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eXp World Holdings, Inc.（EXPI）与Marcus & Millichap, Inc.（MMI）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Marcus & Millichap, Inc.的4.9倍（$1.2B vs $243.9M）。Marcus & Millichap, Inc.净利率更高（5.5% vs -1.1%，领先6.5%）。eXp World Holdings, Inc.同比增速更快（8.5% vs 1.6%）。Marcus & Millichap, Inc.自由现金流更多（$43.9M vs $11.9M）。过去两年Marcus & Millichap, Inc.的营收复合增速更高（37.5% 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。
马库斯-米利查普是一家美国商业地产服务企业，在美国和加拿大开展业务，核心服务涵盖商业地产经纪、抵押贷款经纪、市场研究及顾问咨询，业内首创了单经纪机构独家代理房源挂牌模式，目前在美加两国设有超过80家办事处，员工规模超1800人。
EXPI vs MMI — 直观对比
营收规模更大
EXPI
是对方的4.9倍
$243.9M
营收增速更快
EXPI
高出6.9%
1.6%
净利率更高
MMI
高出6.5%
-1.1%
自由现金流更多
MMI
多$32.0M
$11.9M
两年增速更快
MMI
近两年复合增速
12.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $243.9M |
| 净利润 | $-12.9M | $13.3M |
| 毛利率 | — | — |
| 营业利润率 | -1.1% | 6.3% |
| 净利率 | -1.1% | 5.5% |
| 营收同比 | 8.5% | 1.6% |
| 净利润同比 | -35.7% | 55.7% |
| 每股收益（稀释后） | $-0.08 | $0.33 |
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EXPIMMI
| Q4 25 | $1.2B | $243.9M | ||
| Q3 25 | $1.3B | $193.9M | ||
| Q2 25 | $1.3B | $172.3M | ||
| Q1 25 | $954.9M | $145.0M | ||
| Q4 24 | $1.1B | $240.1M | ||
| Q3 24 | $1.2B | $168.5M | ||
| Q2 24 | $1.3B | $158.4M | ||
| Q1 24 | $943.1M | $129.1M |
净利润EXPIMMI
| Q4 25 | $-12.9M | $13.3M | ||
| Q3 25 | $3.5M | $240.0K | ||
| Q2 25 | $-2.3M | $-11.0M | ||
| Q1 25 | $-11.0M | $-4.4M | ||
| Q4 24 | $-9.5M | $8.5M | ||
| Q3 24 | $-8.5M | $-5.4M | ||
| Q2 24 | $12.4M | $-5.5M | ||
| Q1 24 | $-15.6M | $-10.0M |
毛利率EXPIMMI
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 99.9% | — | ||
| Q2 24 | 99.9% | — | ||
| Q1 24 | — | — |
营业利润率EXPIMMI
| Q4 25 | -1.1% | 6.3% | ||
| Q3 25 | 0.3% | -1.2% | ||
| Q2 25 | -0.2% | -5.3% | ||
| Q1 25 | -1.1% | -12.2% | ||
| Q4 24 | -1.0% | 2.8% | ||
| Q3 24 | -0.7% | -6.8% | ||
| Q2 24 | 1.4% | -5.1% | ||
| Q1 24 | -1.9% | -15.6% |
净利率EXPIMMI
| Q4 25 | -1.1% | 5.5% | ||
| Q3 25 | 0.3% | 0.1% | ||
| Q2 25 | -0.2% | -6.4% | ||
| Q1 25 | -1.2% | -3.0% | ||
| Q4 24 | -0.9% | 3.6% | ||
| Q3 24 | -0.7% | -3.2% | ||
| Q2 24 | 1.0% | -3.5% | ||
| Q1 24 | -1.7% | -7.7% |
每股收益（稀释后）EXPIMMI
| Q4 25 | $-0.08 | $0.33 | ||
| Q3 25 | $0.02 | $0.01 | ||
| Q2 25 | $-0.01 | $-0.28 | ||
| Q1 25 | $-0.07 | $-0.11 | ||
| Q4 24 | $-0.06 | $0.22 | ||
| Q3 24 | $-0.06 | $-0.14 | ||
| Q2 24 | $0.08 | $-0.14 | ||
| Q1 24 | $-0.10 | $-0.26 |
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 | $603.1M |
| 总资产 | $442.5M | $827.2M |
| 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EXPIMMI
| 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EXPIMMI
| Q4 25 | $242.8M | $603.1M | ||
| Q3 25 | $235.3M | $602.2M | ||
| Q2 25 | $218.4M | $607.8M | ||
| Q1 25 | $212.0M | $617.6M | ||
| Q4 24 | $204.9M | $630.8M | ||
| Q3 24 | $211.1M | $617.7M | ||
| Q2 24 | $220.3M | $626.7M | ||
| Q1 24 | $222.4M | $625.6M |
总资产EXPIMMI
| Q4 25 | $442.5M | $827.2M | ||
| Q3 25 | $458.7M | $812.5M | ||
| Q2 25 | $481.2M | $792.2M | ||
| Q1 25 | $435.8M | $802.0M | ||
| Q4 24 | $390.7M | $869.8M | ||
| Q3 24 | $432.6M | $833.7M | ||
| Q2 24 | $457.4M | $825.4M | ||
| Q1 24 | $426.7M | $826.7M |
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 | $46.3M |
| 自由现金流经营现金流 - 资本支出 | $11.9M | $43.9M |
| 自由现金流率自由现金流/营收 | 1.0% | 18.0% |
| 资本支出强度资本支出/营收 | 0.2% | 1.0% |
| 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 | $58.8M |
8季度趋势，按日历期对齐
经营现金流EXPIMMI
| Q4 25 | $13.8M | $46.3M | ||
| Q3 25 | $28.9M | $52.2M | ||
| Q2 25 | $36.1M | $21.0M | ||
| Q1 25 | $39.8M | $-52.8M | ||
| Q4 24 | $13.7M | $56.7M | ||
| Q3 24 | $46.0M | $15.2M | ||
| Q2 24 | $71.1M | $851.0K | ||
| Q1 24 | $60.7M | $-51.0M |
自由现金流EXPIMMI
| Q4 25 | $11.9M | $43.9M | ||
| Q3 25 | $26.6M | $50.0M | ||
| Q2 25 | $33.3M | $19.3M | ||
| Q1 25 | $37.3M | $-54.3M | ||
| Q4 24 | $11.6M | $55.1M | ||
| Q3 24 | $44.4M | $13.2M | ||
| Q2 24 | $69.7M | $-806.0K | ||
| Q1 24 | $59.3M | $-53.7M |
自由现金流率EXPIMMI
| Q4 25 | 1.0% | 18.0% | ||
| Q3 25 | 2.0% | 25.8% | ||
| Q2 25 | 2.5% | 11.2% | ||
| Q1 25 | 3.9% | -37.5% | ||
| Q4 24 | 1.1% | 23.0% | ||
| Q3 24 | 3.6% | 7.8% | ||
| Q2 24 | 5.4% | -0.5% | ||
| Q1 24 | 6.3% | -41.6% |
资本支出强度EXPIMMI
| Q4 25 | 0.2% | 1.0% | ||
| Q3 25 | 0.2% | 1.2% | ||
| Q2 25 | 0.2% | 1.0% | ||
| Q1 25 | 0.3% | 1.0% | ||
| Q4 24 | 0.2% | 0.6% | ||
| Q3 24 | 0.1% | 1.2% | ||
| Q2 24 | 0.1% | 1.0% | ||
| Q1 24 | 0.1% | 2.0% |
现金转化率EXPIMMI
| Q4 25 | — | 3.48× | ||
| Q3 25 | 8.26× | 217.54× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.63× | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.75× | — | ||
| 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% |
MMI
| Real Estate Brokerage Commissions | $205.3M | 84% |
| Financing Fees | $33.2M | 14% |
| Other Revenues | $5.4M | 2% |
