | — | ||
| Q3 25 | 8.26× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.04× | ||
| Q2 24 | 5.75× | — | ||
| 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
EXPI
| North American Realty | $1.1B | 96% |
| International Realty | $42.2M | 4% |
FUN
| Admission | $327.4M | 50% |
| Food Merchandiseand Gaming | $205.7M | 32% |
| Accommodations Extra Charge Products And Other | $117.0M | 18% |
