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贝壳控股（BEKE）与Wayfair Inc.（W）财务数据对比。点击上方公司名可切换其他公司
Wayfair Inc.的季度营收约是贝壳控股的1.0倍（$3.3B vs $3.2B），贝壳控股净利率更高（3.2% vs -3.5%，领先6.7%），过去两年Wayfair Inc.的营收复合增速更高（10.6% 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。
Wayfair Inc.是总部位于美国马萨诸塞州波士顿的电商企业，2002年成立，前身为CSN Stores，专注于家具及家居用品线上销售。目前平台提供来自全球11000余家供应商的1400万款商品，业务遍及北美、加拿大、德国、爱尔兰、中国、英国等国家和地区。
BEKE vs W — 直观对比
营收规模更大
W
是对方的1.0倍
$3.2B
净利率更高
BEKE
高出6.7%
-3.5%
两年增速更快
W
近两年复合增速
9.8%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $3.3B |
| 净利润 | $104.9M | $-116.0M |
| 毛利率 | 21.4% | 30.3% |
| 营业利润率 | 2.6% | 2.5% |
| 净利率 | 3.2% | -3.5% |
| 营收同比 | — | 6.9% |
| 净利润同比 | — | 9.4% |
| 每股收益（稀释后） | — | $-0.90 |
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BEKEW
| Q4 25 | $3.2B | $3.3B | ||
| Q3 25 | $3.6B | $3.1B | ||
| Q2 25 | — | $3.3B | ||
| Q1 25 | $3.2B | $2.7B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | $3.2B | $2.9B | ||
| Q2 24 | $3.2B | $3.1B | ||
| Q1 24 | $2.3B | $2.7B |
净利润BEKEW
| Q4 25 | $104.9M | $-116.0M | ||
| Q3 25 | $182.4M | $-99.0M | ||
| Q2 25 | — | $15.0M | ||
| Q1 25 | $117.9M | $-113.0M | ||
| Q4 24 | — | $-128.0M | ||
| Q3 24 | $166.5M | $-74.0M | ||
| Q2 24 | $261.5M | $-42.0M | ||
| Q1 24 | $59.8M | $-248.0M |
毛利率BEKEW
| Q4 25 | 21.4% | 30.3% | ||
| Q3 25 | 21.9% | 30.0% | ||
| Q2 25 | — | 30.1% | ||
| Q1 25 | 20.7% | 30.7% | ||
| Q4 24 | — | 30.2% | ||
| Q3 24 | 22.7% | 30.3% | ||
| Q2 24 | 27.9% | 30.2% | ||
| Q1 24 | 25.2% | 30.0% |
营业利润率BEKEW
| Q4 25 | 2.6% | 2.5% | ||
| Q3 25 | 4.1% | 1.2% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | 2.5% | -4.5% | ||
| Q4 24 | — | -3.7% | ||
| Q3 24 | 3.2% | -2.6% | ||
| Q2 24 | 8.6% | -1.1% | ||
| Q1 24 | 0.1% | -8.6% |
净利率BEKEW
| Q4 25 | 3.2% | -3.5% | ||
| Q3 25 | 5.0% | -3.2% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | 3.7% | -4.1% | ||
| Q4 24 | — | -4.1% | ||
| Q3 24 | 5.2% | -2.6% | ||
| Q2 24 | 8.1% | -1.3% | ||
| Q1 24 | 2.6% | -9.1% |
每股收益（稀释后）BEKEW
| Q4 25 | — | $-0.90 | ||
| Q3 25 | — | $-0.76 | ||
| Q2 25 | — | $0.11 | ||
| Q1 25 | — | $-0.89 | ||
| Q4 24 | — | $-1.01 | ||
| Q3 24 | — | $-0.60 | ||
| Q2 24 | — | $-0.34 | ||
| Q1 24 | — | $-2.06 |
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 | $1.5B |
| 总债务越低越好 | — | $3.3B |
| 股东权益账面价值 | — | $-2.8B |
| 总资产 | $16.8B | $3.4B |
| 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BEKEW
| Q4 25 | $1.3B | $1.5B | ||
| Q3 25 | $1.6B | $1.2B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | $1.8B | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $1.3B | $1.3B | ||
| Q1 24 | $2.5B | $1.2B |
总债务BEKEW
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $3.2B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.2B | ||
| Q2 24 | — | $3.2B | ||
| Q1 24 | — | $3.2B |
股东权益BEKEW
| Q4 25 | — | $-2.8B | ||
| Q3 25 | $9.6B | $-2.8B | ||
| Q2 25 | — | $-2.7B | ||
| Q1 25 | $9.5B | $-2.8B | ||
| Q4 24 | — | $-2.8B | ||
| Q3 24 | $10.1B | $-2.7B | ||
| Q2 24 | $9.7B | $-2.8B | ||
| Q1 24 | $9.6B | $-2.8B |
总资产BEKEW
| Q4 25 | $16.8B | $3.4B | ||
| Q3 25 | $17.3B | $3.1B | ||
| Q2 25 | — | $3.3B | ||
| Q1 25 | $18.0B | $3.4B | ||
| Q4 24 | — | $3.5B | ||
| Q3 24 | $17.5B | $3.4B | ||
| Q2 24 | $16.9B | $3.4B | ||
| Q1 24 | $16.5B | $3.2B |
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 | — | $202.0M |
| 自由现金流经营现金流 - 资本支出 | — | $177.0M |
| 自由现金流率自由现金流/营收 | — | 5.3% |
| 资本支出强度资本支出/营收 | — | 0.7% |
| 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 | — | $464.0M |
8季度趋势，按日历期对齐
经营现金流BEKEW
| Q4 25 | — | $202.0M | ||
| Q3 25 | — | $155.0M | ||
| Q2 25 | — | $273.0M | ||
| Q1 25 | $-546.4M | $-96.0M | ||
| Q4 24 | — | $162.0M | ||
| Q3 24 | $64.0M | $49.0M | ||
| Q2 24 | — | $245.0M | ||
| Q1 24 | — | $-139.0M |
自由现金流BEKEW
| Q4 25 | — | $177.0M | ||
| Q3 25 | — | $128.0M | ||
| Q2 25 | — | $260.0M | ||
| Q1 25 | — | $-101.0M | ||
| Q4 24 | — | $142.0M | ||
| Q3 24 | — | $32.0M | ||
| Q2 24 | — | $222.0M | ||
| Q1 24 | — | $-152.0M |
自由现金流率BEKEW
| Q4 25 | — | 5.3% | ||
| Q3 25 | — | 4.1% | ||
| Q2 25 | — | 7.9% | ||
| Q1 25 | — | -3.7% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 7.1% | ||
| Q1 24 | — | -5.6% |
资本支出强度BEKEW
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 0.5% |
现金转化率BEKEW
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 18.20× | ||
| 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% |
W
| US Segment | $2.9B | 88% |
| International Segment | $395.0M | 12% |
