KE Holdings Inc. Sponsored ADR Class A (BEKE)
NYSE:BEKE
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KE Holdings Inc. Sponsored ADR Class A
(NYSE:BEKE)
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Rating:62Neutral
Price Target:
$20.00
▲(26.26% Upside)
Action:ReiteratedDate:11/18/25
KE Holdings Inc. demonstrates strong revenue growth and operational efficiency improvements, particularly in the rental business. However, declining profitability margins and a high P/E ratio suggest caution. The technical indicators show a bearish trend, and while the dividend yield offers some appeal, the overall valuation remains a concern.
Positive Factors
Revenue Growth
Sustained, large revenue expansion indicates strong demand for KE’s transaction and services platform and successful scale-up of agent/store footprint. Durable top-line growth supports reinvestment in technology and network effects, improving long-term competitive position and resilience.
Negative Factors
Margin Compression
Falling gross and net margins point to sustained cost pressures or mix shifts toward lower-margin services. If structural, margin erosion reduces retained earnings and constrains capacity to fund growth or absorb market downturns, limiting long-term profitability and ROE improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained, large revenue expansion indicates strong demand for KE’s transaction and services platform and successful scale-up of agent/store footprint. Durable top-line growth supports reinvestment in technology and network effects, improving long-term competitive position and resilience.
Read all positive factors
KE Holdings Inc. Sponsored ADR Class A (BEKE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$17.95B
Dividend Yield2.26%
Average Volume (3M)4.44M
Price to Earnings (P/E)42.0
Beta (1Y)0.61
Revenue Growth25.33%
EPS Growth-15.12%
CountryUS
Employees131,881
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)0.07
Shares Outstanding1,118,865,000
10 Day Avg. Volume4,937,440
30 Day Avg. Volume4,439,201
Financial Highlights & Ratios
PEG Ratio-1.31
Price to Book (P/B)2.14
Price to Sales (P/S)1.64
P/FCF Ratio18.17
Enterprise Value/Market Cap6.76
Enterprise Value/Revenue1.17
Enterprise Value/Gross Profit5.36
Enterprise Value/Ebitda23.81
Forecast
1Y Price Target
$21.67Price Target Upside36.81% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)5.64
Revenue Forecast (FY)$89.32B
KE Holdings Inc. Sponsored ADR Class A Business Overview & Revenue Model
Company Description
KE Holdings Inc., through its subsidiaries, engages in operating an integrated online and offline platform for housing transactions and services in the People's Republic of China. It operates through five segments: Existing Home Transaction Servic...
How the Company Makes Money
KE Holdings generates revenue through multiple key streams. The primary source comes from real estate brokerage services, where the company earns commission fees from property transactions facilitated through its platform. Additionally, the compan...
KE Holdings Inc. Sponsored ADR Class A Earnings Call Summary
Earnings Call Date:Mar 16, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 14, 2026
Earnings Call Sentiment Neutral
The call struck a balanced tone: management acknowledged significant near‑term revenue and profit declines in Q4 driven by a high prior‑year base and one‑off optimization costs, but highlighted meaningful progress on operational efficiency, margin recovery in multiple segments (existing home, new home, rental, renovation), strong cash/liquidity and sizable shareholder returns. The company’s strategic pivot to efficiency, AI integration and improved unit economics supports a constructive long‑term outlook, while short‑term financial pressures and sizable YoY declines warrant caution.Positive Updates
Strategic pivot to efficiency-driven growth
Management initiated a company-wide shift from scale/sales-driven to efficiency-driven growth in 2025, focusing on technology, AI, unit economics and resource reallocation to improve long-term profitability and service capability.
Negative Updates
Significant decline in Q4 GTV and revenue
Q4 GTV was RMB 724.1 billion, down 36.7% year‑over‑year. Q4 revenue was RMB 22.2 billion, down 28.7% year‑over‑year, driven by a high 2024 base and weaker transaction scale.
Read all updates
Q4-2025 Updates
Positive
Negative
Strategic pivot to efficiency-driven growth
Management initiated a company-wide shift from scale/sales-driven to efficiency-driven growth in 2025, focusing on technology, AI, unit economics and resource reallocation to improve long-term profitability and service capability.
Read all positive updates
Company Guidance
For 2026 Beike gave qualitative guidance to maintain prudent financial discipline and “balance efficiency and growth,” focusing on validating its decision‑support service model to boost conversion rates and unit economics, further embed AI across workflows, and optimize capital allocation and cost structure. Management anchored this plan to 2025 results — including RMB 2.15 trillion existing‑home GTV and RMB 890.9 billion new‑home GTV for the year, Q4 GTV of RMB 724.1 billion and Q4 revenue of RMB 22.2 billion (Q4 gross margin 21.4%), Q4 GAAP net income RMB 82 million and Q4 non‑GAAP net income RMB 517 million — and pointed to structural strengths such as >700,000 rental units under management (+62% YoY) with full‑year rental contribution margin ~8.6% (Q4 10.4%), renovation revenue RMB 15.4 billion with contribution margin ~31.4%, improved operating expense ratio (down 1.4 ppt YoY), healthy liquidity (~RMB 68.7 billion excluding customer deposits), and continued shareholder return capacity after USD 921 million repurchased in 2025 (USD 2.5 billion total since 2022) and ~USD 1.22 billion returned to shareholders in 2025 (~170% of 2025 non‑GAAP net profit).KE Holdings Inc. Sponsored ADR Class A Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
70
Positive
Cash Flow
65
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 103.52B | 93.46B | 77.78B | 60.67B | 80.75B | 70.48B |
| Gross Profit | 22.63B | 22.94B | 21.72B | 13.78B | 15.82B | 16.86B |
| EBITDA | 5.09B | 4.93B | 9.31B | 817.87M | 762.60M | 4.25B |
| Net Income | 3.48B | 4.06B | 5.88B | -1.39B | -524.77M | 2.78B |
Balance Sheet | ||||||
| Total Assets | 119.30B | 133.15B | 120.33B | 109.35B | 100.32B | 104.30B |
| Cash, Cash Equivalents and Short-Term Investments | 48.99B | 52.76B | 53.89B | 54.90B | 49.85B | 56.66B |
| Total Debt | 21.10B | 22.65B | 17.99B | 12.19B | 7.51B | 7.99B |
| Total Liabilities | 51.36B | 61.70B | 48.13B | 40.29B | 33.26B | 37.50B |
| Stockholders Equity | 67.84B | 71.32B | 72.10B | 68.92B | 66.97B | 66.77B |
Cash Flow | ||||||
| Free Cash Flow | 2.43B | 8.41B | 10.28B | 7.67B | 2.17B | 8.47B |
| Operating Cash Flow | 2.91B | 9.45B | 11.16B | 8.46B | 3.60B | 9.36B |
| Investing Cash Flow | 4.99B | -9.38B | -3.98B | -8.47B | -24.88B | -14.98B |
| Financing Cash Flow | -7.91B | -5.79B | -6.96B | -1.15B | -1.07B | 25.41B |
KE Holdings Inc. Sponsored ADR Class A Technical Analysis
Neutral
15.84
Price Trends
16.53
Negative
16.63
Negative
17.37
Negative
Market Momentum
-0.31
Negative
52.36
Neutral
85.17
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BEKE, the sentiment is Neutral. The current price of 15.84 is above the 20-day moving average (MA) of 15.47, below the 50-day MA of 16.53, and below the 200-day MA of 17.37, indicating a neutral trend. The MACD of -0.31 indicates Negative momentum. The RSI at 52.36 is Neutral, neither overbought nor oversold. The STOCH value of 85.17 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BEKE.
KE Holdings Inc. Sponsored ADR Class A Risk Analysis
KE Holdings Inc. Sponsored ADR Class A disclosed 95 risk factors in its most recent earnings report. KE Holdings Inc. Sponsored ADR Class A reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
KE Holdings Inc. Sponsored ADR Class A Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $14.89B | 20.11 | 11.09% | ― | 12.51% | 32.34% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | $17.95B | 41.95 | 4.29% | 2.26% | 25.33% | -15.12% | |
60 Neutral | $3.06B | 42.44 | 4.65% | ― | 6.77% | 150.72% | |
57 Neutral | $941.28M | -63.56 | -10.00% | 2.09% | 5.08% | 41.21% | |
| ― | $44.33M | -0.12 | ― | ― | ― | ― | |
50 Neutral | $4.14B | -3.44 | -168.18% | ― | -4.45% | 18.95% |
* Real Estate Sector Average
BEKE
KE Holdings Inc. Sponsored ADR Class A
15.84
-3.17
-16.68%
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KE Holdings Inc. Sponsored ADR Class A Corporate Events
KE Holdings Details January 2026 Share Repurchases Under Ongoing Buyback Mandate
Jan 26, 2026
In January 2026, KE Holdings Inc. reported through a Form 6-K filing that there were no changes to its total issued share capital as of January 16, 2026, with 3,346,029,167 Class A ordinary shares and 138,588,377 Class B ordinary shares outstandin...
KE Holdings Details Extensive Share Buybacks in Latest Form 6-K Filing
Jan 20, 2026
On January 20, 2026, KE Holdings Inc. filed a Form 6-K with the U.S. Securities and Exchange Commission disclosing a series of Next Day Disclosure Returns submitted to the Hong Kong Stock Exchange between January 12 and January 16, 2026, covering ...
KE Holdings Details Ongoing Share Buyback Activity in January 2026 Filing
Jan 13, 2026
KE Holdings Inc., the New York- and Hong Kong-listed Chinese real estate services platform, reported in a January 13, 2026 filing that there was no change in its total issued Class A share count on January 2, 2026, which remained at 3,366,778,024 ...
KE Holdings Reports Stable Share Capital and Ongoing Buybacks in December 2025 Monthly Return
Jan 8, 2026
KE Holdings Inc. filed its January 2026 Form 6-K and related Hong Kong monthly return, detailing that for the month ended December 31, 2025, there were no changes in its authorized or issued share capital for both Class A and Class B WVR ordinary ...
KE Holdings Details Late-2025 Share Repurchases and Confirms Share Capital Structure
Jan 5, 2026
KE Holdings Inc. reported via a January 5, 2026 filing that it has continued an active share repurchase program through November and December 2025, with multiple buybacks of its Class A ordinary shares executed primarily on the New York Stock Exch...
KE Holdings Grants 1.22 Million RSUs to 66 Employees Under 2020 Incentive Plan
Jan 2, 2026
On January 1, 2026, KE Holdings Inc. granted an aggregate of 1,217,241 restricted share units (RSUs), representing the same number of underlying Class A ordinary shares, to 66 employees under its 2020 Share Incentive Plan, with no purchase price a...
KE Holdings Details November–December 2025 Share Buybacks and Capital Changes
Dec 29, 2025
In December 2025, KE Holdings Inc. reported to U.S. regulators that it had filed two “Next Day Disclosure Returns” in Hong Kong, reflecting changes related to its issued share capital and share repurchase activities, while confirming t...
KE Holdings Details November–December 2025 Share Buybacks Under Ongoing Repurchase Mandate
Dec 22, 2025
In December 2025, KE Holdings Inc., the China-based real estate services platform listed in Hong Kong and on the New York Stock Exchange, reported that its issued Class A ordinary share count remained unchanged at 3,366,778,024 as of December 12, ...
KE Holdings Inc. Announces Share Repurchase Activities in December 2025
Dec 15, 2025
KE Holdings Inc. has announced a series of share repurchases throughout November and early December 2025, with the most recent repurchase occurring on December 5, 2025. These repurchases, conducted on the New York Stock Exchange, are part of a bro...
KE Holdings Inc. Announces Share Repurchases in November 2025
Dec 8, 2025
KE Holdings Inc. recently reported a series of share repurchases throughout November 2025, with the latest occurring on November 28, 2025. These repurchases are part of the company’s strategy to manage its equity structure and potentially en...
KE Holdings Inc. Announces November 2025 Share Repurchases
Dec 2, 2025
In a series of disclosures dated from November 3 to November 27, 2025, KE Holdings Inc. reported multiple repurchases of its shares, with specific transactions occurring on various dates in November. These repurchases, made on the New York Stock E...
KE Holdings Inc. Reports November Share Repurchases
Nov 24, 2025
On November 24, 2025, KE Holdings Inc. reported a series of share repurchases that occurred earlier in November 2025. The company repurchased shares on multiple dates, including November 3, 4, 5, 13, and 14, at varying prices, with the total numbe...
KE Holdings Inc. Announces Share Repurchase and Conversion
Nov 17, 2025
On November 13, 2025, KE Holdings Inc. reported changes in its share structure, including the repurchase and cancellation of 37,806,099 shares, which constituted a 1.067% reduction in issued shares. Additionally, the company converted Class B ordi...
KE Holdings Reports Third Quarter 2025 Financial Results
Nov 12, 2025
KE Holdings Inc. announced its unaudited financial results for the third quarter of 2025, showing a gross transaction value (GTV) of RMB736.7 billion, which remained flat year-over-year. The company reported a net revenue increase of 2.1% to RMB23...
KE Holdings Inc. Completes Share Repurchase Program in October 2025
Nov 3, 2025
KE Holdings Inc. announced a series of share repurchases throughout September and October 2025, with the latest changes in issued shares recorded on October 24, 2025. These actions reflect the company’s strategic efforts to manage its capita...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.