KE Holdings (MEX:BEKEN) Beneish M-Score: -2.70 (As of Jun. 27, 2026)


MEX:BEKEN KE Holdings Inc MEX:BEKEN
70 GF Score
Price MXN291.00
GF Value MXN382.42
! 5 Warning Signs
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What is KE Holdings Beneish M-Score?

KE Holdings MEX:BEKEN 70 Beneish M-Score is -2.70 as of Jun. 27, 2026. GuruFocus rates MEX:BEKEN with a GF Score™ of 70/100 and a GF Value™ of MXN382.42. The stock has 5 warning signs investors should review. Among 1,682 Real Estate companies, KE Holdings ranks better than 72.77% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for KE Holdings's Beneish M-Score or its related term are showing as below:

MEX:BEKEN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.55   Med: -2.51   Max: -1.63
Current: -2.7

During the past 9 years, the highest Beneish M-Score of KE Holdings was -1.63. The lowest was -3.55. And the median was -2.51.

KE Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for KE Holdings's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

KE Holdings Beneish M-Score Chart

KE Holdings Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only -2.15 -3.55 -2.84 -2.25 -2.48

KE Holdings Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.08 -2.51 -2.17 -2.48 -2.70

MEX:BEKEN vs CSGP, JLL, COMP: Beneish M-Score Comparison

For the Real Estate Services subindustry, KE Holdings's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

KE Holdings Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, KE Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where KE Holdings's Beneish M-Score falls into.


MEX:BEKEN
70GF Score
KE Holdings Inc MEX:BEKEN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

KE Holdings Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of KE Holdings for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.7427+0.528 * 1.0587+0.404 * 0.9138+0.892 * 0.8442+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9674+4.679 * 0.006267-0.327 * 0.9018
=-2.79

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was MXN27,195 Mil.
Revenue was 49429.543 + 56724.819 + 59363.92 + 68207.825 = MXN233,726 Mil.
Gross Profit was 11930.857 + 12159.349 + 12708.661 + 14946.589 = MXN51,745 Mil.
Total Current Assets was MXN175,517 Mil.
Total Assets was MXN293,867 Mil.
Property, Plant and Equipment(Net PPE) was MXN47,453 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN0 Mil.
Selling, General, & Admin. Expense(SGA) was MXN37,699 Mil.
Total Current Liabilities was MXN107,396 Mil.
Long-Term Debt & Capital Lease Obligation was MXN17,059 Mil.
Net Income was 3284.905 + 224.596 + 1929.529 + 3411.805 = MXN8,851 Mil.
Non Operating Income was 1109.516 + -809.525 + 1102.05 + 210.907 = MXN1,613 Mil.
Cash Flow from Operations was -3849.559 + 4887.344 + 2191.802 + 2166.583 = MXN5,396 Mil.
 Total Receivables was MXN43,376 Mil.
Revenue was 65834.769 + 89158.445 + 62846.025 + 59016.732 = MXN276,856 Mil.
Gross Profit was 13605.006 + 20539.131 + 14288.36 + 16457.335 = MXN64,890 Mil.
Total Current Assets was MXN198,014 Mil.
Total Assets was MXN368,601 Mil.
Property, Plant and Equipment(Net PPE) was MXN73,272 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN0 Mil.
Selling, General, & Admin. Expense(SGA) was MXN46,162 Mil.
Total Current Liabilities was MXN148,898 Mil.
Long-Term Debt & Capital Lease Obligation was MXN24,212 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(27195.107 / 233726.107) / (43376.255 / 276855.971)
=0.116355 / 0.156674
=0.7427

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(64889.832 / 276855.971) / (51745.456 / 233726.107)
=0.234381 / 0.221394
=1.0587

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (175517.083 + 47453.277) / 293867.165) / (1 - (198013.77 + 73271.718) / 368600.534)
=0.241255 / 0.264012
=0.9138

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=233726.107 / 276855.971
=0.8442

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(0 / (0 + 73271.718)) / (0 / (0 + 47453.277))
=0 / 0
=1

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(37699.201 / 233726.107) / (46162.315 / 276855.971)
=0.161296 / 0.166738
=0.9674

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((17058.914 + 107395.653) / 293867.165) / ((24211.573 + 148898.331) / 368600.534)
=0.423506 / 0.469641
=0.9018

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(8850.835 - 1612.948 - 5396.17) / 293867.165
=0.006267

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

KE Holdings has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.70 mean?
KE Holdings (MEX:BEKEN) has a Beneish M-Score of -2.70 as of Jun. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on KE Holdings and its competitors. According to the industry distribution chart, KE Holdings ranks #458 out of 1682 companies in the Real Estate industry, placing it in the top 27.2%.
Is KE Holdings' Beneish M-Score too high?
KE Holdings' current Beneish M-Score is -2.70. Based on the distribution chart, KE Holdings ranks #458 out of 1682 companies in the Real Estate industry, which is above the industry midpoint. Overall, KE Holdings has a GF Score™ of 70/100, reflecting its overall financial health beyond just this single metric.
How does KE Holdings' Beneish M-Score compare to CSGP and JLL?
According to the Real Estate industry distribution chart, KE Holdings ranks #458 out of 1682 companies for Beneish M-Score. This puts KE Holdings in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Real Estate company?
A good Beneish M-Score depends on the Real Estate industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on KE Holdings and its competitors. KE Holdings's current Beneish M-Score is -2.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is KE Holdings stock overvalued right now?
KE Holdings (MEX:BEKEN) has a current Beneish M-Score of -2.70. The stock's GF Value™ is MXN382.42, compared to a current price of MXN291.00 — trading 23.9% below its estimated fair value. The current Beneish M-Score is -2.70. KE Holdings' overall GF Score™ is 70/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For KE Holdings (MEX:BEKEN), the current Beneish M-Score is -2.70 as of Jun. 27, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is KE Holdings (MEX:BEKEN) Overvalued in 2026?

Based on GuruFocus' analysis, KE Holdings stock appears to be undervalued. The current stock price of MXN291.00 is trading 23.9% below its estimated GF Value™ of MXN382.42.

Key valuation signals for MEX:BEKEN:

  • Beneish M-Score: -2.70
  • GF Value™: MXN382.42 vs. price of MXN291.00 (23.9% below fair value)
  • GF Score™: 70/100 with 5 warning signs

No single metric tells the full story. See the MEX:BEKEN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

KE Holdings Business Description

Address No. 2 Chuangye Road, Oriental Electronic Technology Building, Haidian District, Beijing, CHN, 100086
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 2025, Beike's co-founders collectively control the company, while Tencent and its affiliates share 8% of voting power.
70GF Score

Get the complete analysis for MEX:BEKEN

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

MXN291.00
Price
MXN382.42
GF Value