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贝壳控股（BEKE）与Expand Energy（EXE）财务数据对比。点击上方公司名可切换其他公司
Expand Energy的季度营收约是贝壳控股的1.0倍（$3.3B vs $3.2B），Expand Energy净利率更高（16.9% vs 3.2%，领先13.7%），过去两年Expand Energy的营收复合增速更高（29.6% vs 9.8%）
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。
Expand Energy是按净日产量统计的美国最大独立天然气生产商，总部位于俄克拉荷马城，运营范围覆盖宾夕法尼亚州、西弗吉尼亚州境内马塞勒斯地层的阿巴拉契亚盆地，以及路易斯安那州西北部的海恩斯维尔页岩区块。
BEKE vs EXE — 直观对比
营收规模更大
EXE
是对方的1.0倍
$3.2B
净利率更高
EXE
高出13.7%
3.2%
两年增速更快
EXE
近两年复合增速
9.8%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $3.3B |
| 净利润 | $104.9M | $553.0M |
| 毛利率 | 21.4% | — |
| 营业利润率 | 2.6% | 22.8% |
| 净利率 | 3.2% | 16.9% |
| 营收同比 | — | 63.5% |
| 净利润同比 | — | 238.6% |
| 每股收益（稀释后） | — | $2.33 |
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BEKEEXE
| Q4 25 | $3.2B | $3.3B | ||
| Q3 25 | $3.6B | $3.0B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | $3.2B | $2.2B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | $3.2B | $648.0M | ||
| Q2 24 | $3.2B | — | ||
| Q1 24 | $2.3B | $1.1B |
净利润BEKEEXE
| Q4 25 | $104.9M | $553.0M | ||
| Q3 25 | $182.4M | $547.0M | ||
| Q2 25 | — | $968.0M | ||
| Q1 25 | $117.9M | $-249.0M | ||
| Q4 24 | — | $-399.0M | ||
| Q3 24 | $166.5M | $-114.0M | ||
| Q2 24 | $261.5M | — | ||
| Q1 24 | $59.8M | $26.0M |
毛利率BEKEEXE
| 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BEKEEXE
| Q4 25 | 2.6% | 22.8% | ||
| Q3 25 | 4.1% | 24.4% | ||
| Q2 25 | — | 34.4% | ||
| Q1 25 | 2.5% | -12.2% | ||
| Q4 24 | — | -19.3% | ||
| Q3 24 | 3.2% | -23.9% | ||
| Q2 24 | 8.6% | — | ||
| Q1 24 | 0.1% | 3.0% |
净利率BEKEEXE
| Q4 25 | 3.2% | 16.9% | ||
| Q3 25 | 5.0% | 18.4% | ||
| Q2 25 | — | 26.2% | ||
| Q1 25 | 3.7% | -11.3% | ||
| Q4 24 | — | -19.9% | ||
| Q3 24 | 5.2% | -17.6% | ||
| Q2 24 | 8.1% | — | ||
| Q1 24 | 2.6% | 2.4% |
每股收益（稀释后）BEKEEXE
| Q4 25 | — | $2.33 | ||
| Q3 25 | — | $2.28 | ||
| Q2 25 | — | $4.02 | ||
| Q1 25 | — | $-1.06 | ||
| Q4 24 | — | $-2.15 | ||
| Q3 24 | — | $-0.85 | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $0.18 |
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 | $616.0M |
| 总债务越低越好 | — | $5.0B |
| 股东权益账面价值 | — | $18.6B |
| 总资产 | $16.8B | $28.3B |
| 负债/权益比越低杠杆越低 | — | 0.27× |
8季度趋势，按日历期对齐
现金及短期投资BEKEEXE
| Q4 25 | $1.3B | $616.0M | ||
| Q3 25 | $1.6B | $613.0M | ||
| Q2 25 | — | $731.0M | ||
| Q1 25 | $1.8B | $349.0M | ||
| Q4 24 | — | $317.0M | ||
| Q3 24 | $1.4B | $1.0B | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $2.5B | $1.2B |
总债务BEKEEXE
| Q4 25 | — | $5.0B | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $5.1B | ||
| Q1 25 | — | $5.2B | ||
| Q4 24 | — | $5.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益BEKEEXE
| Q4 25 | — | $18.6B | ||
| Q3 25 | $9.6B | $18.1B | ||
| Q2 25 | — | $17.9B | ||
| Q1 25 | $9.5B | $17.2B | ||
| Q4 24 | — | $17.6B | ||
| Q3 24 | $10.1B | $10.2B | ||
| Q2 24 | $9.7B | — | ||
| Q1 24 | $9.6B | $10.7B |
总资产BEKEEXE
| Q4 25 | $16.8B | $28.3B | ||
| Q3 25 | $17.3B | $27.6B | ||
| Q2 25 | — | $27.8B | ||
| Q1 25 | $18.0B | $27.9B | ||
| Q4 24 | — | $27.9B | ||
| Q3 24 | $17.5B | $13.4B | ||
| Q2 24 | $16.9B | — | ||
| Q1 24 | $16.5B | $14.0B |
负债/权益比BEKEEXE
| Q4 25 | — | 0.27× | ||
| Q3 25 | — | 0.28× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 0.32× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | — | $956.0M |
| 自由现金流经营现金流 - 资本支出 | — | $215.0M |
| 自由现金流率自由现金流/营收 | — | 6.6% |
| 资本支出强度资本支出/营收 | — | 22.6% |
| 现金转化率经营现金流/净利润 | — | 1.73× |
| 过去12个月自由现金流最近4个季度 | — | $1.8B |
8季度趋势，按日历期对齐
经营现金流BEKEEXE
| Q4 25 | — | $956.0M | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | $-546.4M | $1.1B | ||
| Q4 24 | — | $382.0M | ||
| Q3 24 | $64.0M | $422.0M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $552.0M |
自由现金流BEKEEXE
| Q4 25 | — | $215.0M | ||
| Q3 25 | — | $426.0M | ||
| Q2 25 | — | $665.0M | ||
| Q1 25 | — | $533.0M | ||
| Q4 24 | — | $-154.0M | ||
| Q3 24 | — | $124.0M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $131.0M |
自由现金流率BEKEEXE
| Q4 25 | — | 6.6% | ||
| Q3 25 | — | 14.4% | ||
| Q2 25 | — | 18.0% | ||
| Q1 25 | — | 24.3% | ||
| Q4 24 | — | -7.7% | ||
| Q3 24 | — | 19.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 12.1% |
资本支出强度BEKEEXE
| Q4 25 | — | 22.6% | ||
| Q3 25 | — | 26.1% | ||
| Q2 25 | — | 17.8% | ||
| Q1 25 | — | 25.6% | ||
| Q4 24 | — | 26.8% | ||
| Q3 24 | — | 46.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 38.9% |
现金转化率BEKEEXE
| Q4 25 | — | 1.73× | ||
| Q3 25 | — | 2.20× | ||
| Q2 25 | — | 1.37× | ||
| Q1 25 | -4.64× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.38× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 21.23× |
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% |
EXE
| Oil And Gas | $2.3B | 70% |
| Natural Gas Marketing Sales | $734.0M | 22% |
| Natural Gas Liquids Sales | $174.0M | 5% |
| Natural Gas Liquids Marketing Sales | $34.0M | 1% |
| Oil Marketing Sales | $31.0M | 1% |
