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eXp World Holdings, Inc.（EXPI）与Sunrun Inc.（RUN）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Sunrun Inc.的1.0倍（$1.2B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs -1.1%，领先10.0%），Sunrun Inc.同比增速更快（123.5% vs 8.5%），过去两年Sunrun Inc.的营收复合增速更高（59.0% 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。
Sunrun Inc.是美国知名的光伏系统及电池储能产品供应商，业务以服务住宅客户为主，2007年成立，总部位于加利福尼亚州旧金山，致力于为家庭用户提供高效的清洁能源解决方案。
EXPI vs RUN — 直观对比
营收规模更大
EXPI
是对方的1.0倍
$1.2B
营收增速更快
RUN
高出115.0%
8.5%
净利率更高
RUN
高出10.0%
-1.1%
两年增速更快
RUN
近两年复合增速
12.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $-12.9M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | -1.1% | 8.4% |
| 净利率 | -1.1% | 8.9% |
| 营收同比 | 8.5% | 123.5% |
| 净利润同比 | -35.7% | 103.7% |
| 每股收益（稀释后） | $-0.08 | $0.38 |
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EXPIRUN
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.3B | $724.6M | ||
| Q2 25 | $1.3B | $569.3M | ||
| Q1 25 | $954.9M | $504.3M | ||
| Q4 24 | $1.1B | $518.5M | ||
| Q3 24 | $1.2B | $537.2M | ||
| Q2 24 | $1.3B | $523.9M | ||
| Q1 24 | $943.1M | $458.2M |
净利润EXPIRUN
| Q4 25 | $-12.9M | $103.6M | ||
| Q3 25 | $3.5M | $16.6M | ||
| Q2 25 | $-2.3M | $279.8M | ||
| Q1 25 | $-11.0M | $50.0M | ||
| Q4 24 | $-9.5M | $-2.8B | ||
| Q3 24 | $-8.5M | $-83.8M | ||
| Q2 24 | $12.4M | $139.1M | ||
| Q1 24 | $-15.6M | $-87.8M |
毛利率EXPIRUN
| 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EXPIRUN
| Q4 25 | -1.1% | 8.4% | ||
| Q3 25 | 0.3% | 0.5% | ||
| Q2 25 | -0.2% | -19.7% | ||
| Q1 25 | -1.1% | -22.8% | ||
| Q4 24 | -1.0% | -628.0% | ||
| Q3 24 | -0.7% | -23.8% | ||
| Q2 24 | 1.4% | -24.4% | ||
| Q1 24 | -1.9% | -40.0% |
净利率EXPIRUN
| Q4 25 | -1.1% | 8.9% | ||
| Q3 25 | 0.3% | 2.3% | ||
| Q2 25 | -0.2% | 49.1% | ||
| Q1 25 | -1.2% | 9.9% | ||
| Q4 24 | -0.9% | -542.7% | ||
| Q3 24 | -0.7% | -15.6% | ||
| Q2 24 | 1.0% | 26.5% | ||
| Q1 24 | -1.7% | -19.2% |
每股收益（稀释后）EXPIRUN
| Q4 25 | $-0.08 | $0.38 | ||
| Q3 25 | $0.02 | $0.06 | ||
| Q2 25 | $-0.01 | $1.07 | ||
| Q1 25 | $-0.07 | $0.20 | ||
| Q4 24 | $-0.06 | $-12.59 | ||
| Q3 24 | $-0.06 | $-0.37 | ||
| Q2 24 | $0.08 | $0.55 | ||
| Q1 24 | $-0.10 | $-0.40 |
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 | — | $14.7B |
| 股东权益账面价值 | $242.8M | $3.1B |
| 总资产 | $442.5M | $22.6B |
| 负债/权益比越低杠杆越低 | — | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资EXPIRUN
| 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 | — |
总债务EXPIRUN
| Q4 25 | — | $14.7B | ||
| Q3 25 | — | $14.6B | ||
| Q2 25 | — | $14.0B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | — | $11.1B |
股东权益EXPIRUN
| Q4 25 | $242.8M | $3.1B | ||
| Q3 25 | $235.3M | $3.0B | ||
| Q2 25 | $218.4M | $2.9B | ||
| Q1 25 | $212.0M | $2.6B | ||
| Q4 24 | $204.9M | $2.6B | ||
| Q3 24 | $211.1M | $5.3B | ||
| Q2 24 | $220.3M | $5.4B | ||
| Q1 24 | $222.4M | $5.2B |
总资产EXPIRUN
| Q4 25 | $442.5M | $22.6B | ||
| Q3 25 | $458.7M | $22.2B | ||
| Q2 25 | $481.2M | $21.2B | ||
| Q1 25 | $435.8M | $20.4B | ||
| Q4 24 | $390.7M | $19.9B | ||
| Q3 24 | $432.6M | $22.1B | ||
| Q2 24 | $457.4M | $21.4B | ||
| Q1 24 | $426.7M | $20.8B |
负债/权益比EXPIRUN
| Q4 25 | — | 4.69× | ||
| Q3 25 | — | 4.90× | ||
| Q2 25 | — | 4.80× | ||
| Q1 25 | — | 5.19× | ||
| Q4 24 | — | 5.05× | ||
| Q3 24 | — | 2.36× | ||
| Q2 24 | — | 2.23× | ||
| Q1 24 | — | 2.15× |
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 | $96.9M |
| 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 | — | 0.94× |
| 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EXPIRUN
| Q4 25 | $13.8M | $96.9M | ||
| Q3 25 | $28.9M | $-121.5M | ||
| Q2 25 | $36.1M | $-292.7M | ||
| Q1 25 | $39.8M | $-104.2M | ||
| Q4 24 | $13.7M | $-258.4M | ||
| Q3 24 | $46.0M | $-156.2M | ||
| Q2 24 | $71.1M | $-208.5M | ||
| Q1 24 | $60.7M | $-143.1M |
自由现金流EXPIRUN
| Q4 25 | $11.9M | — | ||
| Q3 25 | $26.6M | — | ||
| Q2 25 | $33.3M | — | ||
| Q1 25 | $37.3M | — | ||
| Q4 24 | $11.6M | — | ||
| Q3 24 | $44.4M | $-156.4M | ||
| Q2 24 | $69.7M | — | ||
| Q1 24 | $59.3M | — |
自由现金流率EXPIRUN
| Q4 25 | 1.0% | — | ||
| Q3 25 | 2.0% | — | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | 3.9% | — | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 3.6% | -29.1% | ||
| Q2 24 | 5.4% | — | ||
| Q1 24 | 6.3% | — |
资本支出强度EXPIRUN
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.2% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.1% | 0.0% | ||
| Q2 24 | 0.1% | — | ||
| Q1 24 | 0.1% | — |
现金转化率EXPIRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | 8.26× | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.75× | -1.50× | ||
| 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% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
