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KE Holdings Inc.

BEKE Clue Score43
Cayman Islands Fiscal year ends December CIK 0001809587
$17.84 +4.39% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $17.84 −13.06% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 13 Aug 2020. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2018Revenue28.65Operating income−1.22Net income−0.47EPS, diluted−1.75Fiscal year 2019Revenue46.01 +60.6%Operating income−1.79Net income−2.18EPS, diluted−2.94Fiscal year 2020Revenue70.48 +53.2%Operating income2.84Net income2.78EPS, diluted0.32Fiscal year 2021Revenue80.75 +14.6%Operating income−1.35Net income−0.52 −118.9%EPS, diluted−0.15Fiscal year 2022Revenue60.67 −24.9%Operating income−0.83Net income−1.39EPS, diluted−0.39Fiscal year 2023Revenue77.78 +28.2%Operating income4.80Net income5.88EPS, diluted1.63Fiscal year 2024Revenue93.46 +20.2%Operating income3.76Net income4.06 −30.9%EPS, diluted1.15Fiscal year 2025Revenue94.58 +1.2%Operating income2.11Net income2.99 −26.3%EPS, diluted0.86
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 28.65 46.01 70.48 80.75 60.67 77.78 93.46 94.58
Growth +60.6% +53.2% +14.6% −24.9% +28.2% +20.2% +1.2%
Operating income −1.22 −1.79 2.84 −1.35 −0.83 4.80 3.76 2.11
Net income −0.47 −2.18 2.78 −0.52 −1.39 5.88 4.06 2.99
Growth −118.9% −30.9% −26.3%
EPS, diluted −1.75 −2.94 0.32 −0.15 −0.39 1.63 1.15 0.86

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2018Gross margin24.0%Operating margin−4.3%Net margin−1.6%Free cash flow margin9.3%Fiscal year 2019Gross margin24.5%Operating margin−3.9%Net margin−4.7%Free cash flow margin−1.3%Fiscal year 2020Gross margin23.9%Operating margin4.0%Net margin3.9%Free cash flow margin12.0%Fiscal year 2021Gross margin19.6%Operating margin−1.7%Net margin−0.6%Free cash flow margin2.7%Fiscal year 2022Gross margin22.7%Operating margin−1.4%Net margin−2.3%Free cash flow margin12.7%Fiscal year 2023Gross margin27.9%Operating margin6.2%Net margin7.6%Free cash flow margin13.6%Fiscal year 2024Gross margin24.6%Operating margin4.0%Net margin4.3%Free cash flow margin9.0%Fiscal year 2025Gross margin21.4%Operating margin2.2%Net margin3.2%Free cash flow margin−1.0%
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 24.0% 24.5% 23.9% 19.6% 22.7% 27.9% 24.6% 21.4%
Operating margin −4.3% −3.9% 4.0% −1.7% −1.4% 6.2% 4.0% 2.2%
Net margin −1.6% −4.7% 3.9% −0.6% −2.3% 7.6% 4.3% 3.2%
Free cash flow margin 9.3% −1.3% 12.0% 2.7% 12.7% 13.6% 9.0% −1.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2018Operating cash flow3.22Capital expenditure−0.54Free cash flow2.67Fiscal year 2019Operating cash flow0.11Capital expenditure−0.70Free cash flow−0.59 −122.1%Buybacks−0.21Fiscal year 2020Operating cash flow9.36Capital expenditure−0.89Free cash flow8.47Fiscal year 2021Operating cash flow3.60Capital expenditure−1.43Free cash flow2.17 −74.5%Fiscal year 2022Operating cash flow8.52Capital expenditure−0.79Free cash flow7.73 +256.8%Buybacks−1.32Fiscal year 2023Operating cash flow11.41Capital expenditure−0.87Free cash flow10.54 +36.4%Buybacks−5.15Dividends paid−1.43Fiscal year 2024Operating cash flow9.45Capital expenditure−1.04Free cash flow8.41 −20.2%Buybacks−5.10Dividends paid−2.83Fiscal year 2025Operating cash flow−0.38Capital expenditure−0.61Free cash flow−0.98 −111.7%Buybacks−6.58Dividends paid−2.88
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 3.22 0.11 9.36 3.60 8.52 11.41 9.45 −0.38
Capital expenditure −0.54 −0.70 −0.89 −1.43 −0.79 −0.87 −1.04 −0.61
Free cash flow 2.67 −0.59 8.47 2.17 7.73 10.54 8.41 −0.98
Growth −122.1% −74.5% +256.8% +36.4% −20.2% −111.7%
Buybacks n/a −0.21 n/a n/a −1.32 −5.15 −5.10 −6.58
Dividends paid n/a n/a n/a n/a n/a −1.43 −2.83 −2.88

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2018Cash9.12Shareholders’ equity−7.80Fiscal year 2019Cash24.32Shareholders’ equity−8.92Fiscal year 2020Cash40.97Shareholders’ equity66.77Fiscal year 2021Cash20.45Shareholders’ equity66.97Fiscal year 2022Cash19.41Shareholders’ equity68.92Fiscal year 2023Cash19.63Shareholders’ equity72.10Fiscal year 2024Cash11.44Total debt0.00Net cash (debt)11.44Shareholders’ equity71.32Debt to equity0.00Fiscal year 2025Cash7.77Total debt0.18Net cash (debt)7.59Shareholders’ equity66.44Debt to equity0.00
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 9.12 24.32 40.97 20.45 19.41 19.63 11.44 7.77
Total debt n/a n/a n/a n/a n/a n/a 0.00 0.18
Net cash (debt) n/a n/a n/a n/a n/a n/a 11.44 7.59
Shareholders’ equity −7.80 −8.92 66.77 66.97 68.92 72.10 71.32 66.44
Debt to equity n/a n/a n/a n/a n/a n/a 0.00 0.00

In billions of CNY, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of CNY, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020† 31 Dec 2020 FY2021† 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
28.65 46.01 70.48 80.75 60.67 77.78 93.46 94.58
Growth +60.6% +53.2% +14.6% −24.9% +28.2% +20.2% +1.2%
21.78 34.75 53.62 64.93 46.89 56.06 70.51 74.37
6.87 11.27 16.86 15.82 13.78 21.72 22.94 20.21
Growth +64.0% +49.6% −6.2% −12.9% +57.6% +5.6% −11.9%
0.67 1.57 2.48 3.19 2.55 1.94 2.28 2.58
4.93 8.38 7.59 8.92 7.35 8.24 8.96 8.08
−1.22 −1.79 2.84 −1.35 −0.83 4.80 3.76 2.11
Growth −147.7% −21.5% −43.9%
−0.50 −1.28 4.39 1.14 0.29 7.88 6.87 4.68
−0.07 0.90 1.61 1.67 1.69 1.99 2.79 1.69
−0.47 −2.18 2.78 −0.52 −1.39 5.88 4.06 2.99
Growth −118.9% −30.9% −26.3%
Per share
−1.75 −2.94 0.32 −0.15 −0.39 1.67 1.19 0.90
−1.75 −2.94 0.32 −0.15 −0.39 1.63 1.15 0.86
Growth −146.9% −29.4% −25.2%
1,363 1,378 2,226 3,549 3,569 3,521 3,410 3,326
1,363 1,378 2,267 3,549 3,569 3,612 3,537 3,472
Growth +1.2% +64.5% +56.5% +0.6% +1.2% −2.1% −1.8%

† The diluted share count jumps at 2020 and 2021, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Shown in CNY as filed; the screener converts to dollars.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 6.1% a year over five years.
  • Operating margin is down 1.8 points on five years ago, at 2.2%.
  • A net loss in 4 of 8 years on file.