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KKR & Co. Inc.

KKR Financial Asset Management

KKR & Co. Inc.’s revenue for fiscal 2025 (year ended December 2025) was $19.5 billion, down 11.0% from fiscal 2024.

Revenue
+12.5%
EPS
+39.6%
Free cash flow
+762.7%
Total debt
+4.43%

Quarter to June 2026, against a year earlier

96.12 2.18 −2.22%
Market cap
$88.2B
P/E
29.3×
Fwd P/E
13.9×
Dividend yield
0.77%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

KKR & Co. Inc. (KKR) valuation and DCF model

What the price implies · reverse DCF

At $96.12 the price implies −2.9% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew −13.2% a year over the last ten years, −5.3% over the last five. The price asks for 10.4 points a year more than its ten-year rate. Return on equity averaged 4.8% over ten years; the price implies 9.7% for good.

Price implies
−2.9%
Last 5 years, reported
−5.3%
Last 10 years, reported
−13.2%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
−2.9% a year for ten years
$96.12
today’s price
Its base case
−10.0% a year for five years, then −6.0%
$64.15
33.3% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record KKR & Co. Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to June 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing −2.9% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against KKR & Co. Inc.’s own cost of capital: risk-free 4.3% + beta 1.72 × equity premium 4.5% = 12.0% cost of equity; weighted, 12.0%.

Use 12.0%
Base case value per share $64.15 ten years discounted, and what follows
Current price $96.12 market price per share
Below today’s price 33.3% downside at the base case’s assumptions

How we got there$37.93 10 years of dividends+$26.22 terminal value=$64.15 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Asset Management).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 29.34× 30.10× 21.40× 37% above 13.38× 119% above
P/FCF 37.73× 138.65× 138.65× 73% below 7.79× 384% above
P/B 1.18× 1.34× 0.95× 24% above 0.91× 30% above
EV/EBITDA — 175.10× 112.87× — 3.38× —
EV/Sales — 7.52× 8.95× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
0.63×1.10×1.57×2.04×10Y avg 0.95×2017201820192020202120222023202420252026

KKR trades at 1.18× P/B, against a 10-year average of 0.95× (range 0.44×–2.17×). That is dearer than 67% of the last 9 year-end readings; re-rating to the average implies $77.79 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.