Company Overview
KKR & Co Inc is an alternative asset manager that raises and invests capital across private markets strategies. The business earns money primarily from managing client and institutional capital and from investment-
Analysis of recent data
FundamentalsFor 2025, reported in USD, revenue was USD 19.5 billion and net income was USD 6.1 billion, with revenue down 11.0% versus the prior year. Over the same trailing period, net profit margin was 10.15%, while operating margin was 1.94%, placing most of the reported profitability below the operating line rather than in operating earnings.
On the balance sheet, cash totaled USD 16.9 billion. Net debt was USD 36.0 billion, framing leverage as a meaningful part of the capital structure alongside equity returns that ran at 8.15% on a trailing basis.
Valuation
DCF / MultiplesAt USD 92.50, the stock trades well above the DCF outcome, which remains negative even under a stronger scenario. That pricing sits alongside a 33.99 P/E and a 220.11 EV/EBITDA multiple, keeping the market’s valuation far beyond what the cash‑flow‑based framework supports.
Conclusion
TakeawayThe price is assuming cash generation far beyond what shows up here. Balance sheet leverage becomes less forgiving at this valuation. Returns on equity need to rise and stay resilient. If earnings soften, the gap between price and fundamentals widens quickly.