KE Holdings - Public Comps and Valuation Multiples

KE Holdings Overview

About KE Holdings

KE Holdings, or Beike, is a large residential real estate sales and rental brokerage company in China. Founded in 2001, the company operates through self-owned Lianjia stores in Beijing and Shanghai and connected third-party agencies, including franchise brand Deyou in other cities, with commissions charged on existing-home and new-home transactions. Leveraging an online-offline hybrid model, Beike also attract clients through its namesake online marketplace. The company tapped into home renovation services by acquiring Shengdu Home Decoration in 2022. As of the end of 2024, Beike’s co-founders collectively control the company, while Tencent and its affiliates share 8% of voting power.

Founded

2018

HQ

Employees

116.3K+

Website

investors.ke.com

Sectors

Vertical Marketplaces
Consumer Marketplaces
Real Estate Services
Service Providers

Financials

LTM Revenue $14.2B

LTM EBITDA $915M

EV

$17.8B

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KE Holdings Financials

As of September 2025, KE Holdings reported last 12-month revenue of $14.2B and EBITDA of $915M.

In the same period, KE Holdings generated $3.2B in LTM gross profit and $637M in net income.

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KE Holdings P&L

In the most recent fiscal year, KE Holdings reported revenue of $12.0B and EBITDA of $1.0B.

KE Holdings expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$14.2B	XXX	$12.0B	XXX	XXX	XXX
Gross Profit	$3.2B	XXX	$2.9B	XXX	XXX	XXX
Gross Margin	23%	XXX	25%	XXX	XXX	XXX
EBITDA	$915M	XXX	$1.0B	XXX	XXX	XXX
EBITDA Margin	6%	XXX	8%	XXX	XXX	XXX
EBIT	$677M	XXX	$597M	XXX	XXX	XXX
EBIT Margin	5%	XXX	5%	XXX	XXX	XXX
Net Profit	$637M	XXX	$522M	XXX	XXX	XXX
Net Margin	4%	XXX	4%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for KE Holdings including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $14.2B. EBITDA for the last twelve months was $915M. In the most recent fiscal year, KE Holdings achieved $12.0B in revenue and $1.0B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$14.2B	Analyst estimates available to subscribers	$12.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$3.2B	Analyst estimates available to subscribers	$2.9B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	22.8% gross margin	Analyst estimates available to subscribers	24.6% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$915M	Analyst estimates available to subscribers	$1.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	6.5% EBITDA margin	Analyst estimates available to subscribers	8.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$677M	Analyst estimates available to subscribers	$597M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	4.8% EBIT margin	Analyst estimates available to subscribers	5.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$637M	Analyst estimates available to subscribers	$522M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	4.5% net profit margin	Analyst estimates available to subscribers	4.3% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for KE Holdings

This financial data table provides comprehensive performance metrics for KE Holdings, a company based in Hong Kong. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

KE Holdings generated $14.2B in revenue over the last twelve months.
The company achieved $915M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $3.2B.
Net income over the last twelve months reached $637M.

Fiscal Year Performance

In the most recent fiscal year, KE Holdings reported $12.0B in total revenue.
Fiscal year EBITDA was $1.0B.
The company maintained a gross profit margin of 24.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was 8.4%.
Net profit margin reached 4.3% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for KE Holdings. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

KE Holdings Stock Performance

KE Holdings has current market cap of HKD 163B (or $21.0B), and EV of HKD 138B (or $17.8B).

Market Cap Evolution

KE Holdings Stock Data

As of October 17, 2025, KE Holdings's stock price is HKD 46 (or $6).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$17.8B	$21.0B	XXX	XXX	XXX	XXX	$0.27

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KE Holdings Valuation Multiples

KE Holdings's trades at 1.5x EV/Revenue multiple, and 17.5x EV/EBITDA.

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KE Holdings Financial Valuation Multiples

As of October 17, 2025, KE Holdings has market cap of $21.0B and EV of $17.8B.

Equity research analysts estimate KE Holdings's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

KE Holdings has a P/E ratio of 33.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$21.0B	XXX	$21.0B	XXX	XXX	XXX
EV (current)	$17.8B	XXX	$17.8B	XXX	XXX	XXX
EV/Revenue	1.3x	XXX	1.5x	XXX	XXX	XXX
EV/EBITDA	19.4x	XXX	17.5x	XXX	XXX	XXX
EV/EBIT	26.2x	XXX	29.8x	XXX	XXX	XXX
EV/Gross Profit	5.5x	XXX	n/a	XXX	XXX	XXX
P/E	33.0x	XXX	40.2x	XXX	XXX	XXX
EV/FCF	15.3x	XXX	16.4x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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KE Holdings Margins & Growth Rates

KE Holdings's last 12 month revenue growth is 12%

KE Holdings's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $20K for the same period.

KE Holdings's rule of 40 is 24% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

KE Holdings's rule of X is 36% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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KE Holdings Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	12%	XXX	16%	XXX	XXX	XXX
EBITDA Margin	6%	XXX	8%	XXX	XXX	XXX
EBITDA Growth	26%	XXX	-13%	XXX	XXX	XXX
Rule of 40	24%	XXX	20%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	36%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$20K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	8%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	2%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	20%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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