GICS Sector : Real Estate
eXp World Holdings, Inc., together with its subsidiaries, provides cloud-based real estate brokerage services for residential homeowners and homebuyers.The company facilitates buyers to search real-time property listings and sellers to list their properties through its various platforms; and offers buyers and sellers with access to a network of professionals, consumer-centric agents, and brokers.It is also involved in building 3D virtual worlds for work, education, and events; and focused on agent website and consumer real estate portal technology.
eXp World Holdings reported revenue of $1.3 billion in Q3 2025, a 7% increase year-over-year, driven by a 7% increase in real estate sales volume and a 3% year-over-year increase in sales transactions. However, the company's GAAP gross margin was 6.5%, down 57 basis points from last year, while non-GAAP gross margin was 10.9%. Adjusted EBITDA of $17.7 million was positive but down year-over-year. The company's EPS came in at $0.02, missing estimates of $0.08. The agent count was 83,446, a 2% year-over-year decrease, but a 1% quarter-over-quarter increase in 2025.
Publication Date: Nov -24
The North America Realty segment remains the largest revenue and profit generator, while the international segment continues to scale and gain momentum, with revenue growing 68% year-over-year. The company is focused on increasing operational efficiency, driving continued profitability, and growing internationally with a disciplined scalable model. As Glenn Sanford demonstrated, the company has used AI to help agents remove drag from redundant tasks, showcasing examples of AI-powered tools, such as document management and personal development social networks.
The company has made significant progress in its international market expansion strategy, remaining on pace to achieve its 2030 vision of 50,000 agents in 50 countries. The company has opened operations in five new countries and has plans to open three more. Agent productivity improved 5.4% year-over-year in Q3, translating into meaningful gains at the company's scale. The company is also focusing on increasing operational efficiency, with Jesse Hill explaining that the sizable step down in G&A was due to front-running some expenses as they invested in AI and automation, and back-office streamlined operations.
With a P/S Ratio of 0.38, the stock appears to be undervalued relative to its revenue growth. However, the P/E Ratio is -90.17, indicating that the company is currently unprofitable on a GAAP basis. The EV/EBITDA ratio is -239.06, which suggests that the company's enterprise value is not justified by its current EBITDA. Analysts estimate next year's revenue growth at 5.4%, which may not be enough to justify the current valuation.
eXp Realty Expands Into Two New European Markets and Plans a Third, Marking a Significant Year of Global Growth
Dec -02
eXp Realty Debuts LYVVE, a Global Search Platform Redefining How the World Experiences Real Estate
Dec -01
eXp Realty Sets New Standard for Consumer Advocacy
Nov -25
eXp World Holdings to Participate in the Stephens Annual Investment Conference
Nov -14
MarketWatch Names eXp Realty CEO Leo Pareja to The 2025 MarketWatch 25, Recognizing Visionary Leaders Shaping How We Live, Work, Spend and Invest
Nov -13
eXp World Holdings, Inc. (EXPI) Q3 2025 Earnings Call Transcript
Nov -09
Why eXp World Holdings Stock Surged by 11% Today
Nov -07
eXp World Holdings (EXPI) Q3 Earnings Miss Estimates
Nov -07
eXp World Holdings' North America Realty segment growth of 8.75% is driven by increasing agent count, rising transaction volume, and expanding market share. Additionally, the company's cloud-based brokerage model, competitive commission structure, and technology-enabled services attract and retain top-producing agents, fueling growth.
International Realty's 7.43% growth is driven by increasing demand for global real estate services, strategic expansion into new markets, and eXp World Holdings' innovative cloud-based brokerage model, which attracts agents and clients alike. Additionally, the company's focus on technology, training, and support for agents has led to increased productivity and retention, further fueling growth.
Virbela's 32.75% growth is driven by increasing adoption of virtual events and remote work, fueled by COVID-19 pandemic. eXp World Holdings' strategic expansion into new markets, innovative platform features, and strong brand recognition also contribute to its rapid growth.
eXp World Holdings, Inc.'s 10.27% growth driven by increasing agent count, rising transaction volume, and expanding revenue streams from ancillary services. Strong brand recognition, innovative technology, and cost-effective business model also contribute to growth. Additionally, strategic acquisitions and partnerships enhance the company's market presence and capabilities.
eXp World Holdings' Other Affiliated segment growth of 9.9% is driven by increasing adoption of its cloud-based brokerage model, expansion into new markets, and strategic partnerships. Additionally, the company's focus on agent-centric services, technology-enabled transaction management, and cost savings initiatives contribute to its growth momentum.
eXp Realty is a cloud-based real estate brokerage that provides a virtual platform for real estate agents to collaborate, communicate, and conduct business.
VirBELA is a virtual world platform that provides a immersive and interactive environment for remote work, education, and events.
eXp World is a virtual world platform that provides a immersive and interactive environment for real estate agents, brokers, and other professionals.
Success Lending is a mortgage lending platform that provides a range of mortgage products and services to real estate agents and their clients.
eXp Commercial is a commercial real estate platform that provides a range of services and tools for commercial real estate agents and brokers.
eXp World Holdings, Inc. operates in the real estate industry, where substitutes are limited. However, the rise of online platforms and digital marketplaces may pose a moderate threat to the company's traditional business model.
eXp World Holdings, Inc. has a large customer base, but individual customers have limited bargaining power due to the company's diversified revenue streams and strong brand presence.
eXp World Holdings, Inc. has a diverse supplier base, and no single supplier has significant bargaining power. The company's strong financial position also reduces its dependence on suppliers.
The real estate industry is highly competitive, and new entrants can easily disrupt the market with innovative business models and technologies. eXp World Holdings, Inc. must continuously innovate to stay ahead of new competitors.
The real estate industry is highly competitive, with many established players and new entrants vying for market share. eXp World Holdings, Inc. must differentiate itself through its business model, technology, and customer service to maintain its market position.
| Value | |
|---|---|
| Debt Weight | 0.01% |
| Debt Cost | 3.95% |
| Equity Weight | 99.99% |
| Equity Cost | 15.38% |
| WACC | 15.38% |
| Leverage | 0.01% |
Value: 9.0
Growth: 1.0
Quality: 4.9
Yield: 1.0
Momentum: 9.5
Volatility: 1.0
1-Year Total Return ->
Value: 8.5
Growth: 3.2
Quality: 6.8
Yield: 2.0
Momentum: 2.0
Volatility: 3.7
1-Year Total Return ->
Value: 7.5
Growth: 4.0
Quality: 5.1
Yield: 0.0
Momentum: 5.0
Volatility: 3.7
1-Year Total Return ->
Value: 5.1
Growth: 5.2
Quality: 4.5
Yield: 3.0
Momentum: 3.0
Volatility: 3.7
1-Year Total Return ->
Value: 9.6
Growth: 3.3
Quality: 5.4
Yield: 0.0
Momentum: 5.0
Volatility: 0.7
1-Year Total Return ->
Value: 3.8
Growth: 4.4
Quality: 2.7
Yield: 0.0
Momentum: 6.5
Volatility: 6.3
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