KE Holdings Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data KE Holdings Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10,802	12,672	8,796	10,955	12,804	13,525
Cost of revenue	8,218	10,189	6,798	7,896	9,660	10,635
Gross profit	2,584	2,482	1,998	3,059	3,143	2,890
Research and development	380	501	369	273	313	369
Selling and marketing	569	676	663	937	1,066	1,048
General and administrative	1,163	1,400	1,065	1,160	1,228	1,155
Operating expenses	2,148	2,695	2,119	2,383	2,628	2,588
Operating income	436	-213	-121	676	516	302
Interest income				199	34.7
Other non-operating income	162	267	227	263	215	207
Pre-tax income	672	179	42.4	1,110	941	669
Income tax	247	261	245	281	382	241
Net income to minority interests	0.11	-0.1	-1.63	0.9	1.82	-0.42
Net income	426	-82.2	-201	829	557	428
EBITDA	520	-74.6	12.4	785	618	435
EPS, basic	0.05	-0.02	-0.06	0.24	0.16	0.13
EPS, diluted	0.05	-0.02	-0.06	0.23	0.16	0.12
Shares, basic (weighted)	2,226	3,549	3,569	3,521	3,410	3,326
Shares, diluted (weighted)	2,267	3,549	3,569	3,612	3,537	3,472

Balance sheet

	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	6,429	2,964	2,734	2,690	1,636	1,112
Short-term investments	2,404	4,614	5,145	4,825	5,661	5,660
Receivables	2,020	1,463
Inventory						408
Other current assets	717	491	588	657	857	533
Total current assets	13,416	10,973	10,211	9,825	10,495	9,741
Property, plant and equipment	226	309	295	277	329	296
Lease right-of-use assets	1,045	1,137	1,636	2,481	3,201	2,738
Goodwill	378	283	715	684	655	666
Intangible assets	252	179	245	150	117	103
Long-term investments	481	2,674	2,599	3,320	3,259	2,881
Total assets	15,984	15,742	15,854	16,948	18,241	16,683
Accounts payable	1,011	943	847	891	1,300	865
Accrued liabilities	1,721	1,543	1,358	1,147	1,153	930
Deferred revenue	113	173	473	657	829	814
Total current liabilities	5,155	4,541	4,834	5,567	7,226	6,064
Lease liabilities	588	675	957	1,173	1,183	997
Other non-current liabilities	0.53	0.22	0.07	0.06	0.35	0.31
Total liabilities	5,748	5,220	5,842	6,779	8,453	7,170
Paid-in capital	11,867	12,392	11,643	10,927	9,927	9,267
Retained earnings	-1,414	-1,545	-1,654	-799	-236	163
Treasury stock			-32.7	-122	-130	-121
Other comprehensive income	-281	-414	-59.8	34.4	83.4	41.5
Shareholders' equity	10,232	10,510	9,993	10,155	9,771	9,501
Minority interests	4.15	12.8	19.4	14.3	17	12.7
Total equity	10,236	10,522	10,012	10,169	9,788	9,514
Total liabilities and equity	15,984	15,742	15,854	16,948	18,241	16,683

Cash flow statement

	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	426	-82.3	-203	830	559	428
Depreciation and amortization	84.7	138	133	109	102	134
Stock-based compensation	345	241	352	453	373	272
Deferred income tax	-55.1	-26.7	43.8	-46.3	20.1	-36.2
Change in receivables	-894	415	748
Change in inventory						-179
Cash from operations	1,435	564	1,227	1,572	1,294	-53.8
Capital expenditures	-136	-224	-115	-123	-142	-86.9
Acquisitions	-1.66	-3.43	-456	-1.39	14.4
Purchases of investments	-8,117	-1,341	-180	-5,475		-63.1
Cash from investing	-2,295	-3,905	-1,228	-560	-1,285	843
Stock issued	2,342	0		0	0
Share buybacks			-191	-725	-699	-941
Dividends paid				-201	-388	-412
Cash from financing	3,894	-169	-167	-981	-794	-1,400
Exchange rate effect	-335	-69.4
Net change in cash	2,698	-3,579	-165	37.1	-761	-623
Free cash flow	1,299	340	1,112	1,448	1,152	-141
Interest paid	29.8	0.73	1.98	2.46	1.71	0.99
Income taxes paid	318	360	210	317	304	336

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $16.33 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	21.4%	Gross profit / revenue.
Operating margin	2.2%	Operating income / revenue.
EBITDA margin	3.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.9%	Pre-tax income / revenue.
Net margin	3.2%	Net income / revenue.
FCF margin	-1.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-0.4%	Cash from operations / revenue.
Effective tax rate	36.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.5%	Net income / average total assets.
Return on invested capital (ROIC)	2.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.7%	Research and development expense / revenue.
Stock-based pay / revenue	2.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.6%	Capital expenditures / revenue.
D&A / revenue	1.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-8.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	13.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	2.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-41.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	-7.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-29.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	227.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-3.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-23.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	0.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-25.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	19.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-104.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-112.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-2.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-1.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-8.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	8.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.61x	Current assets / current liabilities.
Quick ratio	1.12x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.12x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	43.0%	Total liabilities / total assets.
Working capital	$3.68B	Current assets - current liabilities.
Goodwill and intangibles / assets	4.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$8.73B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.77x	Revenue / average total assets.
Fixed asset turnover	43.3x	Revenue / average property, plant and equipment.
Inventory turnover	26.1x	Cost of revenue / average inventory.
Days inventory	14 days	365 x average inventory / cost of revenue.
Days payables	37 days	365 x average accounts payable / cost of revenue.
FCF conversion	-32.9%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.12	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.13	Net income per basic share, as reported (split-adjusted).
Revenue per share	$3.90	Revenue / diluted weighted shares.
FCF per share	-$0.04	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.02	Cash from operations / diluted weighted shares.
Book value per share	$2.74	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.51	Tangible book value / shares outstanding.
Cash per share	$1.95	(Cash + short-term investments) / shares outstanding.
Payout ratio	96.2%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$18.45B	Share price x shares outstanding.
Enterprise value	$11.68B	Market cap + total debt - cash - short-term investments.
P/E	43.1x	Market cap / net income. Only when net income is positive.
P/S	1.36x	Market cap / revenue.
P/B	1.94x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.11x	Market cap / tangible book value, when positive.
EV/Sales	0.86x	Enterprise value / revenue.
EV/EBIT	38.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	26.8x	Enterprise value / EBITDA, when both are positive.
FCF yield	-0.8%	Free cash flow / market cap.
Earnings yield	2.3%	Net income / market cap (the inverse of P/E).
Dividend yield	2.2%	Dividends paid over the period / market cap.
Shareholder yield	7.3%	(Dividends paid + share buybacks) / market cap.

What was KE Holdings Inc.'s revenue in fiscal 2025?

KE Holdings Inc. reported revenue of $13.52B for fiscal 2025, 5.6% higher than the year before.

Was KE Holdings Inc. profitable in fiscal 2025?

Yes. Net income was $428.1M, a net margin of 3.2%.

How much free cash flow did KE Holdings Inc. generate in fiscal 2025?

Cash from operations of $53.8M minus capital expenditures of $86.9M left free cash flow of -$140.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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