The company's financial position appears increasingly vulnerable, with the debt-to-equity ratio climbing to 3.12 as of 2026Q1 and a current ratio that has deteriorated to 0.37.
Kennedy-Wilson Holdings, Inc. (KW) balance sheet — 19-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Total Assets | 6.85B | 6.62B | 6.96B | 7.71B | 8.27B | 7.88B | 7.33B | 7.3B | 7.38B | 7.72B | 7.66B | 7.6B | 6.33B | 1.8B | 1.28B | 792.78M | 487.85M | 336.26M | 256.84M | 248.16M |
| Asset Growth % | -28.53% | -4.86% | -9.74% | -6.77% | 5.02% | 7.47% | 0.34% | -1.05% | -4.44% | 0.89% | 0.8% | 19.95% | 252.02% | 40.12% | 61.94% | 62.5% | 45.08% | 30.92% | 3.5% | - |
| Real Estate & Other Assets | 51.1M | 4.04B | 4.32B | 4.9B | 5.28B | 5.1B | -104.7M | 5.13B | 5.76B | 6.46B | 5.85B | 5.85B | 4.37B | 715.2M | 310.1M | 127.37M | 8.85M | 9.48M | 146.22M | 0 |
| PP&E (Net) | 72.3M | 13.8M | 15.4M | 15.9M | 25.6M | 27.6M | 33.5M | 37.3M | 38M | 99.6M | 25.4M | 27.9M | 22M | 10.4M | 2.8M | 3.11M | 82.7M | 40.58M | 48.73M | 0 |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 |
| Total Current Assets | 255.9M | 480.5M | 549.7M | 686.1M | 693.8M | 756.8M | 0 | 699.5M | 606.7M | 551.1M | 1.1B | 1.11B | 1.32B | 259.2M | 298.8M | 180.37M | 80.26M | 76.98M | 37.75M | 248.16M |
| Cash & Equivalents | 184.6M | 184.5M | 217.5M | 313.7M | 439.3M | 524.8M | 965.1M | 573.9M | 488M | 351.3M | 885.7M | 182.6M | 174.6M | 170.2M | 120.9M | 115.93M | 46.97M | 57.78M | 25.83M | 247.4M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Other Current Assets | -12M | 0 | 0 | 0 | 0 | 0 | -1.06B | 0 | 0 | 0 | 0 | 549M | 763.1M | 8M | 0 | 0 | 0 | 0 | -264.3K | 739.65K |
| Intangible Assets | 15.2M | 12.2M | 1.4M | 2.5M | 3.9M | 8.4M | 0 | 26.1M | 37.2M | 63.1M | 72.4M | 103.3M | 71.6M | 19.3M | 9.3M | 1.65M | 0 | 0 | 0 | 0 |
| Total Liabilities | 5.29B | 5.05B | 5.33B | 5.91B | 6.26B | 6.07B | 5.66B | 5.59B | 5.95B | 6.15B | 5.31B | 4.73B | 3.29B | 979.9M | 765M | 379.21M | 174.94M | 156.92M | 151.03M | 84.58M |
| Total Debt | 4.85B | 4.51B | 4.78B | 5.3B | 5.59B | 5.43B | 5.09B | 5.05B | 5.41B | 5.66B | 4.89B | 4.32B | 3.02B | 850.8M | 726.1M | 320.13M | 127.78M | 127.57M | 104.24M | 0 |
| Net Debt | 4.67B | 4.32B | 4.57B | 4.98B | 5.15B | 4.91B | 4.13B | 4.47B | 4.92B | 5.31B | 4B | 4.13B | 2.85B | 680.6M | 605.2M | 204.21M | 80.81M | 69.79M | 78.41M | -247.4M |
| Long-Term Debt | 4.1B | 4.51B | 4.78B | 5.3B | 5.59B | 5.43B | 5.09B | 5.05B | 5.41B | 5.66B | 4.89B | 4.32B | 3.02B | 850.8M | 686.1M | 320.13M | 100.03M | 117.57M | 69.55M | 0 |
| Short-Term Borrowings | 692.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40M | 0 | 27.75M | 10M | 34.69M | 0 |
| Capital Lease Obligations | 65.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 692.1M | 541.6M | 540.2M | 615.7M | 674.4M | 637.7M | 0 | 538.4M | 537.8M | 485.4M | 423.3M | 414.2M | 264.9M | 129.1M | 56.2M | 40.64M | 74.91M | 39.35M | 54.3M | 10.48M |
| Accounts Payable | 5.7M | 10M | 10.8M | 17.9M | 16.2M | 18.6M | 0 | 20.4M | 24.1M | 19.5M | 11.2M | 22.2M | 11.7M | 129.1M | 1.8M | 1.8M | 1.5M | 860K | 359K | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 439.9M | 0 | 0 | 0 | 0 | 0 | -5.09B | 0 | 0 | 0 | 0 | 0 | 0 | -24.1M | 0 | 0 | 0 | 0 | 27.19M | 74.1M |
| Total Equity | 1.55B | 1.57B | 1.64B | 1.8B | 2.01B | 1.8B | 1.67B | 1.72B | 1.43B | 1.58B | 2.34B | 2.87B | 3.04B | 818.9M | 518.8M | 413.57M | 312.91M | 179.34M | 105.8M | 163.59M |
| Equity Growth % | -18.47% | -3.83% | -9.03% | -10.55% | 11.45% | 7.84% | -2.7% | 20.12% | -9.27% | -32.67% | -18.22% | -5.87% | 271.71% | 57.84% | 25.44% | 32.17% | 74.48% | 69.5% | -35.32% | - |
| Shareholders Equity | 1.52B | 1.54B | 1.6B | 1.76B | 1.96B | 1.78B | 1.64B | 1.68B | 1.25B | 1.37B | 1.05B | 1.13B | 901.1M | 768.3M | 509.7M | 410.24M | 300.19M | 177.31M | 105.55M | 163.59M |
| Minority Interest | 37.1M | 38.3M | 34.8M | 43.3M | 46.4M | 26.3M | 28.2M | 40.5M | 184.5M | 211.9M | 1.3B | 1.73B | 2.14B | 50.6M | 9.1M | 3.33M | 12.71M | 2.02M | 251K | 0 |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5K | 4K | 4K | 3K | 3.13K |
| Additional Paid-in Capital | 1.72B | 1.72B | 1.71B | 1.72B | 1.68B | 1.68B | 1.73B | 1.75B | 1.74B | 1.88B | 1.23B | 1.23B | 991.3M | 801.3M | 512.8M | 407.33M | 284.67M | 155.88M | 60.08M | 162.97M |
| Retained Earnings | -597.3M | -594.3M | -493.7M | -349M | 122.1M | 192.4M | 17.7M | 46.2M | -56.4M | -90.6M | -112.2M | -44.2M | -62M | -42.2M | -5.9M | 9.71M | 17.78M | 18.83M | 45.47M | 615.2K |
| Preferred Stock | 789.7M | 789.7M | 789.7M | 789.9M | 592.5M | 295.2M | 295.2M | 295.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 0.88% | 0.07% | -0.45% | -3.8% | 1.16% | 4.35% | 1.5% | 3.09% | 1.99% | 1.31% | 0.07% | 1.07% | 0.54% | -0.45% | 0.43% | 0.94% | 0.85% | -5.17% | 0.24% | 3.79% |
| Return on Equity (ROE) | 3.77% | 0.29% | -1.92% | -15.95% | 4.91% | 19.01% | 6.49% | 14.39% | 9.97% | 5.13% | 0.21% | 2.53% | 1.13% | -1.05% | 0.96% | 1.65% | 1.42% | -10.76% | 0.46% | 5.74% |
| Debt / Assets | 70.87% | 68.06% | 68.74% | 68.7% | 67.54% | 69% | 69.51% | 69.09% | 73.33% | 73.3% | 63.87% | 56.83% | 47.75% | 47.3% | 56.56% | 40.38% | 26.19% | 37.94% | 40.58% | - |
| Debt / Equity | 3.12x | 2.86x | 2.92x | 2.95x | 2.78x | 3.01x | 3.05x | 2.94x | 3.78x | 3.59x | 2.09x | 1.51x | 0.99x | 1.04x | 1.40x | 0.77x | 0.41x | 0.71x | 0.99x | - |
| Net Debt / EBITDA | 28.59x | 23.34x | 20.14x | 23.50x | 22.53x | 69.84x | 32.90x | 28.40x | 23.22x | 21.81x | 19.10x | 20.95x | 28.49x | - | - | - | - | - | - | - |
| Book Value per Share | 11.17 | 11.41 | 11.87 | 12.94 | 14.51 | 12.87 | 11.92 | 12.15 | 9.89 | 13.24 | 21.48 | 26.15 | 33.25 | 11.51 | 9.38 | 9.75 | 8.03 | 6.67 | 4.35 | 12.43 |
Quick answers to the most common questions about buying KW stock.
As of 2025, Kennedy-Wilson Holdings, Inc. (KW) had total assets of $6.62B including $480.5M in current assets.
Kennedy-Wilson Holdings, Inc. (KW) carries total debt of $4.51B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Kennedy-Wilson Holdings, Inc. (KW) has total shareholders' equity (book value) of $1.54B ($11.41 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Kennedy-Wilson Holdings, Inc. (KW) reported a current ratio of 0.89x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
High Leverage and Liquidity
Metrics are mathematically derived from official filings.
Asset Base Erosion and Contraction
As reported in recent SEC filings, Kennedy-Wilson's total assets have declined from $7.7 billion in 2023Q4 to $6.8 billion in 2026Q1, signaling a persistent contraction in the company's footprint that reflects a challenging environment for maintaining its consolidated real estate portfolio size.
The consistent reduction in total assets suggests that the company is struggling to replace divested properties with new acquisitions, potentially limiting future fee-bearing capital growth. This downward trajectory in asset scale warrants concern regarding the firm's ability to maintain its competitive positioning in core Western US and European markets.
Leverage Constraints Amidst Declining Equity
Based on the company's reported financial statements, the debt-to-equity ratio has climbed to 3.12 as of 2026Q1, indicating that Kennedy-Wilson remains heavily reliant on debt financing despite a shrinking equity base that has been eroded by persistent negative retained earnings.
The high leverage ratio suggests that the company has limited flexibility to navigate further market volatility or interest rate shocks. Investors should monitor whether this debt load is sustainable given the company's recent inability to generate consistent positive net income to bolster its equity position.
Liquidity Buffer Under Significant Pressure
According to the latest quarterly data, Kennedy-Wilson's current ratio has deteriorated to 0.37 in 2026Q1, a sharp decline from the 1.56 level observed in 2024Q1, which highlights a rapidly narrowing buffer against short-term operational shocks and potential liquidity constraints.
The precipitous drop in the current ratio suggests that the company's ability to meet near-term obligations is increasingly dependent on asset sales or external financing. This liquidity profile appears precarious and may force management to prioritize cash preservation over strategic growth initiatives in the near term.
Erosion of Retained Earnings Base
As indicated in the company's balance sheet filings, retained earnings have remained deeply negative, reaching -$597.3 million in 2026Q1, which underscores a long-term trend of capital depletion that continues to weigh on the overall quality of the company's equity base.
The persistent negative retained earnings suggest that the company has struggled to generate sufficient cumulative profits to offset historical losses and dividend distributions. This trend implies that the equity base is not being supported by organic earnings growth, which may limit the company's long-term financial stability.
Hidden Risks in Asset Valuation
Based on the provided financial data, the near-zero net property, plant, and equipment balance of $0 in 2025Q4 suggests that the company's reported asset values may be heavily reliant on intangible or unconsolidated interests rather than tangible, income-producing physical assets.
This lack of tangible asset backing on the balance sheet makes the company's valuation highly sensitive to the accounting treatment of joint ventures and the subjective appraisal of its investment portfolio. Investors should be wary that the headline asset figures may not reflect the true liquidity or quality of the underlying real estate holdings.