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:56Neutral
Price Target:
$18.00
▲(10.84% Upside)
Action:ReiteratedDate:04/28/26
The score is held back primarily by weakening 2025 fundamentals—especially the flip to negative operating/free cash flow—and a high valuation multiple. Offsetting these are a sturdy balance sheet and a balanced-to-constructive earnings call focused on efficiency improvements, AI initiatives, and ongoing shareholder returns, while technical signals remain mostly neutral.
Positive Factors
Balance sheet strength
Moderate leverage and large equity provide durable financial flexibility across property cycles. A sturdier balance sheet lowers refinancing and solvency risk, funds buybacks/dividends or investments in AI and services, and gives management optionality to weather cyclical downturns without forced asset sales.
Negative Factors
Negative operating and free cash flow
Operating and free cash flow turning negative despite GAAP profits signals earnings quality and cash-conversion risk. Persistent weak cash generation constrains reinvestment, increases dependence on liquidity buffers or capital markets, and may limit sustainable shareholder returns if not reversed.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Moderate leverage and large equity provide durable financial flexibility across property cycles. A sturdier balance sheet lowers refinancing and solvency risk, funds buybacks/dividends or investments in AI and services, and gives management optionality to weather cyclical downturns without forced asset sales.
Read all positive factors
KE Holdings Inc. Sponsored ADR Class A (BEKE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$19.97B
Dividend Yield2.26%
Average Volume (3M)4.44M
Price to Earnings (P/E)347.4
Beta (1Y)0.50
Revenue Growth1.28%
EPS Growth-25.40%
CountryUS
Employees131,881
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)2.69
Shares Outstanding1,118,865,000
10 Day Avg. Volume4,937,440
30 Day Avg. Volume4,439,201
Financial Highlights & Ratios
PEG Ratio-1.66
Price to Book (P/B)1.84
Price to Sales (P/S)1.33
P/FCF Ratio-127.66
Enterprise Value/Market Cap6.95
Enterprise Value/Revenue1.47
Enterprise Value/Gross Profit6.89
Enterprise Value/Ebitda35.56
Forecast
1Y Price Target
$22.07Price Target Upside35.92% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)5.6
Revenue Forecast (FY)$89.31B
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
BEKE primarily makes money by charging commission-based and service-fee revenues tied to housing transactions facilitated through its platform and brokerage network. (1) Existing home transactions: When a secondary (existing) home is bought or sol...
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
68
Positive
Balance Sheet
78
Positive
Cash Flow
40
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 92.00B | 93.46B | 77.78B | 60.67B | 80.75B |
| Gross Profit | 19.66B | 22.94B | 21.72B | 13.78B | 15.82B |
| EBITDA | 3.21B | 4.93B | 9.31B | 817.87M | 762.60M |
| Net Income | 2.91B | 4.06B | 5.88B | -1.39B | -524.77M |
Balance Sheet | |||||
| Total Assets | 116.74B | 133.15B | 120.33B | 109.35B | 100.32B |
| Cash, Cash Equivalents and Short-Term Investments | 55.56B | 52.76B | 53.89B | 54.90B | 49.85B |
| Total Debt | 18.53B | 22.65B | 17.99B | 12.19B | 7.51B |
| Total Liabilities | 49.91B | 61.70B | 48.13B | 40.29B | 33.26B |
| Stockholders Equity | 66.48B | 71.32B | 72.10B | 68.92B | 66.97B |
Cash Flow | |||||
| Free Cash Flow | -957.09M | 8.41B | 10.28B | 7.67B | 2.17B |
| Operating Cash Flow | -365.92M | 9.45B | 11.16B | 8.46B | 3.60B |
| Investing Cash Flow | 5.73B | -9.38B | -3.98B | -8.47B | -24.88B |
| Financing Cash Flow | -9.53B | -5.79B | -6.96B | -1.15B | -1.07B |
KE Holdings Inc. Sponsored ADR Class A Technical Analysis
Neutral
16.24
Price Trends
16.32
Negative
16.61
Negative
17.33
Negative
Market Momentum
>-0.01
Negative
56.30
Neutral
77.21
Neutral
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 16.24 is above the 20-day moving average (MA) of 15.42, below the 50-day MA of 16.32, and below the 200-day MA of 17.33, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 56.30 is Neutral, neither overbought nor oversold. The STOCH value of 77.21 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $14.61B | 22.41 | 11.09% | ― | 11.23% | 68.38% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | $3.24B | -41.85 | 4.65% | ― | 8.91% | -33.30% | |
57 Neutral | $995.43M | -27.99 | -10.00% | 2.09% | 4.48% | -4.71% | |
56 Neutral | $19.97B | 347.41 | 4.29% | 2.26% | 1.28% | -25.40% | |
| ― | $56.19M | -0.12 | 70.52% | ― | ― | ― | |
50 Neutral | $4.92B | -1.02 | -168.18% | ― | -15.18% | -174.41% |
* Real Estate Sector Average
BEKE
KE Holdings Inc. Sponsored ADR Class A
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KE Holdings Inc. Sponsored ADR Class A Corporate Events
KE Holdings Details April 2026 Share Buybacks Under Ongoing Repurchase Mandate
May 4, 2026
KE Holdings Inc. has reported a series of share repurchases carried out between April 1 and April 24, 2026, under its existing buyback mandate, without changing its total issued share count as of April 24. The company’s Class A WVR ordinary ...
KE Holdings Continues April 2026 Share Buybacks Under Existing Mandate
Apr 27, 2026
KE Holdings Inc. reported a series of share repurchases carried out between April 1 and April 17, 2026, under its existing buyback mandate, without changing its total issued share count as of April 17, 2026. The company repurchased multiple tranch...
KE Holdings Details April 2026 Share Repurchases Under Ongoing Buyback Mandate
Apr 20, 2026
KE Holdings Inc., a leading Chinese real estate services platform listed in Hong Kong and on the New York Stock Exchange, detailed recent changes to its share capital structure in regulatory filings for the month of April 2026. The disclosures con...
KE Holdings Details Early April 2026 Share Buybacks, Cancellations and Class B-to-A Conversions
Apr 13, 2026
KE Holdings disclosed multiple changes to its share capital structure in early April 2026, including repurchases and cancellations of Class A ordinary shares and conversions of Class B shares into Class A shares. After share buybacks conducted acr...
KE Holdings Files March 2026 Hong Kong Share Capital Return, Confirms Stable Float and Ongoing Buybacks
Apr 10, 2026
KE Holdings Inc. reported its monthly return on movements in securities for the month ended 31 March 2026, showing no change in the number of issued Class A and Class B WVR ordinary shares during the period and confirming that it continued to meet...
KE Holdings Details Heavy Share Buyback Activity in Early 2026
Apr 8, 2026
KE Holdings Inc. reported in an April 8, 2026 SEC filing that its issued share capital on the Hong Kong Stock Exchange remained unchanged at 3,391,029,167 Class A ordinary shares as of March 27, 2026, alongside 138,588,377 Class B ordinary shares....
KE Holdings Steps Up U.S.-Listed Share Buybacks Through March 2026
Mar 30, 2026
KE Holdings Inc. disclosed in a March 30, 2026 filing that it has been actively repurchasing its Class A WVR ordinary shares on the New York Stock Exchange. The company reported no change in its total issued share count as of March 20, 2026, with ...
KE Holdings Accelerates Share Buybacks With Over 100 Million Shares Repurchased by Mid-March 2026
Mar 23, 2026
KE Holdings Inc. filed a Form 6-K on March 23, 2026, detailing a series of share repurchases carried out between January 2 and March 13, 2026, under its existing buyback mandate. The Hong Kong “Next Day Disclosure Return” dated March 1...
KE Holdings Discloses February Share Issuance and Ongoing Buybacks in March 2026 Filing
Mar 9, 2026
KE Holdings Inc. reported several changes in its share capital structure in a March 2026 filing, detailing activity through early March. On February 27, 2026 the company issued 45 million Class A ordinary shares, registered in the name of its depo...
KE Holdings Expands Class A Float via ADS-Linked Issuance in February 2026
Mar 6, 2026
KE Holdings Inc., the Beijing-headquartered foreign private issuer behind Hong Kong-listed WVR Class A shares (stock code 02423), reported no change in its authorised share capital for February 2026, maintaining total authorised capital at USD 500...
KE Holdings Reports January 2026 Share Capital Movements, Buybacks and Conversions
Feb 6, 2026
For the month ended January 31, 2026, KE Holdings Inc. reported no change in its total authorised share capital, but recorded movements in its issued WVR shares and employee equity incentives. The company’s issued Class A WVR shares decrease...
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.