KKR vs MS
KKR & Co. Inc. and Morgan Stanley, side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | KKR | MS |
|---|---|---|
| Revenue | $19.5B | $70.6B |
| Net income | $2.4B | $16.9B |
| Gross margin | · | · |
| Net margin | 31.6% | 24.1% |
| Return on equity | 8.7% | 15.6% |
| Diluted EPS | · | $10.21 |
| Dividend / share | $0.73 | $3.85 |
| Payout ratio | 27.4% | 39.1% |
| Free cash flow | · | · |
| Equity | $30.9B | $111.6B |
| Net debt / equity | · | 2.06× |
| Current ratio | · | · |
| Revenue CAGR 5y | 35.7% | 7.7% |
| Profit CAGR 5y | 3.4% | 8.9% |
MS bills 3.6× the revenue of KKR, and KKR keeps more of each dollar of revenue as profit (31.6% against 24.1%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | KKR | MS |
|---|---|---|
| FY2025 | $19.5B | $70.6B |
| FY2024 | $21.9B | $61.8B |
| FY2023 | $14.5B | $54.1B |
| FY2022 | $5.7B | $53.7B |
| FY2021 | $16.2B | $59.8B |
| FY2020 | $4.2B | $48.8B |
| FY2019 | $4.2B | $41.5B |
| FY2018 | $2.4B | $40.1B |
| FY2017 | $3.6B | $37.9B |
| FY2016 | $2.0B | $34.6B |
Bottom line
| Fiscal year | KKR | MS |
|---|---|---|
| FY2025 | $2.4B | $16.9B |
| FY2024 | $3.1B | $13.4B |
| FY2023 | $3.7B | $9.1B |
| FY2022 | $-521.7M | $11.0B |
| FY2021 | $4.7B | $15.0B |
| FY2020 | $2.0B | $11.0B |
| FY2019 | $2.0B | $9.0B |
| FY2018 | $1.1B | $8.7B |
| FY2017 | $1.0B | $6.1B |
| FY2016 | $309.3M | $6.0B |
13 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −$51,180,693,000 | MS |
| FY2024 | −$39,882,302,000 | MS |
| FY2023 | −$39,643,688,000 | MS |
| FY2022 | −$47,963,820,000 | MS |
| FY2021 | −$43,528,960,000 | MS |
| FY2020 | −$44,526,109,000 | MS |
| FY2019 | −$37,317,100,000 | MS |
| FY2018 | −$37,711,164,000 | MS |
| FY2017 | −$34,387,720,000 | MS |
| FY2016 | −$32,590,982,000 | MS |
| FY2015 | −$35,042,672,000 | MS |
| FY2014 | −$34,088,124,000 | MS |
| FY2013 | −$32,470,895,000 | MS |
MS has reported the higher revenue in every one of these 13 fiscal years. The gap has widened since the earliest year compared.
13 of 19 comparable fiscal years — a year missing data on either side is not counted.
10 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +7.5 pp | KKR |
| FY2024 | +0.5 pp | KKR |
| FY2023 | +19.9 pp | KKR |
| FY2022 | −28.2 pp | MS |
| FY2021 | +51.4 pp | KKR |
| FY2020 | +98.0 pp | KKR |
| FY2019 | +87.7 pp | KKR |
| FY2018 | +80.2 pp | KKR |
| FY2017 | +55.6 pp | KKR |
| FY2016 | +28.9 pp | KKR |
The higher net margin has changed hands between KKR and MS over this period.
10 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
KKR's net margin has been more volatile than MS's over the 10 comparable fiscal years — 39.8 percentage points of standard deviation against 2.9.
10 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between KKR and MS over these 10 fiscal years — KKR led in 9 and MS in 1.
10 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
KKR's return on equity has been more volatile than MS's over the 9 comparable fiscal years — 8.4 percentage points of standard deviation against 2.3.
9 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between KKR and MS over these 9 fiscal years — KKR led in 7 and MS in 2.
9 of 19 comparable fiscal years — a year missing data on either side is not counted.