vs
eXp World Holdings, Inc.（EXPI）与PTC Inc.（PTC）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PTC Inc.的1.7倍（$1.2B vs $685.8M），PTC Inc.净利率更高（24.3% vs -1.1%，领先25.4%），PTC Inc.同比增速更快（21.4% vs 8.5%），PTC Inc.自由现金流更多（$267.4M vs $11.9M），过去两年eXp World Holdings, Inc.的营收复合增速更高（12.4% vs 6.6%）
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。
PTC是1985年成立的美国计算机软件与服务企业，总部位于马萨诸塞州波士顿。公司1988年率先推出参数化关联特征驱动的三维CAD建模软件，1998年发布基于互联网的产品生命周期管理（PLM）产品，目前面向合作伙伴与开发者提供物联网、增强现实（AR）平台及相关产品服务。
EXPI vs PTC — 直观对比
营收规模更大
EXPI
是对方的1.7倍
$685.8M
营收增速更快
PTC
高出12.8%
8.5%
净利率更高
PTC
高出25.4%
-1.1%
自由现金流更多
PTC
多$255.5M
$11.9M
两年增速更快
EXPI
近两年复合增速
6.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $685.8M |
| 净利润 | $-12.9M | $166.5M |
| 毛利率 | — | 82.8% |
| 营业利润率 | -1.1% | 32.2% |
| 净利率 | -1.1% | 24.3% |
| 营收同比 | 8.5% | 21.4% |
| 净利润同比 | -35.7% | 102.5% |
| 每股收益（稀释后） | $-0.08 | $1.39 |
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EXPIPTC
| Q4 25 | $1.2B | $685.8M | ||
| Q3 25 | $1.3B | $893.8M | ||
| Q2 25 | $1.3B | $643.9M | ||
| Q1 25 | $954.9M | $636.4M | ||
| Q4 24 | $1.1B | $565.1M | ||
| Q3 24 | $1.2B | $626.5M | ||
| Q2 24 | $1.3B | $518.6M | ||
| Q1 24 | $943.1M | $603.1M |
净利润EXPIPTC
| Q4 25 | $-12.9M | $166.5M | ||
| Q3 25 | $3.5M | $347.8M | ||
| Q2 25 | $-2.3M | $141.3M | ||
| Q1 25 | $-11.0M | $162.6M | ||
| Q4 24 | $-9.5M | $82.2M | ||
| Q3 24 | $-8.5M | $126.5M | ||
| Q2 24 | $12.4M | $69.0M | ||
| Q1 24 | $-15.6M | $114.4M |
毛利率EXPIPTC
| Q4 25 | — | 82.8% | ||
| Q3 25 | — | 86.9% | ||
| Q2 25 | — | 82.9% | ||
| Q1 25 | — | 83.3% | ||
| Q4 24 | — | 80.2% | ||
| Q3 24 | 99.9% | 82.0% | ||
| Q2 24 | 99.9% | 78.4% | ||
| Q1 24 | — | 81.8% |
营业利润率EXPIPTC
| Q4 25 | -1.1% | 32.2% | ||
| Q3 25 | 0.3% | 48.5% | ||
| Q2 25 | -0.2% | 32.6% | ||
| Q1 25 | -1.1% | 35.1% | ||
| Q4 24 | -1.0% | 20.4% | ||
| Q3 24 | -0.7% | 31.0% | ||
| Q2 24 | 1.4% | 18.5% | ||
| Q1 24 | -1.9% | 29.8% |
净利率EXPIPTC
| Q4 25 | -1.1% | 24.3% | ||
| Q3 25 | 0.3% | 38.9% | ||
| Q2 25 | -0.2% | 21.9% | ||
| Q1 25 | -1.2% | 25.6% | ||
| Q4 24 | -0.9% | 14.6% | ||
| Q3 24 | -0.7% | 20.2% | ||
| Q2 24 | 1.0% | 13.3% | ||
| Q1 24 | -1.7% | 19.0% |
每股收益（稀释后）EXPIPTC
| Q4 25 | $-0.08 | $1.39 | ||
| Q3 25 | $0.02 | $2.88 | ||
| Q2 25 | $-0.01 | $1.17 | ||
| Q1 25 | $-0.07 | $1.35 | ||
| Q4 24 | $-0.06 | $0.68 | ||
| Q3 24 | $-0.06 | $1.05 | ||
| Q2 24 | $0.08 | $0.57 | ||
| Q1 24 | $-0.10 | $0.95 |
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 | $209.7M |
| 总债务越低越好 | — | $1.2B |
| 股东权益账面价值 | $242.8M | $3.8B |
| 总资产 | $442.5M | $6.4B |
| 负债/权益比越低杠杆越低 | — | 0.31× |
8季度趋势，按日历期对齐
现金及短期投资EXPIPTC
| Q4 25 | $124.2M | $209.7M | ||
| Q3 25 | $112.8M | $184.4M | ||
| Q2 25 | $94.6M | $199.3M | ||
| Q1 25 | $115.7M | $235.2M | ||
| Q4 24 | $113.6M | $196.3M | ||
| Q3 24 | $130.4M | $265.8M | ||
| Q2 24 | $108.4M | $247.7M | ||
| Q1 24 | $109.2M | $249.0M |
总债务EXPIPTC
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.5B |
股东权益EXPIPTC
| Q4 25 | $242.8M | $3.8B | ||
| Q3 25 | $235.3M | $3.8B | ||
| Q2 25 | $218.4M | $3.5B | ||
| Q1 25 | $212.0M | $3.4B | ||
| Q4 24 | $204.9M | $3.2B | ||
| Q3 24 | $211.1M | $3.2B | ||
| Q2 24 | $220.3M | $3.0B | ||
| Q1 24 | $222.4M | $2.9B |
总资产EXPIPTC
| Q4 25 | $442.5M | $6.4B | ||
| Q3 25 | $458.7M | $6.6B | ||
| Q2 25 | $481.2M | $6.2B | ||
| Q1 25 | $435.8M | $6.2B | ||
| Q4 24 | $390.7M | $6.1B | ||
| Q3 24 | $432.6M | $6.4B | ||
| Q2 24 | $457.4M | $6.1B | ||
| Q1 24 | $426.7M | $6.2B |
负债/权益比EXPIPTC
| Q4 25 | — | 0.31× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | — | 0.32× | ||
| Q3 24 | — | 0.38× | ||
| Q2 24 | — | 0.43× | ||
| Q1 24 | — | 0.51× |
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 | $269.7M |
| 自由现金流经营现金流 - 资本支出 | $11.9M | $267.4M |
| 自由现金流率自由现金流/营收 | 1.0% | 39.0% |
| 资本支出强度资本支出/营收 | 0.2% | 0.3% |
| 现金转化率经营现金流/净利润 | — | 1.62× |
| 过去12个月自由现金流最近4个季度 | $109.0M | $888.4M |
8季度趋势，按日历期对齐
经营现金流EXPIPTC
| Q4 25 | $13.8M | $269.7M | ||
| Q3 25 | $28.9M | $104.0M | ||
| Q2 25 | $36.1M | $243.9M | ||
| Q1 25 | $39.8M | $281.3M | ||
| Q4 24 | $13.7M | $238.4M | ||
| Q3 24 | $46.0M | $98.1M | ||
| Q2 24 | $71.1M | $213.8M | ||
| Q1 24 | $60.7M | $250.7M |
自由现金流EXPIPTC
| Q4 25 | $11.9M | $267.4M | ||
| Q3 25 | $26.6M | $100.5M | ||
| Q2 25 | $33.3M | $242.0M | ||
| Q1 25 | $37.3M | $278.5M | ||
| Q4 24 | $11.6M | $235.7M | ||
| Q3 24 | $44.4M | $93.6M | ||
| Q2 24 | $69.7M | $212.2M | ||
| Q1 24 | $59.3M | $247.1M |
自由现金流率EXPIPTC
| Q4 25 | 1.0% | 39.0% | ||
| Q3 25 | 2.0% | 11.2% | ||
| Q2 25 | 2.5% | 37.6% | ||
| Q1 25 | 3.9% | 43.8% | ||
| Q4 24 | 1.1% | 41.7% | ||
| Q3 24 | 3.6% | 14.9% | ||
| Q2 24 | 5.4% | 40.9% | ||
| Q1 24 | 6.3% | 41.0% |
资本支出强度EXPIPTC
| Q4 25 | 0.2% | 0.3% | ||
| Q3 25 | 0.2% | 0.4% | ||
| Q2 25 | 0.2% | 0.3% | ||
| Q1 25 | 0.3% | 0.4% | ||
| Q4 24 | 0.2% | 0.5% | ||
| Q3 24 | 0.1% | 0.7% | ||
| Q2 24 | 0.1% | 0.3% | ||
| Q1 24 | 0.1% | 0.6% |
现金转化率EXPIPTC
| Q4 25 | — | 1.62× | ||
| Q3 25 | 8.26× | 0.30× | ||
| Q2 25 | — | 1.73× | ||
| Q1 25 | — | 1.73× | ||
| Q4 24 | — | 2.90× | ||
| Q3 24 | — | 0.78× | ||
| Q2 24 | 5.75× | 3.10× | ||
| Q1 24 | — | 2.19× |
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% |
PTC
| Support And Cloud Services | $393.3M | 57% |
| License | $269.7M | 39% |
| Technology Service | $22.9M | 3% |
| Perpetual License | $5.6M | 1% |
