KKR & Co. Inc. (KKR) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: KKR & Co. Inc.

Updated on October 26, 2026 · accounts published on July 30, 2026

A fast-growing financial firm with thin margins, falling recent profits and a heavy debt load

KKR trades at a P/E of 29.7× over the last 12 months, 128 % above its sector median, while analysts raised 2026 EPS estimates 24 % in 30 days.

• Is KKR expensive or cheap? KKR's P/E of 29.7× sits 87 % above its ten-year median and 128 % above the median of its sector.
• How is the business doing? Revenue fell 11 % and EPS 29 % over the last 12 months, yet revenue per share grew 24 % a year in 2020-2025.
• How strong is the balance sheet? Debt is 1.63 times equity over the last 12 months, more than three times the 0.5 this sector considers prudent.
• Is KKR a scalable business with little leverage? KKR passes three of six sector tests and fails on a 2.4 % operating margin in fiscal 2025 against a 30 % bar.
• What to expect from the next earnings? KKR reports on November 9, 2026; analysts expect EPS of $1.58, below the $1.63 it posted last quarter.

Is KKR expensive or cheap?

Over the last 12 months KKR trades at a P/E of 29.7×, against a ten-year median of 15.9× and a decade range of 5.2× to 43.9×. The stock has been cheaper than today 76 % of the time over the past decade, and the sector median is 13.0× across 324 companies. Its own recent history softens the picture: the four-year average P/E is 30.6×, so today's multiple sits slightly below it. The free cash flow yield of 12.4 % over the last 12 months is far richer than the 3.9 % earnings yield, and the share price is down 24 % over the year.

How is the business doing?

The long-run trend and the recent one point in different directions. Revenue per share compounded at 24 % a year over fiscal 2020-2025, well above the 6 % this sector treats as healthy. Over the last 12 months, though, revenue dropped 11 % and EPS 29 % year on year. Margins swing widely: the operating margin is 7.8 % over the last 12 months, up from 2.4 % in fiscal 2025 and an average of −0.4 % across fiscal 2014-2025. The net margin of 15.0 % over the same 12 months is well above the operating one, so operating profit tells only part of the story here.

How strong is the balance sheet?

Leverage is the weak spot. A debt-to-equity ratio of 1.63 over the last 12 months compares with a prudent ceiling of 0.5 for financial services firms, so KKR runs with far more borrowed money than the sector's comfort zone. Shareholder payouts are modest: the dividend yields 0.8 % over the last 12 months and took 32 % of earnings in fiscal 2025, leaving most profit inside the company. Cash generation eases the debt concern, since free cash flow equalled 402 % of net income in fiscal 2025, more than four times the 90 % the sector considers healthy.

Is KKR a scalable business with little leverage?

Firms such as asset managers, brokers and exchanges are not banks, so what matters is revenue growth, fee-driven profitability and the quality of cash, not loan books. A scalable firm in this group turns growth into wide margins without leaning on debt. KKR delivers the growth and the cash: revenue per share grew 24 % a year in 2020-2025 and free cash flow far exceeded net income. It falls short on the rest. The fiscal 2025 operating margin of 2.4 % is far below the 30 % healthy mark, ROE of 10.3 % over the last 12 months misses the 15 % bar, and debt-to-equity of 1.63 exceeds 0.5.

What to expect from the next earnings?

Analysts lean optimistic. Of the 27 covering KKR, 24 rate it a buy, 3 say hold and none say sell. The 2026 EPS consensus rose 24 % in the last 30 days, from $6.63 to $8.23 across 11 analysts, and the 2026 revenue estimate climbed 12 %. The track record backs that confidence: KKR beat EPS estimates in 7 of the last 8 quarters, and on July 30, 2026 it reported $1.63 against $1.43 expected, a 14 % beat. The $1.58 expected for the November 9 report is a lower bar than last quarter's result.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.