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贝壳控股（BEKE）与Marcus & Millichap, Inc.（MMI）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Marcus & Millichap, Inc.的13.3倍（$3.2B vs $243.9M）。Marcus & Millichap, Inc.净利率更高（5.5% vs 3.2%，领先2.2%）。过去两年Marcus & Millichap, Inc.的营收复合增速更高（37.5% 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。
马库斯-米利查普是一家美国商业地产服务企业，在美国和加拿大开展业务，核心服务涵盖商业地产经纪、抵押贷款经纪、市场研究及顾问咨询，业内首创了单经纪机构独家代理房源挂牌模式，目前在美加两国设有超过80家办事处，员工规模超1800人。
BEKE vs MMI — 直观对比
营收规模更大
BEKE
是对方的13.3倍
$243.9M
净利率更高
MMI
高出2.2%
3.2%
两年增速更快
MMI
近两年复合增速
9.8%
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $243.9M |
| 净利润 | $104.9M | $13.3M |
| 毛利率 | 21.4% | — |
| 营业利润率 | 2.6% | 6.3% |
| 净利率 | 3.2% | 5.5% |
| 营收同比 | — | 1.6% |
| 净利润同比 | — | 55.7% |
| 每股收益（稀释后） | — | $0.33 |
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BEKEMMI
| Q4 25 | $3.2B | $243.9M | ||
| Q3 25 | $3.6B | $193.9M | ||
| Q2 25 | — | $172.3M | ||
| Q1 25 | $3.2B | $145.0M | ||
| Q4 24 | — | $240.1M | ||
| Q3 24 | $3.2B | $168.5M | ||
| Q2 24 | $3.2B | $158.4M | ||
| Q1 24 | $2.3B | $129.1M |
净利润BEKEMMI
| Q4 25 | $104.9M | $13.3M | ||
| Q3 25 | $182.4M | $240.0K | ||
| Q2 25 | — | $-11.0M | ||
| Q1 25 | $117.9M | $-4.4M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | $166.5M | $-5.4M | ||
| Q2 24 | $261.5M | $-5.5M | ||
| Q1 24 | $59.8M | $-10.0M |
毛利率BEKEMMI
| 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BEKEMMI
| Q4 25 | 2.6% | 6.3% | ||
| Q3 25 | 4.1% | -1.2% | ||
| Q2 25 | — | -5.3% | ||
| Q1 25 | 2.5% | -12.2% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | 3.2% | -6.8% | ||
| Q2 24 | 8.6% | -5.1% | ||
| Q1 24 | 0.1% | -15.6% |
净利率BEKEMMI
| Q4 25 | 3.2% | 5.5% | ||
| Q3 25 | 5.0% | 0.1% | ||
| Q2 25 | — | -6.4% | ||
| Q1 25 | 3.7% | -3.0% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | 5.2% | -3.2% | ||
| Q2 24 | 8.1% | -3.5% | ||
| Q1 24 | 2.6% | -7.7% |
每股收益（稀释后）BEKEMMI
| Q4 25 | — | $0.33 | ||
| Q3 25 | — | $0.01 | ||
| Q2 25 | — | $-0.28 | ||
| Q1 25 | — | $-0.11 | ||
| Q4 24 | — | $0.22 | ||
| Q3 24 | — | $-0.14 | ||
| Q2 24 | — | $-0.14 | ||
| Q1 24 | — | $-0.26 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $603.1M |
| 总资产 | $16.8B | $827.2M |
| 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BEKEMMI
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.6B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $1.8B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $2.5B | — |
股东权益BEKEMMI
| Q4 25 | — | $603.1M | ||
| Q3 25 | $9.6B | $602.2M | ||
| Q2 25 | — | $607.8M | ||
| Q1 25 | $9.5B | $617.6M | ||
| Q4 24 | — | $630.8M | ||
| Q3 24 | $10.1B | $617.7M | ||
| Q2 24 | $9.7B | $626.7M | ||
| Q1 24 | $9.6B | $625.6M |
总资产BEKEMMI
| Q4 25 | $16.8B | $827.2M | ||
| Q3 25 | $17.3B | $812.5M | ||
| Q2 25 | — | $792.2M | ||
| Q1 25 | $18.0B | $802.0M | ||
| Q4 24 | — | $869.8M | ||
| Q3 24 | $17.5B | $833.7M | ||
| Q2 24 | $16.9B | $825.4M | ||
| Q1 24 | $16.5B | $826.7M |
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 | — | $46.3M |
| 自由现金流经营现金流 - 资本支出 | — | $43.9M |
| 自由现金流率自由现金流/营收 | — | 18.0% |
| 资本支出强度资本支出/营收 | — | 1.0% |
| 现金转化率经营现金流/净利润 | — | 3.48× |
| 过去12个月自由现金流最近4个季度 | — | $58.8M |
8季度趋势，按日历期对齐
经营现金流BEKEMMI
| Q4 25 | — | $46.3M | ||
| Q3 25 | — | $52.2M | ||
| Q2 25 | — | $21.0M | ||
| Q1 25 | $-546.4M | $-52.8M | ||
| Q4 24 | — | $56.7M | ||
| Q3 24 | $64.0M | $15.2M | ||
| Q2 24 | — | $851.0K | ||
| Q1 24 | — | $-51.0M |
自由现金流BEKEMMI
| Q4 25 | — | $43.9M | ||
| Q3 25 | — | $50.0M | ||
| Q2 25 | — | $19.3M | ||
| Q1 25 | — | $-54.3M | ||
| Q4 24 | — | $55.1M | ||
| Q3 24 | — | $13.2M | ||
| Q2 24 | — | $-806.0K | ||
| Q1 24 | — | $-53.7M |
自由现金流率BEKEMMI
| Q4 25 | — | 18.0% | ||
| Q3 25 | — | 25.8% | ||
| Q2 25 | — | 11.2% | ||
| Q1 25 | — | -37.5% | ||
| Q4 24 | — | 23.0% | ||
| Q3 24 | — | 7.8% | ||
| Q2 24 | — | -0.5% | ||
| Q1 24 | — | -41.6% |
资本支出强度BEKEMMI
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.0% | ||
| Q1 24 | — | 2.0% |
现金转化率BEKEMMI
| Q4 25 | — | 3.48× | ||
| Q3 25 | — | 217.54× | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.64× | — | ||
| Q4 24 | — | 6.63× | ||
| 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% |
MMI
| Real Estate Brokerage Commissions | $205.3M | 84% |
| Financing Fees | $33.2M | 14% |
| Other Revenues | $5.4M | 2% |
