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Side-by-side financial comparison of Baxter International (BAX) and KE Holdings Inc. (BEKE). Click either name above to swap in a different company.
KE Holdings Inc. is the larger business by last-quarter revenue ($3.2B vs $3.0B, roughly 1.1× Baxter International). KE Holdings Inc. runs the higher net margin — 3.2% vs -37.9%, a 41.2% gap on every dollar of revenue. Over the past eight quarters, KE Holdings Inc.'s revenue compounded faster (9.8% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
KE Holdings Inc., operating under the well-known Beike brand, is a leading integrated online and offline residential service platform based in China. It offers a full range of services including second-hand property brokerage, new housing sales agency, home rental, renovation, and related financial consultation to meet diverse housing-related demands of consumers across multiple scenarios.
BAX vs BEKE — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $3.2B |
| Net Profit | $-1.1B | $104.9M |
| Gross Margin | 19.4% | 21.4% |
| Operating Margin | -24.5% | 2.6% |
| Net Margin | -37.9% | 3.2% |
| Revenue YoY | 458.0% | — |
| Net Profit YoY | -120.3% | — |
| EPS (diluted) | $-2.21 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $3.0B | $3.2B | ||
| Q3 25 | $2.8B | $3.6B | ||
| Q2 25 | $2.8B | — | ||
| Q1 25 | $2.6B | $3.2B | ||
| Q4 24 | $533.0M | — | ||
| Q3 24 | $2.7B | $3.2B | ||
| Q2 24 | $3.8B | $3.2B | ||
| Q1 24 | $3.6B | $2.3B |
| Q4 25 | $-1.1B | $104.9M | ||
| Q3 25 | $-46.0M | $182.4M | ||
| Q2 25 | $91.0M | — | ||
| Q1 25 | $126.0M | $117.9M | ||
| Q4 24 | $-512.0M | — | ||
| Q3 24 | $140.0M | $166.5M | ||
| Q2 24 | $-314.0M | $261.5M | ||
| Q1 24 | $37.0M | $59.8M |
| Q4 25 | 19.4% | 21.4% | ||
| Q3 25 | 33.5% | 21.9% | ||
| Q2 25 | 35.3% | — | ||
| Q1 25 | 32.8% | 20.7% | ||
| Q4 24 | 25.0% | — | ||
| Q3 24 | 38.3% | 22.7% | ||
| Q2 24 | 37.5% | 27.9% | ||
| Q1 24 | 38.6% | 25.2% |
| Q4 25 | -24.5% | 2.6% | ||
| Q3 25 | 6.1% | 4.1% | ||
| Q2 25 | 6.8% | — | ||
| Q1 25 | 2.2% | 2.5% | ||
| Q4 24 | -25.5% | — | ||
| Q3 24 | 5.7% | 3.2% | ||
| Q2 24 | -5.0% | 8.6% | ||
| Q1 24 | 5.2% | 0.1% |
| Q4 25 | -37.9% | 3.2% | ||
| Q3 25 | -1.6% | 5.0% | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | 4.8% | 3.7% | ||
| Q4 24 | -96.1% | — | ||
| Q3 24 | 5.2% | 5.2% | ||
| Q2 24 | -8.2% | 8.1% | ||
| Q1 24 | 1.0% | 2.6% |
| Q4 25 | $-2.21 | — | ||
| Q3 25 | $-0.09 | — | ||
| Q2 25 | $0.18 | — | ||
| Q1 25 | $0.25 | — | ||
| Q4 24 | $-0.99 | — | ||
| Q3 24 | $0.27 | — | ||
| Q2 24 | $-0.62 | — | ||
| Q1 24 | $0.07 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.0B | $1.3B |
| Total DebtLower is stronger | $9.5B | — |
| Stockholders' EquityBook value | $6.1B | — |
| Total Assets | $20.1B | $16.8B |
| Debt / EquityLower = less leverage | 1.55× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $1.3B | ||
| Q3 25 | $1.7B | $1.6B | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $2.3B | $1.8B | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.4B | $1.4B | ||
| Q2 24 | $2.1B | $1.3B | ||
| Q1 24 | $3.0B | $2.5B |
| Q4 25 | $9.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $10.4B | — | ||
| Q3 24 | $10.4B | — | ||
| Q2 24 | $10.4B | — | ||
| Q1 24 | $11.1B | — |
| Q4 25 | $6.1B | — | ||
| Q3 25 | $7.2B | $9.6B | ||
| Q2 25 | $7.3B | — | ||
| Q1 25 | $7.1B | $9.5B | ||
| Q4 24 | $7.0B | — | ||
| Q3 24 | $7.9B | $10.1B | ||
| Q2 24 | $7.6B | $9.7B | ||
| Q1 24 | $8.2B | $9.6B |
| Q4 25 | $20.1B | $16.8B | ||
| Q3 25 | $21.1B | $17.3B | ||
| Q2 25 | $21.0B | — | ||
| Q1 25 | $21.3B | $18.0B | ||
| Q4 24 | $25.8B | — | ||
| Q3 24 | $26.7B | $17.5B | ||
| Q2 24 | $26.3B | $16.9B | ||
| Q1 24 | $27.8B | $16.5B |
| Q4 25 | 1.55× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.37× | — | ||
| Q1 24 | 1.36× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $584.0M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $584.0M | — | ||
| Q3 25 | $237.0M | — | ||
| Q2 25 | $217.0M | — | ||
| Q1 25 | $-193.0M | $-546.4M | ||
| Q4 24 | $488.0M | — | ||
| Q3 24 | $253.0M | $64.0M | ||
| Q2 24 | $115.0M | — | ||
| Q1 24 | $163.0M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.38× | — | ||
| Q1 25 | -1.53× | -4.64× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.81× | 0.38× | ||
| Q2 24 | — | — | ||
| Q1 24 | 4.41× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAX
| Other | $1.5B | 51% |
| Infusion Therapies And Technologies | $543.0M | 18% |
| Pharmaceutical Compounding | $316.0M | 11% |
| Front Line Care | $219.0M | 7% |
| Injectables And Anesthesia | $190.0M | 6% |
| Advanced Surgery | $177.0M | 6% |
BEKE
| New home transaction services | $932.6M | 29% |
| Existing home transaction services | $841.5M | 26% |
| Home rental services | $804.4M | 25% |
| Home renovation and furnishing | $604.0M | 19% |
| Emerging and other services | $55.6M | 2% |
