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eXp World Holdings, Inc.（EXPI）与孩之宝（HAS）财务数据对比。点击上方公司名可切换其他公司
孩之宝的季度营收约是eXp World Holdings, Inc.的1.2倍（$1.4B vs $1.2B），孩之宝净利率更高（13.9% vs -1.1%，领先15.0%），孩之宝同比增速更快（31.3% vs 8.5%），孩之宝自由现金流更多（$389.5M vs $11.9M），过去两年孩之宝的营收复合增速更高（38.2% 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。
孩之宝是1923年12月6日成立的美国跨国玩具制造与娱乐控股企业，总部位于罗德岛州波塔基特。旗下拥有Kenner、米尔顿·布拉德利、派克兄弟、威世智等知名品牌，持有大量热门IP商标权，业务覆盖玩具生产、游戏开发、娱乐内容出品等多个领域。
EXPI vs HAS — 直观对比
营收规模更大
HAS
是对方的1.2倍
$1.2B
营收增速更快
HAS
高出22.7%
8.5%
净利率更高
HAS
高出15.0%
-1.1%
自由现金流更多
HAS
多$377.6M
$11.9M
两年增速更快
HAS
近两年复合增速
12.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.4B |
| 净利润 | $-12.9M | $201.6M |
| 毛利率 | — | 68.7% |
| 营业利润率 | -1.1% | 20.6% |
| 净利率 | -1.1% | 13.9% |
| 营收同比 | 8.5% | 31.3% |
| 净利润同比 | -35.7% | 687.8% |
| 每股收益（稀释后） | $-0.08 | $1.46 |
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EXPIHAS
| Q4 25 | $1.2B | $1.4B | ||
| Q3 25 | $1.3B | $1.4B | ||
| Q2 25 | $1.3B | $980.8M | ||
| Q1 25 | $954.9M | $887.1M | ||
| Q4 24 | $1.1B | $1.1B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.3B | $995.3M | ||
| Q1 24 | $943.1M | $757.3M |
净利润EXPIHAS
| Q4 25 | $-12.9M | $201.6M | ||
| Q3 25 | $3.5M | $233.2M | ||
| Q2 25 | $-2.3M | $-855.8M | ||
| Q1 25 | $-11.0M | $98.6M | ||
| Q4 24 | $-9.5M | $-34.3M | ||
| Q3 24 | $-8.5M | $223.2M | ||
| Q2 24 | $12.4M | $138.5M | ||
| Q1 24 | $-15.6M | $58.2M |
毛利率EXPIHAS
| Q4 25 | — | 68.7% | ||
| Q3 25 | — | 70.1% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 76.9% | ||
| Q4 24 | — | 67.4% | ||
| Q3 24 | 99.9% | 70.4% | ||
| Q2 24 | 99.9% | 76.1% | ||
| Q1 24 | — | 73.0% |
营业利润率EXPIHAS
| Q4 25 | -1.1% | 20.6% | ||
| Q3 25 | 0.3% | 24.6% | ||
| Q2 25 | -0.2% | -81.4% | ||
| Q1 25 | -1.1% | 19.2% | ||
| Q4 24 | -1.0% | 5.4% | ||
| Q3 24 | -0.7% | 23.6% | ||
| Q2 24 | 1.4% | 21.3% | ||
| Q1 24 | -1.9% | 15.3% |
净利率EXPIHAS
| Q4 25 | -1.1% | 13.9% | ||
| Q3 25 | 0.3% | 16.8% | ||
| Q2 25 | -0.2% | -87.3% | ||
| Q1 25 | -1.2% | 11.1% | ||
| Q4 24 | -0.9% | -3.1% | ||
| Q3 24 | -0.7% | 17.4% | ||
| Q2 24 | 1.0% | 13.9% | ||
| Q1 24 | -1.7% | 7.7% |
每股收益（稀释后）EXPIHAS
| Q4 25 | $-0.08 | $1.46 | ||
| Q3 25 | $0.02 | $1.64 | ||
| Q2 25 | $-0.01 | $-6.10 | ||
| Q1 25 | $-0.07 | $0.70 | ||
| Q4 24 | $-0.06 | $-0.25 | ||
| Q3 24 | $-0.06 | $1.59 | ||
| Q2 24 | $0.08 | $0.99 | ||
| Q1 24 | $-0.10 | $0.42 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $242.8M | $565.5M |
| 总资产 | $442.5M | $5.6B |
| 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EXPIHAS
| Q4 25 | $124.2M | — | ||
| Q3 25 | $112.8M | — | ||
| Q2 25 | $94.6M | — | ||
| Q1 25 | $115.7M | — | ||
| Q4 24 | $113.6M | — | ||
| Q3 24 | $130.4M | — | ||
| Q2 24 | $108.4M | — | ||
| Q1 24 | $109.2M | — |
股东权益EXPIHAS
| Q4 25 | $242.8M | $565.5M | ||
| Q3 25 | $235.3M | $433.8M | ||
| Q2 25 | $218.4M | $269.7M | ||
| Q1 25 | $212.0M | $1.2B | ||
| Q4 24 | $204.9M | $1.2B | ||
| Q3 24 | $211.1M | $1.3B | ||
| Q2 24 | $220.3M | $1.2B | ||
| Q1 24 | $222.4M | $1.0B |
总资产EXPIHAS
| Q4 25 | $442.5M | $5.6B | ||
| Q3 25 | $458.7M | $5.5B | ||
| Q2 25 | $481.2M | $5.2B | ||
| Q1 25 | $435.8M | $6.0B | ||
| Q4 24 | $390.7M | $6.3B | ||
| Q3 24 | $432.6M | $7.2B | ||
| Q2 24 | $457.4M | $6.9B | ||
| Q1 24 | $426.7M | $6.2B |
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 | $403.2M |
| 自由现金流经营现金流 - 资本支出 | $11.9M | $389.5M |
| 自由现金流率自由现金流/营收 | 1.0% | 26.9% |
| 资本支出强度资本支出/营收 | 0.2% | 0.9% |
| 现金转化率经营现金流/净利润 | — | 2.00× |
| 过去12个月自由现金流最近4个季度 | $109.0M | $829.9M |
8季度趋势，按日历期对齐
经营现金流EXPIHAS
| Q4 25 | $13.8M | $403.2M | ||
| Q3 25 | $28.9M | $280.6M | ||
| Q2 25 | $36.1M | $71.3M | ||
| Q1 25 | $39.8M | $138.1M | ||
| Q4 24 | $13.7M | $259.8M | ||
| Q3 24 | $46.0M | $222.5M | ||
| Q2 24 | $71.1M | $187.3M | ||
| Q1 24 | $60.7M | $177.8M |
自由现金流EXPIHAS
| Q4 25 | $11.9M | $389.5M | ||
| Q3 25 | $26.6M | $260.9M | ||
| Q2 25 | $33.3M | $55.2M | ||
| Q1 25 | $37.3M | $124.3M | ||
| Q4 24 | $11.6M | $200.8M | ||
| Q3 24 | $44.4M | $174.0M | ||
| Q2 24 | $69.7M | $135.4M | ||
| Q1 24 | $59.3M | $132.0M |
自由现金流率EXPIHAS
| Q4 25 | 1.0% | 26.9% | ||
| Q3 25 | 2.0% | 18.8% | ||
| Q2 25 | 2.5% | 5.6% | ||
| Q1 25 | 3.9% | 14.0% | ||
| Q4 24 | 1.1% | 18.2% | ||
| Q3 24 | 3.6% | 13.6% | ||
| Q2 24 | 5.4% | 13.6% | ||
| Q1 24 | 6.3% | 17.4% |
资本支出强度EXPIHAS
| Q4 25 | 0.2% | 0.9% | ||
| Q3 25 | 0.2% | 1.4% | ||
| Q2 25 | 0.2% | 1.6% | ||
| Q1 25 | 0.3% | 1.6% | ||
| Q4 24 | 0.2% | 5.4% | ||
| Q3 24 | 0.1% | 3.8% | ||
| Q2 24 | 0.1% | 5.2% | ||
| Q1 24 | 0.1% | 6.0% |
现金转化率EXPIHAS
| Q4 25 | — | 2.00× | ||
| Q3 25 | 8.26× | 1.20× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.00× | ||
| Q2 24 | 5.75× | 1.35× | ||
| Q1 24 | — | 3.05× |
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% |
HAS
| Grow Brands | $1.1B | 75% |
| Optimize Brands | $188.7M | 13% |
| Digital And Licensing Gaming | $135.7M | 9% |
| Class Of Principal Product Family Brands | $13.1M | 1% |
| Filmand TV | $2.4M | 0% |
