KKR
KKR's revenue fell 11.0% to $19.5 billion in fiscal 2025. Its net margin was 12.2%, down from 14.1% a year earlier. It paid out $653 million in dividends and buybacks.
Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
What KKR does
KKR is a global investment firm. It manages money for institutional and individual investors in areas such as private equity, credit (lending), infrastructure, real estate and energy. It also offers capital markets services and, through Global Atlantic, which it bought in 2021, retirement and life insurance. Founded in 1976, it says it pioneered the leveraged buyout, a purchase of a company funded largely with borrowed money. It has 36 offices around the world.
At the end of 2025 it managed $744 billion of assets, of which $219 billion came from Global Atlantic. It reports three segments: Asset Management, Insurance and Strategic Holdings. In Asset Management it earns recurring management fees for running client money. It also earns transaction and monitoring fees, carried interest (a set share of the investment gains it makes for outside investors) and investment income from its own capital invested alongside clients.
Asset Management has five business lines: Private Equity, Real Assets, Credit and Liquid Strategies, Capital Markets and Principal Activities. The 10-K says traditional private equity was less than 25% of total assets under management at the end of 2025. KKR has about 4,200 employees, plus about 800 more in subsidiary organizations.
Its biggest risks, as it describes them
- Difficult market and economic conditions hurting the firm's investments and earnings.
- Parts of its earnings and cash flow swing widely, and it may have to return carried interest to its funds.
- Being unable to raise money from institutional or individual investors for its funds and insurance business.
- Many investments are hard to sell, hard to value, and made with a lot of borrowed money.
- Interest rates and changing assumptions affecting its insurance business, and a downgrade of its insurers' ratings.
Charts show fiscal years, from the 10-K filings.
Revenue and margins
Net income and earnings per share
From fiscal 2016 to 2025, net income grew 25.4% a year; the filings' structured data doesn't give diluted earnings per share.
Returns on capital
Cash flow
Payouts and share count
Valuation
Two ways to value KKR yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.
Discounted cash flow (DCF)
A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from KKR's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.
The example scenarios need KKR's net cash, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.
- Last close, October 26, 2026
- $91.62
- Value on these assumptions, against the last close
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- Cash flows in years 1 to 10, valued today
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- Everything after year 10, valued today
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- Plus net cash
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- Share of value from after year 10
How the value changes with two assumptions
Price-to-earnings (P/E) method
Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.
The P/E method needs positive earnings, and KKR's latest diluted earnings per share were not available.
Balance sheet
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 10.5 | 13.4 | 20.8 | 15.4 | 17.2 |
| Debt incl. finance leases | 36.9 | — | — | — | — |
| Net debt (negative means net cash) | 26.4 | — | — | — | — |
| Net debt to EBITDA | 1.7x | — | — | — | — |
| Debt to equity | 2.1x | — | — | — | — |
| Interest coverage | 13.9x | 0.8x | 3.4x | 2.9x | 3.6x |
| Current ratio | — | — | — | — | — |
| Quick ratio | — | — | — | — | — |
Insider trades
Over the 12 months between October 27, 2025 and October 26, 2026, 5 insiders bought $50.9 million of KKR shares on the open market, and 1 insider sold $1.1 million.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 3, 2026 | Dane E HolmesChief Administrative Officer | Sold | 10,000 | $108.58 | $1.1 million | Form 4 |
| Mar 4, 2026 | Timothy R BarakettDirector | Bought | 50,000 | $94.47 | $4.7 million | Form 4 |
| Mar 2, 2026 | Mary N DillonDirector | Bought | 22,225 | $90.96 | $2.0 million | Form 4 |
| Feb 27, 2026 | Joseph Y BaeCo-Chief Executive Officer, Director | Bought | 50,000 | $88.56 | $4.4 million | Form 4 |
| Feb 27, 2026 | Scott C NuttallCo-Chief Executive Officer, Director | Bought | 50,000 | $87.81 | $4.4 million | Form 4 |
| Feb 17, 2026 | Scott C NuttallCo-Chief Executive Officer, Director | Bought | 125,000 | $102.66 | $12.8 million | Form 4 |
| Feb 17, 2026 | Joseph Y BaeCo-Chief Executive Officer, Director | Bought | 125,000 | $102.19 | $12.8 million | Form 4 |
| Feb 17, 2026 | Matt CohlerDirector | Bought | 43,872 | $102.90 | $4.5 million | Form 4 |
| Feb 9, 2026 | Timothy R BarakettDirector | Bought | 50,000 | $104.93 | $5.2 million | Form 4 |
Piotroski F-score
The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Pass | Pass |
| Cash from operations is positive | Fail | Pass | Pass |
| Return on assets rose | Pass | Fail | Fail |
| Cash from operations exceeds net income | Fail | Pass | Fail |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | — | — |
| Share count didn't rise | — | — | — |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | Pass | Pass | Fail |
| F-score | — | — | — |
| Accruals ratio | 1.8% | −1.1% | 0.5% |
Compare
Put KKR side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| KKR | FY25 | −11.0% | — | — | — | — | — | |
| Corebridge Financial | FY25 | −1.2% | — | — | — | — | — | Compare |
| BlackRock | FY25 | 18.7% | 29.1% | 14.7% | 10.5% | 0.2x | — | Compare |
| Blackstone | FY25 | 9.2% | — | 31.5% | 22.1% | 1.3x | — | Compare |
| Apollo Global Management | FY25 | 22.7% | — | — | — | −0.8x | — | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 2.0 | 3.6 | 2.4 | 4.2 | 4.2 | 16.2 | 5.7 | 14.5 | 21.9 | 19.5 |
| Revenue growth | — | 74.4% | −32.6% | 76.2% | 0.2% | 283.5% | −64.8% | 154.2% | 50.9% | −11.0% |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Research and development | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Net income | 0.3 | 1.0 | 1.1 | 2.0 | 2.0 | 4.7 | −0.5 | 3.7 | 3.1 | 2.4 |
| Diluted EPS (US$) | — | — | — | — | — | — | — | — | — | — |
| Diluted shares (millions) | — | — | — | — | — | — | — | — | — | — |
| Cash flow | ||||||||||
| Cash from operations | −1.4 | −3.5 | −7.6 | −5.7 | −6.0 | −7.2 | −5.3 | −1.5 | 6.6 | 0.5 |
| Capital expenditure | 0.1 | 0.1 | 0.1 | 0.2 | — | — | — | — | — | — |
| Free cash flow | −1.5 | −3.6 | −7.7 | −5.9 | — | — | — | — | — | — |
| Dividends paid | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | 0.6 | 0.6 | 0.6 |
| Share buybacks | 0.3 | 0.0 | 0.2 | 0.1 | 0.2 | 0.3 | 0.3 | 0.3 | 0.0 | 0.0 |
| Acquisitions | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.5 | 0.0 | 0.0 | 0.0 | 0.1 |
| Stock-based compensation | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.5 | 0.7 | 0.6 | 0.7 | 0.7 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 2.5 | 1.9 | 1.8 | 2.3 | 5.4 | 10.5 | 13.4 | 20.8 | 15.4 | 17.2 |
| Debt incl. finance leases | 18.7 | 21.4 | 22.6 | 27.2 | 33.5 | 36.9 | — | — | — | — |
| Total assets | 39.0 | 45.8 | 50.7 | 60.9 | 79.8 | 264.3 | 275.3 | 317.3 | 360.1 | 410.1 |
| Total liabilities | 21.9 | 25.2 | 25.4 | 30.4 | 39.0 | 206.0 | 220.0 | 258.9 | 298.1 | 328.5 |
| Shareholders' equity | 5.9 | 7.2 | 8.6 | 10.8 | 13.7 | 17.6 | 18.8 | 22.9 | 23.7 | 30.9 |
| Margins and ratios | ||||||||||
| Gross margin | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Net margin | 15.2% | 28.6% | 47.2% | 47.5% | 47.3% | 29.2% | −9.2% | 25.7% | 14.1% | 12.2% |
| Free cash flow margin | −73.7% | −102.0% | −321.8% | −139.2% | — | — | — | — | — | — |
| Return on capital | 3.5% | 9.2% | 7.4% | 11.1% | 9.6% | 17.5% | — | — | — | — |
| Return on equity | 5.4% | 15.5% | 14.3% | 20.6% | 16.3% | 30.2% | −2.9% | 17.9% | 13.2% | 8.7% |
| Return on assets | 0.6% | 2.4% | 2.3% | 3.6% | 2.9% | 2.8% | −0.2% | 1.3% | 0.9% | 0.6% |
| Net debt to EBITDA | 9.1x | 5.4x | 6.6x | 4.0x | 4.2x | 1.7x | — | — | — | — |