Recent News
May 22, 2026 — KE Holdings disclosed cross‑market share repurchases executed between April and May, including a 1.83 million‑share NYSE buyback on May 22 totaling roughly $10 million.
Early June filings and Form 6‑K disclosures summarized buyback activity and reported no change in total issued Class A share count as of May 22, 2026.
Technical Analysis
ADX at 16.48 signals no established trend strength, indicating price likely remains range‑bound until directional strength emerges; this moderates near‑term breakout expectations and aligns with the WMDST under‑valued stance.
DI+ registered a peak‑and‑reversal, which indicates a loss of bullish directional pressure; conversely DI‑ also shows a peak‑and‑reversal, indicating a retreat in bearish directional pressure — together these readings imply conflicting directional drivers and a market awaiting a clear directional catalyst.
MACD sits at 0.22 while declining and remains below its 0.25 signal line, signaling bearish momentum in the short term; a sustained MACD move back above the signal line would materially improve the momentum profile.
MRO at 18.4 reads positive, implying the current price sits above the model target and therefore carries a bias toward mean reversion downward unless valuations or cash flow convert that premium into realized upside.
RSI at 53.5 and decreasing shows loss of short‑term upside momentum but not oversold conditions; marginal room exists for a momentum recovery should volume and MACD improve.
Price structure: close $16.87 sits below the 20‑day average ($17.07) but above the 50‑day ($16.14) and 200‑day ($16.55) averages, while the 12‑day EMA shows a peak‑and‑reversal — this configuration favors controlled, oscillatory gains rather than an immediate runaway rally.
Volatility and liquidity: 42‑day beta reads 0.03 (very low short‑term co‑movement) and 52‑week beta 0.8 (moderate market correlation); 10‑day average volume (≈2.41M) trades below the 200‑day average (≈4.47M), reducing the likelihood of sharp, high‑conviction moves without a catalyst.
Fundamental Analysis
Revenue dynamics: YoY revenue change fell by 40.69% (revenue growth YoY −40.687%), while QoQ revenue growth prints +296.53%, indicating strong quarter‑to‑quarter seasonality or base effects; revenue contraction on a year basis remains the dominant narrative for top‑line pressure.
Earnings and margins: EPS arrived at $1.42 versus an estimate of $0.91, a +56.0% surprise, driven by operating leverage and margin expansion. Operating (EBIT) margin stands at 6.74%, above the industry peer mean of 3.111% and above the industry peer median of 1.995%, reflecting meaningful margin improvement versus peers.
Cash and liquidity: cash and short‑term investments total $44,985,887,000 and the current ratio equals 1.63 with a cash ratio of 1.10, demonstrating ample liquidity to fund operations and continued buybacks despite negative free cash flow. Free cash flow equals −$1,471,302,000 and free cash flow yield sits at −2.58%, indicating operating cash conversion remains a constraint relative to profitability measures.
Return and leverage: return on equity registers 1.95% and return on assets 1.10%, modest but above several industry peer central measures for ROA/ROE; debt levels remain moderate with debt‑to‑equity 0.2528 and interest coverage roughly 45.2x, supporting balance sheet resilience while the company pursues buybacks.
Valuation context: trailing P/E near 11.91 contrasts with a forward P/E around 60.21, signaling significant expected earnings deceleration embedded in forward estimates; price‑to‑book at 0.88 sits below the industry peer mean of 2.813, consistent with the current WMDST valuation of under‑valued. Enterprise‑to‑revenue (EVR) at 1.49 and enterprise multiple ~22.17 reflect a mixed valuation picture when paired with operating profitability and weak free cash conversion.
Bottom line valuation: WMDST values the stock as under‑valued; margin expansion and active buybacks support that valuation, but the 40.7% YoY revenue contraction and negative free cash flow constrain valuation re‑rating until revenue stabilization and cash conversion improve.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-19 |
| NEXT REPORT DATE: | 2026-08-18 |
| CASH FLOW | Begin Period Cash Flow | $ 15.9 B |
| Operating Cash Flow | $ -1.47 B | |
| Capital Expenditures | — | |
| Change In Working Capital | $ -2.73 B | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 4.0 B | |
| End Period Cash Flow | $ 20.0 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 18.9 B | |
| Forward Revenue | $ 3.6 B | |
| COSTS | ||
| Cost Of Revenue | $ 14.3 B | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | $ 492.6 M | |
| Total Operating Expenses | $ 17.6 B | |
| PROFITABILITY | ||
| Gross Profit | $ 4.6 B | |
| EBITDA | $ 1.3 B | |
| EBIT | $ 1.3 B | |
| Operating Income | $ 1.3 B | |
| Interest Income | $ 134.9 M | |
| Interest Expense | — | |
| Net Interest Income | $ 134.9 M | |
| Income Before Tax | $ 1.8 B | |
| Tax Provision | $ 576.6 M | |
| Tax Rate | 31.481 % | |
| Net Income | $ 1.3 B | |
| Net Income From Continuing Operations | $ 1.3 B | |
| EARNINGS | ||
| EPS Estimate | $ 0.91 | |
| EPS Actual | $ 1.42 | |
| EPS Difference | $ 0.51 | |
| EPS Surprise | 56.044 % | |
| Forward EPS | $ 0.28 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 112.3 B | |
| Intangible Assets | $ 5.4 B | |
| Net Tangible Assets | $ 59.0 B | |
| Total Current Assets | $ 67.1 B | |
| Cash and Short-Term Investments | $ 45.0 B | |
| Cash | $ 11.1 B | |
| Net Receivables | $ 4.0 B | |
| Inventory | $ 2.8 B | |
| Long-Term Investments | $ 1.9 B | |
| LIABILITIES | ||
| Accounts Payable | $ 5.0 B | |
| Short-Term Debt | $ 817.5 M | |
| Total Current Liabilities | $ 41.0 B | |
| Net Debt | — | |
| Total Debt | $ 16.3 B | |
| Total Liabilities | $ 47.9 B | |
| EQUITY | ||
| Total Equity | $ 64.4 B | |
| Retained Earnings | $ 2.1 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 19.13 | |
| Shares Outstanding | 3.366 B | |
| Revenue Per-Share | $ 5.61 | |
| VALUATION | Market Capitalization | $ 56.9 B |
| Enterprise Value | $ 28.2 B | |
| Enterprise Multiple | 22.168 | |
| Enterprise Multiple QoQ | 72.45 % | |
| Enterprise Multiple YoY | -72.838 % | |
| Enterprise Multiple IPRWA | high: 218.433 median: 88.276 mean: 87.475 BEKE: 22.168 low: -182.291 |
|
| EV/R | 1.493 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.745 | |
| Asset To Liability | 2.345 | |
| Debt To Capital | 0.202 | |
| Debt To Assets | 0.145 | |
| Debt To Assets QoQ | -9.979 % | |
| Debt To Assets YoY | -15.301 % | |
| Debt To Assets IPRWA | high: 1.342 median: 0.299 mean: 0.291 BEKE: 0.145 low: 0.0 |
|
| Debt To Equity | 0.253 | |
| Debt To Equity QoQ | -10.552 % | |
| Debt To Equity YoY | -22.122 % | |
| Debt To Equity IPRWA | high: 4.543 median: 0.956 mean: 0.94 BEKE: 0.253 low: -2.299 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.884 | |
| Price To Book QoQ | 0.751 % | |
| Price To Book YoY | -13.664 % | |
| Price To Book IPRWA | high: 8.558 mean: 2.813 median: 2.463 BEKE: 0.884 low: -1.436 |
|
| Price To Earnings (P/E) | 11.911 | |
| Price To Earnings QoQ | -68.308 % | |
| Price To Earnings YoY | -29.832 % | |
| Price To Earnings IPRWA | high: 353.676 mean: 103.561 median: 90.79 BEKE: 11.911 low: -104.727 |
|
| PE/G Ratio | 0.057 | |
| Price To Sales (P/S) | 3.013 | |
| Price To Sales QoQ | 14.648 % | |
| Price To Sales YoY | -0.297 % | |
| Price To Sales IPRWA | high: 62.054 mean: 9.936 median: 4.066 BEKE: 3.013 low: 0.033 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 60.206 | |
| Forward PE/G | 0.288 | |
| Forward P/S | 16.059 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 3.028 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.165 | |
| Asset Turnover Ratio QoQ | -12.261 % | |
| Asset Turnover Ratio YoY | -6.716 % | |
| Asset Turnover Ratio IPRWA | high: 0.56 mean: 0.201 BEKE: 0.165 median: 0.13 low: 0.002 |
|
| Receivables Turnover | 4.738 | |
| Receivables Turnover Ratio QoQ | -17.628 % | |
| Receivables Turnover Ratio YoY | 5.992 % | |
| Receivables Turnover Ratio IPRWA | high: 20.641 BEKE: 4.738 mean: 3.166 median: 1.578 low: 0.281 |
|
| Inventory Turnover | 5.069 | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | high: 44.428 mean: 10.31 BEKE: 5.069 median: 1.057 low: 0.003 |
|
| Days Sales Outstanding (DSO) | 19.258 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 5.126 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | -140.502 % | |
| Cash Conversion Cycle Days IPRWA | high: 167.532 mean: 31.443 median: 9.285 BEKE: 5.126 low: -50.366 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.726 | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 65.1 B | |
| Net Invested Capital | $ 66.0 B | |
| Invested Capital | $ 66.0 B | |
| Net Tangible Assets | $ 59.0 B | |
| Net Working Capital | $ 26.0 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.096 | |
| Current Ratio | 1.634 | |
| Current Ratio QoQ | 1.741 % | |
| Current Ratio YoY | 22.893 % | |
| Current Ratio IPRWA | high: 10.921 mean: 1.811 BEKE: 1.634 median: 1.384 low: 0.471 |
|
| Quick Ratio | 1.566 | |
| Quick Ratio QoQ | 1.757 % | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | high: 11.239 mean: 1.907 BEKE: 1.566 median: 1.492 low: 0.448 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 12.784 | |
| Cost Of Debt | 0.106 % | |
| Interest Coverage Ratio | 45.207 | |
| Interest Coverage Ratio QoQ | -44.995 % | |
| Interest Coverage Ratio YoY | 115.509 % | |
| Interest Coverage Ratio IPRWA | BEKE: 45.207 high: 21.15 median: 3.119 mean: 2.771 low: -38.698 |
|
| Operating Cash Flow Ratio | 0.004 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 28.932 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -3.73 % | |
| Revenue Growth | -14.858 % | |
| Revenue Growth QoQ | 296.531 % | |
| Revenue Growth YoY | -40.687 % | |
| Revenue Growth IPRWA | high: 79.044 % mean: -3.085 % median: -5.215 % BEKE: -14.858 % low: -82.107 % |
|
| Earnings Growth | 208.696 % | |
| Earnings Growth QoQ | -454.148 % | |
| Earnings Growth YoY | 3239.136 % | |
| Earnings Growth IPRWA | BEKE: 208.696 % high: 163.636 % median: -41.026 % mean: -42.805 % low: -123.529 % |
|
| MARGINS | ||
| Gross Margin | 24.137 % | |
| Gross Margin QoQ | 12.6 % | |
| Gross Margin YoY | 16.801 % | |
| Gross Margin IPRWA | high: 100.0 % mean: 41.799 % median: 38.306 % BEKE: 24.137 % low: -50.277 % |
|
| EBIT Margin | 6.737 % | |
| EBIT Margin QoQ | -35.395 % | |
| EBIT Margin YoY | 166.074 % | |
| EBIT Margin IPRWA | high: 61.604 % BEKE: 6.737 % mean: 3.111 % median: 1.995 % low: -58.12 % |
|
| Return On Sales (ROS) | 6.737 % | |
| Return On Sales QoQ | 226.88 % | |
| Return On Sales YoY | 166.074 % | |
| Return On Sales IPRWA | high: 41.436 % BEKE: 6.737 % mean: 5.985 % median: 3.287 % low: -70.996 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -1.47 B | |
| Free Cash Flow Yield | -2.584 % | |
| Free Cash Flow Yield QoQ | -215.564 % | |
| Free Cash Flow Yield YoY | -54.054 % | |
| Free Cash Flow Yield IPRWA | high: 20.933 % mean: -1.472 % median: -2.117 % BEKE: -2.584 % low: -11.83 % |
|
| Free Cash Growth | -212.827 % | |
| Free Cash Growth QoQ | -499.961 % | |
| Free Cash Growth YoY | 8.235 % | |
| Free Cash Growth IPRWA | high: 507.935 % mean: -48.9 % median: -164.903 % BEKE: -212.827 % low: -498.104 % |
|
| Free Cash To Net Income | -1.172 | |
| Cash Flow Margin | 0.841 % | |
| Cash Flow To Earnings | 0.126 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.097 % | |
| Return On Assets QoQ | 1382.432 % | |
| Return On Assets YoY | 69.029 % | |
| Return On Assets IPRWA | high: 2.387 % BEKE: 1.097 % median: 0.627 % mean: 0.456 % low: -4.297 % |
|
| Return On Capital Employed (ROCE) | 1.786 % | |
| Return On Equity (ROE) | 0.019 | |
| Return On Equity QoQ | 1377.273 % | |
| Return On Equity YoY | 56.879 % | |
| Return On Equity IPRWA | high: 0.037 BEKE: 0.019 mean: 0.013 median: 0.01 low: -0.097 |
|
| DuPont ROE | 1.92 % | |
| Return On Invested Capital (ROIC) | 1.322 % | |
| Return On Invested Capital QoQ | -48.52 % | |
| Return On Invested Capital YoY | 149.905 % | |
| Return On Invested Capital IPRWA | high: 3.815 % BEKE: 1.322 % median: 0.96 % mean: 0.581 % low: -4.039 % |
|