Latest Ratios: P/E Ratio -39.0x · EV/EBITDA 31.6x · ROE 0.3%. (2007–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.5B | $1.3B | $1.4B | $1.7B | $2.2B | $3.3B | $2.5B | $3.2B | $2.6B | $2.1B | $2.2B |
| Enterprise Value | $5.8B | $5.7B | $5.9B | $6.7B | $7.3B | $8.3B | $6.6B | $7.6B | $7.6B | $7.4B | $6.2B |
| P/E Ratio → | -39.00 | — | — | — | 33.47 | 10.66 | 27.11 | 14.11 | 17.64 | 20.90 | 2029.70 |
| P/S Ratio | 3.04 | 2.66 | 2.59 | 3.06 | 4.04 | 7.38 | 5.53 | 5.54 | 3.41 | 2.58 | 3.18 |
| P/B Ratio | 0.96 | 0.85 | 0.84 | 0.96 | 1.08 | 1.86 | 1.50 | 1.84 | 1.84 | 1.31 | 0.95 |
| P/FCF | 4.87 | 4.27 | — | — | — | — | — | — | 2.90 | — | — |
| P/OCF | 4.01 | 3.52 | 24.98 | 35.17 | 66.25 | — | — | — | 28.25 | 28.32 | 21.73 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 11.29 | 11.19 | 11.92 | 13.57 | 18.20 | 14.63 | 13.39 | 9.78 | 9.20 | 8.87 |
| EV / EBITDA | 31.56 | 30.54 | 26.21 | 31.61 | 32.07 | 117.45 | 52.91 | 48.43 | 35.62 | 30.30 | 29.76 |
| EV / EBIT | 111.96 | 20.42 | 25.02 | — | 20.42 | 12.61 | 18.79 | 13.21 | 14.86 | 21.74 | 22.12 |
| EV / FCF | — | 18.11 | — | — | — | — | — | — | 8.33 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.8% | 18.8% | 14.5% | 10.0% | 2.5% | -5.4% | -12.0% | -3.5% | 3.3% | 5.6% | 7.6% |
| Operating Margin | 10.4% | 10.4% | 14.8% | 9.7% | 10.3% | -21.2% | -11.9% | -5.3% | 0.8% | 3.9% | 1.6% |
| Net Profit Margin | 0.9% | 0.9% | -6.2% | -54.0% | 17.4% | 72.8% | 24.3% | 39.8% | 19.4% | 12.5% | 0.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.3% | 0.3% | -1.9% | -16.0% | 4.9% | 19.0% | 6.5% | 14.4% | 10.0% | 5.1% | 0.2% |
| ROA | 0.1% | 0.1% | -0.4% | -3.8% | 1.2% | 4.3% | 1.5% | 3.1% | 2.0% | 1.3% | 0.1% |
| ROIC | 0.6% | 0.6% | 0.9% | 0.6% | 0.6% | -1.2% | -0.7% | -0.4% | 0.1% | 0.4% | 0.1% |
| ROCE | 0.8% | 0.8% | 1.2% | 0.7% | 0.7% | -1.4% | -0.7% | -0.4% | 0.1% | 0.4% | 0.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.86 | 2.86 | 2.92 | 2.95 | 2.78 | 3.01 | 3.05 | 2.94 | 3.78 | 3.59 | 2.09 |
| Debt / EBITDA | 24.34 | 24.34 | 21.10 | 24.98 | 24.45 | 77.31 | 40.59 | 32.04 | 25.52 | 23.25 | 23.32 |
| Net Debt / Equity | — | 2.75 | 2.79 | 2.77 | 2.56 | 2.72 | 2.47 | 2.60 | 3.44 | 3.37 | 1.71 |
| Net Debt / EBITDA | 23.34 | 23.34 | 20.14 | 23.50 | 22.53 | 69.84 | 32.90 | 28.40 | 23.22 | 21.81 | 19.10 |
| Debt / FCF | — | 13.84 | — | — | — | — | — | — | 5.43 | — | — |
| Interest Coverage | 1.16 | 1.16 | 0.91 | -0.30 | 1.63 | 3.40 | 1.75 | 2.70 | 2.13 | 1.56 | 1.47 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.89 | 0.89 | 1.02 | 1.11 | 1.03 | 1.19 | — | 1.30 | 1.13 | 1.14 | 2.59 |
| Quick Ratio | 0.89 | 0.89 | 1.02 | 1.11 | 1.03 | 1.19 | — | 1.30 | 1.13 | 1.14 | 2.59 |
| Cash Ratio | 0.34 | 0.34 | 0.40 | 0.51 | 0.65 | 0.82 | — | 1.07 | 0.91 | 0.72 | 2.09 |
| Asset Turnover | — | 0.08 | 0.08 | 0.07 | 0.07 | 0.06 | 0.06 | 0.08 | 0.10 | 0.10 | 0.09 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.5% | 5.1% | 7.3% | 7.9% | 6.2% | 3.7% | 5.0% | 3.6% | 4.9% | 2.9% | 2.9% |
| Payout Ratio | 1446.8% | 1446.8% | — | — | 143.6% | 37.4% | 114.5% | 50.7% | 85.6% | 58.9% | 1157.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 3.0% | 9.4% | 3.7% | 7.1% | 5.7% | 4.8% | 0.0% |
| FCF Yield | 20.5% | 23.4% | — | — | — | — | — | — | 34.5% | — | — |
| Buyback Yield | 0.6% | 0.7% | 1.1% | 1.2% | 1.4% | 2.5% | 2.3% | 0.7% | 6.8% | 3.3% | 2.9% |
| Total Shareholder Yield | 5.1% | 5.8% | 8.4% | 9.1% | 7.6% | 6.2% | 7.3% | 4.3% | 11.6% | 6.1% | 5.8% |
| Shares Outstanding | — | $138M | $138M | $139M | $139M | $140M | $140M | $142M | $145M | $119M | $109M |
High Financial Leverage
According to current market data, KW trades at a P/S of 3.04 and a P/FCF of 4.87, suggesting that investors are applying a significant complexity discount compared to larger, more transparent peers in the real estate services and investment management sector.
The negative TTM P/E ratio highlights the earnings volatility inherent in the company's business model, which complicates traditional valuation approaches. Investors should monitor whether the current valuation reflects a permanent impairment of the investment management platform or merely a temporary cyclical trough in asset disposition activity.
Based on reported figures, KW's ROIC has struggled to maintain positive momentum, frequently hovering near zero or negative levels, which indicates that the company is failing to generate meaningful returns on its invested capital compared to its cost of funding.
The persistent inability to drive consistent ROIC suggests that the co-investment model may be capital-intensive without providing the expected margin expansion. This trend warrants further investigation into whether the company's capital allocation strategy is effectively recycling funds into high-yielding opportunities or merely sustaining underperforming assets.
As reported in recent financial statements, KW's asset turnover remains stagnant at 0.02, reflecting a business model that is heavily reliant on long-cycle real estate assets rather than high-velocity service revenue, which limits the company's ability to optimize its working capital efficiency.
The erratic nature of DSO, which has fluctuated significantly over the last ten quarters, suggests that the company faces challenges in timing its cash collections from joint venture partners. This lack of operational velocity may indicate that the company's cash conversion cycle is overly sensitive to external market liquidity.
According to recent SEC filings, KW's D/E ratio has consistently remained above 2.90, reaching 3.12 in 2026Q1, which indicates that the company is operating with a highly leveraged capital structure that leaves little room for error in a high-interest-rate environment.
The interest coverage ratio has shown extreme instability, occasionally dipping into negative territory, which suggests that the company's ability to service its debt is highly dependent on non-recurring gains. Investors should monitor the company's refinancing risk, as the current leverage profile appears increasingly unsustainable given the recent revenue contraction.
Based on an analysis of the business model, the most commonly misapplied metric for KW is the P/E ratio, which fails to account for the significant non-cash depreciation and the lumpy nature of performance fees inherent in its investment management platform.
Using P/E to evaluate KW obscures the underlying cash-generating potential of its joint venture interests, which are often excluded from headline earnings. Analysts should instead focus on Adjusted EBITDA or Economic Net Income to better capture the true earning power of the company's diverse real estate portfolio.
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying KW stock.
Kennedy-Wilson Holdings, Inc.'s current P/E ratio is -39.0x. The historical average is 40.5x.
Kennedy-Wilson Holdings, Inc.'s current EV/EBITDA is 31.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 36.7x.
Kennedy-Wilson Holdings, Inc.'s return on equity (ROE) is 0.3%. The historical average is 2.3%.
Based on historical data, Kennedy-Wilson Holdings, Inc. is trading at a P/E of -39.0x. Compare with industry peers and growth rates for a complete picture.
Kennedy-Wilson Holdings, Inc.'s current dividend yield is 4.51% with a payout ratio of 1446.8%.
Kennedy-Wilson Holdings, Inc. has 18.8% gross margin and 10.4% operating margin. Operating margin between 10-20% is typical for established companies.
Kennedy-Wilson Holdings, Inc.'s Debt/EBITDA ratio is 24.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.