A Business at a Glance
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Not applicable. Item 2. Offer Statistics and Expected Timetable Not applicable. Item 3. Key Information Our Holding Company Structure and the VIE Contractual Arrangements KE Holdings Inc. is not an operating company in China but a Cayman Islands holding company with no material operations of its own and does not have a majority of equity ownership in the VIEs. We conduct our operations primarily through (i) our PRC subsidiaries and (ii) the VIEs, with which we maintain contractual agreements. Our value-added telecommunication services and certain financial services in the PRC have been conducted through the applicable VIEs in order to comply with the PRC laws and regulations, which restrict and impose conditions on foreign direct investment in companies involved in the provision of value-added telecommunication services and certain financial service.
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | % of Total |
|---|---|---|---|---|---|---|
New home transaction services | $5.50B | $7.21B | $4.25B | $4.32B | $4.68B | 36% |
Existing home transaction services | $4.43B | $4.96B | $3.58B | $3.95B | $3.92B | 30% |
Home renovation and furnishing | $16M | $31M | $749M | $1.53B | $2.05B | 16% |
Home rental services | — | — | $225M | $862M | $1.99B | 15% |
Emerging and other services | $287M | $362M | $422M | $1.19B | $348M | 3% |
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 13.0B | 13.0B | 11.0B | 9.0B | 12.5B | 10.2B |
| Net Income | 566M | 566M | 832M | -206M | -81M | 104M |
| EPS | $1.05 | $1.05 | $1.52 | $-0.38 | $-0.15 | $0.31 |
| Free Cash Flow | 1.2B | 1.2B | 1.5B | 1.1B | 336M | 1.2B |
| ROIC | 3.7% | 12.1% | 19.7% | -2.0% | -0.8% | 8.7% |
| Gross Margin | 24.6% | 24.6% | 27.9% | 22.7% | 19.6% | 23.9% |
| Debt/Equity | 0.00 | 0.87 | 0.67 | 0.58 | 0.50 | 0.56 |
| Dividends/Share | $0.37 | $0.37 | $0.37 | - | - | - |
| Operating Income | 524M | 524M | 678M | -124M | -210M | 412M |
| Operating Margin | 4.0% | 4.0% | 6.2% | -1.4% | -1.7% | 4.0% |
| ROE | 5.7% | 5.7% | 8.2% | -2.0% | -0.8% | 1.1% |
| Shares Outstanding | 1,075M | 1,075M | 548M | 1,107M | 1,136M | 1,087M |
| Metric | 2019 | 2020 | 2021 | 2022 | TTM | ||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 6.7B | 10.2B | 12.5B | 9.0B | 11.0B | 13.0B | 13.0B |
| Gross Margin | 24.5% | 23.9% | 19.6% | 22.7% | 27.9% | 24.6% | 24.6% |
| R&D | 228M | 359M | 496M | 378M | 274M | 318M | 318M |
| SG&A | 1.2B | 1.1B | 1.4B | 1.1B | 1.2B | 1.2B | 1.2B |
| EBIT | -259M | 412M | -210M | -124M | 678M | 524M | 524M |
| Op. Margin | -3.9% | 4.0% | -1.7% | -1.4% | 6.2% | 4.0% | 4.0% |
| Net Income | -587M | 104M | -81M | -206M | 832M | 566M | 566M |
| Net Margin | -8.8% | 1.0% | -0.6% | -2.3% | 7.6% | 4.3% | 4.3% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||
| ROIC | -2.1% | 8.7% | -0.8% | -2.0% | 19.7% | 12.1% | 3.7% |
| ROE | N/A | 1.1% | -0.8% | -2.0% | 8.2% | 5.7% | 5.7% |
| ROA | -6.0% | 0.7% | -0.5% | -1.3% | 4.9% | 3.2% | 3.1% |
| Cash Flow | |||||||
| Op. Cash Flow | 16M | 1.4B | 558M | 1.3B | 1.6B | 1.3B | 1.3B |
| Free Cash Flow | -86M | 1.2B | 336M | 1.1B | 1.5B | 1.2B | 1.2B |
| Owner Earnings | -494M | 951M | 183M | 759M | 1.0B | 832M | 832M |
| CapEx | 102M | 129M | 222M | 118M | 124M | 144M | 144M |
| Maint. CapEx | 81M | 80M | 137M | 136M | 110M | 103M | 103M |
| Growth CapEx | 20M | 48M | 85M | 0 | 14M | 41M | 41M |
| D&A | 81M | 80M | 137M | 136M | 110M | 103M | 103M |
| CapEx/OCF | N/A | 9.5% | 39.8% | 9.4% | 7.7% | 11.0% | 11.0% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 202M | 394M | 394M |
| Dividend Yield | N/A | N/A | N/A | N/A | 2.3% | 2.3% | 2.3% |
| Share Buybacks | 30M | 0 | 0 | 196M | 728M | 710M | 710M |
| Buyback Yield | N/A | N/A | N/A | 1.3% | 8.6% | 3.6% | 4.2% |
| Stock-Based Comp | 428M | 327M | 239M | 360M | 455M | 379M | 379M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||
| Net Debt | -3.1B | N/A | N/A | N/A | N/A | N/A | -1.6B |
| Cash & Equiv. | 3.5B | 5.9B | 3.2B | 2.9B | 2.8B | 1.6B | 1.6B |
| Long-Term Debt | 709M | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | -0.55 | 0.56 | 0.50 | 0.58 | 0.67 | 0.87 | 0.00 |
| Interest Coverage | -7.5 | 14.6 | -290.1 | -61.1 | 3.8 | 3.0 | 3.0 |
| Equity | -1.3B | 9.7B | 10.4B | 10.2B | 10.2B | 9.9B | 9.9B |
| Total Assets | 9.7B | 15.1B | 15.6B | 16.2B | 17.0B | 18.5B | 18.5B |
| Total Liabilities | 5.2B | 5.4B | 5.2B | 6.0B | 6.8B | 8.6B | 8.6B |
| Intangibles | 730M | 596M | 457M | 982M | 837M | 784M | 784M |
| Retained Earnings | -1.7B | -1.3B | -1.5B | -1.7B | -802M | -240M | -240M |
| Working Capital | 3.5B | 7.8B | 6.4B | 5.5B | 4.3B | 3.3B | 3.3B |
| Current Assets | 7.5B | 12.7B | 10.9B | 10.4B | 9.9B | 10.7B | 10.7B |
| Current Liabilities | 4.0B | 4.9B | 4.5B | 4.9B | 5.6B | 7.3B | 7.3B |
| Per Share Data | |||||||
| EPS | -2.81 | 0.31 | -0.15 | -0.38 | 1.52 | 1.05 | 1.05 |
| Owner EPS | -0.92 | 0.87 | 0.16 | 0.69 | 1.92 | 0.77 | 0.77 |
| Book Value | -2.40 | 8.91 | 9.15 | 9.24 | 18.61 | 9.23 | 9.23 |
| Cash Flow/Share | 0.03 | 1.25 | 0.49 | 1.13 | 2.95 | 1.22 | 0.62 |
| Dividends/Share | N/A | N/A | N/A | N/A | 0.37 | 0.37 | 0.37 |
| Shares Out. | 539.0M | 1.1B | 1.1B | 1.1B | 547.7M | 1.1B | 1.1B |
| Valuation | |||||||
| P/E Ratio | N/A | 192.9 | N/A | N/A | 10.2 | 17.2 | 15.0 |
| P/FCF | N/A | 52.2 | 63.2 | 13.1 | 5.7 | 16.6 | 14.5 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | 29.4 |
| Price/Book | N/A | 6.6 | 2.0 | 1.5 | 0.8 | 2.0 | 1.7 |
| Price/Sales | N/A | 6.1 | 3.4 | 1.8 | 0.8 | 1.3 | 1.3 |
| FCF Yield | N/A | 1.9% | 1.6% | 7.6% | 17.5% | 6.0% | 6.9% |
| Market Cap | N/A | 64.1B | 21.2B | 14.9B | 8.5B | 19.5B | 17.0B |
| Avg. Price | N/A | 57.36 | 37.80 | 14.72 | 15.66 | 15.84 | 15.81 |
| Year-End Price | N/A | 58.99 | 18.69 | 13.49 | 15.51 | 18.11 | 15.81 |
KE Holdings Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
KE Holdings Inc. trades at 15.0x trailing earnings, compared to its 15-year median P/E of 13.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 14.5x vs a median of 16.6x. The company's 5-year average ROIC is 7.5% with a gross margin of 23.7%. Total shareholder yield (dividends + buybacks) is 6.5%. At current prices, the estimated annualized return to fair value is +10.4%.
KE Holdings Inc. (BEKE) has a current P/E ratio of 15.0, compared to its historical median P/E of 13.7. The stock is currently considered Fair based on its historical valuation range.
KE Holdings Inc. (BEKE) has a 5-year average return on invested capital (ROIC) of 7.5%. This is below average and may indicate limited pricing power.
KE Holdings Inc. (BEKE) has a market capitalization of $17.0B. It is classified as a large-cap stock.
Yes, KE Holdings Inc. (BEKE) pays a dividend with a trailing twelve-month yield of 2.32%. The company also returns capital through share buybacks, with a buyback yield of 4.17%.
Based on historical P/E analysis, KE Holdings Inc. (BEKE) appears fair. The current P/E of 15.0 is 9% above its historical median of 13.7. The estimated fair value CAGR (P/E method) is 45.6%.
KE Holdings Inc. (BEKE) operates in the Real Estate Agents & Managers (For Others) industry, within the Real Estate sector.
KE Holdings Inc. (BEKE) reported annual revenue of $13.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
KE Holdings Inc. (BEKE) has a net profit margin of 4.3%. This is a modest margin.
KE Holdings Inc. (BEKE) generated $1.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
KE Holdings Inc. (BEKE) has a debt-to-equity ratio of 0.87. This indicates moderate leverage.
KE Holdings Inc. (BEKE) reported earnings per share (EPS) of $1.05 in its most recent fiscal year.
KE Holdings Inc. (BEKE) has a return on equity (ROE) of 5.7%. This indicates moderate shareholder returns.
KE Holdings Inc. (BEKE) has a 5-year average gross margin of 23.7%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 6 years of financial data for KE Holdings Inc. (BEKE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
KE Holdings Inc. (BEKE) has a book value per share of $9.23, based on its most recent annual SEC filing.
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