BEKENYSEReal Estate Agents & Managers (For Others)Fiscal year ends December 31
KE Holdings Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 24, 2026
$17.91−0.16 (-0.89%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2017 to 2025
Gross margin
21.4%−2.6 pts over 5 years
Operating margin
2.2%−1.8 pts over 5 years
Net margin
3.2%−0.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +1.2% | +16.0% | +6.1% | – | |
| Gross profit | -11.9% | +13.6% | +3.7% | – | |
| Operating income | -43.9% | – | -5.8% | – | |
| Net income | -26.3% | – | +1.5% | – | |
| EPS, diluted | -25.2% | – | +21.9% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 9.6% | 4.3% | |
| Return on assets | – | 3.2% | 2.4% | |
| Current ratio | – | 2.60 | 1.61 | |
| Interest coverage | – | 15.1× | 312.7× | |
| Inventory turnover | – | – | 33.3× | |
| Capex to revenue | – | 1.3% | 0.6% | |
| Diluted shares | – | 2.27B | 3.47B |
Where the cash went
Fiscal 2021 to 2025, five years combined
KE generated CN¥33.35B from operations and spent CN¥30.03B on capital expenditure, dividends and share buybacks. 16% of that went back into the business.
Generated
CN¥33.35B
Used
CN¥30.03B
Capital expenditureCN¥4.74B16%DividendsCN¥7.14B24%Share buybacksCN¥18.15B60%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin3.2%
×Asset turnover0.76×
×Equity multiplier1.81×
=Return on equity, FY20254.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 3.2% | 0.76× | 1.81× | 4.3% |
| FY2024 | 4.3% | 0.74× | 1.77× | 5.7% |
| FY2023 | 7.6% | 0.68× | 1.63× | 8.3% |
| FY2022 | -2.3% | 0.58× | 1.54× | -2.0% |
| FY2021 | -0.6% | 0.79× | 1.53× | -0.8% |
| FY2020 | 3.9% | 0.82× | 2.97× | 9.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zeroCN¥2.99B
- Cash generatingOperating cash flow above zero-CN¥376.17M
- Return on assets improvedROA up on the prior year3.4% → 2.2%
- Earnings backed by cashOperating cash flow above net income-CN¥376.17M vs CN¥2.99B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.45 → 1.61
- No dilutionShare count did not rise3.54B → 3.47B
- Gross margin improvedGross margin up on the prior year24.55% → 21.37%
- More efficientAsset turnover rose0.78 → 0.71