KKR // KKR & Co. Inc.

DES <GO> NYSE CIK 0001404912 ↗

Financials • Investment Managers

$95.82 ▲ +2.78 (+2.99%)

MKT CAP: $86.01B • VOL: 3.58M

52W L $83 52W H $145

ALTMAN Z

0.45 RISK

PIOTROSKI

4 / 9

KKR // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 53/100 [D+] (-1 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE D+

RQD CONFIDENCE

52 / 100 -1D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Sell — Weak Fundamentals / Trim

01 MASSIVE / SEC XBRL

Forensic Fundamentals

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

02 OPRA GEX + SEC 13F

Whale & Options Flow

10 / 20

NEUTRAL

NET GEX +0% • CALL SWEEP 52% • P/C 0.71

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

13 / 20

SOLID

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

13 / 20

SOLID

20 BASE - 7 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON KKR)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 79/100 Z-SCORE: +2.10σ

KKR Accounting Gap: Net Income (-22.9%) Outpaced OCF (-92.8%) With +24.9% Working-Capital Build

CASH CONVERSION GAP

+69.9% (NI vs OCF)

RECEIVABLES / WC BLOAT

+24.9% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on KKR & Co. Inc. (KKR) exposes a +69.9% Cash Conversion Gap as YoY Net Income growth (-22.9%) diverged from Operating Cash Flow growth (-92.8%). Non-cash current assets and receivables expanded +24.9% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

KKR // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -9.54%📐 HORIZONTAL RANGE

2026-10-30O $95.20H $95.80L $93.72C $94.39VOL 3.34M

RES: $116.6SUP: $82.18SMA50: $97.04SMA200: $98.84

KKR // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

UNDERWEIGHT CONVICTION: 34/100

BEAR 0

100 BULL

KKR & Co. Inc. (KKR) exhibits 41.0% gross margins and 1.9% return on invested capital within Financials (Investment Managers), balanced against a 48.1x enterprise multiple and 6.9% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 41.0% gross profitability converts into 14.9% operating margin and 1.9% ROIC, outpacing sector cost of capital.

ROIC: 1.9% // GM: 41.0%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of -11.0% paired with -0.46% free cash flow yield supports self-funded R&D and capital return.

REV YOY: -11.0% // FCF YLD: -0.46%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 0.45 and Piotroski F-Score of 4/9 indicate low near-term refinancing stress.

ALTMAN Z: 0.45 // F-SCORE: 4/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 36.3x trailing P/E (33.8x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 36.3x // EV/EBITDA: 48.1x

02. Options Skew & Event Volatility Risk

Options market prices a ±6.9% implied move with a 0.71 put/call ratio around $94.00 max pain.

IMPL MOVE: ±6.9% // P/C: 0.71

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Investment Managers require continuous execution to defend 12.2% net margins.

NET MARGIN: 12.2% // D/E: 4.46x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 33.8x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.00).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 36.3x

FORWARD P/E 33.8x

EV / EBITDA 48.1x

FCF YIELD -0.46%

GROSS MARGIN 41.0%

OPERATING MARGIN 14.9%

NET MARGIN 12.2%

ROIC % 1.9%

REV GROWTH YOY -11.0%

DILUTED EPS TTM $2.64

DEBT / EQUITY 4.46x

DIVIDEND YIELD 0.76%

RSI-14 MOMENTUM 54.2

5Y EQUITY BETA 1.00

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // KKRPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $87.68

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for KKR & activate live FRED threshold breach alerts.

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