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eXp World Holdings, Inc.（EXPI）与埃培智集团（IPG）财务数据对比。点击上方公司名可切换其他公司
埃培智集团的季度营收约是eXp World Holdings, Inc.的1.8倍（$2.1B vs $1.2B），埃培智集团净利率更高（5.8% vs -1.1%，领先6.9%），eXp World Holdings, Inc.同比增速更快（8.5% vs -4.8%），埃培智集团自由现金流更多（$153.6M vs $11.9M），过去两年eXp World Holdings, Inc.的营收复合增速更高（12.4% vs -9.1%）
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。
埃培智集团（IPG）是总部位于美国纽约的广告营销传播集团，旗下拥有FCB、IPG盟博、麦肯世界集团、睿狮集团等五大核心业务网络，以及公关、体育营销、艺人经纪、医疗营销等领域的多家专业独立代理商，被宏盟收购前是与WPP、阳狮、宏盟齐名的全球广告行业“四大集团”之一。
EXPI vs IPG — 直观对比
营收规模更大
IPG
是对方的1.8倍
$1.2B
营收增速更快
EXPI
高出13.3%
-4.8%
净利率更高
IPG
高出6.9%
-1.1%
自由现金流更多
IPG
多$141.7M
$11.9M
两年增速更快
EXPI
近两年复合增速
-9.1%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $2.1B |
| 净利润 | $-12.9M | $124.2M |
| 毛利率 | — | — |
| 营业利润率 | -1.1% | 10.3% |
| 净利率 | -1.1% | 5.8% |
| 营收同比 | 8.5% | -4.8% |
| 净利润同比 | -35.7% | 517.9% |
| 每股收益（稀释后） | $-0.08 | $0.34 |
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EXPIIPG
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.3B | $2.1B | ||
| Q2 25 | $1.3B | $2.2B | ||
| Q1 25 | $954.9M | $2.0B | ||
| Q4 24 | $1.1B | $2.4B | ||
| Q3 24 | $1.2B | $2.2B | ||
| Q2 24 | $1.3B | $2.3B | ||
| Q1 24 | $943.1M | $2.2B |
净利润EXPIIPG
| Q4 25 | $-12.9M | — | ||
| Q3 25 | $3.5M | $124.2M | ||
| Q2 25 | $-2.3M | $162.5M | ||
| Q1 25 | $-11.0M | $-85.4M | ||
| Q4 24 | $-9.5M | $344.5M | ||
| Q3 24 | $-8.5M | $20.1M | ||
| Q2 24 | $12.4M | $214.5M | ||
| Q1 24 | $-15.6M | $110.4M |
毛利率EXPIIPG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -3.2% | ||
| Q4 24 | — | 10.1% | ||
| Q3 24 | 99.9% | 2.9% | ||
| Q2 24 | 99.9% | 1.2% | ||
| Q1 24 | — | -1.1% |
营业利润率EXPIIPG
| Q4 25 | -1.1% | — | ||
| Q3 25 | 0.3% | 10.3% | ||
| Q2 25 | -0.2% | 11.2% | ||
| Q1 25 | -1.1% | -2.1% | ||
| Q4 24 | -1.0% | 23.3% | ||
| Q3 24 | -0.7% | 5.9% | ||
| Q2 24 | 1.4% | 13.7% | ||
| Q1 24 | -1.9% | 8.4% |
净利率EXPIIPG
| Q4 25 | -1.1% | — | ||
| Q3 25 | 0.3% | 5.8% | ||
| Q2 25 | -0.2% | 7.5% | ||
| Q1 25 | -1.2% | -4.3% | ||
| Q4 24 | -0.9% | 14.1% | ||
| Q3 24 | -0.7% | 0.9% | ||
| Q2 24 | 1.0% | 9.2% | ||
| Q1 24 | -1.7% | 5.1% |
每股收益（稀释后）EXPIIPG
| Q4 25 | $-0.08 | — | ||
| Q3 25 | $0.02 | $0.34 | ||
| Q2 25 | $-0.01 | $0.44 | ||
| Q1 25 | $-0.07 | $-0.23 | ||
| Q4 24 | $-0.06 | $0.92 | ||
| Q3 24 | $-0.06 | $0.05 | ||
| Q2 24 | $0.08 | $0.57 | ||
| Q1 24 | $-0.10 | $0.29 |
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 | $1.5B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $242.8M | $3.7B |
| 总资产 | $442.5M | $17.0B |
| 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EXPIIPG
| Q4 25 | $124.2M | — | ||
| Q3 25 | $112.8M | $1.5B | ||
| Q2 25 | $94.6M | $1.6B | ||
| Q1 25 | $115.7M | $1.9B | ||
| Q4 24 | $113.6M | $2.2B | ||
| Q3 24 | $130.4M | $1.5B | ||
| Q2 24 | $108.4M | $1.5B | ||
| Q1 24 | $109.2M | $1.9B |
股东权益EXPIIPG
| Q4 25 | $242.8M | — | ||
| Q3 25 | $235.3M | $3.7B | ||
| Q2 25 | $218.4M | $3.7B | ||
| Q1 25 | $212.0M | $3.6B | ||
| Q4 24 | $204.9M | $3.8B | ||
| Q3 24 | $211.1M | $3.7B | ||
| Q2 24 | $220.3M | $3.8B | ||
| Q1 24 | $222.4M | $3.8B |
总资产EXPIIPG
| Q4 25 | $442.5M | — | ||
| Q3 25 | $458.7M | $17.0B | ||
| Q2 25 | $481.2M | $17.0B | ||
| Q1 25 | $435.8M | $17.1B | ||
| Q4 24 | $390.7M | $18.3B | ||
| Q3 24 | $432.6M | $17.1B | ||
| Q2 24 | $457.4M | $17.0B | ||
| Q1 24 | $426.7M | $17.3B |
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 | $180.1M |
| 自由现金流经营现金流 - 资本支出 | $11.9M | $153.6M |
| 自由现金流率自由现金流/营收 | 1.0% | 7.2% |
| 资本支出强度资本支出/营收 | 0.2% | 1.2% |
| 现金转化率经营现金流/净利润 | — | 1.45× |
| 过去12个月自由现金流最近4个季度 | $109.0M | $806.8M |
8季度趋势，按日历期对齐
经营现金流EXPIIPG
| Q4 25 | $13.8M | — | ||
| Q3 25 | $28.9M | $180.1M | ||
| Q2 25 | $36.1M | $-96.0M | ||
| Q1 25 | $39.8M | $-37.0M | ||
| Q4 24 | $13.7M | $868.1M | ||
| Q3 24 | $46.0M | $223.8M | ||
| Q2 24 | $71.1M | $120.7M | ||
| Q1 24 | $60.7M | $-157.4M |
自由现金流EXPIIPG
| Q4 25 | $11.9M | — | ||
| Q3 25 | $26.6M | $153.6M | ||
| Q2 25 | $33.3M | $-121.8M | ||
| Q1 25 | $37.3M | $-58.5M | ||
| Q4 24 | $11.6M | $833.5M | ||
| Q3 24 | $44.4M | $186.5M | ||
| Q2 24 | $69.7M | $85.9M | ||
| Q1 24 | $59.3M | $-192.5M |
自由现金流率EXPIIPG
| Q4 25 | 1.0% | — | ||
| Q3 25 | 2.0% | 7.2% | ||
| Q2 25 | 2.5% | -5.6% | ||
| Q1 25 | 3.9% | -2.9% | ||
| Q4 24 | 1.1% | 34.2% | ||
| Q3 24 | 3.6% | 8.3% | ||
| Q2 24 | 5.4% | 3.7% | ||
| Q1 24 | 6.3% | -8.8% |
资本支出强度EXPIIPG
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.2% | 1.2% | ||
| Q2 25 | 0.2% | 1.2% | ||
| Q1 25 | 0.3% | 1.1% | ||
| Q4 24 | 0.2% | 1.4% | ||
| Q3 24 | 0.1% | 1.7% | ||
| Q2 24 | 0.1% | 1.5% | ||
| Q1 24 | 0.1% | 1.6% |
现金转化率EXPIIPG
| Q4 25 | — | — | ||
| Q3 25 | 8.26× | 1.45× | ||
| Q2 25 | — | -0.59× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.52× | ||
| Q3 24 | — | 11.13× | ||
| Q2 24 | 5.75× | 0.56× | ||
| Q1 24 | — | -1.43× |
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% |
IPG
| MDE | $619.0M | 29% |
| IAC | $574.9M | 27% |
| Other | $527.9M | 25% |
| SCE | $413.8M | 19% |
