KKRKKR & Co. Inc.

Investment Advice

Revenue: $19.5B; 11% YoY
Operating margin: —
EBITDA: —
Market cap: $84.7B
Employees: 4,200; $5M revenue each
Net debt / EBITDA: —; $31.6B net debt
AI in 10-K: 0.9; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
20% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
137% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
100% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$5M · 89th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 32nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$84.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$50M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$16.2B	$5.7B	$14.5B	$21.9B	$19.5B	11%
Net income	$4.7B	−$522M	$3.7B	$3.1B	$2.4B	23%
Operating cash flow	−$7.2B	−$5.3B	−$1.5B	$6.6B	$478M	93%
Stock-based comp	$530M	$730M	$618M	$746M	$722M	3.3%
Buybacks	$270M	$347M	$290M	$0	$3M
Dividends	$331M	$444M	$563M	$612M	$650M	6.2%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 1, 2021	VA Partners I, LLC	SC 13D/A	4.4%	Passive
Mar 12, 2021	VA Partners I, LLC	SC 13D/A	5.5%	Passive
Nov 12, 2020	VA Partners I, LLC	SC 13D/A	6.7%	Passive
Sep 17, 2019	VA Partners I, LLC	SC 13D/A	8.8%	Passive

Insider trading

Open-market buys, 12 mo: $51M · 13
Open-market sells, 12 mo: $1M · 1
Net: $50M

Pay vs performance

No pay-versus-performance disclosure yet.