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贝壳控股（BEKE）与Opendoor Technologies Inc.（OPEN）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Opendoor Technologies Inc.的4.4倍（$3.2B vs $736.0M）。贝壳控股净利率更高（3.2% vs -148.9%，领先152.2%）。过去两年贝壳控股的营收复合增速更高（9.8% vs -21.1%）
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。
Opendoor Technologies Inc.是一家主营住宅房地产买卖的线上企业，总部位于旧金山。平台可通过线上流程向房主提供房屋即时现金报价，收购房产后进行修缮再重新挂牌出售，同时还提供基于移动端应用的购房服务及配套融资方案，截至2021年11月业务覆盖美国44个区域市场。
BEKE vs OPEN — 直观对比
营收规模更大
BEKE
是对方的4.4倍
$736.0M
净利率更高
BEKE
高出152.2%
-148.9%
两年增速更快
BEKE
近两年复合增速
-21.1%
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $736.0M |
| 净利润 | $104.9M | $-1.1B |
| 毛利率 | 21.4% | 7.7% |
| 营业利润率 | 2.6% | -20.4% |
| 净利率 | 3.2% | -148.9% |
| 营收同比 | — | -32.1% |
| 净利润同比 | — | -869.9% |
| 每股收益（稀释后） | — | $-1.42 |
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BEKEOPEN
| Q4 25 | $3.2B | $736.0M | ||
| Q3 25 | $3.6B | $915.0M | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | $3.2B | $1.2B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $3.2B | $1.4B | ||
| Q2 24 | $3.2B | $1.5B | ||
| Q1 24 | $2.3B | $1.2B |
净利润BEKEOPEN
| Q4 25 | $104.9M | $-1.1B | ||
| Q3 25 | $182.4M | $-90.0M | ||
| Q2 25 | — | $-29.0M | ||
| Q1 25 | $117.9M | $-85.0M | ||
| Q4 24 | — | $-113.0M | ||
| Q3 24 | $166.5M | $-78.0M | ||
| Q2 24 | $261.5M | $-92.0M | ||
| Q1 24 | $59.8M | $-109.0M |
毛利率BEKEOPEN
| Q4 25 | 21.4% | 7.7% | ||
| Q3 25 | 21.9% | 7.2% | ||
| Q2 25 | — | 8.2% | ||
| Q1 25 | 20.7% | 8.6% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | 22.7% | 7.6% | ||
| Q2 24 | 27.9% | 8.5% | ||
| Q1 24 | 25.2% | 9.7% |
营业利润率BEKEOPEN
| Q4 25 | 2.6% | -20.4% | ||
| Q3 25 | 4.1% | -7.4% | ||
| Q2 25 | — | -0.8% | ||
| Q1 25 | 2.5% | -4.9% | ||
| Q4 24 | — | -8.7% | ||
| Q3 24 | 3.2% | -4.9% | ||
| Q2 24 | 8.6% | -4.8% | ||
| Q1 24 | 0.1% | -7.4% |
净利率BEKEOPEN
| Q4 25 | 3.2% | -148.9% | ||
| Q3 25 | 5.0% | -9.8% | ||
| Q2 25 | — | -1.9% | ||
| Q1 25 | 3.7% | -7.4% | ||
| Q4 24 | — | -10.4% | ||
| Q3 24 | 5.2% | -5.7% | ||
| Q2 24 | 8.1% | -6.1% | ||
| Q1 24 | 2.6% | -9.2% |
每股收益（稀释后）BEKEOPEN
| Q4 25 | — | $-1.42 | ||
| Q3 25 | — | $-0.12 | ||
| Q2 25 | — | $-0.04 | ||
| Q1 25 | — | $-0.12 | ||
| Q4 24 | — | $-0.16 | ||
| Q3 24 | — | $-0.11 | ||
| Q2 24 | — | $-0.13 | ||
| Q1 24 | — | $-0.16 |
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 | $962.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $1.0B |
| 总资产 | $16.8B | $2.4B |
| 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BEKEOPEN
| Q4 25 | $1.3B | $962.0M | ||
| Q3 25 | $1.6B | $962.0M | ||
| Q2 25 | — | $789.0M | ||
| Q1 25 | $1.8B | $559.0M | ||
| Q4 24 | — | $679.0M | ||
| Q3 24 | $1.4B | $837.0M | ||
| Q2 24 | $1.3B | $809.0M | ||
| Q1 24 | $2.5B | $990.0M |
股东权益BEKEOPEN
| Q4 25 | — | $1.0B | ||
| Q3 25 | $9.6B | $811.0M | ||
| Q2 25 | — | $631.0M | ||
| Q1 25 | $9.5B | $645.0M | ||
| Q4 24 | — | $713.0M | ||
| Q3 24 | $10.1B | $801.0M | ||
| Q2 24 | $9.7B | $845.0M | ||
| Q1 24 | $9.6B | $899.0M |
总资产BEKEOPEN
| Q4 25 | $16.8B | $2.4B | ||
| Q3 25 | $17.3B | $2.7B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | $18.0B | $3.3B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | $17.5B | $3.4B | ||
| Q2 24 | $16.9B | $3.4B | ||
| Q1 24 | $16.5B | $3.4B |
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 | — | $70.0M |
| 自由现金流经营现金流 - 资本支出 | — | $67.0M |
| 自由现金流率自由现金流/营收 | — | 9.1% |
| 资本支出强度资本支出/营收 | — | 0.4% |
| 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 | — | $1.0B |
8季度趋势，按日历期对齐
经营现金流BEKEOPEN
| Q4 25 | — | $70.0M | ||
| Q3 25 | — | $435.0M | ||
| Q2 25 | — | $823.0M | ||
| Q1 25 | $-546.4M | $-279.0M | ||
| Q4 24 | — | $-80.0M | ||
| Q3 24 | $64.0M | $62.0M | ||
| Q2 24 | — | $-399.0M | ||
| Q1 24 | — | $-178.0M |
自由现金流BEKEOPEN
| Q4 25 | — | $67.0M | ||
| Q3 25 | — | $432.0M | ||
| Q2 25 | — | $821.0M | ||
| Q1 25 | — | $-283.0M | ||
| Q4 24 | — | $-83.0M | ||
| Q3 24 | — | $56.0M | ||
| Q2 24 | — | $-407.0M | ||
| Q1 24 | — | $-186.0M |
自由现金流率BEKEOPEN
| Q4 25 | — | 9.1% | ||
| Q3 25 | — | 47.2% | ||
| Q2 25 | — | 52.4% | ||
| Q1 25 | — | -24.5% | ||
| Q4 24 | — | -7.7% | ||
| Q3 24 | — | 4.1% | ||
| Q2 24 | — | -26.9% | ||
| Q1 24 | — | -15.7% |
资本支出强度BEKEOPEN
| Q4 25 | — | 0.4% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 0.5% | ||
| Q1 24 | — | 0.7% |
现金转化率BEKEOPEN
| 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% |
OPEN
暂无分部数据
