# KE Holdings Inc. (BEKE)

Source page: https://stoqly.net/companies/beke

- **Ticker:** BEKE (NYSE)
- **Sector:** Real Estate / Real Estate Agents & Managers (For Others)
- **SEC CIK:** 0001809587
- **Latest annual report:** 20-F filed 2026-04-24 (https://www.sec.gov/Archives/edgar/data/1809587/000110465926048109/beke-20251231x20f.htm)
- **Data updated:** 2026-11-09

## What the company does

KE Holdings operates Beike, an online and offline platform for buying, selling and renting homes in China, as well as home renovation and furnishing. Its Lianjia brand provides real estate brokerage services, while Beike connects customers with other brokerage brands, stores, agents and residential service providers. Customers include home buyers, sellers, landlords and tenants, and people seeking renovation services; real estate developers also use the platform to market new homes.

KE earns money from five main areas: existing home transactions, new home transactions, home renovation and furnishing, home rentals, and emerging and other services. It earns commissions on home sales and rentals, fees from brokerage firms using its platform, franchise fees from brands such as Deyou, and commissions from developers. It also charges for renovation, rental management and other housing-related services. Beike’s platform offers shared tools and rules for agents and stores, including software, training, transaction support and a system for coordinating commissions and cooperation.

Beike combines digital services with an offline network of stores and agents. Its platform supports authentic property listings and shared work among brokerage brands, while technology helps standardize transactions and service processes. KE owns and operates Lianjia and makes its infrastructure available to other brokerage brands and service providers.

## Key figures

- **Last close:** $17.86 on 2026-11-13 (+1.19% on the day)
- **Market cap:** $20.7B
- **P/E (trailing):** 49.8x
- **EPS, trailing 12 months:** $0.36
- **Revenue (FY2025):** $13.2B
- **Revenue growth:** +1.3%
- **Revenue growth, 5-year CAGR:** +5.2%
- **Gross margin:** 21.4%
- **Operating margin:** 2.2%
- **Net margin:** 3.2%
- **Free cash flow:** −$137M
- **Free cash flow margin:** −1.0%
- **Return on invested capital:** 6.9%
- **Return on equity:** 4.3%
- **Net debt:** −$6.7B
- **Net debt / EBITDA:** −15.9x
- **Change in share count:** −1.8%
- **Piotroski F-score:** 5/9
- **Insider buys, last 90 days:** $0.0M
- **Insider sells, last 90 days:** $103M

Definitions: https://stoqly.net/about

## Annual results

From SEC EDGAR XBRL filings. Full table: https://stoqly.net/companies/beke/figures.csv

| US$ millions | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| Revenue | 4,329 | 6,659 | 10,212 | 12,520 | 9,011 | 10,981 | 12,986 | 13,159 |
| Operating income | -184 | -258 | 412 | -210 | -124 | 677 | 523 | 294 |
| Net income | -71 | -316 | 402 | -81 | -206 | 831 | 565 | 417 |
| Diluted EPS (US$) | -0.79 | -1.28 | 0.14 | -0.07 | -0.17 | 0.69 | 0.48 | 0.36 |
| Operating cash flow | 486 | 16 | 1,356 | 557 | 1,265 | 1,611 | 1,313 | -52 |
| Free cash flow | 404 | -85 | 1,228 | 336 | 1,147 | 1,488 | 1,169 | -137 |
| Cash | 1,325 | 3,758 | 8,666 | 7,847 | 7,958 | 7,585 | 7,228 | 6,764 |
| Debt and leases | — | — | — | — | — | 41 | 39 | 26 |

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Source: SEC EDGAR filings and end-of-day prices, via Stoqly. For information only — not investment advice or a recommendation to buy, sell or hold any security.