Exp World (EXPI) Financials

$6.28 +0.03 (+0.48%)

Closing price 04:00 PM Eastern

Extended Trading

$6.40 +0.12 (+1.91%)

As of 05:29 PM Eastern

Annual Income Statements for Exp World

This table shows Exp World's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-1.94	-7.38	-22	-22	-9.53	31	81	15	-8.97	-21	-23
Consolidated Net Income / (Loss)	-1.96	-7.41	-22	-22	-9.56	31	81	15	-8.97	-21	-23
Net Income / (Loss) Continuing Operations	-1.96	-7.41	-22	-22	-9.56	31	81	24	3.53	-17	-23
Total Pre-Tax Income	-1.86	-7.37	-22	-22	-9.06	31	34	16	3.52	-16	-20
Total Operating Income	-1.86	-7.37	-22	-22	-8.78	32	34	16	0.52	-19	-21
Total Gross Profit	3.34	7.12	17	500	980	1,798	3,771	4,590	4,274	4,568	4,772
Total Revenue	22	54	156	500	980	1,798	3,771	4,590	4,274	4,568	4,772
Operating Revenue	22	54	156	500	980	1,798	3,771	4,590	4,274	4,568	4,772
Total Cost of Revenue	19	46	140	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	5.19	14	39	523	989	1,767	3,737	4,573	4,273	4,587	4,794
Selling, General & Admin Expense	4.98	14	37	60	89	123	250	275	248	252	275
Marketing Expense	0.21	0.57	1.57	2.96	3.80	5.22	12	15	12	12	11
Research & Development Expense	-	-	-	-	-	-	-	54	60	58	70
Other Operating Expenses / (Income)	-	-	-	460	896	1,639	3,475	4,229	3,954	4,225	4,439
Impairment Charge	-	-	-	-	-	-	0.00	0.00	0.00	4.93	0.00
Other Special Charges / (Income)	-	-	-	-	-	-	-	0.00	0.00	34	0.00
Total Other Income / (Expense), net	-0.00	-0.00	-0.00	0.03	-0.28	-0.18	-0.48	-0.82	3.00	3.28	1.23
Interest & Investment Income	-	-	-	0.00	-0.03	-0.05	-0.19	-1.62	-1.39	-1.17	-0.28
Other Income / (Expense), net	0.00	0.00	0.00	0.03	-0.25	-0.13	-0.29	0.80	4.38	4.45	1.51
Income Tax Expense	0.10	0.04	0.10	0.08	0.50	0.41	-47	-8.20	-0.02	1.07	2.48
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-8.31	-13	-4.48	0.00
Basic Earnings per Share	($0.04)	($0.14)	($0.42)	($0.19)	($0.08)	$0.22	$0.56	$0.10	($0.06)	($0.14)	($0.14)
Weighted Average Basic Shares Outstanding	49.41M	51.08M	53.19M	115.38M	126.26M	138.57M	146.17M	151.04M	153.23M	153.68M	156.88M
Diluted Earnings per Share	($0.04)	($0.14)	($0.42)	($0.19)	($0.08)	$0.21	$0.51	$0.10	($0.06)	($0.14)	($0.14)
Weighted Average Diluted Shares Outstanding	49.41M	51.08M	53.19M	115.38M	126.26M	151.55M	157.73M	156.22M	156.77M	153.68M	156.88M
Weighted Average Basic & Diluted Shares Outstanding	-	52.37M	56.10M	60.98M	65.62M	144.34M	148.76M	152.84M	154.67M	154.13M	161.05M

This table shows Exp World's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	9.42	1.35	-21	-16	12	-8.51	-9.51	-11	-2.29	3.50	-13
Consolidated Net Income / (Loss)	9.42	1.35	-21	-16	12	-8.51	-9.51	-11	-2.29	3.50	-13
Net Income / (Loss) Continuing Operations	11	2.27	-12	-14	12	-6.48	-8.24	-11	-2.29	3.50	-13
Total Pre-Tax Income	14	4.05	-15	-17	20	-7.81	-11	-9.35	-1.82	4.43	-13
Total Operating Income	13	3.71	-16	-18	19	-8.33	-11	-10	-2.38	4.02	-13
Total Gross Profit	1,231	1,213	981	943	1,295	1,231	1,098	955	1,309	1,317	1,192
Total Revenue	1,231	1,213	981	943	1,295	1,231	1,098	955	1,309	1,317	1,192
Operating Revenue	1,231	1,213	981	943	1,295	1,231	1,098	955	1,309	1,317	1,192
Total Operating Expenses	1,218	1,209	1,007	961	1,277	1,240	1,109	965	1,311	1,313	1,205
Selling, General & Admin Expense	65	60	68	63	61	61	67	67	74	62	72
Marketing Expense	2.86	3.18	3.09	3.14	3.03	2.79	2.95	2.84	2.86	2.54	2.32
Research & Development Expense	15	15	15	15	15	14	15	17	18	17	17
Other Operating Expenses / (Income)	1,136	1,130	911	865	1,198	1,144	1,019	879	1,216	1,230	1,113
Total Other Income / (Expense), net	1.15	0.35	0.96	1.04	1.38	0.52	0.34	1.02	0.55	0.41	-0.76
Interest & Investment Income	-0.14	-0.35	-0.55	-0.15	-0.37	-0.28	-0.36	0.08	-0.21	-0.20	0.04
Other Income / (Expense), net	1.29	0.70	1.51	1.19	1.75	0.80	0.71	0.94	0.76	0.61	-0.80
Income Tax Expense	2.63	1.79	-2.98	-3.31	8.15	-1.33	-2.44	1.67	0.47	0.93	-0.59
Basic Earnings per Share	$0.06	$0.01	($0.14)	($0.10)	$0.08	($0.06)	($0.06)	($0.07)	($0.01)	$0.02	($0.08)
Weighted Average Basic Shares Outstanding	153.25M	153.39M	153.23M	154.74M	153.58M	153.26M	153.68M	154.74M	156.09M	157.10M	156.88M
Diluted Earnings per Share	$0.06	$0.01	($0.14)	($0.10)	$0.08	($0.06)	($0.06)	($0.07)	($0.01)	$0.02	($0.08)
Weighted Average Diluted Shares Outstanding	156.69M	158.18M	156.77M	154.74M	155.98M	153.26M	153.68M	154.74M	156.09M	160.77M	156.88M
Weighted Average Basic & Diluted Shares Outstanding	153.59M	153.80M	154.67M	154.85M	153.73M	153.55M	154.13M	156.17M	157.23M	158.84M	161.05M

This table details how cash moves in and out of Exp World's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	0.22	1.11	3.43	17	24	81	48	-17	12	-1.31	13
Net Cash From Operating Activities	0.35	1.02	4.57	24	55	120	247	211	209	192	119
Net Cash From Continuing Operating Activities	0.35	1.02	4.57	24	55	120	247	211	209	192	119
Net Income / (Loss) Continuing Operations	-1.96	-7.41	-22	-22	-9.56	31	81	15	-8.97	-21	-23
Consolidated Net Income / (Loss)	-1.96	-7.41	-22	-22	-9.56	31	81	15	-8.97	-21	-23
Depreciation Expense	0.03	0.06	0.35	0.87	2.06	3.36	4.97	7.93	8.35	7.84	6.87
Amortization Expense	-	-	0.00	0.05	0.47	0.79	1.37	1.90	2.54	2.45	2.69
Non-Cash Adjustments To Reconcile Net Income	2.14	8.56	24	45	57	85	181	213	199	196	130
Changes in Operating Assets and Liabilities, net	0.14	-0.18	2.67	1.16	5.51	-0.50	-22	-28	8.56	6.17	1.78
Net Cash From Investing Activities	-0.06	-0.42	-1.28	-8.86	-6.69	-17	-19	-22	-14	-19	-23
Net Cash From Continuing Investing Activities	-0.06	-0.42	-1.28	-8.86	-6.69	-17	-19	-22	-14	-19	-23
Purchase of Property, Plant & Equipment	-0.06	-0.42	-1.28	-2.13	-5.00	-6.44	-13	-12	-7.96	-7.87	-10
Acquisitions	-	-	0.00	-6.73	-1.64	-11	-5.50	-10	-5.88	-12	-13
Divestitures	-	-	-	-	-	-	0.00	0.00	0.33	0.00	0.00
Net Cash From Financing Activities	-0.06	0.49	0.15	2.02	-25	-22	-180	-205	-184	-170	-87
Net Cash From Continuing Financing Activities	-0.06	0.49	0.15	2.02	-25	-22	-180	-205	-184	-170	-87
Repurchase of Common Equity	-0.00	-0.15	-0.00	0.00	-27	-29	-172	-179	-161	-141	-56
Payment of Dividends	-	-	-	-	0.00	0.00	-12	-26	-29	-31	-31
Other Financing Activities, net	0.00	0.00	0.05	2.02	2.30	7.48	3.64	0.61	4.98	2.01	0.43
Effect of Exchange Rate Changes	-0.01	0.01	-	-0.02	0.11	-	-0.06	-0.09	-0.04	-2.97	4.27
Cash Income Taxes Paid	0.02	0.04	0.10	0.07	0.13	0.75	1.33	3.41	2.73	2.69	4.60

This table details how cash moves in and out of Exp World's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	35	-39	-3.26	14	9.62	2.22	-27	14	2.71	1.45	-4.92
Net Cash From Operating Activities	98	22	33	61	71	46	14	40	36	29	14
Net Cash From Continuing Operating Activities	98	22	33	61	71	46	14	40	36	29	14
Net Income / (Loss) Continuing Operations	9.42	1.35	-21	-16	12	-8.51	-9.51	-11	-2.29	3.50	-13
Consolidated Net Income / (Loss)	9.42	1.35	-21	-16	12	-8.51	-9.51	-11	-2.29	3.50	-13
Depreciation Expense	2.10	2.14	2.05	2.06	1.89	1.94	1.95	1.95	1.59	1.71	1.63
Amortization Expense	0.68	0.65	0.69	0.34	1.07	0.44	0.60	0.62	0.69	0.71	0.68
Non-Cash Adjustments To Reconcile Net Income	49	54	57	53	41	60	42	31	21	39	38
Changes in Operating Assets and Liabilities, net	37	-36	-6.21	21	14	-7.40	-22	17	15	-16	-14
Net Cash From Investing Activities	-8.18	-1.36	-2.19	-5.25	-5.12	-2.59	-6.51	-14	-2.96	-3.29	-2.98
Net Cash From Continuing Investing Activities	-8.18	-1.36	-2.19	-5.25	-5.12	-2.59	-6.51	-14	-2.96	-3.29	-2.98
Purchase of Property, Plant & Equipment	-3.18	-1.51	-1.83	-1.44	-1.84	-2.29	-2.30	-3.00	-2.53	-2.60	-2.10
Acquisitions	-5.00	-0.18	-0.35	-3.81	-3.28	-0.30	-4.21	-11	-0.43	-0.69	-0.88
Net Cash From Financing Activities	-55	-60	-33	-41	-56	-42	-32	-12	-32	-24	-18
Net Cash From Continuing Financing Activities	-55	-60	-33	-41	-56	-42	-32	-12	-32	-24	-18
Repurchase of Common Equity	-49	-56	-26	-33	-48	-35	-25	-4.98	-25	-16	-9.97
Payment of Dividends	-6.86	-7.52	-7.54	-8.75	-7.49	-7.49	-7.54	-7.60	-7.67	-7.71	-7.80
Other Financing Activities, net	0.95	3.51	0.22	0.98	0.08	0.59	0.37	0.30	0.08	0.06	0.00
Effect of Exchange Rate Changes	0.03	-0.22	-0.44	-0.59	-0.76	0.72	-2.35	0.33	2.06	-0.15	2.03
Cash Income Taxes Paid	0.74	0.55	0.35	1.11	0.43	0.66	0.50	1.48	0.53	1.53	1.05

This table presents Exp World's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1.26	6.10	15	56	96	242	414	382	386	391	442
Total Current Assets	1.15	5.57	13	42	79	212	319	255	266	268	305
Cash & Equivalents	0.57	1.68	4.67	21	40	100	108	122	126	114	124
Restricted Cash	0.15	0.48	0.92	2.50	6.99	28	68	38	44	55	57
Accounts Receivable	0.34	3.02	6.91	17	28	77	133	87	85	88	109
Prepaid Expenses	0.08	0.38	0.59	1.86	3.55	7.35	9.92	8.47	9.28	12	15
Plant, Property, & Equipment, net	0.11	0.54	1.54	2.74	5.43	7.85	16	18	0.00	12	14
Total Noncurrent Assets	0.00	0.00	0.00	11	12	22	79	108	119	111	123
Goodwill	-	-	0.00	8.25	8.25	13	13	27	17	17	18
Intangible Assets	-	-	-	2.53	2.68	8.35	7.53	8.70	7.01	6.46	4.42
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	0.00	53	69	69	76	78
Other Noncurrent Operating Assets	-	-	-	0.00	1.28	0.82	5.31	3.83	20	12	23
Total Liabilities & Shareholders' Equity	1.26	6.10	15	56	96	242	414	382	386	391	442
Total Liabilities	0.66	3.58	10	26	44	100	190	133	142	186	200
Total Current Liabilities	0.66	3.58	10	24	42	97	187	127	142	186	200
Accounts Payable	0.09	0.32	0.64	1.76	2.59	3.96	7.16	10	8.79	10	15
Accrued Expenses	0.43	2.74	8.82	19	31	63	112	79	87	86	108
Customer Deposits	0.15	0.48	0.92	2.50	6.99	28	68	38	45	56	57
Other Current Liabilities	-	-	-	0.00	0.44	0.75	0.31	0.18	0.00	34	20
Total Noncurrent Liabilities	0.00	0.00	0.00	1.65	2.36	2.95	3.48	5.39	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	0.59	2.53	4.26	30	52	143	224	249	244	205	243
Total Preferred & Common Equity	0.61	2.53	4.26	30	52	142	222	248	243	205	243
Total Common Equity	0.61	2.53	4.26	30	52	142	222	248	243	205	243
Common Stock	6.61	13	37	91	131	218	401	612	805	963	1,105
Retained Earnings	-5.99	-10	-33	-61	-70	-39	31	21	-17	-68	-122
Treasury Stock	-	-	-	0.00	-8.62	-38	-210	-385	-546	-687	-743
Other Equity Adjustments	-	-	-	-	0.20	0.25	0.19	0.24	0.33	-3.08	1.84

This table presents Exp World's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	507	441	415	483	423	427	457	433	436	481	459
Total Current Assets	404	320	290	356	300	300	336	310	301	345	323
Cash & Equivalents	135	135	123	125	120	109	108	130	116	95	113
Restricted Cash	106	53	55	89	54	75	85	65	67	90	74
Accounts Receivable	155	120	100	135	113	105	134	105	104	146	124
Prepaid Expenses	7.82	13	12	8.10	12	9.52	7.08	7.71	15	14	13
Plant, Property, & Equipment, net	20	18	14	15	14	12	12	11	12	13	14
Total Noncurrent Assets	84	103	111	111	109	114	110	112	123	123	122
Goodwill	13	27	27	28	25	17	20	20	17	18	18
Intangible Assets	7.07	8.98	12	12	11	6.64	5.97	6.32	6.25	5.34	4.89
Noncurrent Deferred & Refundable Income Taxes	60	64	68	65	65	74	67	70	77	78	76
Other Noncurrent Operating Assets	4.21	3.83	3.79	6.60	7.61	11	11	11	22	22	23
Total Liabilities & Shareholders' Equity	507	441	415	483	423	427	457	433	436	481	459
Total Liabilities	251	184	162	224	172	204	237	222	224	263	223
Total Current Liabilities	247	180	162	224	172	204	237	222	224	263	223
Accounts Payable	5.97	9.91	9.08	7.32	9.32	8.99	12	11	10	11	9.78
Accrued Expenses	147	118	97	128	108	102	122	110	112	145	123
Customer Deposits	94	53	55	89	54	76	86	67	67	90	73
Other Current Liabilities	0.21	0.20	0.16	0.03	0.01	16	16	34	34	17	17
Total Noncurrent Liabilities	3.43	3.43	0.70	0.01	0.01	0.02	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	257	257	253	258	251	222	220	211	212	218	235
Total Preferred & Common Equity	256	256	252	257	250	222	220	211	212	218	235
Total Common Equity	256	256	252	257	250	222	220	211	212	218	235
Common Stock	509	568	650	702	757	842	884	925	993	1,032	1,070
Retained Earnings	37	35	16	18	12	-40	-35	-51	-87	-97	-101
Treasury Stock	-290	-345	-415	-464	-520	-579	-627	-662	-692	-717	-733
Other Equity Adjustments	-0.95	-1.47	0.88	0.94	0.42	-0.56	-1.46	-0.54	-2.76	-0.02	-0.41

This table displays calculated financial ratios and metrics derived from Exp World's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	68.03%	417.99%	382.96%	220.39%	95.93%	83.51%	109.71%	21.70%	-6.88%	6.88%	4.48%
EBITDA Growth	-3,918.31%	-1,497.39%	-392.82%	2.23%	69.67%	647.52%	12.93%	-32.84%	-41.49%	-126.97%	-143.92%
EBIT Growth	-16,956.77%	-1,187.90%	-382.45%	-4.36%	59.62%	448.48%	7.65%	-49.32%	-71.42%	-396.62%	-37.14%
NOPAT Growth	-3,948.10%	-1,429.55%	-596.59%	-6.12%	60.78%	607.24%	164.07%	-69.64%	-97.90%	-2,635.55%	-13.01%
Net Income Growth	-3,975.75%	-556.44%	-198.47%	-6.76%	57.39%	424.26%	161.89%	-81.00%	-158.18%	-137.01%	-6.80%
EPS Growth	0.00%	-750.00%	-400.00%	60.55%	57.39%	424.26%	142.86%	-80.39%	-160.00%	-133.33%	0.00%
Operating Cash Flow Growth	124.87%	783.50%	692.02%	1,296.48%	127.00%	116.83%	106.33%	-14.73%	-0.67%	-8.42%	-38.07%
Free Cash Flow Firm Growth	-3,738.53%	-1,524.75%	-422.52%	-159.13%	81.54%	517.25%	145.43%	-137.63%	243.50%	-30.66%	-312.93%
Invested Capital Growth	-2,375.94%	1,639.80%	-873.18%	3,267.76%	-12.95%	128.47%	168.55%	85.90%	-28.01%	-46.95%	69.00%
Revenue Q/Q Growth	12.26%	114.50%	277.34%	51.35%	14.44%	22.92%	14.16%	-3.21%	1.14%	2.45%	2.00%
EBITDA Q/Q Growth	155.03%	-2,884.10%	160.81%	95.68%	50.61%	25.42%	-12.60%	3.37%	-23.81%	83.10%	-49.79%
EBIT Q/Q Growth	193.07%	-2,749.77%	143.04%	79.16%	40.92%	27.38%	-15.94%	0.16%	-50.46%	59.24%	-19.19%
NOPAT Q/Q Growth	45.72%	-2,782.11%	-68.30%	79.07%	41.91%	28.20%	11.63%	-41.52%	-90.75%	53.64%	-8.64%
Net Income Q/Q Growth	86.40%	-2,403.78%	-45.70%	45.21%	38.57%	28.72%	10.57%	-59.50%	-278.64%	35.47%	-17.55%
EPS Q/Q Growth	42.86%	-3,000.00%	-64.66%	22.60%	38.57%	28.72%	2.00%	-60.00%	-300.00%	36.36%	-16.67%
Operating Cash Flow Q/Q Growth	9.86%	1,388.25%	65.95%	77.29%	22.01%	14.38%	7.88%	-10.72%	4.71%	-8.98%	0.07%
Free Cash Flow Firm Q/Q Growth	66.70%	-608.05%	103.86%	-25.19%	73.06%	-30.25%	1.33%	-279.95%	1,143.80%	-50.57%	23.94%
Invested Capital Q/Q Growth	162.54%	-109.78%	-818.34%	3,681.35%	28.74%	1,225.14%	99.70%	29.60%	-10.94%	261.22%	25.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	44.59%	40.33%	21.14%	300.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-8.15%	-54.62%	-41.66%	-17.14%	-0.66%	1.98%	1.07%	0.59%	0.37%	-0.09%	-0.22%
Operating Margin	-16.53%	-55.06%	-28.23%	-13.43%	-0.90%	1.76%	0.91%	0.36%	0.01%	-0.42%	-0.45%
EBIT Margin	-24.79%	-41.29%	-42.34%	-13.41%	-0.92%	1.75%	0.90%	0.37%	0.11%	-0.32%	-0.42%
Profit (Net Income) Margin	-17.45%	-55.38%	-28.35%	-17.94%	-0.98%	1.72%	2.15%	0.34%	-0.21%	-0.47%	-0.48%
Tax Burden Percent	105.55%	402.31%	200.88%	401.40%	105.49%	98.68%	241.03%	99.28%	-255.13%	135.31%	112.26%
Interest Burden Percent	200.12%	400.02%	200.02%	500.00%	100.38%	99.84%	99.44%	90.54%	71.70%	108.03%	101.41%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	1.32%	-141.03%	-52.77%	-0.45%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-3,842.77%	0.00%	-380.61%	-68.67%	227.88%	234.75%	34.21%	0.64%	-25.40%	-30.79%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-7,369.24%	0.00%	-328.62%	-58.05%	228.10%	235.53%	40.07%	6.40%	-20.77%	-26.40%
Return on Net Nonoperating Assets (RNNOA)	0.00%	3,367.40%	0.00%	249.60%	45.40%	-196.05%	-190.41%	-27.68%	-4.28%	15.93%	20.64%
Return on Equity (ROE)	-1,558.72%	-475.37%	-1,956.27%	-524.06%	-23.28%	31.83%	44.33%	6.53%	-3.64%	-9.48%	-10.15%
Cash Return on Invested Capital (CROIC)	0.00%	-2,867.50%	0.00%	-833.13%	-54.83%	149.66%	143.28%	-25.88%	33.21%	35.95%	-82.10%
Operating Return on Assets (OROA)	-684.36%	-400.60%	-849.77%	-126.85%	-11.85%	18.58%	10.32%	4.31%	1.28%	-3.75%	-4.79%
Return on Assets (ROA)	-542.08%	-402.93%	-853.60%	-254.59%	-12.55%	18.30%	24.74%	3.88%	-2.34%	-5.48%	-5.45%
Return on Common Equity (ROCE)	-794.52%	-1,435.07%	-1,304.18%	-524.06%	-23.23%	31.64%	44.05%	6.49%	-3.62%	-9.45%	-10.15%
Return on Equity Simple (ROE_SIMPLE)	-320.29%	-293.42%	-519.42%	-74.82%	-18.39%	21.89%	36.53%	6.22%	-3.70%	-10.38%	0.00%
Net Operating Profit after Tax (NOPAT)	-1.30	-5.16	-15	-16	-6.15	31	82	25	0.52	-13	-15
NOPAT Margin	-5.78%	-19.27%	-9.88%	-3.13%	-0.63%	1.73%	2.18%	0.54%	0.01%	-0.29%	-0.31%
Net Nonoperating Expense Percent (NNEP)	-115.97%	-158.15%	-173.78%	-102.60%	-10.63%	-0.22%	-0.78%	-5.86%	-5.76%	-4.63%	-4.39%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	9.82%	0.21%	-6.49%	-6.19%
Cost of Revenue to Revenue	255.41%	346.85%	178.86%	275.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	44.37%	86.68%	71.03%	47.87%	9.09%	6.83%	6.62%	6.00%	5.80%	5.53%	5.76%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.18%	1.39%	1.27%	1.46%
Operating Expenses to Revenue	92.50%	115.85%	74.05%	417.90%	100.90%	98.24%	99.09%	99.64%	100.20%	100.42%	100.45%
Earnings before Interest and Taxes (EBIT)	-1.86	-7.37	-22	-22	-9.03	31	34	17	4.91	-15	-20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-1.83	-7.31	-22	-21	-6.50	36	40	27	16	-4.26	-10
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	31.26	23.82	9.81	13.36	13.46	29.89	21.48	6.63	9.67	8.63	5.92
Price to Tangible Book Value (P/TBV)	63.26	23.82	4.86	20.87	17.04	35.18	23.66	7.75	10.73	9.75	6.52
Price to Revenue (P/Rev)	1.72	0.37	0.27	2.43	0.71	2.35	1.27	0.36	0.55	0.39	0.30
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	135.94	58.75	106.36	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.25%	2.00%	1.24%	1.74%	2.21%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.74%	1.70%	0.94%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	90.01	0.00	39.74	78.72	215.96	90.03	15.68	31.88	44.07	20.48
Enterprise Value to Revenue (EV/Rev)	0.82	1.00	0.10	2.39	0.67	2.29	1.22	0.32	0.51	0.35	0.26
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	115.43	114.45	55.17	138.02	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	130.65	135.88	86.81	444.50	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	131.83	55.89	59.61	4,157.89	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	53.12	52.53	3.31	66.03	11.88	34.34	18.64	7.08	10.43	8.35	10.59
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	200.74	91.57	0.00	80.35	84.98	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.04	0.00	0.00	0.06	0.03	0.02	0.02	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.05	0.02	0.02	0.02	0.00	0.00	0.00
Financial Leverage	-1.85	-2.74	-2.28	-3.80	-0.78	-0.86	-0.81	-0.69	-0.67	-0.77	-0.78
Leverage Ratio	4.31	7.08	9.17	15.80	1.85	1.74	1.79	1.68	1.56	1.73	1.86
Compound Leverage Factor	4.32	9.44	9.17	14.42	1.86	1.74	1.78	1.52	1.12	1.87	1.89
Debt to Total Capital	0.00%	5.58%	0.00%	0.00%	5.91%	2.97%	1.53%	2.12%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	5.58%	0.00%	0.00%	1.65%	0.96%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	4.26%	2.01%	1.53%	2.12%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-6.61%	0.00%	0.00%	0.00%	0.29%	0.68%	0.60%	0.46%	0.48%	0.00%	0.00%
Common Equity to Total Capital	309.91%	394.42%	400.00%	0.00%	93.80%	96.35%	97.87%	97.42%	99.52%	100.00%	100.00%
Debt to EBITDA	0.00	-0.02	0.00	-0.12	-0.50	0.12	0.09	0.20	0.00	0.00	0.00
Net Debt to EBITDA	0.00	1.17	0.00	2.86	6.74	-3.47	-4.29	-5.70	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	-0.08	-0.36	0.08	0.09	0.20	0.00	0.00	0.00
Debt to NOPAT	0.00	-0.02	0.00	-0.17	-0.53	0.14	0.04	0.22	0.00	0.00	0.00
Net Debt to NOPAT	0.00	1.65	0.00	3.91	7.13	-3.96	-2.09	-6.16	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	-0.11	-0.38	0.09	0.04	0.22	0.00	0.00	0.00
Altman Z-Score	24.07	6.08	4.00	0.00	18.75	33.69	24.92	20.08	21.40	17.28	14.86
Noncontrolling Interest Sharing Ratio	-3.89%	-1.26%	0.00%	0.00%	0.20%	0.60%	0.65%	0.54%	0.47%	0.26%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.45	6.22	3.79	0.00	1.88	2.20	1.71	2.00	1.88	1.44	1.53
Quick Ratio	2.75	5.26	3.35	0.00	1.63	1.83	1.29	1.64	1.49	1.08	1.17
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1.18	-5.68	-14	-27	-4.91	20	50	-19	27	19	-40
Operating Cash Flow to CapEx	1,818.33%	737.47%	1,426.33%	3,417.67%	1,103.72%	1,859.21%	1,839.32%	1,747.03%	2,628.26%	2,432.54%	1,159.90%
Free Cash Flow to Firm to Interest Expense	-3,135.97	-61,456.17	-26,367.09	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	614.35	11,073.26	4,398.99	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	1,025.98	6,568.70	4,748.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	41.41	58.38	15.05	150.87	12.87	10.62	11.50	11.54	11.14	11.77	11.46
Accounts Receivable Turnover	253.99	64.18	62.89	41.10	42.96	34.21	35.84	41.58	49.52	52.79	48.57
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	473.96	497.35	451.04	233.84	239.96	270.91	317.57	269.56	0.00	0.00	368.11
Accounts Payable Turnover	451.68	913.31	879.39	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	8.62	22.88	23.21	26.65	8.50	10.67	10.18	8.78	7.37	6.91	7.52
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	3.23	3.20	3.74	0.95	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	5.39	29.52	31.09	35.53	8.50	10.67	10.18	8.78	7.37	6.91	7.52
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-0.13	0.40	-1.33	9.57	8.33	19	51	95	68	36	61
Invested Capital Turnover	-325.92	1,201.11	-998.47	242.98	109.51	131.46	107.55	62.83	52.31	87.28	97.80
Increase / (Decrease) in Invested Capital	-0.12	0.52	-1.73	11	-1.24	11	32	44	-27	-32	25
Enterprise Value (EV)	18	54	31	380	656	4,109	4,601	1,490	2,180	1,599	1,256
Market Capitalization	19	40	21	401	699	4,232	4,772	1,642	2,349	1,767	1,437
Book Value per Share	$0.01	$0.05	$0.08	$0.51	$0.81	$2.02	$1.51	$1.62	$1.58	$1.33	$1.53
Tangible Book Value per Share	$0.01	$0.05	$0.08	$0.33	$0.64	$1.72	$1.37	$1.39	$1.42	$1.18	$1.39
Total Capital	0.59	2.56	4.26	33	55	147	227	254	244	205	243
Total Debt	0.00	0.04	0.00	2.63	3.28	4.37	3.48	5.39	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	1.65	2.36	2.95	3.48	5.39	0.00	0.00	0.00
Net Debt	-0.72	-2.13	-5.60	-20	-44	-124	-172	-154	-170	-169	-181
Capital Expenditures (CapEx)	0.06	0.42	1.28	2.13	5.00	6.44	13	12	7.96	7.87	10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.24	-0.14	-2.87	-3.95	-9.30	-11	-43	-32	-45	-86	-76
Debt-free Net Working Capital (DFNWC)	0.48	2.02	2.72	19	38	117	133	128	125	82	105
Net Working Capital (NWC)	0.48	1.99	2.72	18	37	116	133	128	125	82	105
Net Nonoperating Expense (NNE)	0.66	2.25	6.71	6.76	3.41	0.18	1.16	9.57	9.50	7.97	7.69
Net Nonoperating Obligations (NNO)	-0.72	-2.13	-5.60	-20	-44	-124	-172	-154	-176	-169	-181
Total Depreciation and Amortization (D&A)	0.03	0.06	0.35	0.92	2.52	4.15	6.34	9.84	11	10	9.56
Debt-free, Cash-free Net Working Capital to Revenue	-3.18%	-1.06%	-7.36%	-0.79%	-0.95%	-0.61%	-1.15%	-0.69%	-1.05%	-1.89%	-1.60%
Debt-free Net Working Capital to Revenue	4.29%	18.90%	6.98%	11.45%	3.85%	6.51%	3.51%	2.78%	2.92%	1.80%	2.20%
Net Working Capital to Revenue	6.44%	14.85%	3.49%	14.49%	3.76%	6.43%	3.51%	2.78%	2.92%	1.80%	2.20%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.26)	$0.00	($0.20)	($0.08)	$0.22	$0.56	$0.10	($0.06)	($0.14)	($0.14)
Adjusted Weighted Average Basic Shares Outstanding	0.00	102.16M	0.00	115.38M	125.17M	138.57M	146.17M	151.04M	153.23M	153.68M	156.88M
Adjusted Diluted Earnings per Share	$0.00	($0.26)	$0.00	($0.20)	($0.08)	$0.21	$0.51	$0.10	($0.06)	($0.14)	($0.14)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	102.16M	0.00	115.38M	125.17M	151.55M	157.73M	156.22M	153.23M	153.68M	156.88M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	104.74M	0.00	121.96M	131.24M	144.34M	148.76M	152.84M	154.67M	154.13M	161.05M
Normalized Net Operating Profit after Tax (NOPAT)	-1.30	-5.16	-15	-16	-6.15	31	24	11	6.81	14	-15
Normalized NOPAT Margin	-11.57%	-28.91%	-29.64%	-6.27%	-0.63%	1.73%	0.63%	0.25%	0.16%	0.31%	-0.31%
Pre Tax Income Margin	-16.54%	-55.06%	-42.34%	-13.41%	-0.92%	1.75%	0.89%	0.34%	0.08%	-0.34%	-0.42%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1,647.06	-39,847.66	-10,607.44	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-2,305.91	-55,786.84	-14,850.42	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-3,395.47	-42,099.95	-33,672.80	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-3,610.90	-45,218.55	-32,168.14	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	14.23%	166.32%	-317.83%	-147.03%	-135.48%
Augmented Payout Ratio	-0.32%	-2.85%	-0.07%	0.00%	-283.10%	94.78%	226.18%	1,329.91%	-2,107.09%	-810.59%	-382.90%

This table displays calculated financial ratios and metrics derived from Exp World's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-13.00%	-2.11%	6.11%	11.15%	5.21%	1.52%	11.89%	1.26%	1.05%	6.94%	8.53%
EBITDA Growth	20.64%	150.68%	-385.46%	-522.20%	37.50%	-171.61%	33.96%	52.89%	-97.18%	236.75%	-44.46%
EBIT Growth	21.95%	4,137.50%	-1,109.60%	-2,039.04%	43.57%	-270.93%	28.89%	44.47%	-107.97%	161.38%	-31.14%
NOPAT Growth	5.33%	11,276.49%	-4,419.18%	-170,617.51%	5.11%	-381.76%	31.20%	42.91%	-115.18%	154.35%	-15.49%
Net Income Growth	0.67%	-69.35%	-194.36%	-1,176.32%	31.43%	-730.54%	55.16%	29.51%	-118.50%	141.11%	-35.68%
EPS Growth	0.00%	-66.67%	-180.00%	-1,100.00%	33.33%	-700.00%	57.14%	30.00%	-112.50%	133.33%	-33.33%
Operating Cash Flow Growth	82.23%	1.46%	40.52%	8.03%	-27.42%	105.83%	-57.95%	-34.32%	-49.28%	-37.19%	0.58%
Free Cash Flow Firm Growth	57.61%	97.02%	135.28%	141.27%	341.03%	4,391.17%	58.46%	-114.74%	-142.57%	-158.56%	-239.16%
Invested Capital Growth	130.75%	4.76%	-28.01%	-56.99%	-56.52%	-86.92%	-46.95%	-8.56%	70.65%	386.70%	69.00%
Revenue Q/Q Growth	45.10%	-1.49%	-19.07%	-3.91%	37.35%	-4.95%	-10.80%	-13.05%	37.07%	0.60%	-9.48%
EBITDA Q/Q Growth	389.41%	-57.44%	-263.46%	-24.00%	259.39%	-122.17%	-50.74%	11.55%	109.55%	974.39%	-259.24%
EBIT Q/Q Growth	1,513.01%	-68.81%	-429.20%	-17.08%	219.43%	-137.13%	-36.94%	8.56%	82.87%	386.14%	-392.56%
NOPAT Q/Q Growth	139,573.07%	-80.13%	-641.64%	-13.44%	186.10%	-153.26%	-32.27%	5.87%	77.10%	290.65%	-381.02%
Net Income Q/Q Growth	548.45%	-85.68%	-1,671.31%	26.22%	179.18%	-168.69%	-11.74%	-15.98%	79.22%	252.64%	-468.77%
EPS Q/Q Growth	500.00%	-83.33%	-1,500.00%	28.57%	180.00%	-175.00%	0.00%	-16.67%	85.71%	300.00%	-500.00%
Operating Cash Flow Q/Q Growth	74.59%	-77.20%	45.94%	85.97%	17.30%	-35.35%	-70.19%	190.49%	-9.41%	-19.94%	-52.26%
Free Cash Flow Firm Q/Q Growth	79.48%	90.60%	1,184.50%	97.41%	19.83%	67.27%	-59.95%	-118.36%	-246.14%	-130.06%	4.83%
Invested Capital Q/Q Growth	-40.45%	70.44%	-10.94%	-52.42%	-39.79%	-48.73%	261.22%	-17.98%	12.35%	46.22%	25.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	1.37%	0.59%	-1.20%	-1.55%	1.80%	-0.42%	-0.71%	-0.72%	0.05%	0.54%	-0.94%
Operating Margin	1.04%	0.31%	-1.63%	-1.93%	1.43%	-0.68%	-1.00%	-1.09%	-0.18%	0.31%	-1.07%
EBIT Margin	1.15%	0.36%	-1.48%	-1.80%	1.57%	-0.61%	-0.94%	-0.99%	-0.12%	0.35%	-1.14%
Profit (Net Income) Margin	0.77%	0.11%	-2.16%	-1.66%	0.96%	-0.69%	-0.87%	-1.15%	-0.18%	0.27%	-1.08%
Tax Burden Percent	67.36%	33.28%	140.78%	91.27%	62.19%	108.86%	89.00%	117.87%	125.67%	78.96%	95.62%
Interest Burden Percent	98.99%	91.97%	103.78%	100.88%	98.16%	103.73%	103.53%	99.15%	112.81%	95.78%	99.70%
Effective Tax Rate	18.82%	44.12%	0.00%	0.00%	40.91%	0.00%	0.00%	0.00%	0.00%	21.04%	0.00%
Return on Invested Capital (ROIC)	111.46%	9.61%	-59.78%	-108.94%	116.16%	-48.66%	-61.32%	-111.83%	-22.02%	38.24%	-73.12%
ROIC Less NNEP Spread (ROIC-NNEP)	111.90%	10.02%	-53.72%	-107.35%	115.47%	-47.23%	-60.28%	-109.81%	-21.69%	38.07%	-70.84%
Return on Net Nonoperating Assets (RNNOA)	-97.88%	-7.06%	35.92%	82.92%	-99.88%	38.35%	46.23%	94.06%	19.07%	-33.05%	55.40%
Return on Equity (ROE)	13.58%	2.56%	-23.86%	-26.01%	16.29%	-10.30%	-15.10%	-17.77%	-2.95%	5.19%	-17.72%
Cash Return on Invested Capital (CROIC)	-62.97%	2.91%	33.21%	56.85%	16.11%	87.67%	35.95%	-16.22%	-136.99%	-178.76%	-82.10%
Operating Return on Assets (OROA)	9.86%	3.56%	-16.47%	-18.69%	14.79%	-6.38%	-11.05%	-10.49%	-1.21%	3.69%	-13.00%
Return on Assets (ROA)	6.57%	1.09%	-24.06%	-17.21%	9.03%	-7.20%	-10.18%	-12.26%	-1.71%	2.79%	-12.39%
Return on Common Equity (ROCE)	13.52%	2.54%	-23.75%	-25.95%	16.25%	-10.28%	-15.06%	-17.77%	-2.95%	5.19%	-17.72%
Return on Equity Simple (ROE_SIMPLE)	3.14%	2.01%	0.00%	-11.72%	-10.49%	-15.61%	0.00%	-7.86%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	10	2.07	-11	-13	11	-5.83	-7.72	-7.26	-1.66	3.17	-8.91
NOPAT Margin	0.85%	0.17%	-1.14%	-1.35%	0.85%	-0.47%	-0.70%	-0.76%	-0.13%	0.24%	-0.75%
Net Nonoperating Expense Percent (NNEP)	-0.44%	-0.40%	-6.06%	-1.59%	0.69%	-1.42%	-1.04%	-2.02%	-0.33%	0.17%	-2.28%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-4.60%	-5.72%	-	-	-3.77%	-3.43%	-0.76%	1.35%	-3.67%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	5.27%	4.98%	6.92%	6.64%	4.72%	4.99%	6.12%	7.00%	5.66%	4.73%	6.01%
R&D to Revenue	1.21%	1.28%	1.54%	1.57%	1.15%	1.12%	1.34%	1.76%	1.38%	1.31%	1.46%
Operating Expenses to Revenue	98.96%	99.69%	102.57%	101.93%	98.57%	100.68%	101.00%	101.09%	100.18%	99.70%	101.07%
Earnings before Interest and Taxes (EBIT)	14	4.41	-15	-17	20	-7.53	-10	-9.43	-1.62	4.62	-14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	17	7.20	-12	-15	23	-5.15	-7.77	-6.87	0.66	7.05	-11
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	11.88	0.00	9.67	7.02	7.90	10.26	8.63	7.11	6.51	7.12	5.92
Price to Tangible Book Value (P/TBV)	14.02	0.00	10.73	7.84	8.94	11.71	9.75	8.00	7.28	7.88	6.52
Price to Revenue (P/Rev)	0.72	0.00	0.55	0.36	0.39	0.49	0.39	0.33	0.31	0.36	0.30
Price to Earnings (P/E)	378.25	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	1.13%	1.44%	1.24%	1.92%	1.78%	1.42%	1.74%	2.05%	2.20%	1.88%	2.21%
Earnings Yield	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	63.09	0.00	31.88	42.35	78.95	196.17	44.07	44.54	36.98	30.47	20.48
Enterprise Value to Revenue (EV/Rev)	0.67	0.00	0.51	0.32	0.35	0.44	0.35	0.29	0.27	0.32	0.26
Enterprise Value to EBITDA (EV/EBITDA)	173.25	0.00	138.02	0.00	0.00	0.00	0.00	383.56	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	507.71	0.00	444.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	547.00	0.00	4,157.89	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	14.26	0.00	10.43	6.45	8.28	9.36	8.35	7.76	9.11	12.57	10.59
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	80.35	44.81	297.00	51.77	84.98	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.87	-0.70	-0.67	-0.77	-0.86	-0.81	-0.77	-0.86	-0.88	-0.87	-0.78
Leverage Ratio	1.92	1.70	1.56	1.77	1.96	1.85	1.73	1.99	2.14	2.00	1.86
Compound Leverage Factor	1.90	1.56	1.62	1.79	1.93	1.92	1.79	1.97	2.41	1.91	1.86
Debt to Total Capital	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.45%	0.47%	0.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.54%	99.53%	99.52%	99.99%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	-0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	-13.00	-8.40	0.00	81.91	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	-0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	-41.04	-30.70	0.00	14.88	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	17.45	0.00	21.23	14.83	14.41	16.19	17.32	14.41	12.70	14.68	14.90
Noncontrolling Interest Sharing Ratio	0.45%	0.46%	0.47%	0.25%	0.24%	0.25%	0.26%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.59	1.74	1.88	1.47	1.42	1.40	1.44	1.34	1.31	1.45	1.53
Quick Ratio	1.16	1.36	1.49	1.05	1.02	1.06	1.08	0.98	0.92	1.06	1.17
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-15	-1.42	15	30	36	61	24	-4.48	-16	-36	-34
Operating Cash Flow to CapEx	3,082.52%	1,479.02%	1,778.35%	4,217.94%	3,860.39%	2,006.94%	596.26%	1,326.61%	1,425.84%	1,113.33%	657.80%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	8.59	9.78	11.14	10.38	9.44	10.42	11.77	10.62	9.79	10.50	11.46
Accounts Receivable Turnover	29.32	36.25	49.52	42.58	33.02	40.81	52.79	43.75	32.80	40.88	48.57
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	242.07	267.87	0.00	332.12	328.72	351.73	0.00	374.76	364.20	366.29	368.11
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	12.45	10.07	7.37	8.57	11.05	8.94	6.91	8.34	11.13	8.93	7.52
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	12.45	10.07	7.37	8.57	11.05	8.94	6.91	8.34	11.13	8.93	7.52
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	45	77	68	33	20	10	36	30	33	49	61
Invested Capital Turnover	131.68	56.31	52.31	80.75	137.36	102.68	87.28	147.02	173.25	158.79	97.80
Increase / (Decrease) in Invested Capital	26	3.49	-27	-43	-25	-67	-32	-2.78	14	39	25
Enterprise Value (EV)	2,843	0.00	2,180	1,378	1,547	1,970	1,599	1,325	1,236	1,490	1,256
Market Capitalization	3,055	0.00	2,349	1,562	1,740	2,166	1,767	1,507	1,421	1,676	1,437
Book Value per Share	$1.68	$1.63	$1.58	$1.44	$1.42	$1.37	$1.33	$1.38	$1.40	$1.50	$1.53
Tangible Book Value per Share	$1.42	$1.39	$1.42	$1.29	$1.26	$1.20	$1.18	$1.22	$1.25	$1.35	$1.39
Total Capital	258	251	244	222	220	211	205	212	218	235	243
Total Debt	0.01	0.01	0.00	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.01	0.01	0.00	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-213	-174	-170	-184	-194	-196	-169	-182	-185	-186	-181
Capital Expenditures (CapEx)	3.18	1.51	1.83	1.44	1.84	2.29	2.30	3.00	2.53	2.60	2.10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-81	-46	-45	-88	-95	-108	-86	-105	-103	-87	-76
Debt-free Net Working Capital (DFNWC)	132	128	125	96	98	88	82	77	82	100	105
Net Working Capital (NWC)	132	128	125	96	98	88	82	77	82	100	105
Net Nonoperating Expense (NNE)	1.00	0.72	9.98	2.92	-1.43	2.67	1.79	3.76	0.63	-0.33	3.99
Net Nonoperating Obligations (NNO)	-213	-174	-176	-190	-201	-201	-169	-182	-185	-186	-181
Total Depreciation and Amortization (D&A)	2.78	2.79	2.74	2.40	2.96	2.38	2.55	2.56	2.27	2.42	2.31
Debt-free, Cash-free Net Working Capital to Revenue	-1.91%	-1.09%	-1.05%	-2.01%	-2.14%	-2.42%	-1.89%	-2.30%	-2.24%	-1.85%	-1.60%
Debt-free Net Working Capital to Revenue	3.10%	3.03%	2.92%	2.20%	2.22%	1.98%	1.80%	1.68%	1.79%	2.13%	2.20%
Net Working Capital to Revenue	3.10%	3.03%	2.92%	2.20%	2.22%	1.98%	1.80%	1.68%	1.79%	2.13%	2.20%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.06	$0.01	($0.14)	($0.10)	$0.08	($0.06)	($0.06)	($0.07)	($0.01)	$0.02	($0.08)
Adjusted Weighted Average Basic Shares Outstanding	153.25M	153.39M	153.23M	154.74M	153.58M	153.26M	153.68M	154.74M	156.09M	157.10M	156.88M
Adjusted Diluted Earnings per Share	$0.06	$0.01	($0.14)	($0.10)	$0.08	($0.06)	($0.06)	($0.07)	($0.01)	$0.02	($0.08)
Adjusted Weighted Average Diluted Shares Outstanding	156.69M	158.18M	156.77M	154.74M	155.98M	153.26M	153.68M	154.74M	156.09M	160.77M	156.88M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	153.59M	153.80M	154.67M	154.85M	153.73M	153.55M	154.13M	156.17M	157.23M	158.84M	161.05M
Normalized Net Operating Profit after Tax (NOPAT)	10	2.07	-11	-1.52	11	6.77	-7.72	-7.26	-1.66	3.17	-8.91
Normalized NOPAT Margin	0.85%	0.17%	-1.14%	-0.16%	0.85%	0.55%	-0.70%	-0.76%	-0.13%	0.24%	-0.75%
Pre Tax Income Margin	1.14%	0.33%	-1.53%	-1.82%	1.54%	-0.63%	-0.97%	-0.98%	-0.14%	0.34%	-1.13%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	333.64%	550.89%	-317.83%	-117.69%	-135.49%	-94.88%	-147.03%	-180.86%	-96.72%	-157.91%	-135.48%
Augmented Payout Ratio	2,542.42%	4,024.17%	-2,107.09%	-745.61%	-841.37%	-526.35%	-810.59%	-859.88%	-383.14%	-525.69%	-382.90%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, data-driven look at EXP World Holdings, Inc. (EXPI) using four years of quarterly financials. The focus is on trends across income statements, cash flows, and balance sheets, with a Retail Investor-friendly take on what this may imply for EXPI’s risk and opportunity.

Revenue growth: Revenue has trended higher over the period, rising from about $0.93B in 2022 (Q4) to about $1.19B in 2025 (Q4). This indicates expanding top-line scale despite ongoing profitability questions.
Consistent positive operating cash flow in recent quarters: Net cash from continuing operating activities has remained positive across the latest four quarters (Q1–Q4 2025), with quarterly figures indicating ongoing cash generation from core operations.
Low leverage: Long-term debt is effectively zero in the latest periods, suggesting a minimal interest burden and conservative capital structure.
Healthy liquidity: In recent quarters, total current assets exceed total current liabilities (exemplified by a solid current asset base versus current liabilities in 2025), yielding a reasonable liquidity cushion for near-term obligations.
Capital returns to shareholders: The company has issued and maintained a per-share dividend of $0.05 and has engaged in share repurchases in some periods, indicating an emphasis on returning capital to shareholders.
Equity position with dilution signals: Total equity remains positive (roughly a few hundred million in recent quarters), but sizable treasury stock and negative retained earnings point to dilution risk and a stressed earnings base despite a positive balance sheet.
Large, non-core operating expense swings: Notable spikes in Other Operating Expenses / (Income) in multiple quarters (e.g., substantial charges in 2025 Q3 and Q4) distort operating results and create volatility in reported profitability.
Occasional narrow operating profits: There are quarters with modest operating profits (for example, a small positive pre-tax/income in some 2025 periods), but these are not consistent across the full four-year window.
Persistent net losses in many periods: Net income (and earnings per share) have been negative in several quarters within the period (notably -12.9M in 2025 Q4 and ongoing prior-year losses), signaling ongoing profitability challenges despite revenue growth.
Financing outflows from buybacks and dividends: Financing activities show meaningful outflows from share repurchases and dividends in multiple quarters, which can pressure cash reserves during downturns or capex needs.

05/05/26 07:03 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Exp World's Financials

When does Exp World's financial year end?

According to the most recent income statement we have on file, Exp World's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Exp World's net income changed over the last 10 years?

Exp World's net income appears to be on an upward trend, with a most recent value of -$22.71 million in 2025, rising from -$1.96 million in 2015. The previous period was -$21.27 million in 2024. Find out what analysts predict for Exp World in the coming months.

What is Exp World's operating income?

Exp World's total operating income in 2025 was -$21.47 million, based on the following breakdown:

Total Gross Profit: $4.77 billion
Total Operating Expenses: $4.79 billion

How has Exp World's revenue changed over the last 10 years?

Over the last 10 years, Exp World's total revenue changed from $22.46 million in 2015 to $4.77 billion in 2025, a change of 21,144.0%.

How much debt does Exp World have?

Exp World's total liabilities were at $199.70 million at the end of 2025, a 7.5% increase from 2024, and a 29,965.9% increase since 2015.

How much cash does Exp World have?

In the past 10 years, Exp World's cash and equivalents has ranged from $571.81 thousand in 2015 to $125.87 million in 2023, and is currently $124.25 million as of their latest financial filing in 2025.

How has Exp World's book value per share changed over the last 10 years?

Over the last 10 years, Exp World's book value per share changed from 0.01 in 2015 to 1.53 in 2025, a change of 12,326.8%.

Related Companies

Financial statements for NASDAQ:EXPI last updated on 2/26/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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