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KRC

Kilroy Realty Corporation
$34.82
+2.38% Oct 20 close
Real EstateS&P 400 Compare
-30%-18%-6%+5%+17%Oct 2025Oct 2026Apr 2026
KRCSPY
1W
-0.3%
1M
+3.4%
3M
-10.6%
6M
+12.8%
YTD
-2.1%
1Y
-8.5%

Live chart

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What they do

Kilroy Realty Corporation is a leading U.S. landlord and developer, with operations in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, and Austin. The Company has earned global recognition for sustainability, building operations, innovation, and design. As a pioneer and innovator in the creation of a more sustainable real estate industry.

Real Estate · REIT - Office

For information only · Important disclosures

Grades vs sector

Momentum
12th percentile in sector
D-
12-1 return: -16.1%
Percentile within its GICS sector across the S&P 1500.
Growth
4th percentile in sector
F
Revenue growth (YoY): -6.0%
Percentile within its GICS sector across the S&P 1500.
Value
44th percentile in sector
C
Forward E/P: 1.0% · EBITDA/EV: 7.0%
Percentile within its GICS sector across the S&P 1500.
Profitability
40th percentile in sector
C-
Profit margin: +15.5% · Return on equity: +3.4%
Percentile within its GICS sector across the S&P 1500.
Revisions
Not enough data yet
–
EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Our models

Not held by any of our 5 live models right now.

Quality Growth
Outside this model's universe or screens
Momentum Top 15
Outside this model's universe or screens
Momentum Blend
Not in the current book
New Highs Growth
Outside this model's universe or screens
Coteau Long Book
Not in the current book

News

More news
You Can’t Buy Pelosi’s New Office Tower Stake. These 2 Stocks Are the Closest Thing
24/7 Wall St. · Oct 14
Kilroy Realty (KRC) Opens Farewinds, Is The Stock Still Below Fair Value?
Simply Wall St. · Oct 06
Farewinds Officially Opens at Oyster Point, Bringing All-Day Dining, Community Gathering Spaces, and Bayfront Views
Business Wire · Oct 01
Kilroy Realty Corporation Announces Dates for Third Quarter 2026 Earnings Release and Conference Call
Business Wire · Sep 24
Kilroy Realty (KRC) Stock Looks Below Fair Value On Cash Flow
Simply Wall St. · Sep 19

Key stats

Market value$4.0B
P/E (last 12 months)24.1
P/E (next 12 months, estimated)102.8
52-week range$27.36 – $43.58
Revenue growth (latest quarter vs a year ago)-6.0%
Dividend yield6.20%
Analyst consensusHold (14)
Average analyst price target$39.57 (+14%)
Valuation and fundamentals

Valuation & fundamentals

Bottom line
Looks expensive
Model read-out from the numbers below, not advice. Score -3 (DCF counts double).
•DCF (base case)below the price by 7%
▼Forward P/E vs sector102.8x vs median 29.6x
▼Piotroski F-score2/9
▼Altman Z0.7 (distress)
•Net debt / EBITDA3.2x
•Analyst target+14% (14 analysts)

Discounted cash flow

Bear
$15
-56%
growth -8% · disc. 11.2% · term. 2.0%
Base
$32
-7%
growth -3% · disc. 10.2% · term. 2.5%
Bull
$54
+54%
growth 0% · disc. 9.2% · term. 3.0%

A DCF starts from trailing free cash flow, so it can overstate value if the last 12 months were unusually strong (or weak). Use the bear case or edit the starting cash flow if so.

Reverse DCFfor context, not a signal
Today's price implies shrinking cash flows: about -1% a year for 10 years.
Implied
-1%/yr
FCF, last 3 yrs
-1%/yr
FCF, last 5 yrs
+4%/yr
Revenue, last 3 yrs
+0%/yr
Revenue, last 5 yrs
+4%/yr
Same inputs as the DCF above: trailing free cash flow 0.6B, 10.2% discount rate, 2.5% growth after year 10, net debt and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2025; "n/a" means too little history or a negative starting year.
Edit assumptions · recalculates instantly
Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-03-31). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 1.19 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Real Estate

P/E (trailing)
sector median 27.6× · 40th pct
24.1×
cheaper
Forward P/E
sector median 29.6× · 91st pct
102.8×
pricier
EV / EBITDA
sector median 17.2× · 1st pct
9.5×
cheaper
Price / sales
sector median 6.5× · 28th pct
3.6×
cheaper
Price / book
sector median 1.8× · 9th pct
0.8×
cheaper
FCF yield
sector median 6.9% · 92nd pct
14.3%
cheaper

Forward EPS $0.34 vs trailing $1.43 (-77% expected growth). Forward P/E uses analysts' next-12-month estimate.

Quality & financial health

Gross margin
–
Operating margin
25.6%
FCF margin
52.2%
Net margin
17.6%
Return on equity
3.7%
Return on invested capital
3.1%
Net debt / EBITDA
3.2×
Current ratio
–
Interest cover
2.1×
Cash conversion (OCF/NI)
3.0×
Piotroski F-score 2/9 · last two fiscal years
✓ Positive net income✗ Positive operating cash flow✗ Return on assets improved✗ Cash flow above net income✓ Long-term debt / assets fell✗ Current ratio improved✗ No share dilution✗ Gross margin improved✗ Asset turnover improved

Altman Z-score 0.7 (distress zone; above 3.0 = safe, below 1.8 = distress). Not meaningful for banks and insurers.

Analysts

Mean target
$40
+14%
Analysts
14
Hold
Range
$31–$50
low – high
● price · ◆ mean target

Annual history

FYRevenueNet incomeFree cash flow
2025$1.1B–$566.3M
2024$1.1B–$541.1M
2023$1.1B–$602.6M
2022$1.1B–$592.2M
2021$955.0M–$516.4M
2020$898.4M–$455.6M

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +0.5%.

Earnings

Next report: 2026-10-22 · after close · EPS est 0.09
24-1025-0225-0525-0725-1026-0226-0426-070.000.50
EstimateActual (beat)Actual (miss)
ReportEPS estActualSurprise
2026-07-270.120.17+41.7%
2026-04-270.130.16+23.7%
2026-02-090.280.24-15.4%
2025-10-270.280.38+36.0%
2025-07-280.310.44+40.1%
2025-05-050.290.33+13.1%
2025-02-100.320.50+54.4%
2024-10-280.350.44+24.7%

Quarterly revenue

QuarterRevenueYoY
2026-03-31$270.1M-0.3%
2025-12-31$272.2M–
2025-09-30$279.7M–
2025-06-30$289.9M–
2025-03-31$270.8M–
Analyst actions
Evercore ISI Group
2026-09-21 · main
Outperform → Outperform
PT $44
Scotiabank
2026-09-17 · main
Sector Perform → Sector Perform
PT $39
Wells Fargo
2026-09-01 · main
Equal-Weight → Equal-Weight
PT $38
Citigroup
2026-07-30 · main
Neutral → Neutral
PT $40
Goldman Sachs
2026-07-30 · main
Sell → Sell
PT $31
Evercore ISI Group
2026-07-28 · main
Outperform → Outperform
PT $45

Recent dividends

2026-09-30: $0.540 · 2026-06-30: $0.540 · 2026-03-31: $0.540 · 2025-12-31: $0.540 · 2025-09-30: $0.540 · 2025-06-30: $0.540 · 2025-03-31: $0.540 · 2024-12-31: $0.540
Insider trades
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Stats refreshed 2026-10-21 18:01:59 ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now

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coteau

Independent research · Not investment advice · Important disclosures · Contact desk@coteau.app

Coteau Systematic Strategies publishes stock research and model portfolios. Results are hypothetical unless marked Live. Data: Yahoo Finance (15-min delayed), SEC EDGAR and the House Clerk.

Beta 0.9 · Oct 21, 2026