KKR & Co (KKR)
NYSE:KKR
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KKR & Co
(NYSE:KKR)
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Rating:57Neutral
Price Target:
$106.00
▲(3.90% Upside)
Action:ReiteratedDate:02/28/26
The score is held back primarily by weaker/volatile cash-flow history, elevated leverage and balance-sheet data uncertainty, and a clearly bearish technical setup (price below all major moving averages with negative MACD). Offsetting these are a constructive earnings-call outlook (confidence in exceeding 2026 FRE/ANI targets alongside record fundraising and embedded gains), but valuation remains a headwind given the high P/E and low dividend yield.
Positive Factors
Fee growth & diversification
Sustained management fee growth and a diversified fee mix (private equity, real assets, credit each ~one-third) create a durable, recurring revenue base. High fee-related earnings and FRE margins (~69%) reduce reliance on realized gains and support predictable operating earnings and reinvestment capacity.
Negative Factors
Elevated leverage & reporting inconsistency
Historically high leverage amplifies downside risk in market stress and constrains financial flexibility. The 2025 balance-sheet discontinuity (zero debt/smaller assets) creates reporting uncertainty, reducing confidence in solvency assessments and complicating long-term capital planning and risk management decisions.
Read all positive and negative factors
Positive Factors
Negative Factors
Fee growth & diversification
Sustained management fee growth and a diversified fee mix (private equity, real assets, credit each ~one-third) create a durable, recurring revenue base. High fee-related earnings and FRE margins (~69%) reduce reliance on realized gains and support predictable operating earnings and reinvestment capacity.
Read all positive factors
KKR & Co (KKR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$92.59B
Dividend Yield0.56%
Average Volume (3M)6.60M
Price to Earnings (P/E)24.8
Beta (1Y)1.71
Revenue Growth-33.80%
EPS Growth-24.81%
CountryUS
Employees4,834
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)1.12
Shares Outstanding891,550,900
10 Day Avg. Volume4,772,293
30 Day Avg. Volume6,598,294
Financial Highlights & Ratios
PEG Ratio-1.73
Price to Book (P/B)3.67
Price to Sales (P/S)5.89
P/FCF Ratio11.92
Enterprise Value/Market Cap1.59
Enterprise Value/Revenue7.73
Enterprise Value/Gross Profit34.38
Enterprise Value/Ebitda14.39
Forecast
1Y Price Target
$129.92Price Target Upside27.34% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)6.25
Revenue Forecast (FY)$10.44B
KKR & Co Business Overview & Revenue Model
Company Description
KKR & Co. Inc. is a private equity and real estate investment firm specializing in direct and fund of fund investments. It specializes in acquisitions, leveraged buyouts, management buyouts, credit special situations, growth equity, mature, mezzan...
How the Company Makes Money
KKR primarily makes money from (1) fees earned for managing client capital, (2) performance-based income tied to investment gains, (3) investment income from its own balance sheet, and (4) earnings from its insurance operations.
1) Management fee...
KKR & Co Key Performance Indicators (KPIs)
Any
Assets Under Management
Indicates the total value of assets managed, reflecting the firm's ability to attract and retain investor capital, a key driver of fee-based revenue.
Indicates the total value of assets managed, reflecting the firm's ability to attract and retain investor capital, a key driver of fee-based revenue.
Data provided by:
The Fly
The FlyKKR & Co Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call presented a strong set of operational and financial highlights: robust fee growth and diversification, record fundraising ($129B in 2025), meaningful deployment momentum ($95B invested in 2025) and record embedded gains ($19B). FRE grew 15% YoY with healthy margins and the firm signaled confidence in exceeding 2026 FRE and fundraising targets. Insurance economics and strategic holdings show accelerating contribution, and the Arctos acquisition expands strategic M&A optionality. Key headwinds and uncertainties include the carried-interest repayment drag on ANI, lower realized investment income versus peak years, the timing effects of cash accounting for insurance returns (which understates near-term P&L), and market/AI/tariff-driven investor sentiment risk. Overall, positive fundamentals and multiple growth levers outweigh the near-term accounting and market‑sentiment headwinds.Positive Updates
Strong Quarterly EPS and Adjusted Net Income
Fee-related earnings per share of $1.08 in Q4; total operating earnings per share of $1.42; adjusted net income (ANI) per share of $1.12 including the carried interest repayment obligation (ANI ex-repayment $1.30).
Negative Updates
Carried‑Interest Repayment Drag on Adjusted Net Income
Adjusted net income per share was $1.12 including the carried interest repayment obligation; exclusion of the repayment yields $1.30 per share — the repayment materially reduced reported ANI in the quarter.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Quarterly EPS and Adjusted Net Income
Fee-related earnings per share of $1.08 in Q4; total operating earnings per share of $1.42; adjusted net income (ANI) per share of $1.12 including the carried interest repayment obligation (ANI ex-repayment $1.30).
Read all positive updates
Company Guidance
KKR reiterated its 2026 guidance and said it is “highly confident” it can meaningfully exceed its FRE per‑share target (previously ~$4.50+) and achieve $7+ of adjusted net income (ANI) per share assuming constructive monetizations (with the caveat that weaker markets could push realizations into 2027); supporting metrics cited include Q4 FRE $1.08 and FRE of $972M (68% margin; ~69% FY), Q4 total operating earnings $1.42/sh and Q4 ANI $1.12/sh (or $1.30 ex the carried‑interest repayment), management fees of $1.1B in Q4 and $4.1B for FY2025 (up 24% YoY), record fundraising of $28B in Q4 and $129B in 2025 (over $240B raised toward a $300B+ 2024–26 target), $118B of dry powder, $32B invested in the quarter and $95B in 2025 (up 13% YoY), $2B of gross monetizations in 2025 (realized carry up ~30% YoY), record embedded gains of ~$19B (up 19% YoY), Insurance operating earnings ~ $268M in Q4 (total 2025 insurance economics $1.9B net of comp), Strategic Holdings guidance of $350M+ operating earnings in 2026, and an intended dividend increase to $0.78/share (from $0.74) payable with Q1 2026 results.KKR & Co Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
58
Neutral
Cash Flow
46
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 19.26B | 21.64B | 14.32B | 5.57B | 16.11B |
| Gross Profit | 8.06B | 3.84B | 4.86B | 2.01B | 6.90B |
| EBITDA | 7.13B | 9.17B | 9.50B | 1.35B | 14.98B |
| Net Income | 2.37B | 3.08B | 3.73B | -521.66M | 4.73B |
Balance Sheet | |||||
| Total Assets | 410.14B | 360.10B | 317.29B | 275.35B | 264.29B |
| Cash, Cash Equivalents and Short-Term Investments | 6.16M | 112.56B | 108.57B | 12.82B | 10.09B |
| Total Debt | 54.77B | 50.82B | 49.39B | 44.07B | 39.59B |
| Total Liabilities | 328.51B | 298.11B | 258.92B | 219.98B | 206.15B |
| Stockholders Equity | 30.90B | 23.65B | 22.86B | 18.81B | 17.58B |
Cash Flow | |||||
| Free Cash Flow | 9.52B | 6.51B | -1.60B | -5.36B | -7.28B |
| Operating Cash Flow | 9.68B | 6.65B | -1.49B | -5.28B | -7.18B |
| Investing Cash Flow | -13.06B | -19.05B | -3.88B | -13.65B | -9.61B |
| Financing Cash Flow | 5.01B | 7.08B | 12.77B | 22.06B | 20.36B |
KKR & Co Technical Analysis
Neutral
102.02
Price Trends
94.56
Positive
110.67
Negative
122.30
Negative
Market Momentum
1.59
Negative
63.73
Neutral
88.19
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KKR, the sentiment is Neutral. The current price of 102.02 is above the 20-day moving average (MA) of 92.97, above the 50-day MA of 94.56, and below the 200-day MA of 122.30, indicating a neutral trend. The MACD of 1.59 indicates Negative momentum. The RSI at 63.73 is Neutral, neither overbought nor oversold. The STOCH value of 88.19 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for KKR.
KKR & Co Risk Analysis
KKR & Co disclosed 1 risk factors in its most recent earnings report. KKR & Co reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
KKR & Co Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $170.90B | 18.06 | 11.72% | 1.92% | 15.79% | -3.85% | |
69 Neutral | $159.13B | 39.87 | 36.17% | 3.02% | 33.12% | 19.86% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $42.46B | 13.05 | 58.14% | 1.26% | 5.76% | 39.77% | |
67 Neutral | $39.30B | 66.62 | 12.01% | 2.65% | 50.70% | 7.32% | |
60 Neutral | $18.80B | 26.29 | 14.18% | 2.30% | -24.62% | 437.16% | |
57 Neutral | $92.59B | 24.79 | 8.15% | 0.56% | -33.80% | -24.81% |
* Financial Sector Average
KKR
KKR & Co
103.60
0.87
0.85%
AMP
Ameriprise Financial
458.98
0.39
0.08%
BLK
BlackRock
1,052.14
194.05
22.61%
BX
Blackstone Group
129.08
2.98
2.37%
CG
Carlyle Group
52.68
17.76
50.87%
ARES
Ares Management
117.78
-18.88
-13.81%
KKR & Co Corporate Events
Business Operations and StrategyM&A Transactions
KKR & Co to Acquire Arctos Partners in Expansion
Positive
Feb 5, 2026
On February 4, 2026, KKR Summit Holdings L.P., an indirect subsidiary of KKR Co. Inc., agreed to acquire 100% of Arctos Partners, a Dallas-based investment firm that provides strategic growth capital and liquidity solutions to professional sports...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.