Latest Ratios: P/E Ratio N/A · EV/EBITDA 1.1x · ROE N/A. (2008–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $14.4B | $16.3B | $17.0B | $17.2B | $12.6B | $16.6B | — | — | — | — | — |
| Enterprise Value | $14.4B | $16.3B | $17.0B | $46.3B | $43.8B | $45.8B | — | — | — | — | — |
| P/E Ratio → | — | — | 3.48 | 4.62 | — | 3.52 | — | — | — | — | — |
| P/S Ratio | 0.74 | 0.84 | 0.78 | 1.19 | 2.26 | 0.67 | — | — | — | — | — |
| P/B Ratio | 1063.40 | 1141.83 | 1071.16 | 0.30 | 0.23 | 0.28 | — | — | — | — | — |
| P/FCF | 45.55 | 51.37 | 2.62 | — | — | — | — | — | — | — | — |
| P/OCF | 30.22 | 34.08 | 2.56 | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.84 | 0.78 | 3.19 | 7.87 | 1.84 | — | — | — | — | — |
| EV / EBITDA | 1.09 | 1.23 | 1.05 | 6.97 | — | 2.68 | — | — | — | — | — |
| EV / EBIT | 1.09 | — | 2.78 | 5.91 | 33.67 | — | — | — | — | — | — |
| EV / FCF | — | 51.35 | 2.62 | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.8% | 75.8% | 80.2% | 78.6% | 36.1% | 47.3% | 49.1% | 49.8% | 42.6% | 86.3% | 110.7% |
| Operating Margin | 68.2% | 68.2% | 74.2% | 45.2% | -5.3% | 43.4% | 30.7% | 31.1% | 12.8% | -27.1% | -122.3% |
| Net Profit Margin | — | — | 22.4% | 25.7% | -18.4% | 49.5% | 121.0% | 109.9% | 47.2% | 55.4% | 40.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | 16.8% | 6.6% | -1.8% | 24.9% | 14.4% | 16.6% | 4.9% | 5.4% | 0.9% |
| ROA | — | — | 3.1% | 1.3% | -0.4% | 7.1% | 7.3% | 8.3% | 2.3% | 2.4% | 0.6% |
| ROIC | 65985.7% | 65985.7% | 22.6% | 4.7% | -0.2% | 9.4% | 1.5% | 1.9% | 0.5% | -1.0% | -1.3% |
| ROCE | 1329.5% | 1329.5% | 10.2% | 2.5% | -0.1% | 7.0% | 1.9% | 2.5% | 0.7% | -1.3% | -1.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 0.85 | 0.80 | 0.68 | 0.82 | 0.89 | 0.88 | 1.03 | 1.08 |
| Debt / EBITDA | — | — | — | 7.44 | — | 2.30 | 25.02 | 19.82 | 63.59 | — | — |
| Net Debt / Equity | — | -0.43 | -0.57 | 0.50 | 0.56 | 0.50 | 0.69 | 0.81 | 0.81 | 0.93 | 0.94 |
| Net Debt / EBITDA | -0.00 | -0.00 | -0.00 | 4.37 | — | 1.71 | 21.00 | 18.09 | 58.60 | — | — |
| Debt / FCF | — | -0.02 | -0.00 | — | — | — | — | — | — | — | — |
| Interest Coverage | 45.00 | 45.00 | 22.56 | 2.66 | 0.79 | 9.52 | 6.90 | 5.95 | 3.58 | 7.76 | 4.60 |
Net cash position: cash ($6M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | — | 1.51 | 1.49 | 1.27 | 2.59 | 0.90 | 0.83 | 0.67 | 1.05 |
| Quick Ratio | — | — | — | 1.51 | 1.49 | 1.27 | 2.59 | 0.90 | 0.83 | 0.67 | 1.05 |
| Cash Ratio | — | — | — | 0.50 | 0.44 | 0.32 | 1.86 | 0.90 | 0.83 | 0.67 | 1.05 |
| Asset Turnover | — | 19.56 | 21.85 | 0.05 | 0.02 | 0.09 | 0.05 | 0.07 | 0.05 | 0.04 | 0.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 3.6% | 3.6% | 4.1% | 2.5% | — | — | — | — | — |
| Payout Ratio | — | — | 12.5% | 16.5% | — | 3.4% | 6.9% | 6.6% | 31.4% | 33.9% | 99.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 28.8% | 21.6% | — | 28.4% | — | — | — | — | — |
| FCF Yield | 2.2% | 1.9% | 38.2% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 1.9% | 2.8% | 4.6% | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 3.6% | 5.5% | 6.9% | 7.2% | — | — | — | — | — |
| Shares Outstanding | — | $932M | $932M | $912M | $750M | $633M | $584M | $558M | $534M | $506M | $483M |
Principal Investment Exposure
As reported in recent financial statements, KKRS has experienced extreme gross margin variance, swinging from 3.6% in 2024Q4 to 82.7% in 2025Q3, which suggests that the firm's profitability is heavily influenced by the accounting treatment of insurance-related interest expenses and non-recurring investment gains.
The wide fluctuations in operating margins, which peaked at 75.2% in 2025Q3 before moderating, indicate that the firm's core earning power is obscured by the integration of Global Atlantic. Investors should monitor whether the increasing weight of the insurance segment permanently compresses margins compared to the firm's historical private equity-only performance.
Based on quarterly data, ROIC has remained relatively muted, fluctuating between 0.9% and 7.9% over the last ten quarters, which suggests that the firm's aggressive balance sheet expansion may be outpacing its ability to generate consistent, high-quality returns on invested capital compared to historical benchmarks.
The low ROIC figures, particularly when contrasted with the firm's massive asset base, imply that the capital-intensive nature of the insurance-integrated model may be diluting overall returns. This warrants further investigation into whether the firm's principal investment strategy is effectively compounding value or merely scaling AUM at the expense of efficiency.
According to recent filings, asset turnover has remained consistently low at approximately 0.01 to 0.03, a trend that highlights the firm's transition toward a balance-sheet-heavy model where the primary objective is managing large pools of financial assets rather than high-velocity operational throughput.
This low turnover is characteristic of an insurance-integrated financial powerhouse, but it complicates traditional efficiency analysis. Analysts should focus on the quality of the underlying investment portfolio rather than turnover ratios, as the latter may not accurately capture the firm's ability to generate spread-based income.
As reported in financial statements, the interest coverage ratio has shown significant volatility, ranging from 1.24 in 2023Q4 to 47.93 in 2025Q4, which suggests that the firm's ability to service debt is highly sensitive to the timing of investment realizations and interest rate environments.
While the firm has demonstrated periods of strong coverage, the reliance on complex SPE structures makes it difficult to assess the true recourse risk. Investors should monitor whether the firm's debt-to-EBITDA levels remain sustainable as it continues to deploy proprietary capital into volatile credit and real estate markets.
The market's reliance on traditional P/E multiples for KKRS is fundamentally flawed, as reported GAAP earnings are frequently distorted by non-cash mark-to-market adjustments on principal investments, which obscures the firm's actual cash-generating capacity and the stability of its recurring fee-related earnings.
Investors should instead prioritize Distributable Earnings (DE) and Fee Related Earnings (FRE) to better gauge the firm's true earning power. Using P/E ratios in this context risks misinterpreting temporary valuation volatility as a permanent decline in the firm's ability to generate cash for shareholders.
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying KKRS stock.
KKR Group Finance Co. IX LLC 4.'s current EV/EBITDA is 1.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 3.0x.
Based on historical data, KKR Group Finance Co. IX LLC 4. is trading at valuation metrics that vary. Compare with industry peers and growth rates for a complete picture.
KKR Group Finance Co. IX LLC 4. has 75.8% gross margin and 68.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.