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贝壳控股（BEKE）与Fathom Holdings Inc.（FTHM）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Fathom Holdings Inc.的35.7倍（$3.2B vs $90.6M）。贝壳控股净利率更高（3.2% vs -7.4%，领先10.6%）。过去两年Fathom Holdings Inc.的营收复合增速更高（13.4% 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。
Fathom Holdings Inc.是一家总部位于美国的房地产科技与服务企业，为房产经纪人、经纪机构和消费者提供数字交易管理、按揭服务、产权保险、住宅经纪等一站式解决方案，业务覆盖美国大部分区域市场。
BEKE vs FTHM — 直观对比
营收规模更大
BEKE
是对方的35.7倍
$90.6M
净利率更高
BEKE
高出10.6%
-7.4%
两年增速更快
FTHM
近两年复合增速
9.8%
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $90.6M |
| 净利润 | $104.9M | $-6.7M |
| 毛利率 | 21.4% | — |
| 营业利润率 | 2.6% | -5.2% |
| 净利率 | 3.2% | -7.4% |
| 营收同比 | — | -1.2% |
| 净利润同比 | — | -7.7% |
| 每股收益（稀释后） | — | $-0.20 |
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BEKEFTHM
| Q4 25 | $3.2B | $90.6M | ||
| Q3 25 | $3.6B | $115.3M | ||
| Q2 25 | — | $121.4M | ||
| Q1 25 | $3.2B | $93.1M | ||
| Q4 24 | — | $91.7M | ||
| Q3 24 | $3.2B | $83.7M | ||
| Q2 24 | $3.2B | $89.2M | ||
| Q1 24 | $2.3B | $70.5M |
净利润BEKEFTHM
| Q4 25 | $104.9M | $-6.7M | ||
| Q3 25 | $182.4M | $-4.4M | ||
| Q2 25 | — | $-3.6M | ||
| Q1 25 | $117.9M | $-5.6M | ||
| Q4 24 | — | $-6.2M | ||
| Q3 24 | $166.5M | $-8.1M | ||
| Q2 24 | $261.5M | $-1.3M | ||
| Q1 24 | $59.8M | $-5.9M |
毛利率BEKEFTHM
| 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BEKEFTHM
| Q4 25 | 2.6% | -5.2% | ||
| Q3 25 | 4.1% | -3.5% | ||
| Q2 25 | — | -2.0% | ||
| Q1 25 | 2.5% | -4.8% | ||
| Q4 24 | — | -7.0% | ||
| Q3 24 | 3.2% | -9.3% | ||
| Q2 24 | 8.6% | -4.1% | ||
| Q1 24 | 0.1% | -8.0% |
净利率BEKEFTHM
| Q4 25 | 3.2% | -7.4% | ||
| Q3 25 | 5.0% | -3.8% | ||
| Q2 25 | — | -3.0% | ||
| Q1 25 | 3.7% | -6.1% | ||
| Q4 24 | — | -6.8% | ||
| Q3 24 | 5.2% | -9.7% | ||
| Q2 24 | 8.1% | -1.5% | ||
| Q1 24 | 2.6% | -8.4% |
每股收益（稀释后）BEKEFTHM
| Q4 25 | — | $-0.20 | ||
| Q3 25 | — | $-0.15 | ||
| Q2 25 | — | $-0.13 | ||
| Q1 25 | — | $-0.24 | ||
| Q4 24 | — | $-0.29 | ||
| Q3 24 | — | $-0.40 | ||
| Q2 24 | — | $-0.07 | ||
| Q1 24 | — | $-0.31 |
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 | $5.8M |
| 总债务越低越好 | — | $5.6M |
| 股东权益账面价值 | — | $37.4M |
| 总资产 | $16.8B | $78.0M |
| 负债/权益比越低杠杆越低 | — | 0.15× |
8季度趋势，按日历期对齐
现金及短期投资BEKEFTHM
| Q4 25 | $1.3B | $5.8M | ||
| Q3 25 | $1.6B | $9.8M | ||
| Q2 25 | — | $4.9M | ||
| Q1 25 | $1.8B | $8.0M | ||
| Q4 24 | — | $7.1M | ||
| Q3 24 | $1.4B | $13.1M | ||
| Q2 24 | $1.3B | $10.4M | ||
| Q1 24 | $2.5B | $5.7M |
总债务BEKEFTHM
| Q4 25 | — | $5.6M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $9.5M | ||
| Q3 24 | — | $8.8M | ||
| Q2 24 | — | $3.6M | ||
| Q1 24 | — | $3.7M |
股东权益BEKEFTHM
| Q4 25 | — | $37.4M | ||
| Q3 25 | $9.6B | $43.4M | ||
| Q2 25 | — | $40.7M | ||
| Q1 25 | $9.5B | $43.4M | ||
| Q4 24 | — | $44.7M | ||
| Q3 24 | $10.1B | $47.1M | ||
| Q2 24 | $9.7B | $53.1M | ||
| Q1 24 | $9.6B | $51.9M |
总资产BEKEFTHM
| Q4 25 | $16.8B | $78.0M | ||
| Q3 25 | $17.3B | $83.2M | ||
| Q2 25 | — | $80.4M | ||
| Q1 25 | $18.0B | $81.0M | ||
| Q4 24 | — | $75.4M | ||
| Q3 24 | $17.5B | $80.9M | ||
| Q2 24 | $16.9B | $80.2M | ||
| Q1 24 | $16.5B | $78.2M |
负债/权益比BEKEFTHM
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.21× | ||
| Q3 24 | — | 0.19× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.07× |
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 | — | $-11.9M |
| 自由现金流经营现金流 - 资本支出 | — | $-11.9M |
| 自由现金流率自由现金流/营收 | — | -13.2% |
| 资本支出强度资本支出/营收 | — | 0.0% |
| 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 | — | $-20.7M |
8季度趋势，按日历期对齐
经营现金流BEKEFTHM
| Q4 25 | — | $-11.9M | ||
| Q3 25 | — | $3.0M | ||
| Q2 25 | — | $-5.9M | ||
| Q1 25 | $-546.4M | $-5.7M | ||
| Q4 24 | — | $-317.0K | ||
| Q3 24 | $64.0M | $-330.0K | ||
| Q2 24 | — | $-3.1M | ||
| Q1 24 | — | $-947.0K |
自由现金流BEKEFTHM
| Q4 25 | — | $-11.9M | ||
| Q3 25 | — | $3.0M | ||
| Q2 25 | — | $-6.0M | ||
| Q1 25 | — | $-5.8M | ||
| Q4 24 | — | $-322.0K | ||
| Q3 24 | — | $-364.0K | ||
| Q2 24 | — | $-3.1M | ||
| Q1 24 | — | $-948.0K |
自由现金流率BEKEFTHM
| Q4 25 | — | -13.2% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | -4.9% | ||
| Q1 25 | — | -6.2% | ||
| Q4 24 | — | -0.4% | ||
| Q3 24 | — | -0.4% | ||
| Q2 24 | — | -3.5% | ||
| Q1 24 | — | -1.3% |
资本支出强度BEKEFTHM
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.0% |
现金转化率BEKEFTHM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.64× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.38× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
FTHM
| Real Estate Brokerage | $84.9M | 94% |
| Mortgage Segment | $3.4M | 4% |
| Other | $2.3M | 3% |
