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Side-by-side financial comparison of KE Holdings Inc. (BEKE) and Toast, Inc. (TOST). Click either name above to swap in a different company.
KE Holdings Inc. is the larger business by last-quarter revenue ($3.2B vs $1.6B, roughly 2.0× Toast, Inc.). Toast, Inc. runs the higher net margin — 6.2% vs 3.2%, a 2.9% gap on every dollar of revenue. Over the past eight quarters, Toast, Inc.'s revenue compounded faster (23.3% 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.
Toast, Inc. is an American cloud-based restaurant management software company based in Boston, Massachusetts. The company provides an all-in-one point of sale (POS) system built on the Android operating system.
BEKE vs TOST — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.2B | $1.6B |
| Net Profit | $104.9M | $101.0M |
| Gross Margin | 21.4% | 25.9% |
| Operating Margin | 2.6% | 5.2% |
| Net Margin | 3.2% | 6.2% |
| Revenue YoY | — | 22.0% |
| Net Profit YoY | — | 215.6% |
| EPS (diluted) | — | $0.18 |
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 | $1.6B | ||
| Q3 25 | $3.6B | $1.6B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | $3.2B | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $3.2B | $1.3B | ||
| Q2 24 | $3.2B | $1.2B | ||
| Q1 24 | $2.3B | $1.1B |
| Q4 25 | $104.9M | $101.0M | ||
| Q3 25 | $182.4M | $105.0M | ||
| Q2 25 | — | $80.0M | ||
| Q1 25 | $117.9M | $56.0M | ||
| Q4 24 | — | $32.0M | ||
| Q3 24 | $166.5M | $56.0M | ||
| Q2 24 | $261.5M | $14.0M | ||
| Q1 24 | $59.8M | $-83.0M |
| Q4 25 | 21.4% | 25.9% | ||
| Q3 25 | 21.9% | 26.5% | ||
| Q2 25 | — | 25.3% | ||
| Q1 25 | 20.7% | 25.9% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | 22.7% | 24.7% | ||
| Q2 24 | 27.9% | 23.0% | ||
| Q1 24 | 25.2% | 23.2% |
| Q4 25 | 2.6% | 5.2% | ||
| Q3 25 | 4.1% | 5.1% | ||
| Q2 25 | — | 5.2% | ||
| Q1 25 | 2.5% | 3.2% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | 3.2% | 2.6% | ||
| Q2 24 | 8.6% | 0.4% | ||
| Q1 24 | 0.1% | -5.2% |
| Q4 25 | 3.2% | 6.2% | ||
| Q3 25 | 5.0% | 6.4% | ||
| Q2 25 | — | 5.2% | ||
| Q1 25 | 3.7% | 4.2% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | 5.2% | 4.3% | ||
| Q2 24 | 8.1% | 1.1% | ||
| Q1 24 | 2.6% | -7.7% |
| Q4 25 | — | $0.18 | ||
| Q3 25 | — | $0.16 | ||
| Q2 25 | — | $0.13 | ||
| Q1 25 | — | $0.09 | ||
| Q4 24 | — | $0.09 | ||
| Q3 24 | — | $0.07 | ||
| Q2 24 | — | $0.02 | ||
| Q1 24 | — | $-0.15 |
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 | $1.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $2.1B |
| Total Assets | $16.8B | $3.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $1.4B | ||
| Q3 25 | $1.6B | $1.4B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | $1.8B | $1.0B | ||
| Q4 24 | — | $903.0M | ||
| Q3 24 | $1.4B | $761.0M | ||
| Q2 24 | $1.3B | $691.0M | ||
| Q1 24 | $2.5B | $578.0M |
| Q4 25 | — | $2.1B | ||
| Q3 25 | $9.6B | $2.0B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | $9.5B | $1.7B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $10.1B | $1.4B | ||
| Q2 24 | $9.7B | $1.3B | ||
| Q1 24 | $9.6B | $1.2B |
| Q4 25 | $16.8B | $3.1B | ||
| Q3 25 | $17.3B | $3.0B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | $18.0B | $2.6B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $17.5B | $2.2B | ||
| Q2 24 | $16.9B | $2.2B | ||
| Q1 24 | $16.5B | $2.1B |
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 | — | $194.0M |
| Free Cash FlowOCF − Capex | — | $178.0M |
| FCF MarginFCF / Revenue | — | 10.9% |
| Capex IntensityCapex / Revenue | — | 1.0% |
| Cash ConversionOCF / Net Profit | — | 1.92× |
| TTM Free Cash FlowTrailing 4 quarters | — | $608.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $194.0M | ||
| Q3 25 | — | $165.0M | ||
| Q2 25 | — | $223.0M | ||
| Q1 25 | $-546.4M | $79.0M | ||
| Q4 24 | — | $147.0M | ||
| Q3 24 | $64.0M | $109.0M | ||
| Q2 24 | — | $124.0M | ||
| Q1 24 | — | $-20.0M |
| Q4 25 | — | $178.0M | ||
| Q3 25 | — | $153.0M | ||
| Q2 25 | — | $208.0M | ||
| Q1 25 | — | $69.0M | ||
| Q4 24 | — | $134.0M | ||
| Q3 24 | — | $97.0M | ||
| Q2 24 | — | $108.0M | ||
| Q1 24 | — | $-33.0M |
| Q4 25 | — | 10.9% | ||
| Q3 25 | — | 9.4% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | — | 10.0% | ||
| Q3 24 | — | 7.4% | ||
| Q2 24 | — | 8.7% | ||
| Q1 24 | — | -3.1% |
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 1.2% |
| Q4 25 | — | 1.92× | ||
| Q3 25 | — | 1.57× | ||
| Q2 25 | — | 2.79× | ||
| Q1 25 | -4.64× | 1.41× | ||
| Q4 24 | — | 4.59× | ||
| Q3 24 | 0.38× | 1.95× | ||
| Q2 24 | — | 8.86× | ||
| 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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
