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eXp World Holdings, Inc.（EXPI）与NGL Energy Partners LP（NGL）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NGL Energy Partners LP的1.3倍（$1.2B vs $909.8M），NGL Energy Partners LP净利率更高（5.2% vs -1.1%，领先6.3%），eXp World Holdings, Inc.同比增速更快（8.5% vs -41.3%），NGL Energy Partners LP自由现金流更多（$45.7M vs $11.9M），过去两年eXp World Holdings, Inc.的营收复合增速更高（12.4% vs -6.4%）
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。
NGL Energy Partners LP是一家总部位于美国的中游能源服务企业，主营原油、液化天然气、可再生燃料的运输、存储及物流服务，同时为上游能源生产商提供水资源管理解决方案，业务主要覆盖北美市场。
EXPI vs NGL — 直观对比
营收规模更大
EXPI
是对方的1.3倍
$909.8M
营收增速更快
EXPI
高出49.8%
-41.3%
净利率更高
NGL
高出6.3%
-1.1%
自由现金流更多
NGL
多$33.8M
$11.9M
两年增速更快
EXPI
近两年复合增速
-6.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $909.8M |
| 净利润 | $-12.9M | $47.2M |
| 毛利率 | — | 29.0% |
| 营业利润率 | -1.1% | 12.1% |
| 净利率 | -1.1% | 5.2% |
| 营收同比 | 8.5% | -41.3% |
| 净利润同比 | -35.7% | 249.3% |
| 每股收益（稀释后） | $-0.08 | — |
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EXPINGL
| Q4 25 | $1.2B | $909.8M | ||
| Q3 25 | $1.3B | $674.7M | ||
| Q2 25 | $1.3B | $622.2M | ||
| Q1 25 | $954.9M | $971.1M | ||
| Q4 24 | $1.1B | $982.4M | ||
| Q3 24 | $1.2B | $756.5M | ||
| Q2 24 | $1.3B | $759.2M | ||
| Q1 24 | $943.1M | $1.0B |
净利润EXPINGL
| Q4 25 | $-12.9M | $47.2M | ||
| Q3 25 | $3.5M | $29.3M | ||
| Q2 25 | $-2.3M | $68.9M | ||
| Q1 25 | $-11.0M | $13.7M | ||
| Q4 24 | $-9.5M | $13.5M | ||
| Q3 24 | $-8.5M | $2.5M | ||
| Q2 24 | $12.4M | $9.7M | ||
| Q1 24 | $-15.6M | $-236.8M |
毛利率EXPINGL
| Q4 25 | — | 29.0% | ||
| Q3 25 | — | 37.6% | ||
| Q2 25 | — | 38.5% | ||
| Q1 25 | — | 26.9% | ||
| Q4 24 | — | 25.1% | ||
| Q3 24 | 99.9% | 30.9% | ||
| Q2 24 | 99.9% | 29.0% | ||
| Q1 24 | — | 21.8% |
营业利润率EXPINGL
| Q4 25 | -1.1% | 12.1% | ||
| Q3 25 | 0.3% | 14.0% | ||
| Q2 25 | -0.2% | 15.7% | ||
| Q1 25 | -1.1% | 8.4% | ||
| Q4 24 | -1.0% | 8.6% | ||
| Q3 24 | -0.7% | 10.8% | ||
| Q2 24 | 1.4% | 10.8% | ||
| Q1 24 | -1.9% | -9.4% |
净利率EXPINGL
| Q4 25 | -1.1% | 5.2% | ||
| Q3 25 | 0.3% | 4.3% | ||
| Q2 25 | -0.2% | 11.1% | ||
| Q1 25 | -1.2% | 1.4% | ||
| Q4 24 | -0.9% | 1.4% | ||
| Q3 24 | -0.7% | 0.3% | ||
| Q2 24 | 1.0% | 1.3% | ||
| Q1 24 | -1.7% | -22.8% |
每股收益（稀释后）EXPINGL
| Q4 25 | $-0.08 | — | ||
| Q3 25 | $0.02 | — | ||
| Q2 25 | $-0.01 | — | ||
| Q1 25 | $-0.07 | — | ||
| Q4 24 | $-0.06 | — | ||
| Q3 24 | $-0.06 | — | ||
| Q2 24 | $0.08 | — | ||
| Q1 24 | $-0.10 | — |
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 | $6.5M |
| 总债务越低越好 | — | $2.9B |
| 股东权益账面价值 | $242.8M | — |
| 总资产 | $442.5M | $4.4B |
| 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EXPINGL
| Q4 25 | $124.2M | $6.5M | ||
| Q3 25 | $112.8M | $8.7M | ||
| Q2 25 | $94.6M | $5.4M | ||
| Q1 25 | $115.7M | $13.5M | ||
| Q4 24 | $113.6M | $5.7M | ||
| Q3 24 | $130.4M | $4.5M | ||
| Q2 24 | $108.4M | $5.3M | ||
| Q1 24 | $109.2M | $38.9M |
总债务EXPINGL
| Q4 25 | — | $2.9B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $2.9B |
股东权益EXPINGL
| Q4 25 | $242.8M | — | ||
| Q3 25 | $235.3M | — | ||
| Q2 25 | $218.4M | — | ||
| Q1 25 | $212.0M | — | ||
| Q4 24 | $204.9M | — | ||
| Q3 24 | $211.1M | — | ||
| Q2 24 | $220.3M | — | ||
| Q1 24 | $222.4M | — |
总资产EXPINGL
| Q4 25 | $442.5M | $4.4B | ||
| Q3 25 | $458.7M | $4.3B | ||
| Q2 25 | $481.2M | $4.2B | ||
| Q1 25 | $435.8M | $4.6B | ||
| Q4 24 | $390.7M | $4.8B | ||
| Q3 24 | $432.6M | $4.9B | ||
| Q2 24 | $457.4M | $4.8B | ||
| Q1 24 | $426.7M | $5.0B |
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 | $182.3M |
| 自由现金流经营现金流 - 资本支出 | $11.9M | $45.7M |
| 自由现金流率自由现金流/营收 | 1.0% | 5.0% |
| 资本支出强度资本支出/营收 | 0.2% | 15.0% |
| 现金转化率经营现金流/净利润 | — | 3.86× |
| 过去12个月自由现金流最近4个季度 | $109.0M | $126.7M |
8季度趋势，按日历期对齐
经营现金流EXPINGL
| Q4 25 | $13.8M | $182.3M | ||
| Q3 25 | $28.9M | $40.5M | ||
| Q2 25 | $36.1M | $33.2M | ||
| Q1 25 | $39.8M | $155.0M | ||
| Q4 24 | $13.7M | $153.8M | ||
| Q3 24 | $46.0M | $6.7M | ||
| Q2 24 | $71.1M | $-18.1M | ||
| Q1 24 | $60.7M | $152.2M |
自由现金流EXPINGL
| Q4 25 | $11.9M | $45.7M | ||
| Q3 25 | $26.6M | $9.5M | ||
| Q2 25 | $33.3M | $11.1M | ||
| Q1 25 | $37.3M | $60.4M | ||
| Q4 24 | $11.6M | $152.1M | ||
| Q3 24 | $44.4M | $-82.9M | ||
| Q2 24 | $69.7M | $-78.0M | ||
| Q1 24 | $59.3M | $119.8M |
自由现金流率EXPINGL
| Q4 25 | 1.0% | 5.0% | ||
| Q3 25 | 2.0% | 1.4% | ||
| Q2 25 | 2.5% | 1.8% | ||
| Q1 25 | 3.9% | 6.2% | ||
| Q4 24 | 1.1% | 15.5% | ||
| Q3 24 | 3.6% | -11.0% | ||
| Q2 24 | 5.4% | -10.3% | ||
| Q1 24 | 6.3% | 11.5% |
资本支出强度EXPINGL
| Q4 25 | 0.2% | 15.0% | ||
| Q3 25 | 0.2% | 4.6% | ||
| Q2 25 | 0.2% | 3.6% | ||
| Q1 25 | 0.3% | 9.7% | ||
| Q4 24 | 0.2% | 0.2% | ||
| Q3 24 | 0.1% | 11.8% | ||
| Q2 24 | 0.1% | 7.9% | ||
| Q1 24 | 0.1% | 3.1% |
现金转化率EXPINGL
| Q4 25 | — | 3.86× | ||
| Q3 25 | 8.26× | 1.38× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | 11.29× | ||
| Q4 24 | — | 11.39× | ||
| Q3 24 | — | 2.74× | ||
| Q2 24 | 5.75× | -1.87× | ||
| 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% |
NGL
| Water Solutions Segment | $208.6M | 23% |
| Services | $193.3M | 21% |
| Butane | $192.5M | 21% |
| Service Fees | $182.8M | 20% |
| Public Utilities Inventory Propane | $93.9M | 10% |
| Crude Oil | $23.3M | 3% |
| Crude Oil Transportation And Other | $6.5M | 1% |
| Liquids Logistics Segment | $2.5M | 0% |
| Crude Oil Logistics Segment | $1.2M | 0% |
