KIMCO REALTY CORP
KIMAbout 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.
Investment snapshot
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
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The 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. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked 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.
| Metric | Graham 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | PASS | FAIL | FAIL | Not ranked | NEUTRAL | PASS | NEUTRAL | NEUTRAL | FAIL | FAIL | NEUTRAL | PASS | BUY | NEUTRAL | NEUTRAL | FAIL | FAIL |
| Score | |||||||||||||||||
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| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||
| Margin of Safety | N/A | -22.1% | N/A | -220.8% | N/A | N/A | -35.4% | -57.1% | -38.3% | -90.7% | +8.7% | N/A | N/A | N/A | N/A | N/A | N/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 growingOperating Cash Flow$1.1B✓PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=5.69%, ROA=2.97%✓PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)15.4x✗Dreman< 8xPositive Operating Cash Flow frequency18/18 years positive✓SleepPositive OCF in >= 70% of available yearsOperating 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>= 2.0ROIC (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 YoYRevenue / Total Assets Change YoY0.10x -> 0.11x✓PiotroskiImproved YoYCurrent Assets / Current Liabilities✗Dreman> 1.5Return 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 eachReinvestment 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 $25.55Greenblatt fair value$7.96✗Greenblatt-220.8% margin vs $25.55Munger fair value$18.87✗Munger-35.4% margin vs $25.55Pabrai fair value$16.26✗Pabrai-57.1% margin vs $25.55Akre fair value$18.47✗Akre-38.3% margin vs $25.55Marks fair value$13.40✗Marks-90.7% margin vs $25.55Ackman 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-sectionPositive EPS (10 years)10/26 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthNet Income Positive (10+ years)23/26 years positive✗BuffettPositive every year for 10+ yearsROE (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 yearsFree Cash Flow Proxy$1.2B✓BuffettPositive and growingEarnings Variance (10-yr CoV)0.78✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR18.9%✓Lynch15-30% (Fast Grower); > 0% to passROE7.4%✗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 > 0ROA 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 > ROAGross Margin Change YoY✗PiotroskiImproved YoYPre-Tax Income / Revenue27.1%✓Dreman>= 8%Net Income / Shareholders' Equity7.4%✗Dreman> 12%Margin of SafetyP/FFO=14.2x✓PabraiP/FFO < 15Return on Equity5.5% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic Value✗Marks>= 20% below intrinsic valuePositive Net Income Frequency23/24 years positive✓MarksPositive net income in >= 7 of last 10 yearsOperating 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 yearsRevenue growth vs. gross and operating margin trendrevenue up, operating margin 35.8% -> 36.0%✓SleepRevenue rising; gross margin flat or falling; operating margin holdingGross profit / total assets✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity+7.37%; #2183/5226 (top 41.8%)✗AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.0132; #1031/5884 (top 17.5%)✓AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR18.9% over 5 years✓Neff7%-20% annualizedPositive 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<= 25Net income / market capitalization+4.41%; #1871/6340 (top 29.5%)✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionBasic 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< 8xValuation 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 < 2.0Discount to Intrinsic Value✗Marks>= 20% below intrinsic valuePrice / 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-sectionPrice / 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-sectionTrailing 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% growthBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR18.9%✓Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthN/A (no inventory)✓LynchInventory growth < Revenue growthEPS Growth Direction$0.78 (2008) -> $1.02 (2018)✓DremanPositive over recent yearsEPS CAGR2.7% CAGR over 10 years✗Dreman> 5% annualizedPositive Net Income Frequency23/24 years positive✓MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth5.1%✓Ackman>= 5%Positive EPS Growth Frequency✗AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendrevenue up, operating margin 35.8% -> 36.0%✓SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR15.1%✓SleepCAGR > 7%3-5 Year Diluted EPS CAGR18.9% over 5 years✓Neff7%-20% annualized - Verdicts40% pass✓ 4✗ 6▾
Split decision: 6 FAIL · 6 NEUTRAL · 3 PASS · 1 BUY
Overall verdict✓GrahamPASS (3/7)✗BuffettFAIL (2/9)✗LynchFAIL (4/7)•GreenblattNot ranked•PiotroskiNEUTRAL (F-Score 7)✓DremanPASS (5/10)•MungerNEUTRAL (3/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (2/6)✗MarksFAIL (3/5)•AckmanNEUTRAL (7/9)✓TempletonPASS (4/8)✓SleepBUY (5/6)•AsnessNEUTRAL (Not ranked)•NeffNEUTRAL (4/6)✗SchlossFAIL (2/7)✗OshaughnessyFAIL (Rank #347/963 (Top 36.0%)) - Debt & Leverage42% pass✓ 8✗ 7▾
7 of 12 flag KIM's debt & leverage — Graham, Buffett, Lynch +4 more
LT Debt vs Net Current Assets✗GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 0.15, IC: 2.6x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0.15✓Lynch< 0.33Cash - Long-term Debt$-7.5B✗LynchPositive preferredLT Debt / Total Assets Change39.22% -> 39.20%✓PiotroskiDecreased YoYCurrent 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 < 1.00xDebt Levels0.15✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDAIC=2.6x, D/EBITDA=1.0x✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0.15✓Ackman<= 1.0Negative 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
Financial Snapshot
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.
| Metric | TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter valuesDerived 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 valuesDerived from cumulative filings: operating cash flow, depreciation amortization, dividends paid, buybacks. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, depreciation amortization, dividends paid, buybacks. | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|---|
| 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 Margin | 40.1%↑15% | 51.3%↑47% | 35.6%↓9% | 37.2%↑11% | 36.0%↑17% | 30.9%↓14% | 35.8%↑9% | 32.7%↑5% | 31.1% |
| ROE | 7.4%↑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 / Equity | 0.15↑7% | 0.15↑7% | 0.13↓7% | 0.14↓2% | 0.74↓1% | 0.75↓2% | 0.76↑7% | 0.71 | 0.71 |
| 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
Similar companies in Trading
KIM vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| REALTY INCOME CORPO | $56.1B | $58.82 | $5.7B | $1.1B | 2.7% | 0.63 | 16.8% | — | 2/7 | 1/9 | 3/7 | 0/3 | F-Score 6 | 4/10 |
| Ventas, Inc.VTR | $47.0B | $88.92 | $5.8B | $261.5M | 2.1% | 1.04 | 3.5% | — | 2/7 | 1/9 | 2/7 | 0/3 | F-Score 6 | 2/10 |
| RAYMOND JAMES FINANCIAL INCRJF | $32.4B | $168.64 | $15.9B | $2.1B | 17.1% | 0.28 | — | — | 3/9 | 3/9 | 3/7 | 1/3 | F-Score 6 | 4/11 |
| ROYAL GOLD INCRGLD | $21.7B | $256.89 | $1.0B | $466.3M | 6.5% | 0.13 | 61.9% | 3.12 | 4/9 | 2/9 | 4/7 | 0/3 | F-Score 4 | 4/11 |
| iShares Ethereum Trust ETFETHA | $19.4B | $44.02 | — | $2.3B | — | — | — | — | — | — | — | — | — | — |
| LandBridge Co LLCLB | $5.6B | $73.15 | $199.1M | $30.1M | 8.9% | 1.65 | 59.5% | 4.87 | 2/9 | 3/9 | 2/7 | 0/3 | F-Score 6 | 3/11 |
| Digital Turbine, Inc.APPS | $927.6M | $7.61 | $565.3M | $37.7M | -19.6% | 1.88 | 6.0% | 1.16 | 1/9 | 2/9 | 2/7 | 1/3 | F-Score 7 | 0/11 |
| Safehold Inc.SAFE | $690.1M | $9.86 | $385.6M | $114.5M | 4.8% | 1.90 | 26.2% | — | 2/7 | 1/9 | 3/7 | 0/3 | F-Score 4 | 3/10 |