# Kimco Realty Corp. (KIM) — Stock CV

Kimco Realty Corp. is a $14.9B real estate company. Revenue grew 4.4% over the last year, it keeps 27¢ of every dollar of sales as profit, and its net debt equals ~6.9 years of free cash flow. It trades at 24.5× earnings — around the middle of its own history.

> One of the oldest real estate investment trusts in the United States, Kimco Realty owns interests in 565 shopping centers throughout major markets in the US, representing roughly 100 million square feet.

## Identity

- **Ticker**: KIM
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: JERICHO, NY
- **Employees**: 710
- **Website**: https://www.kimcorealty.com
- **Market cap**: $14.9B
- **Last price**: $22.16
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $2.19B
- **Net income**: $590M
- **Free cash flow**: $1.18B
- **Net debt**: $8.10B
- **P/E**: 24.5
- **Revenue growth (YoY)**: 4.4%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 49 |
| Growth | 20 |
| Profitability | 60 |
| Health | 36 |
| Quality | 67 |
| Moat | 43 |

## Qualifications (beginner checklist) — 8 of 11 passed

- [x] Revenue growing — +4.4% YoY
- [x] Profitable — $590M TTM
- [x] Profit growing — +61.9% YoY
- [x] Generates cash — $1.18B TTM
- [ ] Debt under control — ~6.9y of cash flow to repay
- [x] Established company — $14.9B market cap
- [ ] Not printing shares — +56.2% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — Altman Z 0.1 — distress
- [x] Pays a dividend — yield 4.88%
- [x] Valuation not extreme — P/E 24.5

## Experience (career milestones)

- **2024** — Kimco acquired RPT Realty, making the company the largest shopping center REIT
- **2022** — The company acquired a portfolio of eight Long Island, NY shopping centers for $375.8 million
- **2021** — The company acquired Weingarten Realty
- **FY2020** — Best year on record: $1.00B net income
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $1.17B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2007** — A few years later, in 2007, Kimco acquired The Birchwood Organization – another Long Island-based company – for $92…
- **2003** — The company acquired Mid-Atlantic Realty Trust for $441 million
- **1998** — The company acquired Price REIT for $535 million in stock
- **1991** — The company became a public company via an initial public offering, raising $120 million
- **1988** — The company acquired Gold Circle for $325 million
- **1966** — The Kimco Corporation, the predecessor of the company, was founded in 1966 by a group of real estate investors,…

## Strengths

- High gross margin (68.9%)
- Strongly profitable — 27.0% net margin
- Strong cash conversion — FCF is 53.9% of revenue
- Piotroski F-Score 7/9 — fundamentally strong checklist

## Watch-outs

- Altman Z-Score 0.12 — elevated financial-distress risk
- Net debt equals ~6.9 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.36B | $844M | $619M |
| FY2022 | $1.73B | $98.6M | $861M |
| FY2023 | $1.78B | $629M | $1.07B |
| FY2024 | $2.04B | $371M | $1.01B |
| FY2025 | $2.14B | $551M | $1.12B |

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Source: https://stockcv.com/KIM — derived from company filings; may be delayed or incomplete. Information, not investment advice.