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eXp World Holdings, Inc.（EXPI）与维多利亚的秘密（VSCO）财务数据对比。点击上方公司名可切换其他公司
维多利亚的秘密的季度营收约是eXp World Holdings, Inc.的1.2倍（$1.5B vs $1.2B），eXp World Holdings, Inc.净利率更高（-1.1% vs -2.5%，领先1.4%），维多利亚的秘密同比增速更快（9.3% vs 8.5%），eXp World Holdings, Inc.自由现金流更多（$11.9M vs $-232.0M），过去两年eXp World Holdings, Inc.的营收复合增速更高（12.4% vs -15.9%）
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。
维多利亚的秘密是美国知名内衣、服饰及美妆零售商，1977年由斯坦福大学研究生罗伊·雷蒙德与妻子盖伊共同创立，1982年旗下5家内衣门店被莱斯·韦克斯纳收购。韦克斯纳随后快速将门店布局到全美各大购物中心，到90年代初已在全国拥有350家门店，销售额达10亿美元，成为美国最大的内衣零售商。
EXPI vs VSCO — 直观对比
营收规模更大
VSCO
是对方的1.2倍
$1.2B
营收增速更快
VSCO
高出0.8%
8.5%
净利率更高
EXPI
高出1.4%
-2.5%
自由现金流更多
EXPI
多$243.9M
$-232.0M
两年增速更快
EXPI
近两年复合增速
-15.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.5B |
| 净利润 | $-12.9M | $-37.0M |
| 毛利率 | — | 36.4% |
| 营业利润率 | -1.1% | -1.3% |
| 净利率 | -1.1% | -2.5% |
| 营收同比 | 8.5% | 9.3% |
| 净利润同比 | -35.7% | 33.9% |
| 每股收益（稀释后） | $-0.08 | $-0.46 |
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EXPIVSCO
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | $1.3B | $1.4B | ||
| Q1 25 | $954.9M | $2.1B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $1.2B | $1.4B | ||
| Q2 24 | $1.3B | $1.4B | ||
| Q1 24 | $943.1M | $2.1B |
净利润EXPIVSCO
| Q4 25 | $-12.9M | $-37.0M | ||
| Q3 25 | $3.5M | $16.0M | ||
| Q2 25 | $-2.3M | $-2.0M | ||
| Q1 25 | $-11.0M | $193.0M | ||
| Q4 24 | $-9.5M | $-56.0M | ||
| Q3 24 | $-8.5M | $32.0M | ||
| Q2 24 | $12.4M | $-4.0M | ||
| Q1 24 | $-15.6M | $180.0M |
毛利率EXPIVSCO
| Q4 25 | — | 36.4% | ||
| Q3 25 | — | 35.6% | ||
| Q2 25 | — | 35.0% | ||
| Q1 25 | — | 38.6% | ||
| Q4 24 | — | 34.7% | ||
| Q3 24 | 99.9% | 35.4% | ||
| Q2 24 | 99.9% | 36.9% | ||
| Q1 24 | — | 39.7% |
营业利润率EXPIVSCO
| Q4 25 | -1.1% | -1.3% | ||
| Q3 25 | 0.3% | 2.8% | ||
| Q2 25 | -0.2% | 1.5% | ||
| Q1 25 | -1.1% | 12.8% | ||
| Q4 24 | -1.0% | -3.5% | ||
| Q3 24 | -0.7% | 4.4% | ||
| Q2 24 | 1.4% | 1.9% | ||
| Q1 24 | -1.9% | 12.4% |
净利率EXPIVSCO
| Q4 25 | -1.1% | -2.5% | ||
| Q3 25 | 0.3% | 1.1% | ||
| Q2 25 | -0.2% | -0.1% | ||
| Q1 25 | -1.2% | 9.2% | ||
| Q4 24 | -0.9% | -4.2% | ||
| Q3 24 | -0.7% | 2.3% | ||
| Q2 24 | 1.0% | -0.3% | ||
| Q1 24 | -1.7% | 8.6% |
每股收益（稀释后）EXPIVSCO
| Q4 25 | $-0.08 | $-0.46 | ||
| Q3 25 | $0.02 | $0.20 | ||
| Q2 25 | $-0.01 | $-0.02 | ||
| Q1 25 | $-0.07 | $2.41 | ||
| Q4 24 | $-0.06 | $-0.71 | ||
| Q3 24 | $-0.06 | $0.40 | ||
| Q2 24 | $0.08 | $-0.05 | ||
| Q1 24 | $-0.10 | $2.32 |
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 | $249.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $242.8M | $653.0M |
| 总资产 | $442.5M | $5.1B |
| 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EXPIVSCO
| Q4 25 | $124.2M | $249.0M | ||
| Q3 25 | $112.8M | $188.0M | ||
| Q2 25 | $94.6M | $138.0M | ||
| Q1 25 | $115.7M | $227.0M | ||
| Q4 24 | $113.6M | $161.0M | ||
| Q3 24 | $130.4M | $169.0M | ||
| Q2 24 | $108.4M | $105.0M | ||
| Q1 24 | $109.2M | $270.0M |
股东权益EXPIVSCO
| Q4 25 | $242.8M | $653.0M | ||
| Q3 25 | $235.3M | $680.0M | ||
| Q2 25 | $218.4M | $645.0M | ||
| Q1 25 | $212.0M | $640.0M | ||
| Q4 24 | $204.9M | $429.0M | ||
| Q3 24 | $211.1M | $472.0M | ||
| Q2 24 | $220.3M | $423.0M | ||
| Q1 24 | $222.4M | $417.0M |
总资产EXPIVSCO
| Q4 25 | $442.5M | $5.1B | ||
| Q3 25 | $458.7M | $4.8B | ||
| Q2 25 | $481.2M | $4.6B | ||
| Q1 25 | $435.8M | $4.5B | ||
| Q4 24 | $390.7M | $4.9B | ||
| Q3 24 | $432.6M | $4.6B | ||
| Q2 24 | $457.4M | $4.4B | ||
| Q1 24 | $426.7M | $4.6B |
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 | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $11.9M | $-232.0M |
| 自由现金流率自由现金流/营收 | 1.0% | -15.8% |
| 资本支出强度资本支出/营收 | 0.2% | 3.5% |
| 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 | $309.0M |
8季度趋势，按日历期对齐
经营现金流EXPIVSCO
| Q4 25 | $13.8M | $-180.0M | ||
| Q3 25 | $28.9M | $156.0M | ||
| Q2 25 | $36.1M | $-150.0M | ||
| Q1 25 | $39.8M | $674.0M | ||
| Q4 24 | $13.7M | $-248.0M | ||
| Q3 24 | $46.0M | $115.0M | ||
| Q2 24 | $71.1M | $-116.0M | ||
| Q1 24 | $60.7M | $589.0M |
自由现金流EXPIVSCO
| Q4 25 | $11.9M | $-232.0M | ||
| Q3 25 | $26.6M | $88.0M | ||
| Q2 25 | $33.3M | $-193.0M | ||
| Q1 25 | $37.3M | $646.0M | ||
| Q4 24 | $11.6M | $-299.0M | ||
| Q3 24 | $44.4M | $55.0M | ||
| Q2 24 | $69.7M | $-155.0M | ||
| Q1 24 | $59.3M | $557.0M |
自由现金流率EXPIVSCO
| Q4 25 | 1.0% | -15.8% | ||
| Q3 25 | 2.0% | 6.0% | ||
| Q2 25 | 2.5% | -14.3% | ||
| Q1 25 | 3.9% | 30.7% | ||
| Q4 24 | 1.1% | -22.2% | ||
| Q3 24 | 3.6% | 3.9% | ||
| Q2 24 | 5.4% | -11.4% | ||
| Q1 24 | 6.3% | 26.7% |
资本支出强度EXPIVSCO
| Q4 25 | 0.2% | 3.5% | ||
| Q3 25 | 0.2% | 4.7% | ||
| Q2 25 | 0.2% | 3.2% | ||
| Q1 25 | 0.3% | 1.3% | ||
| Q4 24 | 0.2% | 3.8% | ||
| Q3 24 | 0.1% | 4.2% | ||
| Q2 24 | 0.1% | 2.9% | ||
| Q1 24 | 0.1% | 1.5% |
现金转化率EXPIVSCO
| Q4 25 | — | — | ||
| Q3 25 | 8.26× | 9.75× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.49× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.59× | ||
| Q2 24 | 5.75× | — | ||
| Q1 24 | — | 3.27× |
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% |
VSCO
| Sales Channel North America Stores | $778.0M | 53% |
| Sales Channel Directly To Consumer | $429.0M | 29% |
| Sales Channel International | $265.0M | 18% |
| Sales Channel Loyalty And Private Label Credit Card | $19.0M | 1% |
