KKR

As of February 2026, KKR's stock has pulled back 26.5% over the last year, attributed to market rotation rather than company-specific issues. The firm's 5-year total return is 130.3%, outperforming the S&P 500. Total AUM reached $744 billion, and Fee-Related Earnings (FRE) hit $1 billion per quarter in late 2025, providing a stable revenue stream. With $118 billion in "dry powder", KKR is well-positioned to acquire distressed assets. The expected M&A market recovery and the global transition to green energy and digital infrastructure present significant opportunities.

KKR reported Q4 2025 adjusted EPS of $1.12, slightly below the $1.14 consensus estimate. The firm raised a record $129 billion in 2025, surpassing 80% of its $300 billion fundraising goal for 2024–2026. Strategic initiatives include a $1.4 billion acquisition of Arctos and a $600 million energy transition partnership with HMC Capital. Shares trade near $100, well below the 52-week high of $153.87, reflecting broader alternative asset manager volatility.

KKR (holding update): Trading below intrinsic value despite 12% FAUM growth to $526bn and 23% FRE growth to $823m (69% margin). Insurance biz earns 20% ROE. Strategic holdings contribute $90m now, path to $1bn. $116bn uncalled commitments + $245bn carry-eligible assets + $800m monetization pipeline provide visibility on future earnings despite PE exit challenges.