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KKR & Co
(NYSE:KKR)
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Rating:72Outperform
Price Target:
$127.00
â–²(27.82% Upside)
Action:Upgraded
Date:08/07/26
KKR scores well overall driven primarily by improved financial performance (strong TTM profitability and cash generation, despite historical volatility and high leverage) and a very constructive earnings-call outlook (record results, strong fundraising and fee visibility). Technicals are moderately supportive but not fully bullish given the stock remains below the 200-day moving average. Valuation is the main drag with a ~30x P/E and a low dividend yield.
Positive Factors
Fundraising and fee-bearing asset growth
Strong fundraising and a substantial backlog of committed but non-fee-earning capital support recurring management-fee growth. This creates multi-year revenue visibility as capital is deployed and begins generating fees across KKR’s platforms.
Negative Factors
Substantial balance-sheet leverage
High absolute debt and historically elevated leverage constrain financial flexibility and increase sensitivity to funding costs or weaker investment conditions. Although equity has expanded, leverage remains a material structural risk for a cyclical alternative manager.
Read all positive and negative factors
Positive Factors
Negative Factors
Fundraising and fee-bearing asset growth
Strong fundraising and a substantial backlog of committed but non-fee-earning capital support recurring management-fee growth. This creates multi-year revenue visibility as capital is deployed and begins generating fees across KKR’s platforms.
Read all positive factors
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 (KKR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$96.22B
Dividend Yield0.69%
Average Volume (3M)4.17M
Price to Earnings (P/E)32.9
Beta (1Y)1.72
Revenue Growth31.83%
EPS Growth48.98%
CountryUS
Employees5,043
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)3.36
Shares Outstanding897,635,600
10 Day Avg. Volume3,635,812
30 Day Avg. Volume4,169,900
Financial Highlights & Ratios
PEG Ratio-1.84
Price to Book (P/B)3.67
Price to Sales (P/S)5.89
P/FCF Ratio11.92
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$126.92Price Target Upside27.74% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)6.33
Revenue Forecast (FY)$10.54B
KKR & Co Business Overview & Revenue Model
Company Description
KKR & Co. Inc. is a prominent global investment powerhouse, deeply engaged in both private equity and real estate. The firm's diverse investment strategies encompass direct capital deployment as well as fund-of-funds approaches, specializing in co...
How the Company Makes Money
KKR primarily makes money by earning fees for managing assets on behalf of investors and by earning performance-based income when investments perform well. Key revenue/earnings drivers include: (1) Management fees: Recurring fees charged as a perc...
KKR & Co Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call emphasized multiple record metrics (FRE, operating earnings, adjusted EPS), substantial fundraising and deployment momentum, strong monetization activity and clear runway of fee-bearing capital. Management acknowledged industry noise, insurance competition, some segment-level variability and AI/disruption concerns, but positioned these as manageable given diversified businesses, long-duration liabilities and operating leverage. Overall the positive operating and financial developments materially outweigh the listed challenges.Positive Updates
Record Financial Results
Fee-related earnings (FRE) per share of $1.32 (+34% YoY), total operating earnings per share of $1.68 (+27% YoY) and adjusted net income per share of $1.63 (+38% YoY); all three headline metrics and their LTM values set historic highs.
Negative Updates
Industry Volatility and Pessimism
Management noted elevated external volatility and negative narratives across the industry (private credit anxiety, wealth redemption headlines, concern about monetizations), which create noise and market schizophrenia despite strong internal operating results.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Financial Results
Fee-related earnings (FRE) per share of $1.32 (+34% YoY), total operating earnings per share of $1.68 (+27% YoY) and adjusted net income per share of $1.63 (+38% YoY); all three headline metrics and their LTM values set historic highs.
Read all positive updates
Company Guidance
The call delivered upbeat forward guidance grounded in concrete metrics: fundraising momentum (KKR has raised $305B since start-2024, $34B in Q2 and $133B over the LTM) and management fee strength (Q2 management fees $1.2B, +26% YoY, +18% ex catch-up) underpin expectations for continued fee growth; Q2 FRE was $1.32/sh (+34% YoY) with an FRE margin ~70% ( >65% for 10 consecutive quarters) and fee-related compensation around the 17.5% midpoint. Management highlighted $72B of committed capital not yet earning fees (WAMF ≈90 bps), $24B deployed in Q2 ($104B LTM invested), monetization visibility of roughly ±$700M (≈80% realized performance income / 20% realized investment income), and remaining unrealized gains of ~$18.2B. On segment targets they cited insurance total economics of ~$2B net of compensation LTM (+13%), Q2 insurance operating earnings $288M (including ~$40M alt realizations), K-Series AUM $42B (+70% YoY, +20% YTD), Arctos ~$20B managed, Helix launch with $10B+ committed, a goal to scale KKR Solutions to >$100B AUM, and the expectation that Strategic Holdings operating earnings can grow from $187M LTM to $350M+ in 2026 (back‑end weighted) and $1.1B+ by 2030 — all supporting management’s view of durable, multi‑year earnings upside despite tough comps.KKR & Co Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
64
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 21.12B | 19.26B | 21.64B | 14.32B | 5.57B | 16.11B |
| Gross Profit | 9.82B | 8.06B | 3.84B | 4.86B | 2.01B | 6.90B |
| EBITDA | 9.44B | 7.13B | 9.17B | 9.50B | 1.35B | 14.98B |
| Net Income | 3.15B | 2.37B | 3.08B | 3.73B | -521.66M | 4.73B |
Balance Sheet | ||||||
| Total Assets | 414.46B | 410.14B | 360.10B | 317.29B | 275.35B | 264.29B |
| Cash, Cash Equivalents and Short-Term Investments | 10.51B | 6.16M | 112.56B | 108.57B | 12.82B | 10.09B |
| Total Debt | 50.49B | 54.77B | 50.82B | 49.39B | 44.07B | 39.59B |
| Total Liabilities | 334.01B | 328.51B | 298.11B | 258.92B | 219.98B | 206.15B |
| Stockholders Equity | 31.05B | 30.90B | 23.65B | 22.86B | 18.81B | 17.58B |
Cash Flow | ||||||
| Free Cash Flow | 8.47B | 317.00M | 6.51B | -1.60B | -5.36B | -7.28B |
| Operating Cash Flow | 8.62B | 477.76M | 6.65B | -1.49B | -5.28B | -7.18B |
| Investing Cash Flow | -4.49B | -16.28B | -19.05B | -3.88B | -13.65B | -9.61B |
| Financing Cash Flow | -941.12M | 17.43B | 7.08B | 12.77B | 22.06B | 20.36B |
KKR & Co Technical Analysis
Positive
99.36
Price Trends
99.11
Positive
98.01
Positive
105.97
Positive
Market Momentum
3.44
Negative
55.05
Neutral
57.46
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KKR, the sentiment is Positive. The current price of 99.36 is below the 20-day moving average (MA) of 104.60, above the 50-day MA of 99.11, and below the 200-day MA of 105.97, indicating a bullish trend. The MACD of 3.44 indicates Negative momentum. The RSI at 55.05 is Neutral, neither overbought nor oversold. The STOCH value of 57.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $187.55B | 27.34 | 11.65% | 2.07% | 23.07% | 1.36% | |
77 Outperform | $49.65B | 13.32 | 61.73% | 1.23% | 8.79% | 28.59% | |
77 Outperform | $174.59B | 32.25 | 40.87% | 3.02% | 22.60% | 20.33% | |
72 Outperform | $96.22B | 32.88 | 10.32% | 0.75% | 31.83% | 48.98% | |
68 Neutral | $46.34B | 62.49 | 15.20% | 3.90% | 33.64% | 22.53% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
57 Neutral | $17.24B | 48.79 | 6.07% | 3.08% | -44.06% | -71.02% |
* Financial Sector Average
KKR
KKR & Co
110.46
-26.64
-19.43%
AMP
Ameriprise Financial
559.78
61.00
12.23%
BLK
BlackRock
1,158.92
53.62
4.85%
BX
Blackstone Group
145.09
-12.97
-8.20%
CG
Carlyle Group
49.40
-10.27
-17.21%
ARES
Ares Management
143.10
-29.46
-17.07%
KKR & Co Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
KKR & Co. expands revolving credit facility for liquidity
Positive
Jul 31, 2026
On July 30, 2026, KKR Group Partnership L.P. and Kohlberg Kravis Roberts Co. L.P., as borrowers under KKR Co. Inc., entered into a Fourth Amended and Restated Credit Agreement with HSBC Bank USA as administrative agent, replacing a prior facilit...
Regulatory Filings and Compliance
KKR & Co Files Procedural Shareholder Vote Disclosure Update
Neutral
May 29, 2026
KKR Co. disclosed that information previously presented under Item 5.02 of its filing is being incorporated by reference into Item 5.07, indicating a technical cross-reference within its regulatory disclosure. This brief notice appears to be a pr...
Business Operations and StrategyShareholder Meetings
KKR Fails to Remove Supermajority Voting Requirement
Negative
May 28, 2026
On May 21, 2026, KKR reconvened a special meeting of stockholders that had originally been held on April 21, 2026, to address a proposal to eliminate the supermajority voting requirement for amending certain provisions of its charter. While stockh...
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.