KKR & Co. Inc. KKR
KKR remains a hold at $108.68 as of the close on 2026-08-28. The firm's deal pipeline is visibly robust — the Steadfast $5.51B buyout, Enbridge JV, SK Telecom AI infrastructure investment, and Ci FLAVORS acquisition all landed in late August 2026 — but FY2025 financials deteriorated sharply, with EPS falling 28.66% to $2.34 and FCF margin collapsing from 30.08% to 1.65% year-over-year.
The stock trades 10.66% above the peer median PE of 29.23 while smart money has turned slightly negative at -0.0187 as of Q2 2026 13Fs, and a newly announced fraud investigation adds an unquantified overhang. The growth narrative is intact but current valuation already reflects much of the deal momentum.
What could go wrong
- Fraud investigation overhang. A fraud investigation led by SBS Law was announced on 2026-08-27; outcome and scope are unknown but could pressure the stock if materialized.
- Earnings deterioration. FY2025 EPS declined 28.66% to $2.34 and operating margin compressed to 2.4% from 4.28% in FY2024, despite revenue of $19.26B.
- Smart money outflow. Smart money score declined from 0.0526 at Q4 2025 to -0.0187 at Q2 2026, with fund count dropping from 70 to 67, indicating institutional positioning is softening.
- Valuation premium. PE of 32.35 sits 10.66% above the peer median of 29.23, limiting upside if deal momentum fails to translate into earnings recovery.
What would change my mind
Where this comes from: FMP FY2025 annual + derived_metrics · derived_metrics FY2024 vs FY2025 · peer_relative composite · 13F composite as of 2026-06-30. Orin's read on KKR; not advice.
Twelve months actual closes to 2026-09-24 · actual filings
50-day average 200-day average · volume below
On file
All KKR filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Vanguard Capital Management | $4.1B | 0.1% of fund |
| State Street | $2.7B | 0.1% of fund |
| Fmr | $2.0B | 0.1% of fund |
| Geode Capital Management | $1.4B | 0.1% of fund |
| Capital Research Global Investors | $1.3B | 0.2% of fund |
| Wellington Management Group Llp | $1.3B | 0.2% of fund |
122 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 53 Form 4 filings, net −$356.2M. Of the 50 on hand, 14 were open-market purchases and 5 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about KKR
Orin answers questions about KKR from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 28.5× | — | 21.6× |
| EV/EBITDA | 12.9× | 18.2× | — |
| P/S | 4.08× | 5.89× | — |
| P/B | 2.8× | 3.1× | — |
Its P/E sits 60th percentile of its own last 5 years (+0.44σ from its own mean).
44.6%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $0.3B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$127
$116 – $147 · +31% against today's price
- 24 buy or overweight
- 3 hold
- 0 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| KKRKKR & Co. Inc. | $86B | 28.5× | 12.9× | 22.5% | 15.0% | 10% |
| APOApollo Global Management, Inc. | $70B | 26.1× | 6.0× | 84.5% | 5.2% | 9% |
| ARESAres Management Corporation | $39B | 52.4× | 21.1× | 62.7% | 10.0% | 15% |
| BLKBlackRock, Inc. | $166B | 25.3× | 16.0× | 55.7% | 24.1% | 12% |
| BXBlackstone Inc. | $142B | 26.0× | 18.2× | 88.8% | 21.9% | 41% |
| TROWT. Rowe Price Group, Inc. | $22B | 10.4× | 6.9× | 70.7% | 29.3% | 20% |
The median is of the 5 peers listed above and nothing else — check it against the column. This company trades 9.3% above it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Discounted cash flow
| Model | Fair value | Against | Computed |
|---|---|---|---|
| Standard DCF | $74 | $95.07 · −22% | 2026-06-10 |
| Levered DCF | $-145 | $95.07 · −252% | 2026-06-10 |
The vendor’s intrinsic-value models. Treat them as a low-growth anchor — for a fast grower the market routinely pays well above a DCF. These were computed against the price in the “against” column, not today’s.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.