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eXp World Holdings, Inc.（EXPI）与MARRIOTT VACATIONS WORLDWIDE Corp（VAC）财务数据对比。点击上方公司名可切换其他公司
MARRIOTT VACATIONS WORLDWIDE Corp的季度营收约是eXp World Holdings, Inc.的1.0倍（$1.2B vs $1.2B）。eXp World Holdings, Inc.净利率更高（-1.1% vs -35.0%，领先33.9%）。eXp World Holdings, Inc.同比增速更快（8.5% vs -0.7%）。eXp World Holdings, Inc.自由现金流更多（$11.9M vs $-6.0M）。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。
万豪度假环球集团是专注于分时度假业务的公众企业，原为万豪国际集团旗下业务板块，2011年11月分拆为独立上市公司，核心业务为度假所有权运营。目前集团运营超过120家度假村，在万豪度假俱乐部品牌矩阵下拥有超70万名业主及会员，产品覆盖多个度假消费场景。
EXPI vs VAC — 直观对比
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $-12.9M | $-431.0M |
| 毛利率 | — | — |
| 营业利润率 | -1.1% | — |
| 净利率 | -1.1% | -35.0% |
| 营收同比 | 8.5% | -0.7% |
| 净利润同比 | -35.7% | -962.0% |
| 每股收益（稀释后） | $-0.08 | $-12.00 |
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
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $954.9M | $1.1B | ||
| Q4 24 | $1.1B | $1.2B | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.3B | $1.1B | ||
| Q1 24 | $943.1M | $1.1B |
| Q4 25 | $-12.9M | $-431.0M | ||
| Q3 25 | $3.5M | $-2.0M | ||
| Q2 25 | $-2.3M | $69.0M | ||
| Q1 25 | $-11.0M | $56.0M | ||
| Q4 24 | $-9.5M | $50.0M | ||
| Q3 24 | $-8.5M | $84.0M | ||
| Q2 24 | $12.4M | $37.0M | ||
| Q1 24 | $-15.6M | $47.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 99.9% | — | ||
| Q2 24 | 99.9% | — | ||
| Q1 24 | — | — |
| Q4 25 | -1.1% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | -0.2% | — | ||
| Q1 25 | -1.1% | — | ||
| Q4 24 | -1.0% | — | ||
| Q3 24 | -0.7% | — | ||
| Q2 24 | 1.4% | — | ||
| Q1 24 | -1.9% | — |
| Q4 25 | -1.1% | -35.0% | ||
| Q3 25 | 0.3% | -0.2% | ||
| Q2 25 | -0.2% | 6.0% | ||
| Q1 25 | -1.2% | 5.0% | ||
| Q4 24 | -0.9% | 4.0% | ||
| Q3 24 | -0.7% | 6.9% | ||
| Q2 24 | 1.0% | 3.5% | ||
| Q1 24 | -1.7% | 4.2% |
| Q4 25 | $-0.08 | $-12.00 | ||
| Q3 25 | $0.02 | $-0.07 | ||
| Q2 25 | $-0.01 | $1.77 | ||
| Q1 25 | $-0.07 | $1.46 | ||
| Q4 24 | $-0.06 | $1.29 | ||
| Q3 24 | $-0.06 | $2.12 | ||
| Q2 24 | $0.08 | $0.98 | ||
| Q1 24 | $-0.10 | $1.22 |
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 | $406.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $242.8M | $2.0B |
| 总资产 | $442.5M | $9.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | $124.2M | $406.0M | ||
| Q3 25 | $112.8M | $474.0M | ||
| Q2 25 | $94.6M | $205.0M | ||
| Q1 25 | $115.7M | $196.0M | ||
| Q4 24 | $113.6M | $197.0M | ||
| Q3 24 | $130.4M | $197.0M | ||
| Q2 24 | $108.4M | $206.0M | ||
| Q1 24 | $109.2M | $237.0M |
| Q4 25 | $242.8M | $2.0B | ||
| Q3 25 | $235.3M | $2.5B | ||
| Q2 25 | $218.4M | $2.5B | ||
| Q1 25 | $212.0M | $2.4B | ||
| Q4 24 | $204.9M | $2.4B | ||
| Q3 24 | $211.1M | $2.4B | ||
| Q2 24 | $220.3M | $2.4B | ||
| Q1 24 | $222.4M | $2.4B |
| Q4 25 | $442.5M | $9.8B | ||
| Q3 25 | $458.7M | $10.1B | ||
| Q2 25 | $481.2M | $9.9B | ||
| Q1 25 | $435.8M | $9.9B | ||
| Q4 24 | $390.7M | $9.8B | ||
| Q3 24 | $432.6M | $9.7B | ||
| Q2 24 | $457.4M | $9.6B | ||
| Q1 24 | $426.7M | $9.9B |
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 | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $11.9M | $-6.0M |
| 自由现金流率自由现金流/营收 | 1.0% | -0.5% |
| 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 | — | — |
| 过去12个月自由现金流最近4个季度 | $109.0M | $-29.0M |
8季度趋势，按日历期对齐
| Q4 25 | $13.8M | $6.0M | ||
| Q3 25 | $28.9M | $62.0M | ||
| Q2 25 | $36.1M | $-48.0M | ||
| Q1 25 | $39.8M | $8.0M | ||
| Q4 24 | $13.7M | $100.0M | ||
| Q3 24 | $46.0M | $72.0M | ||
| Q2 24 | $71.1M | $30.0M | ||
| Q1 24 | $60.7M | $3.0M |
| Q4 25 | $11.9M | $-6.0M | ||
| Q3 25 | $26.6M | $51.0M | ||
| Q2 25 | $33.3M | $-68.0M | ||
| Q1 25 | $37.3M | $-6.0M | ||
| Q4 24 | $11.6M | $86.0M | ||
| Q3 24 | $44.4M | $58.0M | ||
| Q2 24 | $69.7M | $17.0M | ||
| Q1 24 | $59.3M | $-13.0M |
| Q4 25 | 1.0% | -0.5% | ||
| Q3 25 | 2.0% | 4.3% | ||
| Q2 25 | 2.5% | -5.9% | ||
| Q1 25 | 3.9% | -0.5% | ||
| Q4 24 | 1.1% | 6.9% | ||
| Q3 24 | 3.6% | 4.8% | ||
| Q2 24 | 5.4% | 1.6% | ||
| Q1 24 | 6.3% | -1.2% |
| Q4 25 | 0.2% | 1.0% | ||
| Q3 25 | 0.2% | 0.9% | ||
| Q2 25 | 0.2% | 1.7% | ||
| Q1 25 | 0.3% | 1.3% | ||
| Q4 24 | 0.2% | 1.1% | ||
| Q3 24 | 0.1% | 1.1% | ||
| Q2 24 | 0.1% | 1.2% | ||
| Q1 24 | 0.1% | 1.4% |
| Q4 25 | — | — | ||
| Q3 25 | 8.26× | — | ||
| Q2 25 | — | -0.70× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | — | 2.00× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | 5.75× | 0.81× | ||
| Q1 24 | — | 0.06× |
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% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
