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KKR Piotroski F-Score

: 4 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

KKR has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

The historical rank and industry rank for KKR's Piotroski F-Score or its related term are showing as below:

KKR' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 4   Max: 7
Current: 4

During the past 13 years, the highest Piotroski F-Score of KKR was 7. The lowest was 2. And the median was 4.


KKR Piotroski F-Score Historical Data

The historical data trend for KKR's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

KKR Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 2.00 4.00 2.00 4.00

KKR Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 4.00 4.00 4.00 -

Competitive Comparison

For the Asset Management subindustry, KKR's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

KKR Piotroski F-Score Distribution

For the Asset Management industry and Financial Services sector, KKR's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where KKR's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun22) TTM:Last Year (Jun21) TTM:
Net Income was 1156.557 + 524.808 + -56.52 + -810.684 = $814 Mil.
Cash Flow from Operations was -2251.191 + -3618.209 + 916.818 + -4063.49 = $-9,016 Mil.
Revenue was 4483.365 + 4053.596 + 1004.017 + 330.07 = $9,871 Mil.
Gross Profit was 1773.482 + 1581.764 + -5.715 + 124.601 = $3,474 Mil.
Average Total Assets from the begining of this year (Jun21)
to the end of this year (Jun22) was
(229234.863 + 265799.65 + 264285.44 + 266290.981 + 266075.098) / 5 = $258337.2064 Mil.
Total Assets at the begining of this year (Jun21) was $229,235 Mil.
Long-Term Debt & Capital Lease Obligation was $39,608 Mil.
Total Current Assets was $44,259 Mil.
Total Current Liabilities was $30,646 Mil.
Net Income was 1064.843 + 1511.221 + 1669.836 + 1315.275 = $5,561 Mil.

Revenue was 1895.238 + 2005.164 + 4563.006 + 3136.181 = $11,600 Mil.
Gross Profit was 1012.899 + 1064.2 + 1770.891 + 1625.559 = $5,474 Mil.
Average Total Assets from the begining of last year (Jun20)
to the end of last year (Jun21) was
(62110.382 + 70655.333 + 79806.502 + 216445.114 + 229234.863) / 5 = $131650.4388 Mil.
Total Assets at the begining of last year (Jun20) was $62,110 Mil.
Long-Term Debt & Capital Lease Obligation was $38,175 Mil.
Total Current Assets was $33,294 Mil.
Total Current Liabilities was $23,330 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

KKR's current Net Income (TTM) was 814. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

KKR's current Cash Flow from Operations (TTM) was -9,016. ==> Negative ==> Score 0.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jun21)
=814.161/229234.863
=0.00355165

ROA (Last Year)=Net Income/Total Assets (Jun20)
=5561.175/62110.382
=0.08953696

KKR's return on assets of this year was 0.00355165. KKR's return on assets of last year was 0.08953696. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

KKR's current Net Income (TTM) was 814. KKR's current Cash Flow from Operations (TTM) was -9,016. ==> -9,016 <= 814 ==> CFROA <= ROA ==> Score 0.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun21 to Jun22
=39608.165/258337.2064
=0.15331963

Gearing (Last Year: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=38174.959/131650.4388
=0.28997214

KKR's gearing of this year was 0.15331963. KKR's gearing of last year was 0.28997214. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Jun22)=Total Current Assets/Total Current Liabilities
=44258.857/30645.679
=1.44421199

Current Ratio (Last Year: Jun21)=Total Current Assets/Total Current Liabilities
=33294.142/23330.165
=1.42708558

KKR's current ratio of this year was 1.44421199. KKR's current ratio of last year was 1.42708558. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

KKR's number of shares in issue this year was 680.747. KKR's number of shares in issue last year was 630.39. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=3474.132/9871.048
=0.35195169

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=5473.549/11599.589
=0.47187439

KKR's gross margin of this year was 0.35195169. KKR's gross margin of last year was 0.47187439. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun21)
=9871.048/229234.863
=0.04306085

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun20)
=11599.589/62110.382
=0.18675765

KKR's asset turnover of this year was 0.04306085. KKR's asset turnover of last year was 0.18675765. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+0+0+0+1+1+0+0+0
=3

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

KKR has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

KKR  (NYSE:KKR) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


KKR Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of KKR's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


KKR Business Description

KKR logo
Address
30 Hudson Yards, New York, NY, USA, 10001
KKR is one of the world's largest alternative asset managers, with $459.1 billion in total assets under management, including $349.1 billion in fee-earning AUM, at the end of September 2021. The company has two core segments: asset management (which includes private markets--private equity, credit, infrastructure, energy and real estate--and public markets-- primarily credit and hedge/investment fund platforms) and insurance (following the February 2021 purchase of a 61.5% economic stake in Global Atlantic Financial Group, which is engaged in retirement/annuity and life insurance lines as well as reinsurance). On the asset management side, private markets accounts for 42% of fee-earning AUM and 67% of base management fees, while public markets account for 58% and 33%, respectively.
Executives
Stork Ryan officer: Chief Operating Officer 30 HUDSON YARDS NEW YORK NY 10001
Cohler Matt director 2480 SAND HILL ROAD, SUITE 200 MENLO PARK CA 94025
Spiegel Evan director C/O SNAP INC. 3000 31ST STREET SANTA MONICA CA 90405
Brown Adriane M director 3150 139TH AVENUE S.E. BELLEVUE WA 98040
Gutierrez Arturo director C/O KKR & CO. INC. 30 HUDSON YARDS NEW YORK NY 10001
Holmes Dane E director C/O GOLDMAN SACHS & CO. LLC 200 WEST STREET NEW YORK NY 10282
Lewin Robert H officer: Chief Financial Officer C/O KKR & CO. INC. 9 WEST 57TH STREET, SUITE 4200 NEW YORK NY 10019
Dillon Mary N director ULTA BEAUTY, INC. 1000 REMINGTON BLVD SUITE 120 BOLINGBROOK IL 60440
Niel Xavier Bruno director 16 RUE DE LA VILLE L'EVEQUE PARIS I0 75008
Valueact Capital Management, L.p. 10 percent owner ONE LETTERMAN DRIVE BUILDING D, 4TH FLOOR SAN FRANCISCO CA 94129
Valueact Capital Management, Llc 10 percent owner ONE LETTERMAN DRIVE BUILDING D, 4TH FLOOR SAN FRANCISCO CA 94129
Va Partners I, Llc 10 percent owner ONE LETTERMAN DRIVE BUILDING D, 4TH FLOOR SAN FRANCISCO CA 94129
Valueact Capital Master Fund, L.p. 10 percent owner ONE LETTERMAN DRIVE BUILDING D, 4TH FLOOR SAN FRANCISCO CA 94129
Valueact Capital Mfb Holdings, L.p. 10 percent owner ONE LETTERMAN DRIVE BUILDING D, FOURTH FLOOR SAN FRANCISCO CA 94129
Valueact Holdings Gp, Llc 10 percent owner ONE LETTERMAN DRIVE BUILDING D, 4TH FLOOR SAN FRANCISCO CA 94129

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