KE Holdings Inc. (BEKE) stock analysis

BEKENYSEReal Estate Agents & Managers (For Others)Fiscal year ends December 31

Financials through fiscal 2025, year ended Dec 31, 2025Score 10/30

$17.65−0.31 (-1.73%)

Close on Nov 12, 2026Market cap $39.69BP/E 45.7Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Mixed10 of 30 checks passed

KE passes 10 of the 30 checks behind our score; 14 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation: 0/6
Growth: 1/6
Past performance: 4/6
Financial health: 5/6
Dividend: 0/6

What stands out

No debt
KE has no borrowings on its latest balance sheet.
Earnings grew over 5 years
Net income grew 1.5% a year on average over the last five fiscal years.
Revenue growing 10%+ a year
Revenue grew 16.0% a year over the last three fiscal years.
Interest well covered
Operating income covers interest expense 312.7 times.

What to watch

Return on equity under 15%
Return on equity was 4.3% over the last twelve months and averaged 3.1% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 7.1%, below the 10% that usually covers the cost of capital.
Earnings growth not accelerating
Net income grew -26.3% over the last twelve months, against a 5-year average of 1.5% a year.
Growing slower than the industry
Revenue grew 1.2% over the last twelve months; the Real Estate median is 8.9%.

Valuation0/6

P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.

Growth1/6

Revenue growing 10%+ a year
Revenue grew 16.0% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings growth not accelerating
Net income grew -26.3% over the last twelve months, against a 5-year average of 1.5% a year.
Growing slower than the industry
Revenue grew 1.2% over the last twelve months; the Real Estate median is 8.9%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin slipping
Gross margin was 21.4% over the last twelve months, against 24.6% a year earlier.

Past performance4/6

Return on equity under 15%
Return on equity was 4.3% over the last twelve months and averaged 3.1% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 7.1%, below the 10% that usually covers the cost of capital.
Return on equity above the industry
KE's return on equity of 4.3% is above the Real Estate median of -3.3%.
Earnings grew over 5 years
Net income grew 1.5% a year on average over the last five fiscal years.
Net margin above its 5-year average
Net margin was 3.2% over the last twelve months, against a 5-year average of 2.4%.
Net margin above the industry
KE's net margin of 3.2% is above the Real Estate median of -1.4%.

Financial health5/6

No debt
KE has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
Operating income covers interest expense 312.7 times.
Short-term assets cover short-term debts
Current assets are 1.61 times current liabilities.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.

Dividend0/6

No dividend
KE has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for KE. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day: $86.68M
Value traded per 1% price move: $48.75M

Downside

Medium risk

Typical loss in a bad month: 15.1%
Volatility (annualized): 37%
Sharpe ratio, 1 year: 0.19
Beta to the S&P 500 (5Y): 0.94

Typical bad-month loss, week by week

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
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
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

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%