Agent-Aligned but Margin-Constrained, Initiating at Underperform

eXp World Holdings

Friday, March 20, 2026

Real Estate Services Company-Specific eXp World Holdings

eXp World Holdings (EXPI) is included in our real estate services coverage universe. For companies under coverage, we utilize the firm's proprietary survey data and macro research to inform our short-term and long-term financial projections. Our coverage includes an ongoing assessment of financial results and strategic performance. Our detailed quarterly reports span our perspective of latest results, underlying positives and negatives, detailed financial estimates, an updated financial model and refreshed valuation.