KE Holdings Inc (BEKE) Stock Price & How to Invest

KE Holdings Inc. runs Beike, an integrated online and offline platform for housing transactions and services in China. The core of it is the Agent Cooperation Network, a rule set and commission-splitting system that lets agents from different stores and different brands work the same listing and share the fee. Beike supplies the listing database (the "housing dictionary"), the software, the training and the settlement layer; the stores are a mix of company-owned Lianjia branches and franchised brands such as Deyou. At the end of the first quarter of 2026 the network counted ~60,383 stores and ~453,438 active agents. Revenue is reported in five lines: existing home transaction services, new home transaction services, home renovation and furnishing, home rental services, and emerging and other services.

The financial shape has changed a lot in two years. Full-year 2025 revenue was ~RMB 94.6 billion, roughly flat (up ~1.2%), but net income fell to ~RMB 3.0 billion from ~RMB 4.1 billion in 2024 as margins compressed. In the first quarter of 2026 net revenues were ~RMB 18.9 billion, down ~19.0% year over year, and gross transaction value was ~RMB 711.7 billion, down ~15.6%, with new-home GTV down ~37.2%. Profit moved the other way: gross margin rose to ~24.1% from ~20.7%, net income rose ~46.7% to ~RMB 1,255 million, and adjusted net income rose ~15.7%. That divergence, shrinking volume with expanding margin, is the single most important thing to understand about the current BEKE numbers. Structurally, BEKE is a Cayman Islands holding company whose China operating licenses sit inside variable interest entities, and it is dual-listed in Hong Kong (2423.HK) alongside the New York ADSs.

The dominant risk is that China's property market keeps contracting: BEKE's revenue is a take rate applied to transaction volume, and volume has now fallen for several consecutive years. New-home transaction services carry developer counterparty risk, since Beike is paid commissions by developers whose own liquidity has been strained. Regulatory pressure on brokerage commission rates in China is an ongoing constraint on take rate, and Chinese authorities have previously pushed for lower fees. Structurally, BEKE is a Cayman holding company that controls its licensed China operations through variable interest entity contracts rather than direct equity, so ADS holders own an offshore shell with contractual claims, and Chinese regulatory action against the VIE structure or renewed US delisting pressure would hit the ADSs directly. A securities class action filed in the Southern District of New York in December 2021, following a short-seller report questioning Beike's store and agent counts, reached a proposed ~$4.95 million settlement with a fairness hearing scheduled for February 2026, so it is a resolved matter rather than an active case, but it is part of the disclosure history. Results are reported in Chinese renminbi, so a weaker RMB reduces the USD value of both earnings and the ADS.

20 analysts publish price targets on BEKE, averaging $22.85 against a $17.04 price as of August 2026, or +34.1%. The published targets run from $18.20 to $27.15, a moderate spread, and the ratings split 20 buy, 1 hold, 0 sell. Over the last six months there has been 1 raise and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full BEKE forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on KE Holdings Inc. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Existing-home share gains against a falling new-home market. New-home GTV fell ~37.2% year over year in the first quarter of 2026 while existing-home GTV fell ~7.9%, and existing-home transactions are the higher-quality, developer-credit-free part of the business. The most optimistic published target, $27.15, assumes this works close to its best case.

The case against. The dominant risk is that China's property market keeps contracting: BEKE's revenue is a take rate applied to transaction volume, and volume has now fallen for several consecutive years. The most pessimistic target, $18.20, is roughly what BEKE is worth if this bites instead.

Read the full bull and bear case on BEKE, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see KE Holdings Inc's investor relations page or your broker.

• Market cap: ~$19.5B
• Revenue (TTM): ~$13.1B (FY2025: ~RMB 94.6B)
• Net income (TTM): ~$492M
• Q1 2026 net revenues: ~RMB 18.9B, down ~19.0% YoY
• Trailing / forward P/E: ~40x / ~17x
• Cash and short-term investments: ~RMB 53.9B (~$7.8B)

The gap between the ~40x trailing multiple and the ~17x forward multiple is the whole valuation debate in one number: trailing earnings were depressed by 2025 margin compression, and the forward figure assumes the margin repair visible in the first quarter of 2026 persists. Net of roughly US$7.8 billion in cash and short-term investments, the operating business is being valued at closer to ~$12 billion against a business still generating around US$13 billion of annual revenue. Figures are reported in renminbi and converted at prevailing rates, so USD comparisons across periods carry a currency effect.

Other names that sit close to BEKE: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get BEKE exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so BEKE sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where BEKE fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

BEKE is a profitable, cash-rich platform winning share inside a Chinese housing market that is still contracting, so the story hinges on whether volume stabilizes before the transaction business shrinks further.

Whether BEKE is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is BEKE a buy or a sell?, and where the stock could go from here in the BEKE stock forecast.

For income investors, whether BEKE pays a dividend and how the payout looks is covered in does BEKE pay a dividend? And to weigh BEKE against a peer, read the full side-by-side comparisons: BEKE vs Z and BEKE vs COMP.