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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 cofounders collectively control the company, while Tencent and its affiliates share 8% of voting power.
2018
116.3K+
LTM Revenue $13.5B
LTM EBITDA $1.1B
$18.7B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
KE Holdings has a last 12-month revenue of $13.5B and a last 12-month EBITDA of $1.1B.
In the most recent fiscal year, KE Holdings achieved revenue of $10.0B and an EBITDA of $1.2B.
KE Holdings expects next 12-month revenue of XXX and NTM EBITDA of XXX
See KE Holdings valuation multiples based on analyst estimates| FY 2023 | FY 2024 | FY 2025 | LTM | NTM | |
|---|---|---|---|---|---|
| Revenue | $7.8B | $10.0B | XXX | XXX | XXX |
| Gross Profit | $2.0B | $1.8B | XXX | XXX | XXX |
| Gross Margin | 26% | 18% | XXX | XXX | XXX |
| EBITDA | $233M | $1.2B | XXX | XXX | XXX |
| EBITDA Margin | 3% | 12% | XXX | XXX | XXX |
| Net Profit | -$67.4M | -$178M | XXX | XXX | XXX |
| Net Margin | -1% | -2% | XXX | XXX | XXX |
| Net Debt | n/a | n/a | XXX | XXX | XXX |
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As of April 15, 2025, KE Holdings's stock price is HKD 49 (or $6).
KE Holdings has current market cap of HKD 177B (or $22.8B), and EV of HKD 145B (or $18.7B).
See KE Holdings trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $18.7B | $22.8B | XXX | XXX | XXX | XXX | $0.30 |
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Sign UpAs of April 15, 2025, KE Holdings has market cap of $22.8B and EV of $18.7B.
KE Holdings's trades at 1.4x LTM EV/Revenue multiple, and 17.7x LTM EBITDA.
Analysts estimate KE Holdings's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See valuation multiples for KE Holdings and 10K+ public comps| FY 2024 | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|
| EV | $18.7B | XXX | XXX | XXX |
| EV/Revenue | 1.9x | XXX | XXX | XXX |
| EV/EBITDA | 15.6x | XXX | XXX | XXX |
| P/E | 30.2x | XXX | XXX | XXX |
| P/E/Growth | 1.6x | XXX | XXX | XXX |
| EV/FCF | 14.1x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Sign UpKE Holdings's NTM/LTM revenue growth is 15%
KE Holdings's revenue per employee for the last fiscal year averaged $0.1M, while opex per employee averaged $18K for the same period.
Over next 12 months, KE Holdings's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .
Analysts estimate KE Holdings's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
See operational valuation multiples for KE Holdings and other 10K+ public comps| FY 2024 | NTM | FY 2025E | FY 2026E | FY 2027E | |
|---|---|---|---|---|---|
| Revenue Growth | 28% | XXX | XXX | XXX | XXX |
| EBITDA Margin | 12% | XXX | XXX | XXX | XXX |
| EBITDA Growth | 414% | XXX | XXX | XXX | XXX |
| Rule of 40 (SaaS-only) | 27% | XXX | XXX | XXX | XXX |
| Revenue per Employee | $0.1M | XXX | XXX | XXX | XXX |
| Opex per Employee | $18K | XXX | XXX | XXX | XXX |
| S&M Expenses to Revenue | 9% | XXX | XXX | XXX | XXX |
| G&A Expenses to Revenue | 11% | XXX | XXX | XXX | XXX |
| R&D Expenses to Revenue | 2% | XXX | XXX | XXX | XXX |
| Opex to Revenue | 21% | XXX | XXX | XXX | XXX |
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Benchmark public comps and private revenue and EBITDA valuation multiples across GRC software, cloud infrastructure, DevOps, online marketplaces and so much more!
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| Prosus | XXX | XXX | XXX | XXX | XXX | XXX |
| Just Eat Takeaway.com | XXX | XXX | XXX | XXX | XXX | XXX |
| Marti Technologies | XXX | XXX | XXX | XXX | XXX | XXX |
| Airtasker | XXX | XXX | XXX | XXX | XXX | XXX |
| Articore Group | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
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KE Holdings acquired XXX companies to date.
Last acquisition by KE Holdings was XXXXXXXX, XXXXX XXXXX XXXXXX . KE Holdings acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
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Sign Up| When was KE Holdings founded? | KE Holdings was founded in 2018. |
| Where is KE Holdings headquartered? | KE Holdings is headquartered in Hong Kong. |
| How many employees does KE Holdings have? | As of today, KE Holdings has 116.3K+ employees. |
| Who is the CEO of KE Holdings? | KE Holdings's CEO is Mr. Yongdong Peng. |
| Is KE Holdings publicy listed? | Yes, KE Holdings is a public company listed on HKG. |
| What is the stock symbol of KE Holdings? | KE Holdings trades under 02423 ticker. |
| When did KE Holdings go public? | KE Holdings went public in 2022. |
| Who are competitors of KE Holdings? | Similar companies to KE Holdings include e.g. Prosus, Just Eat Takeaway.com, Marti Technologies, Airtasker. |
| What is the current market cap of KE Holdings? | KE Holdings's current market cap is $22.8B |
| What is the current revenue of KE Holdings? | KE Holdings's last 12-month revenue is $13.5B. |
| What is the current EBITDA of KE Holdings? | KE Holdings's last 12-month EBITDA is $1.1B. |
| What is the current EV/Revenue multiple of KE Holdings? | Current revenue multiple of KE Holdings is 1.4x. |
| What is the current EV/EBITDA multiple of KE Holdings? | Current EBITDA multiple of KE Holdings is 17.7x. |
| What is the current revenue growth of KE Holdings? | KE Holdings revenue growth between 2023 and 2024 was 28%. |
| Is KE Holdings profitable? | Yes, KE Holdings is EBITDA-positive (as of the last 12 months). |
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