olivLaw · US equity research
KE Holdings Inc. BEKE
Real Estate Agents & Managers (For Others) · SIC 6531 · Vertical: Real Estate Agents & Managers (For Others) (SIC 6531)
KE Holdings, operating as Beike, runs an integrated online and offline platform for housing transactions and services in China, covering sales, rentals, renovation and furnishing. The company ended fiscal 2025 with total net revenues of about 94.6 billion USD, in a housing market that remains fragile, which makes its diversification into services such as rentals relevant.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, KE Holdings Inc. (BEKE) stock was 18.57 USD (+5.51% on the day), with P/E 154.8 on diluted EPS of 0.12 USD over the last 12 months, beta 0.66, 52-week range 14.26–19.59 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 63.8
- strong (55–70)
- Bollinger (20, 2)
- 16.95 – 18.36
- above the upper band · %B 1.15 · band width 8.0%
- SMA 50 / 200
- 17.22 / 16.86
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.23 / 0.18
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.5% | −1.1% | +13.6 pp | — |
| 3 months | +9.9% | −0.5% | +10.4 pp | — |
| 6 months | −1.2% | +4.4% | −5.6 pp | — |
| Year to date | +17.8% | +12.3% | +5.5 pp | — |
| 1 year | +14.5% | +13.5% | +0.9 pp | −32.9% |
| 3 years | +21.7% | +76.4% | −54.7 pp | −14.2% |
| 5 years | +3.0% | +63.7% | −60.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 75 percentile of its own 4-quarter history (min 70.5, median 123.2, max 1,230.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | 10.8 bn | 12.7 bn | 8.8 bn | 11.0 bn | 12.8 bn | 13.5 bn |
| Revenue YoY | unavailable | unavailable | unavailable | +17.3% | −30.6% | +24.5% | +16.9% | +5.6% |
| Net income | unavailable | unavailable | 425.7 m | -82.2 m | -201.0 m | 828.6 m | 556.9 m | 428.1 m |
| Net income YoY | unavailable | unavailable | unavailable | −119.3% | unavailable | unavailable | −32.8% | −23.1% |
| Diluted EPS | unavailable | unavailable | 0.05 | -0.02 | -0.06 | 0.23 | 0.16 | 0.12 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −140.0% | unavailable | unavailable | −30.4% | −25.0% |
| net % | unavailable | unavailable | 3.9% | -0.6% | -2.3% | 7.6% | 4.3% | 3.2% |
| Free cash flow | unavailable | unavailable | 1.3 bn | 339.8 m | 1.1 bn | 1.4 bn | 1.2 bn | -140.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.1 bn USD
- Financial debt
- 182.9 m USD
- Net debt
- -928.6 m USD
- Equity
- 9.5 bn USD
- Total assets
- 16.7 bn USD
- Debt / equity
- 0.02x
- Current ratio
- 1.61x
- ROE
- 4.4%
- ROA
- 2.5%
- FCF margin
- -1.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 10.8 bn | 12.7 bn | 8.8 bn | 11.0 bn | 12.8 bn | 13.5 bn | SEC (XBRL)· 24 Apr 2026verified |
| Cost of revenue | 8.2 bn | 10.2 bn | 6.8 bn | 7.9 bn | 9.7 bn | 10.6 bn | SEC (XBRL)· 24 Apr 2026verified |
| Gross profit | 2.6 bn | 2.5 bn | 2.0 bn | 3.1 bn | 3.1 bn | 2.9 bn | SEC (XBRL)· 24 Apr 2026verified |
| Research & development | 379.8 m | 501.2 m | 369.1 m | 272.8 m | 312.8 m | 369.0 m | SEC (XBRL)· 24 Apr 2026verified |
| Operating income | 435.5 m | -212.6 m | -120.8 m | 675.7 m | 515.8 m | 301.8 m | SEC (XBRL)· 24 Apr 2026verified |
| Interest expense | 188.4 m | 6.1 m | 14.1 m | 17.2 m | 12.7 m | 6.8 m | SEC (XBRL)· 24 Apr 2026verified |
| Pre-tax income | 672.4 m | 179.0 m | 42.4 m | 1.1 bn | 941.2 m | 668.8 m | SEC (XBRL)· 24 Apr 2026verified |
| Income tax | 246.6 m | 261.4 m | 245.0 m | 280.9 m | 382.5 m | 241.1 m | SEC (XBRL)· 24 Apr 2026verified |
| Net income | 425.7 m | -82.2 m | -201.0 m | 828.6 m | 556.9 m | 428.1 m | SEC (XBRL)· 24 Apr 2026verified |
| Diluted EPS | 0.05 | -0.02 | -0.06 | 0.23 | 0.16 | 0.12 | SEC (XBRL)· 24 Apr 2026verified |
| Weighted average diluted shares | 2.3 bn | 3.5 bn | 3.6 bn | 3.6 bn | 3.5 bn | 3.5 bn | SEC (XBRL)· 24 Apr 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 6.4 bn | 3.0 bn | 2.7 bn | 2.7 bn | 1.6 bn | 1.1 bn | SEC (XBRL)· 24 Apr 2026verified |
| Receivables | 2.0 bn | 1.5 bn | — | — | — | — | SEC (XBRL)· 19 Apr 2022verified |
| Inventories | — | — | — | — | — | 408.1 m | SEC (XBRL)· 24 Apr 2026verified |
| Current assets | 13.4 bn | 11.0 bn | 10.2 bn | 9.8 bn | 10.5 bn | 9.7 bn | SEC (XBRL)· 24 Apr 2026verified |
| Property, plant & equipment, net | 225.7 m | 309.4 m | 295.3 m | 276.8 m | 328.8 m | 296.0 m | SEC (XBRL)· 24 Apr 2026verified |
| Goodwill | 378.2 m | 283.4 m | 715.4 m | 684.1 m | 654.5 m | 666.4 m | SEC (XBRL)· 24 Apr 2026verified |
| Intangibles (excl. goodwill) | 251.7 m | 179.1 m | 244.6 m | 150.3 m | 117.5 m | 103.3 m | SEC (XBRL)· 24 Apr 2026verified |
| Total assets | 16.0 bn | 15.7 bn | 15.9 bn | 16.9 bn | 18.2 bn | 16.7 bn | SEC (XBRL)· 24 Apr 2026verified |
| Accounts payable | 1.0 bn | 942.9 m | 847.2 m | 891.4 m | 1.3 bn | 865.4 m | SEC (XBRL)· 24 Apr 2026verified |
| Short-term debt | — | — | — | 290.5 m | 288.3 m | — | SEC (XBRL)· 17 Apr 2025verified |
| Long-term debt | — | — | — | — | 0 | 182.9 m | SEC (XBRL)· 24 Apr 2026verified |
| Current liabilities | 5.2 bn | 4.5 bn | 4.8 bn | 5.6 bn | 7.2 bn | 6.1 bn | SEC (XBRL)· 24 Apr 2026verified |
| Total liabilities | 5.7 bn | 5.2 bn | 5.8 bn | 6.8 bn | 8.5 bn | 7.2 bn | SEC (XBRL)· 24 Apr 2026verified |
| Equity | 10.2 bn | 10.5 bn | 10.0 bn | 10.2 bn | 9.8 bn | 9.5 bn | SEC (XBRL)· 24 Apr 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.4 bn | 564.2 m | 1.2 bn | 1.6 bn | 1.3 bn | -53.8 m | SEC (XBRL)· 24 Apr 2026verified |
| Capex | 135.9 m | 224.4 m | 115.0 m | 123.1 m | 142.1 m | 86.9 m | SEC (XBRL)· 24 Apr 2026verified |
| Free cash flow | 1.3 bn ≈ | 339.8 m ≈ | 1.1 bn ≈ | 1.4 bn ≈ | 1.2 bn ≈ | -140.7 m ≈ | SEC (XBRL)· 24 Apr 2026derived |
| Investing cash flow | -2.3 bn | -3.9 bn | -1.2 bn | -560.2 m | -1.3 bn | 842.9 m | SEC (XBRL)· 24 Apr 2026verified |
| Financing cash flow | 3.9 bn | -168.6 m | -167.5 m | -980.5 m | -793.9 m | -1.4 bn | SEC (XBRL)· 24 Apr 2026verified |
| Dividends paid | — | — | — | 198.5 m | 387.8 m | 412.0 m | SEC (XBRL)· 24 Apr 2026verified |
| Share repurchases | — | — | 191.4 m | 725.5 m | 698.8 m | 941.1 m | SEC (XBRL)· 24 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 37.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
37% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
- Peers: P/Bunavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 37.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 4.4% | 69 (vs peers) | 18% |
| EBITDA margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 15.4% | 100 (on a fixed band) | 24% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 44.7x | 100 (on a fixed band) | 35% |
| P/B · Valuation | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 154.8x | 17 (vs peers) | 24% |
| Dividend yield · Returns | unavailable | unavailable | — |
| Payout ratio (EPS) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth100/100 · 1/1 factors with a value
- Quality· partial69/100 · 1/2 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial17/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
KE Holdings Inc. (BEKE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 13.5 bn USD in 2025; YoY growth 5.6%; net margin 3.2%; ROE 4.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 37.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 15.4%
- Interest coverage: 44.7x
What contradicts it
- P/E (TTM): 154.8x
Not assessed (insufficient data or a ratio without meaning): EBITDA margin, Net debt / EBITDA, P/B, Dividend yield, Payout ratio (EPS).
Versus the vertical median
Real Estate Agents & Managers (For Others) (SIC 6531) · same industry (4-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| JLLJones Lang LaSalle Incorporated | 17.8 bn | 16.9 | 14.7% | 3.9% | +11.4% | +20% / +151% |
| COMPCompass, Inc. | 7.6 bn | 180.8 | 3.6% | 0.6% | +23.7% | −4% / +352% |
| VACMarriott Vacations Worldwide Corp | 3.9 bn | — | -10.9% | -4.7% | +1.3% | +110% / +57% |
| OPENOpendoor Technologies Inc. | 1.9 bn | — | -196.9% | -46.7% | −15.2% | −74% / −34% |
| MMIMarcus & Millichap, Inc. | 1.1 bn | 79.3 | 2.4% | 1.8% | +8.5% | +1% / −14% |
| AGNTAgnt, Inc. | 713.6 m | — | -6.9% | -0.3% | +4.5% | −62% / −65% |
| OMHOhmyhome Limited | 346.1 m | — | -164.6% | -75.2% | +19.5% | −63% / −83% |
| DOUGDouglas Elliman Inc. | 151.8 m | 5.6 | 16.3% | 2.5% | +3.8% | −37% / −14% |
| LHAILinkhome Holdings Inc. | 15.8 m | — | -5.6% | -1.4% | +175.7% | −92% / unavailable |
| PETZTDH Holdings, Inc. | 12.8 m | 7.3 | 6.2% | 143.8% | +122.0% | +25% / −10% |
| OPADOfferpad Solutions Inc. | 11.8 m | — | -116.9% | -11.3% | −38.2% | +19% / −78% |
| FTHMFathom Holdings Inc. | 6.1 m | — | -79.0% | -6.3% | +25.4% | −86% / −94% |
| LRHCStratum Holdings Corp. | 1.4 m | — | — | -46.4% | +16.7% | −100% / unavailable |
| NMRKNewmark Group, Inc. | — | 17.5 | 10.9% | 4.1% | +20.3% | −29% / +50% |
| BEKEKE Holdings Inc. | — | 154.8 | 4.4% | 3.2% | +5.6% | +14% / +22% |
1- and 3-year price returns: for BEKE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 24 Apr 2026; since then the company filed 6-K (02 Nov 2026), 6-K (26 Oct 2026), 6-K (20 Oct 2026), 6-K (13 Oct 2026), 6-K (08 Oct 2026), 6-K (05 Oct 2026).
In brief
KE Holdings, operating as Beike, runs an integrated online and offline platform for housing transactions and services in China, covering sales, rentals, renovation and furnishing. The company ended fiscal 2025 with total net revenues of about 94.6 billion USD, in a housing market that remains fragile, which makes its diversification into services such as rentals relevant.
SWOT
Strengths
Weaknesses
- Revenues are largely tied to China's housing cycle, which has slowed, and to new home sales, which are sensitive to regulation 1.
- The VIE structure with contractual arrangements gives weaker control than direct ownership, a point the company acknowledges in its report 1.
- The company has recorded net losses in the past and cannot guarantee it will remain profitable, which shows its dependence on market conditions 1.
Opportunities
- If the rental segment keeps growing, it could offset the decline in sales revenues and diversify income 1.
- Real estate developers can use the platform as a sales channel, which could grow its share of new home services 1.
- If agent productivity rises through AI and digital tools, commission revenues could grow without a proportional rise in costs 1.
Threats
- Government regulation of the property market can sharply reduce volumes and prices, hurting demand for the platform 1.
- Changes in VIE rules or competition law could seriously affect operations and the value of the shares 1.
- Compliance risks around data rules, cybersecurity and offshore listing requirements could restrict investor access 1.
Risks
- Dependence on the Chinese housing markethigh
The business depends on transaction volumes and prices, and the sector has slowed in recent years with no guarantee that it will keep its scale 1.
- Government property policieshigh
Market control measures such as curbs on speculation can discourage buyers and reduce platform activity 1.
- VIE corporate structurehigh
If authorities find the contractual arrangements do not comply with the law, the company could be forced to give up operating interests or face penalties 1.
- Legal uncertainty in Chinamedium
Rules can change quickly with little advance notice, and enforcement can vary, creating uncertainty for operations and investors 1.
- Listing and audit riskmedium
The company was once identified as a commission-identified issuer under the HFCAA, and ADS trading in the US could be restricted if auditor inspections are no longer possible 1.
Investment thesis
What would need to be true (bull case)
- Diversification into rentals and renovation, which grew quickly in recent years, could reduce dependence on the sales transaction cycle 1.
- A large network of active agents and the ACN system could support market share even in a slowing sector 1.
- If regulation stabilizes and the housing sector finds balance, transaction volumes could recover to better levels for the platform 1.
What would break the thesis
- Revenues from new and existing home sales fell in fiscal 2025, and the sector could stay under pressure if demand does not recover 1.
- The VIE structure and legal risks could have a material impact on the company even if operations continue normally 1.
- The company has had losses in the past and cannot guarantee it will stay profitable, and high service costs could limit margins 1.
What to watch
- Trend in rental revenues relative to sales revenues2026
- Number of transactions facilitated and GTVQ1 2027
- Changes in property regulation and in the VIE legal framework2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 24 Apr 2026; since then the company filed 6-K (02 Nov 2026), 6-K (26 Oct 2026), 6-K (20 Oct 2026), 6-K (13 Oct 2026), 6-K (08 Oct 2026), 6-K (05 Oct 2026).
The business
Beike is the integrated online and offline platform for housing transactions and services, built around the Lianjia brand, which the company owns and operates, and the Agent Cooperation Network (ACN), the system through which agents collaborate and share commissions by role. In 2025 the platform facilitated over 5.6 million housing transactions with an aggregate GTV of 455.2 billion USD, according to the annual report 1. The company began in 2001 through Beijing Lianjia, launched the Beike platform in 2018, and incorporated the holding company KE Holdings Inc. in the Cayman Islands in 2018 1.
The company describes its model as an open infrastructure for all participants in the housing ecosystem: home buyers, sellers, landlords, tenants, developers and renovation providers, who share the same base of authentic listings and SaaS systems, AI technology and transaction service centers 1.
Market context
The company's activity depends on the overall state of China's housing sector, which has slowed in recent years in transaction volumes and prices, and the company says it cannot assure that the sector will keep its current scale 1. Government policies, such as the principle that housing is for living in and not for speculation, have a direct impact on demand for its platform.
Trends
- Housing sector regulationheadwind
Chinese authorities have imposed strict measures to balance supply and demand and curb speculation, which reduced volumes and prices in new and existing home sales and the ability of developers to finance projects 1.
- Digitalization and AI in servicestailwind
The company invests in AI technology and process standardization to raise agent productivity, which could strengthen agent loyalty and platform revenue over the long term 1.
- Legal and regulatory uncertaintymixed
Rapid changes in Chinese rules, including those on competition, data and offshore offerings, create uncertainty for operations and for the value of shares, especially for VIE structures 1.
Competitive position
The company describes Lianjia as the China brokerage brand with the strongest reputation for service quality, and the Beike platform also hosts other brands and agents, so the market is made up of both competitors and partners 1. The source document does not name other listed competitors, so they cannot be described from it.
The company's stated advantage lies in ACN and its network of agents and stores, but this depends on sector transaction volumes and on keeping pace with other platforms, a point the report treats only in general terms 1.
- Other brokerage brands and platforms in China
The source does not name specific competitors, so none can be listed; the company only says other brands operate on its platform alongside it as partners.
- Partner real estate developers
Developers are customers for new home sales services, and the relationship can be both cooperative and competitive, according to the report.
- Independent agents and stores
Agents and stores outside the Lianjia and Beike networks are cited in the report as part of the ecosystem, not as a named competitor.
- Independent renovation and rental providers
Independent renovation and rental management providers operate in the same market, and the company seeks to attract them to its platform.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- KE Holdings (BEKE) Outruns Falling Revenue With Record Profit MarginsYahoo Finance — News · 27 Aug 2026 · EN
The latest news item in our archive is from 27 Aug 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)26 Oct 2026
- Current report (foreign issuer)20 Oct 2026
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)08 Oct 2026
- Current report (foreign issuer)05 Oct 2026
- Current report (foreign issuer)02 Oct 2026
- Current report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)21 Sept 2026
- Current report (foreign issuer)14 Sept 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / KE Holdings Inc. · 24 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.