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eXp World Holdings, Inc.（EXPI）与HANOVER INSURANCE GROUP, INC.（THG）财务数据对比。点击上方公司名可切换其他公司
HANOVER INSURANCE GROUP, INC.的季度营收约是eXp World Holdings, Inc.的1.4倍（$1.7B vs $1.2B），HANOVER INSURANCE GROUP, INC.净利率更高（11.0% vs -1.1%，领先12.1%），eXp World Holdings, Inc.同比增速更快（8.5% vs 6.1%），过去两年eXp World Holdings, Inc.的营收复合增速更高（12.4% vs 5.2%）
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。
汉诺威保险集团是总部位于美国马萨诸塞州伍斯特市的保险企业，1852年成立时主营财产责任保险，以原名公开上市交易，直至上世纪90年代初更名为Allmerica财产意外伤害保险公司。
EXPI vs THG — 直观对比
营收规模更大
THG
是对方的1.4倍
$1.2B
营收增速更快
EXPI
高出2.4%
6.1%
净利率更高
THG
高出12.1%
-1.1%
两年增速更快
EXPI
近两年复合增速
5.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.7B |
| 净利润 | $-12.9M | $186.8M |
| 毛利率 | — | — |
| 营业利润率 | -1.1% | 11.1% |
| 净利率 | -1.1% | 11.0% |
| 营收同比 | 8.5% | 6.1% |
| 净利润同比 | -35.7% | 45.7% |
| 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EXPITHG
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.2B | $1.7B | ||
| Q3 25 | $1.3B | $1.7B | ||
| Q2 25 | $1.3B | $1.7B | ||
| Q1 25 | $954.9M | $1.6B | ||
| Q4 24 | $1.1B | $1.6B | ||
| Q3 24 | $1.2B | $1.6B | ||
| Q2 24 | $1.3B | $1.5B |
净利润EXPITHG
| Q1 26 | — | $186.8M | ||
| Q4 25 | $-12.9M | $198.5M | ||
| Q3 25 | $3.5M | $178.7M | ||
| Q2 25 | $-2.3M | $157.1M | ||
| Q1 25 | $-11.0M | $128.2M | ||
| Q4 24 | $-9.5M | $167.9M | ||
| Q3 24 | $-8.5M | $102.1M | ||
| Q2 24 | $12.4M | $40.5M |
毛利率EXPITHG
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 99.9% | — | ||
| Q2 24 | 99.9% | — |
营业利润率EXPITHG
| Q1 26 | — | 11.1% | ||
| Q4 25 | -1.1% | 17.3% | ||
| Q3 25 | 0.3% | 14.9% | ||
| Q2 25 | -0.2% | 12.7% | ||
| Q1 25 | -1.1% | 11.6% | ||
| Q4 24 | -1.0% | 16.1% | ||
| Q3 24 | -0.7% | 9.6% | ||
| Q2 24 | 1.4% | 6.2% |
净利率EXPITHG
| Q1 26 | — | 11.0% | ||
| Q4 25 | -1.1% | 11.9% | ||
| Q3 25 | 0.3% | 10.7% | ||
| Q2 25 | -0.2% | 9.5% | ||
| Q1 25 | -1.2% | 8.0% | ||
| Q4 24 | -0.9% | 10.6% | ||
| Q3 24 | -0.7% | 6.5% | ||
| Q2 24 | 1.0% | 2.6% |
每股收益（稀释后）EXPITHG
| Q1 26 | — | — | ||
| Q4 25 | $-0.08 | $5.46 | ||
| Q3 25 | $0.02 | $4.90 | ||
| Q2 25 | $-0.01 | $4.30 | ||
| Q1 25 | $-0.07 | $3.50 | ||
| Q4 24 | $-0.06 | $4.60 | ||
| Q3 24 | $-0.06 | $2.80 | ||
| Q2 24 | $0.08 | $1.12 |
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 | $243.5M |
| 总债务越低越好 | — | $843.8M |
| 股东权益账面价值 | $242.8M | $3.0B |
| 总资产 | $442.5M | $16.5B |
| 负债/权益比越低杠杆越低 | — | 0.28× |
8季度趋势，按日历期对齐
现金及短期投资EXPITHG
| Q1 26 | — | $243.5M | ||
| Q4 25 | $124.2M | $1.1B | ||
| Q3 25 | $112.8M | $915.7M | ||
| Q2 25 | $94.6M | $244.1M | ||
| Q1 25 | $115.7M | $315.1M | ||
| Q4 24 | $113.6M | $435.5M | ||
| Q3 24 | $130.4M | $427.1M | ||
| Q2 24 | $108.4M | $337.6M |
总债务EXPITHG
| Q1 26 | — | $843.8M | ||
| Q4 25 | — | $843.3M | ||
| Q3 25 | — | $843.0M | ||
| Q2 25 | — | $347.8M | ||
| Q1 25 | — | $722.5M | ||
| Q4 24 | — | $722.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益EXPITHG
| Q1 26 | — | $3.0B | ||
| Q4 25 | $242.8M | $3.6B | ||
| Q3 25 | $235.3M | $3.4B | ||
| Q2 25 | $218.4M | $3.2B | ||
| Q1 25 | $212.0M | $3.0B | ||
| Q4 24 | $204.9M | $2.8B | ||
| Q3 24 | $211.1M | $2.9B | ||
| Q2 24 | $220.3M | $2.6B |
总资产EXPITHG
| Q1 26 | — | $16.5B | ||
| Q4 25 | $442.5M | $16.9B | ||
| Q3 25 | $458.7M | $16.8B | ||
| Q2 25 | $481.2M | $15.7B | ||
| Q1 25 | $435.8M | $15.5B | ||
| Q4 24 | $390.7M | $15.3B | ||
| Q3 24 | $432.6M | $15.4B | ||
| Q2 24 | $457.4M | $14.9B |
负债/权益比EXPITHG
| Q1 26 | — | 0.28× | ||
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.25× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — |
| 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 | — | — |
| 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EXPITHG
| Q1 26 | — | — | ||
| Q4 25 | $13.8M | $378.2M | ||
| Q3 25 | $28.9M | $554.4M | ||
| Q2 25 | $36.1M | $206.6M | ||
| Q1 25 | $39.8M | $38.9M | ||
| Q4 24 | $13.7M | $213.5M | ||
| Q3 24 | $46.0M | $394.7M | ||
| Q2 24 | $71.1M | $139.5M |
自由现金流EXPITHG
| Q1 26 | — | — | ||
| Q4 25 | $11.9M | $377.0M | ||
| Q3 25 | $26.6M | $551.4M | ||
| Q2 25 | $33.3M | $204.9M | ||
| Q1 25 | $37.3M | $37.1M | ||
| Q4 24 | $11.6M | $210.5M | ||
| Q3 24 | $44.4M | $392.3M | ||
| Q2 24 | $69.7M | $137.3M |
自由现金流率EXPITHG
| Q1 26 | — | — | ||
| Q4 25 | 1.0% | 22.6% | ||
| Q3 25 | 2.0% | 33.1% | ||
| Q2 25 | 2.5% | 12.4% | ||
| Q1 25 | 3.9% | 2.3% | ||
| Q4 24 | 1.1% | 13.3% | ||
| Q3 24 | 3.6% | 25.1% | ||
| Q2 24 | 5.4% | 8.9% |
资本支出强度EXPITHG
| Q1 26 | — | — | ||
| Q4 25 | 0.2% | 0.1% | ||
| Q3 25 | 0.2% | 0.2% | ||
| Q2 25 | 0.2% | 0.1% | ||
| Q1 25 | 0.3% | 0.1% | ||
| Q4 24 | 0.2% | 0.2% | ||
| Q3 24 | 0.1% | 0.2% | ||
| Q2 24 | 0.1% | 0.1% |
现金转化率EXPITHG
| Q1 26 | — | — | ||
| Q4 25 | — | 1.91× | ||
| Q3 25 | 8.26× | 3.10× | ||
| Q2 25 | — | 1.32× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | — | 3.87× | ||
| Q2 24 | 5.75× | 3.44× |
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% |
THG
| Premiums earned | $1.6B | 92% |
| Other | $124.6M | 7% |
| Fees and other income | $6.2M | 0% |
