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eXp World Holdings, Inc.（EXPI）与PIPER SANDLER COMPANIES（PIPR）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PIPER SANDLER COMPANIES的1.8倍（$1.2B vs $667.0M），PIPER SANDLER COMPANIES净利率更高（17.1% vs -1.1%，领先18.2%），PIPER SANDLER COMPANIES同比增速更快（37.4% vs 8.5%），过去两年PIPER SANDLER COMPANIES的营收复合增速更高（39.2% 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。
Piper Sandler是一家美国跨国投资银行及金融服务提供商，核心业务覆盖并购重组、财务重整、公开募股、公共财政、机构经纪、投资管理、证券研究等领域，通过旗下核心子公司Piper Sandler & Co.为企业、机构投资者及公共组织提供专业金融服务。
EXPI vs PIPR — 直观对比
营收规模更大
EXPI
是对方的1.8倍
$667.0M
营收增速更快
PIPR
高出28.9%
8.5%
净利率更高
PIPR
高出18.2%
-1.1%
两年增速更快
PIPR
近两年复合增速
12.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $667.0M |
| 净利润 | $-12.9M | $114.0M |
| 毛利率 | — | — |
| 营业利润率 | -1.1% | 28.3% |
| 净利率 | -1.1% | 17.1% |
| 营收同比 | 8.5% | 37.4% |
| 净利润同比 | -35.7% | 65.0% |
| 每股收益（稀释后） | $-0.08 | $6.41 |
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EXPIPIPR
| Q4 25 | $1.2B | $667.0M | ||
| Q3 25 | $1.3B | $480.1M | ||
| Q2 25 | $1.3B | $398.6M | ||
| Q1 25 | $954.9M | $358.6M | ||
| Q4 24 | $1.1B | $485.4M | ||
| Q3 24 | $1.2B | $360.9M | ||
| Q2 24 | $1.3B | $340.8M | ||
| Q1 24 | $943.1M | $344.4M |
净利润EXPIPIPR
| Q4 25 | $-12.9M | $114.0M | ||
| Q3 25 | $3.5M | $60.3M | ||
| Q2 25 | $-2.3M | $42.2M | ||
| Q1 25 | $-11.0M | $64.9M | ||
| Q4 24 | $-9.5M | $69.1M | ||
| Q3 24 | $-8.5M | $34.8M | ||
| Q2 24 | $12.4M | $34.8M | ||
| Q1 24 | $-15.6M | $42.5M |
毛利率EXPIPIPR
| 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EXPIPIPR
| Q4 25 | -1.1% | 28.3% | ||
| Q3 25 | 0.3% | 22.4% | ||
| Q2 25 | -0.2% | 12.3% | ||
| Q1 25 | -1.1% | 8.2% | ||
| Q4 24 | -1.0% | 16.9% | ||
| Q3 24 | -0.7% | 15.4% | ||
| Q2 24 | 1.4% | 8.3% | ||
| Q1 24 | -1.9% | 15.2% |
净利率EXPIPIPR
| Q4 25 | -1.1% | 17.1% | ||
| Q3 25 | 0.3% | 12.6% | ||
| Q2 25 | -0.2% | 10.6% | ||
| Q1 25 | -1.2% | 18.1% | ||
| Q4 24 | -0.9% | 14.2% | ||
| Q3 24 | -0.7% | 9.6% | ||
| Q2 24 | 1.0% | 10.2% | ||
| Q1 24 | -1.7% | 12.3% |
每股收益（稀释后）EXPIPIPR
| Q4 25 | $-0.08 | $6.41 | ||
| Q3 25 | $0.02 | $3.38 | ||
| Q2 25 | $-0.01 | $2.38 | ||
| Q1 25 | $-0.07 | $3.65 | ||
| Q4 24 | $-0.06 | $3.88 | ||
| Q3 24 | $-0.06 | $1.96 | ||
| Q2 24 | $0.08 | $1.97 | ||
| Q1 24 | $-0.10 | $2.43 |
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 | $1.4B |
| 总资产 | $442.5M | $2.6B |
| 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EXPIPIPR
| 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EXPIPIPR
| Q4 25 | $242.8M | $1.4B | ||
| Q3 25 | $235.3M | $1.3B | ||
| Q2 25 | $218.4M | $1.2B | ||
| Q1 25 | $212.0M | $1.2B | ||
| Q4 24 | $204.9M | $1.2B | ||
| Q3 24 | $211.1M | $1.2B | ||
| Q2 24 | $220.3M | $1.1B | ||
| Q1 24 | $222.4M | $1.1B |
总资产EXPIPIPR
| Q4 25 | $442.5M | $2.6B | ||
| Q3 25 | $458.7M | $2.2B | ||
| Q2 25 | $481.2M | $2.0B | ||
| Q1 25 | $435.8M | $1.8B | ||
| Q4 24 | $390.7M | $2.3B | ||
| Q3 24 | $432.6M | $2.0B | ||
| Q2 24 | $457.4M | $1.9B | ||
| Q1 24 | $426.7M | $1.8B |
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 | $729.8M |
| 自由现金流经营现金流 - 资本支出 | $11.9M | — |
| 自由现金流率自由现金流/营收 | 1.0% | — |
| 资本支出强度资本支出/营收 | 0.2% | — |
| 现金转化率经营现金流/净利润 | — | 6.40× |
| 过去12个月自由现金流最近4个季度 | $109.0M | — |
8季度趋势，按日历期对齐
经营现金流EXPIPIPR
| Q4 25 | $13.8M | $729.8M | ||
| Q3 25 | $28.9M | $31.9M | ||
| Q2 25 | $36.1M | $32.1M | ||
| Q1 25 | $39.8M | $-207.2M | ||
| Q4 24 | $13.7M | $163.8M | ||
| Q3 24 | $46.0M | $80.1M | ||
| Q2 24 | $71.1M | $266.5M | ||
| Q1 24 | $60.7M | $-197.2M |
自由现金流EXPIPIPR
| Q4 25 | $11.9M | — | ||
| Q3 25 | $26.6M | — | ||
| Q2 25 | $33.3M | — | ||
| Q1 25 | $37.3M | — | ||
| Q4 24 | $11.6M | — | ||
| Q3 24 | $44.4M | — | ||
| Q2 24 | $69.7M | — | ||
| Q1 24 | $59.3M | — |
自由现金流率EXPIPIPR
| Q4 25 | 1.0% | — | ||
| Q3 25 | 2.0% | — | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | 3.9% | — | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 3.6% | — | ||
| Q2 24 | 5.4% | — | ||
| Q1 24 | 6.3% | — |
资本支出强度EXPIPIPR
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.2% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.1% | — | ||
| Q1 24 | 0.1% | — |
现金转化率EXPIPIPR
| Q4 25 | — | 6.40× | ||
| Q3 25 | 8.26× | 0.53× | ||
| Q2 25 | — | 0.76× | ||
| Q1 25 | — | -3.19× | ||
| Q4 24 | — | 2.37× | ||
| Q3 24 | — | 2.30× | ||
| Q2 24 | 5.75× | 7.66× | ||
| Q1 24 | — | -4.64× |
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% |
PIPR
| Advisory Services | $402.6M | 60% |
| Equities Financing | $66.7M | 10% |
| Equity Salesand Trading | $64.2M | 10% |
| Fixed Income Salesand Trading | $47.9M | 7% |
| Other | $46.7M | 7% |
| Debt Financing | $38.9M | 6% |
