TOST vs PAX vs BX vs KKR

For growth investors, Toast, Inc.

(TOST) is the stronger pick with 24. 1% revenue growth year-over-year, versus -11. 0% for KKR & Co. Inc. (KKR). Patria Investments Limited (PAX) offers the better valuation at 22. 3x trailing P/E (8. 4x forward), making it the more compelling value choice. Analysts rate Toast, Inc. (TOST) a "Buy" — based on 29 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On trailing P/E, Patria Investments Limited (PAX) is the cheapest at 22.

3x versus Toast, Inc. at 52. 4x. On forward P/E, Patria Investments Limited is actually cheaper at 8. 4x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Blackstone Inc. wins at 0. 98x versus Patria Investments Limited's 2. 99x — a PEG below 1. 0 traditionally signals the market is underpricing earnings growth.

Over the past 5 years, KKR & Co.

Inc. (KKR) delivered a total return of +76. 5%, compared to -53. 0% for Toast, Inc. (TOST). Over 10 years, the gap is even starker: KKR returned +715. 5% versus TOST's -53. 0%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), Patria Investments Limited (PAX) is the lower-risk stock at 1.

09β versus KKR & Co. Inc. 's 1. 70β — meaning KKR is approximately 56% more volatile than PAX relative to the S&P 500. On balance sheet safety, Toast, Inc. (TOST) carries a lower debt/equity ratio of 2% versus 67% for KKR & Co. Inc. — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), Toast, Inc.

(TOST) is pulling ahead at 24. 1% versus -11. 0% for KKR & Co. Inc. (KKR). On earnings-per-share growth, the picture is similar: Toast, Inc. grew EPS 1639% year-over-year, compared to -28. 7% for KKR & Co. Inc.. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

Patria Investments Limited (PAX) is the more profitable company, earning 22.

3% net margin versus 5. 6% for Toast, Inc. — meaning it keeps 22. 3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: BX leads at 51. 9% versus 2. 4% for KKR. At the gross margin level — before operating expenses — PAX leads at 96. 2%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.

By this metric, Blackstone Inc. (BX) is the more undervalued stock at a PEG of 0. 98x versus Patria Investments Limited's 2. 99x. A PEG below 1. 0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Patria Investments Limited (PAX) trades at 8. 4x forward P/E versus 23. 7x for Toast, Inc. — 15. 3x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for PAX: 49. 5% to $18. 00.

In this comparison, BX (6.

3% yield), PAX (5. 0% yield), KKR (0. 8% yield) pay a dividend. TOST does not pay a meaningful dividend and should not be held primarily for income.

For long-horizon retirement investors, Patria Investments Limited (PAX) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1.

09), 5. 0% yield). Both have compounded well over 10 years (PAX: -19. 3%, TOST: -53. 0%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

These companies operate in different sectors (TOST (Technology) and PAX (Financial Services) and BX (Financial Services) and KKR (Financial Services)), which means they face different economic cycles, regulatory environments, and macro sensitivities — making direct comparison nuanced.

In terms of investment character: TOST is a mid-cap high-growth stock; PAX is a small-cap income-oriented stock; BX is a mid-cap high-growth stock; KKR is a mid-cap quality compounder stock. PAX, BX, KKR pay a dividend while TOST does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.