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贝壳控股（BEKE）与KOHLS Corp（KSS）财务数据对比。点击上方公司名可切换其他公司
KOHLS Corp的季度营收约是贝壳控股的1.1倍（$3.6B vs $3.2B），贝壳控股净利率更高（3.2% vs 0.2%，领先3.0%），过去两年贝壳控股的营收复合增速更高（9.8% vs -22.5%）
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。
科尔士（Kohl's）是美国知名连锁百货零售商，目前在全美除夏威夷外的各州共开设1174家门店。品牌由波兰移民麦克斯韦·科尔创立，1927年他在威斯康星州密尔沃基开设了一家街角杂货店，在当地发展为成功的连锁品牌后，1962年公司开设首家百货门店，正式进军百货零售领域。
BEKE vs KSS — 直观对比
营收规模更大
KSS
是对方的1.1倍
$3.2B
净利率更高
BEKE
高出3.0%
0.2%
两年增速更快
BEKE
近两年复合增速
-22.5%
损益表 — Q3 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $3.6B |
| 净利润 | $104.9M | $8.0M |
| 毛利率 | 21.4% | 42.4% |
| 营业利润率 | 2.6% | 2.0% |
| 净利率 | 3.2% | 0.2% |
| 营收同比 | — | -3.6% |
| 净利润同比 | — | -63.6% |
| 每股收益（稀释后） | — | $0.07 |
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BEKEKSS
| Q4 25 | $3.2B | $3.6B | ||
| Q3 25 | $3.6B | $3.5B | ||
| Q2 25 | — | $3.2B | ||
| Q1 25 | $3.2B | $5.4B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | $3.2B | $3.7B | ||
| Q2 24 | $3.2B | $3.4B | ||
| Q1 24 | $2.3B | $6.0B |
净利润BEKEKSS
| Q4 25 | $104.9M | $8.0M | ||
| Q3 25 | $182.4M | $153.0M | ||
| Q2 25 | — | $-15.0M | ||
| Q1 25 | $117.9M | $48.0M | ||
| Q4 24 | — | $22.0M | ||
| Q3 24 | $166.5M | $66.0M | ||
| Q2 24 | $261.5M | $-27.0M | ||
| Q1 24 | $59.8M | $186.0M |
毛利率BEKEKSS
| Q4 25 | 21.4% | 42.4% | ||
| Q3 25 | 21.9% | 43.3% | ||
| Q2 25 | — | 43.3% | ||
| Q1 25 | 20.7% | 35.6% | ||
| Q4 24 | — | 42.4% | ||
| Q3 24 | 22.7% | 43.0% | ||
| Q2 24 | 27.9% | 43.1% | ||
| Q1 24 | 25.2% | 35.2% |
营业利润率BEKEKSS
| Q4 25 | 2.6% | 2.0% | ||
| Q3 25 | 4.1% | 7.9% | ||
| Q2 25 | — | 1.9% | ||
| Q1 25 | 2.5% | 2.3% | ||
| Q4 24 | — | 2.6% | ||
| Q3 24 | 3.2% | 4.4% | ||
| Q2 24 | 8.6% | 1.3% | ||
| Q1 24 | 0.1% | 5.0% |
净利率BEKEKSS
| Q4 25 | 3.2% | 0.2% | ||
| Q3 25 | 5.0% | 4.3% | ||
| Q2 25 | — | -0.5% | ||
| Q1 25 | 3.7% | 0.9% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | 5.2% | 1.8% | ||
| Q2 24 | 8.1% | -0.8% | ||
| Q1 24 | 2.6% | 3.1% |
每股收益（稀释后）BEKEKSS
| Q4 25 | — | $0.07 | ||
| Q3 25 | — | $1.35 | ||
| Q2 25 | — | $-0.13 | ||
| Q1 25 | — | $0.43 | ||
| Q4 24 | — | $0.20 | ||
| Q3 24 | — | $0.59 | ||
| Q2 24 | — | $-0.24 | ||
| Q1 24 | — | $1.67 |
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 | $144.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $3.9B |
| 总资产 | $16.8B | $14.1B |
| 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BEKEKSS
| Q4 25 | $1.3B | $144.0M | ||
| Q3 25 | $1.6B | $174.0M | ||
| Q2 25 | — | $153.0M | ||
| Q1 25 | $1.8B | $134.0M | ||
| Q4 24 | — | $174.0M | ||
| Q3 24 | $1.4B | $231.0M | ||
| Q2 24 | $1.3B | $228.0M | ||
| Q1 24 | $2.5B | $183.0M |
股东权益BEKEKSS
| Q4 25 | — | $3.9B | ||
| Q3 25 | $9.6B | $3.9B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | $9.5B | $3.8B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | $10.1B | $3.8B | ||
| Q2 24 | $9.7B | $3.8B | ||
| Q1 24 | $9.6B | $3.9B |
总资产BEKEKSS
| Q4 25 | $16.8B | $14.1B | ||
| Q3 25 | $17.3B | $13.4B | ||
| Q2 25 | — | $13.6B | ||
| Q1 25 | $18.0B | $13.6B | ||
| Q4 24 | — | $15.1B | ||
| Q3 24 | $17.5B | $14.2B | ||
| Q2 24 | $16.9B | $14.3B | ||
| Q1 24 | $16.5B | $14.0B |
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 | — | $124.0M |
| 自由现金流经营现金流 - 资本支出 | — | $16.0M |
| 自由现金流率自由现金流/营收 | — | 0.4% |
| 资本支出强度资本支出/营收 | — | 3.0% |
| 现金转化率经营现金流/净利润 | — | 15.50× |
| 过去12个月自由现金流最近4个季度 | — | $819.0M |
8季度趋势，按日历期对齐
经营现金流BEKEKSS
| Q4 25 | — | $124.0M | ||
| Q3 25 | — | $598.0M | ||
| Q2 25 | — | $-92.0M | ||
| Q1 25 | $-546.4M | $596.0M | ||
| Q4 24 | — | $-195.0M | ||
| Q3 24 | $64.0M | $254.0M | ||
| Q2 24 | — | $-7.0M | ||
| Q1 24 | — | $789.0M |
自由现金流BEKEKSS
| Q4 25 | — | $16.0M | ||
| Q3 25 | — | $508.0M | ||
| Q2 25 | — | $-202.0M | ||
| Q1 25 | — | $497.0M | ||
| Q4 24 | — | $-323.0M | ||
| Q3 24 | — | $141.0M | ||
| Q2 24 | — | $-133.0M | ||
| Q1 24 | — | $707.0M |
自由现金流率BEKEKSS
| Q4 25 | — | 0.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | -6.2% | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | -8.7% | ||
| Q3 24 | — | 3.8% | ||
| Q2 24 | — | -3.9% | ||
| Q1 24 | — | 11.9% |
资本支出强度BEKEKSS
| Q4 25 | — | 3.0% | ||
| Q3 25 | — | 2.5% | ||
| Q2 25 | — | 3.4% | ||
| Q1 25 | — | 1.8% | ||
| Q4 24 | — | 3.5% | ||
| Q3 24 | — | 3.0% | ||
| Q2 24 | — | 3.7% | ||
| Q1 24 | — | 1.4% |
现金转化率BEKEKSS
| Q4 25 | — | 15.50× | ||
| Q3 25 | — | 3.91× | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.64× | 12.42× | ||
| Q4 24 | — | -8.86× | ||
| Q3 24 | 0.38× | 3.85× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 4.24× |
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% |
KSS
| Products | $3.4B | 95% |
| Other | $168.0M | 5% |
| Gift Card | $17.0M | 0% |
