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Kilroy Realty Corp (KRC) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Kilroy Realty Corp $35.56, price $34.04, upside +4.5%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
  3. Add to watchlist

Real Estate · US · ISIN US49427F1084

KR Kilroy Realty Corp logo Broad data Sep 24, 2026

Kilroy Realty Corp

KRC · US

NeutralThe stock looks roughly fairly valued with average quality.

·Fair value $35.56 · Fairly valued (+4%)
!Quality 51/100
!Expensive Growth (revenue 5y +4.4 %/yr)
✓Solidly profitable · 19.6% net margin (TTM)
!Moderate debt · negative free cash flow
·6.35% dividend yield
!Mixed vs. peers (6/14)
!Narrow moat 44/100
!Weak on past: 18 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$61.58 $21.61 Fair Value $35.56 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range $21.61 – $61.58 · fair‑value band $30.27 – $47.87 · the $34.04 price screens below the $35.56 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

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.

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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, the Company's approach to modern business environments helps drive creativity and productivity for some of the world's leading technology, media, life science, and business services companies. The Company is a publicly traded real estate investment trust and member of the S&P MidCap 400 Index with more than seven decades of experience developing, acquiring, and managing office, life science, and mixed-use projects. As of September 30, 2025, Kilroy's stabilized portfolio totaled approximately 16.8 million square feet of primarily office and life science space that was 81.6% occupied and 83.8% leased. The Company also had approximately 1,000 residential units in Hollywood and San Diego, which had a quarterly average occupancy of 94.1%. In addition, the Company had one development project in the tenant improvement phase totaling approximately 872,000 square feet with a total estimated investment of 1.2 billion dollars. Kilroy Realty Corporation was incorporated in 1947 in United States.

Stock analysis

Kilroy Realty Corp (KRC) currently trades at $34.04, while our model-based Fair Value estimate is $35.56, implying the stock looks roughly 4.3% fairly valued today.

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Valuation

Bull case: the Multiples group reads highest at a median of $40.37 per share, and 5 of the 8 models we run sit above the $34.04 price.

Bear case: the Asset-Based group reads lowest at $31.23, and 3 of the 8 models stay below the price. Evidence for this calculation is high.

Scenario range: $30.27 (bear) to $47.87 (bull), the price of $34.04 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 51/100 (solid quality), in the Real Estate sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Kilroy Realty Corp reported revenue of $1.1B in FY2025 versus $955M in FY2021, a compound +3.9%/yr. Reported net income was $276M in FY2025, compounding −18.6%/yr from FY2021.

Key figures

Market cap $4.1B · P/E ratio 18.4 · P/S ratio 4.57 · EPS (TTM) $1.83 · Dividend yield 6.3% · Net margin 24.8% · Return on equity 4.4% · Return on assets (EBIT) 2.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).

What moves the price

The share trades about 20% below its 52-week high and 24% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at −4% fair-value upside, at 4%, KRC screens cheaper than that median.

Fair Value models

Bear $30.27 Fair Value $35.56 Bull $47.87
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income $35.69 $36.43 $34.96 76
Gordon GGM $19.48 $38.81 $58.77 67
DDM Multi-Stage $19.48 $33.54 $40.96 67
All 9 models by family
Dividend Discount
Gordon GGM $19.48 $38.81 $58.77 67
DDM Multi-Stage $19.48 $33.54 $40.96 67
Multiples
P/S Multiple $30.27 $40.37 $50.46 58
P/B Multiple $30.27 $40.37 $50.46 55
EV/EBIT $6.84 $21.77 $36.69 60
EV/EBITDA $34.97 $59.26 $83.56 65
EV/Revenue n/a n/a $7.93 50
Asset-Based
NCAV (Graham) $23.31 $31.23 $46.62 54
Economic Profit
Residual Income $35.69 $36.43 $34.96 76

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Quality Score breakdown

Overall quality 51/100

Of which business quality 50 · Market factors (momentum, volatility) 44

Profitability 35
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 37
Balance sheet, leverage, solvency risk
Investment 66
Disciplined investing over empire-building
Low Volatility 60
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 28
Distance to the 52-week high (market factor)
Net Issuance 76
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 28/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−2.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.4%
Start year 2020 (pandemic). Over 10 years: +6.7% a year
Revenue growth 29 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.2%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+7.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.7%
Dividend (yield on the price)6.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.4% vs −1%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.27% → 28%
Start year 2020 (pandemic)

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Recent news

News mood ⓘNews mood, the average tone of recent news (94 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Positive
Recent news coverage is more positive than average.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Office · 68 stocks

Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 52 · Above median
Fair Value upside +5% · Above median
Profitability
Return on equity (TTM) 4% · Above median
Return on assets 2% · Below median
Net margin (TTM) 20% · Above median
Operating margin (TTM) 23% · Below median
Growth and dividend
Revenue growth 0% · Below median
Dividend yield (TTM) 6.3% · Below median
Balance sheet
Debt / equity 0.85× · Above median

Valuation Multiplesvs REIT - Office median · lower = cheaper

P/E (TTM) 18.4× · Cheaper than median
P/B 0.75× · Pricier than median
P/S (TTM) 3.64× · Pricier than median
EV/EBITDA 13.5× · Pricier than median
PEG 1.82× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)39 · sector 28
FUTURE (revenue growth)0 · sector 0
PAST (return on equity)18 · sector 11
HEALTH (low debt)58 · sector 66
DIVIDEND (yield)100 · sector 100

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more REIT - Office stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
BXP, Inc BXP $64.31 $53.27 −17%
MERLIN Properties SOCIMI, S.A MRL €12.51 €9.69 −23%
Vornado Realty Trust VNORP $70.25 $48.20 −31%
Alexandria Real Estate Equities, Inc ARE $53.85 $96.26 +79%
Hudson Pacific Properties, Inc HPP $12.08 $2.97 −75%
Gecina GFC €65.80 €75.35 +15%
Mapletree Pan Asia Commercial Trust N2IU 1.22 SGD 1.26 SGD +3%
Cousins Properties Incorporated CUZ $28.90 $7.87 −73%
Keppel DC REIT AJBU 2.14 SGD 3.04 SGD +42%
DEXUS DXS A$5.56 A$5.33 −4%

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Kilroy Realty Corp · Fair Value
$35.56 +4%Fair Value
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Cite: Fair Value Calculator (2026). "Kilroy Realty Corp Fair Value". https://www.fairvalue-calculator.com/stock/KRC

Frequently asked questions

Is Kilroy Realty Corp (KRC) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $35.56 versus a price of $34.04, about +4% upside (fairly valued).
What is the fair value of KRC?
Our model-based fair value for Kilroy Realty Corp is $35.56 (as of Sep 24, 2026), built from audited fundamentals. The current price: $34.04.
What is the quality score of KRC?
Kilroy Realty Corp has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Kilroy Realty Corp (KRC)?
Our model-based price target is the fair value of $35.56 (as of Sep 24, 2026) from 9 valuation models. Cautious scenario $30.27, optimistic scenario $47.87. It is a calculation from audited fundamentals, not an analyst target.
What is the Kilroy Realty Corp stock forecast for 2026?
Our models put fair value at $35.56, about +4% upside versus a price of $34.04 (fairly valued). Cautious scenario $30.27, optimistic scenario $47.87. The calculation is refreshed regularly with new filings.
What is the revenue of Kilroy Realty Corp (KRC)?
Kilroy Realty Corp reported trailing-twelve-month revenue of about $1.1B (latest available figure, as of Sep 24, 2026).
Does Kilroy Realty Corp pay a dividend?
Kilroy Realty Corp currently shows a dividend yield of about 6.35% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Kilroy Realty Corp (KRC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kilroy Realty Corp it is $35.56 per share (as of Sep 24, 2026), against a price of $34.04. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Kilroy Realty Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, KRC trades below its calculated fair value: price $34.04, fair value $35.56, a gap of about +4% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of KRC?
No. The price is what the market pays today ($34.04); the fair value is what the company's own numbers justify ($35.56). For Kilroy Realty Corp the two are $1.52 per share apart. That gap is exactly why we show both numbers side by side.
How much is Kilroy Realty Corp worth?
The market values Kilroy Realty Corp at about $4.1B (market capitalisation, as of Sep 24, 2026). Per share that is $34.04; our models calculate a fair value of $35.56 per share.
What do the bullish and bearish scenarios say about KRC?
Our models span a range for Kilroy Realty Corp: cautious scenario $30.27, base $35.56, optimistic $47.87 per share (as of Sep 24, 2026, price $34.04). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KRC?
Kilroy Realty Corp trades at a price-to-earnings ratio of 18.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $35.56 is built from several models across several years. Other multiples: PEG 1.8, P/B 0.8, P/S 3.6, EV/EBITDA 13.5.
What is the PEG ratio of KRC?
The PEG ratio of Kilroy Realty Corp is 1.82 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Kilroy Realty Corp (KRC)?
Balance-sheet figures for Kilroy Realty Corp (as of Sep 24, 2026): return on equity 4.4%, debt of 0.85 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is KRC from its 52-week high?
Kilroy Realty Corp trades at $34.04, about 20% below its 52-week high of $42.32 and 24% above the low of $27.45 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $35.56 is for.
Which stocks are comparable to Kilroy Realty Corp?
From the same area (Real Estate) we also value BXP, Inc, MERLIN Properties SOCIMI, S.A, Vornado Realty Trust, Alexandria Real Estate Equities, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Kilroy Realty Corp stock attractive at the current price?
The data as of Sep 24, 2026: price $34.04, calculated fair value $35.56 (+4%), Quality Score 51/100, from 9 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of KRC calculated?
We run Kilroy Realty Corp through 9 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $35.56, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Kilroy Realty Corp currently trades 4 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Kilroy Realty Corp (KRC)?
The closing price on Sep 23, 2026 was $34.04. Our model-based fair value is $35.56, about +4% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kilroy Realty Corp right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Key figures of Kilroy Realty Corp

How large is the market capitalisation of Kilroy Realty Corp (KRC)?
The market capitalisation of Kilroy Realty Corp is $4.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Kilroy Realty Corp (KRC)?
The price-to-sales ratio of Kilroy Realty Corp is 4.57 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Kilroy Realty Corp (KRC)?
Earnings per share at Kilroy Realty Corp are $1.83 (price ÷ EPS = P/E 18.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Kilroy Realty Corp (KRC)?
The dividend yield of Kilroy Realty Corp is 6.3% (payout 118%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Kilroy Realty Corp (KRC)?
The net margin of Kilroy Realty Corp is 24.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Kilroy Realty Corp (KRC)?
The return on equity (ROE) of Kilroy Realty Corp is 4.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Kilroy Realty Corp (KRC)?
On an EBIT basis the return on assets of Kilroy Realty Corp is 2.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Kilroy Realty Corp (KRC)?
The operating margin of Kilroy Realty Corp is 22.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kilroy Realty Corp (KRC)?
Revenue at Kilroy Realty Corp is growing −0.3% versus a year earlier (3y avg +0.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Kilroy Realty Corp (KRC)?
Earnings per share at Kilroy Realty Corp are growing −79.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Kilroy Realty Corp (KRC) generate?
The free cash flow of Kilroy Realty Corp is −$122M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Kilroy Realty Corp (KRC) carry?
The net debt of Kilroy Realty Corp is $4.7B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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