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Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 60.6GRADE B
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
5.5%
Sector: 8.5%
Dividend Analysis audit
INCOME
4.58%
Trailing Yield
$4.58
Per $100 Invested
Solid dividend yield for income-focused strategies.
Est. Payout Ratio
121%HIGH
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, KIMCO REALTY CORP (KIM) receives a "Hold" rating with a composite score of 52.5/100, ranked #241 out of 4446 stocks. Key factor scores: Quality 61/100, Value 58/100, Momentum 50/100. This is quantitative analysis only — not investment advice.
KIMCO REALTY CORP (KIM) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does KIMCO REALTY CORP Do?
Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. that is one of North America's largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets. As of September 30, 2020, the company owned interests in 400 U.S. shopping centers and mixed-use assets comprising 70 million square feet of gross leasable space primarily concentrated in the top major metropolitan markets. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 60 years. KIMCO REALTY CORP (KIM) is classified as a large-cap stock in the Financials sector, specifically within the Trading industry. The company is led by CEO Conor C. Flynn and employs approximately 640 people, headquartered in New Hyde Park, New York. With a market capitalization of $15.1B, KIM is one of the prominent companies in the Financials sector.
KIMCO REALTY CORP (KIM) Stock Rating — Hold (April 2026)
As of April 2026, KIMCO REALTY CORP receives a Hold rating with a composite score of 52.5/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.KIM ranks #241 out of 4,446 stocks in our coverage universe. Within the Financials sector, KIMCO REALTY CORP ranks #89 of 891 stocks, placing it in the top 10% of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
KIM Stock Price and 52-Week Range
KIMCO REALTY CORP (KIM) currently trades at $23.18. The stock gained $0.11 (0.5%) in the most recent trading session. The 52-week high for KIM is $23.91, which means the stock is currently trading -3.0% from its annual peak. The 52-week low is $17.93, putting the stock 29.3% above its annual trough. Recent trading volume was 6.1M shares, reflecting moderate market activity.
Is KIM Overvalued or Undervalued? — Valuation Analysis
KIMCO REALTY CORP (KIM) carries a value factor score of 58/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 26.45x, compared to the Financials sector average of 14.88x — a premium of 78%. The price-to-book ratio stands at 1.45x, versus the sector average of 1.22x. The price-to-sales ratio is 7.26x, compared to 0.90x for the average Financials stock. On an enterprise value basis, KIM trades at 16.89x EV/EBITDA, versus 3.26x for the sector.
Overall, KIM's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
KIMCO REALTY CORP Profitability — ROE, Margins, and Quality Score
KIMCO REALTY CORP (KIM) earns a quality factor score of 61/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 5.5%, compared to the Financials sector average of 8.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 2.9% versus the sector average of 1.2%.
On a margin basis, KIMCO REALTY CORP reports gross margins of 100.0%. The operating margin is 35.4% (sector: 21.8%). Net profit margin stands at 27.5%, versus 17.7% for the average Financials stock. Revenue growth is running at 7.1% on a trailing basis, compared to 9.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
KIM Debt, Balance Sheet, and Financial Health
KIMCO REALTY CORP has a debt-to-equity ratio of 73.0%, compared to the Financials sector average of 121.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 2.16x, indicating strong short-term liquidity. Total debt on the balance sheet is $7.72B.
KIM has a beta of 0.67, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for KIMCO REALTY CORP is 88/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
KIMCO REALTY CORP Revenue and Earnings History — Quarterly Trend
In TTM 2026, KIMCO REALTY CORP reported revenue of $2.11B. Net income for the quarter was $578M. Gross margin was 100.0%. Operating income came in at $745M.
In FY 2025, KIMCO REALTY CORP reported revenue of $2.14B. Net income for the quarter was $593M. Revenue grew 5.1% year-over-year compared to FY 2024. Operating income came in at $771M.
In Q3 2025, KIMCO REALTY CORP reported revenue of $536M. Net income for the quarter was $140M. Revenue grew 5.6% year-over-year compared to Q3 2024. Operating income came in at $187M.
In Q2 2025, KIMCO REALTY CORP reported revenue of $525M. Net income for the quarter was $165M. Revenue grew 5.0% year-over-year compared to Q2 2024. Operating income came in at $206M.
Over the past 8 quarters, KIMCO REALTY CORP has demonstrated a growth trajectory, with revenue expanding from $500M to $2.11B. Investors analyzing KIM stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
KIM Dividend Yield and Income Analysis
KIMCO REALTY CORP (KIM) currently pays a dividend yield of 4.6%. At this yield, a $10,000 investment in KIM stock would generate approximately $$458.00 in annual dividend income. This compares to the Financials sector average dividend yield of 2.5%, meaning KIM offers above-average income for its sector. With a net margin of 27.5%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.
KIM Momentum and Technical Analysis Profile
KIMCO REALTY CORP (KIM) has a momentum factor score of 50/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 30/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 14/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
KIM vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing KIM against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full KIM vs S&P 500 (SPY) comparison to assess how KIMCO REALTY CORP stacks up against the broader market across all factor dimensions.
KIM Next Earnings Date
No upcoming earnings date has been announced for KIMCO REALTY CORP (KIM) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy KIM? — Investment Thesis Summary
KIMCO REALTY CORP presents a balanced picture with arguments on both sides. The quality score of 61/100 indicates above-average profitability and business fundamentals. Low volatility (stability score 88/100) reduces downside risk.
In summary, KIMCO REALTY CORP (KIM) earns a Hold rating with a composite score of 52.5/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on KIM stock.
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Institutional Research Dossier
KIMCO REALTY CORP (KIM) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain a Buy rating on Kimco Realty Corp. (KIM), driven by its dominant position in the grocery-anchored shopping center space, its strong operational performance, and its attractive valuation relative to its peers. While the REIT sector faces headwinds from rising interest rates and potential economic slowdown, Kimco's focus on necessity-based retail and its proactive portfolio management provide a degree of resilience.
The core of our bullish thesis rests on Kimco's ability to generate consistent cash flow from its high-quality portfolio, which is strategically located in densely populated metropolitan areas. The company's disciplined capital allocation and strong balance sheet further support its growth prospects and ability to weather economic uncertainties. However, investors should closely monitor the impact of e-commerce and changing consumer preferences on the retail landscape, as well as the potential for increased competition in the REIT sector.
Business Strategy & Overview
Kimco Realty Corp. operates as a real estate investment trust (REIT) specializing in the ownership and operation of open-air, grocery-anchored shopping centers and mixed-use assets. The company's primary revenue stream is derived from rental income generated by leasing space to a diverse tenant base. Kimco strategically focuses on acquiring, developing, and managing properties in high-barrier-to-entry markets, primarily in major metropolitan areas across the United States. This concentration allows the company to benefit from strong demographics, high population density, and robust consumer spending.
A key element of Kimco's strategy is its emphasis on grocery-anchored centers. Grocery stores serve as essential destinations, driving consistent foot traffic and providing stability to the overall tenant mix. This strategy mitigates the impact of e-commerce disruption, as grocery shopping remains largely an in-person experience. Furthermore, Kimco actively manages its portfolio by selectively disposing of non-core assets and reinvesting in higher-growth opportunities. This proactive approach enhances the overall quality and performance of its property holdings.
Kimco also pursues mixed-use developments, integrating residential, office, and retail components into its properties. This diversification strategy allows the company to capture additional revenue streams and create vibrant, community-oriented destinations. The company's development pipeline includes projects that enhance existing properties and create new opportunities for growth. Kimco's experienced management team and disciplined investment approach are crucial to its success in navigating the competitive REIT landscape.
The company's focus on top-tier metropolitan markets is a deliberate strategy to capitalize on areas with higher population density and disposable income. This allows Kimco to command premium rental rates and attract high-quality tenants. Kimco's long-standing relationships with national and regional retailers provide a competitive advantage in securing leases and maintaining high occupancy rates. The company's scale and expertise in shopping center management enable it to optimize operational efficiency and maximize property values.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
7.1%
Sector: 9.4%
-24% VS SCTR
Economic Moat Analysis
Kimco possesses a Narrow economic moat, primarily stemming from its established reputation, strategic locations, and efficient scale. The company's long operating history and strong relationships with national retailers provide a competitive advantage in securing leases and maintaining high occupancy rates. These relationships are difficult for new entrants to replicate, creating a barrier to entry. Kimco's focus on grocery-anchored centers further strengthens its moat, as these properties benefit from consistent foot traffic and are less susceptible to e-commerce disruption.
The company's efficient scale is evident in its ability to manage a large portfolio of properties effectively, leveraging its expertise and resources to optimize operational efficiency. This scale allows Kimco to achieve cost advantages in property management, leasing, and development, which smaller competitors may struggle to match. Furthermore, Kimco's access to capital markets provides it with the financial flexibility to pursue acquisitions and development projects, further solidifying its competitive position.
However, the moat is not wide due to the inherent nature of the REIT business. While Kimco's locations are strategic, they are not irreplaceable. Competitors can develop or acquire similar properties in the same markets, albeit with potentially higher costs or less favorable terms. The REIT sector is also subject to cyclical fluctuations in demand and interest rates, which can impact occupancy rates and rental income. The rise of e-commerce continues to pose a threat to traditional brick-and-mortar retail, although Kimco's focus on necessity-based tenants mitigates this risk to some extent.
While Kimco's brand recognition and tenant relationships provide some degree of differentiation, they are not insurmountable barriers to entry. Competitors can offer more attractive lease terms or develop more innovative retail concepts to attract tenants. The company's ability to maintain its narrow moat will depend on its continued focus on strategic locations, proactive portfolio management, and strong tenant relationships. Furthermore, Kimco must adapt to evolving consumer preferences and embrace new technologies to enhance the shopping experience and maintain its competitive edge.
Financial Health & Profitability
Kimco's financial health appears solid, characterized by consistent revenue growth, healthy margins, and a manageable debt load. The company's revenue has steadily increased over the past few years, driven by acquisitions, development projects, and organic growth in rental income. The TTM revenue of $2.14 billion represents a 7.1% increase compared to the sector average of 9.3%. The gross margin of 100% is not meaningful for REITs, as it doesn't reflect the true cost structure. However, the operating margin of 35.4% is significantly higher than the sector average of 22.0%, indicating efficient operations and strong pricing power.
Net income has fluctuated over the past few years, reflecting the impact of property sales, acquisitions, and other non-recurring items. The TTM net income of $592.81 million is a substantial increase from the $419.44 million in FY2024, but lower than the $665.95 million in FY2023. The company's ROE of 5.5% is lower than the sector average of 8.5%, suggesting that Kimco is not generating as much profit from its equity as its peers. However, this metric can be influenced by accounting practices and capital structure decisions.
Kimco's balance sheet is moderately leveraged, with a total debt of $7.72 billion. The debt-to-equity ratio of 73.00 is lower than the sector average of 115.00, indicating a more conservative capital structure. The current ratio of 2.16 suggests that the company has ample liquidity to meet its short-term obligations. The company's strong cash flow generation, with a free cash flow of $788.75 million, provides it with the financial flexibility to invest in growth opportunities and return capital to shareholders.
Analyzing the quarterly financial history reveals a consistent trend of revenue growth, with each quarter generally showing an increase compared to the same quarter in the previous year. Operating margins have also remained relatively stable, indicating consistent operational performance. While net income has fluctuated, the overall trend is positive, reflecting the company's ability to generate sustainable earnings growth. Kimco's financial health provides a solid foundation for its future growth prospects and ability to weather economic uncertainties.
Valuation Assessment
Kimco's valuation appears attractive relative to its peers and its historical performance. The company's P/E ratio of 26.1x is higher than the sector average of 15.5x, suggesting that investors are willing to pay a premium for its earnings. However, this premium may be justified by Kimco's strong operational performance, its focus on necessity-based retail, and its attractive growth prospects. The EV/EBITDA ratio of 4.1x is also higher than the sector average of 3.5x, indicating a similar valuation premium.
While the multiples suggest a premium, it's important to consider the quality of Kimco's earnings and its growth potential. The company's consistent cash flow generation and its proactive portfolio management provide a degree of stability that is not reflected in the sector averages. Furthermore, Kimco's focus on strategic locations and its strong tenant relationships position it for continued growth in the coming years. A discounted cash flow analysis would be needed to determine a more precise intrinsic value, but based on the available data, Kimco appears to be fairly valued to slightly undervalued.
Compared to its historical valuation, Kimco's current multiples are within a reasonable range. The company's P/E ratio has fluctuated over time, reflecting changes in market sentiment and economic conditions. However, the current P/E ratio is not significantly higher than its historical average, suggesting that the stock is not excessively overvalued. The EV/EBITDA ratio is also within a reasonable range, indicating a similar valuation trend.
Overall, Kimco's valuation appears attractive, considering its strong operational performance, its focus on necessity-based retail, and its attractive growth prospects. While the multiples suggest a premium compared to the sector averages, this premium may be justified by the company's superior quality and growth potential. Investors should closely monitor the company's financial performance and market conditions to assess the ongoing validity of this valuation assessment.
Risk & Uncertainty
Kimco faces several risks and uncertainties that could impact its financial performance and stock price. The most significant risk is the ongoing threat of e-commerce disruption to traditional brick-and-mortar retail. While Kimco's focus on grocery-anchored centers mitigates this risk to some extent, other tenants in its portfolio may be more vulnerable to online competition. A decline in occupancy rates or rental income due to e-commerce could negatively impact the company's revenue and profitability.
Another risk is the potential for rising interest rates, which could increase Kimco's borrowing costs and reduce its profitability. As a REIT, Kimco relies on debt financing to fund its acquisitions and development projects. An increase in interest rates could make it more expensive for the company to borrow money, which could reduce its investment returns and slow its growth. Furthermore, rising interest rates could also put downward pressure on REIT valuations, as investors demand higher yields to compensate for the increased risk.
Kimco also faces competition from other REITs and real estate developers. The REIT sector is highly competitive, with numerous companies vying for the same tenants and investment opportunities. Increased competition could lead to lower occupancy rates, lower rental income, and higher operating expenses. Furthermore, Kimco's success depends on its ability to attract and retain high-quality tenants. A failure to do so could negatively impact its financial performance.
Finally, Kimco is subject to regulatory risks, including changes in zoning laws, environmental regulations, and tax laws. These changes could increase the company's operating costs and reduce its profitability. Furthermore, Kimco's business is subject to economic cycles, and a recession or economic slowdown could negatively impact consumer spending and retail sales, which could lead to lower occupancy rates and rental income.
Bulls Say / Bears Say
The Bull Case
BULL VIEWKimco's focus on grocery-anchored shopping centers provides a stable and resilient revenue stream, insulating it from the worst effects of e-commerce disruption.
BULL VIEWThe company's strong balance sheet and disciplined capital allocation enable it to pursue accretive acquisitions and development projects, driving long-term growth.
BULL VIEWKimco's strategic locations in densely populated metropolitan areas position it to benefit from strong demographics and consumer spending.
The Bear Case
BEAR VIEWThe rise of e-commerce poses a significant threat to Kimco's tenants, potentially leading to lower occupancy rates and rental income.
BEAR VIEWRising interest rates could increase Kimco's borrowing costs and put downward pressure on its valuation.
BEAR VIEWKimco's ROE is lower than the sector average, indicating that it is not generating as much profit from its equity as its peers.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score KIM and 4,400+ other equities.
KIMCO REALTY CORP exhibits a 305% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
2.9%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
100.0%
Sector: 0.0%
Operating Margin
Core business profitability
35.4%
Sector: 21.8%
Net Margin
Bottom-line profitability
27.5%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield2.48%
Yield Delta+85%
Income Projection audit
A $10,000 investment would generate approximately $458 annually in dividends at the current trailing rate.
