# Ke Holdings (BEKE.US)

Canonical: https://gigainvestors.com/s/BEKE

Analysis as of: 2026-10-16T07:26:52.169Z. Financial observations: FY2017–FY2025.

Listing currency: USD. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $17.83 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 1

- Years with a net loss: 5

- Operating margin variation: 4.05×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.03×

- FY2018: -0.04×

- FY2019: -0.04×

- FY2020: 0.04×

- FY2021: 0.01×

- FY2022: -0.00×

- FY2023: 0.07×

- FY2024: 0.05×

- FY2025: 0.03×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 1.3%

- ROIC, second-lowest year: -12.0%

- Typical minus recent gross margin: 2.6 pp

- Typical gross margin (annual median): 23.9%

- Recent gross margin (lower of latest and 3-year median): 21.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.3%

- ROIC including acquisitions, ten-year median: -2.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -13.4%

- FY2018: -12.0%

- FY2019: -8.9%

- FY2020: 11.8%

- FY2021: 1.3%

- FY2022: -0.1%

- FY2023: 13.5%

- FY2024: 8.3%

- FY2025: 5.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.16×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 13B

- Net income, five-year total: CNY 11B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -4.7 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.49×

- FY2023: 1.09×

- FY2024: 1.00×

- FY2025: 1.16×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -12.0% vs 8.3%

- Per-share earnings: -0.50 to 3.46 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.6%

- Diluted shares, 5-year annual growth: -0.6%

- Per-share value change: CNY 3.96

- Per-share value, starting three-year median: CNY -0.50

- Per-share value, ending three-year median: CNY 3.46

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 3.5%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: -12.0%

- ROIC, last three-year median: 8.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: CNY -0.50

- FY2018: CNY -0.39

- FY2019: CNY -1.91

- FY2020: CNY 2.37

- FY2021: CNY -0.44

- FY2022: CNY -1.14

- FY2023: CNY 4.96

- FY2024: CNY 3.46

- FY2025: CNY 2.63

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 2.9%

- Receivables to sales index (DSRI): 0.64×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -0.12×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 18.6%

- FY2018: -9.5%

- FY2019: -3.4%

- FY2020: -6.3%

- FY2021: -4.1%

- FY2022: -9.0%

- FY2023: -4.4%

- FY2024: -4.0%

- FY2025: 2.9%

## Holders

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 21% since Oct 2023 · "KE Holdings (BEKE) Falls as Firm Hints at Share Issuance" (finance.yahoo.com, Jul 2025) · sales +1.2%

Story as of 2026-10-16T09:58:23.128Z; price observation 2026-10-15.

- 2025-07-02: KE Holdings (BEKE) Falls as Firm Hints at Share Issuance ([finance.yahoo.com](https://finance.yahoo.com/news/ke-holdings-beke-falls-firm-142634293.html))

- 2026-03-17: Assessing KE Holdings (NYSE:BEKE) Valuation After Weaker Earnings New Dividend And Completed Buybacks ([finance.yahoo.com](https://finance.yahoo.com/news/assessing-ke-holdings-nyse-beke-031346464.html))

### Sales · FY2024–2025

sales +1.2%; source https://www.sec.gov/Archives/edgar/data/1809587/000110465926048109/beke-20251231x20f.htm; observed 2026-04-24.

- FY2017: CNY 26B 

- FY2018: CNY 29B 

- FY2019: CNY 46B 

- FY2020: CNY 70B 

- FY2021: CNY 81B 

- FY2022: CNY 61B 

- FY2023: CNY 78B 

- FY2024: CNY 93B 

- FY2025: CNY 95B 

### Gross margin · FY2025

gross margin 21.4%; source https://www.sec.gov/Archives/edgar/data/1809587/000110465926048109/beke-20251231x20f.htm; observed 2026-04-24.

- FY2017: 18.7% 

- FY2018: 24.0% 

- FY2019: 24.5% 

- FY2020: 23.9% 

- FY2021: 19.6% 

- FY2022: 22.7% 

- FY2023: 27.9% 

- FY2024: 24.6% 

- FY2025: 21.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in real estate services; annual sales are CNY 94.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1809587/000110465926048109/beke-20251231x20f.htm (filed 2026-04-24); FY2025: revenue 94580205000; grossProfit 20212077000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BEKE.US: KE Holdings Inc., through its subsidiaries, engages in operating an integrated online and offline platform for housing transactions and services in the People's Republic of China. The company operates through five segments: Existing Home Transaction Services, New Home Transaction Services, Home Renovation and Furnishing, Home rental services, and Emerging and Other Services. It operates Beike, an integrated online and offline platform for housing transactions and services; Lianjia, a real estate brokerage brand; Agent Cooperation Network, an operating system that fosters reciprocity and bonding among various service providers. The company also owns the Deyou brand for connected brokerage stores; and other brands. In addition, it offers rental property management and operation services; and contract, secure payment, escrow, and other services. KE Holdings Inc. was founded in 2001 and is headquartered in Beijing, the People's Republic of China.

### Why customers stay

Margins ranged from 21.4% to 27.9% during 2023–25; it earns 1.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-24); FY2023: grossProfit / revenue = 27.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-24); FY2024: grossProfit / revenue = 24.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1809587/000110465926048109/beke-20251231x20f.htm (filed 2026-04-24); FY2025: grossProfit / revenue = 21.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-24); 9-year return on capital observations [[2017,-0.13355204727438022],[2018,-0.11977066020470539],[2019,-0.08897501990869595],[2020,0.11820372337637813],[2021,0.012862166505887505],[2022,-0.0005033322696513676],[2023,0.13475163302902024],[2024,0.08290317482628248],[2025,0.05536344173613622]]; median 0.012862166505887505. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 9 years; bought back CNY 6.4 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-24); FY2020: growth capex 0; upkeep 887002000; owner earnings 3064562000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-24); FY2023: growth capex 0; upkeep 873990000; owner earnings 6411422000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-24); FY2024: growth capex 24767000; upkeep 1012412000; owner earnings 4064900000. Growth capex / owner earnings = 0.006092892814091367.

- Source: https://www.sec.gov/Archives/edgar/data/1809587/000110465926048109/beke-20251231x20f.htm (filed 2026-04-24); FY2025: growth capex 0; upkeep 591169556; owner earnings 3475184444. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-24); Dividend observations: [[2017,127188000],[2018,0],[2019,28008051000],[2020,38616000],[2021,76619000],[2022,55812000],[2023,1425707000],[2024,2830704000],[2025,2802654519]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1809587/000110465926048109/beke-20251231x20f.htm (filed 2026-04-24); FY2025: cash repurchases 6401891444 CNY.

### Are managers owners

Insiders own 0.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BEKE.US SharesStats.PercentInsiders = 0.475 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-24); Closing price 17.83 USD; reporting-to-trading FX 0.14944; FY2025 annual sales per share 83.10309426996709; price multiple 1.4357118654748968. FY2025 cash earnings/share 3.0534780555323935. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2020-08: $51.29 per share

- 2020-09: $61.30 per share

- 2020-10: $69.75 per share

- 2020-11: $65.33 per share

- 2020-12: $61.54 per share

- 2021-01: $59.10 per share

- 2021-02: $63.83 per share

- 2021-03: $56.98 per share

- 2021-04: $52.05 per share

- 2021-05: $51.89 per share

- 2021-06: $47.68 per share

- 2021-07: $21.99 per share

- 2021-08: $18.09 per share

- 2021-09: $18.26 per share

- 2021-10: $18.22 per share

- 2021-11: $20.01 per share

- 2021-12: $20.12 per share

- 2022-01: $21.79 per share

- 2022-02: $19.41 per share

- 2022-03: $12.37 per share

- 2022-04: $14.18 per share

- 2022-05: $13.40 per share

- 2022-06: $17.95 per share

- 2022-07: $14.11 per share

- 2022-08: $18.04 per share

- 2022-09: $17.52 per share

- 2022-10: $10.18 per share

- 2022-11: $16.92 per share

- 2022-12: $13.96 per share

- 2023-01: $18.34 per share

- 2023-02: $18.25 per share

- 2023-03: $18.84 per share

- 2023-04: $15.69 per share

- 2023-05: $14.24 per share

- 2023-06: $14.85 per share

- 2023-07: $17.42 per share

- 2023-08: $17.20 per share

- 2023-09: $15.52 per share

- 2023-10: $14.71 per share

- 2023-11: $15.93 per share

- 2023-12: $16.21 per share

- 2024-01: $14.17 per share

- 2024-02: $13.59 per share

- 2024-03: $13.73 per share

- 2024-04: $15.12 per share

- 2024-05: $16.97 per share

- 2024-06: $14.15 per share

- 2024-07: $13.85 per share

- 2024-08: $14.84 per share

- 2024-09: $19.91 per share

- 2024-10: $21.93 per share

- 2024-11: $18.85 per share

- 2024-12: $18.42 per share

- 2025-01: $17.43 per share

- 2025-02: $22.27 per share

- 2025-03: $20.09 per share

- 2025-04: $20.30 per share

- 2025-05: $18.46 per share

- 2025-06: $17.74 per share

- 2025-07: $18.42 per share

- 2025-08: $17.58 per share

- 2025-09: $19.00 per share

- 2025-10: $17.05 per share

- 2025-11: $17.23 per share

- 2025-12: $15.76 per share

- 2026-01: $18.72 per share

- 2026-02: $16.45 per share

- 2026-03: $14.97 per share

- 2026-04: $17.13 per share

- 2026-05: $16.60 per share

- 2026-06: $14.53 per share

- 2026-07: $16.95 per share

- 2026-08: $17.19 per share

- 2026-09: $16.85 per share

- 2026-10: $17.83 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1809587/000110465926048109/beke-20251231x20f.htm); period 2025-12-31, filed 2026-04-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.