| Stage | KE | % of rev | FLEX | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $372M | 100.00% | $8.5B | 100.00% | FLEX ×22.85 |
| Gross profit | $33M | 8.87% | $812M | 9.56% | FLEX +0.7pp |
| Operating income | $29M | 7.83% | $414M | 4.88% | KE +3.0pp |
| Pre-tax income | $26M | 7.12% | $370M | 4.36% | KE +2.8pp |
| Net income | $9M | 2.29% | $263M | 3.10% | FLEX +0.8pp |
| Stage | KE | FLEX | Gap · A − B |
|---|---|---|---|
| Revenue | $372M100.00% | $8.5B100.00% | FLEX ×22.85 |
| Gross profit | 8.87%$33M | 9.56%$812M | FLEX +0.7pp |
| Operating income | 7.83%$29M | 4.88%$414M | KE +3.0pp |
| Pre-tax income | 7.12%$26M | 4.36%$370M | KE +2.8pp |
| Net income |
| 2.29%$9M |
| 3.10%$263M |
| FLEX +0.8pp |
None
No disclosed counterparties: KE.