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eXp World Holdings, Inc.（EXPI）与Stride, Inc.（LRN）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Stride, Inc.的1.9倍（$1.2B vs $629.9M），Stride, Inc.净利率更高（14.1% vs -1.1%，领先15.1%），eXp World Holdings, Inc.同比增速更快（8.5% vs 2.7%），过去两年eXp World Holdings, Inc.的营收复合增速更高（12.4% vs 6.9%）
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。
Stride, Inc.是一家营利性教育机构，主营在线及混合式教育项目。作为教育管理机构，其为K12阶段公立学校学生提供替代传统线下教学的在线教育方案，同时也开设职业学习课程。截至2012年，这家上市企业是全球招生规模最大的教育管理机构。
EXPI vs LRN — 直观对比
营收规模更大
EXPI
是对方的1.9倍
$629.9M
营收增速更快
EXPI
高出5.8%
2.7%
净利率更高
LRN
高出15.1%
-1.1%
两年增速更快
EXPI
近两年复合增速
6.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $629.9M |
| 净利润 | $-12.9M | $88.5M |
| 毛利率 | — | — |
| 营业利润率 | -1.1% | 20.5% |
| 净利率 | -1.1% | 14.1% |
| 营收同比 | 8.5% | 2.7% |
| 净利润同比 | -35.7% | 8.5% |
| 每股收益（稀释后） | $-0.08 | $1.93 |
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EXPILRN
| Q3 26 | — | $629.9M | ||
| Q4 25 | $1.2B | $631.3M | ||
| Q3 25 | $1.3B | $620.9M | ||
| Q2 25 | $1.3B | $653.6M | ||
| Q1 25 | $954.9M | $613.4M | ||
| Q4 24 | $1.1B | $587.2M | ||
| Q3 24 | $1.2B | $551.1M | ||
| Q2 24 | $1.3B | — |
净利润EXPILRN
| Q3 26 | — | $88.5M | ||
| Q4 25 | $-12.9M | $99.5M | ||
| Q3 25 | $3.5M | $68.8M | ||
| Q2 25 | $-2.3M | $51.3M | ||
| Q1 25 | $-11.0M | $99.3M | ||
| Q4 24 | $-9.5M | $96.4M | ||
| Q3 24 | $-8.5M | $40.9M | ||
| Q2 24 | $12.4M | — |
毛利率EXPILRN
| Q3 26 | — | — | ||
| Q4 25 | — | 41.1% | ||
| Q3 25 | — | 39.0% | ||
| Q2 25 | — | 36.6% | ||
| Q1 25 | — | 40.6% | ||
| Q4 24 | — | 40.8% | ||
| Q3 24 | 99.9% | 39.2% | ||
| Q2 24 | 99.9% | — |
营业利润率EXPILRN
| Q3 26 | — | 20.5% | ||
| Q4 25 | -1.1% | 23.3% | ||
| Q3 25 | 0.3% | 11.1% | ||
| Q2 25 | -0.2% | 8.7% | ||
| Q1 25 | -1.1% | 21.3% | ||
| Q4 24 | -1.0% | 21.3% | ||
| Q3 24 | -0.7% | 8.6% | ||
| Q2 24 | 1.4% | — |
净利率EXPILRN
| Q3 26 | — | 14.1% | ||
| Q4 25 | -1.1% | 15.8% | ||
| Q3 25 | 0.3% | 11.1% | ||
| Q2 25 | -0.2% | 7.9% | ||
| Q1 25 | -1.2% | 16.2% | ||
| Q4 24 | -0.9% | 16.4% | ||
| Q3 24 | -0.7% | 7.4% | ||
| Q2 24 | 1.0% | — |
每股收益（稀释后）EXPILRN
| Q3 26 | — | $1.93 | ||
| Q4 25 | $-0.08 | $2.12 | ||
| Q3 25 | $0.02 | $1.40 | ||
| Q2 25 | $-0.01 | $0.96 | ||
| Q1 25 | $-0.07 | $2.02 | ||
| Q4 24 | $-0.06 | $2.03 | ||
| Q3 24 | $-0.06 | $0.94 | ||
| Q2 24 | $0.08 | — |
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 | $614.0M |
| 总债务越低越好 | — | $417.6M |
| 股东权益账面价值 | $242.8M | $1.6B |
| 总资产 | $442.5M | $2.4B |
| 负债/权益比越低杠杆越低 | — | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资EXPILRN
| Q3 26 | — | $614.0M | ||
| Q4 25 | $124.2M | $625.7M | ||
| Q3 25 | $112.8M | $715.1M | ||
| Q2 25 | $94.6M | $985.3M | ||
| Q1 25 | $115.7M | $723.7M | ||
| Q4 24 | $113.6M | $717.5M | ||
| Q3 24 | $130.4M | $522.2M | ||
| Q2 24 | $108.4M | — |
总债务EXPILRN
| Q3 26 | — | $417.6M | ||
| Q4 25 | — | $417.2M | ||
| Q3 25 | — | $416.8M | ||
| Q2 25 | — | $416.3M | ||
| Q1 25 | — | $415.9M | ||
| Q4 24 | — | $415.5M | ||
| Q3 24 | — | $415.1M | ||
| Q2 24 | — | — |
股东权益EXPILRN
| Q3 26 | — | $1.6B | ||
| Q4 25 | $242.8M | $1.5B | ||
| Q3 25 | $235.3M | $1.5B | ||
| Q2 25 | $218.4M | $1.5B | ||
| Q1 25 | $212.0M | $1.4B | ||
| Q4 24 | $204.9M | $1.3B | ||
| Q3 24 | $211.1M | $1.2B | ||
| Q2 24 | $220.3M | — |
总资产EXPILRN
| Q3 26 | — | $2.4B | ||
| Q4 25 | $442.5M | $2.3B | ||
| Q3 25 | $458.7M | $2.3B | ||
| Q2 25 | $481.2M | $2.3B | ||
| Q1 25 | $435.8M | $2.2B | ||
| Q4 24 | $390.7M | $2.1B | ||
| Q3 24 | $432.6M | $2.0B | ||
| Q2 24 | $457.4M | — |
负债/权益比EXPILRN
| Q3 26 | — | 0.25× | ||
| Q4 25 | — | 0.27× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.28× | ||
| Q1 25 | — | 0.29× | ||
| Q4 24 | — | 0.32× | ||
| Q3 24 | — | 0.34× | ||
| Q2 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 | $117.0M |
| 自由现金流经营现金流 - 资本支出 | $11.9M | — |
| 自由现金流率自由现金流/营收 | 1.0% | — |
| 资本支出强度资本支出/营收 | 0.2% | — |
| 现金转化率经营现金流/净利润 | — | 1.32× |
| 过去12个月自由现金流最近4个季度 | $109.0M | — |
8季度趋势，按日历期对齐
经营现金流EXPILRN
| Q3 26 | — | $117.0M | ||
| Q4 25 | $13.8M | $91.8M | ||
| Q3 25 | $28.9M | $-195.8M | ||
| Q2 25 | $36.1M | $298.3M | ||
| Q1 25 | $39.8M | $53.1M | ||
| Q4 24 | $13.7M | $223.4M | ||
| Q3 24 | $46.0M | $-142.0M | ||
| Q2 24 | $71.1M | — |
自由现金流EXPILRN
| Q3 26 | — | — | ||
| Q4 25 | $11.9M | $91.6M | ||
| Q3 25 | $26.6M | $-196.1M | ||
| Q2 25 | $33.3M | $297.9M | ||
| Q1 25 | $37.3M | $52.9M | ||
| Q4 24 | $11.6M | $222.9M | ||
| Q3 24 | $44.4M | $-142.7M | ||
| Q2 24 | $69.7M | — |
自由现金流率EXPILRN
| Q3 26 | — | — | ||
| Q4 25 | 1.0% | 14.5% | ||
| Q3 25 | 2.0% | -31.6% | ||
| Q2 25 | 2.5% | 45.6% | ||
| Q1 25 | 3.9% | 8.6% | ||
| Q4 24 | 1.1% | 38.0% | ||
| Q3 24 | 3.6% | -25.9% | ||
| Q2 24 | 5.4% | — |
资本支出强度EXPILRN
| Q3 26 | — | — | ||
| Q4 25 | 0.2% | 0.0% | ||
| Q3 25 | 0.2% | 0.0% | ||
| Q2 25 | 0.2% | 0.1% | ||
| Q1 25 | 0.3% | 0.0% | ||
| Q4 24 | 0.2% | 0.1% | ||
| Q3 24 | 0.1% | 0.1% | ||
| Q2 24 | 0.1% | — |
现金转化率EXPILRN
| Q3 26 | — | 1.32× | ||
| Q4 25 | — | 0.92× | ||
| Q3 25 | 8.26× | -2.85× | ||
| Q2 25 | — | 5.81× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | — | 2.32× | ||
| Q3 24 | — | -3.47× | ||
| Q2 24 | 5.75× | — |
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% |
LRN
| General Education | $357.5M | 57% |
| Middle - High School | $259.5M | 41% |
| Adult | $12.9M | 2% |
