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Side-by-side financial comparison of KE Holdings Inc. (BEKE) and Coupang, Inc. (CPNG). Click either name above to swap in a different company.
Coupang, Inc. is the larger business by last-quarter revenue ($8.8B vs $3.2B, roughly 2.7× KE Holdings Inc.). KE Holdings Inc. runs the higher net margin — 3.2% vs -0.3%, a 3.5% gap on every dollar of revenue. Over the past eight quarters, Coupang, Inc.'s revenue compounded faster (11.4% CAGR vs 9.8%).
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.
Coupang, Inc. is an American Delaware-incorporated technology and online retail company headquartered in Seattle, Washington. Founded in 2010 by Bom Kim, the company operates a retail business, food delivery service, and OTT streaming service, with offices and operations in South Korea, Taiwan, the United States, India, Japan and Singapore.
BEKE vs CPNG — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $8.8B |
| Net Profit | $104.9M | $-26.0M |
| Gross Margin | 21.4% | 28.8% |
| Operating Margin | 2.6% | 0.1% |
| Net Margin | 3.2% | -0.3% |
| Revenue YoY | — | 10.9% |
| Net Profit YoY | — | -116.7% |
| EPS (diluted) | — | $-0.02 |
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 | $3.2B | $8.8B | ||
| Q3 25 | $3.6B | $9.3B | ||
| Q2 25 | — | $8.5B | ||
| Q1 25 | $3.2B | $7.9B | ||
| Q4 24 | — | $8.0B | ||
| Q3 24 | $3.2B | $7.9B | ||
| Q2 24 | $3.2B | $7.3B | ||
| Q1 24 | $2.3B | $7.1B |
| Q4 25 | $104.9M | $-26.0M | ||
| Q3 25 | $182.4M | $95.0M | ||
| Q2 25 | — | $32.0M | ||
| Q1 25 | $117.9M | $107.0M | ||
| Q4 24 | — | $156.0M | ||
| Q3 24 | $166.5M | $70.0M | ||
| Q2 24 | $261.5M | $-77.0M | ||
| Q1 24 | $59.8M | $5.0M |
| Q4 25 | 21.4% | 28.8% | ||
| Q3 25 | 21.9% | 29.4% | ||
| Q2 25 | — | 30.0% | ||
| Q1 25 | 20.7% | 29.3% | ||
| Q4 24 | — | 31.3% | ||
| Q3 24 | 22.7% | 28.8% | ||
| Q2 24 | 27.9% | 29.3% | ||
| Q1 24 | 25.2% | 27.1% |
| Q4 25 | 2.6% | 0.1% | ||
| Q3 25 | 4.1% | 1.7% | ||
| Q2 25 | — | 1.7% | ||
| Q1 25 | 2.5% | 1.9% | ||
| Q4 24 | — | 3.9% | ||
| Q3 24 | 3.2% | 1.4% | ||
| Q2 24 | 8.6% | -0.3% | ||
| Q1 24 | 0.1% | 0.6% |
| Q4 25 | 3.2% | -0.3% | ||
| Q3 25 | 5.0% | 1.0% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | 3.7% | 1.4% | ||
| Q4 24 | — | 2.0% | ||
| Q3 24 | 5.2% | 0.9% | ||
| Q2 24 | 8.1% | -1.1% | ||
| Q1 24 | 2.6% | 0.1% |
| Q4 25 | — | $-0.02 | ||
| Q3 25 | — | $0.05 | ||
| Q2 25 | — | $0.02 | ||
| Q1 25 | — | $0.06 | ||
| Q4 24 | — | $0.08 | ||
| Q3 24 | — | $0.04 | ||
| Q2 24 | — | $-0.04 | ||
| Q1 24 | — | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.3B | $6.3B |
| Total DebtLower is stronger | — | $648.0M |
| Stockholders' EquityBook value | — | $4.6B |
| Total Assets | $16.8B | $17.8B |
| Debt / EquityLower = less leverage | — | 0.14× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $6.3B | ||
| Q3 25 | $1.6B | $7.2B | ||
| Q2 25 | — | $6.8B | ||
| Q1 25 | $1.8B | $6.1B | ||
| Q4 24 | — | $5.9B | ||
| Q3 24 | $1.4B | $5.8B | ||
| Q2 24 | $1.3B | $5.5B | ||
| Q1 24 | $2.5B | $5.2B |
| Q4 25 | — | $648.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $988.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $4.6B | ||
| Q3 25 | $9.6B | $4.7B | ||
| Q2 25 | — | $4.7B | ||
| Q1 25 | $9.5B | $4.4B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | $10.1B | $4.2B | ||
| Q2 24 | $9.7B | $3.9B | ||
| Q1 24 | $9.6B | $4.1B |
| Q4 25 | $16.8B | $17.8B | ||
| Q3 25 | $17.3B | $18.7B | ||
| Q2 25 | — | $17.8B | ||
| Q1 25 | $18.0B | $16.0B | ||
| Q4 24 | — | $15.3B | ||
| Q3 24 | $17.5B | $16.3B | ||
| Q2 24 | $16.9B | $15.2B | ||
| Q1 24 | $16.5B | $14.9B |
| Q4 25 | — | 0.14× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | — | $82.0M |
| Free Cash FlowOCF − Capex | — | $-278.0M |
| FCF MarginFCF / Revenue | — | -3.1% |
| Capex IntensityCapex / Revenue | — | 4.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $522.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $82.0M | ||
| Q3 25 | — | $792.0M | ||
| Q2 25 | — | $545.0M | ||
| Q1 25 | $-546.4M | $354.0M | ||
| Q4 24 | — | $676.0M | ||
| Q3 24 | $64.0M | $334.0M | ||
| Q2 24 | — | $664.0M | ||
| Q1 24 | — | $212.0M |
| Q4 25 | — | $-278.0M | ||
| Q3 25 | — | $439.0M | ||
| Q2 25 | — | $246.0M | ||
| Q1 25 | — | $115.0M | ||
| Q4 24 | — | $462.0M | ||
| Q3 24 | — | $-46.0M | ||
| Q2 24 | — | $486.0M | ||
| Q1 24 | — | $105.0M |
| Q4 25 | — | -3.1% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | — | -0.6% | ||
| Q2 24 | — | 6.6% | ||
| Q1 24 | — | 1.5% |
| Q4 25 | — | 4.1% | ||
| Q3 25 | — | 3.8% | ||
| Q2 25 | — | 3.5% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 1.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | 8.34× | ||
| Q2 25 | — | 17.03× | ||
| Q1 25 | -4.64× | 3.31× | ||
| Q4 24 | — | 4.33× | ||
| Q3 24 | 0.38× | 4.77× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 42.40× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
CPNG
| Products | $6.6B | 75% |
| Third Party Merchant Services | $1.9B | 22% |
| Service Other | $296.0M | 3% |
