KKR (KKR)
Market Price (3/28/2026): $88.5 | Market Cap: $78.9 BilSector: Financials | Industry: Asset Management & Custody Banks
KKR (KKR)
Market Price (3/28/2026): $88.5Market Cap: $78.9 BilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -99% | Weak multi-year price returns2Y Excs Rtn is -33% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 165x, P/EPrice/Earnings or Price/(Net Income) is 33x |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -41% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11% | |
| Low stock price volatilityVol 12M is 46% | Key risksKKR key risks include the amplified financial risk created by [1] its business model's use of substantial leverage in its private equity deals. | |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, Sustainable Finance, and Renewable Energy Transition. Themes include Private Equity, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -99% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -41% |
| Low stock price volatilityVol 12M is 46% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, Sustainable Finance, and Renewable Energy Transition. Themes include Private Equity, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -33% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 165x, P/EPrice/Earnings or Price/(Net Income) is 33x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11% |
| Key risksKKR key risks include the amplified financial risk created by [1] its business model's use of substantial leverage in its private equity deals. |
Qualitative Assessment
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KKR (KKR) stock has lost about 30% since 11/30/2025 because of the following key factors:
1. KKR reported Q4 2025 adjusted net income per share of $1.12 on February 5, 2026, which slightly missed analysts' consensus forecast of $1.14. This immediate earnings miss, despite strong revenue, led to a 3.96% drop in the stock price in pre-market trading, closing at $100.82.
2. The company announced a significant $350 million clawback charge related to its Asia II private equity fund on November 7, 2025. This charge, expected to impact fourth-quarter earnings, contributed to negative investor sentiment.
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1. KKR reported Q4 2025 adjusted net income per share of $1.12 on February 5, 2026, which slightly missed analysts' consensus forecast of $1.14. This immediate earnings miss, despite strong revenue, led to a 3.96% drop in the stock price in pre-market trading, closing at $100.82.
2. The company announced a significant $350 million clawback charge related to its Asia II private equity fund on November 7, 2025. This charge, expected to impact fourth-quarter earnings, contributed to negative investor sentiment.
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Stock Movement Drivers
Fundamental Drivers
The -27.5% change in KKR stock from 11/30/2025 to 3/27/2026 was primarily driven by a -28.1% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3272026 | Change |
|---|---|---|---|
| Stock Price ($) | 122.09 | 88.50 | -27.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,723 | 19,208 | 14.9% |
| Net Income Margin (%) | 14.1% | 12.3% | -12.2% |
| P/E Multiple | 46.3 | 33.3 | -28.1% |
| Shares Outstanding (Mil) | 891 | 891 | -0.1% |
| Cumulative Contribution | -27.5% |
Market Drivers
11/30/2025 to 3/27/2026| Return | Correlation | |
|---|---|---|
| KKR | -27.5% | |
| Market (SPY) | -5.3% | 51.1% |
| Sector (XLF) | -10.0% | 62.9% |
Fundamental Drivers
The -36.3% change in KKR stock from 8/31/2025 to 3/27/2026 was primarily driven by a -44.9% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 3272026 | Change |
|---|---|---|---|
| Stock Price ($) | 139.02 | 88.50 | -36.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 15,989 | 19,208 | 20.1% |
| Net Income Margin (%) | 12.8% | 12.3% | -3.8% |
| P/E Multiple | 60.4 | 33.3 | -44.9% |
| Shares Outstanding (Mil) | 891 | 891 | -0.1% |
| Cumulative Contribution | -36.3% |
Market Drivers
8/31/2025 to 3/27/2026| Return | Correlation | |
|---|---|---|
| KKR | -36.3% | |
| Market (SPY) | 0.6% | 47.7% |
| Sector (XLF) | -10.8% | 65.4% |
Fundamental Drivers
The -34.3% change in KKR stock from 2/28/2025 to 3/27/2026 was primarily driven by a -14.5% change in the company's P/E Multiple.| (LTM values as of) | 2282025 | 3272026 | Change |
|---|---|---|---|
| Stock Price ($) | 134.75 | 88.50 | -34.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 21,640 | 19,208 | -11.2% |
| Net Income Margin (%) | 14.2% | 12.3% | -13.2% |
| P/E Multiple | 38.9 | 33.3 | -14.5% |
| Shares Outstanding (Mil) | 888 | 891 | -0.4% |
| Cumulative Contribution | -34.3% |
Market Drivers
2/28/2025 to 3/27/2026| Return | Correlation | |
|---|---|---|
| KKR | -34.3% | |
| Market (SPY) | 9.8% | 74.1% |
| Sector (XLF) | -7.1% | 78.3% |
Fundamental Drivers
The 60.6% change in KKR stock from 2/28/2023 to 3/27/2026 was primarily driven by a 243.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282023 | 3272026 | Change |
|---|---|---|---|
| Stock Price ($) | 55.11 | 88.50 | 60.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,600 | 19,208 | 243.0% |
| P/S Multiple | 8.5 | 4.1 | -51.6% |
| Shares Outstanding (Mil) | 862 | 891 | -3.3% |
| Cumulative Contribution | 60.6% |
Market Drivers
2/28/2023 to 3/27/2026| Return | Correlation | |
|---|---|---|
| KKR | 60.6% | |
| Market (SPY) | 69.4% | 69.9% |
| Sector (XLF) | 40.5% | 70.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KKR Return | 86% | -37% | 80% | 80% | -13% | -29% | 133% |
| Peers Return | 73% | -28% | 57% | 48% | 3% | -24% | 127% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| KKR Win Rate | 67% | 33% | 67% | 83% | 50% | 33% | |
| Peers Win Rate | 73% | 42% | 62% | 68% | 55% | 7% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| KKR Max Drawdown | -7% | -42% | 0% | -4% | -37% | -34% | |
| Peers Max Drawdown | -5% | -40% | -7% | -6% | -30% | -28% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BX, APO, CG, BN, ARES. See KKR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)
How Low Can It Go
| Event | KKR | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -48.4% | -25.4% |
| % Gain to Breakeven | 94.0% | 34.1% |
| Time to Breakeven | 441 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -45.5% | -33.9% |
| % Gain to Breakeven | 83.4% | 51.3% |
| Time to Breakeven | 108 days | 148 days |
| 2018 Correction | ||
| % Loss | -33.9% | -19.8% |
| % Gain to Breakeven | 51.2% | 24.7% |
| Time to Breakeven | 266 days | 120 days |
Compare to BX, APO, CG, BN, ARES
In The Past
KKR's stock fell -48.4% during the 2022 Inflation Shock from a high on 11/3/2021. A -48.4% loss requires a 94.0% gain to breakeven.
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About KKR (KKR)
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.
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Here are 1-3 brief analogies to describe KKR:
- Imagine a global real estate and infrastructure investment giant like **Brookfield Asset Management**, but KKR also buys, improves, and sells entire companies across virtually every other industry.
- Like a global, more transactional **Berkshire Hathaway**, KKR buys, develops, and then sells a diverse portfolio of businesses and real estate projects rather than holding them indefinitely.
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- Private Equity Investments: KKR deploys capital through strategies like leveraged buyouts, growth equity, and distressed investments to acquire, operate, and grow private companies across various industries.
- Real Estate Investments: The firm invests in private and public real estate, including property-level equity, debt, and businesses with significant real estate holdings.
- Credit Investments: KKR provides various forms of debt financing, such as mezzanine and credit special situations, to support companies and projects.
- Public Equity Investments: The firm allocates capital to publicly traded equities as part of its broader investment portfolio.
- Impact Investments: KKR identifies and invests in businesses that aim to achieve positive social or environmental impact alongside financial returns.
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KKR & Co. Inc. is an investment firm that manages capital on behalf of a diverse range of limited partners and investors. Therefore, its "customers" are the entities and individuals who commit capital to KKR's various funds and strategies. KKR sells its investment management services and products primarily to the following categories of customers:
- Institutional Investors: This category constitutes a significant portion of KKR's client base and includes large organizations such as public and corporate pension funds, sovereign wealth funds, university endowments, and charitable foundations. These entities allocate capital to KKR's private equity, credit, real estate, and infrastructure funds to achieve their long-term investment objectives.
- Insurance Companies: KKR manages substantial assets for insurance companies, including through its Global Atlantic Financial Group subsidiary, and insurance firms also invest directly into KKR's broad range of investment strategies.
- High-Net-Worth Individuals (HNWIs) and Family Offices: KKR also serves wealthy individuals and family offices seeking access to private market investments and sophisticated asset management solutions, often through various wealth management platforms and bespoke offerings.
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Joseph Bae, Co-Chief Executive Officer
Joseph Bae joined KKR in 1996 after starting his career at Goldman Sachs. He was instrumental in KKR's expansion into Asia, establishing one of the region's largest private equity platforms. Under his leadership, KKR completed more than 60 transactions in Asia, representing over $12 billion in private equity investments. Notable transactions he worked on include Oriental Brewery, which KKR bought for $1.9 billion in 2009 and sold for $5.8 billion in 2014, and high-profile carve-out deals for Japanese conglomerates like Panasonic and Hitachi. Bae co-founded The Asian American Foundation.
Scott Nuttall, Co-Chief Executive Officer
Scott Nuttall joined KKR in 1996, following a brief period at Blackstone. He has held numerous leadership roles at KKR and is credited as the architect of the firm's major strategic development initiatives. These initiatives include leading KKR's public listing, developing its balance sheet strategy, overseeing the expansion of its public markets businesses (such as credit and hedge funds), and establishing the firm's capital markets, capital raising, and insurance businesses.
Robert Lewin, Chief Financial Officer
Robert Lewin joined KKR in 2004 and was appointed Chief Financial Officer on January 1, 2020. During his tenure at KKR, he has held various positions, including investor in private equity, co-leading the firm's credit and capital markets businesses, serving as Treasurer and Head of Corporate Development, and Head of Human Capital & Strategic Talent. From 2006 to 2010, Mr. Lewin resided in Hong Kong, where he helped launch KKR's Asia business. Before joining KKR, he worked at Bear Stearns & Company.
Kathryn Sudol, Chief Legal Officer and General Counsel
Kathryn Sudol serves as KKR's Chief Legal Officer and General Counsel. Prior to joining KKR in 2018, she was a Partner at Simpson Thacher & Bartlett LLP, where her practice focused on advising private equity firms and other clients on mergers and acquisitions, and general corporate matters.
Henry R. Kravis, Co-Executive Chairman
Henry Kravis is a co-founder of KKR, which he established in 1976 with George R. Roberts and Jerome Kohlberg Jr. Prior to founding KKR, he worked at Bear Stearns, where he was involved in some of the earliest leveraged buyout transactions. Kravis and Roberts served as Co-CEOs of KKR until October 2021, when they transitioned to Co-Executive Chairmen of KKR's Board of Directors. KKR has completed significant transactions under his leadership, including the leveraged buyouts of RJR Nabisco in 1989 and TXU Energy in 2007, both of which were the largest buyouts at the time of their completion.
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KKR, a prominent private equity and real estate investment firm, faces several key risks inherent to its business model and the broader financial landscape. 1. **Economic Downturns and Market Volatility:** KKR's business is highly susceptible to macroeconomic conditions and market fluctuations. Economic downturns, recessions, or prolonged periods of market volatility can significantly impact deal flow, depress asset valuations of portfolio companies, increase the difficulty and reduce the profitability of exits (such as IPOs or sales to strategic buyers), and raise the cost of capital. Historically, KKR has shown particular vulnerability to "Growth & Demand Scare" events, experiencing an average decline of 42% during such periods. For instance, its private equity portfolio saw a 12% decline during the first quarter of the COVID-19 pandemic due to the economic squeeze on companies. 2. **Rising Interest Rates and Availability of Debt Financing:** As a firm heavily engaged in leveraged buyouts, KKR's profitability and ability to execute new deals are closely tied to the interest rate environment and the availability of debt financing. Elevated or "higher-for-longer" interest rates directly increase the cost of borrowing for new acquisitions and can strain the financial health of existing portfolio companies with variable-rate debt, thereby compressing margins and potentially reducing returns. Tighter credit markets can also hinder KKR's capacity to secure financing for new investments or refinance existing ones. While KKR has acknowledged this environment and aims to adapt by focusing on value creation rather than solely on leverage, the underlying sensitivity to interest rate movements remains a significant risk. 3. **Regulatory and Political Scrutiny:** The private equity industry, and KKR specifically, is subject to increasing regulatory oversight and political scrutiny globally. KKR is currently involved in a legal confrontation with the U.S. Department of Justice (DOJ) and the Federal Trade Commission (FTC) over alleged antitrust violations, including accusations of repeatedly flouting federal premerger review laws by failing to make complete and accurate filings for multiple transactions. The DOJ is seeking civil penalties that could exceed $650 million. Additionally, the European Commission has initiated a formal investigation into KKR concerning potentially incorrect or misleading information provided during a merger investigation, which could result in substantial fines or even the revocation of merger approval. Such regulatory challenges can impose significant financial penalties, operational restrictions, and reputational damage.AI Analysis | Feedback
The increasing trend of large institutional investors, such as sovereign wealth funds, major pension funds, and endowments, developing robust internal direct investment teams or significantly expanding their co-investment programs. These institutions are increasingly bypassing traditional private equity fund structures by directly investing in companies or alongside private equity firms. This trend directly threatens KKR's core business model by reducing fee income as institutions pay no management fees or carried interest for direct investments, intensifying competition for attractive deals, and potentially shifting capital allocation away from traditional funds.
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KKR & Co. Inc. (symbol: KKR) operates within several large addressable markets pertaining to alternative investments, including private equity, real estate, and infrastructure. These markets represent the total capital available for investment in these asset classes across various regions.
Global Addressable Markets
- Alternative Investments (Private Markets): The global private markets assets under management (AUM) totaled approximately $15 trillion in 2024. This figure grew from $11.87 trillion in 2023 and is projected to exceed $18 trillion by 2027. Other estimates project the global alternatives industry to reach $29.2 trillion in AUM by 2029, up from $16.8 trillion at the end of 2023. This broad category includes private equity, private credit, infrastructure, real estate, hedge funds, and natural resources.
- Private Equity: The global private equity and venture capital assets under management (AUM) reached just over $11 trillion at year-end 2023. Separately, the global private equity market size was valued at $4.5 trillion in 2023 and is projected to reach $7.9 trillion by 2032. By 2025, the global private equity market size is projected to be $6,749.85 billion (approximately $6.75 trillion).
- Real Estate Investment: The global real estate investment market size was $9,158.04 billion (approximately $9.16 trillion) in 2023 and is expected to grow to $18,611.46 billion by 2033. Another report valued the global real estate market size at $4.06 trillion in 2024, projected to reach $4.36 trillion in 2025.
- Infrastructure Assets: The total market value of infrastructure assets globally reached $1.22 trillion at the end of 2024, an increase from $1.09 trillion in 2023.
Regional Addressable Markets
Private Equity (2025 Market Valuation/Size)
- North America: This region is estimated to have a private equity market valuation of approximately $3.26 trillion in 2025, representing 48.3% of the global private equity market.
- Europe: The European private equity market is projected to reach a valuation of approximately $1.63 trillion (USD 1,628.83 billion) by 2025. Additionally, European private equity and venture capital had €1.154 trillion (approximately $1.25 trillion) in capital under management in 2023.
- Asia Pacific: The private equity market in Asia Pacific is expected to reach a valuation of approximately $1.29 trillion (USD 1,285.72 billion) in 2025.
Real Estate Investment (2024 Market Revenue/Value)
- North America: The North America real estate market generated revenue of $871.3 billion in 2024.
- Europe: The European real estate market was valued at $716.96 billion in 2024.
- Asia Pacific: The Asia Pacific real estate market generated revenue of $2,198.1 billion (approximately $2.20 trillion) in 2024. The Asia Pacific real estate market accounted for 53.2% of the global real estate market revenue in 2024.
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KKR (symbol: KKR) is expected to drive future revenue growth over the next 2-3 years through several key strategies: * Expansion of the Private Credit Business: KKR is significantly expanding its private credit business, which has seen substantial growth. The firm is introducing new products, such as the KKR Enhanced US Direct Lending Fund, and has demonstrated strong fundraising in this sector, securing $33 billion in the first half of 2024. This segment is identified as a core driver for targeted Assets Under Management (AUM) compound annual growth rate (CAGR). * Growth in Assets Under Management (AUM) through Robust Fundraising: KKR anticipates continued expansion in management fees, driven by its ability to raise substantial new capital across various investment solutions. The firm raised $114 billion in 2024 and projects gathering over $300 billion in fresh capital in the next two years. As of Q1 2025, KKR's AUM reached $664 billion, reflecting a 15% year-over-year increase. * Expansion of the Insurance Segment via Global Atlantic: The full acquisition of Global Atlantic Financial Group in January 2024 is a pivotal event, significantly enhancing KKR's insurance solutions segment and contributing to its fee-related earnings. Global Atlantic has $197 billion in AUM and is a top-tier player in the insurance industry, making it a key strategic growth engine for KKR. * Increased Deployment of Uncalled Capital ("Dry Powder"): KKR holds a significant amount of uncalled commitments, or "dry powder," totaling $118 billion. As this capital is deployed into investments, it will directly increase fee-paying AUM and subsequently, fee revenue, with management fees growing by 15% in Q1 2025. * Strategic Geographic Expansion and Diversification into Key Asset Classes: KKR is actively pursuing aggressive expansion across multiple fronts, aiming to broaden its asset class offerings and enhance its geographical reach. This includes a focus on the Asia-Pacific region, targeting Japan, India, and Southeast Asia, as well as European momentum in sectors like telecom, healthcare, and industrial platforms. The firm is also emphasizing growth in real assets, including infrastructure (like the third Asia Pacific infrastructure fund targeting $7-9 billion) and energy transition.AI Analysis | Feedback
Share Repurchases
- In April 2025, KKR's share repurchase plan was increased by $500 million.
- As of October 29, 2021, KKR had approximately $160 million of buyback authority remaining under its previous program before the increase.
- FS KKR Income Trust Select, a KKR-managed entity, announced an equity buyback for up to 1,587,372 shares in December 2025, representing 5% of its issued shares.
Share Issuance
- The conversion of Series D Mandatory Convertible Preferred Stock into 21.4 million common shares is expected no later than March 1, 2028.
Outbound Investments
- KKR deployed nearly $37 billion year-to-date in 2025.
- KKR's Long-Term Investments increased to $175.1 billion in Q1 2025, an 1103.0% rise from the same period in the prior year.
- Strategic acquisitions in 2025 included HealthCare Royalty Partners, adding approximately $3 billion to KKR's assets under management, and significant investments in 1-800 Contacts and USI.
Latest Trefis Analyses
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02282026 | NDAQ | Nasdaq | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | JEF | Jefferies Financial | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | ALAB | Astera Labs | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02272026 | PAYO | Payoneer Global | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02272026 | FOUR | Shift4 Payments | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02132026 | KKR | KKR | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -13.7% | -13.7% | -13.7% |
| 02282021 | KKR | KKR | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 41.6% | 33.2% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 97.39 |
| Mkt Cap | 71.7 |
| Rev LTM | 15,809 |
| Op Inc LTM | 4,575 |
| FCF LTM | 1,756 |
| FCF 3Y Avg | 1,803 |
| CFO LTM | 3,965 |
| CFO 3Y Avg | 3,004 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.0% |
| Rev Chg 3Y Avg | 26.8% |
| Rev Chg Q | 33.7% |
| QoQ Delta Rev Chg LTM | 8.3% |
| Op Mgn LTM | 20.0% |
| Op Mgn 3Y Avg | 20.5% |
| QoQ Delta Op Mgn LTM | -0.6% |
| CFO/Rev LTM | 18.6% |
| CFO/Rev 3Y Avg | 14.1% |
| FCF/Rev LTM | 12.1% |
| FCF/Rev 3Y Avg | 12.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 71.7 |
| P/S | 4.2 |
| P/EBIT | 8.5 |
| P/E | 30.7 |
| P/CFO | 8.4 |
| Total Yield | 7.6% |
| Dividend Yield | 2.5% |
| FCF Yield 3Y Avg | 2.2% |
| D/E | 0.6 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -9.1% |
| 3M Rtn | -28.2% |
| 6M Rtn | -30.6% |
| 12M Rtn | -22.6% |
| 3Y Rtn | 72.6% |
| 1M Excs Rtn | -0.8% |
| 3M Excs Rtn | -20.2% |
| 6M Excs Rtn | -26.9% |
| 12M Excs Rtn | -35.3% |
| 3Y Excs Rtn | 10.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Insurance | 14,666 | 5,383 | |||
| Asset Management and Strategic Holdings | 7,212 | 321 | 4,231 | ||
| Total | 21,879 | 5,704 | 4,231 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Insurance | 243,720 | 203,727 | 171,712 | 164,565 | |
| Impact of Consolidation and Reclassifications | 78,288 | 71,388 | 50,069 | ||
| Asset Management | 25,868 | ||||
| Strategic Holdings | 8,052 | ||||
| Carry Pool Reclassifications | 4,171 | 1,873 | 1,917 | ||
| Asset Management and Strategic Holdings | 113,567 | 30,374 | 99,720 | 27,821 | |
| Total | 360,099 | 317,294 | 275,347 | 264,285 | 79,807 |
Price Behavior
Price Behavior
| Market Price | $88.50 | |
| Market Cap ($ Bil) | 78.9 | |
| First Trading Date | 07/15/2010 | |
| Distance from 52W High | -41.6% | |
| 50 Days | 200 Days | |
| DMA Price | $100.96 | $124.31 |
| DMA Trend | down | down |
| Distance from DMA | -12.3% | -28.8% |
| 3M | 1YR | |
| Volatility | 46.4% | 45.6% |
| Downside Capture | 1.76 | 1.49 |
| Upside Capture | 152.34 | 148.49 |
| Correlation (SPY) | 51.5% | 73.5% |
KKR Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.65 | 3.09 | 2.86 | 1.92 | 1.88 | 1.79 |
| Up Beta | 1.65 | 2.33 | 1.88 | 1.36 | 1.67 | 1.63 |
| Down Beta | 4.05 | 3.77 | 3.85 | 2.48 | 2.16 | 1.99 |
| Up Capture | 263% | 139% | 168% | 96% | 205% | 651% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 9 | 18 | 27 | 58 | 126 | 403 |
| Down Capture | 502% | 389% | 313% | 211% | 151% | 111% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 12 | 23 | 34 | 66 | 125 | 348 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KKR | |
|---|---|---|---|---|
| KKR | -25.5% | 45.5% | -0.51 | - |
| Sector ETF (XLF) | -4.0% | 19.2% | -0.33 | 77.4% |
| Equity (SPY) | 14.5% | 18.9% | 0.59 | 73.5% |
| Gold (GLD) | 50.2% | 27.7% | 1.46 | -12.1% |
| Commodities (DBC) | 17.8% | 17.6% | 0.85 | 21.9% |
| Real Estate (VNQ) | 0.4% | 16.4% | -0.15 | 51.0% |
| Bitcoin (BTCUSD) | -21.0% | 44.0% | -0.41 | 34.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KKR | |
|---|---|---|---|---|
| KKR | 13.7% | 38.8% | 0.44 | - |
| Sector ETF (XLF) | 9.1% | 18.7% | 0.37 | 69.8% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 73.1% |
| Gold (GLD) | 20.7% | 17.7% | 0.96 | 0.3% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | 18.0% |
| Real Estate (VNQ) | 3.0% | 18.8% | 0.07 | 53.9% |
| Bitcoin (BTCUSD) | 4.7% | 56.6% | 0.30 | 34.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KKR | |
|---|---|---|---|---|
| KKR | 21.8% | 36.5% | 0.65 | - |
| Sector ETF (XLF) | 12.0% | 22.1% | 0.50 | 67.9% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 72.0% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | -0.6% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 26.5% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 53.4% |
| Bitcoin (BTCUSD) | 66.9% | 66.8% | 1.06 | 21.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/5/2026 | -5.3% | 0.3% | -12.7% |
| 11/7/2025 | 1.7% | 1.2% | 14.0% |
| 7/31/2025 | -2.6% | -3.9% | -6.8% |
| 5/1/2025 | 0.2% | 1.7% | 6.5% |
| 2/4/2025 | -8.5% | -9.4% | -24.5% |
| 10/24/2024 | 3.4% | 1.2% | 13.9% |
| 7/31/2024 | 2.9% | -8.7% | 1.5% |
| 5/1/2024 | 2.2% | 7.0% | 11.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 17 | 17 |
| # Negative | 8 | 7 | 7 |
| Median Positive | 2.8% | 4.5% | 6.5% |
| Median Negative | -4.8% | -5.9% | -8.4% |
| Max Positive | 5.8% | 10.4% | 26.2% |
| Max Negative | -8.5% | -14.4% | -24.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/5/2026 | Prior: Q3 2025 Earnings Reported 11/7/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Annualized Dividend per Share | 0.78 | 5.4% | Raised | Actual: 0.74 for 2025 | |||
| 2026 Strategic Holdings Operating Earnings | 350.00 Mil | 0 | Affirmed | Guidance: 350.00 Mil for 2026 | |||
| 2028 Strategic Holdings Operating Earnings | 700.00 Mil | 0 | Affirmed | Guidance: 700.00 Mil for 2028 | |||
| 2030 Strategic Holdings Operating Earnings | 1.10 Bil | 0 | Affirmed | Guidance: 1.10 Bil for 2030 | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Roberts, George R | Co-Executive Chairman | See Footnote | Sell | 8072025 | 144.25 | 809,906 | 116,828,940 | 11,736,465,326 | Form |
| 2 | Roberts, George R | Co-Executive Chairman | See Footnote | Sell | 6022025 | 119.80 | 1,190,094 | 142,573,261 | 9,844,191,703 | Form |
| 3 | Kravis, Henry R | Co-Executive Chairman | Direct | Sell | 6022025 | 119.80 | 1,150,469 | 137,826,186 | 8,746,121,436 | Form |
| 4 | Kravis, Henry R | Co-Executive Chairman | See Footnote | Sell | 6022025 | 121.67 | 130,925 | Form | ||
| 5 | Barakett, Timothy R | Limited Partnership | Buy | 5272025 | 117.92 | 35,000 | 4,127,319 | 21,815,829 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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