Latest Ratios: P/E Ratio 44.2x · EV/EBITDA 32.5x · ROE 4.3%. (2017–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $18.4B | $18.2B | $21.7B | $19.5B | $16.6B | $23.8B | $71.4B | — | — | — |
| Enterprise Value | $18.9B | $21.1B | $32.9B | $17.9B | $9.4B | $10.9B | $38.4B | — | — | — |
| P/E Ratio → | 44.23 | 6.25 | 5.34 | 3.31 | — | — | 64.10 | — | — | — |
| P/S Ratio | 1.31 | 0.19 | 0.23 | 0.25 | 0.27 | 0.29 | 1.01 | — | — | — |
| P/B Ratio | 1.94 | 0.27 | 0.30 | 0.27 | 0.24 | 0.35 | 1.07 | — | — | — |
| P/FCF | — | — | 2.58 | 1.90 | 2.17 | 10.99 | 8.43 | — | — | — |
| P/OCF | — | — | 2.30 | 1.75 | 1.96 | 6.62 | 7.63 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.22 | 0.35 | 0.23 | 0.15 | 0.13 | 0.55 | — | — | — |
| EV / EBITDA | 32.50 | 5.40 | 5.82 | 2.53 | 6.32 | 5.96 | 9.57 | — | — | — |
| EV / EBIT | 44.82 | 4.50 | 4.78 | 2.26 | 30.60 | 9.43 | 8.40 | — | — | — |
| EV / FCF | — | — | 3.92 | 1.74 | 1.22 | 5.02 | 4.54 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.4% | 21.4% | 24.6% | 27.9% | 22.7% | 19.6% | 23.9% | 24.5% | 24.0% | 18.7% |
| Operating Margin | 3.0% | 3.0% | 5.0% | 7.3% | -0.0% | 0.6% | 4.0% | -3.9% | -4.3% | -3.0% |
| Net Profit Margin | 3.2% | 3.2% | 4.3% | 7.6% | -2.3% | -0.6% | 3.9% | -4.7% | -1.6% | -2.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.3% | 4.3% | 5.7% | 8.3% | -2.0% | -0.8% | 5.6% | -9.4% | -3.4% | -4.6% |
| ROA | 2.4% | 2.4% | 3.2% | 5.1% | -1.3% | -0.5% | 3.2% | -4.1% | -1.3% | -1.8% |
| ROIC | 2.8% | 2.8% | 4.6% | 6.4% | -0.0% | 0.8% | 7.9% | -8.4% | -7.4% | -4.4% |
| ROCE | 3.7% | 3.7% | 5.8% | 7.2% | -0.0% | 0.6% | 5.2% | -6.2% | -7.2% | -4.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.28 | 0.28 | 0.32 | 0.25 | 0.18 | 0.11 | 0.12 | 0.41 | 0.40 | 0.46 |
| Debt / EBITDA | 4.81 | 4.81 | 4.00 | 2.55 | 8.20 | 4.12 | 1.99 | — | — | 120.10 |
| Net Debt / Equity | — | 0.04 | 0.16 | -0.02 | -0.10 | -0.19 | -0.49 | -0.36 | -0.21 | 0.04 |
| Net Debt / EBITDA | 0.72 | 0.72 | 1.98 | -0.23 | -4.86 | -7.10 | -8.21 | — | — | 9.43 |
| Debt / FCF | — | — | 1.33 | -0.16 | -0.94 | -5.97 | -3.89 | — | -1.18 | — |
| Interest Coverage | 631.51 | 631.51 | 241.11 | 280.72 | 21.18 | 37.90 | — | -5.29 | -10.46 | -2.15 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.61 | 1.61 | 1.45 | 1.76 | 2.11 | 2.42 | 2.60 | 1.87 | 1.33 | 1.50 |
| Quick Ratio | 1.54 | 1.54 | 1.42 | 1.76 | 2.11 | 2.42 | 2.22 | 1.45 | 1.11 | 1.12 |
| Cash Ratio | 1.31 | 1.31 | 1.00 | 1.36 | 1.65 | 1.72 | 1.68 | 0.94 | 0.57 | 0.80 |
| Asset Turnover | — | 0.81 | 0.70 | 0.65 | 0.55 | 0.80 | 0.68 | 0.68 | 0.74 | 0.81 |
| Inventory Turnover | 26.04 | 26.04 | 43.80 | 184.28 | 367.58 | 3411.24 | 4.13 | 2.99 | 4.71 | 3.38 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.2% | 15.4% | 13.0% | 7.3% | 0.3% | 0.3% | 0.1% | — | — | — |
| Payout Ratio | 93.6% | 93.6% | 69.6% | 24.2% | — | — | 1.4% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.3% | 16.0% | 18.7% | 30.2% | — | — | 1.6% | — | — | — |
| FCF Yield | — | — | 38.7% | 52.7% | 46.2% | 9.1% | 11.9% | — | — | — |
| Buyback Yield | 5.2% | 35.1% | 23.5% | 26.4% | 7.9% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 7.3% | 50.5% | 36.5% | 33.7% | 8.3% | 0.3% | 0.1% | — | — | — |
| Shares Outstanding | — | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.1B | $1.2B | $1.1B |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying BEKE stock.
KE Holdings Inc.'s current P/E ratio is 44.2x. The historical average is 19.8x. This places it at the 75th percentile of its historical range.
KE Holdings Inc.'s current EV/EBITDA is 32.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.9x.
KE Holdings Inc.'s return on equity (ROE) is 4.3%. The historical average is 0.4%.
Based on historical data, KE Holdings Inc. is trading at a P/E of 44.2x. This is at the 75th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
KE Holdings Inc.'s current dividend yield is 2.17% with a payout ratio of 93.6%.
KE Holdings Inc. has 21.4% gross margin and 3.0% operating margin.
KE Holdings Inc.'s Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Chinese property market volatility
Valuation Premium Amidst Cyclical Headwinds
BEKE trades at a P/E of 45.83 and an EV/EBITDA of 33.65, a significant premium to global peers like Compass and Anywhere, suggesting the market prices in a platform premium despite the cyclical nature of its core transaction business.
The valuation multiples appear elevated relative to the company's own historical P/FFO range of 56-61, indicating the market may be pricing in a recovery from current trough earnings. However, the lack of a reported P/FFO metric complicates direct comparison to traditional REIT valuation frameworks. The premium likely reflects expectations for the Home Renovation segment to become a more material, higher-margin contributor, but this remains unproven at scale.
NOI Margin Expansion Amidst Revenue Pressure
BEKE's NOI margin expanded significantly to 28.6% in 2026Q2, up from 21.9% in the prior-year quarter, suggesting improved operational leverage or a favorable shift in revenue mix despite a 5.9% YoY revenue decline.
This margin improvement is a positive signal, indicating the company may be successfully rationalizing costs or shifting towards higher-margin services like existing home transactions. However, the sustainability of this expansion is questionable if it is driven by cost-cutting in a down cycle rather than structural improvements. The high variable cost structure, dominated by agent commissions, means margins are inherently sensitive to transaction volume and mix.
Dividend Sustainability Questioned by AFFO
The FFO payout ratio of 73.7% in 2026Q2 appears manageable, but the deeply negative AFFO of -$3.33 per share in the same period raises serious concerns about the cash flow backing the dividend and the quality of reported FFO.
The stark divergence between positive FFO and negative AFFO suggests significant non-cash adjustments or working capital movements are inflating the FFO figure. The dividend, while covered by FFO, may not be supported by actual distributable cash flow, forcing the company to fund it from its balance sheet. Investors should monitor whether the negative AFFO trend persists, as it could force a dividend cut or reduction in share repurchases.
Fortress Balance Sheet Provides Strategic Flexibility
With a debt-to-equity ratio of just 0.22 and cash holdings of approximately $56.0 billion against total debt of $14.4 billion, BEKE maintains a substantial net cash position that provides a significant buffer against market volatility.
The conservative leverage profile is a key strength, allowing the company to weather the current property market downturn without immediate financing risk. The declining debt trend from $22.7B in 2024Q4 to $14.4B in 2026Q2 indicates active deleveraging. This financial flexibility is critical for funding the strategic expansion into capital-intensive segments like home renovation and rental management.
Operational Retrenchment Evident in Asset Base
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.
This contraction in the physical asset base aligns with a potential pivot towards a more asset-light platform model, which could improve long-term returns on invested capital. However, it also raises questions about the future scale and profitability of the Lianjia store network, which is central to the company's operational model and agent recruitment. The reduction may indicate a strategic retreat from less profitable markets or store formats.
The Misleading P/E and D/E Ratios
The standard P/E ratio of 45.83 is deeply misleading for BEKE, as it is distorted by significant non-cash items like depreciation and share-based compensation, while the D/E ratio of 0.22 understates true economic leverage by using book equity instead of gross assets.
For a REIT-like entity with significant depreciation and a high variable cost structure, GAAP net income is a poor proxy for cash earnings, making the P/E ratio unreliable. The more appropriate metric is P/FFO, which is not provided but would likely be lower and more representative. Similarly, the D/E ratio uses book equity, which can be eroded by accumulated losses or share repurchases; debt-to-gross-assets would provide a clearer picture of the company's true leverage against its asset base.