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eXp World Holdings, Inc.（EXPI）与Snap Inc（SNAP）财务数据对比。点击上方公司名可切换其他公司
Snap Inc的季度营收约是eXp World Holdings, Inc.的1.4倍（$1.7B vs $1.2B），Snap Inc净利率更高（2.6% vs -1.1%，领先3.7%），Snap Inc同比增速更快（10.2% vs 8.5%），Snap Inc自由现金流更多（$205.6M vs $11.9M），过去两年Snap Inc的营收复合增速更高（19.9% 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。
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
EXPI vs SNAP — 直观对比
营收规模更大
SNAP
是对方的1.4倍
$1.2B
营收增速更快
SNAP
高出1.7%
8.5%
净利率更高
SNAP
高出3.7%
-1.1%
自由现金流更多
SNAP
多$193.6M
$11.9M
两年增速更快
SNAP
近两年复合增速
12.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.7B |
| 净利润 | $-12.9M | $45.2M |
| 毛利率 | — | 59.1% |
| 营业利润率 | -1.1% | 2.9% |
| 净利率 | -1.1% | 2.6% |
| 营收同比 | 8.5% | 10.2% |
| 净利润同比 | -35.7% | 396.7% |
| 每股收益（稀释后） | $-0.08 | $0.03 |
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EXPISNAP
| Q4 25 | $1.2B | $1.7B | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | $1.3B | $1.3B | ||
| Q1 25 | $954.9M | $1.4B | ||
| Q4 24 | $1.1B | $1.6B | ||
| Q3 24 | $1.2B | $1.4B | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $943.1M | $1.2B |
净利润EXPISNAP
| Q4 25 | $-12.9M | $45.2M | ||
| Q3 25 | $3.5M | $-103.5M | ||
| Q2 25 | $-2.3M | $-262.6M | ||
| Q1 25 | $-11.0M | $-139.6M | ||
| Q4 24 | $-9.5M | $9.1M | ||
| Q3 24 | $-8.5M | $-153.2M | ||
| Q2 24 | $12.4M | $-248.6M | ||
| Q1 24 | $-15.6M | $-305.1M |
毛利率EXPISNAP
| Q4 25 | — | 59.1% | ||
| Q3 25 | — | 55.3% | ||
| Q2 25 | — | 51.4% | ||
| Q1 25 | — | 53.1% | ||
| Q4 24 | — | 56.9% | ||
| Q3 24 | 99.9% | 53.5% | ||
| Q2 24 | 99.9% | 52.4% | ||
| Q1 24 | — | 51.9% |
营业利润率EXPISNAP
| Q4 25 | -1.1% | 2.9% | ||
| Q3 25 | 0.3% | -8.5% | ||
| Q2 25 | -0.2% | -19.3% | ||
| Q1 25 | -1.1% | -14.2% | ||
| Q4 24 | -1.0% | -1.7% | ||
| Q3 24 | -0.7% | -12.6% | ||
| Q2 24 | 1.4% | -20.5% | ||
| Q1 24 | -1.9% | -27.9% |
净利率EXPISNAP
| Q4 25 | -1.1% | 2.6% | ||
| Q3 25 | 0.3% | -6.9% | ||
| Q2 25 | -0.2% | -19.5% | ||
| Q1 25 | -1.2% | -10.2% | ||
| Q4 24 | -0.9% | 0.6% | ||
| Q3 24 | -0.7% | -11.2% | ||
| Q2 24 | 1.0% | -20.1% | ||
| Q1 24 | -1.7% | -25.5% |
每股收益（稀释后）EXPISNAP
| Q4 25 | $-0.08 | $0.03 | ||
| Q3 25 | $0.02 | $-0.06 | ||
| Q2 25 | $-0.01 | $-0.16 | ||
| Q1 25 | $-0.07 | $-0.08 | ||
| Q4 24 | $-0.06 | $0.01 | ||
| Q3 24 | $-0.06 | $-0.09 | ||
| Q2 24 | $0.08 | $-0.15 | ||
| Q1 24 | $-0.10 | $-0.19 |
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 | $2.9B |
| 总债务越低越好 | — | $3.5B |
| 股东权益账面价值 | $242.8M | $2.3B |
| 总资产 | $442.5M | $7.7B |
| 负债/权益比越低杠杆越低 | — | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资EXPISNAP
| Q4 25 | $124.2M | $2.9B | ||
| Q3 25 | $112.8M | $3.0B | ||
| Q2 25 | $94.6M | $2.9B | ||
| Q1 25 | $115.7M | $3.2B | ||
| Q4 24 | $113.6M | $3.4B | ||
| Q3 24 | $130.4M | $3.2B | ||
| Q2 24 | $108.4M | $3.1B | ||
| Q1 24 | $109.2M | $2.9B |
总债务EXPISNAP
| Q4 25 | — | $3.5B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.6B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.6B | ||
| Q1 24 | — | $3.3B |
股东权益EXPISNAP
| Q4 25 | $242.8M | $2.3B | ||
| Q3 25 | $235.3M | $2.2B | ||
| Q2 25 | $218.4M | $2.1B | ||
| Q1 25 | $212.0M | $2.3B | ||
| Q4 24 | $204.9M | $2.5B | ||
| Q3 24 | $211.1M | $2.2B | ||
| Q2 24 | $220.3M | $2.1B | ||
| Q1 24 | $222.4M | $2.1B |
总资产EXPISNAP
| Q4 25 | $442.5M | $7.7B | ||
| Q3 25 | $458.7M | $7.6B | ||
| Q2 25 | $481.2M | $7.4B | ||
| Q1 25 | $435.8M | $7.6B | ||
| Q4 24 | $390.7M | $7.9B | ||
| Q3 24 | $432.6M | $7.6B | ||
| Q2 24 | $457.4M | $7.4B | ||
| Q1 24 | $426.7M | $7.2B |
负债/权益比EXPISNAP
| Q4 25 | — | 1.55× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.73× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | — | 1.49× | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 1.76× | ||
| Q1 24 | — | 1.55× |
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 | $269.6M |
| 自由现金流经营现金流 - 资本支出 | $11.9M | $205.6M |
| 自由现金流率自由现金流/营收 | 1.0% | 12.0% |
| 资本支出强度资本支出/营收 | 0.2% | 3.7% |
| 现金转化率经营现金流/净利润 | — | 5.96× |
| 过去12个月自由现金流最近4个季度 | $109.0M | $437.2M |
8季度趋势，按日历期对齐
经营现金流EXPISNAP
| Q4 25 | $13.8M | $269.6M | ||
| Q3 25 | $28.9M | $146.5M | ||
| Q2 25 | $36.1M | $88.5M | ||
| Q1 25 | $39.8M | $151.6M | ||
| Q4 24 | $13.7M | $230.6M | ||
| Q3 24 | $46.0M | $115.9M | ||
| Q2 24 | $71.1M | $-21.4M | ||
| Q1 24 | $60.7M | $88.4M |
自由现金流EXPISNAP
| Q4 25 | $11.9M | $205.6M | ||
| Q3 25 | $26.6M | $93.4M | ||
| Q2 25 | $33.3M | $23.8M | ||
| Q1 25 | $37.3M | $114.4M | ||
| Q4 24 | $11.6M | $182.4M | ||
| Q3 24 | $44.4M | $71.8M | ||
| Q2 24 | $69.7M | $-73.4M | ||
| Q1 24 | $59.3M | $37.9M |
自由现金流率EXPISNAP
| Q4 25 | 1.0% | 12.0% | ||
| Q3 25 | 2.0% | 6.2% | ||
| Q2 25 | 2.5% | 1.8% | ||
| Q1 25 | 3.9% | 8.4% | ||
| Q4 24 | 1.1% | 11.7% | ||
| Q3 24 | 3.6% | 5.2% | ||
| Q2 24 | 5.4% | -5.9% | ||
| Q1 24 | 6.3% | 3.2% |
资本支出强度EXPISNAP
| Q4 25 | 0.2% | 3.7% | ||
| Q3 25 | 0.2% | 3.5% | ||
| Q2 25 | 0.2% | 4.8% | ||
| Q1 25 | 0.3% | 2.7% | ||
| Q4 24 | 0.2% | 3.1% | ||
| Q3 24 | 0.1% | 3.2% | ||
| Q2 24 | 0.1% | 4.2% | ||
| Q1 24 | 0.1% | 4.2% |
现金转化率EXPISNAP
| Q4 25 | — | 5.96× | ||
| Q3 25 | 8.26× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 25.34× | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.75× | — | ||
| 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% |
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
