eXp World Holdings (EXPI) AI Stock Analysis

• Market Cap: $1.19B
• Dividend Yield: 2.09%
• Average Volume (3M): 862.88K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.07
• Revenue Growth: 5.08%
• EPS Growth: 41.21%
• Country: US
• Employees: 2,001
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): -0.08
• Shares Outstanding: 161,049,970
• 10 Day Avg. Volume: 927,227
• 30 Day Avg. Volume: 862,885
• PEG Ratio: 0.00
• Price to Book (P/B): 5.95
• Price to Sales (P/S): 0.30
• P/FCF Ratio: 13.24
• Enterprise Value/Market Cap: 0.87
• Enterprise Value/Revenue: 0.22
• Enterprise Value/Gross Profit: 3.10
• Enterprise Value/Ebitda: -81.77
• 1Y Price Target: $11.00
• Price Target Upside: 0.36% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.18
• Revenue Forecast (FY): $4.98B

• Rating: 56 Neutral
• Price Target: $7.50 ▼(-31.57% Downside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is anchored by solid financial resilience (minimal leverage and consistent free cash flow) and constructive 2026 guidance aimed at EBITDA/margin improvement. These positives are tempered by weak current profitability (recent net losses and margin compression) and clearly bearish technicals (below key moving averages with negative MACD), with only modest support from the dividend yield amid a negative P/E.

Positive Factors

Conservative balance sheet

Minimal leverage materially reduces financial risk and gives durable financing flexibility. With essentially no debt and an enlarged equity base, the company can fund international rollouts, platform and AI investments, and absorb timing of settlement cash needs without relying on external credit markets.

Consistent free cash flow

Sustained positive operating and free cash flow underpins self-funding of growth, technology and AI initiatives, and shareholder distributions. Reliable cash generation despite reported net losses provides a durable cushion to execute multi-quarter strategic programs without immediate external funding.

International expansion & productivity gains

Rapid international growth, lower launch costs and rising agent productivity create a structural revenue diversification and scale advantage. Scalable team/co-sponsor models and higher PPP reduce reliance on the U.S. market, improving long-term topline resilience and margin upside as initiatives mature.

Negative Factors

Recurring net losses

Intermittent profitability and negative returns on equity indicate the firm is not yet consistently converting scale into sustainable profit. This constrains long-term shareholder returns, raises sensitivity to execution risk, and makes margin recovery essential to justify continued investment pacing.

Gross margin compression

A structural shift toward more capped transactions reduces per-transaction take and limits operating leverage. Even with revenue growth, margin compression can mute EBITDA expansion unless productivity improvements or pricing changes offset the higher capped mix over multiple quarters.

Settlement-driven cash constraints

Obligations tied to the NAR settlement and a $100M internal cash threshold constrain capital allocation. Reserving cash limits buybacks, larger M&A or faster platform investment, reducing strategic flexibility and making multi-quarter execution and returns sensitive to settlement timing.

eXp World Holdings Business Overview & Revenue Model

Company Description

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. In addition, the company operates SUCCESS print magazine, SUCCESS.com portal, SUCCESS newsletters, podcasts, digital training courses, and affiliated social media accounts across platforms. Further, it provides marketing, training, and other support services to its brokers and agents through proprietary technology enabled services, as well as technology and support services contracted to third parties. eXp World Holdings, Inc. operates in the United States, Canada, the United Kingdom, Australia, South Africa, India, Portugal, France, Mexico, Puerto Rico, Brazil, Italy, Hong Kong, Colombia, Spain, Israel, Panama, and Germany. The company was formerly known as eXp Realty International Corporation and changed its name to eXp World Holdings, Inc. in May 2016. eXp World Holdings, Inc. was incorporated in 2008 and is based in Bellingham, Washington.

How the Company Makes Money

eXp World Holdings primarily generates revenue through its real estate brokerage operations under eXp Realty. The company earns commissions from real estate transactions conducted by its network of independent agents. These commissions are shared between the company and the agents, with eXp Realty retaining a portion as its revenue. Additionally, eXp World Holdings benefits from its virtual world platform, Virbela, which provides software solutions for remote collaboration, contributing to its revenue through licensing and subscription fees. The company also generates income from Success Enterprises by offering personal development programs and coaching services. eXp's innovative revenue-sharing model and stock compensation plan for agents, which incentivizes growth and productivity, further enhances its earnings potential.

eXp World Holdings Financial Statement Overview

Summary

Strong balance sheet (essentially no debt) and consistently positive operating/free cash flow support resilience, but the income statement remains the key weakness with thin, deteriorating margins and recurring net losses in recent years.

Income Statement

Revenue has expanded meaningfully over the long run (2020–2025), including a sharp rebound in 2025, but profitability has weakened versus earlier years. Gross margin has drifted down (from ~8.9% in 2020 to ~7.0% in 2025), and the company has posted net losses in 3 of the last 4 years (2022 was profitable). Operating profitability is thin and inconsistent, with recent results pressured and margins hovering around breakeven to negative.

Balance Sheet

The balance sheet is conservatively positioned with essentially no debt (debt-to-equity ~0 across recent years), which materially reduces financial risk. Equity has grown from 2020 levels, supporting a larger asset base. The main weakness is returns to shareholders: return on equity has been negative in 2023–2025 due to losses, indicating the company is not currently converting its capital base into profits despite the low leverage.

Cash Flow

Cash generation is a clear strength: operating cash flow and free cash flow are positive in every year shown, including 2025. Free cash flow growth rebounded strongly in 2025 after a decline in 2024, and free cash flow remains high relative to reported earnings (losses in recent years). A watch item is that operating cash flow versus net income weakened in 2025 versus prior years, signaling somewhat less cash conversion than the very strong 2022–2024 period.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.77B	4.57B	4.27B	4.59B	3.77B
Gross Profit	333.58M	342.39M	319.92M	361.17M	296.03M
EBITDA	-10.67M	30.23M	11.41M	26.20M	40.40M
Net Income	-22.71M	-21.27M	-8.97M	15.44M	81.22M
Balance Sheet
Total Assets	442.48M	390.72M	385.67M	381.68M	413.83M
Cash, Cash Equivalents and Short-Term Investments	124.25M	113.61M	125.87M	121.59M	108.24M
Total Debt	0.00	0.00	10.00K	869.00K	1.08M
Total Liabilities	199.70M	185.85M	141.66M	132.69M	190.29M
Stockholders Equity	242.78M	204.87M	242.84M	247.82M	222.17M
Cash Flow
Free Cash Flow	109.04M	185.03M	201.17M	198.48M	233.47M
Operating Cash Flow	118.61M	191.51M	209.13M	210.53M	246.89M
Investing Cash Flow	-23.47M	-19.47M	-13.50M	-22.46M	-18.92M
Financing Cash Flow	-86.54M	-170.38M	-184.09M	-204.51M	-179.92M

eXp World Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 10.96
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EXPI, the sentiment is Negative. The current price of 10.96 is above the 20-day moving average (MA) of 8.11, above the 50-day MA of 8.93, and above the 200-day MA of 9.84, indicating a bearish trend. The MACD of -0.51 indicates Positive momentum. The RSI at 25.85 is Positive, neither overbought nor oversold. The STOCH value of 24.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EXPI.

eXp World Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
RMAX	60 Neutral	$209.72M	16.44	2.87%	―	-6.06%	―
REAX	58 Neutral	$546.23M	-51.61	-25.27%	―	65.60%	69.72%
EXPI	56 Neutral	$1.19B	-50.34	-8.09%	2.09%	5.08%	41.21%
NMRK	56 Neutral	$2.66B	25.46	8.08%	0.68%	22.22%	94.52%
DOUG	54 Neutral	$196.29M	-3.19	-41.11%	―	6.62%	30.94%

eXp World Holdings Corporate Events

eXp World Holdings Posts 2025 Results, Declares Q1 Dividend

eXp World Holdings reported fourth-quarter and full-year 2025 results on February 24, 2026, showing 4% revenue growth to $4.8 billion for 2025 and quarterly revenue of $1.2 billion. The company posted a full-year net loss of $22.7 million, or $0.14 per diluted share, alongside reduced operating expenses of $355 million and positive adjusted EBITDA of $33.2 million, while ending 2025 with $124.2 million in cash and strong operating cash flow.

Operationally, eXp expanded its global agent base to 83,060 by December 31, 2025, lifted annual transaction sides by 1% to 440,163 and increased real estate sales volume 5% to $194 billion, underscoring continued scale despite a modest dip in its agent Net Promoter Score to 75. The company returned $87 million to shareholders in 2025 through stock buybacks and dividends and, on February 10, 2026, its board declared a further $0.05 per-share dividend for the first quarter of 2026, signaling ongoing capital return even as management targets margin improvement and lays out a 2026 outlook of up to $5.15 billion in revenue and higher adjusted EBITDA.

Management highlighted 2025 as a defining execution year that validated its agent-centric and AI-driven strategy, including international expansion into seven new countries and deeper integration of AI tools such as the LYVVE search engine and revamped SUCCESS+ coaching platform. With detailed guidance for 2026 and a focus on tightening operating expenses while scaling its virtual brokerage model, eXp is aiming to strengthen profitability and reinforce its competitive position in the tech-enabled real estate brokerage space.

The most recent analyst rating on (EXPI) stock is a Buy with a $11.50 price target. To see the full list of analyst forecasts on eXp World Holdings stock, see the EXPI Stock Forecast page.

eXp World restructures executive compensation, boosting base salaries

On December 23, 2025, eXp World Holdings, Inc.’s Board of Directors approved a change to the cash compensation structure for three key executives: Leo Pareja, CEO of eXp Realty, Wendy Forsythe, Chief Marketing Officer, and James Bramble, Chief Legal Counsel and Corporate Secretary. Effective January 1, 2026, these executives will no longer participate in the company’s discretionary annual cash bonus program; instead, each of their annual base salaries will be increased by an amount equal to the maximum annual bonus target previously applicable to them, effectively shifting their pay mix from variable to fixed cash compensation.

The most recent analyst rating on (EXPI) stock is a Hold with a $9.50 price target. To see the full list of analyst forecasts on eXp World Holdings stock, see the EXPI Stock Forecast page.