Kimco Realty Corporation (KIM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+49.9%

$37.48

vs $25.00 price

Levered DCF

$28.45

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.34

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	24.42×	42.6×	20.89×	132.38×	15.31×	6.64×	27.61×	12.42×
P/B	1.31×	1.48×	1.38×	1.37×	1.26×	1.15×	1.79×	1.16×
P/S	6.38×	7.72×	7.37×	7.55×	9.14×	6.1×	7.51×	5.29×
EV / EBITDA	13.81×	18.71×	14.34×	18.73×	14.69×	18.68×	18.23×	12.2×
Gross margin	54.7%	68.7%	68.8%	69.3%	69.4%	67.6%	70.9%	71.8%
Operating margin	35.2%	30.9%	35.8%	32.7%	31.1%	31.4%	41.2%	50.0%
Net margin	27.3%	20.2%	36.7%	7.3%	61.9%	94.6%	35.4%	42.7%
Current ratio	1.08×	3.58×	6.42×	4.93×	7.98×	8.03×	1.19×	1.08×
Debt / equity	0.83×	0.81×	0.81×	0.76×	0.77×	0.97×	1.11×	0.91×
Interest coverage	1.85×	2.04×	2.55×	2.49×	2.08×	1.78×	2.69×	3.18×
Dividend yield	5.2%	4.4%	5.0%	4.2%	3.1%	5.9%	6.1%	8.6%
Payout ratio	122.3%	167.0%	100.5%	432.4%	45.3%	38.0%	129.5%	106.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.6%	3.9%	6.9%	1.3%	8.5%	17.8%	8.4%	9.3%
Return on invested capital	3.8%	3.0%	3.2%	2.1%	2.3%	2.9%	4.5%	5.4%
Return on assets	3.0%	2.0%	3.6%	0.7%	4.6%	8.6%	3.7%	4.5%
Free cash flow yield	5.7%	4.3%	6.1%	6.6%	5.0%	9.1%	6.7%	10.4%
Earnings yield	4.3%	2.6%	5.0%	1.0%	6.8%	15.5%	4.7%	8.1%
Enterprise value	$22.1B	$23.6B	$20.1B	$20.2B	$19.8B	$11.6B	$14B	$10.9B
Net debt / EBITDA	5.27×	6.25×	4.96×	6.62×	5.41×	8.3×	6.89×	5.3×
Cash conversion cycle (days)	128	-100	-79	-79	-124	-80	-115	-136