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Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
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. At its core, the company manages the Beike platform, which integrates its digital and physical real estate services.
How they make money
KE Holdings operates an integrated online and offline platform for housing transactions and services in China. It generates revenue primarily through commissions and service fees from existing and new home transaction services, home rental services, and home renovation and furnishing services, leveraging its proprietary data and agent network.
Products & services
Integrated platform for housing transactions and services including existing and new home sales, home rentals, home renovation, and home furnishing services.
Brands & revenue mix
Lianjia
China's leading real estate brokerage brand owned and operated by the company.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
No quantified customer-concentration disclosure is available in the current saved research.
Suppliers, materials & equipment
Real estate brokerage stores and agents — Independent brokerage stores and agents that provide housing transaction services on the Beike platform.Source
Strengths
Leading integrated online and offline platform for housing transactions and services in ChinaSource
Extensive network of active agents and brokerage storesSource
Risks
Dependence on the real estate market in ChinaSource
Regulatory environment and policy changes in the housing sectorSource
Overall investment score · Quality, value, risk and opportunity
56
Fair
PoorElite
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
57
Fair
Financial Strength
71
Business Quality / Moat
54
Management
72
Growth Quality
7
Risk / Durability
66
Cheap for a Reason · Review the Risks
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
67
Fully Valued
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
67/100
Building Historical Record
Model Score 67/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
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WSS View
The quick read
The overall Wall Street Score is mixed across its combined quality, valuation and risk inputs. Review the category scores to identify what is helping or hurting the result.
At today’s price, the WSS valuation framework currently reads as moderate rather than unusually attractive.
The model outlook is currently moderate.
What we like
•Balance-sheet / debt profile scores strongly
•Valuation scores attractively
•Recent buyback activity is present
What to watch
•Revenue fundamentals are weak
•Asset quality is a weaker factor
Company-specific research
Questions worth answering for BEKE
Research inputs 100% complete
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
•What is driving BEKE's revenue decline, and does the latest company filing suggest the weakness is temporary or structural?
•How long can BEKE fund negative free cash flow using its current cash position before it may need more debt or new shares?
•Does BEKE's balance between cash and debt leave enough flexibility if business conditions weaken?
•Is BEKE's valuation discount tied to a temporary concern or to a longer-term business risk?
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
Volatility = How violently is it moving?
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for BEKE
Detected from reported data — verify before acting.
Dividend history reported
Dividend payments are recorded. Review the dates and regular/special classification below; past payments do not guarantee future dividends.
Historical repurchase activity
Reported cash flows or share-count measures indicate past repurchase activity. This does not verify an active buyback authorization or future purchases.
Community Sentiment
0 active · 0 total calls
0% Bullish (0) 0% Bearish (0)
No personal call yet on BEKE.
Potential upside factors
+Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
+Leading integrated online and offline platform for housing transactions and services in China.
+Extensive network of active agents and brokerage stores.
Potential downside factors
−Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Real Estate - Services industry.
−Dependence on the real estate market in China.
−Regulatory environment and policy changes in the housing sector.
−Negative free cash flow may increase the need for outside financing and dilution.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdown
Wall Street Score
Fair56/ 100
Weak (0–50)Fair (51–71)Strong (72+)
Debt
Strong
88
Debt Cost0.0%
Debt Reduction YoY17.1%
Debt / Equity0.28x
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Revenue
Poor
21
Revenue YoY-6.3%
Revenue CAGR10.3%
Net Margin5.3%
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Asset
Weak
40
Asset Growth YoY-12.4%
Liquidation/Share$8.44
Net Assets/MCap0.78x
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Capital
Fair
55
Earnings Yield3.8%
Buyback Yield3.6%
Debt Cost0.0%
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Management
Strong
72
ROIC3.1%
ROE7.2%
ROA4.2%
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Moat
Fair
54
EPS Growth-1.3%
FCF/Share Growth—
Rev/Share Growth11.3%
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Valuation
Strong
74
Intrinsic Value$25.04
Value Reference$15.03
MOS31.8%
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Buffett
Fair
59
Revenue21
Moat54
Valuation74
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MOS
Strong
82
MOS %31.8%
Value Reference$15.03
Deep Discount Reference$10.02
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Financial
Fair
60
Interest Coverage381.3x
ROIC3.1%
FCF Yield-0.8%
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Master
Fair
68
Financial60
Valuation74
Debt88
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Resilience
Fair
60
Survival Years49.5 yrs
Current Ratio1.61x
FCF Margin-1.0%
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Score Changes
5 historical score records available
Previous Score
55
Sep 9, 2026
Change
+1.0
points
Current Score
56
Oct 1, 2026
Category Changes
Revenue+0.3
Debt0
Assets+0.6
Capital+1.0
Management0
Moat+1.7
Valuation+3.2
Buffett+0.7
BEKE increased 1 points because Valuation improved by 3.2 points.
Positive Contributors
+ Valuation improved by 3.2 points
Projected Score
Projected Score
61
Projected Change
+4.3 points
Preliminary comparable-period financial changes suggest improvement of approximately 4.3 points. This is a projected estimate, not the official WallStreetScore.
Monetary values in USD. Share counts in raw units.
Income StatementBalance SheetCash Flow
AnnualQuarterlyTTM + Annual
All rows
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
Line Item
TTM
2025
2024
2023
2022
2021
2020
2019
2018
2017
Revenue
$13.19B
$14.08B
$13.91B
$11.58B
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····
····
····
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Cost of Revenue
$10.03B
$11.07B
$10.50B
$8.35B
····
····
····
····
····
····
Gross Profit
$3.16B
$3.01B
$3.42B
$3.23B
····
····
····
····
····
····
Research & Development
$357.8M
$384.2M
$340.0M
$288.3M
····
····
····
····
····
····
SG&A Expenses
$2.08B
$2.29B
$2.49B
$2.22B
····
····
····
····
····
····
Operating Expenses
$2.35B
$2.59B
$2.72B
$2.39B
····
····
····
····
····
····
EBITDA
$1.38B
$857.1M
$1.18B
$1.39B
····
····
····
····
····
····
Operating Income
$809.9M
$421.0M
$692.0M
$841.5M
····
····
····
····
····
····
Interest Expense
$0.00
$1.1M
$4.3M
$4.2M
····
····
····
····
····
····
Income Before Tax
$1.04B
$696.3M
$1.02B
$1.17B
····
····
····
····
····
····
Income Tax Expense
$338.0M
$251.0M
$415.7M
$296.9M
····
····
····
····
····
····
Net Income
$700.9M
$445.7M
$605.2M
$875.9M
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····
····
····
····
····
Basic EPS
$0.65
$0.40
$0.53
$0.75
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····
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····
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Basic Shares
1.08B
1.11B
1.14B
1.20B
····
····
····
····
····
····
Diluted Shares
1.12B
1.16B
1.18B
1.20B
····
····
····
····
····
····
Upgrade to Premium for up to 10 annual periods, where available.
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
Margins expanded
Cash position grew
Debt reduced
Potential Score Impact
Positive indicators included EPS growth, cash levels, debt levels, net income margin. Pressure indicators included revenue growth. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue declined 5.9%. EPS increased 110.8%. Cash increased 47.8%. Total debt declined 34.5%. Net income margin improved by 5.7 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
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Government disclosed trading activity is available on the Smart Money directory. Filings may be delayed and may not represent complete current holdings.
Dividend HistoryShare
Dividend History
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Predictions & Historical PerformanceShare
Conservative Projected Values
3 Years
$———.——
Premium
5 Years
$———.——
Premium
10 Years
$———.——
Premium
Conservative Projection Rate
——%
Premium
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.