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KE Holdings Inc. Sponsored ADR Class A
(NYSE:BEKE)
Select Model
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Rating:66Neutral
Price Target:
$18.50
▲(12.87% Upside)
Action:Reiterated
Date:08/21/26
BEKE scores as moderately attractive: the strongest support comes from a solid balance sheet and a constructive earnings call emphasizing margin expansion, liquidity and buybacks. These positives are tempered by softened recent fundamentals (TTM revenue decline, margin compression versus prior peaks) and uneven cash-flow consistency, while technicals are only mildly positive and valuation (high P/E) is a notable constraint.
Positive Factors
Sustainable Margin Expansion
Broad margin gains across existing homes, new homes, renovation and rentals indicate stronger unit economics and operating leverage. Lower operating expenses and improved contribution margins could help preserve profitability even if housing activity remains uneven.
Negative Factors
Softening Revenue and Earnings Trend
The recent slowdown shows that strong historical expansion has not fully translated into current growth. Lower revenue momentum and compressed profitability may constrain reinvestment capacity and make sustained earnings improvement dependent on market recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustainable Margin Expansion
Broad margin gains across existing homes, new homes, renovation and rentals indicate stronger unit economics and operating leverage. Lower operating expenses and improved contribution margins could help preserve profitability even if housing activity remains uneven.
Read all positive factors
KE Holdings Inc. Sponsored ADR Class A (BEKE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$18.83B
Dividend Yield1.62%
Average Volume (3M)4.44M
Price to Earnings (P/E)36.9
Beta (1Y)0.39
Revenue Growth-8.90%
EPS Growth-21.42%
CountryUS
Employees119,245
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)3.05
Shares Outstanding1,108,829,500
10 Day Avg. Volume4,937,440
30 Day Avg. Volume4,439,201
Financial Highlights & Ratios
PEG Ratio-1.64
Price to Book (P/B)1.84
Price to Sales (P/S)1.29
P/FCF Ratio-127.66
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$21.90Price Target Upside33.62% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)6.71
Revenue Forecast (FY)$88.81B
KE Holdings Inc. Sponsored ADR Class A Business Overview & Revenue Model
Company Description
KE Holdings Inc., through its various subsidiaries, operates a comprehensive online and offline ecosystem facilitating real estate transactions and services across the People's Republic of China. Its business activities are categorized into five d...
How the Company Makes Money
KE Holdings makes money mainly by facilitating and servicing housing transactions and adjacent housing services. Its core revenue model is service-fee driven: (1) Existing-home transaction services: the company earns commissions/service fees when ...
KE Holdings Inc. Sponsored ADR Class A Earnings Call Summary
Earnings Call Date:Aug 21, 2026
(Q2-2026)
| Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call highlighted significant profitability and margin improvements, robust cash reserves, active share repurchases, and operational gains (notably in existing home operations, rental scale, and contribution margins) driven by cost discipline and refined operations. Headline revenue declined and certain segments (home renovation and reported rental revenue) faced pressure due to strategic exits, product-iteration impacts, and market weakness; a notable bad-debt provision also weighed on quarterly operating expense dynamics. Management emphasized sustainable margin focus, ROI discipline, AI-enabled operational transformation, and balance-sheet strength to navigate ongoing market uncertainty.Positive Updates
GTV Returned to Growth
Total GTV increased 6.3% year-over-year in Q2 2026, driven by recovery in existing home transactions and improved connected-store productivity.
Negative Updates
Overall Revenue Decline
Consolidated revenue decreased 5.7% year-over-year in Q2 2026, primarily due to adjustments in the home renovation and furnishing business and revenue recognition impacts from iterative product modeling in renovation services.
Read all updates
Q2-2026 Updates
Positive
Negative
GTV Returned to Growth
Total GTV increased 6.3% year-over-year in Q2 2026, driven by recovery in existing home transactions and improved connected-store productivity.
Read all positive updates
Company Guidance
Management's guidance emphasized prioritizing a solid balance sheet and strict ROI discipline while dynamically allocating resources to capture structural market opportunities—notably preserving liquidity (end‑Q2 broad cash ~RMB67.3bn, Q2 net operating cash inflow RMB6.61bn) and tightening receivables (new‑home AR ~39 days, down ~12 days YoY); they will favor core professional service providers and stage‑gated investments over broad expansion, keep renovation exits largely complete with no further broad‑based contractions this year, and measure success by ROI, customer value, operating efficiency and replicability. Operational levers called out include city/project‑level resource shifts to reinforce high‑quality supply and connected‑store productivity (existing‑home GTV RMB629.89bn, +8% YoY; existing‑home contribution margin 46.1%, +6.1pp YoY), improving mix in new homes (new‑home GTV RMB258.39bn, +1.2% YoY) and rentals (managed units >790k, +~34% YoY; rental revenue RMB4.83bn), while protecting margins (group gross margin 28.6%, +6.7pp YoY) and expense control (GAAP Opex down 14.1% YoY). They also confirmed ongoing shareholder returns (share buybacks ~US$250m in Q2, ~US$460m H1; ~US$2.99bn repurchased since Sept 2022, ~14.8% of pre‑program shares).KE Holdings Inc. Sponsored ADR Class A Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
78
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 90.14B | 94.58B | 93.46B | 77.78B | 60.67B | 80.75B |
| Gross Profit | 19.95B | 20.21B | 22.94B | 21.72B | 13.78B | 15.82B |
| EBITDA | 8.82B | 5.76B | 7.90B | 9.31B | 1.81B | 2.52B |
| Net Income | 3.39B | 2.99B | 4.06B | 5.88B | -1.39B | -524.13M |
Balance Sheet | ||||||
| Total Assets | 111.90B | 116.67B | 133.15B | 120.33B | 109.35B | 100.32B |
| Cash, Cash Equivalents and Short-Term Investments | 53.69B | 47.35B | 52.76B | 53.89B | 54.90B | 49.85B |
| Total Debt | 16.21B | 18.78B | 22.65B | 17.99B | 12.19B | 7.51B |
| Total Liabilities | 47.71B | 50.14B | 61.70B | 48.13B | 40.29B | 33.26B |
| Stockholders Equity | 64.13B | 66.44B | 71.32B | 72.10B | 68.92B | 66.97B |
Cash Flow | ||||||
| Free Cash Flow | 1.03B | -957.09M | 8.41B | 10.28B | 7.67B | 2.17B |
| Operating Cash Flow | 2.06B | -365.92M | 9.45B | 11.16B | 8.46B | 3.60B |
| Investing Cash Flow | 4.67B | 5.73B | -9.38B | -3.98B | -8.47B | -24.88B |
| Financing Cash Flow | -9.55B | -9.53B | -5.79B | -6.96B | -1.15B | -1.07B |
KE Holdings Inc. Sponsored ADR Class A Technical Analysis
Positive
16.39
Price Trends
16.19
Positive
16.45
Positive
16.58
Positive
Market Momentum
0.21
Positive
52.52
Neutral
36.69
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BEKE, the sentiment is Positive. The current price of 16.39 is below the 20-day moving average (MA) of 16.95, above the 50-day MA of 16.19, and below the 200-day MA of 16.58, indicating a bullish trend. The MACD of 0.21 indicates Positive momentum. The RSI at 52.52 is Neutral, neither overbought nor oversold. The STOCH value of 36.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BEKE.
KE Holdings Inc. Sponsored ADR Class A Risk Analysis
KE Holdings Inc. Sponsored ADR Class A disclosed 95 risk factors in its most recent earnings report. KE Holdings Inc. Sponsored ADR Class A reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
KE Holdings Inc. Sponsored ADR Class A Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $17.95B | 18.05 | 13.57% | ― | 11.17% | 79.36% | |
66 Neutral | $18.83B | 36.86 | 4.95% | 1.68% | -8.90% | -21.42% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | $3.61B | 50.38 | 3.50% | ― | 11.04% | -66.92% | |
49 Neutral | $3.48B | -1.84 | -165.15% | ― | -37.19% | -306.34% | |
38 Underperform | $223.20M | -16.16 | 10.02% | ― | ― | ― |
* Real Estate Sector Average
BEKE
KE Holdings Inc. Sponsored ADR Class A
16.99
-1.26
-6.92%
JLL
Jones Lang Lasalle
384.30
81.11
26.75%
CWK
Cushman & Wakefield
14.70
-0.88
-5.65%
XHG
XChange TECINC
4.62
3.44
291.53%
OPEN
Opendoor Technologies
3.47
-1.54
-30.74%
KE Holdings Inc. Sponsored ADR Class A Corporate Events
KE Holdings Details Ongoing Share Repurchase Activity in August 2026 SEC Filing
Aug 17, 2026
KE Holdings Inc. reported to the U.S. Securities and Exchange Commission in an August 17, 2026 Form 6‑K that it filed multiple Next Day Disclosure Returns covering August 10–14, 2026, outlining changes in its issued share capital and t...
KE Holdings Details Extensive Share Buybacks in May–July 2026 Disclosure
Aug 10, 2026
KE Holdings Inc. reported via a Form 6-K for August 2026 that it has filed multiple Next Day Disclosure Returns with the Hong Kong Stock Exchange, reflecting changes in its equity position. The disclosures show that as of July 30 and July 31, 2026...
KE Holdings Files July 2026 Monthly Return Showing Stable Share Capital and Ongoing Buybacks
Aug 6, 2026
KE Holdings Inc., a Chinese real estate services platform operator, maintains a dual-class share structure with weighted voting right (WVR) Class A shares listed in Hong Kong and Class B shares unlisted, with total authorised share capital of US$5...
KE Holdings Details Extensive May–July 2026 Share Buybacks in Latest Form 6-K
Aug 3, 2026
KE Holdings Inc. reported in an August 2026 Form 6-K that its total issued share capital stood at 3,326,488,417 Class A ordinary shares as of July 24, 2026, alongside 135,950,651 Class B ordinary shares, with no changes in the number of issued or ...
KE Holdings Details May–July 2026 Share Buybacks With Stable Share Count
Jul 27, 2026
KE Holdings Inc. reported to the U.S. Securities and Exchange Commission on July 27, 2026, that there were no changes in its total issued share count between July 16 and July 17, 2026, with the number of issued shares remaining at 3,326,488,417 Cl...
KE Holdings Details May–July 2026 Cross-Market Share Buybacks
Jul 20, 2026
KE Holdings Inc., a Beijing-based foreign private issuer, operates in China’s residential property services sector through technology-driven platforms that connect homebuyers, sellers, and brokers. Its shares, including weighted voting right...
KE Holdings Details Late-June and Early-July 2026 Share Buybacks
Jul 13, 2026
KE Holdings Inc. reported to U.S. regulators in a July 13, 2026 filing that there were no changes to its total issued share count of 3,326,488,417 Class A ordinary shares as of July 6, 2026, while maintaining its existing structure of WVR ordinary...
KE Holdings Reports June Share Movements, Highlights Active Buybacks and Share Conversions
Jul 8, 2026
KE Holdings Inc., a foreign private issuer headquartered in Beijing, operates in the Chinese real estate services and housing transactions sector, with its equity also traded in Hong Kong via weighted voting rights (WVR) Class A shares and in the ...
KE Holdings Details Late-June Share Buybacks Across Hong Kong and NYSE
Jul 6, 2026
KE Holdings Inc. reported to the U.S. Securities and Exchange Commission in a Form 6-K dated July 6, 2026 that it has filed multiple Next Day Disclosure Returns with the Hong Kong Stock Exchange covering late June and early July. The filings detai...
KE Holdings Grants Over 7 Million RSUs to Employees Under 2020 Equity Plan
Jul 2, 2026
On July 1, 2026, KE Holdings approved the grant of 7,025,385 restricted share units to 649 non-executive employees under its 2020 Share Incentive Plan, with no purchase price and various vesting schedules ranging from immediate to up to 48 months....
KE Holdings Steps Up Share Buybacks Under June 2026 Repurchase Mandate
Jun 29, 2026
KE Holdings Inc. reported to the U.S. Securities and Exchange Commission in a June 2026 Form 6-K that it has been actively repurchasing its Class A WVR ordinary shares across both the Hong Kong Stock Exchange and the New York Stock Exchange since ...
KE Holdings Steps Up Dual-Market Buybacks as June 16 Repurchases Disclosed
Jun 22, 2026
KE Holdings Inc. has reported a series of share repurchases carried out between May 22 and June 16, 2026, across both the Hong Kong market and the New York Stock Exchange, as disclosed in Next Day Disclosure Returns dated June 17 and June 18, 2026...
KE Holdings Shareholders Approve New Charter, Board Mandates at June 2026 AGM
Jun 15, 2026
KE Holdings Inc., a major Chinese housing transactions and services platform that operates the Lianjia brokerage brand, focuses on integrating online and offline channels for existing and new home sales, rentals, and home-related services. Leverag...
KE Holdings Details Early June 2026 Share Cancellations and Ongoing Buybacks
Jun 15, 2026
KE Holdings Inc. reported multiple changes to its share capital structure in early June 2026, primarily driven by an ongoing share repurchase program and internal share-class adjustments. On June 8, 2026 the company cancelled more than 31.3 millio...
KE Holdings Details Extensive April–May 2026 Share Buybacks in New SEC Filing
Jun 8, 2026
KE Holdings Inc. filed a Form 6-K on June 8, 2026, detailing a series of Next Day Disclosure Returns relating to its share capital activity in late May 2026. The filing shows that as of May 29, 2026, the company’s issued share capital stood ...
KE Holdings Reports Stable Share Capital and Ongoing Buybacks in May 2026 Update
Jun 5, 2026
KE Holdings Inc., a major Chinese real estate services platform with shares listed in Hong Kong and represented by ADSs in New York, reported no change in its authorised or issued share capital for May 2026, confirming compliance with Hong Kong...
KE Holdings Details April–May 2026 Share Buybacks Totaling US$10 Million on Single Day
Jun 1, 2026
KE Holdings Inc. reported to the U.S. Securities and Exchange Commission on June 1, 2026 that it had filed a series of Next Day Disclosure Returns with the Hong Kong Stock Exchange reflecting changes in its share capital. The filings show the comp...
KE Holdings Details April–May 2026 Cross‑Market Share Buybacks With Issued Share Count Unchanged
May 26, 2026
KE Holdings Inc. filed a Form 6-K for May 2026 disclosing a Next Day Disclosure Return that details extensive share repurchase activity in April and May 2026 without any change to its total issued share count of 3,356,594,900 Class A ordinary shar...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.