Kilroy Realty Corporation (KRC) 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

-135.3%

-$12.96

vs $36.77 price

Levered DCF

-$62.98

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.65

Distress zone

Rating

C+

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	16.11×	22.72×	22.13×	19.53×	12.35×	35.21×	59.08×	24.37×
P/B	0.82×	0.88×	0.86×	0.83×	1.42×	1.3×	2.02×	1.6×
P/S	4×	4.19×	4.13×	4.13×	8.1×	7.27×	10.34×	8.41×
EV / EBITDA	11.12×	12.67×	12.99×	12.21×	10.98×	16.98×	22.79×	20.82×
Gross margin	67.0%	67.2%	68.9%	70.7%	71.8%	71.0%	69.7%	71.8%
Operating margin	28.4%	29.5%	29.2%	29.6%	29.6%	26.6%	26.5%	24.9%
Net margin	24.8%	18.6%	18.8%	21.2%	65.8%	20.8%	23.3%	34.6%
Current ratio	4.24×	1.2×	1.86×	1.16×	1.27×	1.79×	0.72×	0.76×
Debt / equity	0.89×	0.88×	0.93×	0.81×	0.77×	0.8×	0.85×	0.75×
Interest coverage	1.71×	2.3×	2.89×	3.85×	3.6×	3.38×	4.58×	3.7×
Dividend yield	5.8%	5.4%	5.5%	5.5%	3.1%	3.4%	2.3%	2.9%
Payout ratio	93.4%	121.5%	120.3%	106.4%	37.8%	120.0%	100.4%	69.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.1%	3.9%	3.9%	4.3%	11.5%	3.7%	4.6%	6.6%
Return on invested capital	2.9%	3.2%	3.1%	3.2%	2.9%	2.6%	2.7%	2.6%
Return on assets	2.5%	1.9%	1.9%	2.2%	5.9%	1.9%	2.2%	3.3%
Free cash flow yield	-2.7%	0.8%	1.3%	0.1%	-16.6%	-2.5%	-11.2%	-13.0%
Earnings yield	6.2%	4.4%	4.5%	5.1%	8.1%	2.9%	2.3%	4.1%
Enterprise value	$9.1B	$9.3B	$9.2B	$8.6B	$11.5B	$9.8B	$12.2B	$9.2B
Net debt / EBITDA	5.69×	6.2×	6.41×	5.75×	3.6×	5.69×	6.68×	6.54×
Cash conversion cycle (days)	-144	-130	-233	-289	-369	-461	-443	-532