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Side-by-side financial comparison of KE Holdings Inc. (BEKE) and QVC Group, Inc. (QVCGA). Click either name above to swap in a different company.
KE Holdings Inc. is the larger business by last-quarter revenue ($3.2B vs $2.7B, roughly 1.2× QVC Group, Inc.). KE Holdings Inc. runs the higher net margin — 3.2% vs -1.4%, a 4.6% gap on every dollar of revenue. Over the past eight quarters, KE Holdings Inc.'s revenue compounded faster (9.8% CAGR vs 6.9%).
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.
QVC Group, is an American media conglomerate controlled by company chairman John C. Malone, who owns a majority of the voting shares.
BEKE vs QVCGA — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $2.7B |
| Net Profit | $104.9M | $-37.0M |
| Gross Margin | 21.4% | 32.9% |
| Operating Margin | 2.6% | 3.7% |
| Net Margin | 3.2% | -1.4% |
| Revenue YoY | — | -9.1% |
| Net Profit YoY | — | 97.1% |
| EPS (diluted) | — | $-17.37 |
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 | $2.7B | ||
| Q3 25 | $3.6B | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | $3.2B | $2.1B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | $3.2B | $2.3B | ||
| Q2 24 | $3.2B | $2.4B | ||
| Q1 24 | $2.3B | $2.3B |
| Q4 25 | $104.9M | $-37.0M | ||
| Q3 25 | $182.4M | $-80.0M | ||
| Q2 25 | — | $-2.2B | ||
| Q1 25 | $117.9M | $-100.0M | ||
| Q4 24 | — | $-1.3B | ||
| Q3 24 | $166.5M | $-23.0M | ||
| Q2 24 | $261.5M | $20.0M | ||
| Q1 24 | $59.8M | $-1.0M |
| Q4 25 | 21.4% | 32.9% | ||
| Q3 25 | 21.9% | 34.0% | ||
| Q2 25 | — | 36.4% | ||
| Q1 25 | 20.7% | 34.2% | ||
| Q4 24 | — | 33.3% | ||
| Q3 24 | 22.7% | 35.3% | ||
| Q2 24 | 27.9% | 36.4% | ||
| Q1 24 | 25.2% | 35.5% |
| Q4 25 | 2.6% | 3.7% | ||
| Q3 25 | 4.1% | 2.7% | ||
| Q2 25 | — | -101.6% | ||
| Q1 25 | 2.5% | 0.7% | ||
| Q4 24 | — | -43.2% | ||
| Q3 24 | 3.2% | 6.5% | ||
| Q2 24 | 8.6% | 6.9% | ||
| Q1 24 | 0.1% | 6.2% |
| Q4 25 | 3.2% | -1.4% | ||
| Q3 25 | 5.0% | -3.6% | ||
| Q2 25 | — | -99.4% | ||
| Q1 25 | 3.7% | -4.8% | ||
| Q4 24 | — | -43.7% | ||
| Q3 24 | 5.2% | -1.0% | ||
| Q2 24 | 8.1% | 0.8% | ||
| Q1 24 | 2.6% | -0.0% |
| Q4 25 | — | $-17.37 | ||
| Q3 25 | — | $-9.89 | ||
| Q2 25 | — | $-275.46 | ||
| Q1 25 | — | $-0.25 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-0.06 | ||
| Q2 24 | — | $2.57 | ||
| Q1 24 | — | — |
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 | $2.0B |
| Total DebtLower is stronger | — | $790.0M |
| Stockholders' EquityBook value | — | $-3.1B |
| Total Assets | $16.8B | $7.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $2.0B | ||
| Q3 25 | $1.6B | $1.8B | ||
| Q2 25 | — | $897.0M | ||
| Q1 25 | $1.8B | $833.0M | ||
| Q4 24 | — | $905.0M | ||
| Q3 24 | $1.4B | $873.0M | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $2.5B | $1.1B |
| Q4 25 | — | $790.0M | ||
| Q3 25 | — | $5.9B | ||
| Q2 25 | — | $4.9B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $5.3B | ||
| Q1 24 | — | $5.5B |
| Q4 25 | — | $-3.1B | ||
| Q3 25 | $9.6B | $-3.1B | ||
| Q2 25 | — | $-3.0B | ||
| Q1 25 | $9.5B | $-981.0M | ||
| Q4 24 | — | $-971.0M | ||
| Q3 24 | $10.1B | $397.0M | ||
| Q2 24 | $9.7B | $328.0M | ||
| Q1 24 | $9.6B | $255.0M |
| Q4 25 | $16.8B | $7.6B | ||
| Q3 25 | $17.3B | $7.6B | ||
| Q2 25 | — | $6.7B | ||
| Q1 25 | $18.0B | $9.0B | ||
| Q4 24 | — | $9.2B | ||
| Q3 24 | $17.5B | $10.8B | ||
| Q2 24 | $16.9B | $10.9B | ||
| Q1 24 | $16.5B | $11.0B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 12.74× | ||
| Q2 24 | — | 16.28× | ||
| Q1 24 | — | 21.53× |
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 | — | $244.0M |
| Free Cash FlowOCF − Capex | — | $191.0M |
| FCF MarginFCF / Revenue | — | 7.1% |
| Capex IntensityCapex / Revenue | — | 2.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $118.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $244.0M | ||
| Q3 25 | — | $4.0M | ||
| Q2 25 | — | $86.0M | ||
| Q1 25 | $-546.4M | $-60.0M | ||
| Q4 24 | — | $212.0M | ||
| Q3 24 | $64.0M | $20.0M | ||
| Q2 24 | — | $267.0M | ||
| Q1 24 | — | $26.0M |
| Q4 25 | — | $191.0M | ||
| Q3 25 | — | $-27.0M | ||
| Q2 25 | — | $48.0M | ||
| Q1 25 | — | $-94.0M | ||
| Q4 24 | — | $150.0M | ||
| Q3 24 | — | $-23.0M | ||
| Q2 24 | — | $213.0M | ||
| Q1 24 | — | $-14.0M |
| Q4 25 | — | 7.1% | ||
| Q3 25 | — | -1.2% | ||
| Q2 25 | — | 2.1% | ||
| Q1 25 | — | -4.5% | ||
| Q4 24 | — | 5.1% | ||
| Q3 24 | — | -1.0% | ||
| Q2 24 | — | 8.8% | ||
| Q1 24 | — | -0.6% |
| Q4 25 | — | 2.0% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.7% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 1.8% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | 1.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.64× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.38× | — | ||
| Q2 24 | — | 13.35× | ||
| 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% |
QVCGA
| Other | $915.0M | 34% |
| Home | $754.0M | 28% |
| Beauty | $260.0M | 10% |
| Apparel | $254.0M | 9% |
| Electronics | $187.0M | 7% |
| Accessories | $181.0M | 7% |
| Jewelry | $87.0M | 3% |
| Manufactured Product Other | $38.0M | 1% |
