Blackstone vs KKR
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KIRAβs take AI analyst
I put Blackstone and KKR side by side, using each oneβs latest annual report. Here is what stands out:
- KKR is the larger business, with $19.5B of revenue in fiscal 2025 against $14.5B for Blackstone.
- Blackstone grew revenue faster (9.2%, against β11.0%).
Who comes out ahead
Of the 4 measures where higher (or lower) is clearly better, how many each company leads.
Blackstone
BX
3/4
Revenue growthNet marginReturn on equity
KKR
KKR
1/4
5-year growth
Side by side
Best in the row
| Latest fiscal year | BX FY25 | KKR FY25 |
|---|---|---|
| Size | ||
| Market cap | $95.2B | β |
| Revenue | $14.5B | $19.5B |
| Free cash flow | $4.5B | β |
| Net income | $3.0B | $2.4B |
| Growth | ||
| Revenue growth | 9.2% | β11.0% |
| 5-year growth | 18.8% | 35.7% |
| Share count change | 1.8% | β |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 20.9% | 12.2% |
| FCF margin | 31.5% | β |
| Return on capital | 22.1% | β |
| Return on equity | 35.8% | 8.7% |
| Balance sheet | ||
| Net debt | $9.9B | β |
| Net debt / EBITDA | 1.3x | β |
| Dividends and buybacks | $6.0B | $653M |
| Valuation & quality | ||
| P/E | 26.6x | β |
| Piotroski F-score | β | β |
Ten years
Revenue
FY16
BX $5.1B
KKR $2.0B
FY17
BX $7.1B
KKR $3.6B
FY18
BX $6.8B
KKR $2.4B
FY19
BX $7.3B
KKR $4.2B
FY20
BX $6.1B
KKR $4.2B
FY21
BX $22.6B
KKR $16.2B
FY22
BX $8.5B
KKR $5.7B
FY23
BX $8.0B
KKR $14.5B
FY24
BX $13.2B
KKR $21.9B
FY25
BX $14.5B
KKR $19.5B
BX
KKR
Operating margin
FY16
BX β
KKR β
FY17
BX β
KKR β
FY18
BX β
KKR β
FY19
BX β
KKR β
FY20
BX β
KKR β
FY21
BX β
KKR β
FY22
BX β
KKR β
FY23
BX β
KKR β
FY24
BX β
KKR β
FY25
BX β
KKR β
BX
KKR
Free cash flow
FY16
BX β$110M
KKR β$1.5B
FY17
BX β$1.7B
KKR β$3.6B
FY18
BX $27.4M
KKR β$7.7B
FY19
BX $1.9B
KKR β$5.9B
FY20
BX $1.8B
KKR β
FY21
BX $3.9B
KKR β
FY22
BX $6.1B
KKR β
FY23
BX $3.8B
KKR β
FY24
BX $3.4B
KKR β
FY25
BX $4.5B
KKR β
BX
KKR
Return on capital
FY16
BX 13.2%
KKR 3.5%
FY17
BX 15.3%
KKR 9.2%
FY18
BX 14.1%
KKR 7.4%
FY19
BX 17.4%
KKR 11.1%
FY20
BX 11.3%
KKR 9.6%
FY21
BX 55.0%
KKR 17.5%
FY22
BX 12.2%
KKR β
FY23
BX 10.8%
KKR β
FY24
BX 21.6%
KKR β
FY25
BX 22.1%
KKR β
BX
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.