KKR
KKR & Co. · Financials · Asset Management & Custody Banks
$107.32
52w 82.67 – 152.10
20y monthly, adjusted
Mkt cap
$96.3B
P/E
40.5
P/FCF
201.1
FCF yield
0.5%
ROE
7.7%
Shldr yield
0.7%
div 0.7% + bb 0.0%
What today's price assumes
At $96.3B, the market is pricing in 40.1% annual free-cash-flow growth for the next decade (10% discount rate, 2.5% terminal growth).
Simple DCF per-share range: $8 · $11 · $14 (4% / base / optimistic growth). An estimate, not a target.
Growth record
Compound annual growth rates from as-filed 10-K data, split-adjusted
Rev 3y
+50.6%
Rev 5y
+57.5%
Rev 10y
+37.5%
EPS 5y
—
EPS 10y
—
FCF 5y
—
FCF 10y
—
Fundamentals
Fiscal 2016–2025, from SEC filings
Revenue
Net income
Free cash flow
Margins
Capital returned (dividends + buybacks)
Cash vs long-term debt
Quarterly
Discrete quarters from 10-Q filings; Q4 derived as fiscal year minus Q1–Q3. OCF is unwound from the year-to-date figures 10-Qs report. Compare to the same quarter a year ago — most businesses are seasonal.
Revenue by quarter
Net income by quarter
| Quarter | Revenue | YoY | Net income | YoY | EPS | OCF |
|---|---|---|---|---|---|---|
| Q2'26 | $5.7B | +12.5% | $700.5M | +37.3% | — | $3.3B |
| Q1'26 | $4.3B | +38.8% | $405.2M | — | — | $1.7B |
| Q4'25 * | $5.7B | +76.1% | $1.1B | +1.8% | — | −$4.9B |
| Q3'25 | $5.5B | +15.3% | $900.4M | +49.9% | — | $2.4B |
| Q2'25 | $5.1B | +22.0% | $510.1M | −23.6% | — | $438.8M |
| Q1'25 | $3.1B | −67.8% | −$185.9M | −127.3% | — | $2.5B |
| Q4'24 * | $3.3B | −26.4% | $1.1B | +8.2% | — | −$111.7M |
| Q3'24 | $4.8B | +44.5% | $600.5M | −59.7% | — | $1.9B |
| Q2'24 | $4.2B | +15.0% | $667.9M | −22.5% | — | $3.4B |
| Q1'24 | $9.7B | +208.8% | $682.2M | +100.7% | — | $1.5B |
| Q4'23 * | $4.4B | +75.4% | $1.0B | +652.0% | — | $1.1B |
| Q3'23 | $3.3B | +78.6% | $1.5B | +2887.0% | — | $2.0B |
| Q2'23 | $3.6B | +1021.4% | $861.7M | — | — | −$2.6B |
Track record
Compound annual growth by period. For debt and share count, negative is the good direction.
| Series | 3y | 5y | 10y | 15y |
|---|---|---|---|---|
| Revenue | +50.6% | +57.5% | — | — |
| Operating cash flow | — | — | — | — |
| Free cash flow | — | — | — | — |
| EPS (diluted) | — | — | — | — |
| Equity | +18.0% | +17.6% | — | — |
| LT debt | +17.7% | +14.6% | — | — |
| Diluted shares | — | — | — | — |
| Stock price | +20.3% | +11.7% | +23.7% | +19.1% |
$100, 3 years ago
$174vs $176 in SPY
20.3% vs 20.7%/yr
$100, 5 years ago
$174vs $181 in SPY
11.7% vs 12.6%/yr
$100, 10 years ago
$838vs $412 in SPY
23.7% vs 15.2%/yr
$100, 15 years ago
$1,383vs $813 in SPY
19.1% vs 15.0%/yr
Quality & capital discipline
Cash-based returns and how management deploys capital
Cash ROIC
1.5%
OCF ÷ (equity + debt)
OCF / EV yield
0.6%
MC vs 10× OCF
20.11
≤1 = priced under 10× OCF
Debt / FCF
—
SBC / FCF
151.1%
Owner earnings
−$244.3M
OCF − capex − SBC
OE yield
-0.3%
Share count 5y
—
per year; negative = buybacks
Checklist
8 of 19 checks pass · 42%. Checks with structurally missing inputs are excluded.
Growth & Consistency
2/4
- pass
Revenue growth
57.5% · 5y CAGR ≥ 5%
- na
EPS growth
— · 5y CAGR ≥ 5%
- na
FCF growth
— · 5y CAGR ≥ 5%
- fail
Revenue rises consistently
6 of 9 · up in ≥ 7 of last 10 years
- fail
FCF consistently positive
2 of 10 · positive in ≥ 8 of last 10 years
- pass
Profitable every year
9 of 10 · net income > 0 in ≥ 8 of last 10
- na
Cash flow keeps up with sales
— · OCF CAGR ≥ 0.9× revenue CAGR
Profitability
1/5
- pass
Net margin
12.2% · ≥ 8%
- na
Operating margin
— · ≥ 10%
- na
Gross margin stable or rising
— · no drop > 2 pts over 3y
- fail
Return on equity
7.7% · ≥ 12%
- fail
Cash ROIC
1.5% · ≥ 12%
- fail
FCF margin
2.5% · ≥ 5%
- fail
Earnings back their cash
OCF $477.8M vs NI $2.4B · OCF ≥ net income (latest FY)
Balance Sheet
4/4
- pass
Debt payable from cash flow
no debt · LT debt ≤ 3× FCF
- pass
Cash cushion
— · cash ≥ 50% of LT debt
- pass
Leverage
— · LT debt ≤ 1.5× equity
- pass
Equity positive and compounding
$30.9B · equity > 0 and grew over ~5y
- na
Interest burden
— · interest ≤ 15% of operating income
Capital Allocation
1/3
- na
Share count flat or shrinking
— · ≤ +0.5%/yr over ~5y
- fail
Stock comp restrained
151% · SBC ≤ 15% of FCF
- fail
Distributions funded by FCF
137% · dividends + buybacks ≤ 100% of FCF
- pass
Repurchases are a habit
7 of 10 · buybacks in ≥ 5 of last 10 years
Valuation Discipline
0/3
- fail
FCF yield
0.5% · ≥ 3%
- fail
Earnings multiple
40.5 · P/E ≤ 25
- na
Price asks less than history delivered
— · implied FCF growth ≤ historical FCF CAGR
- fail
Shareholder yield
0.7% · dividends + buybacks ≥ 2% of market cap
Red flags
Mechanical checks — a flag is a question to investigate, not a verdict
Revenue declining
Latest fiscal-year revenue fell more than 3% versus the prior year.
Heavy stock compensation
Stock-based compensation consumes more than 30% of free cash flow.
Distributions exceed FCF
Dividends plus buybacks exceeded free cash flow in the latest fiscal year.
Financial data
As filed in 10-Ks; per-share figures split-adjusted. $ in millions.
| FY | Revenue | Gross profit | Op income | Net income | EPS | OCF | CapEx | FCF | Dividends | Buybacks | SBC | Cash | LT debt | Equity | Shares |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 19,464 | — | — | 2,370 | — | 478 | — | 478 | 650 | 3 | 722 | 17,152 | — | 30,903 | — |
| 2024 | 21,879 | — | — | 3,076 | — | 6,650 | — | 6,650 | 612 | 0 | 746 | 15,368 | — | 23,652 | — |
| 2023 | 14,499 | — | — | 3,732 | — | -1,494 | — | -1,494 | 563 | 290 | 618 | 20,808 | — | 22,859 | — |
| 2022 | 5,704 | — | — | -522 | — | -5,279 | — | -5,279 | 444 | 347 | 730 | 13,385 | — | 18,808 | — |
| 2021 | 16,226 | — | — | 4,732 | — | -7,177 | — | -7,177 | 331 | 270 | 530 | 10,526 | 36,914 | 17,582 | — |
| 2020 | 2,007 | — | — | 2,003 | — | -5,954 | — | -5,954 | 297 | 246 | 327 | 5,363 | 33,501 | 13,717 | — |
| 2019 | 1,790 | — | — | 2,005 | — | -5,682 | 195 | -5,877 | 271 | 72 | 298 | 2,347 | 27,152 | 10,807 | — |
| 2018 | 1,841 | — | — | 1,131 | — | -7,606 | 103 | -7,709 | 322 | 173 | 332 | 1,751 | 22,639 | 8,650 | — |
| 2017 | 1,542 | — | — | 1,018 | — | -3,532 | 97 | -3,629 | 312 | 0 | 335 | 1,877 | 21,435 | 7,186 | — |
| 2016 | 1,105 | — | — | 309 | — | -1,441 | 63 | -1,504 | 285 | — | 265 | 2,509 | 18,663 | — | — |
Some concepts are structurally absent for certain industries (banks report no gross profit or capex). Missing ≠ zero.