NYSE : KW
Kennedy-Wilson Holdings, Inc. — Financial statements
Real Estate · Real Estate Services · United States
Last price 10.92 USD (Jun 16, 2026, 10:30 AM EDT) · Market cap 1.52B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 350.20M | 362.70M | 390.60M | 415.30M | 434.90M | 390.50M |
| Property Management Fees | 118.00M | 115.20M | 98.90M | 61.90M | 44.80M | 35.30M |
| Other Revenue | 52.30M | 42.30M | -9.10M | 35.80M | 107.70M | 197.80M |
| Total Revenue | 541.50M | 542.50M | 511.60M | 539.10M | 599.10M | 632.20M |
| Property Expenses | 136.80M | 140.90M | 157.60M | 190.50M | 180.70M | 145.40M |
| Selling, General & Administrative | 60.40M | 62.10M | 62.40M | 70.20M | 66.20M | 62.00M |
| Depreciation & Amortization | 131.10M | 133.00M | 148.30M | 157.80M | 172.90M | 166.30M |
| Other Operating Expenses | 120.80M | 110.20M | 94.60M | 89.80M | 107.00M | 175.90M |
| Total Operating Expenses | 449.10M | 446.20M | 462.90M | 508.30M | 526.80M | 549.60M |
| Operating Income | 92.40M | 96.30M | 48.70M | 30.80M | 72.30M | 82.60M |
| Interest Expense | -237.40M | -239.60M | -261.10M | -259.20M | -220.80M | -192.40M |
| Currency Exchange Gain (Loss) | 4.10M | |||||
| Other Non-Operating Income | -10.90M | -13.00M | 4.20M | -5.00M | 36.10M | -5.00M |
| EBT Excluding Unusual Items | -151.80M | -156.30M | -208.20M | -233.40M | -112.40M | -114.80M |
| Gain (Loss) on Sale of Investments | 138.30M | 101.30M | 26.30M | -229.30M | 119.30M | 210.40M |
| Gain (Loss) on Sale of Assets | 101.00M | 94.70M | 160.10M | 127.60M | 103.70M | 412.70M |
| Other Unusual Items | -2.60M | -2.30M | -1.70M | -1.60M | 27.50M | -45.70M |
| Pretax Income | 84.90M | 37.40M | -23.50M | -336.70M | 138.10M | 462.60M |
| Income Tax Expense | 7.00M | 13.60M | 10.20M | -55.30M | 36.20M | 126.20M |
| Earnings From Continuing Operations | 77.90M | 23.80M | -33.70M | -281.40M | 101.90M | 336.40M |
| Minority Interest in Earnings | -18.70M | -19.10M | 700.00K | -22.40M | -8.20M | -6.00M |
| Net Income | 59.20M | 4.70M | -33.00M | -303.80M | 93.70M | 330.40M |
| Preferred Dividends & Other Adjustments | 43.50M | 43.50M | 43.50M | 38.00M | 28.90M | 17.20M |
| Net Income to Common | 15.70M | -38.80M | -76.50M | -341.80M | 64.80M | 313.20M |
| Basic Shares Outstanding | 138.14M | 137.92M | 137.78M | 138.93M | 136.90M | 138.55M |
| Diluted Shares Outstanding | 138.29M | 137.92M | 137.78M | 138.93M | 138.57M | 140.13M |
| EPS (Basic) | 0.11 | -0.28 | -0.56 | -2.46 | 0.47 | 2.26 |
| EPS (Diluted) | 0.11 | -0.28 | -0.56 | -2.46 | 0.47 | 2.24 |
| Dividend Per Share | 0.48 | 0.48 | 0.60 | 0.96 | 0.96 | 0.90 |
| Operating Margin | 17.06% | 17.75% | 9.52% | 5.71% | 12.07% | 13.06% |
| Profit Margin | 2.90% | -7.15% | -14.95% | -63.40% | 10.82% | 49.54% |
| EBITDA | 221.70M | 229.70M | 195.40M | 183.10M | 237.20M | 255.70M |
| EBITDA Margin | 40.94% | 42.34% | 38.19% | 33.96% | 39.59% | 40.45% |
| D&A For Ebitda | 129.30M | 133.40M | 146.70M | 152.30M | 164.90M | 173.10M |
| EBIT | 92.40M | 96.30M | 48.70M | 30.80M | 72.30M | 82.60M |
| EBIT Margin | 17.06% | 17.75% | 9.52% | 5.71% | 12.07% | 13.06% |
| Effective Tax Rate | 8.24% | 36.36% | 26.21% | 27.28% | ||
| Revenue as Reported | 489.90M | 501.00M | 531.40M | 562.60M | 540.00M | 453.60M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 72.30M | 13.80M | 15.40M | 15.90M | 25.60M | 27.60M |
| Cash & Equivalents | 184.60M | 184.50M | 217.50M | 313.70M | 439.30M | 524.80M |
| Accounts Receivable | 71.30M | 72.80M | 79.20M | 103.10M | 83.00M | 80.40M |
| Goodwill | 23.90M | 23.90M | 23.90M | 23.90M | 23.90M | 23.90M |
| Other Intangible Assets | 15.20M | 12.20M | 1.40M | 2.50M | 3.90M | 8.40M |
| Loans Receivable Current | 189.90M | 203.30M | 231.10M | 247.20M | 149.40M | 130.30M |
| Other Current Assets | 20.70M | 16.00M | 18.90M | 26.40M | 47.00M | 37.80M |
| Trading Asset Securities | 5.10M | 4.10M | 12.90M | 29.00M | 41.00M | 2.30M |
| Deferred Long-Term Tax Assets | 5.40M | 5.50M | 7.00M | 10.00M | 9.40M | 12.60M |
| Deferred Long-Term Charges | 6.90M | 7.60M | 7.90M | 9.00M | 9.40M | 8.00M |
| Other Long-Term Assets | 6.25B | 6.08B | 6.35B | 6.93B | 7.44B | 7.02B |
| Total Assets | 6.85B | 6.62B | 6.96B | 7.71B | 8.27B | 7.88B |
| Current Portion of Long-Term Debt | 689.90M | 531.50M | ||||
| Current Portion of Leases | 2.20M | 1.60M | ||||
| Long-Term Debt | 4.10B | 3.98B | 4.78B | 5.30B | 5.59B | 5.43B |
| Long-Term Leases | 65.40M | 7.40M | ||||
| Accounts Payable | 5.70M | 10.00M | 10.80M | 17.90M | 16.20M | 18.60M |
| Accrued Expenses | 410.40M | 484.30M | 529.40M | 597.80M | 658.20M | 619.10M |
| Other Current Liabilities | 23.80M | 38.30M | ||||
| Total Liabilities | 5.29B | 5.05B | 5.33B | 5.91B | 6.26B | 6.07B |
| Preferred Stock, Convertible | 789.70M | 789.70M | 789.70M | 789.90M | 592.50M | 295.20M |
| Additional Paid-In Capital | 1.72B | 1.72B | 1.71B | 1.72B | 1.68B | 1.68B |
| Retained Earnings | -597.30M | -594.30M | -493.70M | -349.00M | 122.10M | 192.40M |
| Comprehensive Income & Other | -392.50M | -385.10M | -407.60M | -404.40M | -430.10M | -389.60M |
| Total Common Equity | 727.80M | 745.40M | 811.50M | 965.20M | 1.37B | 1.48B |
| Minority Interest | 37.10M | 38.30M | 34.80M | 43.30M | 46.40M | 26.30M |
| Shareholders' Equity | 1.55B | 1.57B | 1.64B | 1.80B | 2.01B | 1.80B |
| Total Liabilities & Equity | 6.85B | 6.62B | 6.96B | 7.71B | 8.27B | 7.88B |
| Total Debt | 4.85B | 4.52B | 4.78B | 5.30B | 5.59B | 5.43B |
| Net Cash (Debt) | -4.66B | -4.33B | -4.55B | -4.96B | -5.11B | -4.91B |
| Net Cash Per Share | -33.72 | -31.38 | -33.06 | -35.67 | -36.85 | -35.02 |
| Filing Date Shares Outstanding | 139.30M | 138.46M | 138.01M | 138.98M | 137.97M | 137.87M |
| Total Common Shares Outstanding | 139.30M | 137.91M | 137.44M | 138.73M | 137.79M | 137.96M |
| Book Value Per Share | 5.22 | 5.41 | 5.90 | 6.96 | 9.95 | 10.75 |
| Tangible Book Value | 688.70M | 709.30M | 786.20M | 938.80M | 1.34B | 1.45B |
| Tangible Book Value Per Share | 4.94 | 5.14 | 5.72 | 6.77 | 9.75 | 10.51 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 59.20M | 4.70M | -33.00M | -303.80M | 93.70M | 330.40M |
| Depreciation & Amortization | 129.30M | 133.40M | 146.70M | 152.30M | 164.90M | 173.10M |
| Other Amortization | 13.70M | 13.30M | 2.40M | 12.10M | 11.70M | 18.60M |
| Gain (Loss) on Sale of Assets | -100.20M | -96.60M | -164.20M | -131.10M | -103.70M | -412.70M |
| Gain (Loss) on Sale of Investments | -138.30M | -101.30M | -26.30M | 229.30M | -119.30M | -210.40M |
| Stock-Based Compensation | 36.20M | 36.10M | 15.70M | 30.70M | 36.60M | 85.00M |
| Income (Loss) on Equity Investments | 16.30M | 26.10M | 80.60M | 92.70M | 19.00M | -96.40M |
| Change in Accounts Receivable | -12.70M | -4.50M | 11.60M | -23.80M | -13.40M | -500.00K |
| Change in Other Net Operating Assets | -41.00M | -45.10M | 1.40M | 3.60M | -17.70M | -43.40M |
| Other Operating Activities | 19.00M | 41.20M | 9.00M | -20.10M | -38.90M | 126.00M |
| Operating Cash Flow | -24.60M | 11.40M | 55.10M | 48.90M | 32.90M | -30.30M |
| Acquisition of Real Estate Assets | -180.20M | -165.90M | -148.20M | -217.20M | -569.10M | -1.27B |
| Sale of Real Estate Assets | 656.00M | 565.70M | 589.50M | 383.90M | 325.90M | 486.40M |
| Net Sale / Acq. of Real Estate Assets | 475.80M | 399.80M | 441.30M | 166.70M | -243.20M | -784.60M |
| Cash Acquisition | -37.40M | -29.40M | ||||
| Investment in Marketable & Equity Securities | 195.80M | 153.00M | -38.40M | -75.00M | -204.20M | -198.00M |
| Other Investing Activities | -11.00M | -12.10M | 1.60M | -2.10M | 102.20M | -30.10M |
| Investing Cash Flow | 629.90M | 525.80M | 414.20M | -11.70M | -361.60M | -1.04B |
| Long-Term Debt Issued | 722.50M | 530.70M | 458.90M | 929.70M | 3.26B | |
| Total Debt Issued | 804.60M | 722.50M | 530.70M | 458.90M | 929.70M | 3.26B |
| Long-Term Debt Repaid | -1.14B | -917.40M | -631.40M | -780.40M | -2.36B | |
| Total Debt Repaid | -1.33B | -1.14B | -917.40M | -631.40M | -780.40M | -2.36B |
| Net Debt Issued (Repaid) | -527.70M | -416.00M | -386.70M | -172.50M | 149.30M | 902.40M |
| Issuance of Common Stock | 29.80M | |||||
| Repurchase of Common Stock | -14.30M | -9.20M | -15.00M | -20.90M | -31.20M | -83.20M |
| Preferred Stock Issued | 197.40M | 297.30M | ||||
| Common Dividends Paid | -66.40M | -68.00M | -100.20M | -136.00M | -134.60M | -123.50M |
| Preferred Dividends Paid | -43.50M | -43.50M | -43.50M | -35.50M | -25.90M | -17.20M |
| Total Dividends Paid | -109.90M | -111.50M | -143.70M | -171.50M | -160.50M | -140.70M |
| Other Financing Activities | -117.50M | -23.30M | -20.10M | -27.10M | 9.30M | -46.50M |
| Foreign Exchange Rate Adjustments | -7.90M | -10.20M | 2.00M | -21.00M | -4.00M | |
| Net Cash Flow | -172.00M | -33.00M | -96.20M | -125.60M | -85.50M | -440.30M |
| Levered Free Cash Flow | -22.43M | 112.34M | 11.95M | -99.85M | 118.59M | 209.57M |
| Unlevered Free Cash Flow | 112.25M | 248.79M | 172.74M | 50.05M | 244.89M | 311.23M |
| Cash Interest Paid | 224.20M | 220.00M | 256.10M | 252.00M | 214.40M | 183.70M |
| Cash Income Tax Paid | 13.40M | 14.90M | 9.20M | 21.80M | 19.90M | 16.50M |
| Change in Working Capital | -63.40M | -49.60M | 13.00M | -20.20M | -31.10M | -43.90M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.52B | 1.33B | 1.37B | 1.73B | 2.17B | 3.33B |
| Enterprise Value | 6.18B | 6.38B | 7.06B | 7.44B | 7.83B | 8.20B |
| Last Close Price | 10.92 | 9.46 | 9.22 | 10.70 | 12.74 | 18.34 |
| PE Ratio | 96.08 | 33.45 | 10.62 | |||
| PS Ratio | 2.81 | 2.46 | 2.68 | 3.20 | 3.62 | 5.26 |
| PB Ratio | 2.09 | 0.85 | 0.84 | 0.96 | 1.08 | 1.84 |
| P/OCF Ratio | 116.98 | 24.91 | 35.29 | 65.88 | ||
| EV/Sales Ratio | 11.42 | 11.77 | 13.81 | 13.80 | 13.07 | 12.97 |
| EV/EBITDA Ratio | 27.90 | 27.79 | 36.15 | 40.63 | 33.02 | 32.08 |
| EV/EBIT Ratio | 66.93 | 66.29 | 145.03 | 241.54 | 108.33 | 99.31 |
| Debt / Equity Ratio | 3.12 | 2.87 | 2.92 | 2.95 | 2.78 | 3.01 |
| Debt / EBITDA Ratio | 21.81 | 19.59 | 24.49 | 28.94 | 23.55 | 21.25 |
| Net Debt / Equity Ratio | 3.00 | 2.75 | 2.78 | 2.75 | 2.54 | 2.72 |
| Net Debt / EBITDA Ratio | 21.03 | 18.84 | 23.31 | 27.06 | 21.53 | 19.19 |
| Asset Turnover | 0.08 | 0.08 | 0.07 | 0.07 | 0.07 | 0.08 |
| Quick Ratio | 0.23 | 0.24 | 0.57 | 0.72 | 0.83 | 0.95 |
| Current Ratio | 0.42 | 0.45 | 1.04 | 1.17 | 1.13 | 1.22 |
| Return on Equity (ROE) | 4.95% | 1.48% | -1.96% | -14.78% | 5.34% | 19.35% |
| Return on Assets (ROA) | 0.83% | 0.89% | 0.41% | 0.24% | 0.56% | 0.68% |
| Return on Invested Capital (ROIC) | 1.36% | 0.98% | 0.72% | 0.42% | 0.72% | 0.86% |
| Earnings Yield | 1.03% | 0.35% | -2.40% | -17.61% | 4.32% | 9.93% |
| Dividend Yield | 4.40% | 4.96% | 6.01% | 7.72% | 6.10% | 3.73% |
| Payout Ratio | 422.33% | 2,372.34% | 171.29% | 42.59% | ||
| Buyback Yield / Dilution | -0.50% | -0.10% | 0.83% | -0.26% | 1.12% | 0.15% |
| Total Shareholder Return | 3.89% | 4.86% | 6.84% | 7.46% | 7.22% | 3.89% |