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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
KE HoldingsBEKE +0.84%72 Net Current Asset Value is $2.48 as of Mar. 2026, which is 63% below its 10-year median of 6.71. GuruFocus rates BEKE with a GF Score™ of 72/100 and a GF Value™ of $18.80 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 757 Real Estate companies, KE Holdings ranks worse than 79.39% on this metric.
In calculating the Net Current Asset Value (NCAV), Benjamin Graham means a company's current assets (such as cash, marketable securities, and inventories) minus its total liabilities (including preferred stock, minority interest, and long-term debt).
KE Holdings's net current asset value per share for the quarter that ended in Mar. 2026 was $2.48.
The historical rank and industry rank for KE Holdings's Net Current Asset Value or its related term are showing as below:
BEKE'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 3.29 Med: 6.71 Max: 20.29
Current: 6.53
During the past 9 years, the highest Price-to-Net-Current-Asset-Value Ratio of KE Holdings was 20.29. The lowest was 3.29. And the median was 6.71.
BEKE's Price-to-Net-Current-Asset-Value is ranked worse than 79.39% of 757
companies
in the Real Estate industry
Industry Median: 2.12
vs BEKE: 6.53
KE Holdings (NYSE:BEKE) Net Current Asset Value Explanation
Benjamin Graham first discussed net current asset value (NCAV) in the 1934 edition of "Security Analysis", which he coauthored with David Dodd. In the book, (net) current asset value is defined as:" current assets alone, minus all liabilities and claims ahead of the issue."
The common definition of NCAV is: NCAV = current assets – [total liabilities + minority interest + preferred stock]
Net current assets exclude not only the intangible assets but also the fixed and miscellaneous assets. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Grahams strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their Net-Net Working Capital. They are collected under our Net-Net screener.
KE Holdings Net Current Asset Value Related Terms
KE Holdings Net Current Asset Value Historical Data
* Premium members only.
The historical data trend for KE Holdings's Net Current Asset Value 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.
BEKE vs JLL, CSGP, COMP: Net Current Asset Value Comparison
For the Real Estate Services subindustry, KE Holdings's Price-to-Net-Current-Asset-Value, along with its competitors' market caps and Price-to-Net-Current-Asset-Value 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 Price-to-Net-Current-Asset-Value vs Real Estate Industry
For the Real Estate industry and Real Estate sector, KE Holdings's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where KE Holdings's Price-to-Net-Current-Asset-Value falls into.
* 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.
What does a Net Current Asset Value of $2.48 mean?
KE Holdings (BEKE) has a Net Current Asset Value of $2.48 as of Mar. 2026. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on KE Holdings and its competitors. This is 63% below median its historical median of 6.71. Over the past decade, KE Holdings' Net Current Asset Value has ranged from 3.29 to 20.29. According to the industry distribution chart, KE Holdings ranks #601 out of 757 companies in the Real Estate industry, placing it in the top 79.4%.
Is KE Holdings' Net Current Asset Value too high?
KE Holdings' current Net Current Asset Value of $2.48 is 63% below median its 10-year median of 6.71. Over the past 10 years, this metric has ranged from a low of 3.29 to a high of 20.29. The Real Estate industry median Net Current Asset Value is 2.12. KE Holdings' value of $2.48 is 17% above this industry median. Based on the distribution chart, KE Holdings ranks #601 out of 757 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, KE Holdings has a GF Score™ of 72/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does KE Holdings' Net Current Asset Value compare to JLL and CSGP?
According to the Real Estate industry distribution chart, KE Holdings ranks #601 out of 757 companies for Net Current Asset Value. This places KE Holdings in the lower half of its industry. The industry median Net Current Asset Value is 2.12. KE Holdings' value of $2.48 is 17% above this benchmark. Historically, KE Holdings' own Net Current Asset Value has ranged from 3.29 to 20.29 over the past decade. While the company's 10-year median is 6.71 vs. the industry median of 2.12, KE Holdings has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net Current Asset Value for a Real Estate company?
The median Net Current Asset Value among Real Estate companies is 2.12, based on 757 companies in the industry. Companies in the top quartile (top 25%) have a Net Current Asset Value significantly above this median, while those in the bottom quartile fall well below. However, Net Current Asset Value should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. KE Holdings's current Net Current Asset Value of $2.48 is 17% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net Current Asset Value mean?
A high Net Current Asset Value can signal that a stock is expensive relative to its fundamentals. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on KE Holdings and its competitors. For the Real Estate industry, the median Net Current Asset Value is 2.12 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. KE Holdings's current Net Current Asset Value is $2.48, which is 63% below median its own 10-year median of 6.71. 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?
Based on GuruFocus' analysis, KE Holdings (BEKE) is currently considered Modestly Undervalued. The stock's GF Value™ is $18.80, compared to a current price of $16.21 — trading 13.8% below its estimated fair value. The current Net Current Asset Value is $2.48, which is 63% below median its 10-year median of 6.71 and 17% above the Real Estate industry median of 2.12. KE Holdings' overall GF Score™ is 72/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Current Asset Value calculated?
Net Current Asset Value is calculated from a company's financial statements. For KE Holdings (BEKE), the current Net Current Asset Value is $2.48 as of Mar. 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 (BEKE) Overvalued in 2026?
Based on GuruFocus' analysis, KE Holdings stock appears to be undervalued.
The current stock price of $16.21 is trading 13.8% below its estimated GF Value™ of $18.80.
GuruFocus considers KE Holdings to be Modestly Undervalued.
Key valuation signals for BEKE:
Net Current Asset Value: $2.48 (63% below median its 10-year median of 6.71)
GF Value™: $18.80 vs. price of $16.21 (13.8% below fair value)
Industry Position: 17% above the Real Estate median (#601 of 757)
No single metric tells the full story. See the BEKE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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.
72GF Score
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Net Current Asset Value is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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