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eXp World Holdings, Inc.（EXPI）与RE/MAX Holdings, Inc.（RMAX）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RE/MAX Holdings, Inc.的16.8倍（$1.2B vs $71.1M）。RE/MAX Holdings, Inc.净利率更高（2.0% vs -1.1%，领先3.1%）。eXp World Holdings, Inc.同比增速更快（8.5% vs -1.8%）。eXp World Holdings, Inc.自由现金流更多（$11.9M vs $10.2M）。过去两年eXp World Holdings, Inc.的营收复合增速更高（12.4% vs -4.7%）
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。
RE/MAX是全球知名的房地产特许经营机构，业务遍布全球一百多个国家和地区，旗下拥有数千家门店，总计超过十万名房产经纪人，在国际房产中介领域拥有极高的品牌知名度与市场影响力。
EXPI vs RMAX — 直观对比
营收规模更大
EXPI
是对方的16.8倍
$71.1M
营收增速更快
EXPI
高出10.4%
-1.8%
净利率更高
RMAX
高出3.1%
-1.1%
自由现金流更多
EXPI
多$1.7M
$10.2M
两年增速更快
EXPI
近两年复合增速
-4.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $71.1M |
| 净利润 | $-12.9M | $1.4M |
| 毛利率 | — | — |
| 营业利润率 | -1.1% | 13.1% |
| 净利率 | -1.1% | 2.0% |
| 营收同比 | 8.5% | -1.8% |
| 净利润同比 | -35.7% | -75.2% |
| 每股收益（稀释后） | $-0.08 | — |
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EXPIRMAX
| Q4 25 | $1.2B | $71.1M | ||
| Q3 25 | $1.3B | $73.2M | ||
| Q2 25 | $1.3B | $72.8M | ||
| Q1 25 | $954.9M | $74.5M | ||
| Q4 24 | $1.1B | $72.5M | ||
| Q3 24 | $1.2B | $78.5M | ||
| Q2 24 | $1.3B | $78.5M | ||
| Q1 24 | $943.1M | $78.3M |
净利润EXPIRMAX
| Q4 25 | $-12.9M | $1.4M | ||
| Q3 25 | $3.5M | $4.0M | ||
| Q2 25 | $-2.3M | $4.7M | ||
| Q1 25 | $-11.0M | $-2.0M | ||
| Q4 24 | $-9.5M | $5.8M | ||
| Q3 24 | $-8.5M | $966.0K | ||
| Q2 24 | $12.4M | $3.7M | ||
| Q1 24 | $-15.6M | $-3.4M |
毛利率EXPIRMAX
| 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EXPIRMAX
| Q4 25 | -1.1% | 13.1% | ||
| Q3 25 | 0.3% | 25.0% | ||
| Q2 25 | -0.2% | 19.3% | ||
| Q1 25 | -1.1% | 7.2% | ||
| Q4 24 | -1.0% | 5.9% | ||
| Q3 24 | -0.7% | 19.4% | ||
| Q2 24 | 1.4% | 20.6% | ||
| Q1 24 | -1.9% | 5.8% |
净利率EXPIRMAX
| Q4 25 | -1.1% | 2.0% | ||
| Q3 25 | 0.3% | 5.4% | ||
| Q2 25 | -0.2% | 6.4% | ||
| Q1 25 | -1.2% | -2.6% | ||
| Q4 24 | -0.9% | 8.0% | ||
| Q3 24 | -0.7% | 1.2% | ||
| Q2 24 | 1.0% | 4.7% | ||
| Q1 24 | -1.7% | -4.3% |
每股收益（稀释后）EXPIRMAX
| Q4 25 | $-0.08 | — | ||
| Q3 25 | $0.02 | — | ||
| Q2 25 | $-0.01 | — | ||
| Q1 25 | $-0.07 | — | ||
| Q4 24 | $-0.06 | — | ||
| Q3 24 | $-0.06 | — | ||
| Q2 24 | $0.08 | — | ||
| Q1 24 | $-0.10 | — |
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 | $118.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $242.8M | $452.4M |
| 总资产 | $442.5M | $582.5M |
| 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EXPIRMAX
| Q4 25 | $124.2M | $118.7M | ||
| Q3 25 | $112.8M | $107.5M | ||
| Q2 25 | $94.6M | $94.3M | ||
| Q1 25 | $115.7M | $89.1M | ||
| Q4 24 | $113.6M | $96.6M | ||
| Q3 24 | $130.4M | $83.8M | ||
| Q2 24 | $108.4M | $66.1M | ||
| Q1 24 | $109.2M | $82.1M |
股东权益EXPIRMAX
| Q4 25 | $242.8M | $452.4M | ||
| Q3 25 | $235.3M | $448.1M | ||
| Q2 25 | $218.4M | $442.4M | ||
| Q1 25 | $212.0M | $433.5M | ||
| Q4 24 | $204.9M | $429.5M | ||
| Q3 24 | $211.1M | $423.1M | ||
| Q2 24 | $220.3M | $418.4M | ||
| Q1 24 | $222.4M | $412.0M |
总资产EXPIRMAX
| Q4 25 | $442.5M | $582.5M | ||
| Q3 25 | $458.7M | $582.2M | ||
| Q2 25 | $481.2M | $574.8M | ||
| Q1 25 | $435.8M | $571.4M | ||
| Q4 24 | $390.7M | $581.6M | ||
| Q3 24 | $432.6M | $578.6M | ||
| Q2 24 | $457.4M | $571.4M | ||
| Q1 24 | $426.7M | $566.7M |
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 | $12.9M |
| 自由现金流经营现金流 - 资本支出 | $11.9M | $10.2M |
| 自由现金流率自由现金流/营收 | 1.0% | 14.3% |
| 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 | — | 8.97× |
| 过去12个月自由现金流最近4个季度 | $109.0M | $33.5M |
8季度趋势，按日历期对齐
经营现金流EXPIRMAX
| Q4 25 | $13.8M | $12.9M | ||
| Q3 25 | $28.9M | $17.7M | ||
| Q2 25 | $36.1M | $4.6M | ||
| Q1 25 | $39.8M | $5.7M | ||
| Q4 24 | $13.7M | $16.8M | ||
| Q3 24 | $46.0M | $17.6M | ||
| Q2 24 | $71.1M | $15.9M | ||
| Q1 24 | $60.7M | $9.4M |
自由现金流EXPIRMAX
| Q4 25 | $11.9M | $10.2M | ||
| Q3 25 | $26.6M | $16.4M | ||
| Q2 25 | $33.3M | $2.9M | ||
| Q1 25 | $37.3M | $4.0M | ||
| Q4 24 | $11.6M | $16.0M | ||
| Q3 24 | $44.4M | $16.3M | ||
| Q2 24 | $69.7M | $14.0M | ||
| Q1 24 | $59.3M | $6.8M |
自由现金流率EXPIRMAX
| Q4 25 | 1.0% | 14.3% | ||
| Q3 25 | 2.0% | 22.4% | ||
| Q2 25 | 2.5% | 4.0% | ||
| Q1 25 | 3.9% | 5.3% | ||
| Q4 24 | 1.1% | 22.1% | ||
| Q3 24 | 3.6% | 20.8% | ||
| Q2 24 | 5.4% | 17.8% | ||
| Q1 24 | 6.3% | 8.6% |
资本支出强度EXPIRMAX
| Q4 25 | 0.2% | 3.9% | ||
| Q3 25 | 0.2% | 1.8% | ||
| Q2 25 | 0.2% | 2.2% | ||
| Q1 25 | 0.3% | 2.3% | ||
| Q4 24 | 0.2% | 1.1% | ||
| Q3 24 | 0.1% | 1.7% | ||
| Q2 24 | 0.1% | 2.4% | ||
| Q1 24 | 0.1% | 3.3% |
现金转化率EXPIRMAX
| Q4 25 | — | 8.97× | ||
| Q3 25 | 8.26× | 4.45× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.89× | ||
| Q3 24 | — | 18.22× | ||
| Q2 24 | 5.75× | 4.29× | ||
| 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% |
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
