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eXp World Holdings, Inc.（EXPI）与Global Business Travel Group, Inc.（GBTG）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Global Business Travel Group, Inc.的1.5倍（$1.2B vs $792.0M），Global Business Travel Group, Inc.净利率更高（10.5% vs -1.1%，领先11.6%），Global Business Travel Group, Inc.同比增速更快（34.0% vs 8.5%），Global Business Travel Group, Inc.自由现金流更多（$13.0M vs $11.9M），过去两年Global Business Travel Group, Inc.的营收复合增速更高（13.9% 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。
环球商旅集团（GBTG）是专业的差旅管理服务商，致力于为各类企业及机构提供全链路商务出行解决方案。核心服务涵盖智能线上预订工具、移动端应用、差旅项目管控与咨询、高管专属出行服务、会议活动支持、差旅数据分析以及出行安全保障等，可满足不同规模客户的多元化商务出行管理需求。
EXPI vs GBTG — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $792.0M |
| 净利润 | $-12.9M | $83.0M |
| 毛利率 | — | — |
| 营业利润率 | -1.1% | 3.7% |
| 净利率 | -1.1% | 10.5% |
| 营收同比 | 8.5% | 34.0% |
| 净利润同比 | -35.7% | 692.9% |
| 每股收益（稀释后） | $-0.08 | $0.16 |
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
| Q4 25 | $1.2B | $792.0M | ||
| Q3 25 | $1.3B | $674.0M | ||
| Q2 25 | $1.3B | $631.0M | ||
| Q1 25 | $954.9M | $621.0M | ||
| Q4 24 | $1.1B | $591.0M | ||
| Q3 24 | $1.2B | $597.0M | ||
| Q2 24 | $1.3B | $625.0M | ||
| Q1 24 | $943.1M | $610.0M |
| Q4 25 | $-12.9M | $83.0M | ||
| Q3 25 | $3.5M | $-62.0M | ||
| Q2 25 | $-2.3M | $15.0M | ||
| Q1 25 | $-11.0M | $75.0M | ||
| Q4 24 | $-9.5M | $-14.0M | ||
| Q3 24 | $-8.5M | $-128.0M | ||
| Q2 24 | $12.4M | $27.0M | ||
| Q1 24 | $-15.6M | $-19.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 99.9% | — | ||
| Q2 24 | 99.9% | — | ||
| Q1 24 | — | — |
| Q4 25 | -1.1% | 3.7% | ||
| Q3 25 | 0.3% | 1.8% | ||
| Q2 25 | -0.2% | 5.4% | ||
| Q1 25 | -1.1% | 8.9% | ||
| Q4 24 | -1.0% | 5.1% | ||
| Q3 24 | -0.7% | 4.5% | ||
| Q2 24 | 1.4% | 6.7% | ||
| Q1 24 | -1.9% | 2.6% |
| Q4 25 | -1.1% | 10.5% | ||
| Q3 25 | 0.3% | -9.2% | ||
| Q2 25 | -0.2% | 2.4% | ||
| Q1 25 | -1.2% | 12.1% | ||
| Q4 24 | -0.9% | -2.4% | ||
| Q3 24 | -0.7% | -21.4% | ||
| Q2 24 | 1.0% | 4.3% | ||
| Q1 24 | -1.7% | -3.1% |
| Q4 25 | $-0.08 | $0.16 | ||
| Q3 25 | $0.02 | $-0.13 | ||
| Q2 25 | $-0.01 | $0.03 | ||
| Q1 25 | $-0.07 | $0.16 | ||
| Q4 24 | $-0.06 | $-0.04 | ||
| Q3 24 | $-0.06 | $-0.28 | ||
| Q2 24 | $0.08 | $0.06 | ||
| Q1 24 | $-0.10 | $-0.04 |
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 | $434.0M |
| 总债务越低越好 | — | $1.4B |
| 股东权益账面价值 | $242.8M | $1.6B |
| 总资产 | $442.5M | $4.9B |
| 负债/权益比越低杠杆越低 | — | 0.88× |
8季度趋势，按日历期对齐
| Q4 25 | $124.2M | $434.0M | ||
| Q3 25 | $112.8M | $427.0M | ||
| Q2 25 | $94.6M | $601.0M | ||
| Q1 25 | $115.7M | $552.0M | ||
| Q4 24 | $113.6M | $536.0M | ||
| Q3 24 | $130.4M | $524.0M | ||
| Q2 24 | $108.4M | $515.0M | ||
| Q1 24 | $109.2M | $475.0M |
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $242.8M | $1.6B | ||
| Q3 25 | $235.3M | $1.5B | ||
| Q2 25 | $218.4M | $1.2B | ||
| Q1 25 | $212.0M | $1.1B | ||
| Q4 24 | $204.9M | $1.1B | ||
| Q3 24 | $211.1M | $1.1B | ||
| Q2 24 | $220.3M | $1.2B | ||
| Q1 24 | $222.4M | $1.2B |
| Q4 25 | $442.5M | $4.9B | ||
| Q3 25 | $458.7M | $4.8B | ||
| Q2 25 | $481.2M | $3.9B | ||
| Q1 25 | $435.8M | $3.8B | ||
| Q4 24 | $390.7M | $3.6B | ||
| Q3 24 | $432.6M | $3.8B | ||
| Q2 24 | $457.4M | $3.8B | ||
| Q1 24 | $426.7M | $3.8B |
| Q4 25 | — | 0.88× | ||
| Q3 25 | — | 0.91× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | — | 1.23× | ||
| Q4 24 | — | 1.32× | ||
| Q3 24 | — | 1.26× | ||
| 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 | $52.0M |
| 自由现金流经营现金流 - 资本支出 | $11.9M | $13.0M |
| 自由现金流率自由现金流/营收 | 1.0% | 1.6% |
| 资本支出强度资本支出/营收 | 0.2% | 4.9% |
| 现金转化率经营现金流/净利润 | — | 0.63× |
| 过去12个月自由现金流最近4个季度 | $109.0M | $104.0M |
8季度趋势，按日历期对齐
| Q4 25 | $13.8M | $52.0M | ||
| Q3 25 | $28.9M | $71.0M | ||
| Q2 25 | $36.1M | $57.0M | ||
| Q1 25 | $39.8M | $53.0M | ||
| Q4 24 | $13.7M | $65.0M | ||
| Q3 24 | $46.0M | $85.0M | ||
| Q2 24 | $71.1M | $73.0M | ||
| Q1 24 | $60.7M | $49.0M |
| Q4 25 | $11.9M | $13.0M | ||
| Q3 25 | $26.6M | $38.0M | ||
| Q2 25 | $33.3M | $27.0M | ||
| Q1 25 | $37.3M | $26.0M | ||
| Q4 24 | $11.6M | $33.0M | ||
| Q3 24 | $44.4M | $59.0M | ||
| Q2 24 | $69.7M | $49.0M | ||
| Q1 24 | $59.3M | $24.0M |
| Q4 25 | 1.0% | 1.6% | ||
| Q3 25 | 2.0% | 5.6% | ||
| Q2 25 | 2.5% | 4.3% | ||
| Q1 25 | 3.9% | 4.2% | ||
| Q4 24 | 1.1% | 5.6% | ||
| Q3 24 | 3.6% | 9.9% | ||
| Q2 24 | 5.4% | 7.8% | ||
| Q1 24 | 6.3% | 3.9% |
| Q4 25 | 0.2% | 4.9% | ||
| Q3 25 | 0.2% | 4.9% | ||
| Q2 25 | 0.2% | 4.8% | ||
| Q1 25 | 0.3% | 4.3% | ||
| Q4 24 | 0.2% | 5.4% | ||
| Q3 24 | 0.1% | 4.4% | ||
| Q2 24 | 0.1% | 3.8% | ||
| Q1 24 | 0.1% | 4.1% |
| Q4 25 | — | 0.63× | ||
| Q3 25 | 8.26× | — | ||
| Q2 25 | — | 3.80× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.75× | 2.70× | ||
| 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% |
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
