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eXp World Holdings, Inc.（EXPI）与NEWMARK GROUP, INC.（NMRK）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NEWMARK GROUP, INC.的1.4倍（$1.2B vs $859.5M）。NEWMARK GROUP, INC.净利率更高（7.9% vs -1.1%，领先9.0%）。NEWMARK GROUP, INC.同比增速更快（18.1% vs 8.5%）。NEWMARK GROUP, INC.自由现金流更多（$608.8M vs $11.9M）。过去两年NEWMARK GROUP, INC.的营收复合增速更高（38.2% 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。
纽马克集团是一家总部位于纽约的全球性商业地产咨询及服务企业，旗下业务以Newmark品牌开展，在纳斯达克全球精选市场上市，股票代码为NMRK，为全球客户提供商业地产领域的多元专业服务。
EXPI vs NMRK — 直观对比
营收规模更大
EXPI
是对方的1.4倍
$859.5M
营收增速更快
NMRK
高出9.6%
8.5%
净利率更高
NMRK
高出9.0%
-1.1%
自由现金流更多
NMRK
多$596.9M
$11.9M
两年增速更快
NMRK
近两年复合增速
12.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $859.5M |
| 净利润 | $-12.9M | $68.0M |
| 毛利率 | — | — |
| 营业利润率 | -1.1% | 14.4% |
| 净利率 | -1.1% | 7.9% |
| 营收同比 | 8.5% | 18.1% |
| 净利润同比 | -35.7% | 49.7% |
| 每股收益（稀释后） | $-0.08 | $0.37 |
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EXPINMRK
| Q4 25 | $1.2B | $859.5M | ||
| Q3 25 | $1.3B | $715.0M | ||
| Q2 25 | $1.3B | $639.6M | ||
| Q1 25 | $954.9M | $556.2M | ||
| Q4 24 | $1.1B | $727.5M | ||
| Q3 24 | $1.2B | $568.0M | ||
| Q2 24 | $1.3B | $527.3M | ||
| Q1 24 | $943.1M | $450.2M |
净利润EXPINMRK
| Q4 25 | $-12.9M | $68.0M | ||
| Q3 25 | $3.5M | $46.2M | ||
| Q2 25 | $-2.3M | $20.8M | ||
| Q1 25 | $-11.0M | $-8.8M | ||
| Q4 24 | $-9.5M | $45.4M | ||
| Q3 24 | $-8.5M | $17.8M | ||
| Q2 24 | $12.4M | $14.3M | ||
| Q1 24 | $-15.6M | $-16.3M |
毛利率EXPINMRK
| 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EXPINMRK
| Q4 25 | -1.1% | 14.4% | ||
| Q3 25 | 0.3% | 11.9% | ||
| Q2 25 | -0.2% | 6.7% | ||
| Q1 25 | -1.1% | -3.1% | ||
| Q4 24 | -1.0% | 14.3% | ||
| Q3 24 | -0.7% | 7.2% | ||
| Q2 24 | 1.4% | 7.7% | ||
| Q1 24 | -1.9% | -5.0% |
净利率EXPINMRK
| Q4 25 | -1.1% | 7.9% | ||
| Q3 25 | 0.3% | 6.5% | ||
| Q2 25 | -0.2% | 3.3% | ||
| Q1 25 | -1.2% | -1.6% | ||
| Q4 24 | -0.9% | 6.2% | ||
| Q3 24 | -0.7% | 3.1% | ||
| Q2 24 | 1.0% | 2.7% | ||
| Q1 24 | -1.7% | -3.6% |
每股收益（稀释后）EXPINMRK
| Q4 25 | $-0.08 | $0.37 | ||
| Q3 25 | $0.02 | $0.25 | ||
| Q2 25 | $-0.01 | $0.11 | ||
| Q1 25 | $-0.07 | $-0.05 | ||
| Q4 24 | $-0.06 | $0.25 | ||
| Q3 24 | $-0.06 | $0.10 | ||
| Q2 24 | $0.08 | $0.08 | ||
| Q1 24 | $-0.10 | $-0.09 |
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 | $229.1M |
| 总债务越低越好 | — | $671.7M |
| 股东权益账面价值 | $242.8M | $1.5B |
| 总资产 | $442.5M | $5.0B |
| 负债/权益比越低杠杆越低 | — | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资EXPINMRK
| Q4 25 | $124.2M | $229.1M | ||
| Q3 25 | $112.8M | $224.1M | ||
| Q2 25 | $94.6M | $195.8M | ||
| Q1 25 | $115.7M | $157.1M | ||
| Q4 24 | $113.6M | $197.7M | ||
| Q3 24 | $130.4M | $178.6M | ||
| Q2 24 | $108.4M | $176.4M | ||
| Q1 24 | $109.2M | $140.9M |
总债务EXPINMRK
| Q4 25 | — | $671.7M | ||
| Q3 25 | — | $746.5M | ||
| Q2 25 | — | $871.2M | ||
| Q1 25 | — | $770.9M | ||
| Q4 24 | — | $670.7M | ||
| Q3 24 | — | $770.4M | ||
| Q2 24 | — | $745.2M | ||
| Q1 24 | — | $670.2M |
股东权益EXPINMRK
| Q4 25 | $242.8M | $1.5B | ||
| Q3 25 | $235.3M | $1.4B | ||
| Q2 25 | $218.4M | $1.3B | ||
| Q1 25 | $212.0M | $1.3B | ||
| Q4 24 | $204.9M | $1.2B | ||
| Q3 24 | $211.1M | $1.2B | ||
| Q2 24 | $220.3M | $1.2B | ||
| Q1 24 | $222.4M | $1.2B |
总资产EXPINMRK
| Q4 25 | $442.5M | $5.0B | ||
| Q3 25 | $458.7M | $5.5B | ||
| Q2 25 | $481.2M | $5.4B | ||
| Q1 25 | $435.8M | $4.8B | ||
| Q4 24 | $390.7M | $4.7B | ||
| Q3 24 | $432.6M | $5.0B | ||
| Q2 24 | $457.4M | $4.8B | ||
| Q1 24 | $426.7M | $4.4B |
负债/权益比EXPINMRK
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | 0.55× | ||
| Q2 25 | — | 0.68× | ||
| Q1 25 | — | 0.58× | ||
| Q4 24 | — | 0.56× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.62× | ||
| Q1 24 | — | 0.54× |
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 | $618.5M |
| 自由现金流经营现金流 - 资本支出 | $11.9M | $608.8M |
| 自由现金流率自由现金流/营收 | 1.0% | 70.8% |
| 资本支出强度资本支出/营收 | 0.2% | 1.1% |
| 现金转化率经营现金流/净利润 | — | 9.10× |
| 过去12个月自由现金流最近4个季度 | $109.0M | $142.6M |
8季度趋势，按日历期对齐
经营现金流EXPINMRK
| Q4 25 | $13.8M | $618.5M | ||
| Q3 25 | $28.9M | $112.6M | ||
| Q2 25 | $36.1M | $-379.7M | ||
| Q1 25 | $39.8M | $-179.4M | ||
| Q4 24 | $13.7M | $402.6M | ||
| Q3 24 | $46.0M | $-85.2M | ||
| Q2 24 | $71.1M | $-258.5M | ||
| Q1 24 | $60.7M | $-68.8M |
自由现金流EXPINMRK
| Q4 25 | $11.9M | $608.8M | ||
| Q3 25 | $26.6M | $104.9M | ||
| Q2 25 | $33.3M | $-386.2M | ||
| Q1 25 | $37.3M | $-184.8M | ||
| Q4 24 | $11.6M | $396.6M | ||
| Q3 24 | $44.4M | $-94.4M | ||
| Q2 24 | $69.7M | $-267.8M | ||
| Q1 24 | $59.3M | $-75.8M |
自由现金流率EXPINMRK
| Q4 25 | 1.0% | 70.8% | ||
| Q3 25 | 2.0% | 14.7% | ||
| Q2 25 | 2.5% | -60.4% | ||
| Q1 25 | 3.9% | -33.2% | ||
| Q4 24 | 1.1% | 54.5% | ||
| Q3 24 | 3.6% | -16.6% | ||
| Q2 24 | 5.4% | -50.8% | ||
| Q1 24 | 6.3% | -16.8% |
资本支出强度EXPINMRK
| Q4 25 | 0.2% | 1.1% | ||
| Q3 25 | 0.2% | 1.1% | ||
| Q2 25 | 0.2% | 1.0% | ||
| Q1 25 | 0.3% | 1.0% | ||
| Q4 24 | 0.2% | 0.8% | ||
| Q3 24 | 0.1% | 1.6% | ||
| Q2 24 | 0.1% | 1.8% | ||
| Q1 24 | 0.1% | 1.6% |
现金转化率EXPINMRK
| Q4 25 | — | 9.10× | ||
| Q3 25 | 8.26× | 2.44× | ||
| Q2 25 | — | -18.24× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 8.86× | ||
| Q3 24 | — | -4.79× | ||
| Q2 24 | 5.75× | -18.10× | ||
| 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% |
NMRK
| Management Services | $263.1M | 31% |
| Investment Advice | $200.1M | 23% |
| Mortgage Brokerage And Debt Placement | $83.1M | 10% |
| Servicing Fees And Other | $80.7M | 9% |
| GB | $69.0M | 8% |
| Other Geographical Areas | $63.6M | 7% |
| Servicing | $36.2M | 4% |
| Other | $34.2M | 4% |
| Loan Originations Related Fees And Sales Premiums Net | $29.6M | 3% |
