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eXp World Holdings, Inc.（EXPI）与Solventum（SOLV）财务数据对比。点击上方公司名可切换其他公司
Solventum的季度营收约是eXp World Holdings, Inc.的1.7倍（$2.0B vs $1.2B），Solventum净利率更高（3.2% vs -1.1%，领先4.2%），eXp World Holdings, Inc.同比增速更快（8.5% vs -3.7%），Solventum自由现金流更多（$32.0M vs $11.9M），过去两年eXp World Holdings, Inc.的营收复合增速更高（12.4% vs -0.4%）
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。
Solventum是一家总部位于美国的医疗健康企业，于2024年4月1日正式从全球知名多元化工业集团3M分拆后独立运营，继承了原3M旗下医疗板块的技术积累与业务资源，面向全球市场提供专业医疗相关产品及服务。
EXPI vs SOLV — 直观对比
营收规模更大
SOLV
是对方的1.7倍
$1.2B
营收增速更快
EXPI
高出12.2%
-3.7%
净利率更高
SOLV
高出4.2%
-1.1%
自由现金流更多
SOLV
多$20.1M
$11.9M
两年增速更快
EXPI
近两年复合增速
-0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $2.0B |
| 净利润 | $-12.9M | $63.0M |
| 毛利率 | — | 51.4% |
| 营业利润率 | -1.1% | 6.3% |
| 净利率 | -1.1% | 3.2% |
| 营收同比 | 8.5% | -3.7% |
| 净利润同比 | -35.7% | 103.2% |
| 每股收益（稀释后） | $-0.08 | $0.37 |
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EXPISOLV
| Q4 25 | $1.2B | $2.0B | ||
| Q3 25 | $1.3B | $2.1B | ||
| Q2 25 | $1.3B | $2.2B | ||
| Q1 25 | $954.9M | $2.1B | ||
| Q4 24 | $1.1B | $2.1B | ||
| Q3 24 | $1.2B | $2.1B | ||
| Q2 24 | $1.3B | $2.1B | ||
| Q1 24 | $943.1M | $2.0B |
净利润EXPISOLV
| Q4 25 | $-12.9M | $63.0M | ||
| Q3 25 | $3.5M | $1.3B | ||
| Q2 25 | $-2.3M | $90.0M | ||
| Q1 25 | $-11.0M | $137.0M | ||
| Q4 24 | $-9.5M | $31.0M | ||
| Q3 24 | $-8.5M | $122.0M | ||
| Q2 24 | $12.4M | $89.0M | ||
| Q1 24 | $-15.6M | $237.0M |
毛利率EXPISOLV
| Q4 25 | — | 51.4% | ||
| Q3 25 | — | 54.2% | ||
| Q2 25 | — | 54.4% | ||
| Q1 25 | — | 53.8% | ||
| Q4 24 | — | 53.9% | ||
| Q3 24 | 99.9% | 56.0% | ||
| Q2 24 | 99.9% | 54.6% | ||
| Q1 24 | — | 58.1% |
营业利润率EXPISOLV
| Q4 25 | -1.1% | 6.3% | ||
| Q3 25 | 0.3% | 80.6% | ||
| Q2 25 | -0.2% | 9.9% | ||
| Q1 25 | -1.1% | 7.3% | ||
| Q4 24 | -1.0% | 6.6% | ||
| Q3 24 | -0.7% | 13.2% | ||
| Q2 24 | 1.4% | 11.7% | ||
| Q1 24 | -1.9% | 18.9% |
净利率EXPISOLV
| Q4 25 | -1.1% | 3.2% | ||
| Q3 25 | 0.3% | 60.4% | ||
| Q2 25 | -0.2% | 4.2% | ||
| Q1 25 | -1.2% | 6.6% | ||
| Q4 24 | -0.9% | 1.5% | ||
| Q3 24 | -0.7% | 5.9% | ||
| Q2 24 | 1.0% | 4.3% | ||
| Q1 24 | -1.7% | 11.8% |
每股收益（稀释后）EXPISOLV
| Q4 25 | $-0.08 | $0.37 | ||
| Q3 25 | $0.02 | $7.22 | ||
| Q2 25 | $-0.01 | $0.51 | ||
| Q1 25 | $-0.07 | $0.78 | ||
| Q4 24 | $-0.06 | $0.18 | ||
| Q3 24 | $-0.06 | $0.70 | ||
| Q2 24 | $0.08 | $0.51 | ||
| Q1 24 | $-0.10 | $1.37 |
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 | $878.0M |
| 总债务越低越好 | — | $5.0B |
| 股东权益账面价值 | $242.8M | $5.0B |
| 总资产 | $442.5M | $14.3B |
| 负债/权益比越低杠杆越低 | — | 1.00× |
8季度趋势，按日历期对齐
现金及短期投资EXPISOLV
| Q4 25 | $124.2M | $878.0M | ||
| Q3 25 | $112.8M | $1.6B | ||
| Q2 25 | $94.6M | $492.0M | ||
| Q1 25 | $115.7M | $534.0M | ||
| Q4 24 | $113.6M | $762.0M | ||
| Q3 24 | $130.4M | $772.0M | ||
| Q2 24 | $108.4M | $897.0M | ||
| Q1 24 | $109.2M | $996.0M |
总债务EXPISOLV
| Q4 25 | — | $5.0B | ||
| Q3 25 | — | $5.1B | ||
| Q2 25 | — | $7.8B | ||
| Q1 25 | — | $7.9B | ||
| Q4 24 | — | $8.0B | ||
| Q3 24 | — | $8.1B | ||
| Q2 24 | — | $8.3B | ||
| Q1 24 | — | $8.3B |
股东权益EXPISOLV
| Q4 25 | $242.8M | $5.0B | ||
| Q3 25 | $235.3M | $5.0B | ||
| Q2 25 | $218.4M | $3.6B | ||
| Q1 25 | $212.0M | $3.3B | ||
| Q4 24 | $204.9M | $3.0B | ||
| Q3 24 | $211.1M | $3.2B | ||
| Q2 24 | $220.3M | $2.9B | ||
| Q1 24 | $222.4M | $3.9B |
总资产EXPISOLV
| Q4 25 | $442.5M | $14.3B | ||
| Q3 25 | $458.7M | $14.0B | ||
| Q2 25 | $481.2M | $15.1B | ||
| Q1 25 | $435.8M | $14.5B | ||
| Q4 24 | $390.7M | $14.5B | ||
| Q3 24 | $432.6M | $14.7B | ||
| Q2 24 | $457.4M | $14.6B | ||
| Q1 24 | $426.7M | $14.7B |
负债/权益比EXPISOLV
| Q4 25 | — | 1.00× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 2.14× | ||
| Q1 25 | — | 2.43× | ||
| Q4 24 | — | 2.71× | ||
| Q3 24 | — | 2.54× | ||
| Q2 24 | — | 2.90× | ||
| Q1 24 | — | 2.16× |
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 | $95.0M |
| 自由现金流经营现金流 - 资本支出 | $11.9M | $32.0M |
| 自由现金流率自由现金流/营收 | 1.0% | 1.6% |
| 资本支出强度资本支出/营收 | 0.2% | 3.2% |
| 现金转化率经营现金流/净利润 | — | 1.51× |
| 过去12个月自由现金流最近4个季度 | $109.0M | $-10.0M |
8季度趋势，按日历期对齐
经营现金流EXPISOLV
| Q4 25 | $13.8M | $95.0M | ||
| Q3 25 | $28.9M | $76.0M | ||
| Q2 25 | $36.1M | $169.0M | ||
| Q1 25 | $39.8M | $29.0M | ||
| Q4 24 | $13.7M | $219.0M | ||
| Q3 24 | $46.0M | $169.0M | ||
| Q2 24 | $71.1M | $355.0M | ||
| Q1 24 | $60.7M | $442.0M |
自由现金流EXPISOLV
| Q4 25 | $11.9M | $32.0M | ||
| Q3 25 | $26.6M | $-21.0M | ||
| Q2 25 | $33.3M | $59.0M | ||
| Q1 25 | $37.3M | $-80.0M | ||
| Q4 24 | $11.6M | $92.0M | ||
| Q3 24 | $44.4M | $76.0M | ||
| Q2 24 | $69.7M | $297.0M | ||
| Q1 24 | $59.3M | $340.0M |
自由现金流率EXPISOLV
| Q4 25 | 1.0% | 1.6% | ||
| Q3 25 | 2.0% | -1.0% | ||
| Q2 25 | 2.5% | 2.7% | ||
| Q1 25 | 3.9% | -3.9% | ||
| Q4 24 | 1.1% | 4.4% | ||
| Q3 24 | 3.6% | 3.7% | ||
| Q2 24 | 5.4% | 14.3% | ||
| Q1 24 | 6.3% | 16.9% |
资本支出强度EXPISOLV
| Q4 25 | 0.2% | 3.2% | ||
| Q3 25 | 0.2% | 4.6% | ||
| Q2 25 | 0.2% | 5.1% | ||
| Q1 25 | 0.3% | 5.3% | ||
| Q4 24 | 0.2% | 6.1% | ||
| Q3 24 | 0.1% | 4.5% | ||
| Q2 24 | 0.1% | 2.8% | ||
| Q1 24 | 0.1% | 5.1% |
现金转化率EXPISOLV
| Q4 25 | — | 1.51× | ||
| Q3 25 | 8.26× | 0.06× | ||
| Q2 25 | — | 1.88× | ||
| Q1 25 | — | 0.21× | ||
| Q4 24 | — | 7.06× | ||
| Q3 24 | — | 1.39× | ||
| Q2 24 | 5.75× | 3.99× | ||
| Q1 24 | — | 1.86× |
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% |
SOLV
| Infection Prevention And Surgical Solutions | $752.0M | 38% |
| Cost Of Software And Rentals | $508.0M | 25% |
| Health Information Systems Segment | $347.0M | 17% |
| Dental Solutions Segment | $343.0M | 17% |
| Related Party | $14.0M | 1% |
