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eXp World Holdings, Inc.（EXPI）与OPEN TEXT CORP（OTEX）财务数据对比。点击上方公司名可切换其他公司
OPEN TEXT CORP的季度营收约是eXp World Holdings, Inc.的1.1倍（$1.3B vs $1.2B），OPEN TEXT CORP净利率更高（13.5% vs -1.1%，领先14.5%），eXp World Holdings, Inc.同比增速更快（8.5% vs 2.2%），OPEN TEXT CORP自由现金流更多（$305.0M vs $11.9M），过去两年eXp World Holdings, Inc.的营收复合增速更高（12.4% vs -3.0%）
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。
Open Text Corporation是全球知名的跨国软件企业，专注于信息管理类软件的研发与销售，业务覆盖全球众多国家和地区，可为各行业客户提供成熟的信息管理解决方案，助力企业高效管理数据资产，推进数字化转型落地。
EXPI vs OTEX — 直观对比
营收规模更大
OTEX
是对方的1.1倍
$1.2B
营收增速更快
EXPI
高出6.3%
2.2%
净利率更高
OTEX
高出14.5%
-1.1%
自由现金流更多
OTEX
多$293.1M
$11.9M
两年增速更快
EXPI
近两年复合增速
-3.0%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.3B |
| 净利润 | $-12.9M | $172.7M |
| 毛利率 | — | 73.1% |
| 营业利润率 | -1.1% | 15.7% |
| 净利率 | -1.1% | 13.5% |
| 营收同比 | 8.5% | 2.2% |
| 净利润同比 | -35.7% | — |
| 每股收益（稀释后） | $-0.08 | $0.70 |
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EXPIOTEX
| Q1 26 | — | $1.3B | ||
| Q4 25 | $1.2B | $1.3B | ||
| Q3 25 | $1.3B | $1.3B | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | $954.9M | $1.3B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.3B | $1.4B |
净利润EXPIOTEX
| Q1 26 | — | $172.7M | ||
| Q4 25 | $-12.9M | $168.1M | ||
| Q3 25 | $3.5M | $146.6M | ||
| Q2 25 | $-2.3M | $28.8M | ||
| Q1 25 | $-11.0M | $92.8M | ||
| Q4 24 | $-9.5M | $229.9M | ||
| Q3 24 | $-8.5M | $84.4M | ||
| Q2 24 | $12.4M | $248.2M |
毛利率EXPIOTEX
| Q1 26 | — | 73.1% | ||
| Q4 25 | — | 74.0% | ||
| Q3 25 | — | 72.8% | ||
| Q2 25 | — | 72.3% | ||
| Q1 25 | — | 71.6% | ||
| Q4 24 | — | 73.3% | ||
| Q3 24 | 99.9% | 71.7% | ||
| Q2 24 | 99.9% | 72.5% |
营业利润率EXPIOTEX
| Q1 26 | — | 15.7% | ||
| Q4 25 | -1.1% | 22.0% | ||
| Q3 25 | 0.3% | 21.0% | ||
| Q2 25 | -0.2% | 13.9% | ||
| Q1 25 | -1.1% | 16.7% | ||
| Q4 24 | -1.0% | 22.2% | ||
| Q3 24 | -0.7% | 16.3% | ||
| Q2 24 | 1.4% | 14.2% |
净利率EXPIOTEX
| Q1 26 | — | 13.5% | ||
| Q4 25 | -1.1% | 12.7% | ||
| Q3 25 | 0.3% | 11.4% | ||
| Q2 25 | -0.2% | 2.2% | ||
| Q1 25 | -1.2% | 7.4% | ||
| Q4 24 | -0.9% | 17.2% | ||
| Q3 24 | -0.7% | 6.6% | ||
| Q2 24 | 1.0% | 18.2% |
每股收益（稀释后）EXPIOTEX
| Q1 26 | — | $0.70 | ||
| Q4 25 | $-0.08 | $0.66 | ||
| Q3 25 | $0.02 | $0.58 | ||
| Q2 25 | $-0.01 | $0.11 | ||
| Q1 25 | $-0.07 | $0.35 | ||
| Q4 24 | $-0.06 | $0.87 | ||
| Q3 24 | $-0.06 | $0.32 | ||
| Q2 24 | $0.08 | $0.91 |
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 | $1.3B |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $242.8M | $4.0B |
| 总资产 | $442.5M | $13.3B |
| 负债/权益比越低杠杆越低 | — | 1.57× |
8季度趋势，按日历期对齐
现金及短期投资EXPIOTEX
| Q1 26 | — | $1.3B | ||
| Q4 25 | $124.2M | $1.3B | ||
| Q3 25 | $112.8M | $1.1B | ||
| Q2 25 | $94.6M | $1.2B | ||
| Q1 25 | $115.7M | $1.3B | ||
| Q4 24 | $113.6M | $1.1B | ||
| Q3 24 | $130.4M | $1.0B | ||
| Q2 24 | $108.4M | $1.3B |
总债务EXPIOTEX
| Q1 26 | — | $6.2B | ||
| Q4 25 | — | $6.4B | ||
| Q3 25 | — | $6.4B | ||
| Q2 25 | — | $6.4B | ||
| Q1 25 | — | $6.4B | ||
| Q4 24 | — | $6.4B | ||
| Q3 24 | — | $6.4B | ||
| Q2 24 | — | $6.4B |
股东权益EXPIOTEX
| Q1 26 | — | $4.0B | ||
| Q4 25 | $242.8M | $4.0B | ||
| Q3 25 | $235.3M | $4.0B | ||
| Q2 25 | $218.4M | $3.9B | ||
| Q1 25 | $212.0M | $4.1B | ||
| Q4 24 | $204.9M | $4.2B | ||
| Q3 24 | $211.1M | $4.1B | ||
| Q2 24 | $220.3M | $4.2B |
总资产EXPIOTEX
| Q1 26 | — | $13.3B | ||
| Q4 25 | $442.5M | $13.6B | ||
| Q3 25 | $458.7M | $13.5B | ||
| Q2 25 | $481.2M | $13.8B | ||
| Q1 25 | $435.8M | $13.8B | ||
| Q4 24 | $390.7M | $13.7B | ||
| Q3 24 | $432.6M | $13.8B | ||
| Q2 24 | $457.4M | $14.2B |
负债/权益比EXPIOTEX
| Q1 26 | — | 1.57× | ||
| Q4 25 | — | 1.58× | ||
| Q3 25 | — | 1.61× | ||
| Q2 25 | — | 1.62× | ||
| Q1 25 | — | 1.55× | ||
| Q4 24 | — | 1.51× | ||
| Q3 24 | — | 1.55× | ||
| Q2 24 | — | 1.52× |
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 | $354.6M |
| 自由现金流经营现金流 - 资本支出 | $11.9M | $305.0M |
| 自由现金流率自由现金流/营收 | 1.0% | 23.8% |
| 资本支出强度资本支出/营收 | 0.2% | 3.9% |
| 现金转化率经营现金流/净利润 | — | 2.05× |
| 过去12个月自由现金流最近4个季度 | $109.0M | $809.6M |
8季度趋势，按日历期对齐
经营现金流EXPIOTEX
| Q1 26 | — | $354.6M | ||
| Q4 25 | $13.8M | $318.7M | ||
| Q3 25 | $28.9M | $147.8M | ||
| Q2 25 | $36.1M | $158.2M | ||
| Q1 25 | $39.8M | $402.2M | ||
| Q4 24 | $13.7M | $348.0M | ||
| Q3 24 | $46.0M | $-77.8M | ||
| Q2 24 | $71.1M | $185.2M |
自由现金流EXPIOTEX
| Q1 26 | — | $305.0M | ||
| Q4 25 | $11.9M | $279.4M | ||
| Q3 25 | $26.6M | $101.2M | ||
| Q2 25 | $33.3M | $124.0M | ||
| Q1 25 | $37.3M | $373.8M | ||
| Q4 24 | $11.6M | $306.7M | ||
| Q3 24 | $44.4M | $-117.1M | ||
| Q2 24 | $69.7M | $145.2M |
自由现金流率EXPIOTEX
| Q1 26 | — | 23.8% | ||
| Q4 25 | 1.0% | 21.1% | ||
| Q3 25 | 2.0% | 7.9% | ||
| Q2 25 | 2.5% | 9.5% | ||
| Q1 25 | 3.9% | 29.8% | ||
| Q4 24 | 1.1% | 23.0% | ||
| Q3 24 | 3.6% | -9.2% | ||
| Q2 24 | 5.4% | 10.7% |
资本支出强度EXPIOTEX
| Q1 26 | — | 3.9% | ||
| Q4 25 | 0.2% | 3.0% | ||
| Q3 25 | 0.2% | 3.6% | ||
| Q2 25 | 0.2% | 2.6% | ||
| Q1 25 | 0.3% | 2.3% | ||
| Q4 24 | 0.2% | 3.1% | ||
| Q3 24 | 0.1% | 3.1% | ||
| Q2 24 | 0.1% | 2.9% |
现金转化率EXPIOTEX
| Q1 26 | — | 2.05× | ||
| Q4 25 | — | 1.90× | ||
| Q3 25 | 8.26× | 1.01× | ||
| Q2 25 | — | 5.49× | ||
| Q1 25 | — | 4.33× | ||
| Q4 24 | — | 1.51× | ||
| Q3 24 | — | -0.92× | ||
| Q2 24 | 5.75× | 0.75× |
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% |
OTEX
| Customer support | $564.8M | 44% |
| Cloud services and subscriptions | $492.9M | 38% |
| License | $145.1M | 11% |
| Professional service and other | $79.6M | 6% |
