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KKRS, KKR & Co. Inc.
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions.
Since the inception of our firm, we have expanded our investment strategies and product offerings from traditional private equity to other alternative asset classes such as leveraged credit, alternative credit, infrastructure, real estate, energy, growth equity, and core private equity.
We have a pre-eminent global integrated platform for sourcing and originating investments, raising capital, and carrying out capital markets activities.
The business
What it sells, where the money comes from, the kind of company it is.
Next report By 11/8 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~38 days after · the wire records it on arrival
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is Insurance (60%) and Asset Management and Strategic Holdings (40%).
- What moves the needle
- Assets under management and the fee rate on them. What decides it: net flows in or out, the market's move on the assets already there (the firm rises and falls with the indices it invests in), the drift toward cheaper passive products, and the operating leverage on a largely fixed cost base. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Operating margin has run at the high end of fee-business margins across the record (median 76%, above 25% in 9 of 10 years), the economics of a business that takes a cut without carrying the risk. It earns this on little capital, so return on equity has run near 14%, the leverage of a model that needs almost no plant to grow. A high return that does not fade can mark a moat, but whether the assets stay (net flows, not last year's market) is what the flow disclosures and the 10-K settle, not the multiple.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →Insurance is 60% of revenue, with Asset Management and Strategic Holdings the other meaningful segment at 40%.
- Insurance60%$11.6B
- Asset Management and Strategic Holdings40%$7.8B
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMJun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $1.1B | $1.5B | $1.8B | $1.8B | $2.0B | $16.2B | $5.7B | $14.5B | $21.9B | $19.5B | $21.3B | RevenueRevenue |
| 101.7% | 133.1% | 98.5% | 199.8% | 178.5% | 44.4% | 20.2% | 53.1% | 32.3% | 31.3% | 33.1% | Operating marginOp. mgn |
| 28.0% | 66.1% | 61.4% | 112.0% | 99.8% | 29.2% | −9.1% | 25.7% | 14.1% | 12.2% | 14.8% | Net marginNet mgn |
| $975M | $2.8B | $2.3B | $5.2B | $5.7B | $13.8B | ($292M) | $6.6B | $5.9B | $7.1B | — | Pretax incomePretax |
| $309M | $1.0B | $1.1B | $2.0B | $2.0B | $4.7B | ($522M) | $3.7B | $3.1B | $2.4B | $3.2B | Net incomeNet inc. |
| 3% | 8% | -9% | 10% | 11% | 10% | — | 18% | 16% | 13% | 26% | Effective tax rateTax rate |
| Cash flow & returns | |||||||||||
| ($1.5B) | ($3.5B) | ($7.6B) | ($5.7B) | ($6.0B) | ($7.2B) | ($5.3B) | — | — | — | — | Owner earningsOwner earn. |
| ($64M) | ($98M) | ($79M) | ($207M) | ($153M) | ($9.6B) | ($13.6B) | ($3.9B) | ($19.0B) | ($16.3B) | — | Investing cash flowInv. cash |
| $3.1B | $2.9B | $6.6B | $6.5B | $9.8B | $20.4B | $22.1B | $12.8B | $7.1B | $17.4B | — | Financing cash flowFin. cash |
| ($22M) | $80M | ($25M) | $432K | $59M | ($49M) | ($270M) | $25M | ($119M) | $156M | — | Exchange-rate effectFX |
| $1.6B | ($610M) | ($1.1B) | $596M | $3.8B | $3.5B | $2.9B | $7.4B | ($5.4B) | $1.8B | — | Change in cashΔ cash |
| 5% | 14% | 13% | 19% | 15% | 27% | -3% | 16% | 13% | 8% | 10% | Return on equityROE |
| 0% | 10% | 9% | 16% | 12% | 25% | −5% | 14% | 10% | 6% | 8% | Retained to equityRetained/eq |
| Balance sheet | |||||||||||
| $39.0B | $45.8B | $50.7B | $60.9B | $79.8B | — | $275.3B | $317.3B | $360.1B | $410.1B | $414.5B | Total assetsAssets |
| $2.5B | $1.9B | $1.8B | $2.3B | $5.4B | $10.5B | $13.4B | $20.8B | $15.4B | $17.2B | $21.2B | Cash & investmentsCash+inv |
| $21.9B | $25.2B | $25.4B | $30.4B | $39.0B | — | — | — | — | — | — | Total liabilitiesTotal liab. |
| $632M | $611M | $1.1B | $0 | $0 | $82M | — | — | — | — | — | Redeemable interestsRedeemable |
| — | $12.9B | $15.6B | $19.7B | $27.1B | $40.5B | — | — | — | — | — | Noncontrolling interestsNCI |
| $5.9B | $7.2B | $8.6B | $10.8B | $13.7B | $17.6B | $18.8B | $22.9B | $23.7B | $30.9B | $31.0B | Shareholders’ equityEquity |
| Per share | |||||||||||
| 483M | 506M | — | 560M | 573M | 596M | 861M | 885M | 888M | 891M | 891M | Shares out (diluted)Shares |
| $2.29 | $3.04 | — | $3.20 | $3.50 | $27.24 | $6.62 | $16.38 | $24.63 | $21.83 | $23.90 | Revenue / shareRev/sh |
| $0.64 | $2.01 | — | $3.58 | $3.50 | $7.94 | $-0.61 | $4.22 | $3.46 | $2.66 | $3.54 | EPS (diluted)EPS |
| $-3.01 | $-7.01 | — | $-10.18 | $-10.41 | $-12.05 | $-6.13 | — | — | — | — | Owner earnings / shareOE/sh |
| $0.59 | $0.62 | — | $0.48 | $0.52 | $0.56 | $0.52 | $0.64 | $0.69 | $0.73 | $0.75 | Dividends / shareDiv/sh |
| $12.29 | $14.19 | — | $19.30 | $23.94 | $29.52 | $21.84 | $25.83 | $26.63 | $34.67 | $34.83 | Book value / shareBVPS |
The diluted share count moved ×1.45 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | +28.5%/yr | +44.2%/yr |
| EPS | +17.1%/yr | −5.3%/yr |
| Dividends / share | +2.4%/yr | +7.0%/yr |
| Book value / share | +12.2%/yr | +7.7%/yr |
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Is it a good business?
- Operating margin 31.3%Wide fee margin (≥30%)Operating income $6.1B ÷ revenue $19.5BIndustry peers: median 20%
What this means
The heart of a asset manager: how much of each fee dollar survives the cost of running the business. Fees ride on assets under management, so the swing factors are net flows in or out and the market's move on the assets already there; the cost base is largely fixed, which lifts margins in a bull market and squeezes them in a bear one. A high margin held for years, through a market it does not control, is the operational mark of a real franchise.
- Net margin 12.2%SolidNet income $2.4B ÷ revenue $19.5B
What this means
What reaches the owner after tax and interest. For a capital-light fee business this should be a wide share of revenue; when it is thin despite a high operating margin, debt taken on for acquisitions is usually the reason, so read it next to the balance sheet.
- Below the cost of equityNet income $2.4B ÷ equity $30.9BIndustry peers: median 21%
What this means
Because the business ties up little capital, a healthy fee stream throws off a high return on the equity behind it. Read it with the buyback record: returning capital lifts this ratio honestly, but heavy debt taken to do so can flatter it.
All figures as filed; the source filing is linked above.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Insider ownership23.2%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$722M
The slice of the business handed to employees in shares in fiscal 2025, 3.7% of revenue, equal to 11.8% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Insurance reserves as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers
KKR & Co. Inc. is listed here as a claim on a business rather than as the business itself — a preferred series, a bond or a warrant, filed under the same registrant as the common stock. A comparative table lines businesses up against one another, so there is none here. The business behind it is KKR & Co. Inc. (KKR), where the record, the scorecard and the peer bench are.
The price
What a price has to assume.
What the price implies
reverse-DCFKKR & Co. Inc. is profitable, but its owner-earnings base could not be formed from this filing’s tagged data (operating cash flow or capital spending is missing), so the owner-earnings reverse-DCF has no base to grow. We read the price from both ends instead: type a price to see the profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
Revenue, delivered46%/yr’20→’25
Enter a price to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Manual order: ← KKR its page in the Manual KLAC →
Industry order: ← KKR the Capital Markets & Asset Management chapter KLAR →