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Side-by-side financial comparison of KE Holdings Inc. (BEKE) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
SHOPIFY INC. is the larger business by last-quarter revenue ($3.7B vs $3.2B, roughly 1.1× KE Holdings Inc.). SHOPIFY INC. runs the higher net margin — 20.2% vs 3.2%, a 17.0% gap on every dollar of revenue. Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% 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.
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
BEKE vs SHOP — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $3.7B |
| Net Profit | $104.9M | $743.0M |
| Gross Margin | 21.4% | 46.1% |
| Operating Margin | 2.6% | 17.2% |
| Net Margin | 3.2% | 20.2% |
| Revenue YoY | — | 30.6% |
| Net Profit YoY | — | -42.5% |
| EPS (diluted) | — | $0.58 |
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 | $3.7B | ||
| Q3 25 | $3.6B | $2.8B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | $3.2B | $2.4B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | $3.2B | $2.2B | ||
| Q2 24 | $3.2B | $2.0B | ||
| Q1 24 | $2.3B | $1.9B |
| Q4 25 | $104.9M | $743.0M | ||
| Q3 25 | $182.4M | $264.0M | ||
| Q2 25 | — | $906.0M | ||
| Q1 25 | $117.9M | $-682.0M | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $166.5M | $828.0M | ||
| Q2 24 | $261.5M | $171.0M | ||
| Q1 24 | $59.8M | $-273.0M |
| Q4 25 | 21.4% | 46.1% | ||
| Q3 25 | 21.9% | 48.9% | ||
| Q2 25 | — | 48.6% | ||
| Q1 25 | 20.7% | 49.5% | ||
| Q4 24 | — | 48.1% | ||
| Q3 24 | 22.7% | 51.7% | ||
| Q2 24 | 27.9% | 51.1% | ||
| Q1 24 | 25.2% | 51.4% |
| Q4 25 | 2.6% | 17.2% | ||
| Q3 25 | 4.1% | 12.1% | ||
| Q2 25 | — | 10.9% | ||
| Q1 25 | 2.5% | 8.6% | ||
| Q4 24 | — | 16.5% | ||
| Q3 24 | 3.2% | 13.1% | ||
| Q2 24 | 8.6% | 11.8% | ||
| Q1 24 | 0.1% | 4.6% |
| Q4 25 | 3.2% | 20.2% | ||
| Q3 25 | 5.0% | 9.3% | ||
| Q2 25 | — | 33.8% | ||
| Q1 25 | 3.7% | -28.9% | ||
| Q4 24 | — | 46.0% | ||
| Q3 24 | 5.2% | 38.3% | ||
| Q2 24 | 8.1% | 8.4% | ||
| Q1 24 | 2.6% | -14.7% |
| Q4 25 | — | $0.58 | ||
| Q3 25 | — | $0.20 | ||
| Q2 25 | — | $0.69 | ||
| Q1 25 | — | $-0.53 | ||
| Q4 24 | — | $0.99 | ||
| Q3 24 | — | $0.64 | ||
| Q2 24 | — | $0.13 | ||
| Q1 24 | — | $-0.21 |
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 | $5.8B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $13.5B |
| Total Assets | $16.8B | $15.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $5.8B | ||
| Q3 25 | $1.6B | $6.3B | ||
| Q2 25 | — | $5.8B | ||
| Q1 25 | $1.8B | $5.5B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $2.5B | — |
| Q4 25 | — | $13.5B | ||
| Q3 25 | $9.6B | $12.5B | ||
| Q2 25 | — | $12.1B | ||
| Q1 25 | $9.5B | $11.1B | ||
| Q4 24 | — | $11.6B | ||
| Q3 24 | $10.1B | $10.1B | ||
| Q2 24 | $9.7B | $9.2B | ||
| Q1 24 | $9.6B | $8.9B |
| Q4 25 | $16.8B | $15.2B | ||
| Q3 25 | $17.3B | $15.0B | ||
| Q2 25 | — | $14.6B | ||
| Q1 25 | $18.0B | $13.4B | ||
| Q4 24 | — | $13.9B | ||
| 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 | — | $725.0M |
| Free Cash FlowOCF − Capex | — | $715.0M |
| FCF MarginFCF / Revenue | — | 19.5% |
| Capex IntensityCapex / Revenue | — | 0.3% |
| Cash ConversionOCF / Net Profit | — | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $725.0M | ||
| Q3 25 | — | $513.0M | ||
| Q2 25 | — | $428.0M | ||
| Q1 25 | $-546.4M | $367.0M | ||
| Q4 24 | — | $615.0M | ||
| Q3 24 | $64.0M | $423.0M | ||
| Q2 24 | — | $340.0M | ||
| Q1 24 | — | $238.0M |
| Q4 25 | — | $715.0M | ||
| Q3 25 | — | $507.0M | ||
| Q2 25 | — | $422.0M | ||
| Q1 25 | — | $363.0M | ||
| Q4 24 | — | $611.0M | ||
| Q3 24 | — | $421.0M | ||
| Q2 24 | — | $333.0M | ||
| Q1 24 | — | $232.0M |
| Q4 25 | — | 19.5% | ||
| Q3 25 | — | 17.8% | ||
| Q2 25 | — | 15.7% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | — | 21.7% | ||
| Q3 24 | — | 19.5% | ||
| Q2 24 | — | 16.3% | ||
| Q1 24 | — | 12.5% |
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.3% |
| Q4 25 | — | 0.98× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | -4.64× | — | ||
| Q4 24 | — | 0.48× | ||
| Q3 24 | 0.38× | 0.51× | ||
| Q2 24 | — | 1.99× | ||
| 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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
