KE Holdings Inc ADR Dossier
Financial Snapshot
Revenue, profitability, returns, debt, and capital allocation
Revenue $13.5B+5.6% YoYTTM through 31 Dec 2025
Net Income $428.1M-23.1% YoYTTM through 31 Dec 2025
Free Cash Flow -$140.7MTTM through 31 Dec 2025
Margins
| Current | |
|---|---|
| Operating Margin | 2.2% |
| Net Margin | 3.2% |
Returns
4.5%ROE
2.6%ROA
3.8%ROIC
Balance Sheet Health
Debt / Equity0.19x
Current Ratio2.25x
Net Debt-$5Bnet cash position
Cash & Equivalents$1.1B
Quality Metrics
Altman Z-Score2.66
Piotroski F-Score4 / 9
FCF Margin-1.0%
Earnings-Beat Rate75.0%
Multi-Year Trend
RevenueFY2025: $94.6B
Diluted EPS$0.12TTMFY2025: $0.12
Dividend
$0.28Per share, FY20261.77%Yield
Capital Allocation
R&D Spend$369M
Capex Intensity0.6%
Segment Performance
| Segment | Revenue | YoY | Outlook |
|---|---|---|---|
| Existing Home Transaction Services | $3.6B | -11.3% | View detailsExpected to show relative resilience in Tier-1 cities, though buyer sentiment remains cautious. |
| New Home Transaction Services | $4.4B | -9.1% | View detailsFaces ongoing headwinds from developer liquidity concerns and soft project activity. |
| Home Renovation and Furnishing | $2.2B | +4.4% | View detailsStrategic focus remains on enhancing operating quality, supply chain capabilities, and risk management. |
| Home Rental Services | $3.1B | +52.8% | View detailsAchieved full-year profitability at the operating level, driven by Carefree Rent product transition to lower-risk models. |
Financials converted at 6.9961 from CNY.
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