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KKR & Co. Inc.

KKRdata completeness 75%17 fiscal years on file
The thesis, from the filings

KKR & Co. Inc. earns about 105% on invested capital, but has diluted owners by 50% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$16.2B1$5.7B2$14.5B3$21.9B3$19.5B3
Net income$4.73B4−$521.7M5$3.73B6$3.08B6$2.37B6
Operating cash flow−$7.18B7−$5.28B8−$1.49B9$6.65B9$477.8M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$36.9B10————
Cash & equivalents$10.5B11$13.4B12$20.8B12$15.4B12$17.2B12
Diluted shares595.7M861.1M885.0M888.2M891.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$346.65
your share of equity
Profit it earned you last year
$26.59
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $346.65 of net worth that earned you $26.59 last year.

iii. Is this a good business?
Moat signal · return on invested capital
105% avg · 5y
FY21 31%FY22 18%FY23 372%FY24 59%FY25 45%

It earned an average 105% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+50% shares · 5y

Share count is up 50% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
business development company / RIC — reported earnings are dominated by unrealised marks on private holdings, and a RIC must distribute ~90% of income so it cannot retain earnings to compound. Capitalising them would be meaningless, not merely imprecise. Price/NAV is the applicable lens.
Graham Number
not applicable
business development company / RIC — reported earnings are dominated by unrealised marks on private holdings, and a RIC must distribute ~90% of income so it cannot retain earnings to compound. Capitalising them would be meaningless, not merely imprecise. Price/NAV is the applicable lens.

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2024-02-29 · period ending 2021-12-31 · accession 0001404912-24-000005 (Revenues)
  2. 10-K filed 2025-02-28 · period ending 2022-12-31 · accession 0001404912-25-000015 (Revenues)
  3. 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001404912-26-000007 (Revenues)
  4. 10-K filed 2024-02-29 · period ending 2021-12-31 · accession 0001404912-24-000005 (NetIncomeLoss)
  5. 10-K filed 2025-02-28 · period ending 2022-12-31 · accession 0001404912-25-000015 (NetIncomeLoss)
  6. 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001404912-26-000007 (NetIncomeLoss)
  7. 10-K filed 2024-02-29 · period ending 2021-12-31 · accession 0001404912-24-000005 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2025-02-28 · period ending 2022-12-31 · accession 0001404912-25-000015 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2026-02-27 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001404912-26-000007 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2022-02-28 · period ending 2021-12-31 · accession 0001404912-22-000004 (LongTermDebt)
  11. 10-K filed 2025-02-28 · period ending 2021-12-31 · accession 0001404912-25-000015 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 10-K filed 2026-02-27 · periods ending 2022-12-31, 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001404912-26-000007 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)