eXp World Holdings, Inc. — Earnings Quality Grade F
EXPI · Real Estate
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 8 days, change +1 days YoY
AR growth 24.1% exceeds revenue growth 4.5%
Revenue 4.5%, CFFO -38.1%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 29.9% is >2x revenue growth 4.5%
SG&A/Gross Profit = 85.6%, exceeds 70%
Gross margin 7.0%, change -0.5pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.1B, FCF/NI = -4.77
Accruals ratio = -31.9%. Low accruals
Insufficient data
Balance Sheet Health
Goodwill+Intangibles $0.0B = 9% of equity. Manageable
Insufficient data
Other assets grew 101.2% vs revenue 4.5%
Write-offs normal
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -6% YoY. Normal
Manipulation Score
M-Score = -3.70 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25