Latest Ratios: P/E Ratio 40.1x · EV/EBITDA 29.5x · 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 | $16.5B | $18.2B | $21.7B | $19.5B | $16.6B | $23.8B | $71.4B | — | — | — |
| Enterprise Value | $16.9B | $21.1B | $32.9B | $17.9B | $9.4B | $10.9B | $38.4B | — | — | — |
| P/E Ratio → | 40.11 | 6.25 | 5.34 | 3.31 | — | — | 64.10 | — | — | — |
| P/S Ratio | 1.19 | 0.19 | 0.23 | 0.25 | 0.27 | 0.29 | 1.01 | — | — | — |
| P/B Ratio | 1.76 | 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 | 29.54 | 5.40 | 5.82 | 2.53 | 6.32 | 5.96 | 9.57 | — | — | — |
| EV / EBIT | 40.75 | 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 | 2.4% | 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 | 2.5% | 16.0% | 18.7% | 30.2% | — | — | 1.6% | — | — | — |
| FCF Yield | — | — | 38.7% | 52.7% | 46.2% | 9.1% | 11.9% | — | — | — |
| Buyback Yield | 5.7% | 35.1% | 23.5% | 26.4% | 7.9% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 8.1% | 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 |
Cyclical property market exposure
According to current market data, BEKE trades at a P/E of 38.42, which appears to price in a significant growth recovery that contrasts sharply with the 28.7% revenue contraction observed in 2025Q4, suggesting the market may be overestimating the company's near-term earnings trajectory.
The valuation gap between the trailing P/E and the forward P/E of 2.18 implies an aggressive expectation for earnings normalization that may not materialize given the persistent headwinds in the Chinese property sector. Investors should monitor whether this valuation premium is supported by structural platform advantages or if it represents a mispricing of cyclical volatility.
Based on reported financial figures, BEKE's ROIC has trended downward to 0.5% in 2025Q4, a significant decay from historical levels that highlights the difficulty of maintaining high returns on invested capital while expanding into more capital-intensive segments like home renovation and physical store maintenance.
The compression in ROIC suggests that the company's recent capital allocation strategy is struggling to generate returns that exceed the cost of capital. This trend warrants further investigation into whether the shift toward lower-margin service offerings is permanently diluting the firm's ability to compound value for shareholders.
As reported in recent quarterly filings, BEKE's asset turnover ratio remains low at 0.19, indicating that the company's massive asset base is not generating sufficient revenue velocity, a trend that appears to be exacerbated by the current slowdown in transaction volumes across its core markets.
The stability of the cash conversion cycle, despite the revenue contraction, suggests that management is maintaining tight control over receivables and payables. However, the low asset turnover implies that the physical store network may be becoming a drag on overall operational efficiency as the business model attempts to pivot.
Based on the company's latest balance sheet, BEKE maintains a debt-to-equity ratio of 0.28, which provides a substantial fortress-like buffer against the liquidity challenges currently impacting the broader Chinese property development sector and allows for continued operational flexibility during this period of industry-wide contraction.
While the debt-to-EBITDA ratio has fluctuated significantly due to earnings volatility, the absolute debt levels remain manageable. This conservative capital structure is a critical defensive feature that distinguishes BEKE from more highly leveraged peers and provides the necessary runway to navigate the current cyclical downturn.
The P/E ratio is frequently misapplied to BEKE, as it obscures the impact of non-cash share-based compensation and the extreme cyclicality of transaction-based revenue, which can lead to a distorted view of the company's true underlying earning power in a depressed property market environment.
Analysts should instead focus on normalized free cash flow and take-rate stability to better assess the company's performance. Relying on traditional P/E multiples fails to account for the significant capital expenditure required to maintain the ACN and the potential for counter-cyclical growth in the home renovation segment.
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 40.1x. 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 29.5x. 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 40.1x. 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 2.40% 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.