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Side-by-side financial comparison of KE Holdings Inc. (BEKE) and Sea Ltd (SE). Click either name above to swap in a different company.
Sea Ltd is the larger business by last-quarter revenue ($22.9B vs $3.2B, roughly 7.1× KE Holdings Inc.). Sea Ltd runs the higher net margin — 7.0% vs 3.2%, a 3.8% gap on every dollar of revenue. Over the past eight quarters, Sea Ltd's revenue compounded faster (147.8% 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.
Sea Limited is a tech conglomerate headquartered in Singapore. It is listed on the New York Stock Exchange, with revenue of US$16.8 billion (2024). Sea currently functions as a holding company for Garena, Monee and Shopee, the largest e-commerce platform in Southeast Asia.
BEKE vs SE — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $22.9B |
| Net Profit | $104.9M | $1.6B |
| Gross Margin | 21.4% | 44.7% |
| Operating Margin | 2.6% | 8.7% |
| Net Margin | 3.2% | 7.0% |
| Revenue YoY | — | 363.4% |
| Net Profit YoY | — | — |
| EPS (diluted) | — | $2.52 |
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 | $22.9B | ||
| Q3 25 | $3.6B | $6.0B | ||
| Q2 25 | — | $5.3B | ||
| Q1 25 | $3.2B | $4.8B | ||
| Q4 24 | — | $5.0B | ||
| Q3 24 | $3.2B | $4.3B | ||
| Q2 24 | $3.2B | $3.8B | ||
| Q1 24 | $2.3B | $3.7B |
| Q4 25 | $104.9M | $1.6B | ||
| Q3 25 | $182.4M | $375.0M | ||
| Q2 25 | — | $414.2M | ||
| Q1 25 | $117.9M | $-7.8M | ||
| Q4 24 | — | — | ||
| Q3 24 | $166.5M | — | ||
| Q2 24 | $261.5M | — | ||
| Q1 24 | $59.8M | $-23.0M |
| Q4 25 | 21.4% | 44.7% | ||
| Q3 25 | 21.9% | 43.4% | ||
| Q2 25 | — | 45.8% | ||
| Q1 25 | 20.7% | 46.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | 22.7% | — | ||
| Q2 24 | 27.9% | — | ||
| Q1 24 | 25.2% | 41.6% |
| Q4 25 | 2.6% | 8.7% | ||
| Q3 25 | 4.1% | 8.0% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | 2.5% | 9.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.2% | — | ||
| Q2 24 | 8.6% | — | ||
| Q1 24 | 0.1% | 1.9% |
| Q4 25 | 3.2% | 7.0% | ||
| Q3 25 | 5.0% | 6.3% | ||
| Q2 25 | — | 7.9% | ||
| Q1 25 | 3.7% | -0.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | 5.2% | — | ||
| Q2 24 | 8.1% | — | ||
| Q1 24 | 2.6% | -0.6% |
| Q4 25 | — | $2.52 | ||
| Q3 25 | — | $0.59 | ||
| Q2 25 | — | $0.65 | ||
| Q1 25 | — | $0.65 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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 | $10.6B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $12.6B |
| Total Assets | $16.8B | $29.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $10.6B | ||
| Q3 25 | $1.6B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $1.8B | — | ||
| Q4 24 | — | $8.6B | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $2.5B | — |
| Q4 25 | — | $12.6B | ||
| Q3 25 | $9.6B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $9.5B | — | ||
| Q4 24 | — | $8.4B | ||
| Q3 24 | $10.1B | — | ||
| Q2 24 | $9.7B | — | ||
| Q1 24 | $9.6B | — |
| Q4 25 | $16.8B | $29.4B | ||
| Q3 25 | $17.3B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $18.0B | — | ||
| Q4 24 | — | $22.6B | ||
| Q3 24 | $17.5B | — | ||
| Q2 24 | $16.9B | — | ||
| Q1 24 | $16.5B | — |
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 | — | $5.0B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 3.12× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $5.0B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $2.4B | ||
| Q1 25 | $-546.4M | $756.9M | ||
| Q4 24 | — | — | ||
| Q3 24 | $64.0M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $468.5M |
| Q4 25 | — | 3.12× | ||
| Q3 25 | — | 9.46× | ||
| Q2 25 | — | 5.73× | ||
| 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% |
SE
Segment breakdown not available.
