KE Holdings Inc. (BEKE) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Apr 24, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BEKE SEC filings page.
KE Holdings Inc. (BEKE) reported $13.5B in revenue for fiscal year 2025, up 5.6% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
KE Holdings remains profitable, but FY2025 shows growth accompanied by thinner margins and a sharp break in cash generation.
FY2025 net income stayed positive at$428M , yet operating cash flow turned negative at-$53.8M . After positive free cash flow of$1.2B in FY2024, FCF fell to-$141M , showing that reported profit no longer translated into cash.
Revenue increased to
Share buybacks and dividends totaled
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of KE Holdings Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. KE Holdings Inc. scores 25/100 on it among other REITs.
FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. KE Holdings Inc. scores 15/100 on it among other REITs.
Not available for KE Holdings Inc., and counted as zero in the overall score.
Not available for KE Holdings Inc., and counted as zero in the overall score.
AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. KE Holdings Inc. scores 33/100 on it among other REITs.
Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. KE Holdings Inc. scores 48/100 on it among other REITs.
KE Holdings Inc. scores 2.69, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($18.4B) relative to total liabilities ($7.2B). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
KE Holdings Inc. passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, KE Holdings Inc. used $0.13 of operating cash (-$53.8M OCF vs $428.1M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
KE Holdings Inc. held $1.1B in cash as of Q4 2025; long-term debt is not reported for that period.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
BEKE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
BEKE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q4'2410-K | Q4'2310-K | Q4'2210-K | Q4'2110-K | Q4'2010-K |
|---|---|---|---|---|---|---|
| Total Assets | $16.7B-8.5% | $18.2B+7.6% | $16.9B+6.9% | $15.9B+0.7% | $15.7B-1.5% | $16.0B |
| Current Assets | $9.7B-7.2% | $10.5B+6.8% | $9.8B-3.8% | $10.2B-6.9% | $11.0B-18.2% | $13.4B |
| Cash & Equivalents | $1.1B-32.1% | $1.6B-39.2% | $2.7B-1.6% | $2.7B-7.8% | $3.0B-53.9% | $6.4B |
| Short-Term Investments | $5.7B0.0% | $5.7B+17.3% | $4.8B-6.2% | $5.1B+11.5% | $4.6B+91.9% | $2.4B |
| Inventory | $408.1M | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | $1.5B-27.6% | $2.0B |
| Long-Term Investments | $2.9B-11.6% | $3.3B-1.8% | $3.3B+27.7% | $2.6B-2.8% | $2.7B+455.5% | $481.3M |
| Goodwill | $666.4M+1.8% | $654.5M-4.3% | $684.1M-4.4% | $715.4M+152.5% | $283.4M-25.1% | $378.2M |
| Total Liabilities | $7.2B-15.2% | $8.5B+24.7% | $6.8B+16.0% | $5.8B+11.9% | $5.2B-9.2% | $5.7B |
| Current Liabilities | $6.1B-16.1% | $7.2B+29.8% | $5.6B+15.2% | $4.8B+6.5% | $4.5B-11.9% | $5.2B |
| Non-Current Liabilities | $1.1B-9.9% | $1.2B+1.2% | $1.2B+20.3% | $1.0B+48.4% | $679.0M+14.5% | $593.1M |
| Total Equity | $9.5B-2.8% | $9.8B-3.8% | $10.2B+1.6% | $10.0B-4.9% | $10.5B+2.7% | $10.2B |
| Retained Earnings | $163.3M+169.2% | -$236.2M+70.4% | -$799.0M+51.7% | -$1.7B-7.1% | -$1.5B-9.2% | -$1.4B |
Not reported in any period shown, so not listed: Long-Term Debt.
BEKE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
BEKE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| KE Holdings Inc. BEKE | FY2025 | $13.5B | $428.1M | 3.2% | $18.4B | 20/100 |
| CoStar Group Inc CSGP | FY2025 | $3.2B | $6.5M | 0.2% | $11.2B | 30/100 |
| Jones Lang LaSalle, Inc. JLL | FY2025 | $26.1B | $792.0M | 3.0% | $13.9B | 39/100 |
| CBRE GROUP, INC. CBRE | FY2025 | $40.5B | $1.2B | 2.9% | $37.5B | 50/100 |
| FirstService Corporation FSV | FY2025 | $5.5B | $190.7M | 3.5% | $5.6B | 67/100 |
| Opendoor Technologies Inc OPEN | FY2025 | $4.4B | -$1.3B | -29.7% | $2.2B | 6/100 |
Where KE Holdings Inc. Ranks
Frequently Asked Questions
What is KE Holdings Inc.'s annual revenue?
KE Holdings Inc. (BEKE) reported $13.5B in total revenue for fiscal year 2025. This represents a 5.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is KE Holdings Inc.'s revenue growing?
KE Holdings Inc. (BEKE) revenue grew by 5.6% year-over-year, from $12.8B to $13.5B in fiscal year 2025.
Is KE Holdings Inc. profitable?
Yes, KE Holdings Inc. (BEKE) reported a net income of $428.1M in fiscal year 2025, with a net profit margin of 3.2%.
What is KE Holdings Inc.'s EBITDA?
KE Holdings Inc. (BEKE) had EBITDA of $455.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is KE Holdings Inc.'s gross margin?
KE Holdings Inc. (BEKE) had a gross margin of 21.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is KE Holdings Inc.'s operating margin?
KE Holdings Inc. (BEKE) had an operating margin of 2.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is KE Holdings Inc.'s net profit margin?
KE Holdings Inc. (BEKE) had a net profit margin of 3.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is KE Holdings Inc.'s return on equity (ROE)?
KE Holdings Inc. (BEKE) has a return on equity of 4.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is KE Holdings Inc.'s free cash flow?
KE Holdings Inc. (BEKE) recorded an outflow of $140.7M in free cash flow during fiscal year 2025. This represents a -112.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is KE Holdings Inc.'s operating cash flow?
KE Holdings Inc. (BEKE) recorded an outflow of $53.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are KE Holdings Inc.'s total assets?
KE Holdings Inc. (BEKE) had $16.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are KE Holdings Inc.'s capital expenditures?
KE Holdings Inc. (BEKE) invested $86.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does KE Holdings Inc. spend on research and development?
KE Holdings Inc. (BEKE) invested $369.0M in research and development during fiscal year 2025.
What is KE Holdings Inc.'s current ratio?
KE Holdings Inc. (BEKE) had a current ratio of 1.61 as of fiscal year 2025, which is generally considered healthy.
What is KE Holdings Inc.'s debt-to-equity ratio?
KE Holdings Inc. (BEKE) had a debt-to-equity ratio of 0.75 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is KE Holdings Inc.'s return on assets (ROA)?
KE Holdings Inc. (BEKE) had a return on assets of 2.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is KE Holdings Inc.'s P/E ratio?
KE Holdings Inc. (BEKE) trades at 43.0x earnings, its market capitalization divided by net income of $428.1M net income, FY2025. The market capitalization is $18.4B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is KE Holdings Inc.'s price-to-sales ratio?
KE Holdings Inc. (BEKE) trades at 1.4x sales, its market capitalization divided by revenue of $13.5B revenue, FY2025. The market capitalization is $18.4B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is KE Holdings Inc.'s Altman Z-Score?
KE Holdings Inc. (BEKE) has an Altman Z-Score of 2.69, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is KE Holdings Inc.'s Piotroski F-Score?
KE Holdings Inc. (BEKE) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are KE Holdings Inc.'s earnings high quality?
For every $1 of reported earnings, KE Holdings Inc. (BEKE) used $0.13 of operating cash (-$53.8M OCF vs $428.1M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is KE Holdings Inc.?
KE Holdings Inc. (BEKE) scores 20 out of 100 on our Financial Health Score, indicating weak standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.