NYSE : BEKE
KE Holdings Inc. — Financial statements
Real Estate · Real Estate Services · China
Last price 17.71 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 20.24B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
KE Holdings Inc. (BEKE) reported revenue of 88.67B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 88.67B | 94.58B | 93.46B | 77.78B | 60.67B | 80.75B |
| Cost of Revenue | 67.41B | 74.37B | 70.51B | 56.06B | 46.89B | 64.93B |
| Gross Profit | 21.27B | 20.21B | 22.94B | 21.72B | 13.78B | 15.82B |
| Selling, General & Admin | 14.01B | 15.40B | 16.74B | 14.89B | 11.92B | 13.23B |
| Research & Development | 2.40B | 2.58B | 2.28B | 1.94B | 2.55B | 3.19B |
| Operating Expenses | 16.42B | 17.98B | 19.03B | 16.83B | 14.47B | 16.43B |
| Operating Income | 4.85B | 2.23B | 3.92B | 4.89B | -684.85M | -608.16M |
| Interest Expense | -6.75M | -6.75M | -12.65M | -17.24M | -14.05M | -6.11M |
| Interest & Investment Income | 603.46M | 834.50M | 1.29B | 1.29B | 769.09M | 385.38M |
| Earnings From Equity Investments | -13.69M | 16.42M | 10.19M | 9.10M | 44.59M | 39.52M |
| Currency Exchange Gain (Loss) | -1.14M | -59.75M | -34.67M | -93.96M | -127.36M | 20.99M |
| Other Non Operating Income (Expenses) | 708.93M | 841.38M | 870.89M | 908.68M | 760.57M | 1.19B |
| EBT Excluding Unusual Items | 6.14B | 3.85B | 6.04B | 6.99B | 747.99M | 1.02B |
| Impairment of Goodwill | -88.14M | -116.33M | -98.20M | -93.40M | -141.80M | -732.40M |
| Gain (Loss) on Sale of Investments | 1.07B | 1.08B | 982.66M | 989.48M | -308.30M | 865.83M |
| Gain (Loss) on Sale of Assets | -137.48M | -137.48M | -30.00K | -629.00K | 653.00K | -467.00K |
| Asset Writedown | -53.38M | -17.00K | -6.26M | -14.30M | ||
| Pretax Income | 6.98B | 4.68B | 6.87B | 7.88B | 292.29M | 1.14B |
| Income Tax Expense | 2.27B | 1.69B | 2.79B | 1.99B | 1.69B | 1.67B |
| Earnings From Continuing Operations | 4.71B | 2.99B | 4.08B | 5.89B | -1.40B | -524.77M |
| Minority Interest in Earnings | 7.51M | 2.96M | -13.28M | -6.38M | 11.21M | 637.00K |
| Net Income | 4.72B | 2.99B | 4.06B | 5.88B | -1.39B | -524.13M |
| Net Income to Common | 4.72B | 2.99B | 4.06B | 5.88B | -1.39B | -524.13M |
| Shares Outstanding (Basic) | 1.09B | 1.11B | 1.14B | 1.17B | 1.19B | 1.18B |
| Shares Outstanding (Diluted) | 1.13B | 1.16B | 1.18B | 1.20B | 1.19B | 1.18B |
| EPS (Basic) | 4.32 | 2.70 | 3.58 | 5.01 | -1.17 | -0.44 |
| EPS (Diluted) | 4.17 | 2.58 | 3.45 | 4.89 | -1.17 | -0.45 |
| Free Cash Flow | 7.53B | -983.90M | 8.41B | 10.54B | 7.73B | 2.17B |
| Free Cash Flow Per Share | 6.64 | -0.85 | 7.13 | 8.76 | 6.49 | 1.83 |
| Dividend Per Share | 1.93 | 1.93 | 2.63 | 2.49 | ||
| Gross Margin | 23.98% | 21.37% | 24.55% | 27.92% | 22.71% | 19.59% |
| Operating Margin | 5.47% | 2.35% | 4.19% | 6.29% | -1.13% | -0.75% |
| Profit Margin | 5.32% | 3.17% | 4.35% | 7.56% | -2.28% | -0.65% |
| Free Cash Flow Margin | 8.50% | -1.04% | 9.00% | 13.55% | 12.73% | 2.68% |
| EBITDA | 5.88B | 3.30B | 4.93B | 6.29B | 817.87M | 762.60M |
| EBITDA Margin | 6.63% | 3.49% | 5.27% | 8.09% | 1.35% | 0.94% |
| D&A For EBITDA | 1.03B | 1.07B | 1.01B | 1.40B | 1.50B | 1.37B |
| EBIT | 4.85B | 2.23B | 3.92B | 4.89B | -684.85M | -608.16M |
| EBIT Margin | 5.47% | 2.35% | 4.19% | 6.29% | -1.13% | -0.75% |
| Effective Tax Rate | 32.56% | 36.05% | 40.64% | 25.30% | 578.05% | 146.00% |
| Revenue as Reported | 88.67B | 94.58B | 93.46B | 77.78B | 60.67B | 80.75B |
| Advertising Expenses | 1.91B | 2.10B | 2.03B | 1.34B | 2.04B |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 7.39B | 7.77B | 11.44B | 19.63B | 19.41B | 20.45B |
| Short-Term Investments | 39.59B | 39.58B | 41.32B | 34.26B | 35.49B | 29.40B |
| Cash & Short-Term Investments | 46.97B | 47.35B | 52.76B | 53.89B | 54.90B | 49.85B |
| Accounts Receivable | 4.93B | 3.94B | 5.50B | 3.18B | 4.16B | 9.32B |
| Other Receivables | 2.97B | 1.63B | 3.12B | 1.72B | 901.44M | 1.03B |
| Receivables | 7.94B | 6.06B | 8.79B | 5.07B | 5.30B | 10.70B |
| Inventory | 2.84B | 2.85B | 1.61B | 304.21M | 127.56M | 19.04M |
| Prepaid Expenses | 1.15B | 1.55B | 1.63B | 1.24B | 748.52M | |
| Restricted Cash | 9.04B | 8.17B | 8.86B | 6.22B | 6.18B | 6.29B |
| Other Current Assets | 3.55B | 2.53B | 3.03B | 2.63B | 2.68B | 2.32B |
| Total Current Assets | 70.35B | 68.12B | 76.60B | 69.75B | 70.42B | 69.93B |
| Property, Plant & Equipment | 15.13B | 21.21B | 25.77B | 19.58B | 13.32B | 9.22B |
| Long-Term Investments | 19.59B | 20.15B | 23.79B | 23.57B | 17.93B | 17.04B |
| Goodwill | 4.66B | 4.66B | 4.78B | 4.86B | 4.93B | 1.81B |
| Other Intangible Assets | 659.98M | 722.68M | 857.63M | 1.07B | 1.69B | 1.14B |
| Long-Term Deferred Tax Assets | 1.26B | 1.01B | 1.11B | 856.96M | 1.06B | |
| Other Long-Term Assets | 1.97B | 505.51M | 217.15M | 359.35M | 175.29M | 131.33M |
| Total Assets | 112.38B | 116.67B | 133.15B | 120.33B | 109.35B | 100.32B |
| Accounts Payable | 5.55B | 5.59B | 8.35B | 6.19B | 5.92B | 5.96B |
| Accrued Expenses | 12.28B | 7.70B | 10.08B | 9.31B | 10.14B | 10.50B |
| Short-Term Debt | 1.17B | 705.66M | 288.28M | 290.45M | 619.00M | 260.00M |
| Current Portion of Long-Term Debt | 191.69M | 194.20M | ||||
| Current Portion of Leases | 7.90B | 10.66B | 13.73B | 9.37B | 4.97B | 2.75B |
| Current Income Taxes Payable | 1.04B | 702.61M | 1.03B | 698.57M | 542.29M | 567.59M |
| Current Unearned Revenue | 6.91B | 5.70B | 6.08B | 4.69B | 3.29B | 1.13B |
| Other Current Liabilities | 6.24B | 11.34B | 13.19B | 8.97B | 7.85B | 7.57B |
| Total Current Liabilities | 41.28B | 42.41B | 52.74B | 39.52B | 33.34B | 28.94B |
| Long-Term Debt | 366.25M | 442.17M | ||||
| Long-Term Leases | 4.76B | 6.97B | 8.64B | 8.33B | 6.60B | 4.30B |
| Long-Term Deferred Tax Liabilities | 385.38M | 317.21M | 317.70M | 279.34M | 351.19M | 22.92M |
| Other Long-Term Liabilities | 1.95M | 2.15M | 2.56M | 389.00K | 475.00K | 1.38M |
| Total Liabilities | 46.80B | 50.14B | 61.70B | 48.13B | 40.29B | 33.26B |
| Common Stock | 443.00K | 450.00K | 461.00K | 475.00K | 487.00K | 489.00K |
| Additional Paid-In Capital | 61.61B | 64.80B | 72.46B | 77.58B | 80.30B | 78.97B |
| Retained Earnings | 4.74B | 2.20B | -796.91M | -4.86B | -10.75B | -9.36B |
| Treasury Stock | -571.18M | -848.43M | -949.41M | -866.20M | -225.33M | |
| Comprehensive Income & Other | -271.64M | 290.03M | 609.11M | 244.30M | -412.72M | -2.64B |
| Total Common Equity | 65.52B | 66.44B | 71.32B | 72.10B | 68.92B | 66.97B |
| Minority Interest | 59.51M | 88.55M | 124.18M | 101.28M | 134.08M | 81.52M |
| Shareholders' Equity | 65.58B | 66.53B | 71.45B | 72.20B | 69.05B | 67.06B |
| Total Liabilities & Equity | 112.38B | 116.67B | 133.15B | 120.33B | 109.35B | 100.32B |
| Total Debt | 14.39B | 18.78B | 22.65B | 17.99B | 12.19B | 7.51B |
| Net Cash (Debt) | 32.58B | 28.58B | 30.11B | 35.91B | 42.71B | 42.34B |
| Net Cash Per Share | 28.72 | 24.69 | 25.53 | 29.83 | 35.90 | 35.79 |
| Filing Date Shares Outstanding | 1.11B | 1.16B | 1.20B | 1.23B | 1.25B | 1.20B |
| Total Common Shares Outstanding | 1.11B | 1.16B | 1.20B | 1.23B | 1.25B | 1.20B |
| Working Capital | 29.06B | 25.71B | 23.86B | 30.23B | 37.08B | 40.99B |
| Book Value Per Share | 59.06 | 57.20 | 59.37 | 58.47 | 55.11 | 55.95 |
| Tangible Book Value | 60.20B | 61.06B | 65.69B | 66.18B | 62.30B | 64.03B |
| Tangible Book Value Per Share | 54.26 | 52.57 | 54.68 | 53.67 | 49.82 | 53.49 |
| Buildings | 697.46M | 697.14M | 689.70M | 707.69M | 426.95M | |
| Machinery | 1.68B | 1.60B | 1.44B | 1.46B | 1.51B | |
| Construction In Progress | 184.49M | 176.01M | 293.93M | 194.80M | 143.36M | |
| Leasehold Improvements | 3.22B | 3.48B | 2.72B | 2.44B | 2.32B |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.72B | 2.99B | 4.06B | 5.88B | -1.39B | -524.13M |
| Depreciation & Amortization | 1.03B | 1.07B | 1.01B | 1.40B | 1.50B | 1.37B |
| Loss (Gain) From Sale of Assets | 179.38M | 137.48M | 30.00K | 629.00K | -653.00K | 467.00K |
| Asset Writedown & Restructuring Costs | 88.14M | 116.33M | 151.58M | 93.42M | 148.06M | 746.71M |
| Loss (Gain) From Sale of Investments | 345.34M | -40.00M | -303.38M | -39.15M | 1.10B | 948.60M |
| Loss (Gain) on Equity Investments | 13.69M | -16.42M | -10.19M | -9.10M | -44.59M | -24.72M |
| Stock-Based Compensation | 1.79B | 1.90B | 2.73B | 3.22B | 2.43B | 1.54B |
| Provision & Write-off of Bad Debts | 424.96M | 134.18M | 296.57M | 418.78M | -2.40M | |
| Other Operating Activities | 626.97M | 21.39M | -416.22M | -1.63B | -322.05M | -617.60M |
| Change in Accounts Receivable | -641.37M | 1.48B | -2.41B | 834.68M | 5.16B | 2.65B |
| Change in Inventory | -332.22M | -1.25B | -1.31B | -176.65M | ||
| Change in Accounts Payable | -934.31M | -3.34B | 2.46B | 482.54M | -866.39M | -566.71M |
| Change in Unearned Revenue | 700.90M | -361.57M | 1.39B | 1.40B | 921.10M | 367.77M |
| Change in Income Taxes | 543.43M | -326.13M | 330.17M | 156.28M | -41.69M | -418.88M |
| Change in Other Net Operating Assets | -650.85M | -2.90B | 1.47B | -626.67M | -79.25M | -2.00B |
| Operating Cash Flow | 7.90B | -376.17M | 9.45B | 11.41B | 8.52B | 3.60B |
| Capital Expenditures | -370.22M | -607.73M | -1.04B | -873.99M | -793.03M | -1.43B |
| Cash Acquisitions | 105.02M | -9.89M | -3.15B | -21.84M | ||
| Divestitures | 12.72M | 15.00M | 12.19M | 14.84M | 19.13M | 18.52M |
| Investment in Securities | -2.86B | 5.84B | -6.35B | -2.45B | -4.55B | -26.76B |
| Other Investing Activities | 34.76M | -805.60M | -595.42M | 18.37M | -30.61M | -6.41M |
| Investing Cash Flow | -3.82B | 5.89B | -9.38B | -3.98B | -8.47B | -24.88B |
| Short-Term Debt Issued | 1.03B | 606.03M | 426.63M | 759.00M | 260.00M | |
| Long-Term Debt Issued | 1.18B | 133.40M | 507.54M | |||
| Total Debt Issued | 2.77B | 2.21B | 606.03M | 426.63M | 892.40M | 767.54M |
| Short-Term Debt Repaid | -1.11B | -608.42M | -755.97M | -400.00M | ||
| Long-Term Debt Repaid | -161.43M | -327.60M | -1.84B | |||
| Total Debt Repaid | -1.22B | -1.27B | -608.42M | -755.97M | -727.60M | -1.84B |
| Net Debt Issued (Repaid) | 1.55B | 938.77M | -2.39M | -329.34M | 164.80M | -1.07B |
| Issuance of Common Stock | 2.00K | 2.00K | 2.00K | 3.00K | 7.00K | |
| Repurchase of Common Stock | -6.83B | -6.58B | -5.10B | -5.15B | -1.32B | |
| Common Dividends Paid | -2.07B | -2.88B | -2.83B | -1.43B | ||
| Other Financing Activities | 602.50M | -1.27B | 2.14B | -312.54M | -58.09M | -870.00K |
| Financing Cash Flow | -6.75B | -9.79B | -5.79B | -7.22B | -1.21B | -1.07B |
| Foreign Exchange Rate Adjustments | -142.09M | -82.58M | 169.48M | 44.61M | 28.64M | -442.14M |
| Net Cash Flow | -2.81B | -4.36B | -5.56B | 263.20M | -1.14B | -22.81B |
| Free Cash Flow | 7.53B | -983.90M | 8.41B | 10.54B | 7.73B | 2.17B |
| Free Cash Flow Margin | 8.50% | -1.04% | 9.00% | 13.55% | 12.73% | 2.68% |
| Free Cash Flow Per Share | 6.64 | -0.85 | 7.13 | 8.76 | 6.49 | 1.83 |
| Levered Free Cash Flow | 4.35B | -850.27M | 6.02B | 8.57B | 9.27B | 8.13B |
| Unlevered Free Cash Flow | 4.35B | -846.06M | 6.03B | 8.58B | 9.28B | 8.14B |
| Cash Interest Paid | 7.72M | 6.95M | 12.47M | 17.48M | 13.62M | 4.67M |
| Cash Income Tax Paid | 2.00B | 2.35B | 2.22B | 2.25B | 1.45B | 2.30B |
| Change in Working Capital | -1.31B | -6.70B | 1.93B | 2.08B | 5.09B | 32.41M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 20.59B | 18.31B | 22.14B | 19.99B | 17.29B | 23.96B |
| Enterprise Value | 15.79B | 14.41B | 17.66B | 14.86B | 11.61B | 18.23B |
| Last Close Price | 17.71 | 15.53 | 17.83 | 15.35 | 13.09 | 18.87 |
| PE Ratio | 29.39 | 42.78 | 39.75 | 24.09 | ||
| Forward PE | 14.53 | 22.17 | 18.58 | 12.96 | 24.14 | 62.99 |
| PS Ratio | 1.58 | 1.35 | 1.73 | 1.82 | 1.97 | 1.89 |
| PB Ratio | 2.04 | 1.93 | 2.26 | 1.96 | 1.73 | 2.27 |
| P/TBV Ratio | 2.33 | 2.10 | 2.46 | 2.14 | 1.91 | 2.38 |
| P/FCF Ratio | 18.23 | 19.21 | 13.45 | 15.44 | 70.30 | |
| P/OCF Ratio | 17.37 | 17.11 | 12.42 | 14.00 | 42.34 | |
| PEG Ratio | 0.49 | 1.87 | 2.87 | 0.27 | 2.23 | 5.22 |
| EV/Sales Ratio | 1.21 | 1.07 | 1.38 | 1.35 | 1.32 | 1.43 |
| EV/EBITDA Ratio | 18.30 | 30.54 | 26.15 | 16.74 | 97.94 | 151.83 |
| EV/EBIT Ratio | 22.19 | 45.25 | 32.91 | 21.54 | ||
| EV/FCF Ratio | 13.99 | 15.33 | 10.00 | 10.37 | 53.48 | |
| Debt / Equity Ratio | 0.22 | 0.28 | 0.32 | 0.25 | 0.18 | 0.11 |
| Debt / EBITDA Ratio | 0.52 | 0.84 | 1.18 | 1.27 | 2.40 | 1.71 |
| Debt / FCF Ratio | 1.91 | 2.69 | 1.71 | 1.58 | 3.47 | |
| Net Debt / Equity Ratio | -0.50 | -0.43 | -0.42 | -0.50 | -0.62 | -0.63 |
| Net Debt / EBITDA Ratio | -5.54 | -8.66 | -6.11 | -5.71 | -52.22 | -55.52 |
| Net Debt / FCF Ratio | -4.33 | 29.05 | -3.58 | -3.41 | -5.53 | -19.55 |
| Asset Turnover | 0.75 | 0.76 | 0.74 | 0.68 | 0.58 | 0.79 |
| Inventory Turnover | 33.32 | 73.68 | 259.67 | 639.70 | ||
| Quick Ratio | 1.33 | 1.25 | 1.16 | 1.49 | 1.80 | 2.08 |
| Current Ratio | 1.70 | 1.61 | 1.45 | 1.76 | 2.11 | 2.42 |
| Return on Equity (ROE) | 7.00% | 4.33% | 5.68% | 8.34% | -2.05% | -0.78% |
| Return on Assets (ROA) | 2.57% | 1.11% | 1.93% | 2.66% | -0.41% | -0.37% |
| Return on Invested Capital (ROIC) | 9.52% | 3.59% | 5.99% | 11.66% | 12.82% | 1.31% |
| Return on Capital Employed (ROCE) | 6.80% | 3.00% | 4.90% | 6.10% | -0.90% | -0.90% |
| Earnings Yield | 3.40% | 2.34% | 2.51% | 4.15% | -1.16% | -0.34% |
| FCF Yield | 5.49% | -0.77% | 5.20% | 7.44% | 6.48% | 1.42% |
| Dividend Yield | 1.53% | 1.75% | 1.95% | 2.17% | ||
| Payout Ratio | 45.02% | 96.23% | 69.64% | 24.23% | ||
| Buyback Yield / Dilution | 3.51% | 1.85% | 2.06% | -1.19% | -0.56% | -56.53% |
| Total Shareholder Return | 5.04% | 3.60% | 4.01% | 0.97% | -0.56% | -56.53% |