eXp World Holdings, Inc. (EXPI) · 10+ Years of Financial Ratios

Profitability	2010 Y	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	60.28	- -
Return on Assets (%)	- -	-4,172.15	-9,137.67	-342.17	-602.52	16.7	-178.71	-200.66	-213.4	-63.65	-12.51	18.39	24.76	3.88	-2.34
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-58.89	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	31.65	- -	- -	- -
Gross Margin (%)	- -	- -	- -	- -	16.78	16.97	14.86	13.29	10.57	8.08	8.58	8.88	7.85	7.98	7.57
EBITDA Margin (%)	- -	- -	- -	- -	-10.41	0.36	-8.15	-13.66	-13.89	-4.3	-0.65	1.98	1.07	0.33	0.08
Operating Margin (%)	- -	- -	- -	- -	-10.45	0.25	-8.26	-13.76	-14.11	-4.48	-0.9	1.76	0.91	0.12	-0.17
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	43.19	- -	- -	- -	- -	- -	4.93	0.13	-3.48	- -
Pretax Margin (%)	- -	- -	- -	- -	-10.44	0.24	-8.27	-13.77	-14.11	-4.47	-0.92	1.75	0.89	0.1	-0.31
Profit Margin (%)	- -	- -	- -	- -	-10.46	0.78	-8.63	-13.79	-14.18	-4.48	-0.97	1.73	2.15	0.34	-0.21
Net Income to Common Margin (%)	- -	- -	- -	- -	-10.46	0.78	-8.63	-13.79	-14.18	-4.48	-0.97	1.73	2.15	0.34	-0.21
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.32	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	14.24	163.76	-317.83
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-38.43	- -

Credit	2010 Y	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	8	1	1	1	1	1	- -
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	8	1	- -	1	- -	- -	- -
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	- -	1	1	- -
Total Debt/EBITDA	- -	-0.01	- -	- -	-0.06	1.29	- -	- -	-0.35	-0.05	-0.2	0.02	0.03	0.06	- -
Net Debt/EBITDA	0.01	-0.01	0.02	0.57	0.03	-6.08	0.31	0.23	-0.13	0.83	5.89	-2.69	-2.68	-7.98	-34.91
Total Debt/EBIT	- -	-0.01	- -	- -	-0.06	1.85	- -	- -	-0.34	-0.04	-0.14	0.03	0.03	0.16	- -
Net Debt/EBIT	0.01	-0.01	0.02	0.57	0.03	-8.72	0.31	0.22	-0.13	0.8	4.29	-3.03	-3.17	-22.48	17.48
EBITDA to Interest Expense	- -	- -	- -	- -	-547.77	50.88	-1,623.74	-19,766.11	-10,437.37	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	-567.2	-1.18	-1,674.42	-20,892.25	-11,054.2	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	-549.95	35.49	-1,647.08	-19,923.87	-10,607.44	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-2,870.49	- -	-20,728.05	-550.51	-457.46	-154.31	-476.69	-171.44	-222.69	-108.81	-72.88	-16.17	7.37	5.43	-4.35
Long-Term Debt/Equity (%)	- -	- -	- -	- -	328.89	- -	- -	- -	- -	- -	1.59	0.05	0.34	0.28	- -
Long-Term Debt/Capital (%)	- -	- -	- -	- -	-4.26	- -	- -	- -	- -	- -	-1.2	-0.2	2.32	3.05	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	18.71	- -	- -	- -	- -	- -	0.86	0.03	0.18	0.18	- -
Total Debt/Equity (%)	- -	-1.28	- -	- -	328.89	14.96	- -	1.42	177.56	3.25	2.42	0.58	0.48	0.35	- -
Total Debt/Capital (%)	- -	-0.63	- -	- -	-4.26	-4.59	- -	-0.34	-30.22	-1.63	-1.84	-2.2	3.27	3.82	-0.06
Total Debt/Total Assets (%)	- -	- -	- -	- -	18.71	6.78	- -	0.59	51.69	1.75	1.31	0.34	0.26	0.23	- -
Net Debt to Equity	5.91	-1.28	0.8	1,303.15	-202.84	-70.46	-96.51	-65.25	67.91	-59.74	-72.21	-67.22	-48.42	-48.83	-51.99
Net Debt/Capital (%)	0.68	-0.63	0.48	15.34	2.46	17.14	8.69	13.61	-9.74	22.29	34.55	69.72	143.77	123.03	89.06
EBITDA	- -	- -	- -	- -	-1	- -	-2	-7	-22	-21	-6	36	40	15	4
EBITDA-CapEx	- -	- -	- -	- -	-1	- -	-2	-8	-23	-24	-12	29	27	3	-2
Operating Income (Loss)	- -	- -	- -	- -	-1	- -	-2	-7	-22	-22	-9	32	34	5	-7

Liquidity	2010 Y	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.05	- -	0.01	0.93	0.4	0.71	0.86	0.47	0.45	0.85	0.96	1.04	0.58	0.96	0.9
Current Ratio	0.23	- -	0.01	0.93	1.14	1.52	1.73	1.56	1.26	1.75	1.88	2.2	1.71	2	1.88
Quick Ratio	0.05	- -	0.01	0.93	0.83	1.09	1.38	1.31	1.12	1.57	1.63	1.83	1.29	1.64	1.5
CFO/Avg Current Liab	- -	-0.97	-0.48	-0.34	0.11	0.65	0.59	0.48	0.65	1.41	1.67	1.73	1.74	1.34	1.56
Common Equity/Total Assets	-2,870.49	- -	-20,728.05	-550.51	-457.46	-154.31	-476.69	-171.44	-222.69	-108.81	-72.88	-16.17	7.37	5.43	-4.35
Long-Term Debt/Equity (%)	- -	- -	- -	- -	328.89	- -	- -	- -	- -	- -	1.59	0.05	0.34	0.28	- -
Long-Term Debt/Capital (%)	- -	- -	- -	- -	-4.26	- -	- -	- -	- -	- -	-1.2	-0.2	2.32	3.05	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	18.71	- -	- -	- -	- -	- -	0.86	0.03	0.18	0.18	- -
Total Debt/Equity (%)	- -	-1.28	- -	- -	328.89	14.96	- -	1.42	177.56	3.25	2.42	0.58	0.48	0.35	- -
Total Debt/Capital (%)	- -	-0.63	- -	- -	-4.26	-4.59	- -	-0.34	-30.22	-1.63	-1.84	-2.2	3.27	3.82	-0.06
Total Debt/Total Assets (%)	- -	- -	- -	- -	18.71	6.78	- -	0.59	51.69	1.75	1.31	0.34	0.26	0.23	- -
CFO/Total Liabilities	-569.04	-57.12	-39.45	-52.41	5.14	48.94	52.12	28.63	44.03	93.99	124.51	120.14	129.74	158.67	147.63
CFO/CapEx	- -	- -	- -	- -	0.41	4.99	6.06	2.46	3.57	11.39	10.74	18.59	18.39	17.47	39
Altman's Z-Score	-89.08	- -	-591.11	-13.56	14.92	29.27	44.85	38.41	27.27	18.12	20.81	38.19	26.29	21.4	22.5

Working Capital	2010 Y	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	- -	- -	- -	198.47	90.07	84.66	31.9	31.45	41.1	42.96	34.21	35.84	41.66	49.43
Days Sales Outstanding	- -	- -	- -	- -	1.84	4.05	4.31	11.44	11.61	8.88	8.5	10.67	10.18	8.76	7.38
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	225.41	164.18	225.84	227.97	293.13	272.98	287.05	368.99	554.65	482.22	410.29
Accounts Payable Turnover Days	- -	- -	- -	- -	1.62	2.22	1.62	1.6	1.25	1.34	1.27	0.99	0.66	0.76	0.89
Cash Conversion Cycle	- -	- -	- -	- -	0.22	1.83	2.69	9.84	10.36	7.54	7.23	9.68	9.53	8	6.5
Inventory to Cash Days	- -	- -	- -	- -	1.84	4.05	4.31	11.44	11.61	8.88	8.5	10.67	10.18	8.76	7.38
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2010 Y	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	- -	- -	- -	14	42	212	423	434	763	4,846	5,043	1,663	2,422
- Cash & Cash Equivalents	- -	- -	- -	- -	- -	- -	1	2	5	21	40	100	108	122	127
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	1	1	1
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	8	1	1	1	1	1	- -
Enterprise Value	- -	- -	- -	- -	- -	13	42	211	426	414	724	4,748	4,937	1,543	2,296
Total Capital	- -	- -	- -	- -	-1	-1	-6	-10	-25	-60	-69	-37	33	23	-16
Total Debt/Capital (%)	- -	-0.63	- -	- -	-4.26	-4.59	- -	-0.34	-30.22	-1.63	-1.84	-2.2	3.27	3.82	-0.06
Total Debt / EV	- -	1	- -	- -	-1.62	- -	- -	- -	0.02	- -	- -	- -	- -	- -	4.35
EV/Sales	- -	- -	- -	- -	- -	1	1.85	3.94	2.73	0.83	0.74	2.64	1.31	0.34	0.54
EV/EBITDA	- -	- -	- -	- -	- -	277.67	- -	- -	- -	- -	- -	133.45	122.21	101.23	631.93
EV/EBIT	- -	- -	- -	- -	- -	398.04	- -	- -	- -	- -	- -	150.31	144.57	285.38	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	53.78	119.61	205.69	93.23	17.05	13.12	39.68	20	7.33	10.98
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	44.88	102.72	146.22	72.82	15.67	12	37.65	18.97	6.93	10.71
Diluted Market Cap	- -	- -	- -	- -	- -	14	42	207	410	413	732	5,095	5,347	1,700	2,400
Diluted Enterprise Value	- -	- -	- -	- -	- -	14	41	206	412	393	694	4,997	5,241	1,580	2,274
EV per Share	- -	2.66	- -	- -	- -	0.14	0.41	2.01	3.88	3.42	5.51	32.94	33.19	10.1	14.85
TTM Sales	- -	- -	- -	- -	11	13	22	54	156	500	980	1,798	3,771	4,598	4,281
TTM EBITDA	- -	- -	- -	- -	-1	- -	-2	-7	-22	-21	-6	36	40	15	4
TTM Operating Income	- -	- -	- -	- -	-1	- -	-2	-7	-22	-22	-9	32	34	5	-7
TTM Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	1	5	24	55	120	247	211	209
TTM Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	1	6	26	60	126	260	223	214

Multiples	2010 Y	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	- -	- -	- -	- -	129.61	- -	- -	- -	- -	- -	149.65	61.01	106.42	- -
Price/Earnings Average	- -	- -	- -	- -	- -	161.53	-17.69	-17.58	-9.84	-34.02	-66.7	59.51	77.29	163.11	-268.02
Price/Earnings High	- -	- -	- -	- -	- -	462.89	-47.4	-39.84	-18.99	-47.58	-80.17	174.62	136.4	323.36	-415.48
Price/Earnings Low	- -	- -	- -	- -	- -	46.29	-4.59	-4.29	-6.35	-17.9	-47.57	15.62	42.06	99.86	-185.29
Price/Book Value	- -	- -	- -	- -	- -	-9.65	-7.03	-20.3	-12.98	-7.14	-10.85	-123.75	165.29	80.24	-144.46
Price/Book Value Average	- -	- -	- -	- -	- -	-12.03	-5.81	-12.7	-6.9	-13.19	-9.41	-49.21	209.38	122.98	-144.78
Price/Book Value High	- -	- -	- -	- -	- -	-34.47	-15.58	-28.8	-13.32	-18.45	-11.32	-144.4	369.54	243.8	-224.43
Price/Book Value Low	- -	- -	- -	- -	- -	-3.45	-1.51	-3.1	-4.45	-6.94	-6.71	-12.92	113.95	75.29	-100.09
Price/Tangible Book Value	- -	- -	- -	- -	- -	32.87	71.12	84.05	99.33	22.6	18.51	39.95	24.84	7.8	11.19
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	40.97	58.79	52.6	52.81	41.76	16.06	15.89	31.46	11.96	11.21
Price/Tangible Book Value High	- -	- -	- -	- -	- -	117.41	157.49	119.25	101.91	58.4	19.3	46.62	55.52	23.71	17.38
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	11.74	15.24	12.84	34.06	21.97	11.46	4.17	17.12	7.32	7.75
Price/Sales	- -	- -	- -	- -	- -	1.01	1.85	3.87	2.62	0.83	0.75	2.59	1.31	0.36	0.56
Price/Sales Average	- -	- -	- -	- -	- -	1.25	1.53	2.42	1.39	1.53	0.65	1.03	1.66	0.55	0.56
Price/Sales High	- -	- -	- -	- -	- -	3.6	4.09	5.49	2.69	2.13	0.78	3.02	2.94	1.09	0.87
Price/Sales Low	- -	- -	- -	- -	- -	0.36	0.4	0.59	0.9	0.8	0.46	0.27	0.91	0.34	0.39
Price/Cash Flow	- -	- -	- -	- -	- -	55.06	119.89	202.48	89.66	16.99	13.27	38.93	20.07	7.81	11.47
Price/Cash Flow Average	- -	- -	- -	- -	- -	68.62	99.09	126.72	47.67	31.39	11.52	15.48	25.42	11.96	11.5
Price/Cash Flow High	- -	- -	- -	- -	- -	196.64	265.47	287.26	91.99	43.9	13.84	45.43	44.87	23.72	17.83
Price/Cash Flow Low	- -	- -	- -	- -	- -	19.66	25.69	30.92	30.74	16.52	8.21	4.06	13.84	7.32	7.95
Price/Free Cash Flow	- -	- -	- -	- -	- -	49.36	102.91	143.93	70.02	15.62	12.14	40.41	20.54	7.64	11.19
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	61.52	85.06	90.08	37.23	28.86	10.53	16.07	26.02	11.7	11.21
Price/Free Cash Flow High	- -	- -	- -	- -	- -	176.29	227.87	204.19	71.84	40.36	12.66	47.15	45.92	23.2	17.38
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	17.63	22.05	21.98	24.01	15.18	7.51	4.22	14.16	7.17	7.75
EV/Sales	- -	- -	- -	- -	- -	1	1.85	3.94	2.73	0.83	0.74	2.64	1.31	0.34	0.54
EV/Sales Average	- -	- -	- -	- -	- -	1.25	1.52	2.45	1.46	1.56	0.64	1.02	1.67	0.53	0.54
EV/Sales High	- -	- -	- -	- -	- -	3.61	4.13	5.6	2.8	2.2	0.77	3.09	2.96	1.07	0.85
EV/Sales Low	- -	- -	- -	- -	- -	0.34	0.38	0.57	0.95	0.8	0.44	0.23	0.89	0.31	0.36
EV/EBITDA	- -	- -	- -	- -	- -	277.67	- -	- -	- -	- -	- -	133.45	122.21	101.23	631.93
EV/EBITDA Average	0.01	-0.01	0.02	0.57	0.03	347.56	-18.71	-17.95	-10.51	-36.4	-97.44	51.4	155.51	159.33	633.42
EV/EBITDA High	0.01	-0.01	0.02	0.57	0.03	1,007.31	-50.67	-40.98	-20.16	-51.27	-118.33	156.18	276.46	323.58	1,000.94
EV/EBITDA Low	0.01	-0.01	0.02	0.57	0.03	95.26	-4.61	-4.21	-6.83	-18.72	-67.76	11.46	83.44	94.51	427.21
EV/EBIT	- -	- -	- -	- -	- -	398.04	- -	- -	- -	- -	- -	150.31	144.57	285.38	- -
EV/EBIT Average	0.01	-0.01	0.02	0.57	0.03	498.23	-18.45	-17.81	-10.34	-34.94	-70.98	57.89	183.96	449.18	-317.15
EV/EBIT High	0.01	-0.01	0.02	0.57	0.03	1,443.99	-49.95	-40.65	-19.84	-49.22	-86.2	175.91	327.04	912.22	-501.16
EV/EBIT Low	0.01	-0.01	0.02	0.57	0.03	136.55	-4.55	-4.18	-6.72	-17.97	-49.36	12.9	98.7	266.44	-213.9
Last Price	- -	- -	- -	- -	0.5	0.14	0.42	2.03	3.85	3.58	5.8	33.62	33.9	10.88	15.66
High Price	- -	- -	- -	- -	0.5	0.5	0.93	2.88	3.95	9.25	6.05	39.23	75.79	33.06	24.33
Low Price	- -	- -	- -	- -	0.5	0.05	0.09	0.31	1.32	3.48	3.59	3.51	23.37	10.21	10.85
Enterprise Value	- -	- -	- -	- -	- -	13	42	211	426	414	724	4,748	4,937	1,543	2,296
Enterprise Value Average	- -	- -	- -	- -	- -	17	34	131	228	782	623	1,829	6,283	2,429	2,302
Enterprise Value High	- -	- -	- -	- -	- -	48	93	300	437	1,102	757	5,556	11,169	4,933	3,637
Enterprise Value Low	- -	- -	- -	- -	- -	5	8	31	148	402	433	408	3,371	1,441	1,552

Per Share Data Items	2010 Y	2011 Y	2012 Y	2013 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	2,806	2,806	2,806	2,807	- -	97	100	105	110	121	131	144	149	153	155
Diluted Weighted Avg Shares	2,806	2,806	2,806	2,806	- -	103	99	102	106	115	126	152	158	156	153
Basic Weighted Avg Shares	2,806	2,806	2,806	2,806	- -	96	99	102	106	115	126	139	146	151	153
Revenue per Share	- -	- -	- -	- -	- -	0.14	0.23	0.52	1.47	4.33	7.76	12.98	25.8	30.44	27.94
EBITDA per Share	-1.16	-1.79	-1.2	-2.52	- -	- -	-0.02	-0.07	-0.2	-0.19	-0.05	0.26	0.28	0.1	0.02
Operating Income per Share	-1.16	-1.79	-1.2	-2.52	- -	- -	-0.02	-0.07	-0.21	-0.19	-0.07	0.23	0.23	0.04	-0.05
Basic EPS, GAAP	-1.16	-1.79	-1.2	-2.52	- -	- -	-0.02	-0.07	-0.21	-0.19	-0.08	0.22	0.56	0.1	-0.06
Basic EPS from Cont Ops	-1.16	-1.79	-1.2	-2.52	- -	- -	-0.02	-0.07	-0.21	-0.19	-0.08	0.22	0.56	0.1	-0.06
Diluted EPS, GAAP	-1.16	-1.79	-1.2	-2.52	- -	- -	-0.02	-0.07	-0.21	-0.19	-0.08	0.21	0.51	0.1	-0.06
Diluted EPS from Cont Ops	-1.16	-1.79	-1.2	-2.52	- -	- -	-0.02	-0.07	-0.21	-0.19	-0.08	0.2	0.51	0.1	-0.06
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.08	0.17	0.19
Cash Flow per Share	-2.1	-1.18	-1.3	-8.17	- -	- -	- -	0.01	0.04	0.21	0.44	0.86	1.69	1.39	1.36
Free Cash Flow per Basic Share	-2.1	-1.18	-1.3	-8.17	- -	- -	- -	0.01	0.03	0.19	0.4	0.82	1.6	1.31	1.33
Cash & Equivalents per Share	1.68	- -	2.63	1.44	- -	- -	0.01	0.02	0.04	0.17	0.3	0.69	0.73	0.8	0.82
Book Value per Share	-2.46	-4.25	-5.45	-7.97	- -	-0.01	-0.06	-0.1	-0.3	-0.5	-0.53	-0.27	0.21	0.14	-0.11
Tangible Book Value per Share	-2.84	-2.07	-3.27	-1.11	- -	- -	0.01	0.02	0.04	0.16	0.31	0.84	1.36	1.39	1.4

eXp World Holdings, Inc.

EXPI US

10.75

10.75