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贝壳控股（BEKE）与Rocket Companies, Inc.（RKT）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Rocket Companies, Inc.的1.2倍（$3.2B vs $2.7B），贝壳控股净利率更高（3.2% vs 2.5%，领先0.7%），过去两年Rocket Companies, Inc.的营收复合增速更高（39.5% 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。
Rocket Companies, Inc.是美国金融科技及住房服务企业，由丹·吉尔伯特创立，总部位于密歇根州底特律市中心。公司依托旗舰子公司Rocket Mortgage跻身美国最大抵押贷款提供商行列，旗下还拥有Redfin、Forsalebyowner.com、Rocket Money等子品牌。
BEKE vs RKT — 直观对比
营收规模更大
BEKE
是对方的1.2倍
$2.7B
净利率更高
BEKE
高出0.7%
2.5%
两年增速更快
RKT
近两年复合增速
9.8%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $2.7B |
| 净利润 | $104.9M | $68.0M |
| 毛利率 | 21.4% | — |
| 营业利润率 | 2.6% | 6.3% |
| 净利率 | 3.2% | 2.5% |
| 营收同比 | — | 52.2% |
| 净利润同比 | — | 100.8% |
| 每股收益（稀释后） | — | $0.10 |
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BEKERKT
| Q4 25 | $3.2B | $2.7B | ||
| Q3 25 | $3.6B | $1.6B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | $3.2B | $1.0B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | $3.2B | $646.9M | ||
| Q2 24 | $3.2B | $1.3B | ||
| Q1 24 | $2.3B | $1.4B |
净利润BEKERKT
| Q4 25 | $104.9M | $68.0M | ||
| Q3 25 | $182.4M | $-123.9M | ||
| Q2 25 | — | $-1.8M | ||
| Q1 25 | $117.9M | $-10.4M | ||
| Q4 24 | — | $33.9M | ||
| Q3 24 | $166.5M | $-22.0M | ||
| Q2 24 | $261.5M | $1.3M | ||
| Q1 24 | $59.8M | $16.2M |
毛利率BEKERKT
| Q4 25 | 21.4% | — | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 20.7% | — | ||
| Q4 24 | — | 58.9% | ||
| Q3 24 | 22.7% | -8.4% | ||
| Q2 24 | 27.9% | 47.4% | ||
| Q1 24 | 25.2% | 51.2% |
营业利润率BEKERKT
| Q4 25 | 2.6% | 6.3% | ||
| Q3 25 | 4.1% | -11.5% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | 2.5% | -21.5% | ||
| Q4 24 | — | 38.1% | ||
| Q3 24 | 3.2% | -76.9% | ||
| Q2 24 | 8.6% | 14.8% | ||
| Q1 24 | 0.1% | 21.6% |
净利率BEKERKT
| Q4 25 | 3.2% | 2.5% | ||
| Q3 25 | 5.0% | -7.7% | ||
| Q2 25 | — | -0.1% | ||
| Q1 25 | 3.7% | -1.0% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | 5.2% | -3.4% | ||
| Q2 24 | 8.1% | 0.1% | ||
| Q1 24 | 2.6% | 1.2% |
每股收益（稀释后）BEKERKT
| Q4 25 | — | $0.10 | ||
| Q3 25 | — | $-0.06 | ||
| Q2 25 | — | $-0.01 | ||
| Q1 25 | — | $-0.08 | ||
| Q4 24 | — | $0.28 | ||
| Q3 24 | — | $-0.19 | ||
| Q2 24 | — | $0.01 | ||
| Q1 24 | — | $0.11 |
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 | — | $22.9B |
| 总资产 | $16.8B | $60.7B |
| 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BEKERKT
| Q4 25 | $1.3B | $2.7B | ||
| Q3 25 | $1.6B | $5.8B | ||
| Q2 25 | — | $5.1B | ||
| Q1 25 | $1.8B | $1.4B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.3B | $1.3B | ||
| Q1 24 | $2.5B | $861.4M |
股东权益BEKERKT
| Q4 25 | — | $22.9B | ||
| Q3 25 | $9.6B | $8.9B | ||
| Q2 25 | — | $7.4B | ||
| Q1 25 | $9.5B | $8.6B | ||
| Q4 24 | — | $9.0B | ||
| Q3 24 | $10.1B | $8.4B | ||
| Q2 24 | $9.7B | $8.8B | ||
| Q1 24 | $9.6B | $8.6B |
总资产BEKERKT
| Q4 25 | $16.8B | $60.7B | ||
| Q3 25 | $17.3B | $33.6B | ||
| Q2 25 | — | $30.4B | ||
| Q1 25 | $18.0B | $25.3B | ||
| Q4 24 | — | $24.5B | ||
| Q3 24 | $17.5B | $25.1B | ||
| Q2 24 | $16.9B | $23.6B | ||
| Q1 24 | $16.5B | $22.2B |
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 | — | $-1.2B |
| 自由现金流经营现金流 - 资本支出 | — | $-1.3B |
| 自由现金流率自由现金流/营收 | — | -47.2% |
| 资本支出强度资本支出/营收 | — | 1.5% |
| 现金转化率经营现金流/净利润 | — | -18.08× |
| 过去12个月自由现金流最近4个季度 | — | $-4.0B |
8季度趋势，按日历期对齐
经营现金流BEKERKT
| Q4 25 | — | $-1.2B | ||
| Q3 25 | — | $-50.3M | ||
| Q2 25 | — | $-1.9B | ||
| Q1 25 | $-546.4M | $-797.0M | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | $64.0M | $-1.3B | ||
| Q2 24 | — | $-122.3M | ||
| Q1 24 | — | $-3.0B |
自由现金流BEKERKT
| Q4 25 | — | $-1.3B | ||
| Q3 25 | — | $-71.8M | ||
| Q2 25 | — | $-1.9B | ||
| Q1 25 | — | $-811.0M | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $-1.4B | ||
| Q2 24 | — | $-138.3M | ||
| Q1 24 | — | $-3.0B |
自由现金流率BEKERKT
| Q4 25 | — | -47.2% | ||
| Q3 25 | — | -4.5% | ||
| Q2 25 | — | -137.2% | ||
| Q1 25 | — | -78.2% | ||
| Q4 24 | — | 103.1% | ||
| Q3 24 | — | -209.6% | ||
| Q2 24 | — | -10.6% | ||
| Q1 24 | — | -218.7% |
资本支出强度BEKERKT
| Q4 25 | — | 1.5% | ||
| Q3 25 | — | 1.3% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 1.4% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 1.0% |
现金转化率BEKERKT
| Q4 25 | — | -18.08× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.64× | — | ||
| Q4 24 | — | 54.42× | ||
| Q3 24 | 0.38× | — | ||
| Q2 24 | — | -94.46× | ||
| Q1 24 | — | -185.80× |
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% |
RKT
| Other | $1.4B | 51% |
| Direct To Customer Segment | $945.8M | 35% |
| Partner Network Segment | $216.7M | 8% |
| Subscription Revenue | $91.3M | 3% |
| Closing Fees | $47.1M | 2% |
| Appraisal Revenue | $10.7M | 0% |
