Ke Holdings Inc Financials
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).
At KE Holdings, revenue growth masked a sharp drop in cash conversion, making FY2025 less operating-funded.
After FY2023-FY2024, when operating cash flow ran ahead of net income, FY2025 flipped that relationship: profit stayed positive at$428M while operating cash flow turned-$53.8M . At the same time, buybacks and dividends absorbed roughly$1.35B and cash fell to$1.11B , which means returns to shareholders outran internally generated cash.
The business added revenue in FY2024-FY2025, but gross margin fell from
Leverage and liquidity are still manageable: the current ratio improved to 1.6x and debt-to-equity eased to 0.8x in FY2025. But cash has shrunk from
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.
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.
Ke Holdings Inc scores 2.79, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($19.6B) 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
Ke Holdings Inc generated $13.5B in revenue in fiscal year 2025. This represents an increase of 5.6% from the prior year.
Ke Holdings Inc's EBITDA was $455.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 30.5% from the prior year.
Ke Holdings Inc reported $428.1M in net income in fiscal year 2025. This represents a decrease of 23.1% from the prior year.
Ke Holdings Inc earned $0.12 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 25.0% from the prior year.
Cash & Balance Sheet
Ke Holdings Inc recorded an outflow of $140.7M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 112.2% from the prior year.
Ke Holdings Inc held $1.1B in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Ke Holdings Inc's gross margin was 21.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 3.2 percentage points from the prior year.
Ke Holdings Inc's operating margin was 2.2% in fiscal year 2025, reflecting core business profitability. This is down 1.8 percentage points from the prior year.
Ke Holdings Inc's net profit margin was 3.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.2 percentage points from the prior year.
Ke Holdings Inc's ROE was 4.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.2 percentage points from the prior year.
Capital Allocation
Ke Holdings Inc invested $369.0M in research and development in fiscal year 2025. This represents an increase of 18.0% from the prior year.
Ke Holdings Inc spent $941.1M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 34.7% from the prior year.
Ke Holdings Inc invested $86.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 38.8% from the prior year.
BEKE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Revenue | $13.5B+5.6% | $12.8B+16.9% | $11.0B+24.5% | $8.8B-30.6% | $12.7B+17.3% | $10.8B |
| Cost of Revenue | $10.6B+10.1% | $9.7B+22.3% | $7.9B+16.1% | $6.8B-33.3% | $10.2B+24.0% | $8.2B |
| Gross Profit | $2.9B-8.0% | $3.1B+2.8% | $3.1B+53.1% | $2.0B-19.5% | $2.5B-3.9% | $2.6B |
| R&D Expenses | $369.0M+18.0% | $312.8M+14.7% | $272.8M-26.1% | $369.1M-26.4% | $501.2M+32.0% | $379.8M |
| SG&A Expenses | $1.2B-5.9% | $1.2B+5.8% | $1.2B+8.9% | $1.1B-23.9% | $1.4B+20.4% | $1.2B |
| Operating Income | $301.8M-41.5% | $515.8M-23.7% | $675.7M+659.5% | -$120.8M+43.2% | -$212.6M-148.8% | $435.5M |
| Interest Expense | N/A | N/A | $177.9M+65.1% | $107.8M+93.7% | $55.6M+121.9% | $25.1M |
| Income Tax | $241.1M-37.0% | $382.5M+36.2% | $280.9M+14.7% | $245.0M-6.3% | $261.4M+6.0% | $246.6M |
| Net Income | $428.1M-23.1% | $556.9M-32.8% | $828.6M+512.3% | -$201.0M-144.3% | -$82.2M-119.3% | $425.7M |
| EPS (Diluted) | $0.12-25.0% | $0.16-30.4% | $0.23+483.3% | -$0.06-200.0% | -$0.02 | $0.05 |
BEKE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| 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 |
| 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 |
| 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 |
| 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.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -$53.8M-104.2% | $1.3B-17.6% | $1.6B+28.1% | $1.2B+117.4% | $564.2M-60.7% | $1.4B |
| Capital Expenditures | $86.9M-38.8% | $142.1M+15.4% | $123.1M+7.1% | $115.0M-48.8% | $224.4M+65.1% | $135.9M |
| Free Cash Flow | -$140.7M-112.2% | $1.2B-20.5% | $1.4B+30.3% | $1.1B+227.2% | $339.8M-73.8% | $1.3B |
| Investing Cash Flow | $842.9M+165.6% | -$1.3B-129.3% | -$560.2M+54.4% | -$1.2B+68.5% | -$3.9B-70.1% | -$2.3B |
| Financing Cash Flow | -$1.4B-76.4% | -$793.9M+19.0% | -$980.5M-485.5% | -$167.5M+0.7% | -$168.6M-104.3% | $3.9B |
| Dividends Paid | $412.0M+6.2% | $387.8M+95.4% | $198.5M | N/A | N/A | N/A |
| Share Buybacks | $941.1M+34.7% | $698.8M-3.7% | $725.5M+279.1% | $191.4M | N/A | N/A |
BEKE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | 21.4%-3.2pp | 24.6%-3.4pp | 27.9%+5.2pp | 22.7%+3.1pp | 19.6%-4.3pp | 23.9% |
| Operating Margin | 2.2%-1.8pp | 4.0%-2.1pp | 6.2%+7.5pp | -1.4%+0.3pp | -1.7%-5.7pp | 4.0% |
| Net Margin | 3.2%-1.2pp | 4.3%-3.2pp | 7.6%+9.8pp | -2.3%-1.6pp | -0.7%-4.6pp | 3.9% |
| Return on Equity | 4.5%-1.2pp | 5.7%-2.5pp | 8.2%+10.2pp | -2.0%-1.2pp | -0.8%-4.9pp | 4.2% |
| Return on Assets | 2.6%-0.5pp | 3.0%-1.8pp | 4.9%+6.2pp | -1.3%-0.8pp | -0.5%-3.2pp | 2.7% |
| Current Ratio | 1.61+0.2x | 1.45-0.3x | 1.76-0.3x | 2.11-0.3x | 2.42-0.2x | 2.60 |
| Debt-to-Equity | 0.75-0.1x | 0.87+0.2x | 0.67+0.1x | 0.58+0.1x | 0.50-0.1x | 0.56 |
| FCF Margin | -1.0%-10.0pp | 9.0%-4.2pp | 13.2%+0.6pp | 12.6%+10.0pp | 2.7%-9.3pp | 12.0% |
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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 cash runway?
Based on fiscal year 2025 data, Ke Holdings Inc (BEKE) had $1.1B in cash against an annual operating cash burn of $53.8M. This gives an estimated cash runway of approximately 248 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Ke Holdings Inc's Altman Z-Score?
Ke Holdings Inc (BEKE) has an Altman Z-Score of 2.79, 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 17 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.