We publish no single base value for KKR & Co. Our valuation methods put it between $43.97 and $93.80 a share. The valuation code's reason: no point fair value: the two anchors behind it compound the same growth rate and differ only in how they end — a perpetuity at the terminal rate against a multiple on the final year — so the midpoint between them measures terminal treatment rather than what the business is worth. The published range is the same reading with the false precision removed: read it as the span the method supports, and treat neither edge as a point estimate.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | $93.80 | -3.5% | free cash flow $2.09bn, growth -28.3% for 5 years, then fading to 3% over 5 more, discounted at 11.34%; plus net cash $88.80 a share; stress floor $97.74 |
| Exit multiple (P/E) | $43.97 | -54.8% | earnings per share $8.41 valued at 19.92× (the stock's own median P/E) in 5 years, discounted back |
| Sum of the parts | — | — | no sum of the parts: this run holds no segment disclosure for the name |
| Price to sales | — | — | not reached: the cash-flow or earnings methods produced an anchor, so this fallback was not run |
| Tangible book | — | — | used only for lenders, where book value is the business |
| Price to FFO (REITs) | — | — | used only for REITs |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
The discount rate:
| Risk-free rate | 5.13% (10-year US Treasury yield) |
| Company's own beta | 1.72 (5 years of monthly returns against the S&P 500; standard error 0.25) |
| Peer beta | 1.44 (median of 11 S&P 500 Asset Management & Custody Banks companies) |
| Blend of own and peers | 1.57 (47% own, 53% peers, weighted by how precisely the company's own beta is measured) |
| Adjusted beta | 1.38 (0.67 × 1.57 + 0.33, pulled toward the market's 1.0) |
| Equity risk premium | 4.5% |
| Discount rate = risk-free + adjusted beta × premium | 11.34% |
Free cash flow grows -28.30% a year for 5 years, then fades in equal steps toward 3% over 5 more; each year is discounted by 1 ÷ (1 + rate)^year:
| Year | Growth | Free cash flow | Discount factor | Present value |
|---|---|---|---|---|
| Now | — | $2.09bn | — | — |
| Year 1 | -28.30% | $1.50bn | 0.8981 | $1.35bn |
| Year 2 | -28.30% | $1.08bn | 0.8067 | $868.25m |
| Year 3 | -28.30% | $771.73m | 0.7245 | $559.13m |
| Year 4 | -28.30% | $553.33m | 0.6507 | $360.06m |
| Year 5 | -28.30% | $396.74m | 0.5844 | $231.87m |
| Year 6 | -23.08% | $305.16m | 0.5249 | $160.18m |
| Year 7 | -17.87% | $250.64m | 0.4715 | $118.16m |
| Year 8 | -12.65% | $218.93m | 0.4234 | $92.70m |
| Year 9 | -7.43% | $202.66m | 0.3803 | $77.07m |
| Year 10 | -2.22% | $198.16m | 0.3416 | $67.69m |
| Terminal value = year-10 cash flow × (1 + 3%) ÷ (11.34% − 3%) | $2.45bn |
| Terminal value in today's money | $835.96m |
| Present value of years 1–10 | $3.88bn |
| Total present value | $4.72bn |
| Shares outstanding | 943.61m |
| Cash flows per share = total ÷ shares | $5.00 |
| Plus net cash per share | $88.80 |
| Value per share | $93.80 |
How the DCF value moves with the discount rate and the starting growth (the middle cell is the published value):
| Discount rate | Growth -33.3% | Growth -28.3% | Growth -23.3% |
|---|---|---|---|
| 10.34% | $92.94 | $94.13 | $95.73 |
| 11.34% | $92.73 | $93.80 | $95.23 |
| 12.34% | $92.56 | $93.53 | $94.83 |
The same DCF at each beta, starting growth unchanged:
| Beta | Value | Discount rate | DCF value |
|---|---|---|---|
| Company's own beta | 1.72 | 12.87% | $93.41 |
| Peer beta | 1.44 | 11.61% | $93.72 |
| Adjusted beta (used) | 1.38 | 11.34% | $93.80 |
Earnings per share grow on the same fading path as the DCF:
| Year | Growth | Earnings per share |
|---|---|---|
| Now | — | $8.41 |
| Year 1 | -28.30% | $6.03 |
| Year 2 | -18.91% | $4.89 |
| Year 3 | -12.34% | $4.29 |
| Year 4 | -7.74% | $3.96 |
| Year 5 | -4.52% | $3.78 |
| Earnings per share in year 5 | $3.78 |
| Exit P/E (the stock's own median P/E) | 19.92× |
| Value in 5 years = earnings × P/E | $75.23 |
| Discounted at 11.34% over 5 years: ÷ 1.7110 | $43.97 |
We publish no single base value for KKR & Co. Our valuation methods put it between $43.97 and $93.80 a share. The valuation code's reason: no point fair value: the two anchors behind it compound the same growth rate and differ only in how they end — a perpetuity at the terminal rate against a multiple on the final year — so the midpoint between them measures terminal treatment rather than what the business is worth. The published range is the same reading with the false precision removed: read it as the span the method supports, and treat neither edge as a point estimate.
One-year price simulation: a 10% chance the price is below $65.96 and a 10% chance it is above $159.00 in a year; a 56% chance it is higher than today's $97.20, from 34.15% volatility. The simulation assumes the price drifts up at our discount rate of 11.34% a year.
At $97.20 the price implies free cash flow growing -18.2% a year for five years and then fading toward 3% over five more; its revenue has grown -28.3%.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $90.29 | — |
| 9 Oct 2026 | $90.95 | — |
| 16 Oct 2026 | $86.21 | $39.20 |
| 23 Oct 2026 | $91.34 | $39.62 |
| 30 Oct 2026 | $94.39 | $41.12 |
| 6 Nov 2026 | $96.48 | $41.48 |
| 12 Nov 2026 | $97.20 | — |
Data as of 12 Nov 2026; financials to 30 Sep 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
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