BlackRock vs KKR
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KIRA’s take AI analyst
I put BlackRock and KKR side by side, using each one’s latest annual report. Here is what stands out:
- BlackRock is the larger business, with $24.2B of revenue in fiscal 2025 against $19.5B for KKR.
- BlackRock grew revenue faster (18.7%, against −11.0%).
Who comes out ahead
Of the 4 measures where higher (or lower) is clearly better, how many each company leads.
BlackRock
BLK
3/4
Revenue growthNet marginReturn on equity
KKR
KKR
1/4
5-year growth
Side by side
Best in the row
| Latest fiscal year | BLK FY25 | KKR FY25 |
|---|---|---|
| Size | ||
| Market cap | $185.6B | — |
| Revenue | $24.2B | $19.5B |
| Free cash flow | $3.6B | — |
| Net income | $5.6B | $2.4B |
| Growth | ||
| Revenue growth | 18.7% | −11.0% |
| 5-year growth | 8.4% | 35.7% |
| Share count change | 6.1% | — |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 29.1% | — |
| Net margin | 22.9% | 12.2% |
| FCF margin | 14.7% | — |
| Return on capital | 10.5% | — |
| Return on equity | 10.7% | 8.7% |
| Balance sheet | ||
| Net debt | $1.3B | — |
| Net debt / EBITDA | 0.2x | — |
| Dividends and buybacks | $0.0M | $653M |
| Valuation & quality | ||
| P/E | 27.0x | — |
| Piotroski F-score | — | — |
Ten years
Revenue
FY16
BLK $12.3B
KKR $2.0B
FY17
BLK $13.6B
KKR $3.6B
FY18
BLK $14.2B
KKR $2.4B
FY19
BLK $14.5B
KKR $4.2B
FY20
BLK $16.2B
KKR $4.2B
FY21
BLK $19.4B
KKR $16.2B
FY22
BLK $17.9B
KKR $5.7B
FY23
BLK $17.9B
KKR $14.5B
FY24
BLK $20.4B
KKR $21.9B
FY25
BLK $24.2B
KKR $19.5B
BLK
KKR
Operating margin
FY16
BLK 37.2%
KKR —
FY17
BLK 38.6%
KKR —
FY18
BLK 38.4%
KKR —
FY19
BLK 38.2%
KKR —
FY20
BLK 35.1%
KKR —
FY21
BLK 38.5%
KKR —
FY22
BLK 35.7%
KKR —
FY23
BLK 35.1%
KKR —
FY24
BLK 37.1%
KKR —
FY25
BLK 29.1%
KKR —
BLK
KKR
Free cash flow
FY16
BLK $2.2B
KKR −$1.5B
FY17
BLK $3.8B
KKR −$3.6B
FY18
BLK $2.9B
KKR −$7.7B
FY19
BLK $2.6B
KKR −$5.9B
FY20
BLK $3.5B
KKR —
FY21
BLK $4.6B
KKR —
FY22
BLK $4.4B
KKR —
FY23
BLK $3.8B
KKR —
FY24
BLK $4.7B
KKR —
FY25
BLK $3.6B
KKR —
BLK
KKR
Return on capital
FY16
BLK 11.7%
KKR 3.5%
FY17
BLK 17.2%
KKR 9.2%
FY18
BLK 14.3%
KKR 7.4%
FY19
BLK 13.4%
KKR 11.1%
FY20
BLK 13.6%
KKR 9.6%
FY21
BLK 16.2%
KKR 17.5%
FY22
BLK 13.9%
KKR —
FY23
BLK 13.1%
KKR —
FY24
BLK 13.8%
KKR —
FY25
BLK 10.5%
KKR —
BLK
KKR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.