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BEKE

KE Holdings Inc.

BEKE

KE Holdings Inc. • NYSE
$17.23 ▲ 0.12% (+0.02)
Market Cap $20.24 B
52w High $25.16
52w Low $15.38
Dividend Yield 0.36%
P/E 41.02
Volume 2.86M
Outstanding Shares 1.17B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $23.052B ▼ $4.327B ▼ $749.283M ▼ 3.25% ▼ $0.69 ▼ $1.582B ▲
Q2-2025 $26.011B ▲ $4.64B ▲ $1.301B ▲ 5.002% ▲ $1.14 ▲ $1.306B ▲
Q1-2025 $23.328B ▼ $4.23B ▼ $855.767M ▲ 3.668% ▲ $0.76 ▲ $803.99M ▼
Q4-2024 $31.125B ▲ $6.159B ▲ $569.992M ▼ 1.831% ▼ $0.52 ▼ $1.403B ▲
Q3-2024 $22.585B $4.408B $1.171B 5.185% $1.02 $929.462M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $48.987B ▲ $119.296B ▼ $51.356B ▼ $67.842B ▼
Q2-2025 $44.98B ▲ $123.691B ▼ $54.851B ▼ $68.715B ▼
Q1-2025 $44.65B ▼ $130.612B ▼ $61.661B ▼ $68.832B ▼
Q4-2024 $52.761B ▼ $133.149B ▲ $61.701B ▲ $71.324B ▲
Q3-2024 $53.231B $122.796B $51.902B $70.775B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $749.283M ▼ $851.13M ▲ $-944.347M ▼ $-3.164B ▲ $-3.266B ▲ $851.13M ▲
Q2-2025 $1.301B ▲ $826.213M ▲ $1.665B ▼ $-6.182B ▼ $-3.686B ▼ $343.867M ▲
Q1-2025 $855.767M ▼ $-3.965B ▼ $6.286B ▲ $261.073M ▼ $2.617B ▼ $-3.965B ▼
Q4-2024 $4.065B ▲ $5.141B ▲ $-2.016B ▼ $1.172B ▲ $4.481B ▲ $5.203B ▲
Q3-2024 $0 $448.89M $-518.848M $-1.589B $-1.706B $448.89M

Five-Year Company Overview

Income Statement

Income Statement Revenue has moved through the real-estate downturn and is now back on a clear growth path, with sales well above pre‑slump levels. Profitability dipped into losses during the toughest years for China’s housing market but has since recovered, showing that the business model can return to solid profits when volumes improve. That said, most recent results show profits not growing as fast as revenue, suggesting some margin pressure from mix shifts, competition, or investment in new business lines. Overall, the income statement tells a story of a cyclical, recovery‑mode company that has regained scale and earnings power but is still fine‑tuning cost discipline and business mix.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid, with total assets and shareholders’ equity gradually increasing over time. The company has moved from a strong net cash position to carrying more debt than cash, which reduces its cushion but still appears manageable given the size of its equity base. Cash levels have come down meaningfully from the early years after listing, likely reflecting investments, expansion, or shareholder returns. In simple terms, the company is no longer over‑funded with idle cash, but it still operates with a sizeable capital base and moderate leverage for its sector.

Cash Flow

Cash Flow Cash generation is a clear strength. The business has produced positive operating cash flow every year, including during loss‑making periods, which indicates good working capital management and an asset‑light model. Free cash flow has been consistently positive with only modest spending on physical assets, leaving room to fund growth initiatives without heavy capital strain. While recent operating cash flow is a bit lower than its peak, the overall picture is of a company that reliably turns accounting earnings into real cash, an important buffer in a volatile real estate environment.

Competitive Edge

Competitive Edge KE Holdings sits in a leading position within China’s real estate services market, anchored by its well‑known Lianjia brand and its large agent and store network. The Agent Cooperation Network creates strong network effects: more agents and listings attract more customers, which in turn draw in even more participants. Its integrated online‑offline model provides both digital convenience and on‑the‑ground service, which is hard for pure online or pure offline rivals to replicate. However, its fortunes are still tightly linked to the health and policies of China’s property market, so even a strong competitive position cannot fully shield it from sector‑wide downturns or regulatory changes.

Innovation and R&D

Innovation and R&D The company is heavily focused on technology and data as core differentiators. It uses big data, AI, and its large “Housing Dictionary” to improve pricing, recommendations, and transaction efficiency, and is extending these capabilities into home renovation and decoration through its own AI model. The “One Body, Three Wings” strategy ties brokerage, renovation, rentals, and new businesses into a single ecosystem, deepening customer relationships. The Beihaojia consumer‑to‑manufacturer housing development model is an especially bold innovation, trying to use data to design homes directly around buyer demand. These initiatives suggest meaningful ongoing investment in R&D and digital tools, with the goal of improving trust, transparency, and cross‑selling potential across the housing lifecycle.

Summary

KE Holdings has emerged from a difficult period for Chinese real estate with rebuilding momentum: revenue is growing strongly again, profits have recovered, and cash flow remains a key strength. Its balance sheet has shifted from very cash‑rich to more normally leveraged, but still appears sound. Competitively, it benefits from scale, brand, and powerful network effects around its agent cooperation platform, while its deep push into AI, data, and adjacent services aims to turn it into a full housing ecosystem rather than a simple broker. The main ongoing risks lie outside the company—chiefly China’s property cycle and regulation—but internally it shows a combination of financial resilience, strong market position, and an unusually tech‑driven approach for a real estate services firm.

NEWS

November 21, 2025 · 8:00 AM UTC

Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement in the KE Holdings Securities Litigation

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November 10, 2025 · 5:00 AM UTC

KE Holdings Inc. Announces Third Quarter 2025 Unaudited Financial Results

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October 29, 2025 · 8:00 AM UTC

Linkhome Holdings Inc. Announces Strategic Partnership with Beike Realsee to Advance AI-Driven 3D Real Estate Visualization

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October 28, 2025 · 6:00 AM UTC

KE Holdings Inc. to Report Third Quarter 2025 Financial Results on November 10, 2025 Eastern Time

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October 27, 2025 · 6:00 AM UTC

KE Holdings Inc. Upgraded to “AA” in MSCI ESG Rating

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