# Kimco Realty (KIM.US)

Canonical: https://gigainvestors.com/s/KIM

Analysis as of: 2026-10-01T09:06:47.907Z. Financial observations: FY2007–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed. Published buy qualification: no.

Share price: $22.67 per share; close as of 2026-10-15.

Estimated value: low $16.59 per share, central $19.45 per share, high $22.59 per share. Buy at or below the central value $19.45 per share. Valuation as of 2026-10-01T09:06:47.907Z; scenarios are not confidence intervals.

Expected annual return: 9.0% at the stated quote. About 9.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.3% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.16×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.34×

- FY2017: 0.36×

- FY2018: 0.50×

- FY2019: 0.41×

- FY2020: 0.31×

- FY2021: 0.31×

- FY2022: 0.33×

- FY2023: 0.36×

- FY2024: 0.31×

- FY2025: 0.36×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.5%

- ROIC, second-lowest year: 2.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.0%

- ROIC including acquisitions, ten-year median: 5.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.4%

- FY2017: 3.5%

- FY2018: 4.8%

- FY2019: 3.9%

- FY2020: 2.5%

- FY2021: 2.0%

- FY2022: 2.3%

- FY2023: 3.6%

- FY2024: 3.2%

- FY2025: 4.3%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.71×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $4.5B

- Net income, five-year total: $2.6B

- Return on incremental invested capital: 5.3%

- Working capital / revenue, final three-year average: 17.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.71×

- FY2022: 4.80×

- FY2023: 1.72×

- FY2024: 2.38×

- FY2025: 1.98×

### management: fail

- $1 retained earnings test: 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.5% vs 3.6%

- five-year and ten-year diluted share growth both above threshold

- Market cap gain: $3.1B

- Cumulative retained earnings: $34M

- Diluted shares, 10-year annual growth: 5.0%

- Diluted shares, 5-year annual growth: 9.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -1.8%

- Per-share value change: -$0.14

- Per-share value, starting three-year median: $1.00

- Per-share value, ending three-year median: $0.87

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.7%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: $390M

- Cumulative net income, 10 years: $5.3B

- ROIC, first three-year median: 3.5%

- ROIC, last three-year median: 3.6%

### accounting: pass

- Sloan accruals: -2.7%

- Receivables to sales index (DSRI): 0.91×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.92×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.9%

- FY2017: -1.6%

- FY2018: -1.3%

- FY2019: -1.6%

- FY2020: 3.5%

- FY2021: 1.2%

- FY2022: -4.1%

- FY2023: -2.3%

- FY2024: -2.9%

- FY2025: -2.7%

## Holders

## Price story

Price needs cash profits to grow 3.4% a year for ten years · "Same Site NOI Growth Outlook: Raised to 3% or better." (finance.yahoo.com, Aug 2025) · sales +5.1%

Story as of 2026-10-03T17:10:00Z; price observation 2026-10-02.

Price needs cash profits to grow 3.4% a year for ten years

- 2025-05-01: Kimco Realty lifts 2025 funds from operations forecast on leasing demand ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/kimco-realty-lifts-2025-funds-113321834.html))

- 2025-07-31: Kimco Realty raises annual forecast on steady leasing demand from grocers ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/kimco-realty-raises-annual-forecast-115616235.html))

- 2026-04-30: Kimco Q1 FFO Beats Estimates on Strong Leasing, Higher Rents ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/kimco-q1-ffo-beats-estimates-180100527.html))

### Sales · FY2024–2025

sales +5.1%; source https://www.sec.gov/Archives/edgar/data/879101/000119312526060760/kim-20251231.htm; observed 2026-02-20.

- FY2016: $1.2B 

- FY2017: $1.2B 

- FY2018: $1.2B 

- FY2019: $1.2B 

- FY2020: $1.1B 

- FY2021: $1.4B 

- FY2022: $1.7B 

- FY2023: $1.8B 

- FY2024: $2.0B 

- FY2025: $2.1B 

### Gross margin · FY2025

gross margin 69.1%; source https://www.sec.gov/Archives/edgar/data/879101/000119312526060760/kim-20251231.htm; observed 2026-02-20.

- FY2022: 69.3% 

- FY2023: 68.8% 

- FY2024: 68.7% 

- FY2025: 69.1% 

## Owner memo

Memo as of 2026-10-02T06:52:09.009Z.

### How it makes money

Annual sales are USD 2.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/879101/000119312526060760/kim-20251231.htm (filed 2026-02-20); FY2025: revenue 2140115999; grossProfit 1169692000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 68.7% to 69.1% during 2023–25; it earns 3.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: grossProfit / revenue = 68.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: grossProfit / revenue = 68.7%.

- Source: https://www.sec.gov/Archives/edgar/data/879101/000119312526060760/kim-20251231.htm (filed 2026-02-20); FY2025: grossProfit / revenue = 69.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); 10-year return on capital observations [[2016,0.034396853959975236],[2017,0.034916871508540295],[2018,0.04806874791508279],[2019,0.039035274693713366],[2020,0.025130617994990393],[2021,0.020041447835310266],[2022,0.022600178058252558],[2023,0.03588021399193558],[2024,0.03233771777032869],[2025,0.04268777940329937]]; median 0.03465686273425776. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 123.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2016: growth capex 0; upkeep 12614000; owner earnings 702485000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2017: growth capex 0; upkeep 309557000; owner earnings 455766000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2018: growth capex 0; upkeep 230224000; owner earnings 559730000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2019: growth capex 0; upkeep 128195000; owner earnings 540089000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2020: growth capex 0; upkeep 227218000; owner earnings 1013170000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2021: growth capex 0; upkeep 216811000; owner earnings 999418000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2022: growth capex 0; upkeep 17432000; owner earnings 569814000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: growth capex 0; upkeep 264395000; owner earnings 864089000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: growth capex 0; upkeep 324465000; owner earnings 655105000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/879101/000119312526060760/kim-20251231.htm (filed 2026-02-20); FY2025: growth capex 0; upkeep 347616000; owner earnings 823020000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Dividend observations: [[2016,474045000],[2017,506172000],[2018,529756000],[2019,531565000],[2020,379874000],[2021,382132000],[2022,544740000],[2023,657460000],[2024,685899000],[2025,714576000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/879101/000119312526060760/kim-20251231.htm (filed 2026-02-20); FY2025: cash repurchases 123809000 USD.

### Are managers owners

Insiders own 2.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02); KIM.US SharesStats.PercentInsiders = 2.2079999999999997 percentage points; cache date 2026-10-02.

### What could break it

"Our performance depends on our ability to collect rent from tenants" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/879101/000119312526060760/kim-20251231.htm (filed 2026-02-20); Our performance depends on our ability to collect rent from tenants

### What the price says

The price assumes cash profits grow 3.4% yearly over ten years; actual growth was 4.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Ten-year compound average after fade. Initial solved rate 0.03508954522222385. Price 22.21; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.151107784648699 → FY2025 1.7181135501029945. Closing-price date 2026-10-01.

## Monthly share-price history (USD per share)

- 2016-10: $26.61 per share

- 2016-11: $25.54 per share

- 2016-12: $25.16 per share

- 2017-01: $24.89 per share

- 2017-02: $24.25 per share

- 2017-03: $22.09 per share

- 2017-04: $20.29 per share

- 2017-05: $17.54 per share

- 2017-06: $18.35 per share

- 2017-07: $20.18 per share

- 2017-08: $19.62 per share

- 2017-09: $19.55 per share

- 2017-10: $18.16 per share

- 2017-11: $18.52 per share

- 2017-12: $18.15 per share

- 2018-01: $15.91 per share

- 2018-02: $14.96 per share

- 2018-03: $14.40 per share

- 2018-04: $14.51 per share

- 2018-05: $15.46 per share

- 2018-06: $16.99 per share

- 2018-07: $16.69 per share

- 2018-08: $17.11 per share

- 2018-09: $16.74 per share

- 2018-10: $16.09 per share

- 2018-11: $16.35 per share

- 2018-12: $14.65 per share

- 2019-01: $17.01 per share

- 2019-02: $17.59 per share

- 2019-03: $18.50 per share

- 2019-04: $17.39 per share

- 2019-05: $17.40 per share

- 2019-06: $18.48 per share

- 2019-07: $19.21 per share

- 2019-08: $18.38 per share

- 2019-09: $20.88 per share

- 2019-10: $21.56 per share

- 2019-11: $21.62 per share

- 2019-12: $20.71 per share

- 2020-01: $19.05 per share

- 2020-02: $17.35 per share

- 2020-03: $9.67 per share

- 2020-04: $10.91 per share

- 2020-05: $11.11 per share

- 2020-06: $12.84 per share

- 2020-07: $11.15 per share

- 2020-08: $11.99 per share

- 2020-09: $11.26 per share

- 2020-10: $10.26 per share

- 2020-11: $14.44 per share

- 2020-12: $15.01 per share

- 2021-01: $16.51 per share

- 2021-02: $18.33 per share

- 2021-03: $18.75 per share

- 2021-04: $21.00 per share

- 2021-05: $21.31 per share

- 2021-06: $20.85 per share

- 2021-07: $21.33 per share

- 2021-08: $21.79 per share

- 2021-09: $20.75 per share

- 2021-10: $22.60 per share

- 2021-11: $22.42 per share

- 2021-12: $24.65 per share

- 2022-01: $24.26 per share

- 2022-02: $23.53 per share

- 2022-03: $24.70 per share

- 2022-04: $25.33 per share

- 2022-05: $23.65 per share

- 2022-06: $19.77 per share

- 2022-07: $22.11 per share

- 2022-08: $21.08 per share

- 2022-09: $18.41 per share

- 2022-10: $21.38 per share

- 2022-11: $22.92 per share

- 2022-12: $21.18 per share

- 2023-01: $22.46 per share

- 2023-02: $20.61 per share

- 2023-03: $19.53 per share

- 2023-04: $19.19 per share

- 2023-05: $18.38 per share

- 2023-06: $19.72 per share

- 2023-07: $20.26 per share

- 2023-08: $18.94 per share

- 2023-09: $17.59 per share

- 2023-10: $17.94 per share

- 2023-11: $19.32 per share

- 2023-12: $21.31 per share

- 2024-01: $20.20 per share

- 2024-02: $19.76 per share

- 2024-03: $19.61 per share

- 2024-04: $18.63 per share

- 2024-05: $19.36 per share

- 2024-06: $19.46 per share

- 2024-07: $21.73 per share

- 2024-08: $23.26 per share

- 2024-09: $23.22 per share

- 2024-10: $23.72 per share

- 2024-11: $25.57 per share

- 2024-12: $23.43 per share

- 2025-01: $22.45 per share

- 2025-02: $22.10 per share

- 2025-03: $21.24 per share

- 2025-04: $19.98 per share

- 2025-05: $21.26 per share

- 2025-06: $21.02 per share

- 2025-07: $21.23 per share

- 2025-08: $22.49 per share

- 2025-09: $21.85 per share

- 2025-10: $20.66 per share

- 2025-11: $20.66 per share

- 2025-12: $20.27 per share

- 2026-01: $21.08 per share

- 2026-02: $23.55 per share

- 2026-03: $22.47 per share

- 2026-04: $23.64 per share

- 2026-05: $24.08 per share

- 2026-06: $25.35 per share

- 2026-07: $25.48 per share

- 2026-08: $23.71 per share

- 2026-09: $22.21 per share

## Annual estimated value (USD per share)

- FY2016: low $13.59 per share, central $15.42 per share, high $17.87 per share

- FY2017: low $15.28 per share, central $17.31 per share, high $20.02 per share

- FY2018: low $15.66 per share, central $17.78 per share, high $20.60 per share

- FY2019: low $15.60 per share, central $17.71 per share, high $20.53 per share

- FY2020: low $17.55 per share, central $19.89 per share, high $22.99 per share

- FY2021: low $13.90 per share, central $16.48 per share, high $19.09 per share

- FY2022: low $10.87 per share, central $12.35 per share, high $14.31 per share

- FY2023: low $14.07 per share, central $17.20 per share, high $19.87 per share

- FY2024: low $16.89 per share, central $19.09 per share, high $22.01 per share

- FY2025: low $16.59 per share, central $19.45 per share, high $22.59 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/879101/000119312526060760/kim-20251231.htm); period 2025-12-31, filed 2026-02-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.