Kennedy-Wilson (KW) Financials

$11.02 +0.01 (+0.05%)

Closing price 03:59 PM Eastern

Extended Trading

$11.02 0.00 (0.00%)

As of 07:07 PM Eastern

Annual Income Statements for Kennedy-Wilson

This table shows Kennedy-Wilson's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	71	2.80	101	150	224	93	313	65	-342	-77	-39
Consolidated Net Income / (Loss)	59	77	138	212	321	108	336	102	-281	-34	24
Net Income / (Loss) Continuing Operations	59	77	138	212	321	108	336	102	-281	-34	24
Total Pre-Tax Income	112	91	122	270	363	151	463	138	-337	-24	37
Total Operating Income	128	145	104	4.30	154	-54	293	117	182	229	150
Total Gross Profit	359	242	286	263	414	193	535	219	233	239	224
Total Revenue	604	690	802	772	749	454	843	540	563	531	501
Operating Revenue	604	690	802	772	749	454	843	540	563	531	501
Total Cost of Revenue	245	448	516	510	335	261	308	321	330	292	277
Operating Cost of Revenue	245	448	516	510	335	261	308	321	330	292	277
Total Operating Expenses	231	97	181	259	260	247	242	102	51	10	74
Selling, General & Admin Expense	44	45	42	51	42	35	33	37	36	39	36
Depreciation Expense	166	198	213	206	188	180	166	173	158	148	133
Other Operating Expenses / (Income)	111	-	-	-	30	32	42	-4.30	-15	-17	-0.30
Other Special Charges / (Income)	-97	-156	-78	-	-	-	-	-104	-128	-160	-95
Total Other Income / (Expense), net	-16	-54	17	266	209	206	170	21	-519	-252	-112
Interest Expense	157	192	218	238	215	211	46	193	261	263	242
Interest & Investment Income	-	-	-	79	-	81	-192	178	-253	6.50	143
Other Income / (Expense), net	141	137	235	425	424	336	408	36	-5.00	4.20	-13
Income Tax Expense	53	14	-16	58	41	44	126	36	-55	10	14
Preferred Stock Dividends Declared	3.60	2.80	0.00	0.00	2.60	17	17	29	38	44	44
Net Income / (Loss) Attributable to Noncontrolling Interest	-16	71	38	62	94	-2.30	6.00	8.20	22	-0.70	19
Basic Earnings per Share	$0.66	$0.01	$0.83	$1.04	$1.60	$0.66	$2.26	$0.47	($2.46)	($0.56)	($0.28)
Weighted Average Basic Shares Outstanding	103.26M	109.09M	119.15M	142.90M	139.73M	139.74M	138.55M	136.90M	138.93M	137.78M	137.92M
Diluted Earnings per Share	$0.66	$0.01	$0.83	$1.04	$1.58	$0.66	$2.24	$0.47	($2.46)	($0.56)	($0.28)
Weighted Average Diluted Shares Outstanding	109.55M	109.09M	119.15M	144.75M	141.50M	140.35M	140.13M	138.57M	138.93M	137.78M	137.92M
Weighted Average Basic & Diluted Shares Outstanding	103.26M	109.09M	151.03M	142.98M	142.17M	141.08M	137.87M	137.97M	138.98M	138.01M	138.46M
Cash Dividends to Common per Share	$0.48	$0.56	$0.70	$0.78	$0.85	$0.88	$0.90	$0.96	$0.96	$0.60	$0.48

This table shows Kennedy-Wilson's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-92	-248	27	-59	-77	33	-41	-6.40	-21	30	14
Consolidated Net Income / (Loss)	-64	-236	38	-48	-67	44	-30	5.60	-10	58	25
Net Income / (Loss) Continuing Operations	-64	-236	38	-48	-67	44	-30	5.60	-10	58	25
Total Pre-Tax Income	-84	-278	64	-60	-78	50	-35	10	-7.20	69	13
Total Operating Income	54	103	129	22	23	186	21	80	20	29	13
Total Gross Profit	65	46	64	63	59	78	63	68	52	41	50
Total Revenue	144	152	136	132	128	170	128	136	116	121	117
Operating Revenue	144	152	136	132	128	170	128	136	116	121	117
Total Cost of Revenue	79	107	72	69	69	92	65	68	65	80	67
Operating Cost of Revenue	79	107	72	69	69	92	65	68	65	80	67
Total Operating Expenses	11	-57	-65	41	35	-108	43	-12	32	12	37
Selling, General & Admin Expense	8.40	10	8.30	9.50	10	11	10	8.80	7.60	9.60	10
Depreciation Expense	39	40	39	36	37	36	34	35	33	32	32
Other Operating Expenses / (Income)	-6.00	-9.60	-5.50	-4.50	-5.50	-1.10	-2.70	-0.60	3.00	-	0.00
Other Special Charges / (Income)	-30	-	-106	-0.20	-6.20	-	0.80	-55	-11	-29	-5.50
Total Other Income / (Expense), net	-138	-381	-64	-82	-101	-137	-55	-70	-27	40	0.00
Interest Expense	64	195	64	64	67	195	61	65	59	57	60
Interest & Investment Income	-74	-51	-6.70	-18	-20	155	11	-0.20	35	97	59
Other Income / (Expense), net	0.70	-135	6.80	0.30	-13	-96	-5.20	-5.60	-2.60	0.40	1.00
Income Tax Expense	-20	-42	27	-12	-11	6.00	-4.90	4.40	3.00	11	-12
Preferred Stock Dividends Declared	11	11	11	11	11	11	11	11	11	11	11
Net Income / (Loss) Attributable to Noncontrolling Interest	17	1.00	-0.10	-0.10	-0.20	-0.30	0.30	1.10	0.20	18	-0.10
Basic Earnings per Share	($0.66)	($1.78)	$0.19	($0.43)	($0.56)	$0.24	($0.30)	($0.05)	($0.15)	$0.22	$0.10
Weighted Average Basic Shares Outstanding	139.39M	138.93M	138.47M	137.59M	137.41M	137.78M	137.75M	138.14M	137.90M	137.92M	138.60M
Diluted Earnings per Share	($0.66)	($1.78)	$0.19	($0.43)	($0.56)	$0.24	($0.30)	($0.05)	($0.15)	$0.22	$0.10
Weighted Average Diluted Shares Outstanding	139.39M	138.93M	138.63M	137.59M	137.41M	137.78M	137.75M	138.14M	137.90M	137.92M	139.21M
Weighted Average Basic & Diluted Shares Outstanding	139.39M	138.98M	137.53M	137.41M	137.41M	138.01M	138.29M	137.90M	137.90M	138.46M	139.30M
Cash Dividends to Common per Share	$0.24	$0.24	$0.24	$0.12	$0.12	$0.12	$0.12	$0.12	$0.12	$0.12	$0.12

This table details how cash moves in and out of Kennedy-Wilson's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-206	154	-534	137	86	391	-440	-86	-126	-96	-33
Net Cash From Operating Activities	178	103	73	93	-20	-13	-30	33	49	55	11
Net Cash From Continuing Operating Activities	178	103	73	93	-20	-13	-30	33	49	55	11
Net Income / (Loss) Continuing Operations	59	77	138	212	321	108	336	102	-281	-34	24
Consolidated Net Income / (Loss)	59	77	138	212	321	108	336	102	-281	-34	24
Depreciation Expense	166	198	213	206	188	180	166	173	158	148	133
Amortization Expense	0.20	3.10	2.50	0.60	6.30	-0.90	25	3.70	6.60	0.80	14
Non-Cash Adjustments To Reconcile Net Income	-166	-145	-218	-397	-506	-314	-678	-195	239	-70	-137
Changes in Operating Assets and Liabilities, net	118	-30	-62	71	-29	15	120	-51	-74	9.50	-22
Net Cash From Investing Activities	-1,484	-287	-70	593	182	591	-1,038	-362	-12	414	526
Net Cash From Continuing Investing Activities	-1,484	-287	-70	593	182	591	-1,038	-362	-12	414	526
Purchase of Property, Plant & Equipment	-1,928	-950	-814	-572	-211	-264	-139	-161	-217	-132	-67
Acquisitions	-188	-125	-80	-401	-266	-112	-281	-361	-167	-125	-238
Purchase of Investments	-10	-11	-1.20	-0.80	-191	-29	-1,162	-419	-2.10	-17	-111
Sale of Property, Plant & Equipment	623	540	659	1,467	701	828	486	326	384	590	566
Sale and/or Maturity of Investments	256	275	149	88	149	222	141	304	141	138	436
Other Investing Activities, net	-236	-16	18	-31	0.30	-54	-83	-51	-150	-40	-61
Net Cash From Financing Activities	1,119	420	-565	-529	-86	-207	632	264	-165	-566	-560
Net Cash From Continuing Financing Activities	1,119	420	-565	-529	-86	-207	632	264	-165	-566	-560
Repayment of Debt	-923	-744	-1,249	-1,326	-607	-492	-2,397	-785	-632	-931	-1,143
Repurchase of Common Equity	-11	-65	-68	-178	-21	-57	-83	-31	-21	-15	-9.20
Payment of Dividends	-359	-378	-944	-244	-382	-159	-159	-171	-199	-150	-132
Issuance of Debt	2,183	1,565	1,648	1,197	614	496	3,264	930	459	531	723
Issuance of Preferred Equity	-	-	0.00	0.00	295	0.00	0.00	297	197	-0.20	0.00
Issuance of Common Equity	230	42	47	23	15	4.50	7.80	25	31	0.50	0.30
Other Financing Activities, net	0.00	0.00	-	-	-	-	-	-	0.00	0.00	1.50
Effect of Exchange Rate Changes	-20	-82	28	-21	8.90	20	-4.00	-21	2.00	0.00	-10
Cash Interest Paid	134	171	207	225	211	210	184	214	252	256	220
Cash Interest Received	-	-	-	-	-	-	-1.20	0.90	24	26	10
Cash Income Taxes Paid	3.00	11	16	6.60	21	13	17	20	22	9.20	15

This table details how cash moves in and out of Kennedy-Wilson's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-56	-17	228	-175	0.60	-150	139	-48	74	-198	0.10
Net Cash From Operating Activities	-0.40	52	-5.60	37	-5.60	30	-52	42	-7.60	29	-88
Net Cash From Continuing Operating Activities	-0.40	52	-5.60	37	-5.60	30	-52	42	-7.60	29	-88
Net Income / (Loss) Continuing Operations	-64	-236	38	-48	-67	44	-30	5.60	-10	58	25
Consolidated Net Income / (Loss)	-64	-236	38	-48	-67	44	-30	5.60	-10	58	25
Depreciation Expense	39	40	39	36	37	36	34	35	33	32	32
Amortization Expense	-5.00	7.00	-0.10	0.40	6.40	-5.90	7.00	4.40	2.20	0.10	1.10
Non-Cash Adjustments To Reconcile Net Income	64	228	-79	40	33	-64	9.30	-28	-19	-100	-42
Changes in Operating Assets and Liabilities, net	-34	13	-3.10	8.20	-15	19	-73	26	-13	39	-104
Net Cash From Investing Activities	39	8.90	245	-71	85	156	-23	485	130	-66	81
Net Cash From Continuing Investing Activities	39	8.90	245	-71	84	156	-23	485	130	-66	81
Purchase of Property, Plant & Equipment	-53	-71	-52	-37	-22	-21	-7.80	-13	-10	-36	-9.50
Acquisitions	-27	-47	-28	-31	-28	-38	-22	-66	-20	-129	-33
Purchase of Investments	3.40	-2.10	0.00	-	-9.20	-	-28	-	-	-86	-39
Sale of Property, Plant & Equipment	109	101	328	2.40	127	132	13	411	31	111	103
Sale and/or Maturity of Investments	32	51	5.50	14	29	89	31	170	149	87	74
Other Investing Activities, net	-25	-24	-9.20	-12	-13	-5.70	-9.10	-17	-20	-13	-14
Net Cash From Financing Activities	-93	-77	-9.80	-142	-86	-328	219	-583	-49	-147	9.40
Net Cash From Continuing Financing Activities	-93	-77	-9.80	-142	-86	-328	219	-583	-49	-147	9.40
Repayment of Debt	-67	-60	-128	-115	-70	-618	-4.80	-478	-11	-649	-200
Repurchase of Common Equity	-	-7.50	-9.10	-5.70	-0.20	-	-6.70	-2.50	-	-	-12
Payment of Dividends	-61	-47	-46	-45	-29	-30	-30	-31	-29	-42	-29
Issuance of Debt	35	38	173	24	14	320	170	3.60	5.20	544	252
Other Financing Activities, net	-	-	0.00	-	-	-	91	-75	-15	0.80	-2.10
Effect of Exchange Rate Changes	-1.80	-0.90	-1.20	1.20	7.50	-7.50	-4.90	8.70	0.30	-14	-2.60
Cash Interest Paid	65	75	81	39	82	55	78	34	78	30	82
Cash Interest Received	-	-	7.50	-	-	-	3.00	6.60	3.40	-2.80	1.50
Cash Income Taxes Paid	5.30	5.10	1.10	1.00	4.90	2.20	1.80	-1.70	11	4.30	0.30

This table presents Kennedy-Wilson's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	7,596	7,657	7,725	7,382	7,305	7,329	7,877	8,272	7,712	6,961	6,623
Total Current Assets	537	1,017	499	545	626	1,013	561	480	371	256	223
Cash & Equivalents	183	886	351	488	574	965	525	439	314	218	185
Accounts Receivable	55	44	63	57	52	48	36	41	57	39	39
Plant, Property, & Equipment, net	5,798	5,814	6,444	5,703	5,080	4,721	5,060	5,188	4,837	4,290	3,997
Total Noncurrent Assets	1,261	825	782	1,135	1,598	1,596	2,256	2,604	2,504	2,415	2,402
Long-Term Investments	445	556	519	860	1,327	1,289	1,948	2,238	2,069	2,042	2,048
Noncurrent Note & Lease Receivables	-	-	-	-	-	107	-	149	247	231	203
Other Noncurrent Operating Assets	816	269	263	275	272	199	308	216	188	141	151
Total Liabilities & Shareholders' Equity	7,596	7,657	7,725	7,382	7,305	7,329	7,877	8,272	7,712	6,961	6,623
Total Liabilities	4,731	5,314	6,147	5,951	5,585	5,656	6,073	6,261	5,914	5,325	5,049
Total Current Liabilities	414	423	485	538	538	562	638	674	616	540	542
Accounts Payable	22	11	20	24	20	30	19	16	18	11	10
Accrued Expenses	392	412	466	514	518	532	619	658	598	529	532
Total Noncurrent Liabilities	4,316	4,890	5,662	5,413	5,047	5,095	5,435	5,587	5,298	4,785	4,508
Long-Term Debt	4,316	4,890	5,662	5,413	5,047	5,095	5,435	5,587	5,298	4,785	4,508
Total Equity & Noncontrolling Interests	2,865	2,343	1,578	1,431	1,719	1,673	1,804	2,010	1,798	1,636	1,573
Total Preferred & Common Equity	1,134	1,048	1,366	1,247	1,679	1,645	1,778	1,964	1,755	1,601	1,535
Preferred Stock	0.00	-	-	0.00	295	295	295	593	790	790	790
Total Common Equity	1,134	1,048	1,366	1,247	1,384	1,349	1,482	1,372	965	812	745
Common Stock	1,226	1,231	1,883	1,745	1,755	1,725	1,680	1,680	1,719	1,713	1,725
Retained Earnings	-44	-112	-91	-56	46	18	192	122	-349	-494	-594
Accumulated Other Comprehensive Income / (Loss)	-48	-71	-427	-442	-417	-394	-390	-430	-404	-408	-385
Noncontrolling Interest	1,731	1,295	212	185	41	28	26	46	43	35	38

This table presents Kennedy-Wilson's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	8,085	8,150	8,194	7,910	7,680	7,495	7,444	7,157	6,797	6,698	6,847
Total Current Assets	458	391	427	378	584	408	410	392	351	440	221
Cash & Equivalents	420	349	387	331	542	367	367	357	309	383	185
Accounts Receivable	38	41	40	47	43	41	43	35	42	58	37
Plant, Property, & Equipment, net	5,077	5,129	4,982	4,850	4,604	4,605	4,571	4,337	4,079	4,016	4,187
Total Noncurrent Assets	2,549	2,631	2,785	2,682	2,492	2,482	2,463	2,429	2,367	2,242	2,439
Long-Term Investments	2,130	2,267	2,321	2,233	2,060	2,056	2,053	2,085	2,035	1,906	2,033
Noncurrent Note & Lease Receivables	-	-	-	238	250	248	248	205	210	216	190
Other Noncurrent Operating Assets	419	363	464	212	182	178	162	139	122	120	216
Total Liabilities & Shareholders' Equity	8,085	8,150	8,194	7,910	7,680	7,495	7,444	7,157	6,797	6,698	6,847
Total Liabilities	6,141	6,179	5,993	5,858	5,895	5,785	5,791	5,565	5,201	5,138	5,293
Total Current Liabilities	614	593	659	607	578	563	558	567	578	527	508
Accounts Payable	11	13	16	14	16	12	9.80	9.10	8.90	6.20	5.70
Accrued Expenses	603	580	642	593	563	551	548	558	569	521	502
Total Noncurrent Liabilities	5,527	5,586	5,335	5,251	5,317	5,222	5,233	4,998	4,622	4,611	4,785
Long-Term Debt	5,527	5,586	5,335	5,251	5,317	5,222	5,233	4,998	4,622	4,611	4,785
Total Equity & Noncontrolling Interests	1,943	1,971	2,201	2,052	1,785	1,710	1,653	1,592	1,596	1,560	1,555
Total Preferred & Common Equity	1,926	1,925	2,154	2,009	1,743	1,670	1,614	1,558	1,563	1,528	1,518
Preferred Stock	593	593	791	791	790	790	790	790	790	790	790
Total Common Equity	1,334	1,332	1,364	1,218	953	880	824	768	773	738	728
Common Stock	1,672	1,703	1,711	1,718	1,707	1,701	1,706	1,712	1,712	1,718	1,718
Retained Earnings	133	48	53	-72	-347	-417	-510	-551	-570	-607	-597
Accumulated Other Comprehensive Income / (Loss)	-471	-418	-400	-427	-407	-404	-372	-393	-369	-373	-393
Noncontrolling Interest	17	47	46	44	42	41	39	34	33	33	37

This table displays calculated financial ratios and metrics derived from Kennedy-Wilson's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	51.46%	14.36%	16.14%	-3.67%	-3.09%	-39.35%	85.59%	-35.91%	4.19%	-5.55%	-5.72%
EBITDA Growth	25.42%	10.97%	14.69%	14.77%	21.25%	-40.31%	93.79%	-63.07%	3.55%	11.90%	-25.84%
EBIT Growth	6.28%	4.83%	20.31%	26.58%	34.45%	-51.21%	148.65%	-78.16%	15.62%	31.60%	-41.37%
NOPAT Growth	84.38%	81.61%	-3.28%	-97.15%	3,934.63%	-128.17%	655.18%	-59.52%	47.62%	25.67%	-40.55%
Net Income Growth	-34.52%	29.66%	80.39%	53.70%	51.39%	-66.43%	212.06%	-69.71%	-376.15%	88.02%	170.62%
EPS Growth	371.43%	-98.48%	8,200.00%	25.30%	51.92%	-58.23%	239.39%	-79.02%	-623.40%	77.24%	50.00%
Operating Cash Flow Growth	81.65%	-42.26%	-29.06%	27.53%	-120.95%	35.38%	-140.48%	208.58%	48.63%	12.68%	-79.31%
Free Cash Flow Firm Growth	76.84%	181.42%	-151.84%	291.11%	-12.49%	-58.97%	-112.89%	-66.15%	595.57%	113.53%	-42.83%
Invested Capital Growth	21.36%	-11.63%	9.96%	-13.70%	-11.47%	-7.25%	5.62%	3.22%	-4.20%	-11.72%	-7.51%
Revenue Q/Q Growth	2.24%	0.17%	1.74%	-0.32%	-0.17%	-13.24%	46.95%	-36.31%	-14.52%	103.76%	-2.89%
EBITDA Q/Q Growth	24.74%	2.00%	11.06%	-16.35%	68.86%	-18.02%	-5.67%	-47.09%	-24.97%	1,546.12%	-10.72%
EBIT Q/Q Growth	29.94%	5.38%	13.40%	-20.62%	118.95%	-25.94%	-6.61%	-65.95%	-39.48%	263.71%	-20.73%
NOPAT Q/Q Growth	170.14%	21.63%	-20.24%	-94.65%	288.06%	-122.85%	477.19%	-64.53%	52.60%	197.19%	2.77%
Net Income Q/Q Growth	478.43%	28.14%	77.84%	-25.50%	64.58%	14.44%	-27.59%	-4.77%	-4,366.67%	89.24%	150.53%
EPS Q/Q Growth	3,200.00%	-94.74%	538.46%	-37.72%	135.82%	0.00%	0.00%	-17.54%	-392.00%	78.29%	-7.69%
Operating Cash Flow Q/Q Growth	40.76%	-27.74%	-52.63%	164.49%	48.95%	-186.30%	67.03%	-33.80%	40.11%	-28.53%	-5.79%
Free Cash Flow Firm Q/Q Growth	48.73%	307.89%	-696.22%	-38.64%	17.43%	-27.22%	-177.77%	-54.86%	26.49%	554.02%	-39.78%
Invested Capital Q/Q Growth	4.52%	-14.78%	-9.05%	-2.52%	-0.96%	-2.92%	2.87%	0.00%	-0.55%	-6.83%	-0.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	59.47%	35.07%	35.63%	34.04%	55.31%	42.42%	63.45%	40.56%	41.36%	44.98%	44.69%
EBITDA Margin	72.16%	70.02%	69.14%	82.38%	103.07%	101.43%	105.91%	61.04%	60.66%	71.87%	56.53%
Operating Margin	21.27%	20.97%	13.02%	0.56%	20.55%	-11.87%	34.77%	21.65%	32.33%	43.02%	29.84%
EBIT Margin	44.58%	40.86%	42.33%	55.62%	77.17%	62.07%	83.16%	28.33%	31.44%	43.81%	27.25%
Profit (Net Income) Margin	9.77%	11.08%	17.21%	27.46%	42.90%	23.74%	39.92%	18.87%	-50.02%	-6.34%	4.75%
Tax Burden Percent	52.49%	84.53%	113.39%	78.53%	88.58%	71.20%	72.72%	73.79%	83.58%	143.40%	63.64%
Interest Burden Percent	41.77%	32.08%	35.86%	62.87%	62.76%	53.73%	66.02%	90.26%	-190.33%	-10.09%	27.40%
Effective Tax Rate	47.51%	15.47%	-13.39%	21.47%	11.42%	28.80%	27.28%	26.21%	0.00%	0.00%	36.36%
Return on Invested Capital (ROIC)	1.13%	1.98%	1.95%	0.06%	2.63%	-0.82%	4.59%	1.78%	2.64%	3.61%	2.38%
ROIC Less NNEP Spread (ROIC-NNEP)	0.85%	0.70%	2.42%	4.77%	7.76%	4.07%	8.84%	2.31%	-11.39%	-3.52%	-0.60%
Return on Net Nonoperating Assets (RNNOA)	0.87%	0.95%	5.09%	14.04%	17.76%	7.17%	14.76%	3.56%	-17.42%	-5.57%	-0.89%
Return on Equity (ROE)	2.00%	2.94%	7.04%	14.10%	20.38%	6.36%	19.35%	5.34%	-14.78%	-1.96%	1.48%
Cash Return on Invested Capital (CROIC)	-18.17%	14.33%	-7.54%	14.77%	14.80%	6.71%	-0.87%	-1.39%	6.93%	16.06%	10.17%
Operating Return on Assets (OROA)	3.86%	3.70%	4.41%	5.69%	7.87%	3.85%	9.22%	1.89%	2.21%	3.17%	2.01%
Return on Assets (ROA)	0.85%	1.00%	1.79%	2.81%	4.37%	1.47%	4.42%	1.26%	-3.52%	-0.46%	0.35%
Return on Common Equity (ROCE)	0.69%	1.23%	4.33%	12.24%	17.02%	5.12%	15.76%	4.00%	-9.07%	-1.02%	0.72%
Return on Equity Simple (ROE_SIMPLE)	5.20%	7.30%	10.11%	17.01%	19.13%	6.56%	18.92%	5.19%	-16.03%	-2.10%	0.00%
Net Operating Profit after Tax (NOPAT)	67	122	118	3.38	136	-38	213	86	127	160	95
NOPAT Margin	11.16%	17.73%	14.76%	0.44%	18.20%	-8.45%	25.29%	15.97%	22.63%	30.11%	18.99%
Net Nonoperating Expense Percent (NNEP)	0.28%	1.29%	-0.48%	-4.71%	-5.13%	-4.88%	-4.25%	-0.53%	14.03%	7.12%	2.97%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	1.14%	1.79%	2.49%	1.56%
Cost of Revenue to Revenue	40.53%	64.93%	64.37%	65.96%	44.69%	57.58%	36.55%	59.44%	58.64%	55.02%	55.31%
SG&A Expenses to Revenue	7.26%	6.58%	5.26%	6.58%	5.66%	7.62%	3.95%	6.89%	6.35%	7.30%	7.27%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	38.20%	14.09%	22.61%	33.48%	34.76%	54.30%	28.67%	18.91%	9.03%	1.96%	14.85%
Earnings before Interest and Taxes (EBIT)	269	282	339	430	578	282	701	153	177	233	137
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	436	483	554	636	772	461	892	330	341	382	283
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.62	1.52	1.37	1.55	1.77	1.53	1.91	1.39	1.67	1.69	1.79
Price to Tangible Book Value (P/TBV)	1.62	1.52	1.37	1.55	1.77	1.53	1.91	1.39	1.67	1.69	1.79
Price to Revenue (P/Rev)	3.04	2.30	2.33	2.51	3.27	4.56	3.36	3.52	2.87	2.58	2.66
Price to Earnings (P/E)	25.81	567.82	18.57	12.92	10.91	22.28	9.04	29.35	0.00	0.00	0.00
Dividend Yield	3.62%	3.99%	5.68%	5.80%	4.95%	6.03%	4.43%	6.96%	8.28%	6.01%	4.96%
Earnings Yield	3.87%	0.18%	5.39%	7.74%	9.17%	4.49%	11.06%	3.41%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.11	1.09	1.08	1.13	1.22	1.16	1.28	1.11	1.14	1.13	1.15
Enterprise Value to Revenue (EV/Rev)	12.02	9.17	8.57	8.01	7.92	11.53	7.26	10.09	9.54	8.89	8.86
Enterprise Value to EBITDA (EV/EBITDA)	16.66	13.10	12.39	9.72	7.68	11.36	6.85	16.54	15.72	12.37	15.67
Enterprise Value to EBIT (EV/EBIT)	26.96	22.45	20.24	14.40	10.26	18.57	8.73	35.62	30.33	20.28	32.50
Enterprise Value to NOPAT (EV/NOPAT)	107.64	51.75	58.03	1,832.27	43.50	0.00	28.70	63.18	42.13	29.51	46.64
Enterprise Value to Operating Cash Flow (EV/OCF)	40.71	61.55	94.10	66.45	0.00	0.00	0.00	165.66	109.70	85.70	389.20
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	7.16	0.00	7.06	7.73	16.64	0.00	0.00	16.07	6.63	10.89
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.51	2.09	3.59	3.78	2.94	3.05	3.01	2.78	2.95	2.92	2.86
Long-Term Debt to Equity	1.51	2.09	3.59	3.78	2.94	3.05	3.01	2.78	2.95	2.92	2.86
Financial Leverage	1.02	1.37	2.10	2.94	2.29	1.77	1.67	1.54	1.53	1.58	1.50
Leverage Ratio	2.36	2.93	3.92	5.02	4.66	4.31	4.37	4.23	4.20	4.27	4.23
Compound Leverage Factor	0.98	0.94	1.41	3.16	2.93	2.32	2.89	3.82	-7.99	-0.43	1.16
Debt to Total Capital	60.10%	67.61%	78.21%	79.09%	74.59%	75.28%	75.08%	73.54%	74.66%	74.52%	74.13%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	60.10%	67.61%	78.21%	79.09%	74.59%	75.28%	75.08%	73.54%	74.66%	74.52%	74.13%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	4.36%	4.36%	4.08%	7.80%	11.13%	12.30%	12.99%
Noncontrolling Interests to Total Capital	24.11%	17.90%	2.93%	2.70%	0.60%	0.42%	0.36%	0.61%	0.61%	0.54%	0.63%
Common Equity to Total Capital	15.79%	14.49%	18.86%	18.22%	20.45%	19.94%	20.48%	18.05%	13.60%	12.64%	12.26%
Debt to EBITDA	9.91	10.12	10.21	8.51	6.54	11.06	6.09	16.95	15.52	12.53	15.92
Net Debt to EBITDA	8.47	7.13	8.64	6.39	4.08	6.17	3.32	8.83	8.54	6.61	8.03
Long-Term Debt to EBITDA	9.91	10.12	10.21	8.51	6.54	11.06	6.09	16.95	15.52	12.53	15.92
Debt to NOPAT	64.04	39.95	47.83	1,603.01	37.05	-132.75	25.51	64.77	41.61	29.90	47.38
Net Debt to NOPAT	54.73	28.18	40.47	1,203.83	23.10	-74.00	13.90	33.73	22.89	15.78	23.92
Long-Term Debt to NOPAT	64.04	39.95	47.83	1,603.01	37.05	-132.75	25.51	64.77	41.61	29.90	47.38
Altman Z-Score	0.44	0.46	0.42	0.48	0.65	0.49	0.70	0.30	0.21	0.19	0.12
Noncontrolling Interest Sharing Ratio	65.56%	58.11%	38.44%	13.18%	16.51%	19.43%	18.55%	25.18%	38.65%	48.27%	51.49%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.30	2.40	1.03	1.01	1.16	1.80	0.88	0.71	0.60	0.47	0.41
Quick Ratio	1.30	2.40	1.03	1.01	1.16	1.80	0.88	0.71	0.60	0.47	0.41
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,086	884	-458	876	767	315	-41	-67	334	713	407
Operating Cash Flow to CapEx	13.66%	25.13%	47.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-6.93	4.62	-2.11	3.68	3.56	1.49	-0.89	-0.35	1.28	2.71	1.68
Operating Cash Flow to Interest Expense	1.14	0.54	0.34	0.39	-0.09	-0.06	-0.66	0.17	0.19	0.21	0.05
Operating Cash Flow Less CapEx to Interest Expense	-7.19	-1.60	-0.38	4.15	2.19	2.61	6.93	1.02	0.83	1.95	2.11
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.09	0.09	0.10	0.10	0.10	0.06	0.11	0.07	0.07	0.07	0.07
Accounts Receivable Turnover	10.95	13.99	15.03	12.95	13.77	9.08	20.06	14.04	11.47	11.07	12.93
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.12	0.13	0.13	0.14	0.09	0.17	0.11	0.11	0.12	0.12
Accounts Payable Turnover	14.44	26.84	33.62	23.37	15.03	10.35	12.65	18.45	19.35	20.38	26.64
Days Sales Outstanding (DSO)	33.34	26.09	24.29	28.19	26.50	40.20	18.19	25.99	31.82	32.97	28.23
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	25.28	13.60	10.86	15.62	24.28	35.26	28.86	19.79	18.86	17.91	13.70
Cash Conversion Cycle (CCC)	8.06	12.49	13.43	12.57	2.22	4.94	-10.66	6.20	12.96	15.06	14.53
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,554	5,792	6,369	5,496	4,866	4,513	4,766	4,920	4,714	4,161	3,849
Invested Capital Turnover	0.10	0.11	0.13	0.13	0.14	0.10	0.18	0.11	0.12	0.12	0.13
Increase / (Decrease) in Invested Capital	1,154	-762	577	-873	-630	-353	254	154	-206	-553	-312
Enterprise Value (EV)	7,255	6,334	6,869	6,187	5,927	5,233	6,116	5,450	5,364	4,722	4,437
Market Capitalization	1,835	1,590	1,866	1,938	2,445	2,070	2,832	1,902	1,616	1,373	1,334
Book Value per Share	$9.90	$9.25	$9.02	$8.65	$9.71	$9.52	$10.64	$9.95	$6.92	$5.91	$5.41
Tangible Book Value per Share	$9.90	$9.25	$9.02	$8.65	$9.71	$9.52	$10.64	$9.95	$6.92	$5.91	$5.41
Total Capital	7,181	7,233	7,239	6,844	6,766	6,767	7,239	7,597	7,096	6,421	6,081
Total Debt	4,316	4,890	5,662	5,413	5,047	5,095	5,435	5,587	5,298	4,785	4,508
Total Long-Term Debt	4,316	4,890	5,662	5,413	5,047	5,095	5,435	5,587	5,298	4,785	4,508
Net Debt	3,689	3,449	4,791	4,065	3,147	2,840	2,963	2,910	2,915	2,525	2,275
Capital Expenditures (CapEx)	1,305	410	155	-895	-490	-564	-347	-165	-167	-458	-499
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-60	-292	-338	-481	-486	-514	-602	-634	-558	-502	-503
Debt-free Net Working Capital (DFNWC)	123	594	13	6.80	88	451	-77	-194	-245	-284	-318
Net Working Capital (NWC)	123	594	13	6.80	88	451	-77	-194	-245	-284	-318
Net Nonoperating Expense (NNE)	8.40	46	-20	-209	-185	-146	-123	-16	409	194	71
Net Nonoperating Obligations (NNO)	3,689	3,449	4,791	4,065	3,147	2,840	2,963	2,910	2,915	2,525	2,275
Total Depreciation and Amortization (D&A)	167	201	215	207	194	179	192	177	164	149	147
Debt-free, Cash-free Net Working Capital to Revenue	-9.91%	-42.24%	-42.16%	-62.30%	-64.97%	-113.19%	-71.40%	-117.33%	-99.25%	-94.37%	-100.36%
Debt-free Net Working Capital to Revenue	20.34%	86.05%	1.66%	0.88%	11.70%	99.38%	-9.11%	-35.98%	-43.49%	-53.44%	-63.53%
Net Working Capital to Revenue	20.34%	86.05%	1.66%	0.88%	11.70%	99.38%	-9.11%	-35.98%	-43.49%	-53.44%	-63.53%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.66	$0.01	$0.00	$1.04	$1.60	$0.66	$2.26	$0.47	($2.46)	($0.56)	($0.28)
Adjusted Weighted Average Basic Shares Outstanding	103.26M	109.09M	0.00	142.90M	139.73M	139.74M	138.55M	136.90M	138.93M	137.78M	137.92M
Adjusted Diluted Earnings per Share	$0.66	$0.01	$0.00	$1.04	$1.58	$0.66	$2.24	$0.47	($2.46)	($0.56)	($0.28)
Adjusted Weighted Average Diluted Shares Outstanding	109.55M	109.09M	0.00	144.75M	141.50M	140.35M	140.13M	138.57M	138.93M	137.78M	137.92M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	114.41M	114.90M	0.00	142.98M	142.17M	141.08M	137.87M	137.97M	138.98M	138.01M	138.46M
Normalized Net Operating Profit after Tax (NOPAT)	16	-1.27	22	4.71	136	-38	213	9.74	38	48	35
Normalized NOPAT Margin	2.70%	-0.18%	2.71%	0.61%	18.20%	-8.45%	25.29%	1.80%	6.76%	9.02%	6.96%
Pre Tax Income Margin	18.62%	13.11%	15.18%	34.97%	48.43%	33.35%	54.90%	25.57%	-59.85%	-4.42%	7.47%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.72	1.47	1.56	1.80	2.69	1.33	15.33	0.79	0.68	0.89	0.56
NOPAT to Interest Expense	0.43	0.64	0.54	0.01	0.63	-0.18	4.66	0.45	0.49	0.61	0.39
EBIT Less CapEx to Interest Expense	-6.61	-0.66	0.85	5.56	4.96	4.00	22.93	1.65	1.32	2.63	2.63
NOPAT Less CapEx to Interest Expense	-7.90	-1.50	-0.17	3.77	2.91	2.49	12.26	1.30	1.13	2.35	2.46
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	609.15%	494.51%	684.13%	115.23%	118.81%	147.12%	47.38%	168.11%	-70.79%	-445.70%	555.88%
Augmented Payout Ratio	628.47%	579.22%	733.19%	199.10%	125.26%	200.37%	72.12%	198.72%	-78.22%	-490.21%	594.54%

This table displays calculated financial ratios and metrics derived from Kennedy-Wilson's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	138,464,514.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	138,464,514.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.10
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.33%	119.31%	-1.23%	-21.50%	-11.34%	11.70%	-5.94%	2.80%	-8.71%	-11.00%	-8.65%
EBITDA Growth	-37.62%	127.81%	139.43%	-75.74%	-39.57%	751.06%	-67.53%	92.39%	-3.00%	-35.71%	-16.43%
EBIT Growth	-43.27%	66.04%	335.14%	-96.65%	-81.62%	377.16%	-88.56%	235.43%	69.00%	-54.92%	-9.68%
NOPAT Growth	169.05%	380.66%	-2.64%	-73.72%	-56.98%	127.52%	-80.77%	192.36%	-15.58%	-49.66%	69.08%
Net Income Growth	-371.61%	-701.79%	231.36%	-202.11%	-4.21%	118.52%	-178.51%	111.59%	84.73%	32.72%	182.77%
EPS Growth	-650.00%	-1,088.89%	163.33%	-253.57%	15.15%	113.48%	-257.89%	88.37%	73.21%	-8.33%	133.33%
Operating Cash Flow Growth	-102.38%	37.23%	91.64%	-43.28%	-1,300.00%	-42.64%	-826.79%	14.44%	-35.71%	-2.36%	-69.36%
Free Cash Flow Firm Growth	179.93%	255.30%	638.52%	30.03%	32.93%	157.34%	-28.99%	103.85%	106.25%	-43.98%	-86.04%
Invested Capital Growth	-3.67%	-4.20%	-8.91%	-6.59%	-5.77%	-11.72%	-7.81%	-14.07%	-13.08%	-7.51%	-0.64%
Revenue Q/Q Growth	-0.90%	5.84%	249.63%	-5.08%	11.94%	33.33%	-24.53%	5.77%	-14.22%	3.61%	-2.82%
EBITDA Q/Q Growth	-47.81%	-84.01%	201.76%	-75.54%	30.00%	125.14%	-52.83%	100.88%	-54.53%	18.38%	-22.71%
EBIT Q/Q Growth	-56.58%	-159.56%	160.98%	-96.74%	138.10%	798.00%	-82.74%	382.58%	-77.41%	73.37%	-52.22%
NOPAT Q/Q Growth	281.46%	91.43%	107.64%	-71.64%	524.32%	912.50%	-91.15%	210.72%	-69.68%	77.71%	1.00%
Net Income Q/Q Growth	-235.52%	-268.02%	115.98%	-228.12%	-38.30%	165.42%	-167.73%	118.92%	-282.14%	668.63%	-57.76%
EPS Q/Q Growth	-335.71%	-169.70%	110.67%	-326.32%	-30.23%	142.86%	-225.00%	83.33%	-200.00%	246.67%	-54.55%
Operating Cash Flow Q/Q Growth	-100.62%	13,000.00%	-110.85%	755.36%	-115.26%	628.57%	-275.34%	180.92%	-118.10%	480.26%	-404.15%
Free Cash Flow Firm Q/Q Growth	-11.59%	27.69%	416.89%	-28.64%	-9.61%	147.20%	-48.91%	85.69%	-12.06%	-43.69%	-84.82%
Invested Capital Q/Q Growth	-1.82%	-0.55%	-4.52%	0.20%	-0.96%	-6.83%	-0.29%	-6.61%	0.19%	-0.86%	7.11%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	44.85%	30.03%	47.75%	39.60%	45.88%	45.94%	49.34%	50.11%	44.33%	34.00%	42.75%
EBITDA Margin	61.34%	9.26%	139.67%	36.00%	41.80%	70.59%	44.12%	83.79%	44.42%	50.75%	40.36%
Operating Margin	37.34%	67.54%	13.00%	3.25%	18.12%	109.53%	16.13%	59.25%	16.75%	23.96%	11.09%
EBIT Margin	37.83%	-21.29%	107.33%	3.69%	7.84%	52.82%	12.08%	55.12%	14.52%	24.30%	11.95%
Profit (Net Income) Margin	-44.58%	-154.99%	31.42%	-42.41%	-52.39%	25.71%	-23.07%	4.13%	-8.76%	48.09%	20.90%
Tax Burden Percent	76.49%	84.89%	58.54%	80.37%	86.19%	87.93%	85.80%	56.00%	141.67%	83.94%	188.46%
Interest Burden Percent	-154.04%	857.72%	50.00%	-1,430.95%	-775.00%	55.35%	-222.58%	13.37%	-42.60%	235.84%	92.86%
Effective Tax Rate	0.00%	0.00%	41.46%	0.00%	0.00%	12.07%	0.00%	44.00%	0.00%	16.06%	-88.46%
Return on Invested Capital (ROIC)	3.56%	5.52%	0.50%	0.14%	0.72%	11.53%	1.37%	4.17%	1.45%	2.52%	2.48%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.03%	-5.05%	1.50%	-1.74%	-2.30%	7.12%	-0.31%	2.62%	0.52%	3.92%	2.48%
Return on Net Nonoperating Assets (RNNOA)	-0.04%	-7.72%	2.27%	-2.42%	-3.41%	11.28%	-0.48%	4.02%	0.83%	5.87%	4.03%
Return on Equity (ROE)	3.52%	-2.20%	2.77%	-2.28%	-2.69%	22.81%	0.89%	8.19%	2.28%	8.38%	6.51%
Cash Return on Invested Capital (CROIC)	5.46%	6.93%	6.41%	3.74%	2.37%	16.06%	10.08%	18.13%	16.21%	10.17%	3.79%
Operating Return on Assets (OROA)	3.11%	-1.50%	4.18%	0.13%	0.27%	3.83%	0.85%	4.07%	1.06%	1.79%	0.84%
Return on Assets (ROA)	-3.67%	-10.91%	1.22%	-1.50%	-1.78%	1.86%	-1.63%	0.30%	-0.64%	3.55%	1.46%
Return on Common Equity (ROCE)	2.25%	-1.35%	1.69%	-1.31%	-1.48%	11.80%	0.45%	4.09%	1.11%	4.07%	3.09%
Return on Equity Simple (ROE_SIMPLE)	-0.31%	0.00%	-12.34%	-18.60%	-19.42%	0.00%	-6.48%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	38	72	9.13	2.59	16	164	14	45	14	24	25
NOPAT Margin	26.14%	47.28%	7.61%	2.27%	12.68%	96.31%	11.29%	33.18%	11.73%	20.11%	20.90%
Net Nonoperating Expense Percent (NNEP)	3.59%	10.57%	-1.01%	1.88%	3.02%	4.41%	1.67%	1.55%	0.93%	-1.41%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	-	1.01%	-	-	-	2.55%	0.22%	0.72%	0.22%	0.40%	0.39%
Cost of Revenue to Revenue	55.15%	69.97%	52.25%	60.40%	54.12%	54.06%	50.66%	49.89%	55.67%	66.00%	57.25%
SG&A Expenses to Revenue	5.84%	6.70%	6.92%	8.34%	8.00%	6.35%	8.11%	6.48%	6.53%	7.96%	8.87%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	7.51%	-37.52%	34.75%	36.35%	27.76%	-63.59%	33.20%	-9.14%	27.58%	10.03%	31.66%
Earnings before Interest and Taxes (EBIT)	54	-32	129	4.20	10	90	16	75	17	29	14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	88	14	168	41	53	120	57	114	52	61	47
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.57	1.67	0.00	1.52	1.84	1.69	1.56	1.22	1.56	1.79	2.06
Price to Tangible Book Value (P/TBV)	1.57	1.67	0.00	1.52	1.84	1.69	1.56	1.22	1.56	1.79	2.06
Price to Revenue (P/Rev)	2.90	2.87	0.00	4.82	5.82	2.58	2.29	1.78	2.22	2.66	3.06
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	95.43
Dividend Yield	7.00%	8.28%	11.33%	8.64%	6.52%	6.01%	5.53%	7.06%	5.77%	4.96%	4.44%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.05%
Enterprise Value to Invested Capital (EV/IC)	1.15	1.14	0.00	1.10	1.16	1.13	1.10	1.04	1.11	1.15	1.19
Enterprise Value to Revenue (EV/Rev)	8.25	9.54	0.00	17.92	19.79	8.89	8.75	7.67	8.32	8.86	9.99
Enterprise Value to EBITDA (EV/EBITDA)	11.94	15.72	0.00	85.48	222.44	12.37	17.33	12.68	13.53	15.67	17.86
Enterprise Value to EBIT (EV/EBIT)	18.58	30.33	0.00	0.00	0.00	20.28	40.59	24.45	24.92	32.50	36.24
Enterprise Value to NOPAT (EV/NOPAT)	65.10	42.13	0.00	0.00	0.00	29.51	54.24	32.26	46.36	46.64	37.61
Enterprise Value to Operating Cash Flow (EV/OCF)	155.64	109.70	0.00	60.35	66.93	85.70	520.30	286.66	354.67	389.20	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	20.59	16.07	0.00	28.42	47.36	6.63	10.50	5.32	6.34	10.89	31.22
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.56	2.95	2.98	3.05	3.17	2.92	3.14	2.90	2.96	2.86	3.08
Long-Term Debt to Equity	2.56	2.95	2.98	3.05	3.17	2.92	3.14	2.90	2.96	2.86	3.08
Financial Leverage	1.42	1.53	1.51	1.39	1.48	1.58	1.56	1.54	1.60	1.50	1.63
Leverage Ratio	4.00	4.20	4.21	4.01	4.14	4.27	4.39	4.32	4.40	4.23	4.45
Compound Leverage Factor	-6.17	35.99	2.11	-57.40	-32.12	2.36	-9.78	0.58	-1.88	9.98	4.13
Debt to Total Capital	71.90%	74.66%	74.87%	75.33%	76.00%	74.52%	75.84%	74.33%	74.72%	74.13%	75.48%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	71.90%	74.66%	74.87%	75.33%	76.00%	74.52%	75.84%	74.33%	74.72%	74.13%	75.48%
Preferred Equity to Total Capital	10.82%	11.13%	11.12%	11.40%	11.47%	12.30%	11.98%	12.70%	12.80%	12.99%	12.46%
Noncontrolling Interests to Total Capital	0.60%	0.61%	0.60%	0.59%	0.57%	0.54%	0.52%	0.54%	0.53%	0.63%	0.59%
Common Equity to Total Capital	16.68%	13.60%	13.41%	12.69%	11.96%	12.64%	11.66%	12.44%	11.96%	12.26%	11.48%
Debt to EBITDA	11.54	15.52	28.57	89.87	225.57	12.53	18.92	14.50	14.54	15.92	17.47
Net Debt to EBITDA	5.91	8.54	14.59	48.18	121.26	6.61	9.68	7.15	7.32	8.03	9.38
Long-Term Debt to EBITDA	11.54	15.52	28.57	89.87	225.57	12.53	18.92	14.50	14.54	15.92	17.47
Debt to NOPAT	62.93	41.61	-38.70	-36.46	-31.79	29.90	59.21	36.89	49.81	47.38	36.78
Net Debt to NOPAT	32.21	22.89	-19.76	-19.54	-17.09	15.78	30.29	18.18	25.08	23.92	19.74
Long-Term Debt to NOPAT	62.93	41.61	-38.70	-36.46	-31.79	29.90	59.21	36.89	49.81	47.38	36.78
Altman Z-Score	0.25	0.12	0.00	0.07	0.08	0.13	0.07	0.06	0.08	0.07	0.08
Noncontrolling Interest Sharing Ratio	36.13%	38.65%	39.17%	42.64%	44.89%	48.27%	49.04%	50.01%	51.39%	51.49%	52.46%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.62	0.60	1.01	0.72	0.73	0.47	0.69	0.61	0.83	0.41	0.44
Quick Ratio	0.62	0.60	1.01	0.72	0.73	0.47	0.69	0.61	0.83	0.41	0.44
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	218	278	449	321	290	716	366	680	598	337	51
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	105.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	3.40	1.43	0.00	641.18	4.31	3.67	5.96	10.52	10.20	5.87	0.86
Operating Cash Flow to Interest Expense	-0.01	0.26	0.00	73.40	-0.08	0.15	-0.85	0.65	-0.13	0.50	-1.48
Operating Cash Flow Less CapEx to Interest Expense	0.86	0.42	0.00	3.80	1.48	0.72	-0.76	6.81	0.22	1.82	0.10
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.08	0.07	0.04	0.04	0.03	0.07	0.07	0.07	0.07	0.07	0.07
Accounts Receivable Turnover	15.40	11.47	7.35	6.81	5.77	11.07	13.50	12.64	10.27	12.93	13.68
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.13	0.11	0.06	0.06	0.06	0.12	0.12	0.12	0.12	0.12	0.12
Accounts Payable Turnover	31.71	19.35	23.43	22.42	25.80	20.38	23.17	27.04	34.96	26.64	37.73
Days Sales Outstanding (DSO)	23.71	31.82	49.67	53.61	63.26	32.97	27.03	28.88	35.55	28.23	26.67
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	11.51	18.86	15.58	16.28	14.15	17.91	15.75	13.50	10.44	13.70	9.67
Cash Conversion Cycle (CCC)	12.20	12.96	34.09	37.33	49.11	15.06	11.28	15.38	25.11	14.53	17.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,740	4,714	4,501	4,509	4,466	4,161	4,149	3,875	3,882	3,849	4,122
Invested Capital Turnover	0.14	0.12	0.07	0.06	0.06	0.12	0.12	0.13	0.12	0.13	0.12
Increase / (Decrease) in Invested Capital	-180	-206	-440	-318	-274	-553	-352	-635	-584	-312	-27
Enterprise Value (EV)	5,432	5,364	0.00	4,967	5,161	4,722	4,579	4,042	4,292	4,437	4,893
Market Capitalization	1,910	1,616	0.00	1,337	1,518	1,373	1,198	940	1,147	1,334	1,498
Book Value per Share	$8.74	$6.92	$6.88	$6.40	$6.00	$5.91	$5.57	$5.59	$5.35	$5.41	$5.26
Tangible Book Value per Share	$8.74	$6.92	$6.88	$6.40	$6.00	$5.91	$5.57	$5.59	$5.35	$5.41	$5.26
Total Capital	7,303	7,096	7,102	6,932	6,886	6,421	6,590	6,219	6,171	6,081	6,340
Total Debt	5,251	5,298	5,317	5,222	5,233	4,785	4,998	4,622	4,611	4,508	4,785
Total Long-Term Debt	5,251	5,298	5,317	5,222	5,233	4,785	4,998	4,622	4,611	4,508	4,785
Net Debt	2,687	2,915	2,716	2,799	2,813	2,525	2,557	2,279	2,322	2,275	2,568
Capital Expenditures (CapEx)	-56	-31	-277	35	-105	-111	-5.30	-398	-20	-75	-94
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-560	-558	-536	-522	-515	-502	-532	-536	-470	-503	-471
Debt-free Net Working Capital (DFNWC)	-229	-245	6.10	-156	-148	-284	-175	-227	-87	-318	-286
Net Working Capital (NWC)	-229	-245	6.10	-156	-148	-284	-175	-227	-87	-318	-286
Net Nonoperating Expense (NNE)	102	308	-29	51	83	120	44	39	24	-34	0.00
Net Nonoperating Obligations (NNO)	2,687	2,915	2,716	2,799	2,813	2,525	2,557	2,279	2,322	2,275	2,568
Total Depreciation and Amortization (D&A)	34	47	39	37	43	30	41	39	35	32	33
Debt-free, Cash-free Net Working Capital to Revenue	-85.03%	-99.25%	-173.79%	-188.38%	-197.55%	-94.37%	-101.62%	-101.76%	-91.06%	-100.36%	-96.12%
Debt-free Net Working Capital to Revenue	-34.76%	-43.49%	1.98%	-56.12%	-56.79%	-53.44%	-33.48%	-43.11%	-16.90%	-63.53%	-58.44%
Net Working Capital to Revenue	-34.76%	-43.49%	1.98%	-56.12%	-56.79%	-53.44%	-33.48%	-43.11%	-16.90%	-63.53%	-58.44%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.66)	($1.78)	$0.19	($0.43)	($0.56)	$0.24	($0.30)	($0.05)	($0.15)	$0.22	$0.10
Adjusted Weighted Average Basic Shares Outstanding	139.39M	138.93M	138.47M	137.59M	137.41M	137.78M	137.75M	138.14M	137.90M	137.92M	138.60M
Adjusted Diluted Earnings per Share	($0.66)	($1.78)	$0.19	($0.43)	($0.56)	$0.24	($0.30)	($0.05)	($0.15)	$0.22	$0.10
Adjusted Weighted Average Diluted Shares Outstanding	139.39M	138.93M	138.63M	137.59M	137.41M	137.78M	137.75M	138.14M	137.90M	137.92M	139.21M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	139.39M	138.98M	137.53M	137.41M	137.41M	138.01M	138.29M	137.90M	137.90M	138.46M	139.30M
Normalized Net Operating Profit after Tax (NOPAT)	16	72	9.13	2.59	12	164	15	14	5.88	-0.34	5.25
Normalized NOPAT Margin	11.34%	47.28%	7.61%	2.27%	9.28%	96.31%	11.73%	10.44%	5.05%	-0.28%	4.48%
Pre Tax Income Margin	-58.28%	-182.59%	53.67%	-52.77%	-60.78%	29.24%	-26.89%	7.37%	-6.19%	57.30%	11.09%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.85	-0.17	0.00	8.40	0.15	0.46	0.25	1.16	0.29	0.51	0.24
NOPAT to Interest Expense	0.59	0.37	0.00	5.18	0.24	0.84	0.24	0.70	0.23	0.42	0.41
EBIT Less CapEx to Interest Expense	1.71	-0.01	0.00	-61.20	1.71	1.03	0.34	7.32	0.64	1.82	1.81
NOPAT Less CapEx to Interest Expense	1.45	0.53	0.00	-64.42	1.80	1.41	0.32	6.86	0.58	1.74	1.99
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-3,060.32%	-70.79%	-91.40%	-64.23%	-53.50%	-445.70%	-133.27%	-255.63%	1,262.11%	555.88%	167.91%
Augmented Payout Ratio	-3,261.90%	-78.22%	-99.12%	-71.41%	-60.68%	-490.21%	-145.74%	-275.58%	1,358.95%	594.54%	186.26%

Financials Breakdown Chart

Key Financial Trends

Kennedy-Wilson Holdings, Inc. (NYSE: KW) has shown notable volatility in quarterly results over the last four years, with the most recent Q4 2025 reflecting a positive bottom line after several weaker quarters. The company continues to show a sizable asset base and cash flow from operations in late 2025, but remains leveraged with a high debt load and substantial year-to-year earnings variability. The summary below highlights key trends from the quarterly statements across 2022–2025 and focuses on factors that may matter to retail investors.

Net income attributable to common shareholders for Q4 2025 rose to $29.6 million, with basic and diluted EPS of $0.22, marking a positive quarterly bottom line after prior quarterly losses.
Operating cash flow from continuing operations in Q4 2025 was $28.9 million, contributing to liquidity despite ongoing financing activity.
Total assets consistently sit in the multi-billion range, with about $6.7B in the latest reported period (Q3 2025), indicating substantial scale to support real estate operations and asset management.
Cash dividends per share remain at $0.12, providing a predictable dividend payout for shareholders.
There were sizable cash inflows from asset sales in mid-2025 (e.g., PPE and investments), contributing to liquidity in certain quarters.
Revenue and gross margin show quarterly volatility, with Q4 2025 operating revenue of $120.6M and gross profit of about $41.0M, reflecting fluctuations in operating performance across quarters and years.
The company carries a large long-term debt load and maintained high interest expense across quarters, which can pressure net income and cash flow from operations during periods of rising rates or asset re-pricing.
Cumulative retained earnings have been negative in several quarters, signaling ongoing profitability challenges that the company must address for sustained equity growth.
Several quarters show net losses (e.g., Q3 2025 net income to common shareholders negative; Q1 2025 also negative), underscoring ongoing earnings pressure despite occasional quarterly improvements.
Cash burn from financing and investing activities contributed to a negative net change in cash in several quarters, most notably a substantial drop in cash in Q4 2025, which could pressure near-term liquidity if not offset by operating cash flow and asset sales.

05/12/26 12:47 AM ETAI Generated. May Contain Errors.

Kennedy-Wilson Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Kennedy-Wilson's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Kennedy-Wilson's net income appears to be on a downward trend, with a most recent value of $23.80 million in 2025, falling from $59 million in 2015. The previous period was -$33.70 million in 2024. See where experts think Kennedy-Wilson is headed by visiting Kennedy-Wilson's forecast page.

Kennedy-Wilson's total operating income in 2025 was $149.50 million, based on the following breakdown:

Total Gross Profit: $223.90 million
Total Operating Expenses: $74.40 million

Over the last 10 years, Kennedy-Wilson's total revenue changed from $603.70 million in 2015 to $501 million in 2025, a change of -17.0%.

Kennedy-Wilson's total liabilities were at $5.05 billion at the end of 2025, a 5.2% decrease from 2024, and a 6.7% increase since 2015.

In the past 10 years, Kennedy-Wilson's cash and equivalents has ranged from $182.60 million in 2015 to $965.10 million in 2020, and is currently $184.50 million as of their latest financial filing in 2025.

Over the last 10 years, Kennedy-Wilson's book value per share changed from 9.90 in 2015 to 5.41 in 2025, a change of -45.4%.

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Financial statements for NYSE:KW last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Kennedy-Wilson (KW) Financials

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Kennedy-Wilson (KW) Financials

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Key Financial Trends

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