olivLaw · US equity research
KKR & Co. Inc. KKR
Investment Advice · SIC 6282 · Vertical: Investment Advice (SIC 6282)
KKR is a global investment firm combining alternative asset management with capital markets and insurance activities through its Global Atlantic subsidiary. As of June 30, 2026 it managed assets of 796 billion USD, and in the second quarter of 2026 it reported record Fee Related Earnings, underlining the company's relevance in alternative investments.
At the close of 04 Nov 2026, KKR & Co. Inc. (KKR) stock was 101.34 USD (+5.57% on the day), with market capitalisation 91.0 bn USD, P/E 28.9, dividend yield 1.29%, beta 1.77, 52-week range 83.88–142.77 USD. Latest reported quarter (Q2 2026): revenue of 5.7 bn USD (+12.5% YoY), net income of 700.5 m USD (+37.3% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 64.8
- strong (55–70)
- Bollinger (20, 2)
- 83.56 – 99.57
- above the upper band · %B 1.11 · band width 17.5%
- SMA 50 / 200
- 96.48 / 98.39
- mixed trend
- MACD (12, 26, 9)
- 0.81 / -0.70
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.7% | −1.1% | +13.7 pp | — |
| 3 months | −4.1% | −0.5% | −3.6 pp | — |
| 6 months | +0.5% | +4.4% | −3.8 pp | — |
| Year to date | −20.5% | +12.3% | −32.8 pp | — |
| 1 year | −14.3% | +13.5% | −27.9 pp | +10.0% |
| 3 years | +65.9% | +76.4% | −10.5 pp | +33.4% |
| 5 years | +26.2% | +63.7% | −37.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.8 bn | 3.3 bn | 3.1 bn | 5.1 bn | 5.5 bn | 5.7 bn | 4.3 bn | 5.7 bn |
| Depreciation & amortisation | -47.9 m ≈ | -30.5 m | -53.6 m | -31.0 m ≈ | -34.1 m ≈ | -43.7 m | -77.4 m | -42.0 m ≈ |
| Interest expense | 721.9 m | 774.9 m | 654.5 m | 707.4 m | 722.9 m | 692.1 m | — | — |
| Pre-tax income | 1.6 bn | 1.6 bn | 771.1 m | 1.5 bn | 2.2 bn | 2.6 bn | 462.9 m | 1.4 bn |
| Income tax | 209.9 m | 258.3 m | 86.6 m | 174.3 m | 359.7 m | 333.1 m | 185.4 m | 246.1 m |
| Net income | 600.6 m | 1.1 bn | -185.9 m | 510.1 m | 900.4 m | 1.1 bn | 405.2 m | 700.5 m |
| Operating cash flow | 1.9 bn ≈ | -111.7 m | 2.5 bn | 438.8 m ≈ | 2.4 bn ≈ | -4.9 bn | 1.7 bn | 3.3 bn ≈ |
| Dividends paid | 155.3 m ≈ | 155.4 m | 155.4 m | 164.8 m ≈ | 164.8 m ≈ | 164.9 m | 164.8 m | 175.1 m ≈ |
| Share repurchases | 0 ≈ | 0 | 0 | 3.4 m ≈ | 0 ≈ | 0 | 191.2 m | 42.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | ⚠ 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.4 bn | 4.2 bn | 4.2 bn | 16.2 bn | 5.7 bn | 14.5 bn | 21.9 bn | 19.5 bn |
| Revenue YoY | −32.6% | +76.2% | +0.2% | — | −64.8% | +154.2% | +50.9% | −11.0% |
| Net income | 1.1 bn | 2.0 bn | 2.0 bn | 4.7 bn | -521.7 m | 3.7 bn | 3.1 bn | 2.4 bn |
| Net income YoY | +11.1% | +77.3% | −0.1% | — | −111.0% | unavailable | −17.6% | −22.9% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | — | unavailable | unavailable | unavailable | unavailable |
| net % | 47.2% | 47.5% | 47.3% | 29.2% | -9.1% | 25.7% | 14.1% | 12.2% |
| Free cash flow | -7.7 bn | -5.9 bn | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 17.2 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 78.9 bn USD
- Total assets
- 410.1 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 3.4%
- ROA
- 0.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.2 bn | 16.2 bn | 5.7 bn | 14.5 bn | 21.9 bn | 19.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 18.6 m | 386.9 m | 364.2 m | 68.3 m | -119.3 m | -162.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Interest expense | 969.9 m | 1.1 bn | 1.6 bn | 2.8 bn | 3.0 bn | 2.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | 5.7 bn | 13.8 bn | -292.2 m | 6.6 bn | 5.9 bn | 7.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 609.1 m | 1.4 bn | 125.4 m | 1.2 bn | 954.4 m | 953.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 2.0 bn | 4.7 bn | -521.7 m | 3.7 bn | 3.1 bn | 2.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | 0.53 | 0.58 | 0.61 | 0.65 | 0.69 | 0.73 | SEC (XBRL)· 27 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 5.4 bn | 10.5 bn | 13.4 bn | 20.8 bn | 15.4 bn | 17.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 760.6 m | — | — | — | — | — | SEC (XBRL)· 19 Feb 2021verified |
| Goodwill | 83.5 m | — | — | — | — | — | SEC (XBRL)· 19 Feb 2021verified |
| Total assets | 79.8 bn | — | 275.3 bn | 317.3 bn | 360.1 bn | 410.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 33.5 bn | 36.9 bn | — | — | — | — | SEC (XBRL)· 28 Feb 2022verified |
| Total liabilities | 39.0 bn | — | 220.0 bn | 258.9 bn | 298.1 bn | 328.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 40.8 bn | 58.2 bn | 55.2 bn | 57.8 bn | 60.4 bn | 78.9 bn | SEC (XBRL)· 27 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -6.0 bn | -7.2 bn | -5.3 bn | -1.5 bn | 6.6 bn | 477.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Investing cash flow | -153.4 m | -9.6 bn | -13.6 bn | -3.9 bn | -19.0 bn | -16.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | 9.8 bn | 20.4 bn | 22.1 bn | 12.8 bn | 7.1 bn | 17.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 297.3 m | 331.4 m | 444.3 m | 563.3 m | 612.1 m | 649.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 246.2 m | 269.7 m | 346.7 m | 289.8 m | 0 | 3.4 m | SEC (XBRL)· 27 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 91.0 bn USD
Key indicators
Coverage and freshness
Score by group
31% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 9.59 – 98.73 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E41.65 – 98.73 (Mid 79.91)5 companies used · median multiple 22.8x · quartiles 11.9x – 28.1xAMP, APO, BEN, BX, TROW
- Dividend discount (DDM)9.59 – 12.90 (Mid 11.00)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 14.8% | 40 (vs peers) | 20% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 50.6% | 100 (on a fixed band) | 27% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 28.9x | 20 (vs peers) | 33% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.0% | 14 (on a fixed band) | 20% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial40/100 · 1/3 factors with a value
- Returns· partial14/100 · 1/2 factors with a value
- Valuation· partial20/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
KKR & CO. INC. (KKR). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 19.5 bn USD in 2025; YoY growth -11.0%; net margin 14.8%; ROE 10.6%.
The estimated value range is 25.62–55.81 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 45.46 USD, the price of 101.34 USD leaves a potential of -55.1% (value / price − 1) and a margin of safety of -122.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 50.6%
What contradicts it
- P/E (TTM): 28.9x
- Shareholder yield (distributions): 1.0%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Investment Advice (SIC 6282) · same industry (4-digit SIC) · compared with 5 companies
Only companies with a capitalisation between 10.4 bn and 668.5 bn (within 8× of the company's); 36 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BXBlackstone Inc. | 94.3 bn | 28.1 | 40.5% | 21.8% | +9.2% | −14% / +12% |
| KKRKkr & Co. Inc. | 91.0 bn | 28.9 | 10.6% | 14.8% | −11.0% | −14% / +66% |
| APOApollo Global Management, Inc. | 72.5 bn | 43.8 | 9.3% | 5.2% | +22.7% | −7% / +33% |
| AMPAmeriprise Financial, Inc. | 45.8 bn | 11.9 | 72.0% | 20.7% | +5.5% | +16% / +49% |
| TROWPrice T Rowe Group Inc | 24.0 bn | 11.3 | 19.7% | 28.4% | +3.1% | +10% / +12% |
| BENFranklin Resources Inc | 17.2 bn | 22.8 | 6.8% | 8.7% | +3.5% | +50% / +37% |
1- and 3-year price returns: for KKR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 66.22 Total return -35% · Per year -35% | 116.54 Total return 15% · Per year 15% | 174.81 Total return 73% · Per year 73% |
| 3 years | 78.55 Total return -22% · Per year -8% | 154.13 Total return 52% · Per year 15% | 251.73 Total return 148% · Per year 35% |
| 5 years | 93.17 Total return -8% · Per year -2% | 203.83 Total return 101% · Per year 15% | 362.49 Total return 258% · Per year 29% |
- Exit P/E± 38.53
- Net margin± 26.97
- Annual revenue growth± 20.12
- Annual dilution± 2.27
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
KKR is a global investment firm combining alternative asset management with capital markets and insurance activities through its Global Atlantic subsidiary. As of June 30, 2026 it managed assets of 796 billion USD, and in the second quarter of 2026 it reported record Fee Related Earnings, underlining the company's relevance in alternative investments 23.
SWOT
Strengths
- The integrated global platform and the collaborative culture across business lines support deal sourcing and capital raising 1.
- A large share of capital under management has long duration or is perpetual, which gives revenue stability 1.
- Results for the second quarter of 2026 set records across several per-share earnings measures 3.
Weaknesses
- Performance revenues and capital markets transactions can vary significantly from quarter to quarter 12.
- Reliance on a small number of key executives and on carried-interest-based pay creates a retention risk 1.
- The insurance business depends on costs and policyholder behaviour, which adds operational complexity 12.
Opportunities
- Expansion in private credit and in vehicles for individual investors could open new sources of assets under management 12.
- The Arctos acquisition, closed in May 2026, could add relationships in sports franchise investing and sponsor solutions 3.
- Rising demand for retirement and annuity solutions could support the insurance segment if markets remain supportive 2.
Threats
- Geopolitical tensions and trade policies could reduce investment opportunities and portfolio valuations 1.
- Intense industry competition could put pressure on fees and on access to capital 1.
- Regulatory changes affecting carried interest or its tax treatment could alter the attractiveness of pay plans 1.
Risks
- Adverse market conditionshigh
Market and economic conditions outside the firm's control could affect investments, asset realisations and fundraising 1.
- Geopolitical events and disastershigh
Wars, tariffs and natural disasters could limit operations and affect portfolio values 1.
- Loss of key personnelmedium
The departure of key people could affect investor relationships and the ability to raise new funds 1.
- Regulatory and compliance riskmedium
Regulatory changes and any employee misconduct could create legal and reputational liability 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
What to watch
- Trends in new capital raised and fee paying AUMQ3 2026
- Pace of realisations and capital markets transactionsQ3 2026
- Integration of Arctos within the private equity business lineQ4 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
KKR, founded in 1976, is a global investment firm offering alternative asset management, capital markets and insurance solutions 1. Its activity is split into three reporting segments: asset management, insurance and strategic holdings 12. As of December 31, 2025 it managed 744 billion USD in assets, of which 219 billion came from Global Atlantic 1.
Segments
Asset Management
The segment has five business lines: private equity, real assets, credit and liquid strategies, capital markets and principal activities 1. As of December 31, 2025, private equity held 229 billion USD in AUM, real assets 192 billion USD and credit and liquid strategies 322 billion USD 1. Revenues come mainly from recurring management fees and performance-related fees, plus carried interest 1.
Insurance
Insurance operates under the Global Atlantic brand and offers retirement and life insurance products as well as reinsurance solutions 2. Income is generated mainly from the spread between investment income on originated assets and the cost of benefits payable to policyholders 2.
Strategic Holdings
Reported since the first quarter of 2024, this segment acquires and manages interests in operating companies owned by the firm, primarily within its core private equity strategy 2.
Trends
- Lower interest ratesmixed
Rate cuts in the US and eurozone could support investment valuations and financing transactions, but could also reduce the yield on spread-based insurance products 12.
- Growing individual investor capitaltailwind
K-Series vehicles offered to individual investors have grown significantly and could strengthen the long-term AUM base 2.
- Trade and geopolitical volatilityheadwind
Tariffs and international tensions could slow transactions, realisations and fundraising if markets stay unstable 1.
- Expansion of private creditmixed
Growth in private credit, including asset-based finance and corporate credit, opens opportunities but also attracts intense competition 1.
Competitive position
The alternative asset management industry is highly competitive, and KKR states this in its risk disclosures without quantifying it in the sources provided 1. The firm aims to differentiate itself through its integrated global platform and its ability to raise long-duration capital 1.
- Private equity and private credit managers
The sources refer to industry competition without naming specific firms; this should be checked in later filings.
- Global alternative asset managers
The document describes intense competition for talent and investor capital in general terms.
- Pension and annuity insurers
Global Atlantic operates in retirement insurance, where competition exists, but no competitors are named in the sources.
- Specialised private capital platforms
Competition for investment opportunities and capital is mentioned without identifying particular entities in the texts provided.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report04 Nov 2026Regulation FD disclosure
- Current report26 Oct 2026Departure or appointment of officers · Shareholder vote · Regulation FD disclosure · Financial statements and exhibits
- Current report31 Aug 2026Regulation FD disclosure
- Current report27 Aug 2026Regulation FD disclosure · Other events
- Quarterly report06 Aug 2026
- Current report31 Jul 2026Material agreement · Creation of a direct financial obligation
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report29 May 2026Departure or appointment of officers · Shareholder vote
- Current report28 May 2026Shareholder vote
- Quarterly report08 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / KKR & Co. Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / KKR & Co. Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / KKR & Co. Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.