KE Holdings Inc. BEKE
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Market cap
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS0.12
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $13.52B | $12.80B | $10.95B | $8.80B | $12.67B | $10.80B | — | — |
| Cost of revenue | $10.63B | $9.66B | $7.90B | $6.80B | $10.19B | $8.22B | — | — |
| Gross profit | $2.89B | $3.14B | $3.06B | $2.00B | $2.48B | $2.58B | — | — |
| R&D | $369.0M | $312.8M | $272.8M | $369.1M | $501.2M | $379.8M | — | — |
| SG&A | $1.15B | $1.23B | $1.16B | $1.07B | $1.40B | $1.16B | — | — |
| Total operating expenses | $2.59B | $2.63B | $2.38B | $2.12B | $2.70B | $2.15B | — | — |
| Operating income | $301.8M | $515.8M | $675.7M | -$120.8M | -$212.6M | $435.5M | — | — |
| Interest expense | — | — | $177.9M | $107.8M | $55.6M | $25.1M | — | — |
| Pre-tax income | $668.8M | $941.2M | $1.11B | $42.4M | $179.0M | $672.4M | — | — |
| Income tax | $241.1M | $382.5M | $280.9M | $245.0M | $261.4M | $246.6M | — | — |
| Net income | $428.1M | $556.9M | $828.6M | -$201.0M | -$82.2M | $425.7M | — | — |
| EPS, basic | 0.13 | 0.16 | 0.24 | -0.06 | -0.02 | 0.05 | — | — |
| EPS, diluted | 0.12 | 0.16 | 0.23 | -0.06 | -0.02 | 0.05 | — | — |
| Shares, diluted (wtd. avg.) | 3.47B | 3.54B | 3.61B | 3.57B | 3.55B | 2.27B | 1.38B | 1.36B |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.11B | $1.64B | $2.69B | $2.73B | $2.96B | $6.43B | $3.73B | — |
| Short-term investments | $5.66B | $5.66B | $4.83B | $5.14B | $4.61B | $2.40B | — | — |
| Receivables | — | — | — | — | $1.46B | $2.02B | — | — |
| Inventory | $408.1M | — | — | — | — | — | — | — |
| Total current assets | $9.74B | $10.49B | $9.82B | $10.21B | $10.97B | $13.42B | — | — |
| Property, plant and equipment | $296.0M | $328.8M | $276.8M | $295.3M | $309.4M | $225.7M | — | — |
| Goodwill | $666.4M | $654.5M | $684.1M | $715.4M | $283.4M | $378.2M | — | — |
| Other intangibles | $103.3M | $117.5M | $150.3M | $244.6M | $179.1M | $251.7M | — | — |
| Total assets | $16.68B | $18.24B | $16.95B | $15.85B | $15.74B | $15.98B | — | — |
| Accounts payable | $865.4M | $1.30B | $891.4M | $847.2M | $942.9M | $1.01B | — | — |
| Total current liabilities | $6.06B | $7.23B | $5.57B | $4.83B | $4.54B | $5.15B | — | — |
| Total liabilities | $7.17B | $8.45B | $6.78B | $5.84B | $5.22B | $5.75B | — | — |
| Retained earnings | $163.3M | -$236.2M | -$799.0M | -$1.65B | -$1.54B | -$1.41B | — | — |
| Total equity | $9.50B | $9.77B | $10.16B | $9.99B | $10.51B | $10.23B | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$53.8M | $1.29B | $1.57B | $1.23B | $564.2M | $1.43B | — | — |
| Depreciation and amortisation | $133.6M | $101.9M | $109.2M | $133.1M | $138.0M | $84.7M | — | — |
| Stock-based compensation | $272.4M | $373.5M | $452.9M | $351.6M | $241.4M | $345.2M | — | — |
| Capital expenditure | $86.9M | $142.1M | $123.1M | $115.0M | $224.4M | $135.9M | — | — |
| Investing cash flow | $842.9M | -$1.28B | -$560.2M | -$1.23B | -$3.90B | -$2.30B | — | — |
| Financing cash flow | -$1.40B | -$793.9M | -$980.5M | -$167.5M | -$168.6M | $3.89B | — | — |
| Dividends paid | $412.0M | $387.8M | $200.8M | — | — | — | — | — |
| Buybacks | $941.1M | $698.8M | $725.5M | $191.4M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-048109.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $10.80B | $12.67B | $8.80B | $10.95B | $12.80B | $13.52B |
| Gross profit | — | — | $2.58B | $2.48B | $2.00B | $3.06B | $3.14B | $2.89B |
| Net income | — | — | $425.7M | -$82.2M | -$201.0M | $828.6M | $556.9M | $428.1M |
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