vs
eXp World Holdings, Inc.（EXPI）与Toast, Inc.（TOST）财务数据对比。点击上方公司名可切换其他公司
Toast, Inc.的季度营收约是eXp World Holdings, Inc.的1.4倍（$1.6B vs $1.2B），Toast, Inc.净利率更高（6.2% vs -1.1%，领先7.3%），Toast, Inc.同比增速更快（22.0% vs 8.5%），Toast, Inc.自由现金流更多（$178.0M vs $11.9M），过去两年Toast, Inc.的营收复合增速更高（23.3% 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。
Toast, Inc.是总部位于美国马萨诸塞州波士顿的云餐饮管理软件企业，主打基于安卓操作系统研发的一体化销售点（POS）系统，可为餐饮商家提供涵盖收银、订单管理等在内的全场景门店经营解决方案。
EXPI vs TOST — 直观对比
营收规模更大
TOST
是对方的1.4倍
$1.2B
营收增速更快
TOST
高出13.5%
8.5%
净利率更高
TOST
高出7.3%
-1.1%
自由现金流更多
TOST
多$166.1M
$11.9M
两年增速更快
TOST
近两年复合增速
12.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.6B |
| 净利润 | $-12.9M | $101.0M |
| 毛利率 | — | 25.9% |
| 营业利润率 | -1.1% | 5.2% |
| 净利率 | -1.1% | 6.2% |
| 营收同比 | 8.5% | 22.0% |
| 净利润同比 | -35.7% | 215.6% |
| 每股收益（稀释后） | $-0.08 | $0.18 |
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EXPITOST
| Q4 25 | $1.2B | $1.6B | ||
| Q3 25 | $1.3B | $1.6B | ||
| Q2 25 | $1.3B | $1.6B | ||
| Q1 25 | $954.9M | $1.3B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $943.1M | $1.1B |
净利润EXPITOST
| Q4 25 | $-12.9M | $101.0M | ||
| Q3 25 | $3.5M | $105.0M | ||
| Q2 25 | $-2.3M | $80.0M | ||
| Q1 25 | $-11.0M | $56.0M | ||
| Q4 24 | $-9.5M | $32.0M | ||
| Q3 24 | $-8.5M | $56.0M | ||
| Q2 24 | $12.4M | $14.0M | ||
| Q1 24 | $-15.6M | $-83.0M |
毛利率EXPITOST
| Q4 25 | — | 25.9% | ||
| Q3 25 | — | 26.5% | ||
| Q2 25 | — | 25.3% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | 99.9% | 24.7% | ||
| Q2 24 | 99.9% | 23.0% | ||
| Q1 24 | — | 23.2% |
营业利润率EXPITOST
| Q4 25 | -1.1% | 5.2% | ||
| Q3 25 | 0.3% | 5.1% | ||
| Q2 25 | -0.2% | 5.2% | ||
| Q1 25 | -1.1% | 3.2% | ||
| Q4 24 | -1.0% | 2.5% | ||
| Q3 24 | -0.7% | 2.6% | ||
| Q2 24 | 1.4% | 0.4% | ||
| Q1 24 | -1.9% | -5.2% |
净利率EXPITOST
| Q4 25 | -1.1% | 6.2% | ||
| Q3 25 | 0.3% | 6.4% | ||
| Q2 25 | -0.2% | 5.2% | ||
| Q1 25 | -1.2% | 4.2% | ||
| Q4 24 | -0.9% | 2.4% | ||
| Q3 24 | -0.7% | 4.3% | ||
| Q2 24 | 1.0% | 1.1% | ||
| Q1 24 | -1.7% | -7.7% |
每股收益（稀释后）EXPITOST
| Q4 25 | $-0.08 | $0.18 | ||
| Q3 25 | $0.02 | $0.16 | ||
| Q2 25 | $-0.01 | $0.13 | ||
| Q1 25 | $-0.07 | $0.09 | ||
| Q4 24 | $-0.06 | $0.09 | ||
| Q3 24 | $-0.06 | $0.07 | ||
| Q2 24 | $0.08 | $0.02 | ||
| Q1 24 | $-0.10 | $-0.15 |
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 | $1.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $242.8M | $2.1B |
| 总资产 | $442.5M | $3.1B |
| 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EXPITOST
| Q4 25 | $124.2M | $1.4B | ||
| Q3 25 | $112.8M | $1.4B | ||
| Q2 25 | $94.6M | $1.2B | ||
| Q1 25 | $115.7M | $1.0B | ||
| Q4 24 | $113.6M | $903.0M | ||
| Q3 24 | $130.4M | $761.0M | ||
| Q2 24 | $108.4M | $691.0M | ||
| Q1 24 | $109.2M | $578.0M |
股东权益EXPITOST
| Q4 25 | $242.8M | $2.1B | ||
| Q3 25 | $235.3M | $2.0B | ||
| Q2 25 | $218.4M | $1.8B | ||
| Q1 25 | $212.0M | $1.7B | ||
| Q4 24 | $204.9M | $1.5B | ||
| Q3 24 | $211.1M | $1.4B | ||
| Q2 24 | $220.3M | $1.3B | ||
| Q1 24 | $222.4M | $1.2B |
总资产EXPITOST
| Q4 25 | $442.5M | $3.1B | ||
| Q3 25 | $458.7M | $3.0B | ||
| Q2 25 | $481.2M | $2.8B | ||
| Q1 25 | $435.8M | $2.6B | ||
| Q4 24 | $390.7M | $2.4B | ||
| Q3 24 | $432.6M | $2.2B | ||
| Q2 24 | $457.4M | $2.2B | ||
| Q1 24 | $426.7M | $2.1B |
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 | $194.0M |
| 自由现金流经营现金流 - 资本支出 | $11.9M | $178.0M |
| 自由现金流率自由现金流/营收 | 1.0% | 10.9% |
| 资本支出强度资本支出/营收 | 0.2% | 1.0% |
| 现金转化率经营现金流/净利润 | — | 1.92× |
| 过去12个月自由现金流最近4个季度 | $109.0M | $608.0M |
8季度趋势，按日历期对齐
经营现金流EXPITOST
| Q4 25 | $13.8M | $194.0M | ||
| Q3 25 | $28.9M | $165.0M | ||
| Q2 25 | $36.1M | $223.0M | ||
| Q1 25 | $39.8M | $79.0M | ||
| Q4 24 | $13.7M | $147.0M | ||
| Q3 24 | $46.0M | $109.0M | ||
| Q2 24 | $71.1M | $124.0M | ||
| Q1 24 | $60.7M | $-20.0M |
自由现金流EXPITOST
| Q4 25 | $11.9M | $178.0M | ||
| Q3 25 | $26.6M | $153.0M | ||
| Q2 25 | $33.3M | $208.0M | ||
| Q1 25 | $37.3M | $69.0M | ||
| Q4 24 | $11.6M | $134.0M | ||
| Q3 24 | $44.4M | $97.0M | ||
| Q2 24 | $69.7M | $108.0M | ||
| Q1 24 | $59.3M | $-33.0M |
自由现金流率EXPITOST
| Q4 25 | 1.0% | 10.9% | ||
| Q3 25 | 2.0% | 9.4% | ||
| Q2 25 | 2.5% | 13.4% | ||
| Q1 25 | 3.9% | 5.2% | ||
| Q4 24 | 1.1% | 10.0% | ||
| Q3 24 | 3.6% | 7.4% | ||
| Q2 24 | 5.4% | 8.7% | ||
| Q1 24 | 6.3% | -3.1% |
资本支出强度EXPITOST
| Q4 25 | 0.2% | 1.0% | ||
| Q3 25 | 0.2% | 0.7% | ||
| Q2 25 | 0.2% | 1.0% | ||
| Q1 25 | 0.3% | 0.7% | ||
| Q4 24 | 0.2% | 1.0% | ||
| Q3 24 | 0.1% | 0.9% | ||
| Q2 24 | 0.1% | 1.3% | ||
| Q1 24 | 0.1% | 1.2% |
现金转化率EXPITOST
| Q4 25 | — | 1.92× | ||
| Q3 25 | 8.26× | 1.57× | ||
| Q2 25 | — | 2.79× | ||
| Q1 25 | — | 1.41× | ||
| Q4 24 | — | 4.59× | ||
| Q3 24 | — | 1.95× | ||
| Q2 24 | 5.75× | 8.86× | ||
| 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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
