vs
eXp World Holdings, Inc.（EXPI）与SPIRE INC（SR）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SPIRE INC的1.6倍（$1.2B vs $762.2M），SPIRE INC净利率更高（12.5% vs -1.1%，领先13.5%），SPIRE INC同比增速更快（13.9% vs 8.5%），eXp World Holdings, Inc.自由现金流更多（$11.9M vs $-121.8M），过去两年eXp World Holdings, Inc.的营收复合增速更高（12.4% vs -17.8%）
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。
Spire Inc是总部位于美国密苏里州圣路易斯的区域公用事业控股公司，核心业务为受监管的天然气供应服务，同时布局非监管类业务拓展商业机会。旗下主要子公司Laclede Gas Company是密苏里州最大的天然气分销公用事业企业，为圣路易斯市及密苏里州东部10个县的约63.1万户住宅、商业及工业客户提供服务。
EXPI vs SR — 直观对比
营收规模更大
EXPI
是对方的1.6倍
$762.2M
营收增速更快
SR
高出5.4%
8.5%
净利率更高
SR
高出13.5%
-1.1%
自由现金流更多
EXPI
多$133.7M
$-121.8M
两年增速更快
EXPI
近两年复合增速
-17.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $762.2M |
| 净利润 | $-12.9M | $95.0M |
| 毛利率 | — | 55.1% |
| 营业利润率 | -1.1% | 22.8% |
| 净利率 | -1.1% | 12.5% |
| 营收同比 | 8.5% | 13.9% |
| 净利润同比 | -35.7% | 16.9% |
| 每股收益（稀释后） | $-0.08 | $1.54 |
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EXPISR
| Q4 25 | $1.2B | $762.2M | ||
| Q3 25 | $1.3B | $334.1M | ||
| Q2 25 | $1.3B | $421.9M | ||
| Q1 25 | $954.9M | $1.1B | ||
| Q4 24 | $1.1B | $669.1M | ||
| Q3 24 | $1.2B | $293.8M | ||
| Q2 24 | $1.3B | $414.1M | ||
| Q1 24 | $943.1M | $1.1B |
净利润EXPISR
| Q4 25 | $-12.9M | $95.0M | ||
| Q3 25 | $3.5M | $-39.8M | ||
| Q2 25 | $-2.3M | $20.9M | ||
| Q1 25 | $-11.0M | $209.3M | ||
| Q4 24 | $-9.5M | $81.3M | ||
| Q3 24 | $-8.5M | $-25.9M | ||
| Q2 24 | $12.4M | $-12.6M | ||
| Q1 24 | $-15.6M | $204.3M |
毛利率EXPISR
| Q4 25 | — | 55.1% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 55.6% | ||
| Q3 24 | 99.9% | — | ||
| Q2 24 | 99.9% | — | ||
| Q1 24 | — | — |
营业利润率EXPISR
| Q4 25 | -1.1% | 22.8% | ||
| Q3 25 | 0.3% | -0.1% | ||
| Q2 25 | -0.2% | 16.4% | ||
| Q1 25 | -1.1% | 29.1% | ||
| Q4 24 | -1.0% | 22.2% | ||
| Q3 24 | -0.7% | 6.7% | ||
| Q2 24 | 1.4% | 7.4% | ||
| Q1 24 | -1.9% | 26.5% |
净利率EXPISR
| Q4 25 | -1.1% | 12.5% | ||
| Q3 25 | 0.3% | -11.9% | ||
| Q2 25 | -0.2% | 5.0% | ||
| Q1 25 | -1.2% | 19.9% | ||
| Q4 24 | -0.9% | 12.2% | ||
| Q3 24 | -0.7% | -8.8% | ||
| Q2 24 | 1.0% | -3.0% | ||
| Q1 24 | -1.7% | 18.1% |
每股收益（稀释后）EXPISR
| Q4 25 | $-0.08 | $1.54 | ||
| Q3 25 | $0.02 | $-0.77 | ||
| Q2 25 | $-0.01 | $0.29 | ||
| Q1 25 | $-0.07 | $3.51 | ||
| Q4 24 | $-0.06 | $1.34 | ||
| Q3 24 | $-0.06 | $-0.63 | ||
| Q2 24 | $0.08 | $-0.28 | ||
| Q1 24 | $-0.10 | $3.58 |
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 | $4.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $242.8M | $3.4B |
| 总资产 | $442.5M | $11.9B |
| 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EXPISR
| Q4 25 | $124.2M | $4.1M | ||
| Q3 25 | $112.8M | $5.7M | ||
| Q2 25 | $94.6M | $13.1M | ||
| Q1 25 | $115.7M | $15.2M | ||
| Q4 24 | $113.6M | $11.5M | ||
| Q3 24 | $130.4M | $4.5M | ||
| Q2 24 | $108.4M | $7.4M | ||
| Q1 24 | $109.2M | $25.6M |
股东权益EXPISR
| Q4 25 | $242.8M | $3.4B | ||
| Q3 25 | $235.3M | $3.4B | ||
| Q2 25 | $218.4M | $3.5B | ||
| Q1 25 | $212.0M | $3.5B | ||
| Q4 24 | $204.9M | $3.3B | ||
| Q3 24 | $211.1M | $3.2B | ||
| Q2 24 | $220.3M | $3.3B | ||
| Q1 24 | $222.4M | $3.4B |
总资产EXPISR
| Q4 25 | $442.5M | $11.9B | ||
| Q3 25 | $458.7M | $11.6B | ||
| Q2 25 | $481.2M | $11.4B | ||
| Q1 25 | $435.8M | $11.3B | ||
| Q4 24 | $390.7M | $11.3B | ||
| Q3 24 | $432.6M | $10.9B | ||
| Q2 24 | $457.4M | $10.7B | ||
| Q1 24 | $426.7M | $10.7B |
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 | $81.0M |
| 自由现金流经营现金流 - 资本支出 | $11.9M | $-121.8M |
| 自由现金流率自由现金流/营收 | 1.0% | -16.0% |
| 资本支出强度资本支出/营收 | 0.2% | 26.6% |
| 现金转化率经营现金流/净利润 | — | 0.85× |
| 过去12个月自由现金流最近4个季度 | $109.0M | $-286.7M |
8季度趋势，按日历期对齐
经营现金流EXPISR
| Q4 25 | $13.8M | $81.0M | ||
| Q3 25 | $28.9M | $-4.9M | ||
| Q2 25 | $36.1M | $129.1M | ||
| Q1 25 | $39.8M | $372.7M | ||
| Q4 24 | $13.7M | $81.1M | ||
| Q3 24 | $46.0M | $82.9M | ||
| Q2 24 | $71.1M | $270.1M | ||
| Q1 24 | $60.7M | $489.4M |
自由现金流EXPISR
| Q4 25 | $11.9M | $-121.8M | ||
| Q3 25 | $26.6M | $-227.6M | ||
| Q2 25 | $33.3M | $-91.4M | ||
| Q1 25 | $37.3M | $154.1M | ||
| Q4 24 | $11.6M | $-179.5M | ||
| Q3 24 | $44.4M | $-146.9M | ||
| Q2 24 | $69.7M | $47.9M | ||
| Q1 24 | $59.3M | $306.6M |
自由现金流率EXPISR
| Q4 25 | 1.0% | -16.0% | ||
| Q3 25 | 2.0% | -68.1% | ||
| Q2 25 | 2.5% | -21.7% | ||
| Q1 25 | 3.9% | 14.7% | ||
| Q4 24 | 1.1% | -26.8% | ||
| Q3 24 | 3.6% | -50.0% | ||
| Q2 24 | 5.4% | 11.6% | ||
| Q1 24 | 6.3% | 27.2% |
资本支出强度EXPISR
| Q4 25 | 0.2% | 26.6% | ||
| Q3 25 | 0.2% | 66.7% | ||
| Q2 25 | 0.2% | 52.3% | ||
| Q1 25 | 0.3% | 20.8% | ||
| Q4 24 | 0.2% | 38.9% | ||
| Q3 24 | 0.1% | 78.2% | ||
| Q2 24 | 0.1% | 53.7% | ||
| Q1 24 | 0.1% | 16.2% |
现金转化率EXPISR
| Q4 25 | — | 0.85× | ||
| Q3 25 | 8.26× | — | ||
| Q2 25 | — | 6.18× | ||
| Q1 25 | — | 1.78× | ||
| Q4 24 | — | 1.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.75× | — | ||
| Q1 24 | — | 2.40× |
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% |
SR
| Residential | $474.9M | 62% |
| Commercial And Industrial | $148.4M | 19% |
| Gas Marketing | $41.1M | 5% |
| Midstream | $39.0M | 5% |
| Transportation | $37.1M | 5% |
| Offsystem And Other Inventive | $19.7M | 3% |
| Other Customer Revenue | $4.6M | 1% |
