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Side-by-side financial comparison of KKR & Co. (KKR) and NetEase, Inc. (NTES). Click either name above to swap in a different company.
KKR & Co. is the larger business by last-quarter revenue ($5.7B vs $4.0B, roughly 1.4× NetEase, Inc.). NetEase, Inc. runs the higher net margin — 31.0% vs 20.0%, a 11.0% gap on every dollar of revenue. Over the past eight quarters, NetEase, Inc.'s revenue compounded faster (9.7% CAGR vs -22.9%).
KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is an American global private equity and investment company. As of December 31, 2024, the firm had completed 770 private-equity investments with approximately $790 billion of total enterprise value. Its assets under management (AUM) and fee paying assets under management (FPAUM) were $553 billion and $446 billion, respectively.
NetEase, Inc. is a Chinese developer and publisher of online PC and mobile games, advertising services, email services, and e-commerce platforms. It is one of the largest Internet and video game companies in the world and was founded by Ding Lei in June 1997.
KKR vs NTES — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.7B | $4.0B |
| Net Profit | $1.1B | $1.2B |
| Gross Margin | — | 64.1% |
| Operating Margin | 45.3% | 28.3% |
| Net Margin | 20.0% | 31.0% |
| Revenue YoY | 76.1% | — |
| Net Profit YoY | 1.8% | — |
| EPS (diluted) | — | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $5.7B | — | ||
| Q3 25 | $5.5B | $4.0B | ||
| Q2 25 | $5.1B | $3.9B | ||
| Q1 25 | $3.1B | $4.0B | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $4.8B | $3.7B | ||
| Q2 24 | $4.2B | $3.5B | ||
| Q1 24 | $9.7B | $3.7B |
| Q4 25 | $1.1B | — | ||
| Q3 25 | $900.4M | $1.2B | ||
| Q2 25 | $510.1M | $1.3B | ||
| Q1 25 | $-185.9M | $1.5B | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $600.5M | $955.7M | ||
| Q2 24 | $667.9M | $939.6M | ||
| Q1 24 | $682.2M | $1.1B |
| Q4 25 | — | — | ||
| Q3 25 | — | 64.1% | ||
| Q2 25 | — | 64.7% | ||
| Q1 25 | — | 64.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 62.9% | ||
| Q2 24 | — | 62.9% | ||
| Q1 24 | — | 63.4% |
| Q4 25 | 45.3% | — | ||
| Q3 25 | 39.8% | 28.3% | ||
| Q2 25 | 30.0% | 32.5% | ||
| Q1 25 | 24.8% | 36.2% | ||
| Q4 24 | 50.4% | — | ||
| Q3 24 | 34.3% | 27.3% | ||
| Q2 24 | 29.0% | 27.4% | ||
| Q1 24 | 14.1% | 28.4% |
| Q4 25 | 20.0% | — | ||
| Q3 25 | 16.3% | 31.0% | ||
| Q2 25 | 10.0% | 32.6% | ||
| Q1 25 | -6.0% | 36.6% | ||
| Q4 24 | 34.5% | — | ||
| Q3 24 | 12.5% | 25.6% | ||
| Q2 24 | 16.0% | 26.8% | ||
| Q1 24 | 7.1% | 29.1% |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $31.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $30.9B | $160.8B |
| Total Assets | $410.1B | $214.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | $31.3B | ||
| Q2 25 | — | $54.4B | ||
| Q1 25 | — | $41.7B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $20.2B | ||
| Q2 24 | — | $19.0B | ||
| Q1 24 | — | $43.0B |
| Q4 25 | $30.9B | — | ||
| Q3 25 | $29.7B | $160.8B | ||
| Q2 25 | $28.2B | $154.0B | ||
| Q1 25 | $27.5B | $147.8B | ||
| Q4 24 | $23.7B | — | ||
| Q3 24 | $24.1B | $135.6B | ||
| Q2 24 | $21.7B | $134.2B | ||
| Q1 24 | $21.4B | $130.5B |
| Q4 25 | $410.1B | — | ||
| Q3 25 | $398.5B | $214.5B | ||
| Q2 25 | $380.9B | $208.5B | ||
| Q1 25 | $372.4B | $200.9B | ||
| Q4 24 | $360.1B | — | ||
| Q3 24 | $360.7B | $184.9B | ||
| Q2 24 | $348.5B | $183.3B | ||
| Q1 24 | $339.8B | $195.1B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-4.9B | $1.8B |
| Free Cash FlowOCF − Capex | — | $1.8B |
| FCF MarginFCF / Revenue | — | 44.7% |
| Capex IntensityCapex / Revenue | — | 1.0% |
| Cash ConversionOCF / Net Profit | -4.28× | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | — | $6.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.9B | — | ||
| Q3 25 | $2.4B | $1.8B | ||
| Q2 25 | $438.8M | $1.5B | ||
| Q1 25 | $2.5B | $1.7B | ||
| Q4 24 | $-111.7M | — | ||
| Q3 24 | $1.9B | $1.5B | ||
| Q2 24 | $3.4B | $898.8M | ||
| Q1 24 | $1.5B | $1.3B |
| Q4 25 | — | — | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $875.6M | ||
| Q1 24 | — | $1.3B |
| Q4 25 | — | — | ||
| Q3 25 | — | 44.7% | ||
| Q2 25 | — | 38.3% | ||
| Q1 25 | — | 40.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 38.9% | ||
| Q2 24 | — | 25.0% | ||
| Q1 24 | — | 34.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 0.7% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.5% |
| Q4 25 | -4.28× | — | ||
| Q3 25 | 2.65× | 1.47× | ||
| Q2 25 | 0.86× | 1.20× | ||
| Q1 25 | — | 1.15× | ||
| Q4 24 | -0.10× | — | ||
| Q3 24 | 3.12× | 1.58× | ||
| Q2 24 | 5.03× | 0.96× | ||
| Q1 24 | 2.24× | 1.22× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KKR
| Insurance Segment | $3.5B | 61% |
| Asset Management1 | $703.7M | 12% |
| Transaction Fee | $512.0M | 9% |
| Transaction And Monitoring Fees | $268.7M | 5% |
| Fee Credit | $230.1M | 4% |
| Other | $201.5M | 4% |
| Fixed Annuity | $77.0M | 1% |
| Asset Management Segment | $56.9M | 1% |
| Monitoring Fee | $53.5M | 1% |
| Investment Advice | $40.6M | 1% |
| Fee Related Performance | $33.6M | 1% |
| Interest Sensitive Life | $21.7M | 0% |
| Incentive Fee | $11.0M | 0% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
