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KKR & Co
(NYSE:KKR)
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Rating:70Outperform
Price Target:
$100.00
â–¼(-7.05% Downside)
Action:Reiterated
Date:10/26/26
The score is driven primarily by improved financial performance (strong recent profitability and cash generation, though constrained by high leverage and historical volatility) and a very constructive earnings call (clear fee-growth visibility, fundraising momentum, and record operating metrics). These positives are tempered by weaker technical positioning versus longer-term moving averages and a valuation that is not especially attractive given a higher P/E and low dividend yield.
Positive Factors
Fee Growth Visibility
Strong management-fee growth and a substantial pool of committed capital awaiting deployment provide visibility into recurring revenue expansion. As more capital begins earning fees, KKR can grow its base earnings without relying solely on unpredictable investment realizations or market-driven gains.
Negative Factors
High Leverage
KKR’s substantial debt relative to equity remains a constraint on financial flexibility. Elevated leverage can increase financing costs, reduce room for discretionary capital allocation, and make earnings and liquidity more sensitive to prolonged weakness in investment performance or cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Fee Growth Visibility
Strong management-fee growth and a substantial pool of committed capital awaiting deployment provide visibility into recurring revenue expansion. As more capital begins earning fees, KKR can grow its base earnings without relying solely on unpredictable investment realizations or market-driven gains.
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
$83.52B
Dividend Yield0.82%
Average Volume (3M)5.23M
Price to Earnings (P/E)27.7
Beta (1Y)1.75
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. Volume6,645,707
30 Day Avg. Volume5,227,936
Financial Highlights & Ratios
PEG Ratio-1.84
Price to Book (P/B)3.67
Price to Sales (P/S)5.91
P/FCF Ratio358.05
Enterprise Value/Market Cap2.07
Enterprise Value/Revenue8.20
Enterprise Value/Gross Profit36.47
Enterprise Value/Ebitda17.74
Forecast
1Y Price Target
$124.15Price Target Upside15.41% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)8.23
Revenue Forecast (FY)$11.66B
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 client and shareholder capital and by participating in investment performance.
1) Management fees and other fee-related income (recurring base revenues)
- KKR earns management fees from its p...
KKR & Co Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 09, 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 | 21.06B | 19.21B | 21.64B | 14.32B | 5.57B | 16.11B |
| Gross Profit | 4.74B | 3.46B | 3.84B | 4.86B | 2.01B | 6.90B |
| EBITDA | 9.74B | 10.17B | 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 | 2.34B | 317.00M | 6.51B | -1.60B | -5.36B | -7.28B |
| Operating Cash Flow | 2.49B | 477.76M | 6.65B | -1.49B | -5.28B | -7.18B |
| Investing Cash Flow | -8.26B | -16.28B | -19.05B | -3.88B | -13.65B | -9.61B |
| Financing Cash Flow | 8.96B | 17.43B | 7.08B | 12.77B | 22.06B | 20.36B |
KKR & Co Technical Analysis
Neutral
107.58
Price Trends
97.87
Negative
98.35
Negative
99.16
Negative
Market Momentum
-1.64
Negative
48.88
Neutral
82.56
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KKR, the sentiment is Neutral. The current price of 107.58 is above the 20-day moving average (MA) of 89.79, above the 50-day MA of 97.87, and above the 200-day MA of 99.16, indicating a neutral trend. The MACD of -1.64 indicates Negative momentum. The RSI at 48.88 is Neutral, neither overbought nor oversold. The STOCH value of 82.56 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for KKR.
KKR & Co Risk Analysis
KKR & Co disclosed 1 risk factors in its most recent earnings report. KKR & Co reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
KKR & Co Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $67.00B | 24.56 | 8.58% | 1.89% | 39.52% | -48.06% | |
74 Outperform | $144.44B | 25.84 | 40.77% | 4.47% | 8.78% | 28.70% | |
70 Outperform | $83.52B | 27.69 | 10.32% | 0.82% | 31.83% | 48.98% | |
70 Outperform | $17.15B | 36.55 | 18.59% | 5.02% | 29.91% | 507.73% | |
68 Neutral | $40.89B | 54.07 | 15.20% | 4.18% | 33.64% | 22.53% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
57 Neutral | $13.92B | 38.58 | 6.07% | 3.58% | -44.06% | -71.02% |
* Financial Sector Average
KKR
KKR & Co
93.04
-24.66
-20.95%
APO
Apollo Global Management
113.45
-9.40
-7.65%
BX
Blackstone Group
117.06
-26.05
-18.21%
CG
Carlyle Group
39.06
-16.96
-30.28%
ARES
Ares Management
123.82
-20.72
-14.34%
TPG
TPG
44.59
-9.15
-17.03%
KKR & Co Corporate Events
Business Operations and StrategyExecutive/Board Changes
KKR & Co Strengthens Board With New Risk Expert
Positive
Oct 26, 2026
On October 26, 2026, KKR Co. Inc. appointed Brian J. Lee, former Chief Risk Officer of The Goldman Sachs Group, Inc., to its Board of Directors, effective the same date. His appointment increases the total number of Board seats to twelve and brin...
Business Operations and StrategyRegulatory Filings and Compliance
KKR Details USI Insurance Sale in Investor Presentation
Neutral
Aug 31, 2026
KKR Co. Inc. disclosed that it has posted a presentation on its Investor Center website titled “Sale of USI Insurance Services to Aon plc,” providing additional detail for investors on the transaction. The firm emphasized that materia...
Business Operations and StrategyLegal Proceedings
KKR & Co Reaches Settlement in DOJ Antitrust Case
Negative
Aug 27, 2026
On August 26, 2026, KKR Co. Inc. agreed to a Stipulation and Order with the U.S. Department of Justice Antitrust Division to resolve a civil antitrust complaint filed in January 2025 over alleged deficiencies in Hart-Scott-Rodino premerger notifi...
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...
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.