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eXp World Holdings, Inc.（EXPI）与Hilton Grand Vacations Inc.（HGV）财务数据对比。点击上方公司名可切换其他公司
Hilton Grand Vacations Inc.的季度营收约是eXp World Holdings, Inc.的1.0倍（$1.2B vs $1.2B），Hilton Grand Vacations Inc.净利率更高（4.0% vs -1.1%，领先5.1%），eXp World Holdings, Inc.同比增速更快（8.5% vs 3.7%），Hilton Grand Vacations Inc.自由现金流更多（$147.0M vs $11.9M），过去两年eXp World Holdings, Inc.的营收复合增速更高（12.4% vs 7.4%）
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。
希尔顿度假大酒店公司（Hilton Grand Vacations Inc.）总部位于美国佛罗里达州奥兰多，是一家跨国企业。该公司通过与希尔顿全球的独家授权协议，运营管理希尔顿旗下的分时度假和度假所有权品牌。其原为希尔顿全球的全资子公司，2017年分拆为独立上市公司。
EXPI vs HGV — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $-12.9M | $48.0M |
| 毛利率 | — | — |
| 营业利润率 | -1.1% | 7.8% |
| 净利率 | -1.1% | 4.0% |
| 营收同比 | 8.5% | 3.7% |
| 净利润同比 | -35.7% | 140.0% |
| 每股收益（稀释后） | $-0.08 | $0.53 |
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 | $1.2B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.3B | $1.1B | ||
| Q1 25 | $954.9M | $1.0B | ||
| Q4 24 | $1.1B | $1.1B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.3B | $1.1B | ||
| Q1 24 | $943.1M | $1.0B |
| Q4 25 | $-12.9M | $48.0M | ||
| Q3 25 | $3.5M | $25.0M | ||
| Q2 25 | $-2.3M | $25.0M | ||
| Q1 25 | $-11.0M | $-17.0M | ||
| Q4 24 | $-9.5M | $20.0M | ||
| Q3 24 | $-8.5M | $29.0M | ||
| Q2 24 | $12.4M | $2.0M | ||
| Q1 24 | $-15.6M | $-4.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 99.9% | — | ||
| Q2 24 | 99.9% | — | ||
| Q1 24 | — | — |
| Q4 25 | -1.1% | 7.8% | ||
| Q3 25 | 0.3% | 3.9% | ||
| Q2 25 | -0.2% | 3.8% | ||
| Q1 25 | -1.1% | -0.6% | ||
| Q4 24 | -1.0% | 4.3% | ||
| Q3 24 | -0.7% | 7.9% | ||
| Q2 24 | 1.4% | 0.6% | ||
| Q1 24 | -1.9% | -1.3% |
| Q4 25 | -1.1% | 4.0% | ||
| Q3 25 | 0.3% | 2.1% | ||
| Q2 25 | -0.2% | 2.2% | ||
| Q1 25 | -1.2% | -1.7% | ||
| Q4 24 | -0.9% | 1.7% | ||
| Q3 24 | -0.7% | 2.5% | ||
| Q2 24 | 1.0% | 0.2% | ||
| Q1 24 | -1.7% | -0.4% |
| Q4 25 | $-0.08 | $0.53 | ||
| Q3 25 | $0.02 | $0.28 | ||
| Q2 25 | $-0.01 | $0.25 | ||
| Q1 25 | $-0.07 | $-0.17 | ||
| Q4 24 | $-0.06 | $0.19 | ||
| Q3 24 | $-0.06 | $0.28 | ||
| Q2 24 | $0.08 | $0.02 | ||
| 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 | $239.0M |
| 总债务越低越好 | — | $4.5B |
| 股东权益账面价值 | $242.8M | $1.3B |
| 总资产 | $442.5M | $11.5B |
| 负债/权益比越低杠杆越低 | — | 3.53× |
8季度趋势，按日历期对齐
| Q4 25 | $124.2M | $239.0M | ||
| Q3 25 | $112.8M | $215.0M | ||
| Q2 25 | $94.6M | $269.0M | ||
| Q1 25 | $115.7M | $259.0M | ||
| Q4 24 | $113.6M | $328.0M | ||
| Q3 24 | $130.4M | $297.0M | ||
| Q2 24 | $108.4M | $328.0M | ||
| Q1 24 | $109.2M | $355.0M |
| Q4 25 | — | $4.5B | ||
| Q3 25 | — | $4.7B | ||
| Q2 25 | — | $4.6B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.6B | ||
| Q3 24 | — | $5.0B | ||
| Q2 24 | — | $4.9B | ||
| Q1 24 | — | $5.1B |
| Q4 25 | $242.8M | $1.3B | ||
| Q3 25 | $235.3M | $1.4B | ||
| Q2 25 | $218.4M | $1.5B | ||
| Q1 25 | $212.0M | $1.6B | ||
| Q4 24 | $204.9M | $1.8B | ||
| Q3 24 | $211.1M | $1.8B | ||
| Q2 24 | $220.3M | $1.9B | ||
| Q1 24 | $222.4M | $2.0B |
| Q4 25 | $442.5M | $11.5B | ||
| Q3 25 | $458.7M | $11.7B | ||
| Q2 25 | $481.2M | $11.7B | ||
| Q1 25 | $435.8M | $11.8B | ||
| Q4 24 | $390.7M | $11.4B | ||
| Q3 24 | $432.6M | $11.2B | ||
| Q2 24 | $457.4M | $11.5B | ||
| Q1 24 | $426.7M | $11.7B |
| Q4 25 | — | 3.53× | ||
| Q3 25 | — | 3.41× | ||
| Q2 25 | — | 3.07× | ||
| Q1 25 | — | 2.83× | ||
| Q4 24 | — | 2.63× | ||
| Q3 24 | — | 2.73× | ||
| Q2 24 | — | 2.55× | ||
| Q1 24 | — | 2.57× |
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 | $167.0M |
| 自由现金流经营现金流 - 资本支出 | $11.9M | $147.0M |
| 自由现金流率自由现金流/营收 | 1.0% | 12.3% |
| 资本支出强度资本支出/营收 | 0.2% | 1.7% |
| 现金转化率经营现金流/净利润 | — | 3.48× |
| 过去12个月自由现金流最近4个季度 | $109.0M | $230.0M |
8季度趋势，按日历期对齐
| Q4 25 | $13.8M | $167.0M | ||
| Q3 25 | $28.9M | $34.0M | ||
| Q2 25 | $36.1M | $61.0M | ||
| Q1 25 | $39.8M | $38.0M | ||
| Q4 24 | $13.7M | $105.0M | ||
| Q3 24 | $46.0M | $91.0M | ||
| Q2 24 | $71.1M | $113.0M | ||
| Q1 24 | $60.7M | $0 |
| Q4 25 | $11.9M | $147.0M | ||
| Q3 25 | $26.6M | $13.0M | ||
| Q2 25 | $33.3M | $46.0M | ||
| Q1 25 | $37.3M | $24.0M | ||
| Q4 24 | $11.6M | $90.0M | ||
| Q3 24 | $44.4M | $81.0M | ||
| Q2 24 | $69.7M | $106.0M | ||
| Q1 24 | $59.3M | — |
| Q4 25 | 1.0% | 12.3% | ||
| Q3 25 | 2.0% | 1.1% | ||
| Q2 25 | 2.5% | 4.0% | ||
| Q1 25 | 3.9% | 2.4% | ||
| Q4 24 | 1.1% | 7.8% | ||
| Q3 24 | 3.6% | 6.9% | ||
| Q2 24 | 5.4% | 9.6% | ||
| Q1 24 | 6.3% | — |
| Q4 25 | 0.2% | 1.7% | ||
| Q3 25 | 0.2% | 1.8% | ||
| Q2 25 | 0.2% | 1.3% | ||
| Q1 25 | 0.3% | 1.4% | ||
| Q4 24 | 0.2% | 1.3% | ||
| Q3 24 | 0.1% | 0.9% | ||
| Q2 24 | 0.1% | 0.6% | ||
| Q1 24 | 0.1% | 1.0% |
| Q4 25 | — | 3.48× | ||
| Q3 25 | 8.26× | 1.36× | ||
| Q2 25 | — | 2.44× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 5.25× | ||
| Q3 24 | — | 3.14× | ||
| Q2 24 | 5.75× | 56.50× | ||
| 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% |
HGV
| Sales Of Vacation Ownership Intervals Net | $492.0M | 41% |
| Fee For Services Commissions Package Sales And Other Fees | $169.0M | 14% |
| Cost Reimbursements | $141.0M | 12% |
| Resort Management | $118.0M | 10% |
| Other | $116.0M | 10% |
| Club Management | $101.0M | 8% |
| Related Party | $42.0M | 4% |
| Ancillary Services | $13.0M | 1% |
