The company maintains a conservative capital structure with a debt-to-equity ratio of 0.28 as of 2025Q4, providing a buffer against liquidity risks despite a reduction in total assets to $116.7 billion.
| Total Current Assets | 68.16B | 76.6B | 69.75B | 70.42B | 69.93B | 87.54B | 51.91B | 27.37B | 24.07B |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - |
| Cash Only | 15.95B | 11.44B | 19.63B | 19.41B | 20.45B | 40.97B | 24.32B | 9.12B | 5.24B |
| Short-Term Investments | 39.61B | 41.32B | 34.26B | 35.49B | 29.4B | 15.69B | 1.84B | 2.52B | 7.59B |
| Accounts Receivable | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - |
| Inventory | 2.86B | 1.61B | 304.21M | 127.56M | 19.04M | 12.97B | 11.63B | 4.63B | 6.14B |
| Days Inventory Outstanding | 14.02 | 8.33 | 1.98 | 0.99 | 0.11 | 88.28 | 122.2 | 77.57 | 108.03 |
| Other Current Assets | 4.14B | 8.86B | 10.66B | 8.63B | 8.78B | 1.02B | 5.56B | 7.36B | 2.1B |
| Total Non-Current Assets | 48.58B | 56.55B | 50.58B | 38.92B | 30.39B | 16.76B | 15.35B | 11.49B | 7.51B |
| Property, Plant & Equipment | 21.23B | 25.77B | 19.5B | 13.32B | 9.22B | 8.29B | 6.73B | 6.09B | 6B |
| Fixed Asset Turnover | 4.46x | 3.63x | 3.99x | 4.55x | 8.76x | 8.50x | 6.84x | 4.70x | 4.25x |
| Goodwill | 4.66B | 4.78B | 4.86B | 4.93B | 1.81B | 2.47B | 2.48B | 1.14B | 710.98M |
| Intangible Assets | 723.14M | 1.25B | 1.31B | 1.69B | 1.14B | 1.64B | 2.59B | 197M | 264.73M |
| Long-Term Investments | - | - | - | - | - | - | - | - | - |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - |
| Total Assets | 116.74B | 133.15B | 120.33B | 109.35B | 100.32B | 104.3B | 67.27B | 38.87B | 31.58B |
| Asset Turnover | 0.81x | 0.70x | 0.65x | 0.55x | 0.80x | 0.68x | 0.68x | 0.74x | 0.81x |
| Asset Growth % | -12.32% | 10.65% | 10.05% | 9% | -3.81% | 55.05% | 73.07% | 23.07% | - |
| Total Current Liabilities | 42.43B | 52.74B | 39.52B | 33.34B | 28.94B | 33.63B | 27.8B | 20.57B | 16.05B |
| Accounts Payable | 6.06B | 9.49B | 6.33B | 5.84B | 5.74B | 6.44B | 4.03B | 1.41B | 359.27M |
| Days Payables Outstanding | 29.72 | 49.14 | 41.2 | 45.49 | 32.26 | 43.85 | 42.36 | 23.65 | 6.32 |
| Short-Term Debt | - | - | - | - | - | - | - | - | - |
| Deferred Revenue (Current) | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 12.11B | 2.55B | 14.31B | 18.33B | 18.64B | 1.98B | 7.99B | 15.64B | 12.33B |
| Current Ratio | 1.61x | 1.45x | 1.76x | 2.11x | 2.42x | 2.60x | 1.87x | 1.33x | 1.50x |
| Quick Ratio | 1.54x | 1.42x | 1.76x | 2.11x | 2.42x | 2.22x | 1.45x | 1.11x | 1.12x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 7.73B | 8.96B | 8.61B | 6.95B | 4.33B | 3.87B | 7.93B | 3.43B | 3.1B |
| Long-Term Debt | 442.17M | 0 | 0 | 0 | 0 | 15M | 4.9B | 112.9M | 0 |
| Capital Lease Obligations | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 49.91B | 61.7B | 48.13B | 40.29B | 33.26B | 37.5B | 35.73B | 24.01B | 19.14B |
| Total Debt | 18.78B | 22.65B | 17.99B | 12.19B | 7.51B | 7.99B | 13.05B | 5.96B | 5.68B |
| Net Debt | 2.82B | 11.21B | -1.65B | -7.22B | -12.94B | -32.98B | -11.27B | -3.16B | 446.11M |
| Debt / Equity | 0.28x | 0.32x | 0.25x | 0.18x | 0.11x | 0.12x | 0.41x | 0.40x | 0.46x |
| Debt / EBITDA | 4.81x | 4.00x | 2.55x | 8.20x | 4.12x | 1.99x | - | - | 120.10x |
| Net Debt / EBITDA | 0.72x | 1.98x | -0.23x | -4.86x | -7.10x | -8.21x | - | - | 9.43x |
| Interest Coverage | 631.51x | 241.11x | 280.72x | 21.18x | 37.90x | - | -5.29x | -10.46x | -2.15x |
| Total Equity | 66.57B | 71.45B | 72.2B | 69.05B | 67.06B | 66.79B | 31.54B | 14.86B | 12.44B |
| Equity Growth % | -6.82% | -1.04% | 4.56% | 2.98% | 0.39% | 111.8% | 112.24% | 19.47% | - |
| Book Value per Share | 57.52 | 60.59 | 59.97 | 58.04 | 56.68 | 57.55 | 27.58 | 12.49 | 10.88 |
| Total Shareholders' Equity | 66.48B | 71.32B | 72.1B | 68.92B | 66.97B | 66.77B | 31.45B | 14.85B | 12.37B |
| Common Stock | 450.28K | 461K | 475K | 487K | 489K | 482K | 202K | 189K | 178K |
| Retained Earnings | 1.14B | -1.72B | -5.67B | -11.41B | -9.84B | -9.23B | -11.78B | -7.99B | -5.37B |
| Treasury Stock | -848.97M | -949.41M | -866.2M | -225.33M | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 1.35B | 1.54B | 1.06B | 248.1M | -2.16B | -1.44B | 317.04M | 174.51M | 144.14M |
| Minority Interest | 88.6M | 124.18M | 101.28M | 134.08M | 81.52M | 27.07M | 87.2M | 10.47M | 65.84M |
Cyclical property market exposure
As reported in recent financial statements, BEKE's total assets declined from $133.1 billion in 2024Q4 to $116.7 billion by 2025Q4, signaling a significant reduction in the firm's balance sheet scale as the company navigates a challenging and contracting Chinese real estate transaction environment.
The reduction in total assets appears to be driven by a combination of asset rationalization and the impact of market-wide property sector headwinds. Investors should monitor whether this contraction reflects a strategic pivot toward a leaner operating model or a forced response to declining transaction volumes.
Based on the company's reported figures, BEKE maintains a debt-to-equity ratio of 0.28 as of 2025Q4, which suggests a conservative capital structure that provides a meaningful buffer against the ongoing liquidity challenges currently impacting the broader Chinese property development sector.
The firm's leverage remains relatively low, indicating that management has prioritized balance sheet stability over aggressive debt-fueled expansion. This positioning may offer the company greater flexibility to navigate prolonged industry downturns compared to more highly levered peers in the real estate services space.
According to quarterly filings, BEKE's current ratio stands at 1.61 as of 2025Q4, demonstrating that the company retains sufficient short-term assets to cover its immediate obligations despite the inherent volatility in cash balances observed over the past ten quarters.
While cash levels have fluctuated between $9.2 billion and $19.6 billion, the consistent current ratio suggests that the company's liquidity management remains disciplined. This liquidity profile appears adequate to support ongoing operations and potential strategic investments even if transaction volumes remain suppressed.
As indicated by the financial data, BEKE's equity base has remained relatively stable at $66.5 billion in 2025Q4, though the persistent negative trend in retained earnings warrants further investigation into the long-term sustainability of the company's capital base and shareholder value creation.
The shift toward positive retained earnings in late 2025 is a constructive development, yet the historical accumulation of losses suggests that the company's equity quality has been pressured by past operational volatility. Investors should monitor whether this trend toward profitability can be sustained to bolster the equity position.
Based on reported figures, the company's net PPE has grown to $21.2 billion in 2025Q4, which may indicate an increasing reliance on physical store infrastructure that could become a liability if the shift toward digital-first transaction models accelerates faster than anticipated.
The expansion of the physical footprint, while central to the Lianjia brand's competitive moat, introduces significant fixed-cost risk in a contracting market. This asset-heavy approach warrants close scrutiny, as it may limit the company's ability to rapidly rationalize costs during periods of sustained revenue decline.
Quick answers to the most common questions about buying BEKE stock.
As of 2025, KE Holdings Inc. (BEKE) had total assets of $116.74B including $68.16B 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 $66.48B ($57.52 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.