KKR & Co (KKR) AI Stock Analysis

• Market Cap: $83.65B
• Dividend Yield: 0.56%
• Average Volume (3M): 8.86M
• Price to Earnings (P/E): 47.9
• Beta (1Y): 1.85
• Revenue Growth: -33.80%
• EPS Growth: -24.81%
• Country: US
• Employees: 4,834
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 1.12
• Shares Outstanding: 891,550,900
• 10 Day Avg. Volume: 11,321,990
• 30 Day Avg. Volume: 8,857,942
• PEG Ratio: -1.77
• Price to Book (P/B): 3.67
• Price to Sales (P/S): 5.89
• P/FCF Ratio: 358.05
• Enterprise Value/Market Cap: 1.65
• Enterprise Value/Revenue: 7.27
• Enterprise Value/Gross Profit: 32.34
• Enterprise Value/Ebitda: 13.53
• 1Y Price Target: $144.90
• Price Target Upside: 60.02% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): 6.53
• Revenue Forecast (FY): $10.86B

• Rating: 57 Neutral
• Price Target: $91.00 ▲(0.50% Upside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 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

Arctos acquisition expands platform

The Arctos deal structurally expands KKR into sports, GP solutions and secondaries, adding long-duration capital and new fee-bearing capabilities. Integrating a $15B AUM specialist can diversify fee pools, create cross-sell opportunities, and scale a new growth vertical over multiple years.

Record fundraising and large dry powder

Exceptional fundraising and $118B of dry powder give KKR durable deployment optionality across cycles. Sustained capital-raising builds fee franchises, supports fee-related earnings growth, and allows opportunistic investing that can drive realized gains and long-term carried-interest generation.

Diversified recurring fee base & strong FRE margins

A balanced mix of management fees across PE, real assets and credit reduces reliance on any single market. Fee-related earnings with ~68–69% margins underpin predictable recurring income, improving cash flow resilience and supporting long-term investment in platform growth and client servicing.

Negative Factors

Elevated leverage and balance-sheet uncertainty

Historically high leverage amplifies downside risk in weak markets and constrains strategic flexibility. The 2025 balance-sheet discontinuity (zero debt/smaller assets) introduces data uncertainty that weakens confidence in leverage metrics and makes assessing long-term solvency and covenant risks more difficult for stakeholders.

Inconsistent and volatile cash generation

Multi-year swings in operating cash flow and a steep 2025 FCF decline signal low predictability of internal cash generation. This volatility limits reliable funding for distributions, reinvestment, and balance-sheet de-leveraging, and makes long-term planning and stress-testing of the business model more challenging.

Carried-interest repayment drag on reported earnings

Required carried-interest repayments materially reduce adjusted net income available to shareholders and introduce recurring reporting drag. Until carry repayment obligations abate and realizations accelerate, carried-interest mechanics will constrain distributable earnings and create persistent volatility in reported profitability.

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, mezzanine, distressed, turnaround, lower middle market and middle market investments. The firm considers investments in all industries with a focus on software, security, semiconductors, consumer electronics, internet of things (iot), internet, information services, information technology infrastructure, financial technology, network and cyber security architecture, engineering and operations, content, technology and hardware, energy and infrastructure, real estate, services industry with a focus on business services, intelligence, industry-leading franchises and companies in natural resource, containers and packaging, agriculture, airports, ports, forestry, electric utilities, textiles, apparel and luxury goods, household durables, digital media, insurance, brokerage houses, non-durable goods distribution, supermarket retailing, grocery stores, food, beverage, and tobacco, hospitals, entertainment venues and production companies, publishing, printing services, capital goods, financial services, specialized finance, pipelines, and renewable energy. In energy and infrastructure, it focuses on the upstream oil and gas and equipment, minerals and royalties and services verticals. In real estate, the firm seeks to invest in private and public real estate securities including property-level equity, debt and special situations transactions and businesses with significant real estate holdings, and oil and natural gas properties. The firm also invests in asset services sector that encompasses a broad array of B2B, B2C and B2G services verticals including asset-based, transport, logistics, leisure/hospitality, resource and utility support, infra-like, mission-critical, and environmental services. Within Americas, the firm prefers to invest in consumer products; chemicals, metals and mining; energy and natural resources; financial services; healthcare; industrials; media and communications; retail; and technology. Within Europe, the firm invests in consumer and retail; energy; financial services; health care; industrials and chemicals; media and digital; and telecom and technologies. Within Asia, it invests in consumer products; energy and resources; financial services; healthcare; industrials; logistics; media and telecom; retail; real estate; and technology. It also seeks to make impact investments focused on identifying and investing behind businesses with positive social or environmental impact. The firm seeks to invest in mid to high-end residential developments, but can invest in other projects throughout Mainland China through outright ownership, joint ventures, and merger. It invests globally with a focus on Australia, emerging and developed Asia, Middle East and Africa, Nordic, Southeast Asia, Asia Pacific, Ireland, Hong Kong, Japan, Taiwan, India, Vietnam, Malaysia, Singapore, Indonesia, France, Germany, Netherlands, United Kingdom, Caribbean, Mexico, South America, North America, Brazil, Latin America, Korea with a focus on South Korea, and United States of America. In the United States and Europe, the firm focuses on buyouts of large, publicly traded companies. It seeks to invest $30 million to $717 million in companies with enterprise values between $500 million to $2389 million. The firm prefers to invest in a range of debt and public equity investing and may co-invest. It seeks a board seat in its portfolio companies and a controlling ownership of a company or a strategic minority positions. The firm may acquire majority and minority equity interests, particularly when making private equity investments in Asia or sponsoring investments as part of a large investor consortium. The firm typically holds its investment for a period of five to seven years and more and exits through initial public offerings, secondary offerings, and sales to strategic buyers. KKR & Co. Inc. was founded in 1976 and is based in New York, New York with additional offices across North America, Europe, Australia, Sweden and Asia.

How the Company Makes Money

KKR generates revenue primarily through management fees and performance fees from its investment funds. Management fees are typically calculated as a percentage of assets under management (AUM) and provide a steady income stream. Performance fees, also known as carried interest, are earned when the firm achieves returns above a predetermined threshold, aligning its interests with those of its investors. Additionally, KKR earns income from its balance sheet investments and strategic partnerships, which can involve co-investment opportunities with other investors. The firm's diversified investment strategies and global reach enable it to capitalize on market opportunities, contributing significantly to its overall earnings.

KKR & Co Financial Statement Overview

Summary

Income statement trends are positive on growth and profitability (revenue up strongly in 2025 and positive net income in 2023–2025), but net margins have compressed notably since 2023 and results appear cycle-sensitive (2022 loss). Balance sheet risk is elevated due to historically high leverage (debt-to-equity ~2.1–2.5) and the 2025 balance-sheet discontinuity (e.g., zero debt/smaller assets) reduces confidence. Cash flow is the weakest area, with multi-year negative operating cash flow through 2023 and a sharp 2025 free-cash-flow decline after a strong 2024 rebound.

Income Statement

Revenue growth has been positive in recent years (2025: +15.2%, 2024: +0.5%, 2023: +1.6%) following a down year in 2022 (-0.7%). Profitability is solid overall with positive net income in 2023–2025, but margins have been volatile: net margin fell from 26.1% (2023) to 14.2% (2024) and 12.3% (2025), indicating weaker earnings conversion despite growth. The 2022 loss highlights that results can swing materially, consistent with a more market-sensitive earnings profile.

Balance Sheet

Leverage looks elevated in the historical balance sheet, with debt-to-equity around ~2.1–2.5 from 2020–2024, which can amplify returns but increases downside risk in weaker markets. Return on equity improved strongly from negative in 2022 to healthy levels in 2023–2024, then stepped down in 2025 (to ~3.1%), suggesting reduced profitability on the equity base in the most recent period. Notably, 2025 shows zero total debt and a much smaller total asset figure versus prior years, which reads like a data inconsistency or reporting change versus trend—this uncertainty reduces balance-sheet confidence.

Cash Flow

Cash generation is inconsistent: operating cash flow was negative in 2020–2023, rebounded strongly in 2024, then dropped sharply in 2025 (operating cash flow $0.48B; free cash flow $0.32B; free cash flow growth -93.8%). While free cash flow covered a meaningful portion of net income in 2024–2025 (about ~98% in 2024 and ~66% in 2025), the large year-to-year swings and prior multi-year negative cash flow profile point to higher cash-flow volatility and less predictability.

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	317.00M	6.51B	-1.60B	-5.36B	-7.28B
Operating Cash Flow	477.76M	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

• Technical Analysis Sentiment: Negative
• Last Price: 90.55
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KKR, the sentiment is Negative. The current price of 90.55 is below the 20-day moving average (MA) of 99.35, below the 50-day MA of 115.92, and below the 200-day MA of 127.16, indicating a bearish trend. The MACD of -7.09 indicates Positive momentum. The RSI at 31.60 is Neutral, neither overbought nor oversold. The STOCH value of 22.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for KKR.

KKR & Co Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BLK	71 Outperform	$171.74B	29.90	10.74%	1.92%	15.79%	-3.85%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
AMP	67 Neutral	$42.75B	13.05	60.51%	1.26%	5.76%	39.77%
BX	65 Neutral	$135.57B	39.87	35.78%	3.02%	33.12%	19.86%
ARES	64 Neutral	$37.12B	66.62	12.40%	2.65%	50.70%	7.32%
CG	60 Neutral	$18.66B	26.29	14.23%	2.30%	-24.62%	437.16%
KKR	57 Neutral	$83.65B	47.88	8.69%	0.56%	-33.80%	-24.81%

KKR & Co Corporate Events

KKR & Co to Acquire Arctos Partners in Expansion

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 franchises and alternative asset managers, in a strategic deal initially valued at $1.4 billion, comprising $300 million in cash and $1.1 billion in KKR equity subject to long-dated vesting, plus up to $550 million in additional performance- and share-price-linked equity. The acquisition, announced publicly on February 5, 2026, will make Arctos a fully integrated unit within KKR, create a new KKR Solutions platform focused on sports, GP solutions and secondaries, bring a $15 billion AUM market leader in sports franchise stakes and GP solutions into KKR’s ecosystem, and is expected to be immediately accretive per share while increasing the firm’s long-duration capital base and strengthening its positioning in the fast-growing sports, GP finance and private equity secondaries markets, pending regulatory and sports league approvals and customary closing conditions.

The most recent analyst rating on (KKR) stock is a Hold with a $123.00 price target. To see the full list of analyst forecasts on KKR & Co stock, see the KKR Stock Forecast page.

KKR’s Global Atlantic Unit Secures New $3 Billion Credit Facility

On January 16, 2026, Global Atlantic Limited (Delaware), Global Atlantic (Fin) Company and certain of their insurance subsidiaries entered into a new unsecured revolving credit agreement with a syndicate of lenders led by Wells Fargo Bank, providing a 364-day credit facility of $3.0 billion, expandable to $3.5 billion, to fund working capital, general corporate purposes and growth initiatives. The facility, maturing January 15, 2027 and extendable with lender consent, features SOFR- or base rate-linked interest with ratings-based margins, commitment fees on unused amounts, guarantees from the parent entities, and customary financial covenants and restrictions, which together bolster the group’s liquidity profile while imposing leverage and net worth requirements and standard default rights that are relevant for creditors and other stakeholders.

The most recent analyst rating on (KKR) stock is a Hold with a $142.00 price target. To see the full list of analyst forecasts on KKR & Co stock, see the KKR Stock Forecast page.

KKR & Co announces immediate chief operating officer departure

On January 8, 2026, KKR & Co. Inc., a global investment firm specializing in alternative asset management across private equity, credit, and real assets, announced a significant leadership change. The company disclosed that Ryan Stork would step down from his role as Chief Operating Officer with immediate effect, signaling a notable shift in KKR’s senior management structure that may influence its operational leadership and internal governance dynamics.

The most recent analyst rating on (KKR) stock is a Buy with a $159.00 price target. To see the full list of analyst forecasts on KKR & Co stock, see the KKR Stock Forecast page.