A Business at a Glance
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KKR & Co. Inc.
KKR
$88.6B
Mkt Cap
$99.36
+3.53%
KKR & Co. Inc. (KKR) has a current P/E ratio of 42.5, compared to its historical median P/E of 10.7. The stock is currently considered Expensive based on its historical valuation range.
KKR & Co. Inc. (KKR) has a 5-year average return on invested capital (ROIC) of 5.6%. This is below average and may indicate limited pricing power.
KKR & Co. Inc. (KKR) has a market capitalization of $88.4B. It is classified as a large-cap stock.
Yes, KKR & Co. Inc. (KKR) pays a dividend with a trailing twelve-month yield of 0.75%. The company also returns capital through share buybacks, with a buyback yield of 0.22%.
Based on historical P/E analysis, KKR & Co. Inc. (KKR) appears expensive. The current P/E of 42.5 is 298% above its historical median of 10.7. The estimated fair value CAGR (P/E method) is -2.3%.
KKR & Co. Inc. (KKR) operates in the Investment Advice industry, within the Financials sector.
KKR & Co. Inc. (KKR) reported annual revenue of $19.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
KKR is a leading global alternative asset manager and insurance provider with $744 billion in assets under management as of December 31, 2025, operating through three integrated business segments: Asset Management, Insurance, and Strategic Holdings. The Asset Management segment comprises five business lines—Private Equity ($229 billion AUM), Real Assets ($192 billion AUM), Credit and Liquid Strategies ($322 billion AUM), Capital Markets, and Principal Activities—generating recurring management fees, transaction and monitoring fees, carried interest on investment gains, and investment income from co-investments alongside fund investors. The business model emphasizes long-duration capital (approximately 92% of AUM has eight-year or longer duration at inception), with perpetual capital vehicles providing significant flexibility; KKR and its employees maintain approximately $30 billion invested in their own funds and portfolio companies, aligning interests with external investors. The Insurance segment, anchored by the 2021 acquisition of Global Atlantic, provides retirement and life insurance solutions with $219 billion AUM and generates operating earnings through underwriting and investment management of insurance-related assets. KKR operates a globally integrated platform across 36 offices serving institutional and individual investors across four continents, leveraging multi-lingual teams with deep local market knowledge to source investments, raise capital, and execute capital markets activities across diverse alternative asset classes including leveraged credit, alternative credit, infrastructure, real estate, energy, growth equity, and traditional private equity.
【Capital raising momentum sustained】 Management expects to exceed its $300+ billion fundraising target for 2024–2026, having already raised over $240 billion or 80% of the goal as of year-end 2025, with particular strength in credit (record $68 billion raised in 2025) and infrastructure (AUM grown from $17 billion five years ago to approximately $100 billion). The firm anticipates continued deployment activity in 2026 and expects management fee growth to contribute meaningfully to earnings expansion, supported by the scaling of third-party capital in insurance-related strategies, which is expected to translate to over $60 billion of additional fee-paying AUM once deployed. Strategic Holdings operating earnings are expected to exceed $350 million in 2026, with the broader portfolio in good shape and monetization visibility strong, though management notes that timing of certain realizations may shift depending on market conditions. The firm remains confident in achieving its 2026 financial targets for fundraising, FRE per share, and adjusted net income, while continuing to invest in the business to capture operating leverage across its diversified platform.
| Metric | Target | Period |
|---|---|---|
| Strategic Holdings Operating Earnings | $350+ million | FY2026 |
| Adjusted Net Income per Share | $7+ per share | FY2026 |
| FRE per Share | $450+ per share | FY2026 |
| Fundraising Target | $300+ billion | 2024–2026 |
Strategic Holdings Operating Earnings (FY2026): “we continue to track nicely towards our expected $350-plus million of operating for 2026”
Adjusted Net Income per Share (FY2026): “presuming a constructive monetization environment, we also continue to feel confident that we can achieve $7+ per share of adjusted net income”
FRE per Share (FY2026): “we continue to feel very confident in our ability to exceed our targets for fundraising, strategic holdings operating earnings, and FRE on a per-share basis”
Fundraising Target (2024–2026): “we've already raised over $240 billion, or over 80% of the $300+ billion fundraising target that we outlined for the 2024 through 2026 period”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 20.7B | 19.5B | 21.9B | 14.5B | 5.7B | 16.2B |
| Net Income | 2.8B | 2.3B | 3.1B | 3.7B | -591M | 4.6B |
| EPS | $3.16 | $2.53 | $3.46 | $4.16 | $-0.69 | $7.77 |
| Free Cash Flow | -493M | 317M | 6.5B | -1.6B | -5.4B | -7.3B |
| ROIC | 0.0% | 4.1% | 6.7% | 9.4% | -1.3% | 9.1% |
| Gross Margin | - | 44.9% | 39.2% | 56.1% | 58.7% | 70.3% |
| Debt/Equity | 0.13 | 0.88 | 1.23 | 0.72 | 1.09 | 2.10 |
| Dividends/Share | $0.74 | $0.73 | $0.69 | $0.65 | $0.61 | $0.58 |
| Operating Income | 0 | 7.1B | 5.9B | 6.6B | -292M | 13.8B |
| Operating Margin | 0.0% | 36.5% | 26.8% | 45.2% | -5.1% | 85.3% |
| ROE | 9.2% | 8.3% | 13.2% | 17.7% | -3.2% | 29.6% |
| Shares Outstanding | 889M | 891M | 888M | 885M | 861M | 596M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | N/A | N/A | 2.0B | 3.6B | 2.4B | 4.2B | 4.2B | 16.2B | 5.7B | 14.5B | 21.9B | 19.5B | 20.7B |
| Gross Margin | N/A | N/A | N/A | 99.9% | 99.8% | 99.9% | 100.0% | 70.3% | 58.7% | 56.1% | 39.2% | 44.9% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.3B | 1.2B | 1.1B | 1.7B | 1.4B | 2.1B | 2.2B | 11.2B | 6.0B | 12.4B | 21.0B | 19.0B | 19.1B |
| EBIT | 5.5B | 5.3B | 975M | 2.8B | 2.3B | 5.2B | 5.7B | 13.8B | -292M | 6.6B | 5.9B | 7.1B | 0 |
| Op. Margin | N/A | N/A | 47.8% | 78.3% | 94.2% | N/A | N/A | 85.3% | -5.1% | 45.2% | 26.8% | 36.5% | 0.0% |
| Net Income | 478M | 488M | 287M | 985M | 1.1B | 2.0B | 1.9B | 4.6B | -591M | 3.7B | 3.1B | 2.3B | 2.8B |
| Net Margin | N/A | N/A | 14.1% | 27.7% | 45.8% | 46.7% | 46.0% | 28.5% | -10.4% | 25.4% | 14.1% | 11.6% | 13.6% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 2.9% | 2.0% | 1.2% | 3.7% | 3.7% | 5.7% | 4.6% | 9.1% | -1.3% | 9.4% | 6.7% | 4.1% | 0.0% |
| ROE | 8.9% | 8.8% | 5.0% | 15.0% | 13.9% | 20.3% | 15.9% | 29.6% | -3.2% | 17.7% | 13.2% | 8.3% | 9.2% |
| ROA | 0.7% | 0.7% | 0.5% | 2.3% | 2.3% | 3.5% | 2.8% | N/A | -0.4% | 1.2% | 0.9% | 0.6% | 0.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.5B | 385M | -1.4B | -3.5B | 7.6B | 5.7B | 6.0B | -7.2B | -5.3B | -1.5B | 6.6B | 478M | -325M |
| Free Cash Flow | 1.5B | 216M | -1.5B | -3.6B | 7.5B | 5.5B | 5.8B | -7.3B | -5.4B | -1.6B | 6.5B | 317M | -493M |
| Owner Earnings | 1.2B | 108M | -1.7B | -3.9B | 7.3B | 5.4B | 5.6B | -8.1B | -6.4B | -2.2B | 5.8B | -407M | -858M |
| CapEx | 12M | 169M | 63M | 97M | 103M | 195M | 142M | 102M | 85M | 108M | 142M | 161M | 167M |
| Maint. CapEx | 16M | 15M | 16M | 15M | 15M | 18M | 19M | 387M | 364M | 68M | 119M | 163M | -186M |
| Growth CapEx | 0 | 154M | 47M | 82M | 88M | 177M | 124M | 0 | 0 | 40M | 22M | 0 | 354M |
| D&A | 16M | 15M | 16M | 15M | 15M | 18M | 19M | 387M | 364M | 68M | 119M | 163M | -186M |
| CapEx/OCF | 0.8% | 44.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 785M | 707M | 285M | 312M | 322M | 271M | 297M | 331M | 444M | 563M | 612M | 650M | 659M |
| Dividend Yield | 10.2% | 9.2% | N/A | N/A | N/A | 2.1% | 1.7% | 1.0% | 1.0% | 1.1% | 0.6% | 0.6% | 0.7% |
| Share Buybacks | 0 | 162M | 297M | 0 | 173M | 72M | 246M | 270M | 347M | 290M | 0 | 3.4M | 195M |
| Buyback Yield | N/A | N/A | N/A | N/A | 1.7% | 0.5% | 1.1% | 0.6% | 1.1% | 0.4% | N/A | 0.0% | 0.2% |
| Stock-Based Comp | 310M | 262M | 265M | 335M | 332M | 298M | 327M | 530M | 730M | 618M | 746M | 722M | 719M |
| Debt Repayment | 3.7B | 5.9B | 5.5B | 9.5B | 11.7B | 9.3B | 11.3B | 21.5B | 13.9B | 12.8B | 25.7B | 25.1B | 25.1B |
| Balance Sheet | |||||||||||||
| Net Debt | 9.2B | 16.7B | 19.7B | 23.9B | 26.9B | 30.9B | 36.2B | -42.5B | 7.1B | -4.4B | 13.8B | 9.9B | -15.6B |
| Cash & Equiv. | 918M | 1.0B | 2.5B | 1.9B | 1.8B | 2.3B | 5.4B | 10.5B | 13.4B | 20.8B | 15.4B | 17.2B | 19.5B |
| Long-Term Debt | 11.0B | 18.8B | 18.7B | 21.4B | 22.6B | 27.2B | 33.5B | 36.9B | 20.4B | 16.4B | 29.1B | 27.1B | 3.9B |
| Debt/Equity | 2.05 | 3.39 | 3.74 | 3.58 | 3.32 | 3.07 | 3.03 | 2.10 | 1.09 | 0.72 | 1.23 | 0.88 | 0.13 |
| Interest Coverage | 17.2 | 9.3 | 1.2 | 3.4 | 2.6 | 5.0 | 5.9 | 12.9 | -0.2 | 2.4 | 0.3 | 0.4 | 0.4 |
| Equity | 5.4B | 5.5B | 5.9B | 7.2B | 8.6B | 10.8B | 13.7B | 17.6B | 18.8B | 22.9B | 23.7B | 30.9B | 30.5B |
| Total Assets | 65.9B | 71.0B | 39.0B | 45.8B | 50.7B | 60.9B | 79.8B | N/A | 275.3B | 317.3B | 360.1B | 410.1B | 412.1B |
| Total Liabilities | 14.2B | 21.6B | 21.9B | 25.2B | 25.4B | 30.4B | 39.0B | N/A | 220.0B | 258.9B | 298.1B | 328.5B | 331.3B |
| Intangibles | 209M | 177M | 135M | 129M | 9.9M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | N/A | N/A | 0 | 92M | 1.8B | 3.4B | 7.7B | 6.7B | 9.8B | 12.3B | 13.9B | 14.1B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.06 | 1.08 | N/A | N/A | N/A | 3.52 | 3.40 | 7.77 | -0.69 | 4.16 | 3.46 | 2.53 | 3.16 |
| Owner EPS | 2.59 | 0.24 | N/A | N/A | N/A | 9.58 | 9.79 | -13.59 | -7.40 | -2.46 | 6.51 | -0.46 | -0.96 |
| Book Value | 11.98 | 12.25 | N/A | N/A | N/A | 19.30 | 23.94 | 29.52 | 21.84 | 25.83 | 26.63 | 34.67 | 34.29 |
| Cash Flow/Share | 3.31 | 0.85 | N/A | N/A | N/A | 10.15 | 10.39 | -12.05 | -6.13 | -1.69 | 7.49 | 0.54 | 2.96 |
| Dividends/Share | 1.75 | 1.56 | N/A | 0.67 | 0.30 | 0.50 | 0.53 | 0.58 | 0.61 | 0.65 | 0.69 | 0.73 | 0.74 |
| Shares Out. | 449.3M | 452.7M | N/A | N/A | N/A | 560.0M | 572.9M | 595.7M | 861.1M | 885.0M | 888.2M | 891.5M | 889.4M |
| Valuation | |||||||||||||
| P/E Ratio | 14.9 | N/A | N/A | 9.7 | 8.8 | 7.7 | 11.2 | 10.1 | N/A | 20.2 | 45.3 | 55.6 | 31.4 |
| P/FCF | 5.4 | 27.3 | N/A | N/A | N/A | 2.8 | 3.7 | N/A | N/A | N/A | 20.3 | 366.1 | N/A |
| EV/EBIT | 24.3 | N/A | N/A | 13.5 | 16.0 | 10.6 | 13.8 | 10.9 | 61.6 | 6.2 | 7.1 | 7.4 | N/A |
| Price/Book | 1.3 | N/A | N/A | 1.3 | 1.1 | 1.4 | N/A | N/A | 1.8 | 3.2 | 5.9 | 4.1 | 2.9 |
| Price/Sales | N/A | N/A | N/A | 2.3 | 4.9 | 3.2 | N/A | N/A | N/A | N/A | N/A | N/A | 4.3 |
| FCF Yield | 20.7% | N/A | N/A | -37.9% | 75.5% | 35.4% | 26.7% | -15.8% | -16.3% | -2.2% | 4.7% | 0.3% | -0.6% |
| Market Cap | 7.1B | N/A | N/A | 9.6B | 9.9B | 15.5B | 21.8B | 46.2B | 33.0B | 74.2B | 139.5B | 125.3B | 88.4B |
| Avg. Price | 17.11 | 16.94 | 11.92 | 16.54 | 21.40 | 23.62 | 30.36 | 56.59 | 52.36 | 57.33 | 113.49 | 129.78 | 99.36 |
| Year-End Price | 17.79 | 13.04 | 13.51 | 18.95 | 18.09 | 27.41 | 37.71 | 74.00 | 44.09 | 82.44 | 148.74 | 130.17 | 99.36 |
KKR & Co. Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
KKR & Co. Inc. trades at 42.5x trailing earnings, compared to its 15-year median P/E of 10.7x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 200.1x vs a median of 3.7x. The company's 5-year average ROIC is 5.6% with a gross margin of 53.8%. Total shareholder yield (dividends + buybacks) is 1.0%. At current prices, the estimated annualized return to fair value is +13.2%.
KKR & Co. Inc. (KKR) has a net profit margin of 11.6%. This is a healthy margin.
KKR & Co. Inc. (KKR) generated $317 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
KKR & Co. Inc. (KKR) has a debt-to-equity ratio of 0.88. This indicates moderate leverage.
KKR & Co. Inc. (KKR) reported earnings per share (EPS) of $2.53 in its most recent fiscal year.
KKR & Co. Inc. (KKR) has a return on equity (ROE) of 8.3%. This indicates moderate shareholder returns.
KKR & Co. Inc. (KKR) has a 5-year average gross margin of 53.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for KKR & Co. Inc. (KKR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
KKR & Co. Inc. (KKR) has a book value per share of $34.67, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to exceed its $300+ billion fundraising target for 2024–2026, having already raised over $240 billion or 80% of the goal as of year-end 2025, with particular strength in credit (record $68 billion raised in 2025) and infrastructure (AUM grown from $17 billion five years ago to approximately $100 billion). The firm anticipates continued deployment activity in 2026 and expects management fee growth to contribute meaningfully to earnings expansion, supported by the scaling of third-party capital in insurance-related strategies, which is expected to translate to over $60 billion of additional fee-paying AUM once deployed. Strategic Holdings operating earnings are expected to exceed $350 million in 2026, with the broader portfolio in good shape and monetization visibility strong, though management notes that timing of certain realizations may shift depending on market conditions. The firm remains confident in achieving its 2026 financial targets for fundraising, FRE per share, and adjusted net income, while continuing to invest in the business to capture operating leverage across its diversified platform.
Based on recent SEC filings and earnings calls, KKR & Co. Inc. (KKR) has provided the following forward guidance: Strategic Holdings Operating Earnings: $350+ million (FY2026); Adjusted Net Income per Share: $7+ per share (FY2026); FRE per Share: $450+ per share (FY2026); Fundraising Target: $300+ billion (2024–2026).