NYSE: KKR · Asset Management & Custody Banks
KKR & Co.
KKR & Co., founded in 1976 and based in New York, is a global investment firm that pioneered the leveraged buyout and now offers alternative asset management, capital markets and insurance. It managed $744 billion of assets at the end of 2025 — Credit and Liquid Strategies $322 billion, Private Equity $229 billion and Real Assets $192 billion — including $219 billion from its insurance subsidiary Global Atlantic, which it fully acquired in January 2024. It reports three segments: Asset Management, Insurance and Strategic Holdings (stakes in operating companies). GAAP revenues swing with investment gains and consolidated funds: $19,464 million in 2025 versus $21,879 million in 2024, with diluted EPS of $2.34 versus $3.28. In May 2026 it acquired Arctos Partners, a sports and GP-stakes investor. It faces a DOJ lawsuit alleging Hart-Scott-Rodino violations and long-running Kentucky pension litigation.
Last updated
Analysis last edited: October 26, 2026 · Financial data fetched: October 26, 2026 13:49 (SEC EDGAR) · Source 10-K filed: February 27, 2026
Built on10-K FY2025 · filed 2026-02-2710-Q (quarter ended 2026-06-30) · filed 2026-08-06Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 35.7%
- Net marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 12.2%
- Return on equityROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- 8.7%
- Equity ratioEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 7.5%
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 0.20x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 28.2x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 1.48
Higher than 93% of 44 financial companies
Average yearly growth over the years shown
Higher than 27% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 13% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 18% of 45 financial companies
Equity ÷ total assets
Higher than 9% of 44 financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-06-30
Above 1 = moves more than the market
Each marker shows where this company sits among the financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$99.55close on 2026-11-04
Market cap$88.74B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 28.2x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.9x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- —
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.7%
At FY2025 year-end: 54.5x
Earnings: trailing 12 months to 2026-06-30
At FY2025 year-end: 3.7x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 0.0%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Jun 30, 2026.
- Revenue$5.09B → $5.73B (vs. a year earlier)↑ +12.5%$5.09B → $5.73B (vs. a year earlier)
- Net income$510M → $700M (vs. a year earlier)↑ +37.3%$510M → $700M (vs. a year earlier)
- Cash$19.49B → $21.2B (vs. previous quarter-end)↑ +8.8%$19.49B → $21.2B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Jul 30, 2026.
Key changes
Used $352M for share repurchases from year-end through July 24. Source sentence
Stock Summary From December 31, 2025 through July 24, 2026, KKR used a total of $352 million under the share repurchase plan to retire equity awards and repurchase shares representing 3.9 million shares in aggregate.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- KKR & Co. Inc.
- Headquarters
- NEW YORK, NY
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: KKR
- Industry
- Asset Management & Custody Banks
- CIK
- 1404912
- Website
- https://www.kkr.com/ ↗
- IR page
- https://ir.kkr.com/ ↗
Workforce (as of FY2025 year-end)
Employees
4,200
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q3 FY2026
Quarter end: September 2026. In past years, Q3 results were released 24–38 days after quarter end (Nov 7, 2025; Oct 24, 2024; Nov 7, 2023). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 24–38 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q2 FY2026 | Jun 30, 2026 | Jul 30, 2026 (+30 days) | Aug 6, 2026 10-Q (+37 days) |
| Q1 FY2026 | Mar 31, 2026 | May 5, 2026 (+35 days) | May 8, 2026 10-Q (+38 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 5, 2026 (+36 days) | Feb 27, 2026 10-K (+58 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 7, 2025 (+38 days) | Nov 7, 2025 10-Q (+38 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 31, 2025 (+31 days) | Aug 8, 2025 10-Q (+39 days) |
| Q1 FY2025 | Mar 31, 2025 | May 1, 2025 (+31 days) | May 9, 2025 10-Q (+39 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 4, 2025 (+35 days) | Feb 28, 2025 10-K (+59 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 24, 2024 (+24 days) | Nov 5, 2024 10-Q (+36 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 31, 2024 (+31 days) | Aug 9, 2024 10-Q (+40 days) |
| Q1 FY2024 | Mar 31, 2024 | May 1, 2024 (+31 days) | May 9, 2024 10-Q (+39 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 6, 2024 (+37 days) | Feb 29, 2024 10-K (+60 days) |
| Q3 FY2023 | Sep 30, 2023 | Nov 7, 2023 (+38 days) | Nov 9, 2023 10-Q (+40 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Asset Management
Private equity
Traditional, growth and core private equity funds worldwide.
Asset Management
Real assets
Infrastructure, real estate and energy funds.
Asset Management
Credit and liquid strategies
Leveraged credit, alternative credit and liquid strategies.
Insurance
Global Atlantic
Retirement and life insurance and reinsurance; $219B of KKR’s AUM.
Strategic Holdings
Strategic holdings
Long-term stakes in operating companies, generating dividend income.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
The 10-K gives no market-share figures.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
Recent developments.
Insurance build-out
Acquired the remaining equity of Global Atlantic on January 2, 2024; insurance operating earnings rose in 2025 on higher assets and yields.
Source: Form 10-K (FY2025)
Arctos Partners
Agreed in February 2026 and acquired on May 4, 2026 Arctos Partners, which invests in professional sports teams and provides capital to asset managers.
Source: Form 10-Q (quarter ended 2026-06-30)
Dividend increase
New policy announced February 5, 2026: $0.195 per quarter ($0.78 annualized).
Source: Form 10-K (FY2025)
M&A spend (6-year total)
$620M
Latest year: $146M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Total revenue (FY2025)
$19.46B
As reported in the 10-K
Revenue CAGR (5 years)
+35.7%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($19,464M ÷ $4,231M) ^ (1÷5) − 1 = 35.7%
termsCAGR · ^ (exponent) · Revenue (net sales)
ROE (FY2025)
8.7%▲favorable
6-year average: 13.6%
As reported in the 10-K
- ▲
Revenue grew +35.7% a year over 5 years (strong growth)
From $4.23B in FY2020 to $19.46B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
ROE averaged 13.6% over 6 years (latest: 8.7%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Global Atlantic
07 · what it does
Key activities
- Asset Management: private equity, real assets, credit and liquid strategies, capital markets
- Insurance (Global Atlantic): annuities, life and reinsurance
- Strategic Holdings: owned stakes in operating companies
06 · what it draws on
Key resources
- About 4,200 employees (≈2,700 asset management, ≈1,500 insurance) in 36 offices
- $744B of AUM
- Balance sheet investments
02 · why customers buy
Value propositions
- Private equity, credit, infrastructure and real estate investing, plus capital markets and insurance (Global Atlantic).
04 · how it keeps them
Customer relationships
- Long-dated fund commitments and long-duration insurance policies.
03 · how it reaches them
Channels
- Institutions directly; private wealth through wirehouses, broker-dealers and RIAs; annuities through over 250 banks and broker-dealers.
01 · who it serves
Customer segments
- Pension funds, sovereign wealth funds, insurers, individual investors
- Insurance policyholders and reinsurance counterparties
09 · where money goes
Cost structure
FY2025, share of revenue ($19.46B)
- Interest expense14.3%
- Operating expenses (as reported)97.7%
Revenue here is reported net of interest expense, so these lines overlap and add up to more than 100%.
Depreciation & amortization (inside the costs above): $163M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Fees and carried interest from funds
- Insurance net investment income and premiums
- Dividends from strategic holdings
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Raises capital from institutions and individuals into private equity, credit, infrastructure and real estate funds, earning management, transaction and performance fees; invests its own balance sheet; and earns spread income through Global Atlantic’s retirement and life insurance business.
01 what it draws on
Inputs & resources
- About 4,200 employees (≈2,700 asset management, ≈1,500 insurance) in 36 offices
- $744B of AUM
- Balance sheet investments
02 what it does
Activities
- Asset Management: private equity, real assets, credit and liquid strategies, capital markets
- Insurance (Global Atlantic): annuities, life and reinsurance
- Strategic Holdings: owned stakes in operating companies
03 who it serves
Customers
- Pension funds, sovereign wealth funds, insurers, individual investors
- Insurance policyholders and reinsurance counterparties
04 how money comes in
How it earns
- Fees and carried interest from funds
- Insurance net investment income and premiums
- Dividends from strategic holdings
How the business makes money
- AUM by business line (end-2025): Credit and Liquid Strategies $322B, Private Equity $229B, Real Assets $192B.
- Annualized dividend raised to $0.78 per share from Q1 2026.
- Global Atlantic: majority control from February 1, 2021; 100% from January 2, 2024.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
KKR’s licenses and memberships depend on clean regulatory standing.
Approvals & licenses
Licenses at risk from sanctions
Government convictions, injunctions or sanctions could limit its memberships and licenses.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Credit and Liquid Strategies
322 (43%)Private Equity
229 (31%)Real Assets
192 (26%)
Source: Form 10-K (FY2025) Assets under management by business line, $ billions (not revenue); total $744B.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
Global Atlantic
Majority control acquired February 1, 2021; remaining equity acquired January 2, 2024.
Source: Form 10-K (FY2025)
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Institutional and individual investors; insurance policyholders.
Named by the company
No single flagship fund contributed more than 10% of asset management revenues in 2025; in 2024 one reinsurance counterparty exceeded 10% of total revenues due to a block reinsurance deal.
Suppliers
Lenders, service providers and portfolio companies.
Named by the company
No material supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K describes competition from other investment managers, financial institutions, sovereign wealth funds and investment banks without naming them.
Competitors named in the 10-K
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Total revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 4,231 | 16,226 | 5,704 | 14,499 | 21,879 | 19,464 |
| Pretax income | 5,727 | 13,847 | -292 | 6,555 | 5,860 | 7,099 |
| Net income (attributable) | 2,003 | 4,732 | -522 | 3,732 | 3,076 | 2,370 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 283.5% | -64.8% | 154.2% | 50.9% | -11.0% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 47.3% | 29.2% | -9.1% | 25.7% | 14.1% | 12.2% |
| Balance sheet ($M) | ||||||
| Total assets | 79,807 | — | 275,347 | 317,294 | 360,099 | 410,144 |
| Total equity | 40,800 | 58,238 | 55,219 | 57,763 | 60,400 | 78,922 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 33,501 | 36,914 | — | — | — | — |
| Equity ratio | 17.2% | — | 6.8% | 7.2% | 6.6% | 7.5% |
| ROE | 14.6% | 30.2% | -2.9% | 17.9% | 13.2% | 8.7% |
| Cash flow ($M) | ||||||
| Operating CF | -5,954 | -7,177 | -5,279 | -1,494 | 6,650 | 478 |
| Investing CF | -153 | -9,606 | -13,647 | -3,883 | -19,047 | -16,282 |
| Financing CF | 9,804 | 20,364 | 22,055 | 12,774 | 7,076 | 17,432 |
| Cash and equivalents | 5,363 | 10,526 | 13,385 | 20,808 | 15,368 | 17,152 |
| Per share & other | ||||||
| EPS ($) | 3.37 | 7.31 | -1.21 | 4.09 | 3.28 | 2.34 |
| BVPS ($) | 23.94 | 29.52 | 21.84 | 25.83 | 26.63 | 34.67 |
| Dividend per share ($) | 0.53 | 0.58 | 0.61 | 0.65 | 0.69 | 0.73 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 15.7% | 7.9% | — | 15.9% | 21.0% | 31.2% |
| P/E (x) | 12.0 | 10.2 | — | 20.3 | 45.1 | 54.5 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.69 | 2.52 | 2.13 | 3.21 | 5.55 | 3.68 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income |
|---|---|---|
| 2026-06-30 | $5.73B+12.5% | $700M+37.3% |
| 2026-03-31 | $4.32B+38.8% | $405M |
| 2025-12-31 † | $5.74B+76.1% | $1.15B+1.8% |
| 2025-09-30 | $5.53B+15.3% | $900M+49.9% |
| 2025-06-30 | $5.09B | $510M |
| 2025-03-31 | $3.11B | −$186M |
| 2024-12-31 † | $3.26B | $1.13B |
| 2024-09-30 | $4.79B | $601M |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Measures that fit this businessFrom SEC data
ROIC and free cash flow don’t suit an asset manager, so these are the usual yardsticks instead.
- Assets under management
- $744 billion
December 31, 2025
As stated by the company: Form 10-K (FY2025)
| Measure | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Return on equityNet income ÷ stockholders’ equity. | 14.6% | 30.2% | -2.9% | 17.9% | 13.2% | 8.7% |
| Net marginNet income ÷ revenue. | 47.3% | 29.2% | -9.1% | 25.7% | 14.1% | 12.2% |
| Equity ÷ total assetsThe accounting cushion. Regulatory capital ratios are listed separately above when the filing states them. | 17.2% | — | 6.8% | 7.2% | 6.6% | 7.5% |
Computed from SEC XBRL figures. A dash means the company doesn’t tag that figure or the result fell outside a plausible range. Tagging differs between filers, so check the filing before comparing two companies closely.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Banks, insurers, and similar financial companies aren’t compared this way, since deposits/policies are the business itself and debt can’t be cleanly separated from operating capital.
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not applied to banks, insurers, and similar financial companies: their operating cash flow includes deposits or premiums held for customers, so it isn’t free cash flow available to investors.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
Financial companies’ operating cash flow behaves differently from an operating company’s, so this analysis doesn’t apply.
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 61.2%
- Directors & officers (shares)
- 23.2%
- Everyone else (est.)
- 15.6%
- Directors & officers (voting power)
- 23.2%
- Institutional-ownership rank
- 405 of 416
- Beta (adjusted)
- 1.48
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 97% of covered companies have more
above 1 = swings more than the market
- 549.5M shares reported by 1,278 13F filers ÷ 897.6M shares outstanding on 2026-08-05. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-02-27 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-08-05)
20
Strengths & weaknessesSite analysis
Strengths
1. Scale and diversification
$744B of AUM across credit, private equity and real assets, plus insurance.
Evidence: Form 10-K (FY2025)
2. Growing dividend
Dividends per share rose from $0.53 (2020) to $0.73 (2025); $0.78 annualized from 2026.
Evidence: Form 10-K (FY2025)
3. Book value growth
Stockholders’ equity per share rose from about $23.94 (2020) to $34.67 (2025).
Evidence: Form 10-K (FY2025)
Weaknesses
1. Volatile GAAP earnings
Diluted EPS ranged from −$1.21 (2022) to $7.31 (2021) as investment values swung.
Evidence: Form 10-K (FY2025)
2. Complex balance sheet
Total assets of $410B include consolidated funds and insurance assets; policy liabilities exceed $205B.
Evidence: Form 10-K (FY2025)
3. Regulatory and legal exposure
DOJ HSR lawsuit and Kentucky pension litigation are pending.
Evidence: Form 10-K (FY2025) — Commitments and Contingencies (Litigation)
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
54.5x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
0.57%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
31%
Dividends per share ÷ diluted EPS
1. Growth in private markets
Large, diversified AUM across private equity, credit and infrastructure.
- What has to hold
- Fundraising continues.
- The other side
- Performance fees are cyclical.
Evidence: Form 10-K (FY2025)
2. Insurance-backed capital
Global Atlantic provides permanent capital.
- What has to hold
- Spread income stays stable.
- The other side
- Adds balance-sheet risk.
Evidence: Form 10-K (FY2025)
KKR is treated as a financial company: GAAP revenues include consolidated fund and insurance results, so ROIC/WACC are not computed. EPS is diluted EPS attributable to common stockholders.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
For an insurer or bank, debt-coverage ratios like these don’t describe its ability to absorb losses — that depends on its capital, reserves, and investment portfolio, which are covered in part 3 below.
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -64.8% in FY2022 ($16.23B → $5.7B) | Yes, by FY2024 |
| Net income | -111.0% in FY2022 ($4.73B → −$522M) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Book value growth through volatility
Stockholders’ equity rose from $13.7B (2020) to $30.9B (2025) despite a 2022 loss.
Source: Form 10-K (FY2025)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
KKR faces a DOJ civil antitrust suit alleging Hart-Scott-Rodino Act violations (filed January 2025) and long-running Kentucky litigation over hedge fund investments made for the Kentucky Retirement Systems.
2 open matters (1 flagged as major)
DOJ HSR Act complaint
PendingAntitrustMajorUnited States (DOJ) v. KKR
Filed January 14, 2025 in S.D.N.Y. against KKR and KKR-sponsored entities alleging HSR Act violations, seeking civil penalties and equitable relief. KKR moved to dismiss in April 2025 and filed its own complaint seeking declarations that it did not violate the Act.
Source: Form 10-K (FY2025) — Commitments and Contingencies (Litigation)
Kentucky Retirement Systems litigation
PendingLawsuitCommonwealth of Kentucky v. KKR et al.
The Kentucky Attorney General’s 2020 and 2024 actions (consolidated) allege wrongdoing over hedge fund investments managed by former KKR subsidiary Prisma for Kentucky Retirement Systems, against KKR and Messrs. Kravis and Roberts; motions to dismiss were denied in May 2024.
Source: Form 10-K (FY2025) — Commitments and Contingencies (Litigation)
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-K (FY2025) — Commitments and Contingencies (Litigation), reviewed 2026-10-26. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Market and exit conditions
- Company disclosure (summarized from the 10-K)
- Fundraising, investment exits and performance fees depend on capital market conditions.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Competes with other investment managers, financial institutions and sovereign wealth funds for investors and deals.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Law & regulation
Regulation and enforcement
- Company disclosure (summarized from the 10-K)
- Subject to SEC and other regulators; the DOJ alleges HSR Act violations.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4FX & interest rates
Insurance spread risk
- Company disclosure (summarized from the 10-K)
- Global Atlantic earns a spread between investment income and policy costs; rates and credit losses affect it.
- Company’s stated mitigation
- Our policy is to reduce these risks by employing hedging techniques, including using interest rate swaps.
- This site’s assessment
- Impact Med / Likelihood Med
- 5M&A & integration
Acquisitions
- Company disclosure (summarized from the 10-K)
- Integration of Arctos Partners and other acquisitions.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
25
What to watch going forwardSite analysis
- Fundraising and fee-paying AUM growth.
- Global Atlantic insurance earnings.
- Outcome of the DOJ HSR case.
- Arctos Partners integration.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 26, 2026 · Financial data fetched: October 26, 2026 13:49 (SEC EDGAR) · Source 10-K filed: February 27, 2026
Built on10-K FY2025 · filed 2026-02-27Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent KKR & Co.’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.