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eXp World Holdings, Inc.（EXPI）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
利氏兄弟拍卖行的季度营收约是eXp World Holdings, Inc.的1.0倍（$1.2B vs $1.2B），利氏兄弟拍卖行净利率更高（9.1% vs -1.1%，领先10.2%），eXp World Holdings, Inc.同比增速更快（8.5% vs 5.4%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $11.9M），过去两年eXp World Holdings, Inc.的营收复合增速更高（12.4% vs 6.3%）
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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
EXPI vs RBA — 直观对比
营收规模更大
RBA
是对方的1.0倍
$1.2B
营收增速更快
EXPI
高出3.1%
5.4%
净利率更高
RBA
高出10.2%
-1.1%
自由现金流更多
RBA
多$174.6M
$11.9M
两年增速更快
EXPI
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $-12.9M | $109.7M |
| 毛利率 | — | — |
| 营业利润率 | -1.1% | 14.7% |
| 净利率 | -1.1% | 9.1% |
| 营收同比 | 8.5% | 5.4% |
| 净利润同比 | -35.7% | -7.4% |
| 每股收益（稀释后） | $-0.08 | $0.53 |
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EXPIRBA
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $954.9M | $1.1B | ||
| Q4 24 | $1.1B | $1.1B | ||
| Q3 24 | $1.2B | $981.8M | ||
| Q2 24 | $1.3B | $1.1B | ||
| Q1 24 | $943.1M | $1.1B |
净利润EXPIRBA
| Q4 25 | $-12.9M | $109.7M | ||
| Q3 25 | $3.5M | $95.5M | ||
| Q2 25 | $-2.3M | $109.8M | ||
| Q1 25 | $-11.0M | $113.4M | ||
| Q4 24 | $-9.5M | $118.5M | ||
| Q3 24 | $-8.5M | $76.1M | ||
| Q2 24 | $12.4M | $111.1M | ||
| Q1 24 | $-15.6M | $107.4M |
毛利率EXPIRBA
| 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EXPIRBA
| Q4 25 | -1.1% | 14.7% | ||
| Q3 25 | 0.3% | 14.5% | ||
| Q2 25 | -0.2% | 15.9% | ||
| Q1 25 | -1.1% | 17.1% | ||
| Q4 24 | -1.0% | 18.1% | ||
| Q3 24 | -0.7% | 15.6% | ||
| Q2 24 | 1.4% | 18.4% | ||
| Q1 24 | -1.9% | 18.7% |
净利率EXPIRBA
| Q4 25 | -1.1% | 9.1% | ||
| Q3 25 | 0.3% | 8.7% | ||
| Q2 25 | -0.2% | 9.3% | ||
| Q1 25 | -1.2% | 10.2% | ||
| Q4 24 | -0.9% | 10.4% | ||
| Q3 24 | -0.7% | 7.8% | ||
| Q2 24 | 1.0% | 10.1% | ||
| Q1 24 | -1.7% | 10.1% |
每股收益（稀释后）EXPIRBA
| Q4 25 | $-0.08 | $0.53 | ||
| Q3 25 | $0.02 | $0.43 | ||
| Q2 25 | $-0.01 | $0.53 | ||
| Q1 25 | $-0.07 | $0.55 | ||
| Q4 24 | $-0.06 | $0.58 | ||
| Q3 24 | $-0.06 | $0.36 | ||
| Q2 24 | $0.08 | $0.54 | ||
| Q1 24 | $-0.10 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $242.8M | $5.6B |
| 总资产 | $442.5M | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资EXPIRBA
| Q4 25 | $124.2M | $531.5M | ||
| Q3 25 | $112.8M | $674.7M | ||
| Q2 25 | $94.6M | $710.2M | ||
| Q1 25 | $115.7M | $578.1M | ||
| Q4 24 | $113.6M | $533.9M | ||
| Q3 24 | $130.4M | $650.7M | ||
| Q2 24 | $108.4M | $599.5M | ||
| Q1 24 | $109.2M | $462.8M |
总债务EXPIRBA
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.9B |
股东权益EXPIRBA
| Q4 25 | $242.8M | $5.6B | ||
| Q3 25 | $235.3M | $5.5B | ||
| Q2 25 | $218.4M | $5.5B | ||
| Q1 25 | $212.0M | $5.3B | ||
| Q4 24 | $204.9M | $5.2B | ||
| Q3 24 | $211.1M | $5.2B | ||
| Q2 24 | $220.3M | $5.2B | ||
| Q1 24 | $222.4M | $5.1B |
总资产EXPIRBA
| Q4 25 | $442.5M | $12.1B | ||
| Q3 25 | $458.7M | $12.2B | ||
| Q2 25 | $481.2M | $12.2B | ||
| Q1 25 | $435.8M | $11.9B | ||
| Q4 24 | $390.7M | $11.8B | ||
| Q3 24 | $432.6M | $11.9B | ||
| Q2 24 | $457.4M | $12.1B | ||
| Q1 24 | $426.7M | $12.0B |
负债/权益比EXPIRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $11.9M | $186.5M |
| 自由现金流率自由现金流/营收 | 1.0% | 15.5% |
| 资本支出强度资本支出/营收 | 0.2% | 5.7% |
| 现金转化率经营现金流/净利润 | — | 2.33× |
| 过去12个月自由现金流最近4个季度 | $109.0M | $719.2M |
8季度趋势，按日历期对齐
经营现金流EXPIRBA
| Q4 25 | $13.8M | $255.2M | ||
| Q3 25 | $28.9M | $239.7M | ||
| Q2 25 | $36.1M | $326.5M | ||
| Q1 25 | $39.8M | $156.8M | ||
| Q4 24 | $13.7M | $184.5M | ||
| Q3 24 | $46.0M | $285.4M | ||
| Q2 24 | $71.1M | $337.3M | ||
| Q1 24 | $60.7M | $124.8M |
自由现金流EXPIRBA
| Q4 25 | $11.9M | $186.5M | ||
| Q3 25 | $26.6M | $188.5M | ||
| Q2 25 | $33.3M | $241.7M | ||
| Q1 25 | $37.3M | $102.5M | ||
| Q4 24 | $11.6M | $127.9M | ||
| Q3 24 | $44.4M | $248.5M | ||
| Q2 24 | $69.7M | $308.6M | ||
| Q1 24 | $59.3M | $79.6M |
自由现金流率EXPIRBA
| Q4 25 | 1.0% | 15.5% | ||
| Q3 25 | 2.0% | 17.3% | ||
| Q2 25 | 2.5% | 20.4% | ||
| Q1 25 | 3.9% | 9.2% | ||
| Q4 24 | 1.1% | 11.2% | ||
| Q3 24 | 3.6% | 25.3% | ||
| Q2 24 | 5.4% | 28.2% | ||
| Q1 24 | 6.3% | 7.5% |
资本支出强度EXPIRBA
| Q4 25 | 0.2% | 5.7% | ||
| Q3 25 | 0.2% | 4.7% | ||
| Q2 25 | 0.2% | 7.2% | ||
| Q1 25 | 0.3% | 4.9% | ||
| Q4 24 | 0.2% | 5.0% | ||
| Q3 24 | 0.1% | 3.8% | ||
| Q2 24 | 0.1% | 2.6% | ||
| Q1 24 | 0.1% | 4.2% |
现金转化率EXPIRBA
| Q4 25 | — | 2.33× | ||
| Q3 25 | 8.26× | 2.51× | ||
| Q2 25 | — | 2.97× | ||
| Q1 25 | — | 1.38× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | — | 3.75× | ||
| Q2 24 | 5.75× | 3.04× | ||
| Q1 24 | — | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
