vs
Side-by-side financial comparison of KE Holdings Inc. (BEKE) and HANOVER INSURANCE GROUP, INC. (THG). Click either name above to swap in a different company.
KE Holdings Inc. is the larger business by last-quarter revenue ($3.2B vs $1.7B, roughly 1.9× HANOVER INSURANCE GROUP, INC.). HANOVER INSURANCE GROUP, INC. runs the higher net margin — 11.9% vs 3.2%, a 8.6% gap on every dollar of revenue. Over the past eight quarters, KE Holdings Inc.'s revenue compounded faster (9.8% CAGR vs 3.8%).
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.
The Hanover Insurance Group, Inc. is an insurance company based in Worcester, Massachusetts. It was the original name of a property-liability insurance firm established in 1852, and it remained a publicly traded company under that name until the early 1990s, when it changed its name to Allmerica Property & Casualty Companies.
BEKE vs THG — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $1.7B |
| Net Profit | $104.9M | $198.5M |
| Gross Margin | 21.4% | — |
| Operating Margin | 2.6% | 17.3% |
| Net Margin | 3.2% | 11.9% |
| Revenue YoY | — | 5.5% |
| Net Profit YoY | — | 18.2% |
| EPS (diluted) | — | $5.46 |
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 | $1.7B | ||
| Q3 25 | $3.6B | $1.7B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | $3.2B | $1.6B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | $3.2B | $1.6B | ||
| Q2 24 | $3.2B | $1.5B | ||
| Q1 24 | $2.3B | $1.6B |
| Q4 25 | $104.9M | $198.5M | ||
| Q3 25 | $182.4M | $178.7M | ||
| Q2 25 | — | $157.1M | ||
| Q1 25 | $117.9M | $128.2M | ||
| Q4 24 | — | $167.9M | ||
| Q3 24 | $166.5M | $102.1M | ||
| Q2 24 | $261.5M | $40.5M | ||
| Q1 24 | $59.8M | $115.5M |
| 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% | 17.3% | ||
| Q3 25 | 4.1% | 14.9% | ||
| Q2 25 | — | 12.7% | ||
| Q1 25 | 2.5% | 11.6% | ||
| Q4 24 | — | 16.1% | ||
| Q3 24 | 3.2% | 9.6% | ||
| Q2 24 | 8.6% | 6.2% | ||
| Q1 24 | 0.1% | 9.7% |
| Q4 25 | 3.2% | 11.9% | ||
| Q3 25 | 5.0% | 10.7% | ||
| Q2 25 | — | 9.5% | ||
| Q1 25 | 3.7% | 8.0% | ||
| Q4 24 | — | 10.6% | ||
| Q3 24 | 5.2% | 6.5% | ||
| Q2 24 | 8.1% | 2.6% | ||
| Q1 24 | 2.6% | 7.4% |
| Q4 25 | — | $5.46 | ||
| Q3 25 | — | $4.90 | ||
| Q2 25 | — | $4.30 | ||
| Q1 25 | — | $3.50 | ||
| Q4 24 | — | $4.60 | ||
| Q3 24 | — | $2.80 | ||
| Q2 24 | — | $1.12 | ||
| Q1 24 | — | $3.18 |
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 | $1.1B |
| Total DebtLower is stronger | — | $843.3M |
| Stockholders' EquityBook value | — | $3.6B |
| Total Assets | $16.8B | $16.9B |
| Debt / EquityLower = less leverage | — | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $1.1B | ||
| Q3 25 | $1.6B | $915.7M | ||
| Q2 25 | — | $244.1M | ||
| Q1 25 | $1.8B | $315.1M | ||
| Q4 24 | — | $435.5M | ||
| Q3 24 | $1.4B | $427.1M | ||
| Q2 24 | $1.3B | $337.6M | ||
| Q1 24 | $2.5B | $264.6M |
| Q4 25 | — | $843.3M | ||
| Q3 25 | — | $843.0M | ||
| Q2 25 | — | $347.8M | ||
| Q1 25 | — | $722.5M | ||
| Q4 24 | — | $722.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $3.6B | ||
| Q3 25 | $9.6B | $3.4B | ||
| Q2 25 | — | $3.2B | ||
| Q1 25 | $9.5B | $3.0B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | $10.1B | $2.9B | ||
| Q2 24 | $9.7B | $2.6B | ||
| Q1 24 | $9.6B | $2.5B |
| Q4 25 | $16.8B | $16.9B | ||
| Q3 25 | $17.3B | $16.8B | ||
| Q2 25 | — | $15.7B | ||
| Q1 25 | $18.0B | $15.5B | ||
| Q4 24 | — | $15.3B | ||
| Q3 24 | $17.5B | $15.4B | ||
| Q2 24 | $16.9B | $14.9B | ||
| Q1 24 | $16.5B | $14.6B |
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.25× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | — | $378.2M |
| Free Cash FlowOCF − Capex | — | $377.0M |
| FCF MarginFCF / Revenue | — | 22.6% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | — | 1.91× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $378.2M | ||
| Q3 25 | — | $554.4M | ||
| Q2 25 | — | $206.6M | ||
| Q1 25 | $-546.4M | $38.9M | ||
| Q4 24 | — | $213.5M | ||
| Q3 24 | $64.0M | $394.7M | ||
| Q2 24 | — | $139.5M | ||
| Q1 24 | — | $58.7M |
| Q4 25 | — | $377.0M | ||
| Q3 25 | — | $551.4M | ||
| Q2 25 | — | $204.9M | ||
| Q1 25 | — | $37.1M | ||
| Q4 24 | — | $210.5M | ||
| Q3 24 | — | $392.3M | ||
| Q2 24 | — | $137.3M | ||
| Q1 24 | — | $56.1M |
| Q4 25 | — | 22.6% | ||
| Q3 25 | — | 33.1% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 13.3% | ||
| Q3 24 | — | 25.1% | ||
| Q2 24 | — | 8.9% | ||
| Q1 24 | — | 3.6% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.1% | ||
| Q1 24 | — | 0.2% |
| Q4 25 | — | 1.91× | ||
| Q3 25 | — | 3.10× | ||
| Q2 25 | — | 1.32× | ||
| Q1 25 | -4.64× | 0.30× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | 0.38× | 3.87× | ||
| Q2 24 | — | 3.44× | ||
| Q1 24 | — | 0.51× |
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% |
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
