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Side-by-side financial comparison of KE Holdings Inc. (BEKE) and PDD Holdings Inc. (PDD). Click either name above to swap in a different company.
PDD Holdings Inc. is the larger business by last-quarter revenue ($15.2B vs $3.2B, roughly 4.7× KE Holdings Inc.). PDD Holdings Inc. runs the higher net margin — 27.1% vs 3.2%, a 23.8% gap on every dollar of revenue. Over the past eight quarters, PDD Holdings Inc.'s revenue compounded faster (74.6% 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.
Pinduoduo is a Chinese online retailer, with a focus on the traditional agriculture industry. The business is the largest product of PDD Holdings, a company currently headquartered in Ireland that also owns the online marketplace Temu.
BEKE vs PDD — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $15.2B |
| Net Profit | $104.9M | $4.1B |
| Gross Margin | 21.4% | 56.7% |
| Operating Margin | 2.6% | 23.1% |
| Net Margin | 3.2% | 27.1% |
| Revenue YoY | — | — |
| Net Profit YoY | — | — |
| EPS (diluted) | — | — |
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 | — | ||
| Q3 25 | $3.6B | $15.2B | ||
| Q2 25 | — | $14.5B | ||
| Q1 25 | $3.2B | — | ||
| Q3 24 | $3.2B | $14.2B | ||
| Q2 24 | $3.2B | — | ||
| Q1 24 | $2.3B | $12.0B | ||
| Q3 23 | $2.4B | $9.4B |
| Q4 25 | $104.9M | — | ||
| Q3 25 | $182.4M | $4.1B | ||
| Q2 25 | — | $4.3B | ||
| Q1 25 | $117.9M | — | ||
| Q3 24 | $166.5M | $3.6B | ||
| Q2 24 | $261.5M | — | ||
| Q1 24 | $59.8M | $3.9B | ||
| Q3 23 | $160.4M | $2.1B |
| Q4 25 | 21.4% | — | ||
| Q3 25 | 21.9% | 56.7% | ||
| Q2 25 | — | 55.9% | ||
| Q1 25 | 20.7% | — | ||
| Q3 24 | 22.7% | 60.0% | ||
| Q2 24 | 27.9% | — | ||
| Q1 24 | 25.2% | 62.3% | ||
| Q3 23 | 27.4% | 61.0% |
| Q4 25 | 2.6% | — | ||
| Q3 25 | 4.1% | 23.1% | ||
| Q2 25 | — | 24.8% | ||
| Q1 25 | 2.5% | — | ||
| Q3 24 | 3.2% | 24.5% | ||
| Q2 24 | 8.6% | — | ||
| Q1 24 | 0.1% | 29.9% | ||
| Q3 23 | 5.1% | 24.2% |
| Q4 25 | 3.2% | — | ||
| Q3 25 | 5.0% | 27.1% | ||
| Q2 25 | — | 29.6% | ||
| Q1 25 | 3.7% | — | ||
| Q3 24 | 5.2% | 25.1% | ||
| Q2 24 | 8.1% | — | ||
| Q1 24 | 2.6% | 32.3% | ||
| Q3 23 | 6.6% | 22.6% |
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 | $13.0B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $55.0B |
| Total Assets | $16.8B | $86.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.6B | $13.0B | ||
| Q2 25 | — | $8.8B | ||
| Q1 25 | $1.8B | — | ||
| Q3 24 | $1.4B | $9.3B | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $2.5B | $7.7B | ||
| Q3 23 | $2.2B | $7.5B |
| Q4 25 | — | — | ||
| Q3 25 | $9.6B | $55.0B | ||
| Q2 25 | — | $50.5B | ||
| Q1 25 | $9.5B | — | ||
| Q3 24 | $10.1B | $39.7B | ||
| Q2 24 | $9.7B | — | ||
| Q1 24 | $9.6B | $30.3B | ||
| Q3 23 | $9.9B | $22.2B |
| Q4 25 | $16.8B | — | ||
| Q3 25 | $17.3B | $86.2B | ||
| Q2 25 | — | $79.2B | ||
| Q1 25 | $18.0B | — | ||
| Q3 24 | $17.5B | $66.5B | ||
| Q2 24 | $16.9B | — | ||
| Q1 24 | $16.5B | $52.3B | ||
| Q3 23 | $16.2B | $43.1B |
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 | — | $6.4B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | $6.4B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | $-546.4M | — | ||
| Q3 24 | $64.0M | $3.9B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $2.9B | ||
| Q3 23 | $268.2M | $4.5B |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.56× | ||
| Q2 25 | — | 0.70× | ||
| Q1 25 | -4.64× | — | ||
| Q3 24 | 0.38× | 1.10× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.75× | ||
| Q3 23 | 1.67× | 2.09× |
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% |
PDD
Segment breakdown not available.
