vs
Side-by-side financial comparison of KE Holdings Inc. (BEKE) and Douglas Elliman Inc. (DOUG). Click either name above to swap in a different company.
KE Holdings Inc. is the larger business by last-quarter revenue ($3.2B vs $245.4M, roughly 13.2× Douglas Elliman Inc.). Douglas Elliman Inc. runs the higher net margin — 27.9% vs 3.2%, a 24.7% gap on every dollar of revenue. Over the past eight quarters, Douglas Elliman Inc.'s revenue compounded faster (10.7% 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.
Douglas Elliman Inc. is a leading U.S.-based residential real estate brokerage firm. It offers luxury property sales, rentals, property management, and advisory solutions, serving high-net-worth clients across key metro markets including New York, California, Florida, and Texas.
BEKE vs DOUG — Head-to-Head
Income Statement — Q3 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $245.4M |
| Net Profit | $104.9M | $68.6M |
| Gross Margin | 21.4% | — |
| Operating Margin | 2.6% | 27.3% |
| Net Margin | 3.2% | 27.9% |
| Revenue YoY | — | 0.9% |
| Net Profit YoY | — | 1243.4% |
| EPS (diluted) | — | $0.80 |
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 | $245.4M | ||
| Q3 25 | $3.6B | $262.8M | ||
| Q2 25 | — | $271.4M | ||
| Q1 25 | $3.2B | $253.4M | ||
| Q4 24 | — | $243.3M | ||
| Q3 24 | $3.2B | $266.3M | ||
| Q2 24 | $3.2B | $285.8M | ||
| Q1 24 | $2.3B | $200.2M |
| Q4 25 | $104.9M | $68.6M | ||
| Q3 25 | $182.4M | $-24.7M | ||
| Q2 25 | — | $-22.7M | ||
| Q1 25 | $117.9M | $-6.0M | ||
| Q4 24 | — | $-6.0M | ||
| Q3 24 | $166.5M | $-27.2M | ||
| Q2 24 | $261.5M | $-1.7M | ||
| Q1 24 | $59.8M | $-41.5M |
| Q4 25 | 21.4% | — | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 20.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 22.7% | — | ||
| Q2 24 | 27.9% | — | ||
| Q1 24 | 25.2% | — |
| Q4 25 | 2.6% | 27.3% | ||
| Q3 25 | 4.1% | -4.1% | ||
| Q2 25 | — | -2.0% | ||
| Q1 25 | 2.5% | -2.1% | ||
| Q4 24 | — | -6.7% | ||
| Q3 24 | 3.2% | -2.8% | ||
| Q2 24 | 8.6% | -1.3% | ||
| Q1 24 | 0.1% | -20.7% |
| Q4 25 | 3.2% | 27.9% | ||
| Q3 25 | 5.0% | -9.4% | ||
| Q2 25 | — | -8.4% | ||
| Q1 25 | 3.7% | -2.4% | ||
| Q4 24 | — | -2.5% | ||
| Q3 24 | 5.2% | -10.2% | ||
| Q2 24 | 8.1% | -0.6% | ||
| Q1 24 | 2.6% | -20.7% |
| Q4 25 | — | $0.80 | ||
| Q3 25 | — | $-0.29 | ||
| Q2 25 | — | $-0.27 | ||
| Q1 25 | — | $-0.07 | ||
| Q4 24 | — | $-0.06 | ||
| Q3 24 | — | $-0.33 | ||
| Q2 24 | — | $-0.02 | ||
| Q1 24 | — | $-0.50 |
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 | $115.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $183.9M |
| Total Assets | $16.8B | $444.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $115.5M | ||
| Q3 25 | $1.6B | $143.0M | ||
| Q2 25 | — | $136.3M | ||
| Q1 25 | $1.8B | $136.8M | ||
| Q4 24 | — | $145.5M | ||
| Q3 24 | $1.4B | $151.4M | ||
| Q2 24 | $1.3B | $92.9M | ||
| Q1 24 | $2.5B | $91.5M |
| Q4 25 | — | $183.9M | ||
| Q3 25 | $9.6B | $115.1M | ||
| Q2 25 | — | $137.6M | ||
| Q1 25 | $9.5B | $158.2M | ||
| Q4 24 | — | $162.2M | ||
| Q3 24 | $10.1B | $173.6M | ||
| Q2 24 | $9.7B | $196.9M | ||
| Q1 24 | $9.6B | $195.1M |
| Q4 25 | $16.8B | $444.4M | ||
| Q3 25 | $17.3B | $480.6M | ||
| Q2 25 | — | $489.0M | ||
| Q1 25 | $18.0B | $493.9M | ||
| Q4 24 | — | $493.9M | ||
| Q3 24 | $17.5B | $502.7M | ||
| Q2 24 | $16.9B | $463.9M | ||
| Q1 24 | $16.5B | $461.1M |
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 | — | $-14.4M |
| Free Cash FlowOCF − Capex | — | $-14.7M |
| FCF MarginFCF / Revenue | — | -6.0% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | — | -0.21× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-17.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-14.4M | ||
| Q3 25 | — | $5.5M | ||
| Q2 25 | — | $642.0K | ||
| Q1 25 | $-546.4M | $-5.6M | ||
| Q4 24 | — | $-9.0M | ||
| Q3 24 | $64.0M | $9.0M | ||
| Q2 24 | — | $1.3M | ||
| Q1 24 | — | $-27.3M |
| Q4 25 | — | $-14.7M | ||
| Q3 25 | — | $4.7M | ||
| Q2 25 | — | $-575.0K | ||
| Q1 25 | — | $-6.7M | ||
| Q4 24 | — | $-10.2M | ||
| Q3 24 | — | $7.7M | ||
| Q2 24 | — | $432.0K | ||
| Q1 24 | — | $-29.4M |
| Q4 25 | — | -6.0% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | -0.2% | ||
| Q1 25 | — | -2.6% | ||
| Q4 24 | — | -4.2% | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | -14.7% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 1.0% |
| Q4 25 | — | -0.21× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.64× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.38× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
DOUG
| Commissions And Other Brokerage Income | $240.3M | 98% |
| Property Management Income | $2.8M | 1% |
| Property Management | $2.2M | 1% |
