KKR & Co. Inc. (KKR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-25.0%

$74.37

vs $99.09 price

Levered DCF

-$187.42

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.36

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	50.79×	42.63×	19.54×	-58.76×	9.37×	11.74×	8.06×	9.17×
P/B	3.67×	5.55×	3.14×	1.85×	2.47×	1.66×	1.47×	1.17×
P/S	5.91×	6.06×	5.02×	6.25×	2.69×	5.39×	3.77×	4.21×
EV / EBITDA	16.54×	18.23×	10.62×	49.08×	4.87×	7.45×	6.42×	9.57×
Gross margin	18.0%	17.8%	33.9%	36.1%	42.8%	49.1%	49.8%	42.6%
Operating margin	2.6%	4.3%	14.9%	-6.2%	30.8%	30.7%	31.1%	12.8%
Net margin	12.3%	14.2%	26.1%	-9.4%	29.4%	47.3%	47.5%	47.2%
Current ratio	79.85×	4.12×	4.71×	1.49×	1.29×	2.59×	1.69×	1.97×
Debt / equity	1.77×	2.15×	2.16×	2.34×	2.25×	2.45×	2.51×	2.58×
Interest coverage	0.16×	0.28×	0.73×	-0.21×	4.38×	1.34×	1.26×	0.35×
Dividend yield	0.7%	0.5%	0.9%	1.5%	1.0%	1.6%	1.9%	3.5%
Payout ratio	32.4%	19.9%	16.5%	-98.4%	8.9%	17.7%	15.2%	31.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.7%	13.0%	16.3%	-2.8%	26.9%	14.6%	18.6%	13.1%
Return on invested capital	0.1%	0.3%	0.6%	-0.1%	1.9%	1.5%	2.0%	0.6%
Return on assets	0.6%	0.9%	1.2%	-0.2%	1.8%	2.5%	3.3%	2.2%
Free cash flow yield	0.3%	5.0%	-2.2%	-15.4%	-16.8%	-26.8%	-37.0%	-76.4%
Earnings yield	2.1%	2.3%	5.2%	-1.5%	10.9%	8.8%	12.6%	11.2%
Enterprise value	$168.3B	$167.1B	$100.9B	$66B	$72.9B	$49.9B	$39.9B	$30B
Net debt / EBITDA	5.38×	3.92×	3.06×	23.22×	1.97×	4.05×	3.86×	6.35×
Cash conversion cycle (days)	1,028	1,680	1,981	1,759	504	-180	-179	-63