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eXp World Holdings, Inc.（EXPI）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
eXp World Holdings, Inc.的季度营收约是明晟的1.4倍（$1.2B vs $822.5M），明晟净利率更高（34.6% vs -1.1%，领先35.7%），明晟同比增速更快（10.6% vs 8.5%），明晟自由现金流更多（$488.7M vs $11.9M），过去两年eXp World Holdings, Inc.的营收复合增速更高（12.4% vs 10.0%）
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。
MSCI（明晟）是总部位于美国纽约的金融服务企业，为全球市场提供股票、固定收益、房地产指数、多资产组合分析工具及ESG、气候金融相关产品，旗下运营MSCI全球指数、MSCI新兴市场指数、MSCI全球所有国家（ACWI）指数等多款知名指数产品。
EXPI vs MSCI — 直观对比
营收规模更大
EXPI
是对方的1.4倍
$822.5M
营收增速更快
MSCI
高出2.1%
8.5%
净利率更高
MSCI
高出35.7%
-1.1%
自由现金流更多
MSCI
多$476.8M
$11.9M
两年增速更快
EXPI
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $822.5M |
| 净利润 | $-12.9M | $284.7M |
| 毛利率 | — | — |
| 营业利润率 | -1.1% | 56.4% |
| 净利率 | -1.1% | 34.6% |
| 营收同比 | 8.5% | 10.6% |
| 净利润同比 | -35.7% | -6.8% |
| 每股收益（稀释后） | $-0.08 | $3.81 |
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EXPIMSCI
| Q4 25 | $1.2B | $822.5M | ||
| Q3 25 | $1.3B | $793.4M | ||
| Q2 25 | $1.3B | $772.7M | ||
| Q1 25 | $954.9M | $745.8M | ||
| Q4 24 | $1.1B | $743.5M | ||
| Q3 24 | $1.2B | $724.7M | ||
| Q2 24 | $1.3B | $707.9M | ||
| Q1 24 | $943.1M | $680.0M |
净利润EXPIMSCI
| Q4 25 | $-12.9M | $284.7M | ||
| Q3 25 | $3.5M | $325.4M | ||
| Q2 25 | $-2.3M | $303.6M | ||
| Q1 25 | $-11.0M | $288.6M | ||
| Q4 24 | $-9.5M | $305.5M | ||
| Q3 24 | $-8.5M | $280.9M | ||
| Q2 24 | $12.4M | $266.8M | ||
| Q1 24 | $-15.6M | $256.0M |
毛利率EXPIMSCI
| 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EXPIMSCI
| Q4 25 | -1.1% | 56.4% | ||
| Q3 25 | 0.3% | 56.4% | ||
| Q2 25 | -0.2% | 55.0% | ||
| Q1 25 | -1.1% | 50.6% | ||
| Q4 24 | -1.0% | 54.5% | ||
| Q3 24 | -0.7% | 55.4% | ||
| Q2 24 | 1.4% | 54.0% | ||
| Q1 24 | -1.9% | 49.9% |
净利率EXPIMSCI
| Q4 25 | -1.1% | 34.6% | ||
| Q3 25 | 0.3% | 41.0% | ||
| Q2 25 | -0.2% | 39.3% | ||
| Q1 25 | -1.2% | 38.7% | ||
| Q4 24 | -0.9% | 41.1% | ||
| Q3 24 | -0.7% | 38.8% | ||
| Q2 24 | 1.0% | 37.7% | ||
| Q1 24 | -1.7% | 37.6% |
每股收益（稀释后）EXPIMSCI
| Q4 25 | $-0.08 | $3.81 | ||
| Q3 25 | $0.02 | $4.25 | ||
| Q2 25 | $-0.01 | $3.92 | ||
| Q1 25 | $-0.07 | $3.71 | ||
| Q4 24 | $-0.06 | $3.89 | ||
| Q3 24 | $-0.06 | $3.57 | ||
| Q2 24 | $0.08 | $3.37 | ||
| Q1 24 | $-0.10 | $3.22 |
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 | $515.3M |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $242.8M | $-2.7B |
| 总资产 | $442.5M | $5.7B |
| 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EXPIMSCI
| Q4 25 | $124.2M | $515.3M | ||
| Q3 25 | $112.8M | $400.1M | ||
| Q2 25 | $94.6M | $347.3M | ||
| Q1 25 | $115.7M | $360.7M | ||
| Q4 24 | $113.6M | $409.4M | ||
| Q3 24 | $130.4M | $501.0M | ||
| Q2 24 | $108.4M | $451.4M | ||
| Q1 24 | $109.2M | $519.3M |
总债务EXPIMSCI
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B | ||
| Q1 24 | — | $4.5B |
股东权益EXPIMSCI
| Q4 25 | $242.8M | $-2.7B | ||
| Q3 25 | $235.3M | $-1.9B | ||
| Q2 25 | $218.4M | $-886.2M | ||
| Q1 25 | $212.0M | $-958.6M | ||
| Q4 24 | $204.9M | $-940.0M | ||
| Q3 24 | $211.1M | $-751.0M | ||
| Q2 24 | $220.3M | $-734.5M | ||
| Q1 24 | $222.4M | $-650.5M |
总资产EXPIMSCI
| Q4 25 | $442.5M | $5.7B | ||
| Q3 25 | $458.7M | $5.4B | ||
| Q2 25 | $481.2M | $5.4B | ||
| Q1 25 | $435.8M | $5.3B | ||
| Q4 24 | $390.7M | $5.4B | ||
| Q3 24 | $432.6M | $5.4B | ||
| Q2 24 | $457.4M | $5.5B | ||
| Q1 24 | $426.7M | $5.5B |
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 | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $11.9M | $488.7M |
| 自由现金流率自由现金流/营收 | 1.0% | 59.4% |
| 资本支出强度资本支出/营收 | 0.2% | 1.5% |
| 现金转化率经营现金流/净利润 | — | 1.76× |
| 过去12个月自由现金流最近4个季度 | $109.0M | $1.5B |
8季度趋势，按日历期对齐
经营现金流EXPIMSCI
| Q4 25 | $13.8M | $501.1M | ||
| Q3 25 | $28.9M | $449.4M | ||
| Q2 25 | $36.1M | $336.1M | ||
| Q1 25 | $39.8M | $301.7M | ||
| Q4 24 | $13.7M | $430.6M | ||
| Q3 24 | $46.0M | $421.6M | ||
| Q2 24 | $71.1M | $349.2M | ||
| Q1 24 | $60.7M | $300.1M |
自由现金流EXPIMSCI
| Q4 25 | $11.9M | $488.7M | ||
| Q3 25 | $26.6M | $445.5M | ||
| Q2 25 | $33.3M | $324.7M | ||
| Q1 25 | $37.3M | $290.2M | ||
| Q4 24 | $11.6M | $416.4M | ||
| Q3 24 | $44.4M | $415.0M | ||
| Q2 24 | $69.7M | $340.6M | ||
| Q1 24 | $59.3M | $295.9M |
自由现金流率EXPIMSCI
| Q4 25 | 1.0% | 59.4% | ||
| Q3 25 | 2.0% | 56.2% | ||
| Q2 25 | 2.5% | 42.0% | ||
| Q1 25 | 3.9% | 38.9% | ||
| Q4 24 | 1.1% | 56.0% | ||
| Q3 24 | 3.6% | 57.3% | ||
| Q2 24 | 5.4% | 48.1% | ||
| Q1 24 | 6.3% | 43.5% |
资本支出强度EXPIMSCI
| Q4 25 | 0.2% | 1.5% | ||
| Q3 25 | 0.2% | 0.5% | ||
| Q2 25 | 0.2% | 1.5% | ||
| Q1 25 | 0.3% | 1.5% | ||
| Q4 24 | 0.2% | 1.9% | ||
| Q3 24 | 0.1% | 0.9% | ||
| Q2 24 | 0.1% | 1.2% | ||
| Q1 24 | 0.1% | 0.6% |
现金转化率EXPIMSCI
| Q4 25 | — | 1.76× | ||
| Q3 25 | 8.26× | 1.38× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | — | 1.50× | ||
| Q2 24 | 5.75× | 1.31× | ||
| Q1 24 | — | 1.17× |
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% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
