Share count
3.5Bpeak FY2023
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BEKE, KE Holdings Inc
Revenue is led by New home transaction services (32%) and Existing home transaction services (26%), with 3 more segments behind.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
CN¥94.6B
+1.2% YoY · 6% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue CN¥94.6B 5-yr avg CN¥81.4B
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.
- What moves the needle
- Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best. On its own account, the filing leans hardest on debt terms & refinancing, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on equity has sat below the cost of equity (median 5%, above 12% in only 1 of 7 years). A mortgage REIT lives on the spread between what its mortgages earn and what its borrowing costs, levered many times over; weigh the worst rate and credit years in the record, not the average, and read the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Revenue spreads across 5 segments, the largest New home transaction services at 32%.
Revenue by reportable segment, FY2025
- New home transaction services32%CN¥30.6B
- Existing home transaction services26%CN¥25.0B
- Home rental services23%CN¥21.9B
- Home renovation and furnishing16%CN¥15.4B
- Emerging and other services2%CN¥1.6B
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2018–2025
realized figures from each filing · older years to the left| 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| CN¥28.6B | CN¥46.0B | CN¥70.5B | CN¥80.8B | CN¥60.7B | CN¥77.8B | CN¥93.5B | CN¥94.6B | CN¥94.6B | RevenueRevenue |
| CN¥121M | CN¥230M | CN¥164M | CN¥355M | CN¥743M | CN¥1.3B | — | — | CN¥1.3B | Net interest incomeNet int. |
| (CN¥428M) | (CN¥2.2B) | CN¥2.8B | (CN¥525M) | (CN¥1.4B) | CN¥5.9B | CN¥4.1B | CN¥3.0B | CN¥3.0B | Net incomeNet inc. |
| — | — | 37% | — | — | 25% | 41% | 36% | 36% | Effective tax rateTax rate |
| Cash flow & returns | |||||||||
| — | -3.2% | 2.7% | -0.5% | -1.3% | 4.9% | 3.1% | 2.6% | 2.6% | Return on assetsROA |
| — | — | 4% | -1% | -2% | 8% | 6% | 5% | 5% | Return on equityROE |
| — | — | — | — | — | 6% | 2% | 0% | 0% | Retained to equityRetained/eq |
| — | — | 4% | -1% | -2% | 9% | 6% | 5% | 5% | Return on tangible equityROTCE |
| Balance sheet | |||||||||
| — | CN¥67.3B | CN¥104.3B | CN¥100.3B | CN¥109.3B | CN¥120.3B | CN¥133.1B | CN¥116.7B | CN¥116.7B | Total assetsAssets |
| CN¥1.1B | CN¥2.5B | CN¥2.5B | CN¥1.8B | CN¥4.9B | CN¥4.9B | CN¥4.8B | CN¥4.7B | CN¥4.7B | GoodwillGoodwill |
| — | (CN¥8.9B) | CN¥66.8B | CN¥67.0B | CN¥68.9B | CN¥72.1B | CN¥71.3B | CN¥66.4B | CN¥66.4B | Shareholders’ equityEquity |
| Per share | |||||||||
| 1.36B | 1.38B | 2.27B | 3.55B | 3.57B | 3.61B | 3.54B | 3.47B | 3.47B | Shares out (diluted)Shares |
| CN¥-0.31 | CN¥-1.58 | CN¥1.23 | CN¥-0.15 | CN¥-0.39 | CN¥1.63 | CN¥1.15 | CN¥0.86 | CN¥0.86 | EPS (diluted)EPS |
| — | — | — | — | — | CN¥0.39 | CN¥0.80 | CN¥0.83 | CN¥0.83 | Dividends / shareDiv/sh |
| — | CN¥-6.48 | CN¥29.45 | CN¥18.87 | CN¥19.31 | CN¥19.96 | CN¥20.16 | CN¥19.14 | CN¥19.14 | Book value / shareBVPS |
| — | CN¥-10.13 | CN¥27.63 | CN¥18.04 | CN¥17.45 | CN¥18.32 | CN¥18.57 | CN¥17.59 | CN¥17.59 | Tangible book / shareTBVPS |
The diluted share count moved ×1.65 into 2020 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1.57 into 2021 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 7-yr | 5-yr | |
|---|---|---|
| Revenue / share | +3.8%/yr | −2.6%/yr |
| EPS | — | −6.8%/yr |
| Dividends / share | +45.0%/yr (2-yr) | +45.0%/yr (2-yr) |
| Capital spending / share | −11.1%/yr | −14.9%/yr |
| Book value / share | — | −8.3%/yr |
The record, charted
FY2018–2025Each measure over its full record; the current point and the worst year marked.
Revenue
CN¥94.6Blow FY2018
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Is it a good business?
- Below the cost of equityNet income CN¥3.0B ÷ equity CN¥66.4BIndustry peers: median 10%
What this means
The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.
- ModestNet income ÷ (equity − goodwill CN¥4.7B − intangibles CN¥723M)Industry peers: median 13%
What this means
The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.
- Not enough dataIndustry peers: median 64%
What this means
Noninterest expense or revenue missing.
Is it sound?
- Capital (equity / assets) 56.9%Well capitalizedEquity CN¥66.4B ÷ assets CN¥116.7B
What this means
A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.
- Borrowed against bookAssets CN¥116.7B ÷ equity CN¥66.4B
What this means
A mortgage REIT finances a pool of mortgages with borrowed money — mostly short-term repo, which sits in liabilities rather than as tagged debt — so its true leverage is the whole balance sheet against the owners' equity, not just labeled debt. That leverage magnifies both the spread it earns and the loss when rates or credit move against it; read it beside the book value, the question being whether the spread compensated for the leverage through a cycle.
- Credit cost —Not enough data
What this means
Provision or net interest income missing.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing A competitive risk, new this year
Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.
“Through a human-AI collaboration model, we are driving the evolution of our services toward decision-oriented services, enhancing customer experience, improving service provider capabilities, and increasing platform operating efficiency, thereby strengthening our long-term competitiveness.…”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsCN¥68.1B
- Cash & short-term investmentsCN¥47.4B
- ReceivablesCN¥3.1B
- InventoryCN¥2.9B
- Other current assetsCN¥14.8B
Current liabilitiesCN¥42.4B
- Accounts payableCN¥6.1B
- Other current liabilitiesCN¥36.4B
Current ratio1.61×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.54×stricter: inventory excluded
Cash ratio1.12×strictest: cash alone against what's due
Working capitalCN¥25.7Bthe cushion left after near-term bills
Cash runway48.1 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book valueCN¥61.1Bequity stripped of goodwill & intangibles
Net current asset valueCN¥18.0BGraham's net-net: current assets less all liabilities
Debt incl. operating leasesCN¥10.8BCN¥10.7B of it operating leases
Deferred revenueCN¥4.4Bcustomer cash collected before delivery; operating float
From the company's latest filing.
Peers, nearest by economic model
No close industry peers in the catalog yet, so these are the nearest by economic model (reit / real estate), compared on the bank lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | ROE | ROTCE | Efficiency | NII / assets |
|---|---|---|---|---|---|
| BACBank of America Corp. | $113.1B | 10% | 13% | 64% | 1.8% |
| BEKEKE Holdings Inc | CN¥94.6B | 4% | 5% | — | 0.4% |
| CCitigroup Inc. | $85.2B | 7% | 8% | 62% | 2.3% |
| WFCWells Fargo & Co. | $83.7B | 11% | 13% | 67% | 2.5% |
| GSGoldman Sachs Group Inc. (The) | $58.3B | 10% | 10% | 65% | 0.4% |
| COFCapital One Financial Corporation | $53.4B | 8% | 12% | 54% | 6.0% |
| AXPAmerican Express Company | $72.2B | 30% | 35% | 73% | 4.3% |
| JLLJones Lang LaSalle Incorporated | $26.1B | 11% | 74% | — | -0.6% |
| Group median | — | 10% | 12% | — | 2.0% |
The price
What a price has to assume.
What the price implies
price / tangible bookEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American depositary shares, each of which represents three Class”; KE Holdings Inc reports in CNY, so every figure in this tool is stated per ADS and translated at CNY 1 = $0.147 (2026-07-17, reference rate) so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed, in CNY.
A mortgage REIT is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what KE Holdings Inc’s record justifies.
$
The assumptions
Tangible book / share, delivered−6%/yr’20→’25
The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). A mortgage REIT earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for a mortgage REIT.
Enter a price above to run it.
Price / tangible book—
Justified by the return—
Normalized return on tangible equity5%
Price / book—
Earnings yield—
P/E (3-yr avg ’23–’25)—
Graham’s price gate—
Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Tangible book $9.0B on 1157M shares, a 5% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the mortgage REIT keeps earning that return; a rate shock, a spread that compresses or a credit cycle changes it, which is what the record and the 10-K are for.
Cite: Owner Scorecard, "KE Holdings Inc (BEKE), the owner's record," https://ownerscorecard.com/c/BEKE, data as of 2026-07-09.
Manual order: ← BDMD its page in the Manual BEP →
Industry order: ← ASPS the Real Estate Development & Services chapter BN →