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eXp World Holdings, Inc.（EXPI）与TRINET GROUP, INC.（TNET）财务数据对比。点击上方公司名可切换其他公司
TRINET GROUP, INC.的季度营收约是eXp World Holdings, Inc.的1.0倍（$1.2B vs $1.2B），eXp World Holdings, Inc.同比增速更快（8.5% vs -2.2%），TRINET GROUP, INC.自由现金流更多（$43.0M vs $11.9M），过去两年eXp World Holdings, Inc.的营收复合增速更高（12.4% vs -0.6%）
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。
TriNet Group, Inc.是一家面向中小企业的专业雇主组织，总部位于加州都柏林，服务员工规模在3至2500人之间的各类机构。可提供薪资管理、健康福利管理服务，还能为客户提供劳动法规合规、风险降低相关咨询，可作为外包人力资源部门为企业分担人事相关事务。
EXPI vs TNET — 直观对比
营收规模更大
TNET
是对方的1.0倍
$1.2B
营收增速更快
EXPI
高出10.7%
-2.2%
自由现金流更多
TNET
多$31.1M
$11.9M
两年增速更快
EXPI
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $-12.9M | — |
| 毛利率 | — | — |
| 营业利润率 | -1.1% | 0.1% |
| 净利率 | -1.1% | — |
| 营收同比 | 8.5% | -2.2% |
| 净利润同比 | -35.7% | — |
| 每股收益（稀释后） | $-0.08 | $0.02 |
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EXPITNET
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $954.9M | $1.3B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $943.1M | $1.3B |
净利润EXPITNET
| Q4 25 | $-12.9M | — | ||
| Q3 25 | $3.5M | $34.0M | ||
| Q2 25 | $-2.3M | $37.0M | ||
| Q1 25 | $-11.0M | $85.0M | ||
| Q4 24 | $-9.5M | — | ||
| Q3 24 | $-8.5M | $45.0M | ||
| Q2 24 | $12.4M | $60.0M | ||
| Q1 24 | $-15.6M | $91.0M |
毛利率EXPITNET
| 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EXPITNET
| Q4 25 | -1.1% | 0.1% | ||
| Q3 25 | 0.3% | 4.1% | ||
| Q2 25 | -0.2% | 4.1% | ||
| Q1 25 | -1.1% | 8.9% | ||
| Q4 24 | -1.0% | -2.9% | ||
| Q3 24 | -0.7% | 4.7% | ||
| Q2 24 | 1.4% | 6.5% | ||
| Q1 24 | -1.9% | 9.7% |
净利率EXPITNET
| Q4 25 | -1.1% | — | ||
| Q3 25 | 0.3% | 2.8% | ||
| Q2 25 | -0.2% | 3.0% | ||
| Q1 25 | -1.2% | 6.6% | ||
| Q4 24 | -0.9% | — | ||
| Q3 24 | -0.7% | 3.6% | ||
| Q2 24 | 1.0% | 4.9% | ||
| Q1 24 | -1.7% | 7.2% |
每股收益（稀释后）EXPITNET
| Q4 25 | $-0.08 | $0.02 | ||
| Q3 25 | $0.02 | $0.70 | ||
| Q2 25 | $-0.01 | $0.77 | ||
| Q1 25 | $-0.07 | $1.71 | ||
| Q4 24 | $-0.06 | $-0.44 | ||
| Q3 24 | $-0.06 | $0.89 | ||
| Q2 24 | $0.08 | $1.20 | ||
| Q1 24 | $-0.10 | $1.78 |
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 | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $242.8M | $54.0M |
| 总资产 | $442.5M | $3.8B |
| 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EXPITNET
| Q4 25 | $124.2M | $287.0M | ||
| Q3 25 | $112.8M | $321.0M | ||
| Q2 25 | $94.6M | $407.0M | ||
| Q1 25 | $115.7M | $349.0M | ||
| Q4 24 | $113.6M | $360.0M | ||
| Q3 24 | $130.4M | $301.0M | ||
| Q2 24 | $108.4M | $249.0M | ||
| Q1 24 | $109.2M | $383.0M |
股东权益EXPITNET
| Q4 25 | $242.8M | $54.0M | ||
| Q3 25 | $235.3M | $110.0M | ||
| Q2 25 | $218.4M | $107.0M | ||
| Q1 25 | $212.0M | $63.0M | ||
| Q4 24 | $204.9M | $69.0M | ||
| Q3 24 | $211.1M | $129.0M | ||
| Q2 24 | $220.3M | $100.0M | ||
| Q1 24 | $222.4M | $143.0M |
总资产EXPITNET
| Q4 25 | $442.5M | $3.8B | ||
| Q3 25 | $458.7M | $3.4B | ||
| Q2 25 | $481.2M | $3.7B | ||
| Q1 25 | $435.8M | $3.8B | ||
| Q4 24 | $390.7M | $4.1B | ||
| Q3 24 | $432.6M | $3.7B | ||
| Q2 24 | $457.4M | $3.7B | ||
| Q1 24 | $426.7M | $4.0B |
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 | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $11.9M | $43.0M |
| 自由现金流率自由现金流/营收 | 1.0% | 3.4% |
| 资本支出强度资本支出/营收 | 0.2% | 1.4% |
| 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 | $234.0M |
8季度趋势，按日历期对齐
经营现金流EXPITNET
| Q4 25 | $13.8M | $61.0M | ||
| Q3 25 | $28.9M | $72.0M | ||
| Q2 25 | $36.1M | $75.0M | ||
| Q1 25 | $39.8M | $95.0M | ||
| Q4 24 | $13.7M | $65.0M | ||
| Q3 24 | $46.0M | $84.0M | ||
| Q2 24 | $71.1M | $39.0M | ||
| Q1 24 | $60.7M | $91.0M |
自由现金流EXPITNET
| Q4 25 | $11.9M | $43.0M | ||
| Q3 25 | $26.6M | $55.0M | ||
| Q2 25 | $33.3M | $57.0M | ||
| Q1 25 | $37.3M | $79.0M | ||
| Q4 24 | $11.6M | $47.0M | ||
| Q3 24 | $44.4M | $59.0M | ||
| Q2 24 | $69.7M | $22.0M | ||
| Q1 24 | $59.3M | $73.0M |
自由现金流率EXPITNET
| Q4 25 | 1.0% | 3.4% | ||
| Q3 25 | 2.0% | 4.5% | ||
| Q2 25 | 2.5% | 4.6% | ||
| Q1 25 | 3.9% | 6.1% | ||
| Q4 24 | 1.1% | 3.7% | ||
| Q3 24 | 3.6% | 4.8% | ||
| Q2 24 | 5.4% | 1.8% | ||
| Q1 24 | 6.3% | 5.8% |
资本支出强度EXPITNET
| Q4 25 | 0.2% | 1.4% | ||
| Q3 25 | 0.2% | 1.4% | ||
| Q2 25 | 0.2% | 1.5% | ||
| Q1 25 | 0.3% | 1.2% | ||
| Q4 24 | 0.2% | 1.4% | ||
| Q3 24 | 0.1% | 2.0% | ||
| Q2 24 | 0.1% | 1.4% | ||
| Q1 24 | 0.1% | 1.4% |
现金转化率EXPITNET
| Q4 25 | — | — | ||
| Q3 25 | 8.26× | 2.12× | ||
| Q2 25 | — | 2.03× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | 5.75× | 0.65× | ||
| Q1 24 | — | 1.00× |
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% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
