KE Holdings BEKE
ChinaReal Estate · Real Estate ServicesUSD
23.85 USD (+41.0%)
20 analysts
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KE Holdings (BEKE) is the leading real estate services platform in China, connecting buyers, sellers, and agents through its integrated brokerage network and digital platform.
Key points
from its scores- ✓Very solid balance sheet8.5
- ✕Little or no dividend3.6
- ✕Poor share-price trend4.7
- !Risks to watch5.2
AI analysis
bottom line, main risk, context and newsHold, given the balance between a sound financial position and the regulatory and governance risks in China.
KE Holdings shows solid financial health with net cash (Net Debt/EBITDA of -5.54) and a free cash flow conversion of 73.96%, but its revenue growth is negative (-5.70%) and its dividend yield is low (1.65%). The main risk is the regulatory and governance environment in China, which may limit its growth capacity and protection of minority shareholders.
The main risk is regulatory intervention and governance in the Chinese real estate sector, which may affect KE Holdings' ability to operate and grow, as well as the protection of minority shareholders.
Context and risks
KE Holdings operates in the Chinese real estate sector, a market under regulatory pressure and with a history of government intervention that has directly affected the business models of digital platforms. The institutional quality of China and exposure to a strategically controlled sector justify a penalty for governance and regulatory risk.
Is KE Holdings stock cheap or expensive?
at the analysis dateOn P/E and Price / book, it trades 31% above the Real Estate median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 28.2 | 21.6 | +30% |
| EV / EBITDA | 15.6 | 18.5 | −15% |
| Price / book | 1.9 | 1.4 | +31% |
| Price / sales | 1.4 | 6.3 | −78% |
Sector: median of the 100 Real Estate companies analysed. In bold, the multiples used for the comparison.
Valuation score: 5.5 out of 10 (median for Real Estate: 4.9).
Average analyst target: 23.85 USD, +41.0% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 5.4 (sector 5.2), Growth 5.5 (sector 5.7).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Real Estate medianValuation
- P/E
- 28.2
- Forward P/E
- 13.5
- EV / EBITDA
- 15.6
- Price / book
- 1.9
- Price / sales
- 1.4
- PEG
- 0.40
- Market cap
- 18.6B USD
- Enterprise value
- 91.9B CNY
Profitability
- ROE
- 7.0%
- ROA
- 2.6%
- ROIC (approx.)
- 13.5%
- Gross margin
- 24.0%
- Operating margin
- 12.3%
- Net margin
- 5.3%
- Free cash flow
- 4.3B CNY
- FCF yield
- 3.5%
- Cash conversion
- 74%
Solvency
- Total debt
- 14.4B CNY
- Net debt
- −32.6B CNY
- Cash
- 47.0B CNY
- EBITDA
- 5.9B CNY
- Net debt / EBITDA
- −5.54
- Debt / equity
- 21.94
- Current ratio
- 1.70
- Quick ratio
- 1.33
Growth
- Revenue growth
- −5.7%
- Earnings growth
- +111.4%
- EPS (TTM)
- 0.60 USD
- EPS (forward)
- 1.26 USD
Dividend
- Dividend yield
- 1.7%
- Payout
- 46.4%
Risk and market
- Beta
- −0.26
- Analyst consensus
- none (20)
- Target price
- 23.85 USD
- 52-week range
- 13.81 – 19.88
Recent news
All BEKE news →Compare it with its sector
All 100 in Real Estate →Frequently asked questions about KE Holdings
Is KE Holdings stock cheap or expensive?
On P/E and Price / book, it trades 31% above the Real Estate median on average. Valuation score: 5.5 out of 10 (median for Real Estate: 4.9). Average analyst target: 23.85 USD, +41.0% versus the price. This is not investment advice.
What score does KE Holdings get on MeridIAn Screener?
It scores 5.6 out of 10, rank 1,309 of 2,130 (better than 35% of the companies analysed). Its strongest category is Financial health (8.5) and its weakest, Dividend (3.6). Analysis of 08/10/2026.
What is KE Holdings's P/E ratio?
Its P/E is 28.2: the share price equals 28.2 times earnings per share over the last 12 months. The Real Estate median is 21.6. Based on the earnings analysts expect, the forward P/E is 13.5.
How much is KE Holdings worth on the stock market?
Its market capitalisation is 18.6B USD.
Does KE Holdings pay a dividend?
Yes: its dividend yield is 1.65% and it pays out 46% of its earnings.
How has KE Holdings stock performed over the last year?
It has fallen 2.4% over the last year, excluding dividends. Over the last 52 weeks it has traded between 13.81 and 19.88 USD. Past performance does not guarantee future results.
What do analysts think of KE Holdings?
20 analysts cover it; their average recommendation is “none” and their average target is 23.85 USD (+41.0% versus the price). It is an estimate, not market data.