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Side-by-side financial comparison of KKR & Co. (KKR) and Smurfit Westrock (SW). Click either name above to swap in a different company.
Smurfit Westrock is the larger business by last-quarter revenue ($7.6B vs $5.7B, roughly 1.3× KKR & Co.). KKR & Co. runs the higher net margin — 20.0% vs 1.3%, a 18.7% gap on every dollar of revenue. On growth, KKR & Co. posted the faster year-over-year revenue change (76.1% vs 0.5%). Over the past eight quarters, Smurfit Westrock's revenue compounded faster (60.8% 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.
Smurfit Westrock plc is an Irish company based in Dublin, Ireland that manufactures corrugated and paper-based packaging. Its stock is listed on the New York Stock Exchange and the London Stock Exchange.
KKR vs SW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.7B | $7.6B |
| Net Profit | $1.1B | $97.0M |
| Gross Margin | — | 18.2% |
| Operating Margin | 45.3% | 5.1% |
| Net Margin | 20.0% | 1.3% |
| Revenue YoY | 76.1% | 0.5% |
| Net Profit YoY | 1.8% | -33.6% |
| EPS (diluted) | — | $0.18 |
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 | $7.6B | ||
| Q3 25 | $5.5B | $8.0B | ||
| Q2 25 | $5.1B | $7.9B | ||
| Q1 25 | $3.1B | $7.7B | ||
| Q4 24 | $3.3B | $7.5B | ||
| Q3 24 | $4.8B | $7.7B | ||
| Q2 24 | $4.2B | $3.0B | ||
| Q1 24 | $9.7B | $2.9B |
| Q4 25 | $1.1B | $97.0M | ||
| Q3 25 | $900.4M | $246.0M | ||
| Q2 25 | $510.1M | $-28.0M | ||
| Q1 25 | $-185.9M | $384.0M | ||
| Q4 24 | $1.1B | $146.0M | ||
| Q3 24 | $600.5M | $-150.0M | ||
| Q2 24 | $667.9M | $132.0M | ||
| Q1 24 | $682.2M | $191.0M |
| Q4 25 | — | 18.2% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | — | 20.6% | ||
| Q4 24 | — | 19.1% | ||
| Q3 24 | — | 17.6% | ||
| Q2 24 | — | 23.3% | ||
| Q1 24 | — | 24.2% |
| Q4 25 | 45.3% | 5.1% | ||
| Q3 25 | 39.8% | 6.6% | ||
| Q2 25 | 30.0% | 3.2% | ||
| Q1 25 | 24.8% | 7.2% | ||
| Q4 24 | 50.4% | 5.3% | ||
| Q3 24 | 34.3% | 0.7% | ||
| Q2 24 | 29.0% | 8.2% | ||
| Q1 24 | 14.1% | 10.5% |
| Q4 25 | 20.0% | 1.3% | ||
| Q3 25 | 16.3% | 3.1% | ||
| Q2 25 | 10.0% | -0.4% | ||
| Q1 25 | -6.0% | 5.0% | ||
| Q4 24 | 34.5% | 1.9% | ||
| Q3 24 | 12.5% | -2.0% | ||
| Q2 24 | 16.0% | 4.4% | ||
| Q1 24 | 7.1% | 6.5% |
| Q4 25 | — | $0.18 | ||
| Q3 25 | — | $0.47 | ||
| Q2 25 | — | $-0.05 | ||
| Q1 25 | — | $0.73 | ||
| Q4 24 | — | $-0.12 | ||
| Q3 24 | — | $-0.30 | ||
| Q2 24 | — | $0.51 | ||
| Q1 24 | — | $0.73 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $892.0M |
| Total DebtLower is stronger | — | $13.4B |
| Stockholders' EquityBook value | $30.9B | $18.3B |
| Total Assets | $410.1B | $45.2B |
| Debt / EquityLower = less leverage | — | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $892.0M | ||
| Q3 25 | — | $851.0M | ||
| Q2 25 | — | $778.0M | ||
| Q1 25 | — | $797.0M | ||
| Q4 24 | — | $855.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $26.8K | ||
| Q1 24 | — | $108 |
| Q4 25 | — | $13.4B | ||
| Q3 25 | — | $13.3B | ||
| Q2 25 | — | $13.3B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $12.5B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $30.9B | $18.3B | ||
| Q3 25 | $29.7B | $18.4B | ||
| Q2 25 | $28.2B | $18.3B | ||
| Q1 25 | $27.5B | $17.9B | ||
| Q4 24 | $23.7B | $17.4B | ||
| Q3 24 | $24.1B | $18.0B | ||
| Q2 24 | $21.7B | $14.5K | ||
| Q1 24 | $21.4B | $108 |
| Q4 25 | $410.1B | $45.2B | ||
| Q3 25 | $398.5B | $45.6B | ||
| Q2 25 | $380.9B | $45.7B | ||
| Q1 25 | $372.4B | $44.6B | ||
| Q4 24 | $360.1B | $43.8B | ||
| Q3 24 | $360.7B | $45.0B | ||
| Q2 24 | $348.5B | $26.8K | ||
| Q1 24 | $339.8B | $108 |
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $1.2B |
| Free Cash FlowOCF − Capex | — | $612.0M |
| FCF MarginFCF / Revenue | — | 8.1% |
| Capex IntensityCapex / Revenue | — | 7.7% |
| Cash ConversionOCF / Net Profit | -4.28× | 12.32× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.9B | $1.2B | ||
| Q3 25 | $2.4B | $1.1B | ||
| Q2 25 | $438.8M | $829.0M | ||
| Q1 25 | $2.5B | $235.0M | ||
| Q4 24 | $-111.7M | $781.0M | ||
| Q3 24 | $1.9B | $320.0M | ||
| Q2 24 | $3.4B | $340.0M | ||
| Q1 24 | $1.5B | $42.0M |
| Q4 25 | — | $612.0M | ||
| Q3 25 | — | $523.0M | ||
| Q2 25 | — | $307.0M | ||
| Q1 25 | — | $-242.0M | ||
| Q4 24 | — | $212.0M | ||
| Q3 24 | — | $-192.0M | ||
| Q2 24 | — | $163.0M | ||
| Q1 24 | — | $-166.0M |
| Q4 25 | — | 8.1% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | — | 3.9% | ||
| Q1 25 | — | -3.2% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | — | -2.5% | ||
| Q2 24 | — | 5.5% | ||
| Q1 24 | — | -5.7% |
| Q4 25 | — | 7.7% | ||
| Q3 25 | — | 7.6% | ||
| Q2 25 | — | 6.6% | ||
| Q1 25 | — | 6.2% | ||
| Q4 24 | — | 7.5% | ||
| Q3 24 | — | 6.7% | ||
| Q2 24 | — | 6.0% | ||
| Q1 24 | — | 7.1% |
| Q4 25 | -4.28× | 12.32× | ||
| Q3 25 | 2.65× | 4.61× | ||
| Q2 25 | 0.86× | — | ||
| Q1 25 | — | 0.61× | ||
| Q4 24 | -0.10× | 5.35× | ||
| Q3 24 | 3.12× | — | ||
| Q2 24 | 5.03× | 2.58× | ||
| Q1 24 | 2.24× | 0.22× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
