KE Holdings

BEKE

Real Estate - Services · Real Estate

Price

$17.04

+0.12 (+0.71%)

Market Cap

$18.82B

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

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)

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.

Winston Score History

Score breakdown

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Quality

Gross Margin

24.1%

Thin — 24.1% gross margin

Operating Margin

6.7%

Modest — 6.7% operating margin

ROCE

1.9%

Weak — 1.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-10.2%

Shrinking sales (-10.2% YoY)

EPS YoY

-22.6%

Earnings shrinking (-22.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

61%

Modest — 61% of profit becomes cash

FCF Margin

-0.3%

Burning cash (-0.3%)

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

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Stability

Debt / Equity

0.02

Conservative — low debt load (0.02)

Interest Cover

100.00x

Comfortably covers interest (100.0x)

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

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Valuation

P/E Ratio (TTM)

5.5x

Attractive valuation — P/E 5.5

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+3.0

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

1.61%

Small dividend — 1.61% yield

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

Dividend Growth

N/A

Data not available

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