vs
贝壳控股（BEKE）与李维斯（LEVI）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李维斯的1.8倍（$3.2B vs $1.8B），李维斯净利率更高（8.9% vs 3.2%，领先5.7%），过去两年贝壳控股的营收复合增速更高（9.8% vs 6.5%）
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。
李维斯（Levi Strauss & Co.）是全球知名的美国服饰企业，凭借旗下Levi's品牌丹宁牛仔裤享誉全球。公司创立于1853年5月，由德裔犹太移民李维·斯特劳斯在旧金山成立，注册地为特拉华州，总部设在旧金山李维斯广场。
BEKE vs LEVI — 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
LEVI
高出5.7%
3.2%
两年增速更快
BEKE
近两年复合增速
6.5%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $1.8B |
| 净利润 | $104.9M | $158.0M |
| 毛利率 | 21.4% | 60.8% |
| 营业利润率 | 2.6% | 11.9% |
| 净利率 | 3.2% | 8.9% |
| 营收同比 | — | -4.0% |
| 净利润同比 | — | -13.4% |
| 每股收益（稀释后） | — | $0.39 |
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BEKELEVI
| Q4 25 | $3.2B | $1.8B | ||
| Q3 25 | $3.6B | $1.5B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | $3.2B | $1.5B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | $3.2B | $1.5B | ||
| Q2 24 | $3.2B | $1.4B | ||
| Q1 24 | $2.3B | $1.6B |
净利润BEKELEVI
| Q4 25 | $104.9M | $158.0M | ||
| Q3 25 | $182.4M | $218.1M | ||
| Q2 25 | — | $67.0M | ||
| Q1 25 | $117.9M | $135.0M | ||
| Q4 24 | — | $182.5M | ||
| Q3 24 | $166.5M | $20.7M | ||
| Q2 24 | $261.5M | $18.0M | ||
| Q1 24 | $59.8M | $-10.6M |
毛利率BEKELEVI
| Q4 25 | 21.4% | 60.8% | ||
| Q3 25 | 21.9% | 61.7% | ||
| Q2 25 | — | 62.6% | ||
| Q1 25 | 20.7% | 62.1% | ||
| Q4 24 | — | 61.3% | ||
| Q3 24 | 22.7% | 60.0% | ||
| Q2 24 | 27.9% | 60.5% | ||
| Q1 24 | 25.2% | 58.2% |
营业利润率BEKELEVI
| Q4 25 | 2.6% | 11.9% | ||
| Q3 25 | 4.1% | 10.8% | ||
| Q2 25 | — | 7.5% | ||
| Q1 25 | 2.5% | 12.5% | ||
| Q4 24 | — | 11.5% | ||
| Q3 24 | 3.2% | 2.0% | ||
| Q2 24 | 8.6% | 1.5% | ||
| Q1 24 | 0.1% | -0.0% |
净利率BEKELEVI
| Q4 25 | 3.2% | 8.9% | ||
| Q3 25 | 5.0% | 14.1% | ||
| Q2 25 | — | 4.6% | ||
| Q1 25 | 3.7% | 8.8% | ||
| Q4 24 | — | 9.9% | ||
| Q3 24 | 5.2% | 1.4% | ||
| Q2 24 | 8.1% | 1.2% | ||
| Q1 24 | 2.6% | -0.7% |
每股收益（稀释后）BEKELEVI
| Q4 25 | — | $0.39 | ||
| Q3 25 | — | $0.55 | ||
| Q2 25 | — | $0.17 | ||
| Q1 25 | — | $0.34 | ||
| Q4 24 | — | $0.46 | ||
| Q3 24 | — | $0.05 | ||
| Q2 24 | — | $0.04 | ||
| Q1 24 | — | $-0.03 |
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 | $848.8M |
| 总债务越低越好 | — | $1.1B |
| 股东权益账面价值 | — | $2.3B |
| 总资产 | $16.8B | $6.8B |
| 负债/权益比越低杠杆越低 | — | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资BEKELEVI
| Q4 25 | $1.3B | $848.8M | ||
| Q3 25 | $1.6B | $707.5M | ||
| Q2 25 | — | $736.7M | ||
| Q1 25 | $1.8B | $574.4M | ||
| Q4 24 | — | $690.0M | ||
| Q3 24 | $1.4B | $577.1M | ||
| Q2 24 | $1.3B | $641.4M | ||
| Q1 24 | $2.5B | $516.7M |
总债务BEKELEVI
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $987.4M | ||
| Q4 24 | — | $994.0M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $1.0B |
股东权益BEKELEVI
| Q4 25 | — | $2.3B | ||
| Q3 25 | $9.6B | $2.2B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | $9.5B | $2.0B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | $10.1B | $1.9B | ||
| Q2 24 | $9.7B | $2.0B | ||
| Q1 24 | $9.6B | $2.0B |
总资产BEKELEVI
| Q4 25 | $16.8B | $6.8B | ||
| Q3 25 | $17.3B | $6.7B | ||
| Q2 25 | — | $6.5B | ||
| Q1 25 | $18.0B | $6.2B | ||
| Q4 24 | — | $6.4B | ||
| Q3 24 | $17.5B | $6.3B | ||
| Q2 24 | $16.9B | $6.2B | ||
| Q1 24 | $16.5B | $6.0B |
负债/权益比BEKELEVI
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | 0.48× | ||
| Q2 25 | — | 0.49× | ||
| Q1 25 | — | 0.49× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.54× | ||
| Q2 24 | — | 0.51× | ||
| Q1 24 | — | 0.51× |
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 | — | $266.8M |
| 自由现金流经营现金流 - 资本支出 | — | $215.7M |
| 自由现金流率自由现金流/营收 | — | 12.2% |
| 资本支出强度资本支出/营收 | — | 2.9% |
| 现金转化率经营现金流/净利润 | — | 1.69× |
| 过去12个月自由现金流最近4个季度 | — | $308.2M |
8季度趋势，按日历期对齐
经营现金流BEKELEVI
| Q4 25 | — | $266.8M | ||
| Q3 25 | — | $24.8M | ||
| Q2 25 | — | $185.5M | ||
| Q1 25 | $-546.4M | $52.5M | ||
| Q4 24 | — | $297.3M | ||
| Q3 24 | $64.0M | $52.3M | ||
| Q2 24 | — | $262.8M | ||
| Q1 24 | — | $286.0M |
自由现金流BEKELEVI
| Q4 25 | — | $215.7M | ||
| Q3 25 | — | $-39.4M | ||
| Q2 25 | — | $146.0M | ||
| Q1 25 | — | $-14.1M | ||
| Q4 24 | — | $231.6M | ||
| Q3 24 | — | $2.3M | ||
| Q2 24 | — | $222.6M | ||
| Q1 24 | — | $214.4M |
自由现金流率BEKELEVI
| Q4 25 | — | 12.2% | ||
| Q3 25 | — | -2.6% | ||
| Q2 25 | — | 10.1% | ||
| Q1 25 | — | -0.9% | ||
| Q4 24 | — | 12.6% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 15.4% | ||
| Q1 24 | — | 13.8% |
资本支出强度BEKELEVI
| Q4 25 | — | 2.9% | ||
| Q3 25 | — | 4.2% | ||
| Q2 25 | — | 2.7% | ||
| Q1 25 | — | 4.4% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | — | 3.3% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 4.6% |
现金转化率BEKELEVI
| Q4 25 | — | 1.69× | ||
| Q3 25 | — | 0.11× | ||
| Q2 25 | — | 2.77× | ||
| Q1 25 | -4.64× | 0.39× | ||
| Q4 24 | — | 1.63× | ||
| Q3 24 | 0.38× | 2.53× | ||
| Q2 24 | — | 14.60× | ||
| 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% |
LEVI
| Other | $760.3M | 43% |
| Sales Channel Through Intermediary | $583.2M | 33% |
| Sales Channel Directly To Consumer | $376.0M | 21% |
| Beyond Yoga | $46.3M | 3% |
