Kimco Realty Corporation (KIM) vs Macerich Company (The) (MAC)

Kimco Realty Corporation and Macerich Company (The) are both Reit Retail companies. Kimco Realty Corporation is the larger, with a market value of $14.9B against $6.7B — 2.2× the size. Macerich Company (The) has negative trailing earnings, so its P/E is not meaningful; Kimco Realty Corporation trades at 26.4×. Kimco Realty Corporation grew revenue faster over the last twelve months: 4.41% against 1.34%. Kimco Realty Corporation has the higher net margin (26.4% vs −16.9%) and the higher return on invested capital (2.67% vs 1.38%). Both pay a dividend; Kimco Realty Corporation yields more (4.87% vs 4.07%). Across the 21 metrics below, Kimco Realty Corporation leads on 19 and Macerich Company (The) on 2.

Valuation

Metric KIM MAC Reit Retail median
P/E 26.40 n/m 24.82
P/S 6.89 6.16 6.69
P/B 1.45 2.13 1.75
Price to free cash flow 18.10 n/m 13.29
EV/EBITDA 16.43 19.02 15.42
EV/Sales 10.56 10.67 10.60
Earnings yield 3.79% (2.87%) 3.91%
Free cash flow yield 5.53% (1.63%) 2.98%

Profitability

Metric KIM MAC Reit Retail median
Gross margin 68.93% 53.96% 71.78%
Operating margin 36.05% 16.30% 34.62%
Net margin 26.38% (16.85%) 27.14%
Free cash flow margin 38.05% (10.04%) 18.82%
Return on equity 5.47% (6.09%) 7.05%
Return on assets 2.90% (1.97%) 3.40%
Return on invested capital 2.67% 1.38% 3.18%

Growth

Metric KIM MAC Reit Retail median
Revenue growth (TTM) 4.41% 1.34% 8.49%
EPS growth (last fiscal year) 49.09% 11.36% —
Revenue growth, 5-year CAGR 15.13% 5.22% 8.62%
Net income growth, 5-year CAGR (10.68%) 0.00% 1.85%

Health

Metric KIM MAC Reit Retail median
Debt to equity 0.84 1.67 0.94
Current ratio 5.23 0.88 1.62
Net debt to EBITDA 5.70 8.03 5.40

Dividend

Metric KIM MAC Reit Retail median
Dividend yield 4.87% 4.07% 4.57%
Payout ratio 1.49 2.50 1.21

Size

Metric KIM MAC Reit Retail median
Market cap 14.93b 6.68b 3.65b

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