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贝壳控股（BEKE）与Williams-Sonoma, Inc.（WSM）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Williams-Sonoma, Inc.的1.7倍（$3.2B vs $1.9B），Williams-Sonoma, Inc.净利率更高（12.8% vs 3.2%，领先9.6%），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。
Williams-Sonoma, Inc.是美国知名家居零售企业，1956年由查尔斯·E·威廉姆斯创立，主营高品质炊具、家居家电、家居软装等多元品类产品，在家居消费领域拥有广泛的用户基础与较高的市场认可度。
BEKE vs WSM — 直观对比
营收规模更大
BEKE
是对方的1.7倍
$1.9B
净利率更高
WSM
高出9.6%
3.2%
两年增速更快
BEKE
近两年复合增速
-9.1%
损益表 — Q3 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $3.2B | $1.9B |
| 净利润 | $104.9M | $241.6M |
| 毛利率 | 21.4% | 46.1% |
| 营业利润率 | 2.6% | 17.0% |
| 净利率 | 3.2% | 12.8% |
| 营收同比 | — | 4.6% |
| 净利润同比 | — | -3.0% |
| 每股收益（稀释后） | — | $1.96 |
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BEKEWSM
| Q4 25 | $3.2B | $1.9B | ||
| Q3 25 | $3.6B | $1.8B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | $3.2B | $2.5B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | $3.2B | $1.8B | ||
| Q2 24 | $3.2B | $1.7B | ||
| Q1 24 | $2.3B | $2.3B |
净利润BEKEWSM
| Q4 25 | $104.9M | $241.6M | ||
| Q3 25 | $182.4M | $247.6M | ||
| Q2 25 | — | $231.3M | ||
| Q1 25 | $117.9M | $384.9M | ||
| Q4 24 | — | $249.0M | ||
| Q3 24 | $166.5M | $225.7M | ||
| Q2 24 | $261.5M | $265.7M | ||
| Q1 24 | $59.8M | $354.4M |
毛利率BEKEWSM
| Q4 25 | 21.4% | 46.1% | ||
| Q3 25 | 21.9% | 47.1% | ||
| Q2 25 | — | 44.3% | ||
| Q1 25 | 20.7% | 45.2% | ||
| Q4 24 | — | 46.7% | ||
| Q3 24 | 22.7% | 46.2% | ||
| Q2 24 | 27.9% | 48.3% | ||
| Q1 24 | 25.2% | 46.0% |
营业利润率BEKEWSM
| Q4 25 | 2.6% | 17.0% | ||
| Q3 25 | 4.1% | 17.9% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | 2.5% | 20.1% | ||
| Q4 24 | — | 17.8% | ||
| Q3 24 | 3.2% | 16.2% | ||
| Q2 24 | 8.6% | 19.5% | ||
| Q1 24 | 0.1% | 20.1% |
净利率BEKEWSM
| Q4 25 | 3.2% | 12.8% | ||
| Q3 25 | 5.0% | 13.5% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | 3.7% | 15.6% | ||
| Q4 24 | — | 13.8% | ||
| Q3 24 | 5.2% | 12.6% | ||
| Q2 24 | 8.1% | 16.0% | ||
| Q1 24 | 2.6% | 15.6% |
每股收益（稀释后）BEKEWSM
| Q4 25 | — | $1.96 | ||
| Q3 25 | — | $2.00 | ||
| Q2 25 | — | $1.85 | ||
| Q1 25 | — | $1.02 | ||
| Q4 24 | — | $1.96 | ||
| Q3 24 | — | $1.74 | ||
| Q2 24 | — | $4.07 | ||
| Q1 24 | — | $5.42 |
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 | $884.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $2.1B |
| 总资产 | $16.8B | $5.3B |
| 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BEKEWSM
| Q4 25 | $1.3B | $884.7M | ||
| Q3 25 | $1.6B | $985.8M | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | $1.8B | $1.2B | ||
| Q4 24 | — | $826.8M | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $1.3B | $1.3B | ||
| Q1 24 | $2.5B | $1.3B |
股东权益BEKEWSM
| Q4 25 | — | $2.1B | ||
| Q3 25 | $9.6B | $2.1B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | $9.5B | $2.1B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | $10.1B | $2.3B | ||
| Q2 24 | $9.7B | $2.2B | ||
| Q1 24 | $9.6B | $2.1B |
总资产BEKEWSM
| Q4 25 | $16.8B | $5.3B | ||
| Q3 25 | $17.3B | $5.2B | ||
| Q2 25 | — | $5.2B | ||
| Q1 25 | $18.0B | $5.3B | ||
| Q4 24 | — | $5.0B | ||
| Q3 24 | $17.5B | $5.2B | ||
| Q2 24 | $16.9B | $5.2B | ||
| Q1 24 | $16.5B | $5.3B |
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 | — | $316.3M |
| 自由现金流经营现金流 - 资本支出 | — | $248.1M |
| 自由现金流率自由现金流/营收 | — | 13.2% |
| 资本支出强度资本支出/营收 | — | 3.6% |
| 现金转化率经营现金流/净利润 | — | 1.31× |
| 过去12个月自由现金流最近4个季度 | — | $1.1B |
8季度趋势，按日历期对齐
经营现金流BEKEWSM
| Q4 25 | — | $316.3M | ||
| Q3 25 | — | $282.7M | ||
| Q2 25 | — | $118.9M | ||
| Q1 25 | $-546.4M | $633.5M | ||
| Q4 24 | — | $253.5M | ||
| Q3 24 | $64.0M | $246.5M | ||
| Q2 24 | — | $226.8M | ||
| Q1 24 | — | $674.9M |
自由现金流BEKEWSM
| Q4 25 | — | $248.1M | ||
| Q3 25 | — | $230.7M | ||
| Q2 25 | — | $60.7M | ||
| Q1 25 | — | $566.3M | ||
| Q4 24 | — | $170.1M | ||
| Q3 24 | — | $215.1M | ||
| Q2 24 | — | $187.3M | ||
| Q1 24 | — | $621.2M |
自由现金流率BEKEWSM
| Q4 25 | — | 13.2% | ||
| Q3 25 | — | 12.6% | ||
| Q2 25 | — | 3.5% | ||
| Q1 25 | — | 23.0% | ||
| Q4 24 | — | 9.4% | ||
| Q3 24 | — | 12.0% | ||
| Q2 24 | — | 11.3% | ||
| Q1 24 | — | 27.3% |
资本支出强度BEKEWSM
| Q4 25 | — | 3.6% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | — | 3.4% | ||
| Q1 25 | — | 2.7% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | — | 1.8% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 2.4% |
现金转化率BEKEWSM
| Q4 25 | — | 1.31× | ||
| Q3 25 | — | 1.14× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | -4.64× | 1.65× | ||
| Q4 24 | — | 1.02× | ||
| Q3 24 | 0.38× | 1.09× | ||
| Q2 24 | — | 0.85× | ||
| Q1 24 | — | 1.90× |
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% |
WSM
暂无分部数据
