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贝壳控股（BEKE）与ServiceNow（NOW）财务数据对比。点击上方公司名可切换其他公司
ServiceNow的季度营收约是贝壳控股的1.2倍（$3.8B vs $3.2B），ServiceNow净利率更高（12.4% vs 3.2%，领先9.2%），过去两年ServiceNow的营收复合增速更高（19.8% 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。
ServiceNow是2003年由弗雷德·卢迪在美国加利福尼亚州圣克拉拉创立的软件企业，主打云计算平台产品，可支持企业搭建及管理自动化业务工作流。公司于纽交所上市，现为标普100及标普500指数成分股。
BEKE vs NOW — 直观对比
营收规模更大
NOW
是对方的1.2倍
$3.2B
净利率更高
NOW
高出9.2%
3.2%
两年增速更快
NOW
近两年复合增速
9.8%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $3.8B |
| 净利润 | $104.9M | $469.0M |
| 毛利率 | 21.4% | 75.1% |
| 营业利润率 | 2.6% | 13.3% |
| 净利率 | 3.2% | 12.4% |
| 营收同比 | — | 2.8% |
| 净利润同比 | — | -53.7% |
| 每股收益（稀释后） | — | $1.04 |
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BEKENOW
| Q1 26 | — | $3.8B | ||
| Q4 25 | $3.2B | $3.6B | ||
| Q3 25 | $3.6B | $3.4B | ||
| Q2 25 | — | $3.2B | ||
| Q1 25 | $3.2B | $3.1B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | $3.2B | $2.8B | ||
| Q2 24 | $3.2B | $2.6B |
净利润BEKENOW
| Q1 26 | — | $469.0M | ||
| Q4 25 | $104.9M | $401.0M | ||
| Q3 25 | $182.4M | $502.0M | ||
| Q2 25 | — | $385.0M | ||
| Q1 25 | $117.9M | $460.0M | ||
| Q4 24 | — | $384.0M | ||
| Q3 24 | $166.5M | $432.0M | ||
| Q2 24 | $261.5M | $262.0M |
毛利率BEKENOW
| Q1 26 | — | 75.1% | ||
| Q4 25 | 21.4% | 76.6% | ||
| Q3 25 | 21.9% | 77.3% | ||
| Q2 25 | — | 77.5% | ||
| Q1 25 | 20.7% | 78.9% | ||
| Q4 24 | — | 78.7% | ||
| Q3 24 | 22.7% | 79.1% | ||
| Q2 24 | 27.9% | 79.0% |
营业利润率BEKENOW
| Q1 26 | — | 13.3% | ||
| Q4 25 | 2.6% | 12.4% | ||
| Q3 25 | 4.1% | 16.8% | ||
| Q2 25 | — | 11.1% | ||
| Q1 25 | 2.5% | 14.6% | ||
| Q4 24 | — | 12.6% | ||
| Q3 24 | 3.2% | 14.9% | ||
| Q2 24 | 8.6% | 9.1% |
净利率BEKENOW
| Q1 26 | — | 12.4% | ||
| Q4 25 | 3.2% | 11.2% | ||
| Q3 25 | 5.0% | 14.7% | ||
| Q2 25 | — | 12.0% | ||
| Q1 25 | 3.7% | 14.9% | ||
| Q4 24 | — | 13.0% | ||
| Q3 24 | 5.2% | 15.4% | ||
| Q2 24 | 8.1% | 10.0% |
每股收益（稀释后）BEKENOW
| Q1 26 | — | $1.04 | ||
| Q4 25 | — | $-4.77 | ||
| Q3 25 | — | $2.40 | ||
| Q2 25 | — | $1.84 | ||
| Q1 25 | — | $2.20 | ||
| Q4 24 | — | $1.84 | ||
| Q3 24 | — | $2.07 | ||
| Q2 24 | — | $1.26 |
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 | $2.7B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $11.7B |
| 总资产 | $16.8B | $24.4B |
| 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BEKENOW
| Q1 26 | — | $2.7B | ||
| Q4 25 | $1.3B | $3.7B | ||
| Q3 25 | $1.6B | $2.7B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | $1.8B | $3.4B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | $1.4B | $1.9B | ||
| Q2 24 | $1.3B | $2.2B |
股东权益BEKENOW
| Q1 26 | — | $11.7B | ||
| Q4 25 | — | $13.0B | ||
| Q3 25 | $9.6B | $11.3B | ||
| Q2 25 | — | $10.9B | ||
| Q1 25 | $9.5B | $10.1B | ||
| Q4 24 | — | $9.6B | ||
| Q3 24 | $10.1B | $9.3B | ||
| Q2 24 | $9.7B | $8.7B |
总资产BEKENOW
| Q1 26 | — | $24.4B | ||
| Q4 25 | $16.8B | $26.0B | ||
| Q3 25 | $17.3B | $21.8B | ||
| Q2 25 | — | $22.1B | ||
| Q1 25 | $18.0B | $21.0B | ||
| Q4 24 | — | $20.4B | ||
| Q3 24 | $17.5B | $18.4B | ||
| Q2 24 | $16.9B | $18.2B |
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 | — | $1.7B |
| 自由现金流经营现金流 - 资本支出 | — | $1.7B |
| 自由现金流率自由现金流/营收 | — | 44.2% |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | — | 3.56× |
| 过去12个月自由现金流最近4个季度 | — | $4.8B |
8季度趋势，按日历期对齐
经营现金流BEKENOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $813.0M | ||
| Q2 25 | — | $716.0M | ||
| Q1 25 | $-546.4M | $1.7B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | $64.0M | $671.0M | ||
| Q2 24 | — | $620.0M |
自由现金流BEKENOW
| Q1 26 | — | $1.7B | ||
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $578.0M | ||
| Q2 25 | — | $526.0M | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $469.0M | ||
| Q2 24 | — | $358.0M |
自由现金流率BEKENOW
| Q1 26 | — | 44.2% | ||
| Q4 25 | — | 56.1% | ||
| Q3 25 | — | 17.0% | ||
| Q2 25 | — | 16.4% | ||
| Q1 25 | — | 47.7% | ||
| Q4 24 | — | 46.7% | ||
| Q3 24 | — | 16.8% | ||
| Q2 24 | — | 13.6% |
资本支出强度BEKENOW
| Q1 26 | — | — | ||
| Q4 25 | — | 6.7% | ||
| Q3 25 | — | 6.9% | ||
| Q2 25 | — | 5.9% | ||
| Q1 25 | — | 6.6% | ||
| Q4 24 | — | 8.6% | ||
| Q3 24 | — | 7.2% | ||
| Q2 24 | — | 10.0% |
现金转化率BEKENOW
| Q1 26 | — | 3.56× | ||
| Q4 25 | — | 5.58× | ||
| Q3 25 | — | 1.62× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | -4.64× | 3.65× | ||
| Q4 24 | — | 4.26× | ||
| Q3 24 | 0.38× | 1.55× | ||
| Q2 24 | — | 2.37× |
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% |
NOW
| Subscription revenues | $3.7B | 97% |
| Other | $80.5M | 2% |
| Professional services and other revenues | $18.5M | 0% |
