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贝壳控股（BEKE）与MARRIOTT VACATIONS WORLDWIDE Corp（VAC）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MARRIOTT VACATIONS WORLDWIDE Corp的2.6倍（$3.2B vs $1.2B）。贝壳控股净利率更高（3.2% vs -35.0%，领先38.3%）。过去两年贝壳控股的营收复合增速更高（9.8% vs 5.2%）
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。
万豪度假环球集团是专注于分时度假业务的公众企业，原为万豪国际集团旗下业务板块，2011年11月分拆为独立上市公司，核心业务为度假所有权运营。目前集团运营超过120家度假村，在万豪度假俱乐部品牌矩阵下拥有超70万名业主及会员，产品覆盖多个度假消费场景。
BEKE vs VAC — 直观对比
营收规模更大
BEKE
是对方的2.6倍
$1.2B
净利率更高
BEKE
高出38.3%
-35.0%
两年增速更快
BEKE
近两年复合增速
5.2%
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $1.2B |
| 净利润 | $104.9M | $-431.0M |
| 毛利率 | 21.4% | — |
| 营业利润率 | 2.6% | — |
| 净利率 | 3.2% | -35.0% |
| 营收同比 | — | -0.7% |
| 净利润同比 | — | -962.0% |
| 每股收益（稀释后） | — | $-12.00 |
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BEKEVAC
| Q4 25 | $3.2B | $1.2B | ||
| Q3 25 | $3.6B | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | $3.2B | $1.1B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $3.2B | $1.2B | ||
| Q2 24 | $3.2B | $1.1B | ||
| Q1 24 | $2.3B | $1.1B |
净利润BEKEVAC
| Q4 25 | $104.9M | $-431.0M | ||
| Q3 25 | $182.4M | $-2.0M | ||
| Q2 25 | — | $69.0M | ||
| Q1 25 | $117.9M | $56.0M | ||
| Q4 24 | — | $50.0M | ||
| Q3 24 | $166.5M | $84.0M | ||
| Q2 24 | $261.5M | $37.0M | ||
| Q1 24 | $59.8M | $47.0M |
毛利率BEKEVAC
| Q4 25 | 21.4% | — | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 20.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 22.7% | — | ||
| Q2 24 | 27.9% | — | ||
| Q1 24 | 25.2% | — |
营业利润率BEKEVAC
| Q4 25 | 2.6% | — | ||
| Q3 25 | 4.1% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.5% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.2% | — | ||
| Q2 24 | 8.6% | — | ||
| Q1 24 | 0.1% | — |
净利率BEKEVAC
| Q4 25 | 3.2% | -35.0% | ||
| Q3 25 | 5.0% | -0.2% | ||
| Q2 25 | — | 6.0% | ||
| Q1 25 | 3.7% | 5.0% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | 5.2% | 6.9% | ||
| Q2 24 | 8.1% | 3.5% | ||
| Q1 24 | 2.6% | 4.2% |
每股收益（稀释后）BEKEVAC
| Q4 25 | — | $-12.00 | ||
| Q3 25 | — | $-0.07 | ||
| Q2 25 | — | $1.77 | ||
| Q1 25 | — | $1.46 | ||
| Q4 24 | — | $1.29 | ||
| Q3 24 | — | $2.12 | ||
| Q2 24 | — | $0.98 | ||
| Q1 24 | — | $1.22 |
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 | $406.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $2.0B |
| 总资产 | $16.8B | $9.8B |
| 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BEKEVAC
| Q4 25 | $1.3B | $406.0M | ||
| Q3 25 | $1.6B | $474.0M | ||
| Q2 25 | — | $205.0M | ||
| Q1 25 | $1.8B | $196.0M | ||
| Q4 24 | — | $197.0M | ||
| Q3 24 | $1.4B | $197.0M | ||
| Q2 24 | $1.3B | $206.0M | ||
| Q1 24 | $2.5B | $237.0M |
股东权益BEKEVAC
| Q4 25 | — | $2.0B | ||
| Q3 25 | $9.6B | $2.5B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | $9.5B | $2.4B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $10.1B | $2.4B | ||
| Q2 24 | $9.7B | $2.4B | ||
| Q1 24 | $9.6B | $2.4B |
总资产BEKEVAC
| Q4 25 | $16.8B | $9.8B | ||
| Q3 25 | $17.3B | $10.1B | ||
| Q2 25 | — | $9.9B | ||
| Q1 25 | $18.0B | $9.9B | ||
| Q4 24 | — | $9.8B | ||
| Q3 24 | $17.5B | $9.7B | ||
| Q2 24 | $16.9B | $9.6B | ||
| Q1 24 | $16.5B | $9.9B |
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 | — | $6.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-6.0M |
| 自由现金流率自由现金流/营收 | — | -0.5% |
| 资本支出强度资本支出/营收 | — | 1.0% |
| 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 | — | $-29.0M |
8季度趋势，按日历期对齐
经营现金流BEKEVAC
| Q4 25 | — | $6.0M | ||
| Q3 25 | — | $62.0M | ||
| Q2 25 | — | $-48.0M | ||
| Q1 25 | $-546.4M | $8.0M | ||
| Q4 24 | — | $100.0M | ||
| Q3 24 | $64.0M | $72.0M | ||
| Q2 24 | — | $30.0M | ||
| Q1 24 | — | $3.0M |
自由现金流BEKEVAC
| Q4 25 | — | $-6.0M | ||
| Q3 25 | — | $51.0M | ||
| Q2 25 | — | $-68.0M | ||
| Q1 25 | — | $-6.0M | ||
| Q4 24 | — | $86.0M | ||
| Q3 24 | — | $58.0M | ||
| Q2 24 | — | $17.0M | ||
| Q1 24 | — | $-13.0M |
自由现金流率BEKEVAC
| Q4 25 | — | -0.5% | ||
| Q3 25 | — | 4.3% | ||
| Q2 25 | — | -5.9% | ||
| Q1 25 | — | -0.5% | ||
| Q4 24 | — | 6.9% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 1.6% | ||
| Q1 24 | — | -1.2% |
资本支出强度BEKEVAC
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 1.7% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 1.4% |
现金转化率BEKEVAC
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.70× | ||
| Q1 25 | -4.64× | 0.14× | ||
| Q4 24 | — | 2.00× | ||
| Q3 24 | 0.38× | 0.86× | ||
| Q2 24 | — | 0.81× | ||
| Q1 24 | — | 0.06× |
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% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
