BEKE
KE Holdings Inc.
Next earnings Aug 24, 2026 · consensus $0.76 EPS, $25.3B rev
$15.09
▲ +3.71%$15.09▼ -17.10%
over 1Y
L $14.26H $19.99
Today+3.7%
1W+5.5%
1M-12.4%
3M+3.8%
YTD-4.3%
1Y-17.1%
Hold
Conviction
Horizon
Medium (3–12mo)
Street · 23 analysts
Strong Buy
China's largest housing platform is growing the top line but margins, profits and cash flow are sliding — a cheap-looking but eroding story.
Revenue $13.5B · FY2025
The read
Middling fundamentals and a rich price (~94% above fair value) leave little margin of safety — a wait-and-see.
KE Holdings (Beike) operates the dominant housing-transaction and services platform in China, and the top line is still expanding — revenue rose 5.6% to $13.5B, recovering toward the FY2024 level after the 2022 property downturn. The balance sheet is a genuine strength: stockholders' equity of $9.50B against $7.17B of liabilities (0.75x), and management is returning meaningful capital with $941M of buybacks (+34.7%) and $412M of dividends (+6.2%).
The problem is that profitability is deteriorating across every line even as revenue grows. Gross profit fell 8.0% to $2.89B (gross margin only 21.4%), operating income dropped 41.5% to $302M (a razor-thin 2.2% operating margin), and net income declined 23.1% to $428M. Most concerning, operating cash flow swung to -$53.8M (down 104.2% YoY) and cash on hand fell 32.1% to $1.11B — the business consumed cash this year while still funding large buybacks. ROE is a weak 4.5%.
Is BEKE a buy? The one-page verdict, explained →
The options angle
model · matches our verdictCovered call~60d expiry
- Long 100 shares @ ~15.09
- Short call 16 @ ~0.71 est
debit $1,438max +$162max −$1,437BE 14.38
HOLD means own it, don't chase it — harvesting premium against the position matches the verdict.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $12.7B | $8.80B | $11.0B | $12.8B | $13.5B |
| Gross profit | $2.48B | $2.00B | $3.06B | $3.14B | $2.89B |
| Operating income | -$213M | -$121M | $676M | $516M | $302M |
| Net income | -$82.2M | -$201M | $829M | $557M | $428M |
| Diluted EPS | -$0.02 | -$0.06 | $0.23 | $0.16 | $0.12 |
| Net margin | -0.6% | -2.3% | 7.6% | 4.3% | 3.2% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$15.6B
EV / EBITDA—
EV / Sales1.2
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield2.6%
FCF yield-0.8%
Quality & risk
ROIC (est.)2.5%
Free cash flow-$141M
Total debt—
Net cash$1.11B
Altman Z-Score2.55 grey
Piotroski F-Score4/8
Capital returns
Buyback yield5.6%
Dividend yield (est.)2.5%
Shareholder yield8.1%
Shares Δ YoY-2.5%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Recent filings
all on EDGAR ↗6-KPeriod ending 2026-07-022026-07-02open ↗6-KPeriod ending 2026-06-292026-06-29open ↗6-KPeriod ending 2026-06-222026-06-22open ↗6-KPeriod ending 2026-06-152026-06-15open ↗6-KPeriod ending 2026-06-152026-06-15open ↗4Period ending 2026-06-082026-06-10open ↗4Period ending 2026-06-082026-06-10open ↗4Period ending 2026-06-082026-06-10open ↗6-KPeriod ending 2026-06-082026-06-08open ↗6-KPeriod ending 2026-06-052026-06-05open ↗6-KPeriod ending 2026-06-012026-06-01open ↗6-KPeriod ending 2026-05-262026-05-26open ↗
Frequently asked
- Is KE Holdings Inc. (BEKE) a buy?
- BEKE currently carries a Hold rating with 2/5 conviction, derived from its latest SEC filings. China's largest housing platform is growing the top line but margins, profits and cash flow are sliding — a cheap-looking but eroding story.
- What is BEKE's fair value?
- A Modified-Graham model based on BEKE's SEC fundamentals estimates a fair value of about $0.87. It is an estimate from reported earnings, not a price target.
- Is BEKE overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, BEKE currently appears overvalued relative to its SEC-grounded earnings power.
- What is KE Holdings Inc.'s quality score?
- BEKE scores 51.46097677263813/100 (grade C-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001809587, latest 6-K filed 2026-07-02) · EODHD · Proprietary analysis · as of 6/21/2026, 8:42:24 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:42 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.