KKR Group Finance Co. IX LLC 4. (KKRS) 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

+593.6%

$104.04

vs $15.00 price

Levered DCF

-$116.84

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.15

Distress zone

Rating

D+

Overall 1 / 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	0×	3.31×	4.46×	-12.23×	3.29×	2.84×	3.04×	11.75×
P/B	1,087.15×	1,019.82×	0.72×	0.67×	0.87×	1.06×	1.3×	1.54×
P/S	0.8×	0.74×	1.13×	2.26×	0.61×	3.44×	3.34×	5.55×
EV / EBITDA	0×	1×	5.74×	27.5×	708.52×	6.16×	6.19×	10.66×
Gross margin	75.8%	80.2%	78.6%	36.1%	47.3%	49.1%	49.8%	42.6%
Operating margin	68.2%	74.2%	45.2%	-5.3%	43.4%	30.7%	31.1%	12.8%
Net margin	0.0%	22.4%	25.7%	-18.4%	49.5%	121.0%	109.9%	47.2%
Current ratio	0×	0×	1.51×	1.49×	1.27×	2.59×	0.9×	0.83×
Debt / equity	0×	0×	2.16×	2.34×	2.23×	2.44×	2.5×	2.58×
Interest coverage	45×	59.74×	2.22×	-0.18×	9.52×	1.34×	1.26×	0.35×
Dividend yield	6.6%	3.8%	3.7%	4.1%	2.8%	2.4%	2.2%	2.7%
Payout ratio	0.0%	12.5%	16.5%	-50.2%	3.4%	6.9%	6.6%	31.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.0%	30826.5%	16.3%	-5.4%	69.9%	37.3%	42.9%	13.1%
Return on invested capital	0.0%	1357.1%	1.9%	-0.1%	4.2%	1.5%	2.0%	0.4%
Return on assets	0.0%	489.9%	1.2%	-0.4%	4.7%	6.4%	7.6%	2.2%
Free cash flow yield	2.0%	40.1%	-9.8%	-42.7%	-47.8%	-42.0%	-41.8%	-58.0%
Earnings yield	0.0%	30.2%	22.8%	-8.2%	80.8%	35.2%	32.9%	8.5%
Enterprise value	$15.5B	$16.2B	$45.4B	$43.8B	$44.4B	$41.5B	$38.8B	$33.9B
Net debt / EBITDA	0×	-0×	3.67×	19.62×	465.68×	4×	3.94×	6.48×
Cash conversion cycle (days)	0	0	670	1,759	273	-180	-179	-63