Kilroy Realty Corp.

Real Estate Investment Trusts

KRCStrained9 of 11 basics passed

$34.25

+0.18%

Market cap $3.98B

$34.25

+0.18%

Market cap $3.98B

Kilroy Realty is a premier owner and landlord of approximately 17.1 million square feet of office space across Los Angeles, San Diego, the San Francisco Bay Area, Austin, Texas, and greater Seattle. The company operates as a real estate investment trust.

It is a $3.98B real estate company. Revenue shrank 3.8% over the last year, and it keeps 15¢ of every dollar of sales as profit. It trades at 23.8× earnings — in the most expensive third of its own history.

Website: kilroyrealty.com
Location: Los Angeles, CA
Employees: 241
Sector: Real Estate

Share price · 3 years

$30.13 → $34.25+13.7%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $1.09B
Profit: keeps 15¢ of every $1 sold; $169M
Free cash flow: cash left after running the business; $445M
P/E: years of profit in the price; 23.8
EPS: earnings per share, TTM; $1.42
Dividend: pays out 102% of profit · 57% of FCF; 6.39%
Shares: up 28% since 2016 — dilution; 118.8M
Volatility: beta vs the market — under 1 swings less; 1.22

Revenue, last 8 years

52-week range

Low $27.72$34.25High $43.48

Today's price is 41% of the way from the year's low to its high.

P/E vs its history5y

23.5×median 19.5×

Higher than 81% of past days — in the most expensive third of its own history.

Valuation vs own history

P/E

23.5×

19%

P/S

3.6×

67%

P/B

0.7×

74%

FCF yield

10.0%

63%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Standing in Real Estate

Size$3.98Btop 96%
Revenue growth+0%top 89%
Net margin15%top 69%
Return on equity3%top 84%
P/E23.8×top 36%
Dividend yield6.39%top 16%

Ranked against 46 Real Estate companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Growth and Health lag behind.

Valuation65

P/E vs own history81th pct · 0/25
FCF yield11.2% · 25/25
P/S3.7x · 20/25
EV/EBITDA14.8x · 20/25

Growth18

Revenue CAGR3.9% · 6/25
Net income CAGR-18.6% · 0/25
EPS CAGR ~5Y7.1% · 12/25
Fwd implied growth-31.3% · 0/25

Profitability50

ROIC5.3% · 5/25
ROE3.2% · 5/25
Net margin15.5% · 20/25
Operating margin17.6% · 20/25

Health28

Altman Zn/a · 0/25
Current ratio1.53 · 18/25
Interest coverage3.5x · 10/25
Net cash / debtn/a · 0/25

Quality72

Piotroski F4/9 · 10/25
Beneish M-2.62 · 25/25
FCF conversion223% · 25/25
Margin stabilityσ 8.4% · 12/25

Moat50

ROIC >12% yearsn/a · 0/25
Median gross marginn/a · 0/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 18.6% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2022Financial
Revenue crossed $1B
$1.10B for the year
FY2021Financial
Best year on record
$628M net income
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Positive free cash flow every year since
10-year streak

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$5 241 today — price return only

$1.1B revenue in FY2025

Profitable 10 years in a row

Positive free cash flow 10 years in a row

241 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (66.4%)
Strong cash conversion — FCF is 40.7% of revenue

Watch-outs

Revenue shrinking 3.8% year over year

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 11 checks passed

Revenue growing — the company sells more than a year ago-3.8% YoY
Profitable — makes more than it spends$169M TTM
Profit growing — earnings are higher than last year+5.4% YoY
Generates cash — cash left after running and investing$445M TTM
Debt under control — could handle its obligationscurrent ratio 1.53
Established company — not a micro-cap — lower blow-up risk$3.98B market cap
Not printing shares — share count not ballooning — you keep your slice+4.5% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 28/100
Pays a dividend — returns cash to shareholdersyield 6.39%
Valuation not extreme — price not wildly above earningsP/E 23.8

Peer comparisonKilroy Realty Corp. vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
KRC this company	$4.0B	23.8	-3.8%	15.5%	Strained
WELL Welltower Inc.	$162.5B	108.1	+37.6%	12.1%	Strained
PLD Prologis, Inc.	$123.1B	29.8	+7.3%	45.8%	Strained
EQIX Equinix, Inc.	$101.2B	66.0	+9.6%	15.6%	Strained
AMT American Tower Corporation	$84.5B	25.0	+14.2%	31.1%	Strained
DLR Digital Realty Trust, Inc.	$66.6B	83.0	+17.4%	11.8%	Strained
SPG Simon Property Group, Inc.	$64.7B	14.0	+15.0%	66.5%	Strained

Head-to-head: KRC vs WELL · KRC vs PLD · KRC vs EQIX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 4Hold 11Sell 2

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $1.09B · net income $169M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$1.09B

YoY -3.8%

Net income (TTM)

$169M

Margin 15.5%

Gross margin

66.4%

Operating margin

17.6%

P/E ratio

23.8

Dividend yield

6.39%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	0.9	1.0	1.1	1.1	1.1	1.1
Gross profit	—	—	—	—	—	—
Operating income (EBIT)	—	—	—	—	—	—
Net income	0.2	0.6	0.2	0.2	0.2	0.3
EPS (diluted)	1.65	5.37	1.98	1.81	1.79	2.32

Cash flowFree cash flow $445M · operating cash flow $515M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$445M

Margin 40.7%

Operating cash flow (TTM)

$515M

FCF margin

34.4%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.5	0.5	0.6	0.6	0.5	0.6
Capital expenditure	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
Free cash flow	0.3	0.4	0.5	0.5	0.4	0.5
FCF margin	36.3%	41.4%	45.5%	44.7%	38.8%	40.5%

Balance sheetAssets $10.9B · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $10.9B of assets is financed

49%

51%

Liabilities $5.28B — borrowed moneyEquity $5.42B — owners' stake

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

3.5x

EBIT ÷ interest expense

ROE

3.2%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.7	0.4	0.3	0.5	0.2	0.2
Total assets	10.0	10.6	10.8	11.4	10.9	10.9
Total liabilities	4.7	4.9	5.1	5.7	5.3	5.3
Total debt	—	—	—	—	—	—
Equity	5.0	5.4	5.4	5.4	5.4	5.4
Net debt	—	—	—	—	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of KRC on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $34.25 · market cap $3.98B.