vs
Arista Networks（ANET）与贝壳控股（BEKE）财务数据对比。点击上方公司名可切换其他公司
贝壳控股的季度营收约是Arista Networks的1.3倍（$3.2B vs $2.5B），Arista Networks净利率更高（38.4% vs 3.2%，领先35.2%），过去两年Arista Networks的营收复合增速更高（25.8% vs 9.8%）
Arista Networks是总部位于美国加利福尼亚州圣克拉拉的计算机网络企业，专注于设计销售多层网络交换机，为大型数据中心、云计算、高性能计算、高频交易等场景提供软件定义网络（SDN）解决方案，旗下拥有10G至800G系列低延迟直通以太网交换机，搭载自研基于Linux的可扩展操作系统EOS。
贝壳控股是中国领先的线上线下一体化居住服务平台，旗下运营贝壳找房等品牌，业务覆盖二手房交易经纪、新房代理销售、房屋租赁、家装改造及居住相关金融咨询服务，可满足消费者全周期居住需求。
ANET vs BEKE — 直观对比
营收规模更大
BEKE
是对方的1.3倍
$2.5B
净利率更高
ANET
高出35.2%
3.2%
两年增速更快
ANET
近两年复合增速
9.8%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $3.2B |
| 净利润 | $955.8M | $104.9M |
| 毛利率 | 62.9% | 21.4% |
| 营业利润率 | 41.5% | 2.6% |
| 净利率 | 38.4% | 3.2% |
| 营收同比 | 28.9% | — |
| 净利润同比 | 19.3% | — |
| 每股收益（稀释后） | $0.74 | — |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ANETBEKE
| Q4 25 | $2.5B | $3.2B | ||
| Q3 25 | $2.3B | $3.6B | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $2.0B | $3.2B | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.8B | $3.2B | ||
| Q2 24 | $1.7B | $3.2B | ||
| Q1 24 | $1.6B | $2.3B |
净利润ANETBEKE
| Q4 25 | $955.8M | $104.9M | ||
| Q3 25 | $853.0M | $182.4M | ||
| Q2 25 | $888.8M | — | ||
| Q1 25 | $813.8M | $117.9M | ||
| Q4 24 | $801.0M | — | ||
| Q3 24 | $747.9M | $166.5M | ||
| Q2 24 | $665.4M | $261.5M | ||
| Q1 24 | $637.7M | $59.8M |
毛利率ANETBEKE
| Q4 25 | 62.9% | 21.4% | ||
| Q3 25 | 64.6% | 21.9% | ||
| Q2 25 | 65.2% | — | ||
| Q1 25 | 63.7% | 20.7% | ||
| Q4 24 | 63.8% | — | ||
| Q3 24 | 64.2% | 22.7% | ||
| Q2 24 | 64.9% | 27.9% | ||
| Q1 24 | 63.7% | 25.2% |
营业利润率ANETBEKE
| Q4 25 | 41.5% | 2.6% | ||
| Q3 25 | 42.4% | 4.1% | ||
| Q2 25 | 44.7% | — | ||
| Q1 25 | 42.8% | 2.5% | ||
| Q4 24 | 41.4% | — | ||
| Q3 24 | 43.4% | 3.2% | ||
| Q2 24 | 41.4% | 8.6% | ||
| Q1 24 | 42.0% | 0.1% |
净利率ANETBEKE
| Q4 25 | 38.4% | 3.2% | ||
| Q3 25 | 37.0% | 5.0% | ||
| Q2 25 | 40.3% | — | ||
| Q1 25 | 40.6% | 3.7% | ||
| Q4 24 | 41.5% | — | ||
| Q3 24 | 41.3% | 5.2% | ||
| Q2 24 | 39.4% | 8.1% | ||
| Q1 24 | 40.6% | 2.6% |
每股收益（稀释后）ANETBEKE
| Q4 25 | $0.74 | — | ||
| Q3 25 | $0.67 | — | ||
| Q2 25 | $0.70 | — | ||
| Q1 25 | $0.64 | — | ||
| Q4 24 | $-4.17 | — | ||
| Q3 24 | $2.33 | — | ||
| Q2 24 | $2.08 | — | ||
| Q1 24 | $1.99 | — |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $2.0B | $1.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $12.4B | — |
| 总资产 | $19.4B | $16.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资ANETBEKE
| Q4 25 | $2.0B | $1.3B | ||
| Q3 25 | $2.3B | $1.6B | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $1.8B | $1.8B | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $3.2B | $1.4B | ||
| Q2 24 | $2.4B | $1.3B | ||
| Q1 24 | $2.1B | $2.5B |
股东权益ANETBEKE
| Q4 25 | $12.4B | — | ||
| Q3 25 | $11.9B | $9.6B | ||
| Q2 25 | $10.9B | — | ||
| Q1 25 | $10.1B | $9.5B | ||
| Q4 24 | $10.0B | — | ||
| Q3 24 | $9.2B | $10.1B | ||
| Q2 24 | $8.4B | $9.7B | ||
| Q1 24 | $7.9B | $9.6B |
总资产ANETBEKE
| Q4 25 | $19.4B | $16.8B | ||
| Q3 25 | $18.0B | $17.3B | ||
| Q2 25 | $16.5B | — | ||
| Q1 25 | $14.5B | $18.0B | ||
| Q4 24 | $14.0B | — | ||
| Q3 24 | $12.8B | $17.5B | ||
| Q2 24 | $11.6B | $16.9B | ||
| Q1 24 | $10.6B | $16.5B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $1.3B | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.32× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ANETBEKE
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $641.7M | $-546.4M | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $1.2B | $64.0M | ||
| Q2 24 | $989.0M | — | ||
| Q1 24 | $513.8M | — |
自由现金流ANETBEKE
| Q4 25 | — | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $613.3M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $985.9M | — | ||
| Q1 24 | $504.4M | — |
自由现金流率ANETBEKE
| Q4 25 | — | — | ||
| Q3 25 | 53.6% | — | ||
| Q2 25 | 53.3% | — | ||
| Q1 25 | 30.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 64.5% | — | ||
| Q2 24 | 58.3% | — | ||
| Q1 24 | 32.1% | — |
资本支出强度ANETBEKE
| Q4 25 | — | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 1.4% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.4% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.6% | — |
现金转化率ANETBEKE
| Q4 25 | 1.32× | — | ||
| Q3 25 | 1.49× | — | ||
| Q2 25 | 1.35× | — | ||
| Q1 25 | 0.79× | -4.64× | ||
| Q4 24 | 1.29× | — | ||
| Q3 24 | 1.57× | 0.38× | ||
| Q2 24 | 1.49× | — | ||
| Q1 24 | 0.81× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ANET
| Products | $2.1B | 84% |
| Services | $392.1M | 16% |
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% |
