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贝壳控股（BEKE）与TransDigm Group（TDG）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TransDigm Group的1.4倍（$3.2B vs $2.3B），TransDigm Group净利率更高（19.5% vs 3.2%，领先16.2%），过去两年贝壳控股的营收复合增速更高（9.8% vs 9.1%）
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。
TransDigm Group是总部位于美国俄亥俄州克利夫兰的上市航空航天制造企业，1993年由私募股权机构通过杠杆收购整合四家工业航空企业组建而成。公司专注于研发生产定制化航空航天部件，多年来通过多起收购持续拓展自身产品矩阵。
BEKE vs TDG — 直观对比
营收规模更大
BEKE
是对方的1.4倍
$2.3B
净利率更高
TDG
高出16.2%
3.2%
两年增速更快
BEKE
近两年复合增速
9.1%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $2.3B |
| 净利润 | $104.9M | $445.0M |
| 毛利率 | 21.4% | 59.2% |
| 营业利润率 | 2.6% | 45.6% |
| 净利率 | 3.2% | 19.5% |
| 营收同比 | — | 13.9% |
| 净利润同比 | — | -9.7% |
| 每股收益（稀释后） | — | $6.62 |
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BEKETDG
| Q4 25 | $3.2B | $2.3B | ||
| Q3 25 | $3.6B | $2.4B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | $3.2B | $2.1B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | $3.2B | $2.2B | ||
| Q2 24 | $3.2B | $2.0B | ||
| Q1 24 | $2.3B | $1.9B |
净利润BEKETDG
| Q4 25 | $104.9M | $445.0M | ||
| Q3 25 | $182.4M | $610.0M | ||
| Q2 25 | — | $492.0M | ||
| Q1 25 | $117.9M | $479.0M | ||
| Q4 24 | — | $493.0M | ||
| Q3 24 | $166.5M | $468.0M | ||
| Q2 24 | $261.5M | $461.0M | ||
| Q1 24 | $59.8M | $403.0M |
毛利率BEKETDG
| Q4 25 | 21.4% | 59.2% | ||
| Q3 25 | 21.9% | 60.3% | ||
| Q2 25 | — | 59.5% | ||
| Q1 25 | 20.7% | 59.3% | ||
| Q4 24 | — | 61.6% | ||
| Q3 24 | 22.7% | 57.5% | ||
| Q2 24 | 27.9% | 59.6% | ||
| Q1 24 | 25.2% | 60.0% |
营业利润率BEKETDG
| Q4 25 | 2.6% | 45.6% | ||
| Q3 25 | 4.1% | 47.6% | ||
| Q2 25 | — | 46.4% | ||
| Q1 25 | 2.5% | 46.1% | ||
| Q4 24 | — | 48.6% | ||
| Q3 24 | 3.2% | 43.1% | ||
| Q2 24 | 8.6% | 45.7% | ||
| Q1 24 | 0.1% | 45.2% |
净利率BEKETDG
| Q4 25 | 3.2% | 19.5% | ||
| Q3 25 | 5.0% | 25.0% | ||
| Q2 25 | — | 22.0% | ||
| Q1 25 | 3.7% | 22.3% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | 5.2% | 21.4% | ||
| Q2 24 | 8.1% | 22.5% | ||
| Q1 24 | 2.6% | 21.0% |
每股收益（稀释后）BEKETDG
| Q4 25 | — | $6.62 | ||
| Q3 25 | — | $7.75 | ||
| Q2 25 | — | $8.47 | ||
| Q1 25 | — | $8.24 | ||
| Q4 24 | — | $7.62 | ||
| Q3 24 | — | $5.82 | ||
| Q2 24 | — | $7.96 | ||
| Q1 24 | — | $6.97 |
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 | $2.5B |
| 总债务越低越好 | — | $29.2B |
| 股东权益账面价值 | — | $-9.3B |
| 总资产 | $16.8B | $23.8B |
| 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BEKETDG
| Q4 25 | $1.3B | $2.5B | ||
| Q3 25 | $1.6B | $2.8B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | $1.8B | $2.4B | ||
| Q4 24 | — | $2.5B | ||
| Q3 24 | $1.4B | $6.3B | ||
| Q2 24 | $1.3B | $3.4B | ||
| Q1 24 | $2.5B | $4.3B |
总债务BEKETDG
| Q4 25 | — | $29.2B | ||
| Q3 25 | — | $29.2B | ||
| Q2 25 | — | $24.3B | ||
| Q1 25 | — | $24.3B | ||
| Q4 24 | — | $24.3B | ||
| Q3 24 | — | $24.3B | ||
| Q2 24 | — | $21.4B | ||
| Q1 24 | — | $21.3B |
股东权益BEKETDG
| Q4 25 | — | $-9.3B | ||
| Q3 25 | $9.6B | $-9.7B | ||
| Q2 25 | — | $-5.0B | ||
| Q1 25 | $9.5B | $-5.7B | ||
| Q4 24 | — | $-6.3B | ||
| Q3 24 | $10.1B | $-6.3B | ||
| Q2 24 | $9.7B | $-2.5B | ||
| Q1 24 | $9.6B | $-3.0B |
总资产BEKETDG
| Q4 25 | $16.8B | $23.8B | ||
| Q3 25 | $17.3B | $22.9B | ||
| Q2 25 | — | $22.7B | ||
| Q1 25 | $18.0B | $21.9B | ||
| Q4 24 | — | $21.5B | ||
| Q3 24 | $17.5B | $25.6B | ||
| Q2 24 | $16.9B | $21.8B | ||
| Q1 24 | $16.5B | $21.6B |
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 | — | $832.0M |
| 自由现金流经营现金流 - 资本支出 | — | $772.0M |
| 自由现金流率自由现金流/营收 | — | 33.8% |
| 资本支出强度资本支出/营收 | — | 2.6% |
| 现金转化率经营现金流/净利润 | — | 1.87× |
| 过去12个月自由现金流最近4个季度 | — | $1.9B |
8季度趋势，按日历期对齐
经营现金流BEKETDG
| Q4 25 | — | $832.0M | ||
| Q3 25 | — | $507.0M | ||
| Q2 25 | — | $631.0M | ||
| Q1 25 | $-546.4M | $148.0M | ||
| Q4 24 | — | $752.0M | ||
| Q3 24 | $64.0M | $572.0M | ||
| Q2 24 | — | $608.0M | ||
| Q1 24 | — | $229.0M |
自由现金流BEKETDG
| Q4 25 | — | $772.0M | ||
| Q3 25 | — | $441.0M | ||
| Q2 25 | — | $573.0M | ||
| Q1 25 | — | $92.0M | ||
| Q4 24 | — | $710.0M | ||
| Q3 24 | — | $531.0M | ||
| Q2 24 | — | $568.0M | ||
| Q1 24 | — | $181.0M |
自由现金流率BEKETDG
| Q4 25 | — | 33.8% | ||
| Q3 25 | — | 18.1% | ||
| Q2 25 | — | 25.6% | ||
| Q1 25 | — | 4.3% | ||
| Q4 24 | — | 35.4% | ||
| Q3 24 | — | 24.3% | ||
| Q2 24 | — | 27.8% | ||
| Q1 24 | — | 9.4% |
资本支出强度BEKETDG
| Q4 25 | — | 2.6% | ||
| Q3 25 | — | 2.7% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 1.9% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | 2.5% |
现金转化率BEKETDG
| Q4 25 | — | 1.87× | ||
| Q3 25 | — | 0.83× | ||
| Q2 25 | — | 1.28× | ||
| Q1 25 | -4.64× | 0.31× | ||
| Q4 24 | — | 1.53× | ||
| Q3 24 | 0.38× | 1.22× | ||
| Q2 24 | — | 1.32× | ||
| Q1 24 | — | 0.57× |
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% |
TDG
| Airframe | $1.0B | 45% |
| Defense | $603.0M | 26% |
| Commercial Aftermarket | $368.0M | 16% |
| Commercial OEM | $253.0M | 11% |
| Non Aviation Related Business | $40.0M | 2% |
