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Kimco Realty Corporation

KIM Real Estate Reit Retail

Kimco Realty Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.1 billion, up 5.06% from fiscal 2024.

Revenue
+1.92%
EPS
+122.7%
Free cash flow
+12.4%
Total debt
+3.01%

Quarter to September 2026, against a year earlier

25.59 0.29 −1.12%
Market cap
$17.0B
P/E
23.6×
Fwd P/E
28.5×
Dividend yield
4.14%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
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Kimco Realty Corporation (KIM) valuation and DCF model

What the price implies · reverse DCF

At $25.59 the price implies FFO a share growing 1.1% a year for ten years.

FFO a share grew −4.2% a year over the last ten years, −7.1% over the last five. The price asks for 5.3 points a year more than its ten-year rate. The industry’s median company is priced for 1.5%.

In December 2017 the price assumed −2.7% a year; Kimco Realty Corporation went on to grow FFO a share 0.4% a year to FY2025.

Q3 2026’s FFO a share is the $0.47 Kimco Realty Corporation reported, in its results release. Ours, from its filings, came out 10.3% higher.

Price implies
1.1%
Last 5 years, reported
−7.1%
Last 10 years, reported
−4.2%
Industry median implies
1.5%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
1.1% a year for ten years
$25.59
today’s price
Its base case
−4.2% a year for five years, then −2.5%
$18.17
29.0% below today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Kimco Realty Corporation’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing 1.1% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Kimco Realty Corporation’s own cost of capital: risk-free 4.3% + beta 0.93 × equity premium 4.5% = 8.5% cost of equity; weighted, 8.5%.

Use 8.5%
Base case value per share $18.17 ten years discounted, and what follows
Current price $25.59 market price per share
Below today’s price 29.0% downside at the base case’s assumptions

How we got there$9.64 10 years of FFO+$8.53 terminal value=$18.17 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Retail).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 23.62× 50.59× 33.62× 30% below 24.06× 2% below
P/FCF 19.74× 21.88× 21.21× 7% below 17.80× 11% above
P/B 1.65× 1.42× 1.38× 20% above 1.77× 7% below
EV/EBITDA 16.69× 17.49× 17.68× 6% below 15.96× 5% above
EV/Sales 11.37× 11.17× 11.32× 0% above 10.99× 3% above
P/FFO 14.22× 14.80× 12.67× 12% above — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
15.84×53.79×91.75×129.70×10Y avg 33.62×2017201820192020202120222023202420252026

KIM trades at 23.62× P/E, against a 10-year average of 33.62× (range 6.64×–141.60×). That is dearer than 56% of the last 9 year-end readings; re-rating to the average implies $36.41 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.