The business behind the dividend
| Measure | KKR | Median | Formula |
|---|---|---|---|
| Return on equity | 7.7% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | 36.5% | 15.0% | Operating income ÷ revenue |
| Net margin | 12.2% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio, Debt to equity, Free cash flow, Interest cover, Owner earnings, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 7.7% | 13.0% | 16.3% | -2.8% | 26.9% | 14.6% | 18.6% | 13.1% | 14.2% | 5.2% | 13.1% |
| Return on capital employed | — | — | — | — | 25.4% | 12.1% | 13.6% | — | — | — | 13.6% |
| Operating margin | 36.5% | 26.8% | 45.2% | -5.1% | 85.3% | — | — | — | — | — | 36.5% |
| Net margin | 12.2% | 14.1% | 25.7% | -9.1% | 29.2% | 99.8% | — | 61.4% | 66.1% | 28.0% | 28.0% |
| Debt to equity | — | — | — | — | 2.10x | 2.44x | 2.51x | 2.62x | 2.98x | 3.14x | 2.51x |