KKR
KKR on NYSE. KKR & manages investments for pension funds, insurers, and individual clients. Market value $80.8bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Financial services stocks on the list
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 13 cents. Above 10 is good.
What you pay for each dollar of net assets: $2.60.
Profit per $100 you pay: $3.90.
Quality score: 89 of 100. Price score: 34 of 100. Our list needs 70 on quality and 60 on price.
$89.96 a share, 9% above its 1-year low
Over the past year the price has ranged from $82.67 to $144.84.
Dividend: 0.8% a year
Paid every year for at least 5 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $16.2bn | $5.7bn | $14.5bn | $21.9bn | $19.5bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.86bn | 0.89bn | 0.89bn | 0.89bn | 0.90bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 35.7% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $5.7 billion last quarter, up 13% on a year ago.
- Profit: $700 million, up 37% on a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $4.8bn |
| December 2024 | $3.3bn |
| March 2025 | $3.1bn |
| June 2025 | $5.1bn |
| September 2025 | $5.5bn |
| December 2025 | $5.7bn |
| March 2026 | $4.3bn |
| June 2026 | $5.7bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $601m |
| December 2024 | $1.1bn |
| March 2025 | -$186m |
| June 2025 | $510m |
| September 2025 | $900m |
| December 2025 | $1.1bn |
| March 2026 | $405m |
| June 2026 | $700m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 5 November 2026
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
14 long-term investors we follow own it, up from 13 last quarter. 1,278 funds in all.
- First Manhattan Co.First Manhattan partners
- Value
- $864m
- Share of fund
- 2.2%
- Markel GroupTom Gayner
- Value
- $133m
- Share of fund
- 1.0%
- GoodHaven Capital ManagementLarry Pitkowsky
- Value
- $13m
- Share of fund
- 4.1%
- Gotham Asset ManagementJoel Greenblatt
- Value
- $4m
- Share of fund
- <0.1%
- GMOJeremy Grantham
- Value
- $789,308
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Manhattan Co.First Manhattan partners | $864m | 2.2% | |
| Dodge & CoxDodge & Cox investment committee | $740m | 0.4% | New |
| Akre Capital ManagementChuck Akre | $457m | 9.0% | Cut |
| ValueAct CapitalMason Morfit | $327m | 5.8% | Added |
| Markel GroupTom Gayner | $133m | 1.0% | |
| Lindsell TrainNick Train | $61m | 2.3% | New |
| Ariel InvestmentsJohn Rogers Jr. | $39m | 0.4% | Cut |
| Harris Associates (Oakmark)Bill Nygren | $32m | <0.1% | Cut |
| GAMCO InvestorsMario Gabelli | $28m | 0.3% | Cut |
| Mawer Investment ManagementMawer team | $17m | 0.1% | Cut |
| GoodHaven Capital ManagementLarry Pitkowsky | $13m | 4.1% | |
| Greenhaven Road CapitalScott Miller | $10m | 6.8% | Added |
| Gotham Asset ManagementJoel Greenblatt | $4m | <0.1% | |
| GMOJeremy Grantham | $789,308 | <0.1% |
Sold out this quarter
Largest holders overall
- BlackRock$4.1bn
- Vanguard Capital Management$4.1bn
- Capital International Investors$3.3bnAdded
- State Street$2.7bnAdded
- FMR$2.0bnAdded
- Principal Financial Group$1.8bn
- Geode Capital Management$1.4bn
- Capital Research Global Investors$1.3bnCut
- Wellington Management Group LLP$1.3bnCut
- Norges Bank$1.3bnNew
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Vanguard Capital ManagementPassive investor5.7%Since 31 March 2026
- BlackRock, Inc.Passive investorSold down below 5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 5.7% | 31 March 2026 | |
BlackRock, Inc. Passive investor | Sold down below 5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 5 insiders bought $51m of shares on the open market. 1 sold $1m.
- HOLMES DANE EChief Administrative OfficerSold
- Date
- 3 September 2026
- Shares
- 10,000
- Price
- $108.58
- Value
- $1m
- BARAKETT TIMOTHY RDirectorBought
- Date
- 4 March 2026
- Shares
- 50,000
- Price
- $94.47
- Value
- $5m
- Dillon Mary NDirectorBought
- Date
- 2 March 2026
- Shares
- 22,225
- Price
- $90.96
- Value
- $2m
- NUTTALL SCOTT CCo-Chief Executive Officer, DirectorBought
- Date
- 27 February 2026
- Shares
- 50,000
- Price
- $87.81
- Value
- $4m
- BAE JOSEPH YCo-Chief Executive Officer, DirectorBought
- Date
- 27 February 2026
- Shares
- 50,000
- Price
- $88.56
- Value
- $4m
- Cohler MattDirectorBought
- Date
- 17 February 2026
- Shares
- 43,872
- Price
- $102.90
- Value
- $5m
- BAE JOSEPH YCo-Chief Executive Officer, DirectorBought
- Date
- 17 February 2026
- Shares
- 125,000
- Price
- $102.19
- Value
- $13m
- NUTTALL SCOTT CCo-Chief Executive Officer, DirectorBought
- Date
- 17 February 2026
- Shares
- 125,000
- Price
- $102.66
- Value
- $13m
- BARAKETT TIMOTHY RDirectorBought
- Date
- 9 February 2026
- Shares
- 50,000
- Price
- $104.93
- Value
- $5m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 3 September 2026 | HOLMES DANE E Chief Administrative Officer | Sold | 10,000 | $108.58 | $1m |
| 4 March 2026 | BARAKETT TIMOTHY R Director | Bought | 50,000 | $94.47 | $5m |
| 2 March 2026 | Dillon Mary N Director | Bought | 22,225 | $90.96 | $2m |
| 27 February 2026 | NUTTALL SCOTT C Co-Chief Executive Officer, Director | Bought | 50,000 | $87.81 | $4m |
| 27 February 2026 | BAE JOSEPH Y Co-Chief Executive Officer, Director | Bought | 50,000 | $88.56 | $4m |
| 17 February 2026 | Cohler Matt Director | Bought | 43,872 | $102.90 | $5m |
| 17 February 2026 | BAE JOSEPH Y Co-Chief Executive Officer, Director | Bought | 125,000 | $102.19 | $13m |
| 17 February 2026 | NUTTALL SCOTT C Co-Chief Executive Officer, Director | Bought | 125,000 | $102.66 | $13m |
| 9 February 2026 | BARAKETT TIMOTHY R Director | Bought | 50,000 | $104.93 | $5m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 8 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.