KIMCO REALTY CORP

KIM
About the company

Kimco Realty is a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The company's portfolio is strategically concentrated in the first-ring suburbs of the top major metropolitan markets, including high-barrier-to-entry coastal markets and Sun Belt cities.

Country: United StatesPrice: $25.55Market Cap: $17.0B

Investment snapshot

24%positive consensus
Scored 1d ago

Positive

4

BUY / PASS

Neutral / negative

6 / 6

NEUTRAL / FAIL

Median fair value

$18.47

-27.7% vs price

Models with upside

1 / 17

Positive margin of safety

Strongest signal

4 of 6 pass — Dreman and Oshaughnessy object

Key risk

No clean pass — all 8 investors flag at least one efficiency criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictPASSFAILFAILNot rankedNEUTRALPASSNEUTRALNEUTRALFAILFAILNEUTRALPASSBUYNEUTRALNEUTRALFAILFAIL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/A-22.1%N/A-220.8%N/AN/A-35.4%-57.1%-38.3%-90.7%+8.7%N/AN/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-09-30 · Annual history · FY 2025

Latest source filing: 2026-10-29

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30

Latest source filing: 2026-10-29

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30

Latest source filing: 2026-10-29

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-20

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-20

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-10-29

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30

Latest source filing: 2026-10-29

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-02-20

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30 · TTM ended 2026-09-30

Latest source filing: 2026-10-29

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Qualitative assessment

Latest source filing: 2026-10-29

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-10-29

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30

Latest source filing: 2026-10-29

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-20

Score computed: 2026-11-14

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-10-29

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-20

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-10-29

Score computed: 2026-11-14

TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-10-29

Score computed: 2026-11-14

Where It Passes

  • Cash Flow67% pass✓ 5✗ 2▾

    4 of 6 pass — Dreman and Oshaughnessy object

    Free Cash Flow Proxy$1.2B
    ✓BuffettPositive and growing
    Operating Cash Flow$1.1B
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=5.69%, ROA=2.97%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)15.4x
    ✗Dreman< 8x
    Positive Operating Cash Flow frequency18/18 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$1.1B
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+6.49%; #1258/4519 (top 27.8%)
    ✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

  • Efficiency0% pass✓ 1✗ 10▾

    No clean pass — all 8 investors flag at least one efficiency criterion

    Current Ratio
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)2.8%
    ✗Buffett> 10%
    ROIC - WACC-7.2%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)
    ✗Greenblatt> 25%
    Current Ratio Change YoY
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.10x -> 0.11x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities
    ✗Dreman> 1.5
    Return on Invested Capital6.0%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=3.0%; FY2024: ROIC=2.7%; FY2025: ROIC=3.4%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC0.0% (RR=1% x ROIC=6.0%)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/5 years above 12% (latest 3.4%)
    ✗SleepROIC > 12% in a majority of years
  • Valuation models14% pass✓ 1✗ 6▾

    Models split on KIM at $25.55 — fair values range $7.96–$28.00

    Buffett fair value$20.92
    ✗Buffett-22.1% margin vs $25.55
    Greenblatt fair value$7.96
    ✗Greenblatt-220.8% margin vs $25.55
    Munger fair value$18.87
    ✗Munger-35.4% margin vs $25.55
    Pabrai fair value$16.26
    ✗Pabrai-57.1% margin vs $25.55
    Akre fair value$18.47
    ✗Akre-38.3% margin vs $25.55
    Marks fair value$13.40
    ✗Marks-90.7% margin vs $25.55
    Ackman fair value$28.00
    ✓Ackman+8.7% margin vs $25.55
  • Profitability19% pass✓ 15✗ 20▾

    13 of 16 flag KIM's profitability — Graham, Buffett, Lynch +10 more

    Net income / market capitalization+4.41%; #1871/6340 (top 29.5%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive EPS (10 years)10/26 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)23/26 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)5.2%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)36.0% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy$1.2B
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)0.78
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR18.9%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    ROE7.4%
    ✗Lynch> 15%
    EBIT / Enterprise Value3.1%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=3.1%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets2.97%
    ✓PiotroskiROA > 0
    ROA Change YoY2.02% -> 2.97% (delta: +0.95%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=5.69%, ROA=2.97%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue27.1%
    ✓Dreman>= 8%
    Net Income / Shareholders' Equity7.4%
    ✗Dreman> 12%
    Margin of SafetyP/FFO=14.2x
    ✓PabraiP/FFO < 15
    Return on Equity5.5% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency23/24 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue40.1%
    ✓Ackman>= 15%
    Net Income / Shareholders Equity7.4%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend35.8% (2023) -> 36.0% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendrevenue up, operating margin 35.8% -> 36.0%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+7.37%; #2183/5226 (top 41.8%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0132; #1031/5884 (top 17.5%)
    ✓AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR18.9% over 5 years
    ✓Neff7%-20% annualized
    Positive Diluted-EPS Years
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Valuation31% pass✓ 6✗ 19▾

    9 of 13 flag KIM's valuation — Lynch, Greenblatt, Dreman +6 more

    Price / FFO per Share14.2x
    ✓Graham<= 15x✗Dreman< 12x✓Ackman<= 25
    Net income / market capitalization+4.41%; #1871/6340 (top 29.5%)
    ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value3.1%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=3.1%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / (CFO / Shares)15.4x
    ✗Dreman< 8x
    Valuation ReasonablenessOE Yield=6.9%
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    P/FFO or FFO YieldP/FFO=14.2x, FFO Yield=7.1%
    ✓PabraiP/FFO < 15 or FFO Yield > 10%
    P/B or P/E vs. Historical AverageP/B=1.7x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / EPS
    ✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price vs. Trailing Low128% of trailing low ($19.98)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Price / Book Value per Share1.7x
    ✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Positive book equity / market capitalization+0.5983; #2525/6449 (top 39.2%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share1.88x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.1294; #4175/5247 (top 79.6%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+6.49%; #1258/4519 (top 27.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date+6.10%; #2080/6202 (top 33.5%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth38% pass✓ 8✗ 5▾

    5 of 8 flag KIM's growth — Graham, Lynch, Dreman +2 more

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR18.9%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction$0.78 (2008) -> $1.02 (2018)
    ✓DremanPositive over recent years
    EPS CAGR2.7% CAGR over 10 years
    ✗Dreman> 5% annualized
    Positive Net Income Frequency23/24 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth5.1%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendrevenue up, operating margin 35.8% -> 36.0%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR15.1%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR18.9% over 5 years
    ✓Neff7%-20% annualized
  • Verdicts40% pass✓ 4✗ 6▾

    Split decision: 6 FAIL · 6 NEUTRAL · 3 PASS · 1 BUY

    Overall verdict
    ✓GrahamPASS (3/7)✗BuffettFAIL (2/9)✗LynchFAIL (4/7)•GreenblattNot ranked•PiotroskiNEUTRAL (F-Score 7)✓DremanPASS (5/10)•MungerNEUTRAL (3/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (2/6)✗MarksFAIL (3/5)•AckmanNEUTRAL (7/9)✓TempletonPASS (4/8)✓SleepBUY (5/6)•AsnessNEUTRAL (Not ranked)•NeffNEUTRAL (4/6)✗SchlossFAIL (2/7)✗OshaughnessyFAIL (Rank #347/963 (Top 36.0%))
  • Debt & Leverage42% pass✓ 8✗ 7▾

    7 of 12 flag KIM's debt & leverage — Graham, Buffett, Lynch +4 more

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.15, IC: 2.6x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.15
    ✓Lynch< 0.33
    Cash - Long-term Debt$-7.5B
    ✗LynchPositive preferred
    LT Debt / Total Assets Change39.22% -> 39.20%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities
    ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.15
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.15
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=2.6x, D/EBITDA=1.0x
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.15
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.1461; #1489/4210 (top 35.4%)
    ✗AsnessTop 30% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Trading
SIC Sector: Holding & Investment Offices
Size: Large Cap($17.0B)
Revenue: $2.1B+5.1% YoY
Net Income: $584.7M+42.3% YoY

Financial Snapshot

Operating Margin36.0%
Return on Equity5.6%
Debt / Equity0.74
Current Ratio--
Buybacks (1y)$120.3M
Buybacks (2y)$120.3M
Shares Retired0.8% / −8.7% 2y
Sector-adjusted criteria: REIT

Depreciation distorts REIT earnings and book value, so FFO-based criteria replace P/E and free-cash-flow tests, and P/B tests are omitted.

Shareholder Return

Fiscal 2025

Retired 0.8% of shares last year, 8.7% issued over two.

Buybacks
$120.3M
Dividends
$711.7M

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: revenue, net income, operating income, ebit, pre tax income, interest expense, operating cash flow, depreciation amortization, capex, dividends paid, buybacks.

Q3 FY 2026

2026-07-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, dividends paid, buybacks.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, dividends paid, buybacks.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-02-20
FY 2024
Sources
  • 10-K · 2025-02-21
FY 2023
Sources
  • 10-K · 2024-02-26
FY 2022
Sources
  • 10-K · 2023-02-24
FY 2021
Sources
  • 10-K · 2022-03-01
Market Cap$17.0Bcurrent------$14.2Best.$15.3Best.$11.2Best.$11.8Best.$12.2Best.
Revenue$2.2B↑4%$546.1M↑2%$550.8M↑5%$558.0M↑4%$2.1B↑5%$2.0B↑14%$1.8B↑3%$1.7B↑27%$1.4B
Operating Income$881.2M↑19%$280.0M↑50%$196.1M↓5%$207.8M↑15%$770.8M↑23%$629.1M↓2%$638.8M↑13%$565.5M↑33%$424.3M
Net Income$748.4M↑25%$279.1M↑103%$153.3M↓6%$164.9M↑24%$584.7M↑42%$410.8M↓37%$654.3M↑419%$126.0M↓85%$844.1M
EPS (Diluted)------------------
Gross Margin—————————
Operating Margin40.1%↑15%51.3%↑47%35.6%↓9%37.2%↑11%36.0%↑17%30.9%↓14%35.8%↑9%32.7%↑5%31.1%
ROE7.4%↑29%———5.6%↑46%3.9%↓44%6.9%↑419%1.3%↓84%8.5%
Total Debt$1.5B↑3%$1.5B↑3%$1.3B↓10%$1.4B↓4%$7.7B↓3%$8.0B↑10%$7.3B↑7%$6.8B↓4%$7.0B
Shareholders' Equity$10.2B↓3%$10.2B↓3%$10.3B↓2%$10.4B↓2%$10.4B↓2%$10.7B↑12%$9.5B$9.5B↓4%$9.9B
Current Ratio—————————
Debt / Equity0.15↑7%0.15↑7%0.13↓7%0.14↓2%0.74↓1%0.75↓2%0.76↑7%0.710.71
Operating Cash Flow$1.2B↑12%$389.5M↑17%$345.3M↑13%$243.0M↑9%$1.1B↑11%$1.0B↓6%$1.1B↑24%$861.1M↑39%$618.9M
Free Cash Flow--------$1.1B--------

Score history

Historical Score Timeline

Industry peers

Industry Peers

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KIM vs Peers — Financial Grading

Revenue$2.1BMedian
Net Income$584.7MTop 25%
ROE5.6%Median
D/E0.74Median
Op. Margin36.0%Median
Curr. Ratio—
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