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eXp World Holdings, Inc.（EXPI）与Vici Properties（VICI）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Vici Properties的1.2倍（$1.2B vs $1.0B），Vici Properties净利率更高（59.7% vs -1.1%，领先60.8%），eXp World Holdings, Inc.同比增速更快（8.5% vs 3.8%），过去两年eXp World Holdings, Inc.的营收复合增速更高（12.4% vs 3.2%）
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。
Vici Properties是总部位于美国纽约的房地产投资信托（REIT），专注于博彩及娱乐类物业。公司成立于2017年，由凯撒娱乐集团破产重组时分拆而来，目前在美加两国持有54家赌场、酒店、赛马场，4座高尔夫球场及38个保龄球馆。
EXPI vs VICI — 直观对比
营收规模更大
EXPI
是对方的1.2倍
$1.0B
营收增速更快
EXPI
高出4.7%
3.8%
净利率更高
VICI
高出60.8%
-1.1%
两年增速更快
EXPI
近两年复合增速
3.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.0B |
| 净利润 | $-12.9M | $604.8M |
| 毛利率 | — | 99.3% |
| 营业利润率 | -1.1% | 60.2% |
| 净利率 | -1.1% | 59.7% |
| 营收同比 | 8.5% | 3.8% |
| 净利润同比 | -35.7% | -1.6% |
| 每股收益（稀释后） | $-0.08 | $0.57 |
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EXPIVICI
| Q4 25 | $1.2B | $1.0B | ||
| Q3 25 | $1.3B | $1.0B | ||
| Q2 25 | $1.3B | $1.0B | ||
| Q1 25 | $954.9M | $984.2M | ||
| Q4 24 | $1.1B | $976.1M | ||
| Q3 24 | $1.2B | $964.7M | ||
| Q2 24 | $1.3B | $957.0M | ||
| Q1 24 | $943.1M | $951.5M |
净利润EXPIVICI
| Q4 25 | $-12.9M | $604.8M | ||
| Q3 25 | $3.5M | $762.0M | ||
| Q2 25 | $-2.3M | $865.1M | ||
| Q1 25 | $-11.0M | $543.6M | ||
| Q4 24 | $-9.5M | $614.6M | ||
| Q3 24 | $-8.5M | $732.9M | ||
| Q2 24 | $12.4M | $741.3M | ||
| Q1 24 | $-15.6M | $590.0M |
毛利率EXPIVICI
| Q4 25 | — | 99.3% | ||
| Q3 25 | — | 99.3% | ||
| Q2 25 | — | 99.3% | ||
| Q1 25 | — | 99.4% | ||
| Q4 24 | — | 99.3% | ||
| Q3 24 | 99.9% | 99.3% | ||
| Q2 24 | 99.9% | 99.3% | ||
| Q1 24 | — | 99.3% |
营业利润率EXPIVICI
| Q4 25 | -1.1% | 60.2% | ||
| Q3 25 | 0.3% | 77.2% | ||
| Q2 25 | -0.2% | 88.3% | ||
| Q1 25 | -1.1% | 55.9% | ||
| Q4 24 | -1.0% | 64.2% | ||
| Q3 24 | -0.7% | 77.4% | ||
| Q2 24 | 1.4% | 79.0% | ||
| Q1 24 | -1.9% | 63.2% |
净利率EXPIVICI
| Q4 25 | -1.1% | 59.7% | ||
| Q3 25 | 0.3% | 75.6% | ||
| Q2 25 | -0.2% | 86.4% | ||
| Q1 25 | -1.2% | 55.2% | ||
| Q4 24 | -0.9% | 63.0% | ||
| Q3 24 | -0.7% | 76.0% | ||
| Q2 24 | 1.0% | 77.5% | ||
| Q1 24 | -1.7% | 62.0% |
每股收益（稀释后）EXPIVICI
| Q4 25 | $-0.08 | $0.57 | ||
| Q3 25 | $0.02 | $0.71 | ||
| Q2 25 | $-0.01 | $0.82 | ||
| Q1 25 | $-0.07 | $0.51 | ||
| Q4 24 | $-0.06 | $0.58 | ||
| Q3 24 | $-0.06 | $0.70 | ||
| Q2 24 | $0.08 | $0.71 | ||
| Q1 24 | $-0.10 | $0.57 |
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 | $608.0M |
| 总债务越低越好 | — | $16.8B |
| 股东权益账面价值 | $242.8M | $27.8B |
| 总资产 | $442.5M | $46.7B |
| 负债/权益比越低杠杆越低 | — | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资EXPIVICI
| Q4 25 | $124.2M | $608.0M | ||
| Q3 25 | $112.8M | $507.5M | ||
| Q2 25 | $94.6M | $233.0M | ||
| Q1 25 | $115.7M | $334.3M | ||
| Q4 24 | $113.6M | $524.6M | ||
| Q3 24 | $130.4M | $355.7M | ||
| Q2 24 | $108.4M | $347.2M | ||
| Q1 24 | $109.2M | $514.9M |
总债务EXPIVICI
| Q4 25 | — | $16.8B | ||
| Q3 25 | — | $16.8B | ||
| Q2 25 | — | $16.9B | ||
| Q1 25 | — | $16.8B | ||
| Q4 24 | — | $16.7B | ||
| Q3 24 | — | $16.7B | ||
| Q2 24 | — | $16.7B | ||
| Q1 24 | — | $16.7B |
股东权益EXPIVICI
| Q4 25 | $242.8M | $27.8B | ||
| Q3 25 | $235.3M | $27.7B | ||
| Q2 25 | $218.4M | $27.0B | ||
| Q1 25 | $212.0M | $26.6B | ||
| Q4 24 | $204.9M | $26.5B | ||
| Q3 24 | $211.1M | $26.1B | ||
| Q2 24 | $220.3M | $25.7B | ||
| Q1 24 | $222.4M | $25.4B |
总资产EXPIVICI
| Q4 25 | $442.5M | $46.7B | ||
| Q3 25 | $458.7M | $46.5B | ||
| Q2 25 | $481.2M | $46.1B | ||
| Q1 25 | $435.8M | $45.5B | ||
| Q4 24 | $390.7M | $45.4B | ||
| Q3 24 | $432.6M | $44.9B | ||
| Q2 24 | $457.4M | $44.5B | ||
| Q1 24 | $426.7M | $44.2B |
负债/权益比EXPIVICI
| Q4 25 | — | 0.60× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.63× | ||
| Q1 25 | — | 0.63× | ||
| Q4 24 | — | 0.63× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.65× | ||
| Q1 24 | — | 0.66× |
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 | $691.9M |
| 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 | — | 1.14× |
| 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EXPIVICI
| Q4 25 | $13.8M | $691.9M | ||
| Q3 25 | $28.9M | $586.3M | ||
| Q2 25 | $36.1M | $639.9M | ||
| Q1 25 | $39.8M | $591.9M | ||
| Q4 24 | $13.7M | $644.1M | ||
| Q3 24 | $46.0M | $579.1M | ||
| Q2 24 | $71.1M | $614.6M | ||
| Q1 24 | $60.7M | $543.7M |
自由现金流EXPIVICI
| Q4 25 | $11.9M | — | ||
| Q3 25 | $26.6M | — | ||
| Q2 25 | $33.3M | — | ||
| Q1 25 | $37.3M | — | ||
| Q4 24 | $11.6M | — | ||
| Q3 24 | $44.4M | — | ||
| Q2 24 | $69.7M | — | ||
| Q1 24 | $59.3M | — |
自由现金流率EXPIVICI
| Q4 25 | 1.0% | — | ||
| Q3 25 | 2.0% | — | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | 3.9% | — | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 3.6% | — | ||
| Q2 24 | 5.4% | — | ||
| Q1 24 | 6.3% | — |
资本支出强度EXPIVICI
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.2% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.1% | — | ||
| Q1 24 | 0.1% | — |
现金转化率EXPIVICI
| Q4 25 | — | 1.14× | ||
| Q3 25 | 8.26× | 0.77× | ||
| Q2 25 | — | 0.74× | ||
| Q1 25 | — | 1.09× | ||
| Q4 24 | — | 1.05× | ||
| Q3 24 | — | 0.79× | ||
| Q2 24 | 5.75× | 0.83× | ||
| Q1 24 | — | 0.92× |
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% |
VICI
| Fixed Rent | $504.3M | 50% |
| Other | $478.4M | 47% |
| Contingent Rent | $30.4M | 3% |
