The balance sheet is conservatively managed with a debt-to-equity ratio of 0.22 and a substantial net cash position of approximately $41.6B, providing a significant liquidity buffer despite a contraction in total assets.
KE Holdings Inc. (BEKE) balance sheet — 9-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Total Assets | 112.42B | 116.67B | 133.15B | 120.33B | 109.35B | 100.32B | 104.3B | 67.27B | 38.87B | 31.58B |
| Asset Growth % | -38.67% | -12.38% | 10.65% | 10.05% | 9% | -3.81% | 55.05% | 73.07% | 23.07% | - |
| Real Estate & Other Assets | 1.97B | 545.08M | -43.53M | 231.77M | 198.23M | 131.33M | 327.98M | 702.03M | 2.98B | 5.87M |
| PP&E (Net) | 15.14B | 20.83B | 25.77B | 19.5B | 13.32B | 9.22B | 8.29B | 6.73B | 6.09B | 6B |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 70.37B | 68.12B | 76.6B | 69.75B | 70.42B | 69.93B | 87.54B | 51.91B | 27.37B | 24.07B |
| Cash & Equivalents | 16.43B | 7.77B | 11.44B | 19.63B | 19.41B | 20.45B | 40.97B | 24.32B | 9.12B | 5.24B |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 3.97B | 9.11B | 8.86B | 10.66B | 8.63B | 8.78B | 1.02B | 5.56B | 7.36B | 2.1B |
| Intangible Assets | 660.21M | 1.1B | 1.25B | 1.31B | 1.69B | 1.14B | 1.64B | 2.59B | 197M | 264.73M |
| Total Liabilities | 46.82B | 50.14B | 61.7B | 48.13B | 40.29B | 33.26B | 37.5B | 35.73B | 24.01B | 19.14B |
| Total Debt | 14.39B | 18.78B | 22.65B | 17.99B | 12.19B | 7.51B | 7.99B | 13.05B | 5.96B | 5.68B |
| Net Debt | -2.04B | 11B | 11.21B | -1.65B | -7.22B | -12.94B | -32.98B | -11.27B | -3.16B | 446.11M |
| Long-Term Debt | 366.38M | 442.17M | 0 | 0 | 0 | 0 | 15M | 4.9B | 112.9M | 0 |
| Short-Term Borrowings | 9.26B | 705.66M | 288.28M | 290.45M | 619M | 454.2M | 1.51B | 3.01B | 1.14B | 1.38B |
| Capital Lease Obligations | 57.35B | 17.63B | 22.37B | 17.7B | 11.57B | 7.06B | 6.46B | 5.14B | 4.71B | 4.3B |
| Total Current Liabilities | 41.3B | 42.41B | 52.74B | 39.52B | 33.34B | 28.94B | 33.63B | 27.8B | 20.57B | 16.05B |
| Accounts Payable | 6.1B | 6.05B | 9.49B | 6.33B | 5.84B | 5.74B | 6.44B | 4.03B | 1.41B | 359.27M |
| Deferred Revenue | 6.92B | 5.7B | 6.08B | 4.69B | 3.29B | 1.13B | 734.16M | 593.37M | 303.81M | 244.44M |
| Other Liabilities | 1.95M | 2.15M | 2.56M | 389K | 475K | 1.38M | 3.47M | 120.28M | 532.93M | 0 |
| Total Equity | 65.6B | 66.53B | 71.45B | 72.2B | 69.05B | 67.06B | 66.79B | 31.54B | 14.86B | 12.44B |
| Equity Growth % | -22.66% | -6.88% | -1.04% | 4.56% | 2.98% | 0.39% | 111.8% | 112.24% | 19.47% | - |
| Shareholders Equity | 65.54B | 66.44B | 71.32B | 72.1B | 68.92B | 66.97B | 66.77B | 31.45B | 14.85B | 12.37B |
| Minority Interest | 59.53M | 88.55M | 124.18M | 101.28M | 134.08M | 81.52M | 27.07M | 87.2M | 10.47M | 65.84M |
| Common Stock | 443.15K | 450K | 461K | 475K | 487K | 489K | 482K | 202K | 189K | 178K |
| Additional Paid-in Capital | 61.64B | 64.8B | 72.46B | 77.58B | 80.3B | 78.97B | 77.43B | 2.53B | 0 | 0 |
| Retained Earnings | 3.69B | 1.14B | -1.72B | -5.67B | -11.41B | -9.84B | -9.23B | -11.78B | -7.99B | -5.37B |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40.37B | 22.66B | 17.6B |
| Return on Assets (ROA) | 4.09% | 2.4% | 3.21% | 5.12% | -1.32% | -0.51% | 3.24% | -4.11% | -1.33% | -1.82% |
| Return on Equity (ROE) | 7.13% | 4.34% | 5.66% | 8.33% | -2.04% | -0.78% | 5.65% | -9.41% | -3.43% | -4.62% |
| Debt / Assets | 12.8% | 16.09% | 17.01% | 14.95% | 11.15% | 7.49% | 7.66% | 19.4% | 15.33% | 17.99% |
| Debt / Equity | 0.22x | 0.28x | 0.32x | 0.25x | 0.18x | 0.11x | 0.12x | 0.41x | 0.40x | 0.46x |
| Net Debt / EBITDA | -0.32x | 2.82x | 1.98x | -0.23x | -4.86x | -7.10x | -8.21x | - | - | 9.43x |
| Book Value per Share | 58.66 | 57.48 | 60.59 | 59.97 | 58.04 | 56.68 | 57.55 | 27.58 | 12.49 | 10.88 |
Quick answers to the most common questions about buying BEKE stock.
As of 2025, KE Holdings Inc. (BEKE) had total assets of $116.67B including $68.12B in current assets.
KE Holdings Inc. (BEKE) carries total debt of $18.78B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
KE Holdings Inc. (BEKE) has total shareholders' equity (book value) of $66.44B ($57.48 book value per share). Book value represents the net worth of the company belonging to common stock holders.
KE Holdings Inc. (BEKE) reported a current ratio of 1.61x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Chinese property market volatility
Deleveraging Amidst Asset Contraction
BEKE's balance sheet is actively deleveraging, with total debt declining from $22.7B in 2024Q4 to $14.4B in 2026Q2, while total assets have contracted by $20.7B over the same period, suggesting a strategic retrenchment from prior expansion.
The simultaneous reduction in both assets and liabilities indicates a deliberate scaling back of operations, likely in response to the challenging Chinese property market. This deleveraging has improved the debt-to-equity ratio from 0.32 to 0.22, strengthening the balance sheet's defensive posture. However, the contraction in the asset base, particularly the decline in PPE from $25.8B to $15.1B, warrants monitoring as it may signal reduced operational capacity or asset impairments.
Conservative Leverage with Ample Liquidity
With a debt-to-equity ratio of just 0.22 and cash holdings of $56.0B against total debt of $14.4B, BEKE maintains a net cash position of approximately $41.6B, providing a substantial buffer against market volatility.
The company's leverage profile is exceptionally conservative for a real estate services platform, with cash covering total debt by a factor of nearly 4x. This fortress-like liquidity position appears to be a deliberate strategic choice, providing significant flexibility to navigate the cyclical downturn in Chinese property transactions. The low leverage also suggests limited reliance on external financing, insulating the company from potential credit market disruptions.
Massive Cash Buffer vs. Negative AFFO
Despite a negative AFFO of -$3.7B in 2026Q2, BEKE's cash and equivalents of $56.0B represent over 15x the quarterly cash burn, indicating the company can sustain operations for an extended period without external funding.
The stark contrast between the substantial cash balance and the negative adjusted funds from operations highlights a critical tension in the business model. While the cash position provides immediate safety, the negative AFFO suggests that core operations are not currently self-funding, likely due to significant investments in the home renovation and rental segments. Investors should monitor whether this cash burn is a temporary investment phase or indicative of a structural challenge in achieving profitability in new business lines.
Declining PPE Signals Operational Retrenchment
Net property, plant, and equipment has declined by 41% from its peak of $26.0B in 2025Q1 to $15.1B in 2026Q2, suggesting significant asset disposals, impairments, or a strategic shift away from capital-intensive physical infrastructure.
The sharp reduction in PPE is a notable development for a company whose competitive advantage is partly built on the physical Lianjia store network. This could indicate a rationalization of underperforming locations or a strategic pivot toward a more asset-light model. However, given the company's stated strategy of maintaining a physical footprint for trust and verification, this trend warrants close investigation to understand if it represents a strategic choice or a forced response to market conditions.
Hidden Risk in Developer Receivables
The significant gap between reported FFO of $2.8B and negative AFFO of -$3.7B in 2026Q2 suggests potential non-cash adjustments or working capital movements that may obscure underlying credit risk from developer receivables.
Given BEKE's role as an intermediary for new home sales, its balance sheet likely contains substantial receivables from property developers. In the current distressed Chinese property market, the collectability of these receivables is a critical, non-obvious risk. The provision for credit losses, while not explicitly detailed in the provided data, could be a material variable affecting true economic value. The divergence between FFO and AFFO may partially reflect movements in these receivables or related contract assets, warranting careful scrutiny of the quality of reported earnings.