vs
Side-by-side financial comparison of KKR & Co. (KKR) and Vistra Corp. (VST). Click either name above to swap in a different company.
KKR & Co. is the larger business by last-quarter revenue ($5.7B vs $4.8B, roughly 1.2× Vistra Corp.). KKR & Co. runs the higher net margin — 20.0% vs 4.8%, a 15.1% gap on every dollar of revenue. On growth, KKR & Co. posted the faster year-over-year revenue change (76.1% vs 31.2%). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% 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.
Vistra may refer to either of two companies:Vistra, a corporate services company based in Hong Kong Vistra Corp, an energy company based in Texas
KKR vs VST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.7B | $4.8B |
| Net Profit | $1.1B | $233.0M |
| Gross Margin | — | — |
| Operating Margin | 45.3% | 9.9% |
| Net Margin | 20.0% | 4.8% |
| Revenue YoY | 76.1% | 31.2% |
| Net Profit YoY | 1.8% | -47.2% |
| EPS (diluted) | — | $0.55 |
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 | $4.8B | ||
| Q3 25 | $5.5B | $4.8B | ||
| Q2 25 | $5.1B | $3.8B | ||
| Q1 25 | $3.1B | $4.3B | ||
| Q4 24 | $3.3B | $3.7B | ||
| Q3 24 | $4.8B | $4.3B | ||
| Q2 24 | $4.2B | $3.6B | ||
| Q1 24 | $9.7B | $3.2B |
| Q4 25 | $1.1B | $233.0M | ||
| Q3 25 | $900.4M | $652.0M | ||
| Q2 25 | $510.1M | $327.0M | ||
| Q1 25 | $-185.9M | $-268.0M | ||
| Q4 24 | $1.1B | $441.0M | ||
| Q3 24 | $600.5M | $1.9B | ||
| Q2 24 | $667.9M | $365.0M | ||
| Q1 24 | $682.2M | $-35.0M |
| Q4 25 | 45.3% | 9.9% | ||
| Q3 25 | 39.8% | 21.7% | ||
| Q2 25 | 30.0% | 13.7% | ||
| Q1 25 | 24.8% | -2.8% | ||
| Q4 24 | 50.4% | 16.4% | ||
| Q3 24 | 34.3% | 59.6% | ||
| Q2 24 | 29.0% | 22.5% | ||
| Q1 24 | 14.1% | 2.7% |
| Q4 25 | 20.0% | 4.8% | ||
| Q3 25 | 16.3% | 13.6% | ||
| Q2 25 | 10.0% | 8.7% | ||
| Q1 25 | -6.0% | -6.3% | ||
| Q4 24 | 34.5% | 12.0% | ||
| Q3 24 | 12.5% | 43.5% | ||
| Q2 24 | 16.0% | 10.1% | ||
| Q1 24 | 7.1% | -1.1% |
| Q4 25 | — | $0.55 | ||
| Q3 25 | — | $1.75 | ||
| Q2 25 | — | $0.81 | ||
| Q1 25 | — | $-0.93 | ||
| Q4 24 | — | $1.09 | ||
| Q3 24 | — | $5.25 | ||
| Q2 24 | — | $0.90 | ||
| Q1 24 | — | $-0.24 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $785.0M |
| Total DebtLower is stronger | — | $15.8B |
| Stockholders' EquityBook value | $30.9B | $5.1B |
| Total Assets | $410.1B | $41.5B |
| Debt / EquityLower = less leverage | — | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $785.0M | ||
| Q3 25 | — | $602.0M | ||
| Q2 25 | — | $458.0M | ||
| Q1 25 | — | $561.0M | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $905.0M | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | — | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | — | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | — | $14.7B |
| Q4 25 | $30.9B | $5.1B | ||
| Q3 25 | $29.7B | $5.2B | ||
| Q2 25 | $28.2B | $4.8B | ||
| Q1 25 | $27.5B | $4.8B | ||
| Q4 24 | $23.7B | $5.6B | ||
| Q3 24 | $24.1B | $5.4B | ||
| Q2 24 | $21.7B | $5.6B | ||
| Q1 24 | $21.4B | $5.7B |
| Q4 25 | $410.1B | $41.5B | ||
| Q3 25 | $398.5B | $38.0B | ||
| Q2 25 | $380.9B | $38.1B | ||
| Q1 25 | $372.4B | $38.2B | ||
| Q4 24 | $360.1B | $37.8B | ||
| Q3 24 | $360.7B | $37.9B | ||
| Q2 24 | $348.5B | $39.1B | ||
| Q1 24 | $339.8B | $38.2B |
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
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 | $1.4B |
| Free Cash FlowOCF − Capex | — | $596.0M |
| FCF MarginFCF / Revenue | — | 12.4% |
| Capex IntensityCapex / Revenue | — | 17.4% |
| Cash ConversionOCF / Net Profit | -4.28× | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.9B | $1.4B | ||
| Q3 25 | $2.4B | $1.5B | ||
| Q2 25 | $438.8M | $572.0M | ||
| Q1 25 | $2.5B | $599.0M | ||
| Q4 24 | $-111.7M | $1.4B | ||
| Q3 24 | $1.9B | $1.7B | ||
| Q2 24 | $3.4B | $1.2B | ||
| Q1 24 | $1.5B | $312.0M |
| Q4 25 | — | $596.0M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $-118.0M | ||
| Q1 25 | — | $-169.0M | ||
| Q4 24 | — | $923.0M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $698.0M | ||
| Q1 24 | — | $-153.0M |
| Q4 25 | — | 12.4% | ||
| Q3 25 | — | 21.1% | ||
| Q2 25 | — | -3.1% | ||
| Q1 25 | — | -4.0% | ||
| Q4 24 | — | 25.2% | ||
| Q3 24 | — | 23.4% | ||
| Q2 24 | — | 19.4% | ||
| Q1 24 | — | -4.8% |
| Q4 25 | — | 17.4% | ||
| Q3 25 | — | 9.6% | ||
| Q2 25 | — | 18.4% | ||
| Q1 25 | — | 18.1% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | — | 15.8% | ||
| Q2 24 | — | 13.8% | ||
| Q1 24 | — | 14.7% |
| Q4 25 | -4.28× | 6.15× | ||
| Q3 25 | 2.65× | 2.25× | ||
| Q2 25 | 0.86× | 1.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.10× | 3.07× | ||
| Q3 24 | 3.12× | 0.90× | ||
| Q2 24 | 5.03× | 3.28× | ||
| Q1 24 | 2.24× | — |
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% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
