KE Holdings

BEKE

Real Estate - Services · Real Estate

Price

$17.75

+0.76 (+4.47%)

Market Cap

$19.61B

Exchange

New York Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Good

Stability

Exceptional

Valuation

Strong

Dividends

Weak

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Share count falling — buybacks

−2.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.18B (2021) → 1.16B (2025)

Winston Score History

The full picture

KE Holdings, known as Beike in China, runs the country's largest online and offline platform for buying, selling, and renting homes. It connects home buyers and renters with real estate agents and property developers across hundreds of Chinese cities. The company also owns the Lianjia brand, one of China's most recognized real estate brokerage chains.

KE Holdings makes money by charging commissions when homes are bought, sold, or rented through its platform, and by collecting fees from developers for new home sales. It operates almost entirely in China, giving it deep local market knowledge but also heavy exposure to China's troubled property sector. The company's main growth opportunity is expanding its home renovation and rental services to reduce its dependence on traditional home transactions, which remain under pressure as China's real estate market continues to recover slowly from a prolonged downturn.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

28.6%

Modest — 28.6% gross margin

Profit after running costs

Operating Margin

12.3%

Healthy — 12.3% operating margin

Return on the money invested

ROCE

7.2%

Weak — 7.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-14.0%

Shrinking sales (-14.0% YoY)

Profit growth

EPS YoY

+28.1%

Earnings growing fast (+28.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

165%

Turns 165% of profit into real cash

Spare cash per sale

FCF Margin

-0.7%

Burning cash (-0.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.15

Conservative — low debt load (0.15)

Covers its interest

Interest Cover

100.00x

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

27.1x

Growth-priced — P/E 27.1

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+10.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (27.1 → 16.5)

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Dividends

Dividend

Dividend Yield

1.61%

Small dividend — 1.61% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

N/A

Data not available

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