Blackstone Inc. (BX) vs KKR & Co. Inc. (KKR)

Blackstone Inc. and KKR & Co. Inc. are both Asset Management companies. Blackstone Inc. is the larger, with a market value of $145.4B against $86.4B — 1.7× the size. Blackstone Inc. trades at the lower P/E: 26.5× against 28.8×. KKR & Co. Inc. grew revenue faster over the last twelve months: 31.1% against 17.2%. Blackstone Inc. has the higher net margin (21.8% vs 14.0%) and the higher return on invested capital (15.1% vs 1.08%). Both pay a dividend; Blackstone Inc. yields more (3.34% vs 0.73%). Across the 23 metrics below, Blackstone Inc. leads on 18 and KKR & Co. Inc. on 5.

Valuation

Metric BX KKR Asset Management median
P/E 26.49 28.77 14.62
P/S 5.88 4.06 2.97
P/B 4.50 1.16 0.94
Price to free cash flow 17.27 37.00 8.93
EV/EBITDA 12.87 69.76 10.32
EV/Sales 6.53 5.58 5.72
Earnings yield 3.77% 3.48% 4.53%
Free cash flow yield 5.79% 2.70% 4.65%

Profitability

Metric BX KKR Asset Management median
Gross margin 100.00% 44.08% 100.00%
Operating margin 50.49% 8.92% 33.03%
Net margin 21.84% 14.03% 13.53%
Free cash flow margin 34.05% 10.98% 12.44%
Return on equity 17.31% 4.23% 4.83%
Return on assets 7.39% 0.75% 1.57%
Return on invested capital 15.08% 1.08% 3.04%

Growth

Metric BX KKR Asset Management median
Revenue growth (TTM) 17.19% 31.14% 6.97%
EPS growth (last fiscal year) 6.91% (28.66%) —
Revenue growth, 5-year CAGR 18.82% 35.69% 12.13%
Net income growth, 5-year CAGR 23.63% 2.96% 0.00%

Health

Metric BX KKR Asset Management median
Debt to equity 0.63 0.69 0.42
Current ratio 0.72 0.09 1.28
Net debt to EBITDA 1.32 61.23 1.06

Dividend

Metric BX KKR Asset Management median
Dividend yield 3.34% 0.73% 6.92%
Payout ratio — — 0.77

Size

Metric BX KKR Asset Management median
Market cap 145.37b 86.42b 721.34m

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