vs
贝壳控股（BEKE）与标普全球（SPGI）财务数据对比。点击上方公司名可切换其他公司
标普全球的季度营收约是贝壳控股的1.3倍（$4.2B vs $3.2B），标普全球净利率更高（36.1% vs 3.2%，领先32.8%），过去两年贝壳控股的营收复合增速更高（9.8% vs 8.4%）
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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息、数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球市场财智、标普全球能源、标普全球移动、印度信用评级机构CRISIL等业务板块，同时控股合资企业标普道琼斯指数。
BEKE vs SPGI — 直观对比
营收规模更大
SPGI
是对方的1.3倍
$3.2B
净利率更高
SPGI
高出32.8%
3.2%
两年增速更快
BEKE
近两年复合增速
8.4%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $4.2B |
| 净利润 | $104.9M | $1.5B |
| 毛利率 | 21.4% | — |
| 营业利润率 | 2.6% | 48.0% |
| 净利率 | 3.2% | 36.1% |
| 营收同比 | — | 10.0% |
| 净利润同比 | — | 28.0% |
| 每股收益（稀释后） | — | $4.69 |
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BEKESPGI
| Q1 26 | — | $4.2B | ||
| Q4 25 | $3.2B | $3.9B | ||
| Q3 25 | $3.6B | $3.9B | ||
| Q2 25 | — | $3.8B | ||
| Q1 25 | $3.2B | $3.8B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | $3.2B | $3.6B | ||
| Q2 24 | $3.2B | $3.5B |
净利润BEKESPGI
| Q1 26 | — | $1.5B | ||
| Q4 25 | $104.9M | $1.1B | ||
| Q3 25 | $182.4M | $1.2B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | $117.9M | $1.1B | ||
| Q4 24 | — | $879.0M | ||
| Q3 24 | $166.5M | $971.0M | ||
| Q2 24 | $261.5M | $1.0B |
毛利率BEKESPGI
| Q1 26 | — | — | ||
| Q4 25 | 21.4% | 70.1% | ||
| Q3 25 | 21.9% | 71.2% | ||
| Q2 25 | — | 70.2% | ||
| Q1 25 | 20.7% | 69.5% | ||
| Q4 24 | — | 69.8% | ||
| Q3 24 | 22.7% | 70.0% | ||
| Q2 24 | 27.9% | 69.4% |
营业利润率BEKESPGI
| Q1 26 | — | 48.0% | ||
| Q4 25 | 2.6% | 42.7% | ||
| Q3 25 | 4.1% | 43.1% | ||
| Q2 25 | — | 41.3% | ||
| Q1 25 | 2.5% | 41.8% | ||
| Q4 24 | — | 36.4% | ||
| Q3 24 | 3.2% | 40.1% | ||
| Q2 24 | 8.6% | 40.9% |
净利率BEKESPGI
| Q1 26 | — | 36.1% | ||
| Q4 25 | 3.2% | 28.9% | ||
| Q3 25 | 5.0% | 30.2% | ||
| Q2 25 | — | 28.5% | ||
| Q1 25 | 3.7% | 28.9% | ||
| Q4 24 | — | 24.5% | ||
| Q3 24 | 5.2% | 27.2% | ||
| Q2 24 | 8.1% | 28.5% |
每股收益（稀释后）BEKESPGI
| Q1 26 | — | $4.69 | ||
| Q4 25 | — | $3.76 | ||
| Q3 25 | — | $3.86 | ||
| Q2 25 | — | $3.50 | ||
| Q1 25 | — | $3.54 | ||
| Q4 24 | — | $2.85 | ||
| Q3 24 | — | $3.11 | ||
| Q2 24 | — | $3.23 |
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 | — | $13.3B |
| 股东权益账面价值 | — | $31.3B |
| 总资产 | $16.8B | $60.8B |
| 负债/权益比越低杠杆越低 | — | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资BEKESPGI
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $1.8B | ||
| Q3 25 | $1.6B | $1.7B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | $1.8B | $1.5B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | $1.3B | $2.0B |
总债务BEKESPGI
| Q1 26 | — | $13.3B | ||
| Q4 25 | — | $13.1B | ||
| Q3 25 | — | $11.4B | ||
| Q2 25 | — | $11.4B | ||
| Q1 25 | — | $11.4B | ||
| Q4 24 | — | $11.4B | ||
| Q3 24 | — | $11.4B | ||
| Q2 24 | — | $11.4B |
股东权益BEKESPGI
| Q1 26 | — | $31.3B | ||
| Q4 25 | — | $31.1B | ||
| Q3 25 | $9.6B | $33.1B | ||
| Q2 25 | — | $33.4B | ||
| Q1 25 | $9.5B | $33.4B | ||
| Q4 24 | — | $33.2B | ||
| Q3 24 | $10.1B | $34.0B | ||
| Q2 24 | $9.7B | $34.9B |
总资产BEKESPGI
| Q1 26 | — | $60.8B | ||
| Q4 25 | $16.8B | $61.2B | ||
| Q3 25 | $17.3B | $59.7B | ||
| Q2 25 | — | $60.4B | ||
| Q1 25 | $18.0B | $59.9B | ||
| Q4 24 | — | $60.2B | ||
| Q3 24 | $17.5B | $60.4B | ||
| Q2 24 | $16.9B | $61.0B |
负债/权益比BEKESPGI
| Q1 26 | — | 0.43× | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.34× | ||
| Q4 24 | — | 0.34× | ||
| Q3 24 | — | 0.34× | ||
| Q2 24 | — | 0.33× |
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 | — | — |
| 自由现金流经营现金流 - 资本支出 | — | $919.0M |
| 自由现金流率自由现金流/营收 | — | 22.0% |
| 资本支出强度资本支出/营收 | — | 0.6% |
| 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 | — | $5.5B |
8季度趋势，按日历期对齐
经营现金流BEKESPGI
| Q1 26 | — | — | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | $-546.4M | $953.0M | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $64.0M | $1.4B | ||
| Q2 24 | — | $1.6B |
自由现金流BEKESPGI
| Q1 26 | — | $919.0M | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $910.0M | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.5B |
自由现金流率BEKESPGI
| Q1 26 | — | 22.0% | ||
| Q4 25 | — | 43.5% | ||
| Q3 25 | — | 37.6% | ||
| Q2 25 | — | 36.9% | ||
| Q1 25 | — | 24.1% | ||
| Q4 24 | — | 47.5% | ||
| Q3 24 | — | 39.4% | ||
| Q2 24 | — | 42.9% |
资本支出强度BEKESPGI
| Q1 26 | — | 0.6% | ||
| Q4 25 | — | 1.2% | ||
| Q3 25 | — | 1.2% | ||
| Q2 25 | — | 1.6% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | — | 1.0% | ||
| Q2 24 | — | 0.9% |
现金转化率BEKESPGI
| Q1 26 | — | — | ||
| Q4 25 | — | 1.54× | ||
| Q3 25 | — | 1.28× | ||
| Q2 25 | — | 1.35× | ||
| Q1 25 | -4.64× | 0.87× | ||
| Q4 24 | — | 1.98× | ||
| Q3 24 | 0.38× | 1.49× | ||
| Q2 24 | — | 1.54× |
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% |
SPGI
| Ratings | $1.3B | 31% |
| Market Intelligence | $1.3B | 31% |
| Energy | $652.0M | 16% |
| Indices | $519.0M | 12% |
| Mobility | $454.0M | 11% |
