Detailed financial statements for KE Holdings Inc. (BEKE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
KE Holdings Inc., through its various subsidiaries, operates a comprehensive online and offline ecosystem facilitating real estate transactions and services across the People's Republic of China. Its business activities are categorized into five distinct segments: existing home sales, new home sales, home improvement and furnishing solutions, rental property services, and emerging and other offerings.
Analysis Summary
KE Holdings Inc. reported revenue of 94.58B CNY in the most recent fiscal year, growing at a 5-year CAGR of 6.1%. Net income reached 2.99B CNY, with a 1.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 24.1%, operating margin 6.2%, net margin 5.4%.
At the current price of $16.50, BEKE trades at a P/E of 25.49 and an ROE of 6.99%. Market capitalisation stands at $18.2B, placing it among large-cap names.
Balance sheet quality for BEKE: current ratio of 1.6, net cash position of 28.58B CNY. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -957.1M CNY represents -32% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 25.51B CNY | 28.65B CNY | 46.01B CNY | 70.48B CNY | 80.75B CNY | 60.67B CNY | 77.78B CNY | 93.46B CNY | 94.58B CNY |
| Cost of Revenue | 20.74B CNY | 21.78B CNY | 34.75B CNY | 53.62B CNY | 64.93B CNY | 46.89B CNY | 56.06B CNY | 70.51B CNY | 74.37B CNY |
| Gross Profit | 4.77B CNY | 6.87B CNY | 11.27B CNY | 16.86B CNY | 15.82B CNY | 13.78B CNY | 21.72B CNY | 22.94B CNY | 20.21B CNY |
| Research & Development | 251.8M CNY | 670.9M CNY | 1.57B CNY | 2.48B CNY | 3.19B CNY | 2.55B CNY | 1.94B CNY | 2.28B CNY | 2.58B CNY |
| Selling, General & Admin | 5.28B CNY | 7.42B CNY | 11.48B CNY | 11.30B CNY | 13.23B CNY | 11.92B CNY | 14.89B CNY | 16.74B CNY | 15.40B CNY |
| Operating Expenses | 5.53B CNY | 8.09B CNY | 13.05B CNY | 14.02B CNY | 15.37B CNY | 13.80B CNY | 16.07B CNY | 18.30B CNY | 17.38B CNY |
| Operating Income | -763.9M CNY | -1.22B CNY | -1.79B CNY | 2.84B CNY | 451.7M CNY | -16.5M CNY | 5.65B CNY | 4.65B CNY | 2.83B CNY |
| EBITDA | 716.7M CNY | 336.8M CNY | -55.3M CNY | 5.75B CNY | 2.52B CNY | 1.81B CNY | 9.31B CNY | 7.90B CNY | 5.76B CNY |
| Interest Expense | 43.9M CNY | 43.5M CNY | 207.0M CNY | 0 | 30.4M CNY | 14.5M CNY | 28.2M CNY | 28.6M CNY | 7.4M CNY |
| Pre-tax Income | -138.3M CNY | -499.1M CNY | -1.28B CNY | 4.39B CNY | 1.14B CNY | 292.3M CNY | 7.88B CNY | 6.87B CNY | 4.68B CNY |
| Income Tax | 399.3M CNY | -71.4M CNY | 904.4M CNY | 1.61B CNY | 1.67B CNY | 1.69B CNY | 1.99B CNY | 2.79B CNY | 1.69B CNY |
| Net Income | -574.4M CNY | -467.8M CNY | -2.18B CNY | 2.78B CNY | -524.1M CNY | -1.39B CNY | 5.88B CNY | 4.06B CNY | 2.99B CNY |
| EPS | $-0.48 | $-0.42 | $-1.90 | $0.96 | $-0.45 | $-1.17 | $5.01 | $3.57 | $2.67 |
| EPS (Diluted) | $-0.48 | $-0.39 | $-1.90 | $0.96 | $-0.45 | $-1.17 | $4.89 | $3.45 | $2.52 |
| Shares Outstanding (Diluted) | 1.14B CNY | 1.19B CNY | 1.14B CNY | 1.16B CNY | 1.18B CNY | 1.19B CNY | 1.20B CNY | 1.18B CNY | 1.16B CNY |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 23.05B CNY | 22.19B CNY | 18.89B CNY | 24.47B CNY |
| Gross Profit | 4.94B CNY | 4.76B CNY | 4.56B CNY | 6.99B CNY |
| Operating Income | 692.5M CNY | 457.4M CNY | 1.27B CNY | 3.02B CNY |
| EBITDA | 1.58B CNY | 2.67B CNY | 1.83B CNY | 3.21B CNY |
| Net Income | 749.3M CNY | 87.9M CNY | 1.26B CNY | 2.62B CNY |
| EPS | $0.69 | $0.08 | $1.17 | $2.43 |
| EPS (Diluted) | $0.66 | $0.08 | $1.11 | $2.34 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 5.24B CNY | 9.12B CNY | 24.32B CNY | 40.97B CNY | 20.45B CNY | 19.41B CNY | 19.63B CNY | 11.44B CNY | 7.77B CNY |
| Short-term Investments | 7.59B CNY | 2.52B CNY | 1.84B CNY | 15.69B CNY | 29.40B CNY | 35.49B CNY | 34.26B CNY | 41.32B CNY | 39.58B CNY |
| Receivables | 2.67B CNY | 3.35B CNY | 8.11B CNY | 13.20B CNY | 9.34B CNY | 4.20B CNY | 3.27B CNY | 10.53B CNY | 6.83B CNY |
| Inventory | 6.14B CNY | 4.63B CNY | 11.63B CNY | 12.97B CNY | 19.0M CNY | 127.6M CNY | 304.2M CNY | 1.61B CNY | 2.85B CNY |
| Total Current Assets | 24.07B CNY | 27.37B CNY | 51.91B CNY | 87.54B CNY | 69.93B CNY | 70.42B CNY | 69.75B CNY | 76.60B CNY | 68.12B CNY |
| Property, Plant & Equipment | 6.00B CNY | 6.09B CNY | 6.73B CNY | 8.29B CNY | 9.22B CNY | 13.32B CNY | 19.50B CNY | 25.77B CNY | 20.83B CNY |
| Goodwill | 711.0M CNY | 1.14B CNY | 2.48B CNY | 2.47B CNY | 1.81B CNY | 4.93B CNY | 4.86B CNY | 4.78B CNY | 4.66B CNY |
| Intangible Assets | 264.7M CNY | 197.0M CNY | 2.59B CNY | 1.64B CNY | 1.14B CNY | 1.69B CNY | 1.31B CNY | 1.25B CNY | 1.10B CNY |
| Total Assets | 31.58B CNY | 38.87B CNY | 67.27B CNY | 104.30B CNY | 100.32B CNY | 109.35B CNY | 120.33B CNY | 133.15B CNY | 116.67B CNY |
| Accounts Payable | 359.3M CNY | 1.41B CNY | 4.03B CNY | 6.44B CNY | 5.74B CNY | 5.84B CNY | 6.33B CNY | 9.49B CNY | 6.05B CNY |
| Short-term Debt | 1.38B CNY | 1.14B CNY | 3.01B CNY | 1.51B CNY | 454.2M CNY | 619.0M CNY | 290.4M CNY | 288.3M CNY | 705.7M CNY |
| Total Current Liabilities | 16.05B CNY | 20.57B CNY | 27.80B CNY | 33.63B CNY | 28.94B CNY | 33.34B CNY | 39.52B CNY | 52.74B CNY | 42.41B CNY |
| Long-term Debt | 0 | 112.9M CNY | 4.90B CNY | 15.0M CNY | 0 | 0 | 0 | 0 | 442.2M CNY |
| Total Liabilities | 19.14B CNY | 24.01B CNY | 35.73B CNY | 37.50B CNY | 33.26B CNY | 40.29B CNY | 48.13B CNY | 61.70B CNY | 50.14B CNY |
| Retained Earnings | -5.37B CNY | -7.99B CNY | -11.78B CNY | -9.23B CNY | -9.84B CNY | -11.41B CNY | -5.67B CNY | -1.72B CNY | 1.14B CNY |
| Total Equity | 12.37B CNY | 14.85B CNY | 31.45B CNY | 66.77B CNY | 66.97B CNY | 68.92B CNY | 72.10B CNY | 71.32B CNY | 66.44B CNY |
| Total Debt | 5.68B CNY | 5.96B CNY | 13.05B CNY | 7.99B CNY | 7.51B CNY | 12.19B CNY | 17.99B CNY | 22.65B CNY | 18.78B CNY |
| Net Debt | -7.14B CNY | -5.68B CNY | -13.12B CNY | -48.67B CNY | -42.34B CNY | -42.71B CNY | -35.91B CNY | -30.11B CNY | -28.58B CNY |
| Working Capital | 8.02B CNY | 6.80B CNY | 24.11B CNY | 53.91B CNY | 40.99B CNY | 37.08B CNY | 30.23B CNY | 23.86B CNY | 25.71B CNY |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 9.22B CNY | 7.77B CNY | 19.90B CNY | 16.43B CNY |
| Total Assets | 119.30B CNY | 116.67B CNY | 111.90B CNY | 112.42B CNY |
| Total Liabilities | 51.36B CNY | 50.14B CNY | 47.71B CNY | 46.82B CNY |
| Total Equity | 67.84B CNY | 66.44B CNY | 64.13B CNY | 65.54B CNY |
| Total Debt | 21.10B CNY | 18.78B CNY | 16.21B CNY | 14.39B CNY |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income | -537.6M CNY | -427.7M CNY | -2.18B CNY | 2.78B CNY | -524.8M CNY | -1.40B CNY | 5.89B CNY | 4.06B CNY | 2.99B CNY |
| Depreciation & Amortization | 811.2M CNY | 792.3M CNY | 1.04B CNY | 1.17B CNY | 1.37B CNY | 1.50B CNY | 1.40B CNY | 1.01B CNY | 1.07B CNY |
| Stock-based Compensation | 475.8M CNY | 382.2M CNY | 2.96B CNY | 2.25B CNY | 1.54B CNY | 2.43B CNY | 3.22B CNY | 2.73B CNY | 1.90B CNY |
| Change in Working Capital | -6.86B CNY | 3.08B CNY | -1.76B CNY | 2.99B CNY | 32.4M CNY | 5.09B CNY | 1.82B CNY | 1.93B CNY | -6.52B CNY |
| Operating Cash Flow | -6.46B CNY | 3.22B CNY | 112.6M CNY | 9.36B CNY | 3.60B CNY | 8.46B CNY | 11.16B CNY | 9.45B CNY | -365.9M CNY |
| Capital Expenditure | -575.2M CNY | -542.9M CNY | -703.0M CNY | -887.0M CNY | -1.43B CNY | -793.0M CNY | -874.0M CNY | -1.04B CNY | -591.2M CNY |
| Acquisitions | 66.4M CNY | -288.1M CNY | -743.2M CNY | 14.7M CNY | -3.3M CNY | -3.15B CNY | -9.9M CNY | 117.2M CNY | 14.6M CNY |
| Stock Repurchased | 0 | -306.2M CNY | -347.2M CNY | 0 | 0 | -1.32B CNY | -5.15B CNY | -5.10B CNY | -6.40B CNY |
| Dividends Paid | -127.2M CNY | 0 | 0 | -38.6M CNY | -76.6M CNY | -55.8M CNY | -1.43B CNY | -2.83B CNY | -2.80B CNY |
| Free Cash Flow | -7.03B CNY | 2.67B CNY | -590.4M CNY | 8.47B CNY | 2.17B CNY | 7.67B CNY | 10.28B CNY | 8.41B CNY | -957.1M CNY |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 851.1M CNY | 1.85B CNY | -1.47B CNY | 6.53B CNY |
| Capital Expenditure | 0 | -1.85B CNY | 0 | -6.53B CNY |
| Free Cash Flow | 851.1M CNY | 1.30B CNY | -1.47B CNY | 0 |
| Dividends Paid | 0 | 0 | 0 | -2.07B CNY |
| Stock-based Compensation | 450.1M CNY | 0 | 366.1M CNY | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +12.3% | +60.6% | +53.2% | +14.6% | -24.9% | +28.2% | +20.2% | +1.2% | |
| Net Income Growth (YoY) | +18.6% | -366.7% | +227.2% | -118.9% | -164.5% | +524.5% | -30.9% | -26.3% | |
| EPS Growth (YoY) | +12.5% | -352.4% | +150.5% | -146.9% | -160.0% | +528.2% | -28.7% | -25.2% | |
| Shares Change (YoY) | +4.0% | -3.9% | +1.5% | +1.9% | +0.6% | +1.2% | -2.1% | -1.8% | |
| FCF Growth (YoY) | +138.0% | -122.1% | +1,535.5% | -74.5% | +254.1% | +34.1% | -18.2% | -111.4% | |
| Gross Margin | 18.7% | 24.0% | 24.5% | 23.9% | 19.6% | 22.7% | 27.9% | 24.6% | 21.4% |
| Operating Margin | -3.0% | -4.3% | -3.9% | 4.0% | 0.6% | -0.0% | 7.3% | 5.0% | 3.0% |
| EBITDA Margin | 2.8% | 1.2% | -0.1% | 8.2% | 3.1% | 3.0% | 12.0% | 8.4% | 6.1% |
| Net Margin | -2.3% | -1.6% | -4.7% | 3.9% | -0.6% | -2.3% | 7.6% | 4.3% | 3.2% |
| FCF Margin | -27.6% | 9.3% | -1.3% | 12.0% | 2.7% | 12.6% | 13.2% | 9.0% | -1.0% |
| Effective Tax Rate | -288.6% | 14.3% | -70.9% | 36.7% | 146.0% | 578.0% | 25.3% | 40.6% | 36.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-6.15 | $2.25 | $-0.52 | $7.30 | $1.83 | $6.44 | $8.54 | $7.13 | $-0.83 |
| Dividends Per Share | $0.11 | $0.00 | $0.00 | $0.03 | $0.06 | $0.05 | $1.18 | $2.40 | $2.42 |
| Shares Outstanding (Basic) | 1.14B CNY | 1.14B CNY | 1.14B CNY | 1.16B CNY | 1.18B CNY | 1.19B CNY | 1.20B CNY | 1.14B CNY | 1.11B CNY |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Return on Equity | 6.99% |
| Return on Invested Capital | 4.52% |
| Return on Assets | 4.11% |
| Gross Margin | 24.05% |
| Operating Margin | 6.21% |
| Net Margin | 5.37% |
Financial Health
| Debt / Equity | 0.22 |
| Current Ratio | 1.70 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 2.63 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| P/E | -507.48 | -612.89 | -136.84 | 418.28 | -284.01 | -82.29 | 22.96 | 37.66 | 41.27 |
| P/B | 22.51 | 19.82 | 9.48 | 6.98 | 2.26 | 1.66 | 1.92 | 2.14 | 1.84 |
| P/S | 10.92 | 10.27 | 6.48 | 6.61 | 1.87 | 1.89 | 1.78 | 1.64 | 1.29 |
| Gross Margin | 18.7% | 24.0% | 24.5% | 23.9% | 19.6% | 22.7% | 27.9% | 24.6% | 21.4% |
| Operating Margin | -3.0% | -4.3% | -3.9% | 4.0% | 0.6% | -0.0% | 7.3% | 5.0% | 3.0% |
| Net Margin | -2.3% | -1.6% | -4.7% | 3.9% | -0.6% | -2.3% | 7.6% | 4.3% | 3.2% |
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Explore sector: Real Estate · Real Estate - Services
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