Financial Select Sector

S&P 500

The Cash Burner

Comparable Companies - KKR

15 discretionary insider purchases and 11 discretionary insider sales over the last 12 months. Latest short interest of 1.3% of float with 1.0 days to cover as of 2026-02-27. Primary institutional holders include Vanguard Group Inc. (6.3%), BlackRock Inc. (4.8%), and Capital International Investors (3.9%).

DIRECTOR

CO-CHIEF EXECUTIVE OFFICER

10% OWNER

CO-EXECUTIVE CHAIRMAN

Securities held in ordinary course of business, not for purpose of changing or influencing control of KKR & Co. Inc.

Continues to serve as Co-CEO following the 2021 succession from founders.

Co-Chief Executive Officer & Director

Continues to serve as Co-CEO; recently increased personal stake via open market purchases in Feb 2026.

Serves as CFO; leading the firm's '2026 Strategic Outlook' and $7+ ANI per share target.

Chief Financial Officer

Promoted from General Counsel to Chief Legal Officer, succeeding David Sorkin.

Chief Legal Officer and General Counsel

Stepped down as Chief Operating Officer effective January 8, 2026; no immediate successor named.

Former Chief Operating Officer

Transitioned from Board Director to Chief Administrative Officer in late 2023.

Chief Administrative Officer

Remains active as Co-Executive Chairman following CEO transition.

Co-Founder & Co-Executive Chairman

Appointed to the Board of Directors and Audit Committee in September 2025.

Independent Director

Joseph Bae

Scott Nuttall

Robert Lewin

Henry Kravis

George Roberts

Craig Arnold

Joseph Bae's provenance is defined by his role as the primary architect of KKR's Asia-Pacific expansion, transforming a regional startup into a multi-billion dollar platform that now generates half of the firm's global PE distributions. His leadership style emphasizes thematic investing and operational improvement, particularly in Japan, which he has elevated to KKR's second-largest investment destination. His strategic pivot toward permanent capital via the Global Atlantic acquisition demonstrates a sophisticated approach to capital allocation, shifting the firm toward more resilient, recurring revenue streams.

Acquisition of remaining 37% stake in Global Atlantic Financial Group

Co-Chief Executive Officer

Scott Nuttall is the strategic architect behind KKR's evolution from a pure-play buyout shop to a diversified financial powerhouse. His legacy is rooted in the development of KKR Capital Markets and the firm's balance sheet strategy, which provided the permanent capital necessary for large-scale acquisitions like Global Atlantic. Nuttall's focus on recurring revenue—now comprising 80% of KKR's earnings—and his proactive engagement with both regulators and activist investors underscore a leadership style that prioritizes institutional stability and long-term shareholder value.

Robert Lewin's progression through KKR's most critical operational and investment functions—from Asia expansion to Treasurer and Head of Human Capital—has equipped him with a holistic understanding of the firm's value drivers. As CFO, he has successfully navigated the integration of Global Atlantic and the firm's shift toward a more transparent, fee-heavy earnings profile. His current focus on achieving a $7+ ANI per share target by 2026 reflects a disciplined approach to financial modeling and a commitment to scaling KKR's private wealth and retirement channels.

Timothy Barakett

Adriane Brown

Matthew Cohler

Mary Dillon

Arturo Gutiérrez Hernández

Xavier Niel

Kimberly Ross

Patricia Russo

Robert Scully

Evan Spiegel

Global alternative asset manager with a diversified platform spanning private equity, real estate, credit & insurance, and hedge fund solutions, leveraging scale and data advantages.

Control-oriented buyouts and growth investments across sectors.

Investments in logistics, data centers, rental housing, and other property types.

Direct lending, CLOs, investment-grade and non-investment grade credit strategies.

Fund of hedge funds and multi-strategy products.

Integrated asset manager and retirement services provider (Athene) with a focus on generating spread income through a 'principal's mindset,' combining asset origination with low-cost, long-duration liabilities.

Management of private equity, credit, real assets, and other alternative investment funds.

Annuity and pension risk transfer products, funded by the asset management platform's investment capabilities.

Specialized alternative asset manager focused on direct lending and fund-based solutions, with a strategy centered on providing capital to middle-market companies and building scaled, perpetual capital vehicles.

Senior secured loans to middle-market companies.

Includes GP stakes, secondaries, and other fund investment strategies.

Global alternative asset manager with a diversified platform across corporate private equity, real assets, global credit, and investment solutions, emphasizing thematic investing and global reach.

Buyout and growth equity investments globally.

Investments in energy, infrastructure, power, and real estate.

Direct lending, distressed debt, CLOs, and other credit strategies.

Secondaries, GP stakes, and fund investment products.

The principal executive office is located at 30 Hudson Yards, New York, NY. Additional office space is leased across North America, Europe, the Middle East, and Asia-Pacific. Fixed assets consist primarily of corporate real estate, leasehold improvements, furniture, and computer hardware, all recorded at cost less accumulated depreciation.

KKR's financial story reflects shrinking revenue -11.0% YoY to $19.5B, operating margin contraction to 3.8%, and FCF collapse to $317M amid high leverage at 171% Debt/Equity, with management delivering strong ownership alignment and proven track record but undermined by weak capital allocation including poorly timed buybacks and negative incremental ROIC -1.9%; the team matches the Mature_Compounder archetype in scale and diversification but requires improved discipline to compound per-share value.

The filing discusses material risks and compliance obligations related to sustainability regulations, including the EU's Sustainable Finance Disclosure Regulation (SFDR), Corporate Sustainability Reporting Directive (CSRD), and Corporate Sustainability Due Diligence Directive. It also mentions potential U.S. state-level regulations such as the California Climate-Related Financial Risk Act (SB 261) and the California Climate Corporate Data Accountability Act (SB 253). Compliance depends on collecting data from portfolio companies and third parties, which may be incomplete or difficult to obtain, and involves evolving standards and potential enforcement risks.

As of December 31, 2025, KKR employed approximately 5,043 people worldwide. The workforce is segmented into Asset Management (approximately 980 investment professionals), Insurance, Strategic Holdings, and business operations. Approximately 30% of outstanding shares are owned by employees. The firm emphasizes a 'one-firm' culture, collaboration, and meritocracy. It offers training, professional development, and wellness resources.

KKR relies on third parties for various business operations, including investment activities, accounting, and technology, which introduces operational and reputational risks. The firm engages in community efforts through philanthropy, volunteer programs, and matching grants. It also mentions broad-based employee ownership programs at portfolio companies as part of its responsible investment approach.

Revenue fell 11% YoY to $19.5 bn, operating margin contracted to 3.8%, cash‑conversion collapsed to 21% of net income, and the balance sheet remains highly levered despite record fee‑related earnings growth.

The innovation dossier describes CapEx as supporting capacity expansion for new real‑asset platforms, lease‑hold improvements, and technology infrastructure. Transcript commentary reinforces that the spending is aimed at scaling the firm’s investment capacity rather than maintaining existing physical assets, and no major plant‑or‑equipment acquisitions were reported.

The 10‑K confirms that no goodwill or impairment charges were recorded for FY2025, and the auditor did not list asset impairment as a Critical Audit Matter. Material events show recurring unrealized gains but no write‑downs, indicating that the book value is largely driven by intangible assets and cash balances rather than physical assets.

The Innovation dossier notes that CapEx is directed at capacity expansion for real‑asset platforms and technology, while the transcript emphasizes the Strategic Holdings segment as a future earnings driver. However, the low ROIC and negative incremental ROIC show that these investments have not yet produced returns above cost of capital, and the Strategic Holdings earnings are still modest ($41 million in FY2024, $58 million in FY2025).

4.70% Subordinated Debentures due 2051 (GA)

7.25% Subordinated Debentures due 2056 (GA)

P/FCF

EV/EBITDA

Dane E. Holmes

Henry H. McVey

Partner & Head of Global Macro, Balance Sheet and Risk, Chief Information Officer of KKR Balance Sheet

Joseph Y. Bae

Co-CEO & Director

Adriane M. Brown

Director

Evan T. Spiegel

George R. Roberts

Co-Executive Chairman

Henry R. Kravis

Scott C. Nuttall

Timothy R. Barakett

Matthew R. Cohler

Mary N. Dillon

Xavier B. Niel

Kimberly A. Ross

Patricia F. Russo

Robert W. Scully

Robert H. Lewin

Kathryn K. Sudol

Eliminates legacy partnership 90% supermajority voting requirement for certain charter provisions and moves to majority voting.

Supermajority Voting Amendment

Provides that all actions on which holders of common stock are required or permitted to vote must be taken at an annual or special meeting, not by written consent.

Stockholder Action Amendment

Grants the Board the sole authority to fill director vacancies until all stockholders have the opportunity to vote on the election of all directors at an annual meeting.

Vacancy Amendment

Various technical changes to modernize the charter, including updating authorized stock provisions, removing legacy partnership provisions, and adding corporate opportunity waivers.

Technical and Clarifying Amendments

Allows adjournment of the Special Meeting for up to 30 days to solicit additional proxies if insufficient votes.

Adjournment of Special Meeting

Not Disclosed

Emil Werr

Managing Director of Technology, Engineering & Data

Co-Founder & Executive Co-Chairman

Henry Robert Kravis

Ruchir Swarup

Partner & Chief Information Officer

Ryan David Stork

Chief Operating Officer

KKR is a leading global investment firm that provides alternative asset management, capital markets services, and insurance solutions through its three reportable segments: Asset Management, Insurance (operated by Global Atlantic), and Strategic Holdings. Founded in 1976, the firm pioneered the leveraged buyout strategy and has expanded over five decades into private equity, real assets, credit and liquid strategies, growth equity, infrastructure, energy, and other alternative asset classes, operating in more than 30 countries with a collaborative, integrated platform.

Provides investment management services to a broad range of funds, vehicles and accounts, including private equity, real assets, credit and liquid strategies, and capital markets advisory. Generates fee-related earnings, realized performance and investment income, and incurs fee-related compensation and other operating expenses.

Operated by Global Atlantic, offers retirement, life, annuity and reinsurance products. Earns a spread between net investment income and the net cost of insurance, together with general, administrative and other expenses.

Acquires and holds equity interests in operating companies, primarily from the firm's core private equity strategy. Generates earnings from dividends (net of management fees) and realized investment income on sales of holdings.

Held base revenue growth, base terminal multiple 18.0x, WACC 11.6% constant; solved backward from current price 89.96.

Balance Sheet - Supplemental

Balance Sheet

Cash Flow Statement - Supplemental

Cash Flow Statement

Income Statement - Supplemental

Income Statement

Ratios

Valuation

Historical Ratios & Multiples - KKR

The alternative asset industry is benefiting from a capital deployment renaissance, but KKR is underperforming its peers. While Blackstone and Apollo maintain operating margins above 20%, KKR's 3.8% margin suggests it is failing to capture the same scale efficiencies.

KKR is relevant for analysis now because the stock is trading at a massive premium to its fundamental value just as it enters a critical governance transition and faces a structural decline in its core profitability metrics.

Slowing Realizations and Performance Income. Realized performance income fell to 62 million USD in Q4 2025. A continued drought in exits will force the market to value KKR solely on its low-margin fee earnings.

Governance Reset and Charter Amendments. The April 21, 2026, special meeting will likely highlight institutional dissatisfaction with the current capital allocation strategy.

Moat Erosion. The biggest threat is a permanent impairment of the company's pricing power and return on capital as competitors with superior cost structures take market share.

Liquidity and Leverage Risk. High leverage combined with low cash conversion creates a risk that KKR cannot sustain its dividend or buyback programs.

The Governance Outcome Tree suggests three paths: 1. Status Quo: Management continues to prioritize AUM growth over ROIC, leading to further de-rating. 2. Compromise: The April 2026 charter amendments grant more power to common stockholders, potentially forcing a dividend cut to prioritize debt reduction. 3. Reset: A strategic review is initiated as the 7.00 USD ANI target for 2026 becomes increasingly unattainabl...

Liquidation value analysis is not relevant for the company's archetype ('Mature_Compounder') and was not performed.

KKR files definitive additional proxy materials for 2026 special meeting

KKR acquires Arctos Partners for $1.4 billion in strategic transaction

KKR enters $3.5 billion credit facility with Global Atlantic subsidiaries

KKR posts asset-based finance overview presentation

KKR appoints Craig Arnold to Board of Directors

KKR issues $2.59 billion mandatory convertible preferred stock

KKR & Co. Inc. reports fourth quarter 2024 financial results with strong growth and announces increased ownership in core private equity businesses

KKR & Co. Inc. reports fourth quarter 2023 financial results with record fee related earnings and increased dividend.

KKR acquires remaining 37% of Global Atlantic for $2.7 billion

KKR & Co. Inc. reports fourth quarter 2022 financial results with strong AUM growth and increased dividend.

Cdpq Supports Kkr'S Acquisition And The Energy Transition Plan Of French-Based Albioma Sa

KKR & Co. Inc. reports Q2 2022 financial results with $330 million in revenues and $115 billion in uncalled commitments

KKR posts asset-based finance presentation on website

KKR appoints Raymond J. McGuire as new independent director

Kkr Grows Self-Storage Portfolio With Five New Acquisitions

KKR & Co. Inc. reports Q1 2022 financial results with $1.0 billion in revenues and $479 billion in AUM

BlackRock amends Schedule 13G to report 6.7% KKR ownership

KKR initiated with an Outperform at RBC Capital

KKR price target lowered to $125 from $168 at UBS

KKR price target lowered to $136 from $159 at Barclays

KKR price target raised to $176 from $166 at Morgan Stanley

KKR price target raised to $190 from $166 at Oppenheimer

KKR price target lowered to $155 from $166 at Piper Sandler

KKR price target lowered to $168 from $176 at UBS

KKR price target lowered to $159 from $169 at Barclays

KKR price target raised to $169 from $154 at Barclays

UBS Starts KKR (KKR) at Buy

KKR price target raised to $154 from $151 at Barclays

KKR price target lowered to $151 from $165 at Barclays

KKR price target lowered to $166 from $170 at Morgan Stanley

Situation: Current price is $89.96 versus fair value $39.88 (-55.7% expected return), and valuation confidence is stable. Debate: Bull case depends on Slowing Realizations and Performance Income. Bear case centers on Moat Erosion. Conclusion: Recommendation is Sell with no position, pending a materially better risk/reward setup.

Executive Summary

The market overestimates the durability of KKR's high-margin fee earnings while ignoring the 11% revenue decline and 3.8% operating margin. As realized performance income slows, falling to 62 million USD in Q4 2025 from 306 million USD in the prior year, the stock's premium multiple is likely to de-rate toward its fair value of 39.88 USD.<ul><li>Driver: Valuation Mean Reversion and Fundamental Deceleration</li><li>Catalyst: Continued margin compression and slowing realized performance income</li><li>Protection: None</li></ul>Our variant perception is based on time arbitrage. The market is pricing the stock for a fade to average over the next 3-5 years, whereas our analysis of the eroding gross margin, which fell to 44.9% compared to the peer median of 52.3%, suggests the company's competitive advantage is deteriorating significantly faster than anticipated, justifying a deep discount today.This is a valuation-driven exit predicated on the permanent impairment of the company's historical return on capital and the market's failure to recognize the structural shift in earnings quality.

Core Investment Rationale

KKR operates a diversified alternative asset management platform spanning private equity, real assets, credit, and insurance. The firm has pivoted toward a three-engine model: Asset Management, Insurance (via Global Atlantic), and Strategic Holdings. While management fees grew 24% YoY to 1.1 billion USD in Q4 2025, the overall revenue mix is shifting away from high-velocity capital markets fees toward longer-duration but currently lower-margin insurance and strategic holding earnings.The firm's core assets are its intangible brand equity and LP relationships, which support 744 billion USD in AUM. Proprietary technology and the K-Series investment vehicles target the high-net-worth retail segment, which raised 16 billion USD in 2025. However, the strategic holdings segment, intended to be a recurring dividend engine, contributed only 58 million USD in operating earnings for FY2025, representing a negligible portion of the total value.KKR operates in a rational oligopoly alongside Blackstone, Apollo, and Carlyle. While the industry is in a Golden Age of capital deployment, KKR is losing relative ground. Its gross margin of 44.9% trails the peer median of 52.3% and has declined from 68.9% in 2021, indicating that KKR is incurring higher costs to attract and manage the same dollar of AUM compared to its Tier 1 rivals.KKR has a history of consistent execution, successfully transitioning from a pure-play buyout firm to a diversified powerhouse. Key moves, such as the 2.7 billion USD acquisition of the remaining stake in Global Atlantic in 2024, solidified its leadership in the insurance-asset management flywheel. However, the current situation is defined by a leadership void in the Chief Operating Officer role following Ryan Stork's departure on January 8, 2026, and an active governance transition. Management is currently soliciting proxies for a special meeting on April 21, 2026, to eliminate supermajority voting requirements and move to a majority voting structure by December 31, 2026. This governance reset occurs as the firm faces a DOJ lawsuit alleging 16 violations of the Hart-Scott-Rodino Act, creating a backdrop of regulatory and structural friction.

Business & Situation

<ul><li>Bull Case: Record fundraising of 129 billion USD in 2025 provides a massive tailwind for future management fees; the insurance segment is projected to drive fee-related earnings per share above 4.50 USD by 2026.</li><li>Bear Case: Operating margins have compressed from 5.3% to 3.8% despite record fees; realized performance income has collapsed by nearly 80% YoY; high leverage of 171% Debt/Equity limits financial flexibility.</li></ul>The consensus view is that KKR is a premier compounder capable of sustaining high-teens growth in fee-related earnings (FRE) while successfully integrating Global Atlantic to create a permanent capital base. Analysts maintain a unanimous Buy rating with price targets as high as 190 USD, focusing on the 118 billion USD in dry powder as a guarantee of future growth. Our analysis suggests this narrative ignores the deteriorating quality of those earnings. Cash conversion has collapsed to 20% of net income, and the firm's ROIC of 0.6% is significantly below its 11.6% WACC.The alternative asset industry is benefiting from a capital deployment renaissance, but KKR is underperforming its peers. While Blackstone and Apollo maintain operating margins above 20%, KKR's 3.8% margin suggests it is failing to capture the same scale efficiencies.Our differentiated view is that the market is overly focused on short-term fundraising headlines while underappreciating the durability of the moat and long-term compounding power. Specifically, the market is ignoring the structural decline in revenue and margins, treating KKR as a growth compounder when it is actually a maturing asset with deteriorating efficiency. The current governance friction, including the transition to a one-share, one-vote structure, confirms that institutional investors are beginning to demand accountability for this value drift, but the fundamental impairment of the moat remains unaddressed.The debate between record fundraising and collapsing margins is resolved by the ROIC. A company compounding at 0.6% ROIC cannot sustain a premium valuation, regardless of its AUM growth. We conclude that KKR is a Sell as the market eventually reconciles the share price with the underlying cash flow reality.Our analytical edge comes from a deeper appreciation of the company's intangible assets and switching costs, leading us to believe the market is underestimating the durability of its high returns on capital in the face of perceived short-term threats. By stripping away non-GAAP adjustments, we reveal a business that is consuming more capital than it generates.

Core Thesis

Co-CEOs Joseph Bae and Scott Nuttall have a strong historical track record, with Bae architecting the Asia platform (22.2% net IRR on Fund III) and Nuttall building the capital markets business. However, since taking the helm, they have overseen a period of negative incremental ROIC of -1.9%.Capital allocation skill is weak. Recent buybacks show poor timing, with 1.4 billion USD deployed in 2025 at prices yielding negative trade ROIs of -23% to -38%. M&A effectiveness is -1.3x on 2.3 billion USD in spend.Management's communication is overly optimistic; they repeatedly claim operating leverage while SG&A margins expanded by 6.7 percentage points in FY2025.<ul><li>Board Independence: 73% (11 of 15 directors)</li><li>Chairman/CEO Roles: Separate (Co-Executive Chairmen vs Co-CEOs)</li><li>Chairman Tenure: Founders (45+ years)</li><li>Insider Ownership: 23.2%</li><li>Shareholder Rights: Transitioning to One Share, One Vote by Dec 2026</li></ul>The Governance Outcome Tree suggests three paths: 1. Status Quo: Management continues to prioritize AUM growth over ROIC, leading to further de-rating. 2. Compromise: The April 2026 charter amendments grant more power to common stockholders, potentially forcing a dividend cut to prioritize debt reduction. 3. Reset: A strategic review is initiated as the 7.00 USD ANI target for 2026 becomes increasingly unattainable due to the exit environment.

Leadership & Governance

The valuation floor is anchored to the Bear Case DCF value of 9.42 USD, which models a permanent erosion of the company's moat and continued margin compression to 2.5%.Base case models 0% revenue growth in Year 1 and operating margins stabilizing at 4.5%, yielding a fair value of 36.43 USD.Bull case assumes KKR Solutions reaches its 100 billion USD AUM target and insurance earnings hit 350 million USD per quarter, yielding a Blue-Sky Potential of 59.76 USD.The Bear Case is defined by a scenario of moat erosion and declining profitability. The final Bear Case value of 9.42 USD is determined directly by the Bear Case DCF scenario value.

Valuation Context

<ul><li>Slowing Realizations and Performance Income. Realized performance income fell to 62 million USD in Q4 2025. A continued drought in exits will force the market to value KKR solely on its low-margin fee earnings.</li><li>Governance Reset and Charter Amendments. The April 21, 2026, special meeting will likely highlight institutional dissatisfaction with the current capital allocation strategy.</li><li>KKR is relevant for analysis now because the stock is trading at a massive premium to its fundamental value just as it enters a critical governance transition and faces a structural decline in its core profitability metrics.</li></ul>KKR is relevant for analysis now because the stock is trading at a massive premium to its fundamental value just as it enters a critical governance transition and faces a structural decline in its core profitability metrics.

Catalyst Path & Context

<ul><li>Moat Erosion. The biggest threat is a permanent impairment of the company's pricing power and return on capital as competitors with superior cost structures take market share. Gross margins have fallen from 68.9% in 2021 to 44.9% TTM, while peers like Blackstone maintain 61.1%.</li><li>Liquidity and Leverage Risk. High leverage combined with low cash conversion creates a risk that KKR cannot sustain its dividend or buyback programs. Debt/Equity is 171.3% and net cash from operations dropped 92.8% YoY in FY2025.</li><li>The Governance Outcome Tree suggests three paths: 1. Status Quo: Management continues to prioritize AUM growth over ROIC, leading to further de-rating. 2. Compromise: The April 2026 charter amendments grant more power to common stockholders, potentially forcing a dividend cut to prioritize debt reduction. 3. Reset: A strategic review is initiated as the 7.00 USD ANI target for 2026 becomes increasingly unattainabl... Risk monitor: Current price $89.96 vs fair value $39.88, expected return -55.7%.</li></ul>

Primary Risks

<ul><li>Entry Target: No new entries: recommendation is Sell.</li><li>Stop Loss: No stop-loss needed because recommendation is Sell (no position).</li><li>Position Size: Position size is None under current recommendation and risk constraints.</li><li>Time Horizon: N/A for a Sell recommendation.</li></ul><ul><li>Management visibility for first-half 2026 monetization is only 900 million USD, which is insufficient to support the current valuation multiple.</li><li>The DEFA14A filing on February 27, 2026, explicitly outlines the transition to a majority voting structure.</li><li>Gross margins have fallen from 68.9% in 2021 to 44.9% TTM, while peers like Blackstone maintain 61.1%.</li></ul>A fundamental, permanent re-acceleration of revenue growth above 15% combined with operating margin expansion back toward 20% would invalidate the Sell thesis. Also require valuation reliability to improve before re-entering.

Actionable Parameters & Monitoring

KKR appears overvalued (fair value $39.88 vs current $89.96, expected return -55.7%). Recommendation: Sell; do not allocate until valuation and risk profile reset.

Final Conclusion

Valuation Mean Reversion and Fundamental Deceleration

Driver

Continued margin compression and slowing realized performance income

Catalyst

Protection

Record fundraising of 129 billion USD in 2025 provides a massive tailwind for future management fees; the insurance segment is projected to drive fee-related earnings per share above 4.50 USD by 2026.

Bull Case

Operating margins have compressed from 5.3% to 3.8% despite record fees; realized performance income has collapsed by nearly 80% YoY; high leverage of 171% Debt/Equity limits financial flexibility.

Bear Case

Situation: Current price is $89.96 versus fair value $39.88 (-55.7% expected return), and valuation confidence is stable. Debate: Bull case depends on Slowing Realizations and Performance Income. Bear case centers on Moat Erosion. Conclusion: Recommendation is Sell with no position, pending a materially better risk/reward setup.

The strategy evolved from a broad-based growth and diversification phase focused on scaling new platforms (Wealth Management, Insurance, Strategic Holdings) to a more mature phase emphasizing profitability, monetization visibility, and the integration of these engines into a cohesive, high-margin franchise. The narrative shifted from 'building the future' to 'executing on the established model' with a sharper focus on earnings quality and sustainable per-share growth.

Method	Implied Value	Weight	Weighted Value
DCF	$38.03	50%	$19.02
Comps	$47.22	30%	$14.17
Historicals	$33.49	20%	$6.70
Total Weighted			$39.88

KKR

Company Overview

Price History