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贝壳控股（BEKE）与Coinbase（COIN）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Coinbase的1.8倍（$3.2B vs $1.8B），贝壳控股净利率更高（3.2% vs -37.4%，领先40.7%），过去两年贝壳控股的营收复合增速更高（9.8% vs 4.3%）
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。
Coinbase是美国知名加密货币交易所，2012年由布莱恩·阿姆斯特朗与弗雷德·埃尔萨姆联合创立。截至2024年，平台拥有超1亿用户，业务覆盖100多个国家，是美国最大加密货币交易所、全球最大比特币托管机构，托管总资产近5160亿美元，持有约12%的流通比特币及11%的质押以太币。
BEKE vs COIN — 直观对比
营收规模更大
BEKE
是对方的1.8倍
$1.8B
净利率更高
BEKE
高出40.7%
-37.4%
两年增速更快
BEKE
近两年复合增速
4.3%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $1.8B |
| 净利润 | $104.9M | $-666.7M |
| 毛利率 | 21.4% | — |
| 营业利润率 | 2.6% | 15.4% |
| 净利率 | 3.2% | -37.4% |
| 营收同比 | — | -21.6% |
| 净利润同比 | — | -151.6% |
| 每股收益（稀释后） | — | $-2.43 |
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BEKECOIN
| Q4 25 | $3.2B | $1.8B | ||
| Q3 25 | $3.6B | $1.9B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | $3.2B | $2.0B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | $3.2B | $1.2B | ||
| Q2 24 | $3.2B | $1.4B | ||
| Q1 24 | $2.3B | $1.6B |
净利润BEKECOIN
| Q4 25 | $104.9M | $-666.7M | ||
| Q3 25 | $182.4M | $432.6M | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | $117.9M | $65.6M | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $166.5M | $75.5M | ||
| Q2 24 | $261.5M | $36.1M | ||
| Q1 24 | $59.8M | $1.2B |
毛利率BEKECOIN
| 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% | — |
营业利润率BEKECOIN
| Q4 25 | 2.6% | 15.4% | ||
| Q3 25 | 4.1% | 25.7% | ||
| Q2 25 | — | -1.6% | ||
| Q1 25 | 2.5% | 34.7% | ||
| Q4 24 | — | 45.5% | ||
| Q3 24 | 3.2% | 14.1% | ||
| Q2 24 | 8.6% | 23.7% | ||
| Q1 24 | 0.1% | 46.4% |
净利率BEKECOIN
| Q4 25 | 3.2% | -37.4% | ||
| Q3 25 | 5.0% | 23.1% | ||
| Q2 25 | — | 95.4% | ||
| Q1 25 | 3.7% | 3.2% | ||
| Q4 24 | — | 56.8% | ||
| Q3 24 | 5.2% | 6.3% | ||
| Q2 24 | 8.1% | 2.5% | ||
| Q1 24 | 2.6% | 71.8% |
每股收益（稀释后）BEKECOIN
| Q4 25 | — | $-2.43 | ||
| Q3 25 | — | $1.50 | ||
| Q2 25 | — | $5.14 | ||
| Q1 25 | — | $0.24 | ||
| Q4 24 | — | $4.66 | ||
| Q3 24 | — | $0.28 | ||
| Q2 24 | — | $0.14 | ||
| Q1 24 | — | $4.40 |
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 | $1.3B | $11.6B |
| 总债务越低越好 | — | $7.2B |
| 股东权益账面价值 | — | $14.8B |
| 总资产 | $16.8B | $29.7B |
| 负债/权益比越低杠杆越低 | — | 0.49× |
8季度趋势，按日历期对齐
现金及短期投资BEKECOIN
| Q4 25 | $1.3B | $11.6B | ||
| Q3 25 | $1.6B | $9.8B | ||
| Q2 25 | — | $7.5B | ||
| Q1 25 | $1.8B | $8.1B | ||
| Q4 24 | — | $8.5B | ||
| Q3 24 | $1.4B | $7.7B | ||
| Q2 24 | $1.3B | $7.2B | ||
| Q1 24 | $2.5B | $6.7B |
总债务BEKECOIN
| Q4 25 | — | $7.2B | ||
| Q3 25 | — | $7.2B | ||
| Q2 25 | — | $4.2B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | — | $4.2B |
股东权益BEKECOIN
| Q4 25 | — | $14.8B | ||
| Q3 25 | $9.6B | $16.0B | ||
| Q2 25 | — | $12.1B | ||
| Q1 25 | $9.5B | $10.5B | ||
| Q4 24 | — | $10.3B | ||
| Q3 24 | $10.1B | $8.7B | ||
| Q2 24 | $9.7B | $8.4B | ||
| Q1 24 | $9.6B | $8.1B |
总资产BEKECOIN
| Q4 25 | $16.8B | $29.7B | ||
| Q3 25 | $17.3B | $31.4B | ||
| Q2 25 | — | $23.5B | ||
| Q1 25 | $18.0B | $21.7B | ||
| Q4 24 | — | $22.5B | ||
| Q3 24 | $17.5B | $290.6B | ||
| Q2 24 | $16.9B | $287.0B | ||
| Q1 24 | $16.5B | $348.0B |
负债/权益比BEKECOIN
| Q4 25 | — | 0.49× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | — | 0.41× | ||
| Q3 24 | — | 0.48× | ||
| Q2 24 | — | 0.51× | ||
| Q1 24 | — | 0.52× |
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 | — | $3.1B |
| 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 | — | — |
| 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BEKECOIN
| Q4 25 | — | $3.1B | ||
| Q3 25 | — | $-784.5M | ||
| Q2 25 | — | $328.5M | ||
| Q1 25 | $-546.4M | $-182.7M | ||
| Q4 24 | — | $964.6M | ||
| Q3 24 | $64.0M | $696.5M | ||
| Q2 24 | — | $484.2M | ||
| Q1 24 | — | $411.5M |
现金转化率BEKECOIN
| Q4 25 | — | — | ||
| Q3 25 | — | -1.81× | ||
| Q2 25 | — | 0.23× | ||
| Q1 25 | -4.64× | -2.79× | ||
| Q4 24 | — | 0.75× | ||
| Q3 24 | 0.38× | 9.23× | ||
| Q2 24 | — | 13.39× | ||
| Q1 24 | — | 0.35× |
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
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% |
COIN
| Bank Servicing Consumer Net | $733.9M | 41% |
| Subscription And Circulation | $727.4M | 41% |
| Bank Servicing Institutional | $185.0M | 10% |
| Other Revenue | $71.1M | 4% |
| Bank Servicing Other | $63.8M | 4% |
| Related Party | $1.3M | 0% |
