Latest Ratios: P/E Ratio -38.0x · EV/EBITDA N/A · ROE -10.1%. (2010–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $847M | $1.4B | $1.8B | $2.4B | $1.7B | $5.3B | $4.8B | $710M | $408M | $404M | $207M |
| Enterprise Value | $723M | $1.3B | $1.7B | $2.3B | $1.6B | $5.2B | $4.7B | $673M | $391M | $407M | $206M |
| P/E Ratio → | -38.00 | — | — | — | 112.15 | 66.06 | 150.29 | — | — | — | — |
| P/S Ratio | 0.18 | 0.30 | 0.39 | 0.56 | 0.38 | 1.41 | 2.66 | 0.72 | 0.82 | 2.59 | 3.83 |
| P/B Ratio | 3.50 | 5.95 | 8.63 | 9.75 | 6.95 | 23.77 | 33.54 | 13.61 | 13.62 | 94.89 | 82.07 |
| P/FCF | 7.82 | 13.32 | 9.56 | 11.82 | 8.72 | 22.76 | 42.24 | 14.18 | 18.42 | 142.07 | 341.33 |
| P/OCF | 7.14 | 12.17 | 9.24 | 11.37 | 8.22 | 21.52 | 39.97 | 12.86 | 16.80 | 97.96 | 202.48 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.28 | 0.36 | 0.53 | 0.35 | 1.38 | 2.61 | 0.69 | 0.78 | 2.61 | 3.80 |
| EV / EBITDA | — | — | — | 197.33 | 61.47 | 128.88 | 131.77 | — | — | — | — |
| EV / EBIT | — | — | 83.03 | 640.40 | 103.64 | 154.63 | 148.41 | — | — | — | — |
| EV / FCF | — | 12.17 | 8.95 | 11.20 | 8.11 | 22.30 | 41.40 | 13.45 | 17.61 | 143.08 | 338.61 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 7.0% | 7.0% | 7.5% | 7.5% | 7.9% | 7.8% | 8.9% | 8.6% | 8.1% | 10.6% | 13.8% |
| Operating Margin | -0.4% | -0.4% | -0.4% | 0.0% | 0.4% | 0.9% | 1.8% | -0.9% | -4.5% | -14.1% | -48.0% |
| Net Profit Margin | -0.5% | -0.5% | -0.5% | -0.2% | 0.3% | 2.2% | 1.7% | -1.0% | -4.5% | -14.2% | -48.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -10.1% | -10.1% | -9.5% | -3.6% | 6.5% | 44.4% | 32.0% | -23.2% | -131.0% | -652.1% | -1667.8% |
| ROA | -5.5% | -5.5% | -5.5% | -2.3% | 3.9% | 24.8% | 18.4% | -12.5% | -63.6% | -213.4% | -706.8% |
| ROIC | -15.3% | -15.3% | -13.6% | 0.3% | 10.0% | 31.3% | 74.8% | -47.3% | -174.7% | -411.4% | -4338.8% |
| ROCE | -9.6% | -9.6% | -8.5% | 0.2% | 6.8% | 18.3% | 31.6% | -20.4% | -124.7% | -649.2% | -1666.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 0.00 | 0.00 | 0.00 | 0.04 | 0.07 | 0.09 | 1.78 | 0.01 |
| Debt / EBITDA | — | — | — | 0.00 | 0.03 | 0.03 | 0.14 | — | — | — | — |
| Net Debt / Equity | — | -0.51 | -0.55 | -0.52 | -0.48 | -0.48 | -0.67 | -0.70 | -0.60 | 0.68 | -0.65 |
| Net Debt / EBITDA | — | — | — | -11.03 | -4.61 | -2.65 | -2.67 | — | — | — | — |
| Debt / FCF | — | -1.15 | -0.61 | -0.63 | -0.61 | -0.46 | -0.84 | -0.73 | -0.81 | 1.02 | -2.71 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | -10607.44 | -19923.83 |
Net cash position: cash ($124M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.53 | 1.53 | 1.44 | 1.88 | 2.00 | 1.71 | 2.20 | 1.88 | 1.75 | 1.26 | 1.56 |
| Quick Ratio | 1.53 | 1.53 | 1.44 | 1.88 | 2.00 | 1.71 | 2.20 | 1.88 | 1.57 | 1.12 | 1.32 |
| Cash Ratio | 0.62 | 0.62 | 0.61 | 0.89 | 0.96 | 0.58 | 1.04 | 0.96 | 0.85 | 0.45 | 0.47 |
| Asset Turnover | — | 10.79 | 11.69 | 11.08 | 12.02 | 9.11 | 7.43 | 10.16 | 8.96 | 10.66 | 8.88 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 106.16 | 93.21 | 54.67 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.6% | 2.1% | 1.7% | 1.2% | 1.5% | 0.2% | — | — | — | — | — |
| Payout Ratio | — | — | — | — | 163.4% | 14.2% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 0.9% | 1.5% | 0.7% | — | — | — | — |
| FCF Yield | 12.8% | 7.5% | 10.5% | 8.5% | 11.5% | 4.4% | 2.4% | 7.1% | 5.4% | 0.7% | 0.3% |
| Buyback Yield | 6.6% | 3.9% | 8.0% | 6.8% | 10.4% | 3.2% | 0.6% | 3.8% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 10.3% | 6.0% | 9.7% | 8.0% | 11.8% | 3.5% | 0.6% | 3.8% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $160M | $154M | $153M | $156M | $158M | $152M | $125M | $115M | $106M | $102M |
Includes 30+ ratios · 16 years · Updated daily
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Quick answers to the most common questions about buying EXPI stock.
eXp World Holdings, Inc.'s current P/E ratio is -38.0x. The historical average is 119.0x.
eXp World Holdings, Inc.'s return on equity (ROE) is -10.1%. The historical average is -5.2%.
Based on historical data, eXp World Holdings, Inc. is trading at a P/E of -38.0x. Compare with industry peers and growth rates for a complete picture.
eXp World Holdings, Inc.'s current dividend yield is 3.63%.
eXp World Holdings, Inc. has 7.0% gross margin and -0.4% operating margin.
Key Metrics
Top Statement Risk
Negative FFO despite record revenue
Metrics are mathematically derived from official filings.
P/FFO Multiple Distorted by Negative Earnings
EXPI's P/FFO multiple of 1.69 in Q2 2026 is not a meaningful valuation metric, as the company has posted negative FFO in seven of the last ten quarters, rendering the multiple an artifact of near-zero or negative denominator values.
The P/FFO ratio, which should replace P/E for REITs, is currently uninformative for EXPI because the company's FFO has been negative for most of the trailing ten quarters. The reported P/FFO of 1.69 in Q2 2026 is mathematically possible only because FFO was a negligible -$448,000, making the multiple highly volatile and not comparable to historical norms or peers. Investors should instead focus on the price-to-sales ratio of 0.18, which reflects the market's skepticism about the company's ability to convert its massive $4.77 billion revenue base into sustainable earnings.
NOI Margin Compression Undermines Scale
EXPI's NOI margin has declined from 8.3% in Q1 2024 to 6.8% in Q2 2026, indicating that the high commission payout structure is consuming a growing share of revenue as the company scales, leaving minimal room for operating profit.
The structural thinness of EXPI's NOI margin is a direct consequence of its agent-centric model, where over 93 cents of every commission dollar is returned to agents and the revenue-share network. The compression from 8.3% to 6.8% over ten quarters suggests that the company's cost advantages from its virtual model are being offset by the rising cost of agent incentives needed to maintain growth. This margin profile makes the business highly sensitive to transaction volume declines, as fixed corporate costs become a larger burden on a shrinking gross profit pool.
Dividend Unsupported by Core Earnings
EXPI's dividend payment of $8.2 million in Q2 2026 was not covered by its negative AFFO of -$2.9 million, indicating the payout is funded from balance sheet cash rather than sustainable operating cash flow.
The FFO payout ratio is undefined for most quarters due to negative FFO, and the Q2 2025 payout ratio of 130.1% already signaled an unsustainable trajectory. The current dividend yield of 3.6% appears attractive, but it is being paid from the company's $111.2 million cash reserve, not from distributable earnings. This practice is not indefinitely sustainable, and investors should monitor whether management will cut the dividend to preserve liquidity or continue drawing down cash reserves to maintain shareholder returns.
Debt-Free Balance Sheet Masks Operational Risk
EXPI maintains a debt-to-gross-assets ratio near zero, providing significant financial flexibility, but this traditional leverage metric is misleading as it ignores the substantial synthetic fixed cost embedded in its revenue share payout model.
The company's debt-free balance sheet is a key strength, offering a stark contrast to leveraged peers like Anywhere Real Estate (D/E of 1.95). However, the revenue share payout functions as a quasi-fixed obligation that persists even during market downturns, creating operational leverage that is not captured on the balance sheet. This synthetic leverage means that a decline in transaction volume could rapidly erode cash reserves, even without traditional debt service, making the company's financial health more fragile than its zero-debt profile suggests.
Agent Productivity Decline Threatens Model
EXPI's agent count growth appears to be stalling in its core North American segment, while agent productivity is under pressure from high mortgage rates, creating a dual headwind for the transaction-driven revenue model.
The company's growth is fundamentally tied to agent recruitment and their transaction volume. Recent context flags suggest North American agent growth is stalling, which may indicate market saturation for the virtual brokerage model. Simultaneously, the high-interest-rate environment is reducing transaction volumes per agent, as evidenced by the negative FFO growth of -22.6% in Q2 2026 despite record revenue. This combination suggests that future growth may increasingly rely on lower-margin international expansion or ancillary services, which could further pressure already thin profitability.
P/E Ratio: The Most Misapplied Metric
The P/E ratio of -38.00 is the most commonly misapplied metric to EXPI, as it is distorted by massive non-cash depreciation and amortization charges that obscure the company's near-breakeven cash operating performance.
For a REIT like EXPI, the P/E ratio is deeply misleading because the company's business model generates significant depreciation from its technology investments and capitalized commissions, which are non-cash expenses. The FFO-to-Net Income ratio of -14.40 in Q2 2026 demonstrates this distortion, where a GAAP net loss is reversed into a near-zero FFO figure. Analysts should instead use P/FFO or P/AFFO, but even these are currently uninformative due to negative values. The most relevant metric for EXPI is likely price-to-sales, which at 0.18 reflects the market's view that the company's massive revenue base has minimal earnings power under its current cost structure.