EXPI (eXp World Holdings Inc) vs S&P 500 Comparison

EXPI

S&P 500

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EXPI

S&P 500

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EXPI

S&P 500

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S&P 500

EXPI

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JLL

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eXp World Holdings Inc
Glance View

Market Cap

1.7B USD

Industry

Real Estate

In the rapidly reshaping landscape of real estate brokerage, eXp World Holdings Inc. has carved out a distinctive niche by embracing technological innovation at its core, effectively blurring the lines between a traditional real estate firm and a cutting-edge tech company. Born in 2009 amid economic turmoil, eXp Realty emerged as a bold experiment in deploying a cloud-based model for real estate transactions—a pioneering approach in an industry historically entrenched in face-to-face dealings. Spearheaded by Glenn Sanford, a former top-producing agent frustrated with conventional methods, the company abandoned the classic brick-and-mortar office settings in favor of a virtual platform. This pivot allowed it to scale with lesser overhead, attracting agents who appreciated the flexibility and the robust suite of technological tools available at their disposal, such as the immersive 3D virtual environment offered by eXp World, a virtual world for collaboration and professional development powered by Virbela. The company's unique business model further distinguishes it in the industry. At its core, eXp Realty operates on a revenue-sharing scheme more akin to multi-level marketing than traditional brokerage models, drawing a substantial portion of its income by encouraging agents to recruit more agents, thereby expanding its network rapidly. Alongside this, its compensation structure empowers agents with the opportunity to earn stock in the publicly-traded parent company, creating additional financial incentives aligned with the company’s success. As eXp has expanded its footprint beyond North America to a global stage, it also accommodates its agents with a robust suite of productivity tools, training programs, and a powerful lead-generation system, all designed to enhance their income potential. This approach has not only driven impressive growth for eXp World Holdings but also positioned it as a transformative force in the real estate sector, keenly watched by industry incumbents and tech-savvy disruptors alike.

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EXPI Intrinsic Value

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

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EXPI

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S&P 500

Stocks Performance
EXPI vs S&P 500

Performance Gap
EXPI vs S&P 500

Performance By Year
EXPI vs S&P 500

Competitors Performance
eXp World Holdings Inc vs Peers

eXp World Holdings Inc
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EXPI vs S&P 500

Stocks Performance EXPI vs S&P 500

Performance Gap EXPI vs S&P 500

Performance By Year EXPI vs S&P 500

Competitors Performance eXp World Holdings Inc vs Peers

eXp World Holdings Inc Glance View

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EXPI

vs

S&P 500

Stocks Performance
EXPI vs S&P 500

Performance Gap
EXPI vs S&P 500

Performance By Year
EXPI vs S&P 500

Competitors Performance
eXp World Holdings Inc vs Peers

eXp World Holdings Inc
Glance View