Company Overview and Financial Strengths KIMCO Realty Corp is a U.S. owner and operator of open‑air shopping centers that combines steady rental revenue with strong operating cash generation, producing quarterly revenue of $558.0M (most recent quarter) and trailing‑twelve‑month operating cash flow of $1.12B . The company’s cash‑generation profile is a clear strength: operating cash flow (TTM) of $
KIMCO Realty Corp is a U.S. owner and operator of open‑air shopping centers that combines steady rental revenue with strong operating cash generation, producing quarterly revenue of $558.0M (most recent quarter) and trailing‑twelve‑month operating cash flow of $1.12B.
The company’s cash‑generation profile is a clear strength: operating cash flow (TTM) of $1.12B exceeds reported net income (TTM) of $616.8M, and the operating cash flow trend has risen from $618.9M in 2021 to $1.12B most recently. Top‑line momentum is visible in quarterly revenue, which increased from $442.9M in the quarter ended 2023‑03‑31 to $558.0M in 2026‑03‑31. Profitability metrics reported in the dataset are elevated—gross margin was shown at 102.9%, operating margin at 44.0%, and net profit margin at 94.5%—and leverage appears conservative with debt‑to‑equity of 0.7762. These features are reflected across cash‑flow allocation and earnings quality indicators. See Revenue & Net Income, Profit Margin Trends and Strategic Capital Allocation for the underlying series.
Notable weaknesses include marked earnings volatility and uneven net income recovery. Diluted EPS swung from $1.25 (2021) to $0.19 (2022) to $0.97 (2023) then $0.61 (2024) before moving to $0.87 (2025) and $0.91 (2026‑03‑31), with corresponding year‑over‑year EPS changes of -85.1% (2022), 419.4% (2023) and -37.2% (2024). The net income (TTM) also hit a trough of $126.0M in 2022, rebounded to $654.3M in 2023, dipped to $410.8M in 2024 and stands at $616.8M most recently, and recent quarterly net income of $164.9M contrasts with the $558.0M quarterly revenue, highlighting variability in reported earnings. The Price-to-Earnings (PE) Ratio Trend has also trended down from 38.5x at 2024‑12‑31 to 24.6x most recently, which underscores changing market expectations.
Key fundamentals to watch going forward are operating cash flow versus net income (OCF TTM $1.12B vs Net Income TTM $616.8M) and the stability of diluted EPS ($0.91) and revenue per share (latest $1.07), as well as profit‑margin behavior and cash‑flow allocation (Investing CF TTM -$376.8M; Financing CF TTM -$781.1M). Monitor trends in ROE (5.8% most recent) and leverage metrics (debt‑to‑equity 0.7762) to assess whether earnings quality and capital structure remain durable. See Earnings Quality Analysis and Return on Equity (ROE) for those series.
The foundation of business quality and long-term value creation
KIMCO REALTY CORP’s revenue shows a steady upward trend over the most recent multi-year quarters. Reported quarterly revenue rose from $442.9M in the quarter ended 2023-03-31 to $503.8M in the quarter ended 2024-03-31, then to $536.6M in 2025-03-31 and most recently to $558.0M in the quarter ended 2026-03-31, indicating consistent top-line growth across these comparable periods.
Net income has been more variable over the same span. After $289.8M in 2023-03-31, net income peaked at $410.8M in the quarter ended 2024-12-31 before declining in subsequent quarters (e.g., $132.8M in 2025-03-31, $163.0M in 2025-06-30, $288.9M in 2025-12-31) and measuring $164.9M in the most recent quarter. The most recent quarterly revenue was $558.0M and the most recent quarterly net income was $164.9M.
Why Growth Matters
Consistent revenue and earnings growth are the lifeblood of successful long-term investments. Companies that can grow their top line (revenue) and bottom line (net income) over many years demonstrate they have products or services customers value and are willing to pay for repeatedly.
Revenue Growth shows whether the company is expanding its market reach, gaining market share, or successfully launching new products.Net Income Growth demonstrates the company can convert that revenue into actual profits while managing costs effectively.
Look for steady, sustainable growth rather than erratic spikes. The best businesses compound earnings year after year, creating tremendous value for shareholders over time. Companies that can grow earnings faster than revenue are improving their profitability—a sign of operational excellence and competitive strength.
Year-over-year growth rates for revenue and earnings per share
Reading the Growth Rate Chart
This chart converts the absolute per-share figures into year-over-year percentage changes, making it easy to see whether growth is accelerating, decelerating, or reverting to trend — regardless of the company's absolute size.
Revenue per Share Growth (1-year, split-adjusted) measures how quickly the top line is expanding on a per-share basis. Sustained positive growth signals that the company continues to win customers and grow its addressable market.EPS Diluted Growth (1-year, split-adjusted) measures how quickly earnings are compounding for each shareholder. When EPS growth consistently outpaces revenue growth, operating leverage and margin expansion are at work.
Look for consistency, not just magnitude. A company that reliably grows EPS 10–15% per year is far more valuable than one that alternates between 50% spikes and deep contractions. Negative EPS growth during a period of positive revenue growth is a red flag — costs are rising faster than sales. Quarters where both lines converge near zero or go negative deserve close scrutiny.
How revenue converts to net income for the most recent annual period
Period Information
Report Type: Annual (10-K)
Period: Oct 2017 to Sep 2018
Analyzing long-term margin stability and competitive positioning
KIMCO REALTY CORP's recent profit margin data show elevated but variable gross and operating margins through late 2017 and the first half of 2018. Gross margin rose from 97.5% at 2017-12-31 to a peak of 130.8% at 2018-03-31 before moderating to 102.9% at 2018-06-30. Operating margin reached 74.9% at 2017-12-31, declined to 64.2% at 2018-03-31 and fell further to 44.0% by 2018-06-30, indicating a downward move in the most recent quarters. Net profit margin was recorded most recently at 94.5% on 2017-12-31; subsequent quarters in 2018 do not show a later net margin value in the provided data.
Over the longer sample, gross margin often clustered near the high 90s (around 98–99%), while net profit margin showed a general upward bias across the multi-year snapshots provided, with earlier values in the 20s–40s and later readings substantially higher. Notable inflection points in the series include the gross margin spike to 130.8% on 2018-03-31 and the operating margin peak at 74.9% on 2017-12-31 followed by the decline to 44.0% by 2018-06-30. The most recent observed values are: Gross Margin 102.9%, Operating Margin 44.0%, Net Profit Margin 94.5%.
Understanding Profit Margins
Between Oct 2017 and Sep 2018, Kimco Realty Corp converts every dollar of revenue through the following stages:
Sustainable competitive advantages reveal themselves through consistently superior profit margins over extended periods. Companies with durable economic moats maintain pricing power and operational efficiency that competitors struggle to match.
A sign of durable competitive advantage is earning sustained higher margins than competitors.Look for margins that remain stable or improve over time, especially during economic downturns. Declining margins may signal increasing competition, pricing pressure, or deteriorating business fundamentals.
Comparing reported earnings to actual cash generation
KIMCO REALTY CORP's trailing twelve‑month operating cash flow has strengthened over the past few years, rising from $618.9M at 2021 year‑end to about $1.01B at 2024 year‑end and $1.12B at 2025 year‑end. Over the same recent window net income TTM recovered from a material trough in 2022 ($126.0M) to $654.3M in 2023, dipped to $410.8M in 2024, and has moved higher into early 2026 with a TTM net income of $616.8M.
In the most recent available comparisons, operating cash flow exceeds reported net income, indicating cash generation has outpaced accounting earnings in the last several reported TTM periods.
Net Income (TTM): $616.8M
Operating Cash Flow (TTM): $1.12B
The Earnings vs. Cash Flow Gap
Reported earnings (Net Income) doesn't always reflect actual cash generation. Companies use accrual accounting, which recognizes revenue when earned and expenses when incurred—not when cash actually changes hands. This creates timing differences and opportunities for accounting discretion that can mask underlying business health.
Net Income (the "earnings" number) can be influenced by non-cash items like depreciation, stock-based compensation, and changes in accounting estimates.Operating Cash Flow, however, shows the actual cash the business generates from its core operations—a harder number to manipulate.
What to Look For
Key Insight: Companies with durable competitive advantages typically show operating cash flow that meets or exceeds net income over time, demonstrating they convert accounting profits into actual cash that can be returned to shareholders or reinvested in the business.
Measuring management's efficiency at generating profits from shareholder capital
KIMCO REALTY CORP's trailing twelve‑month Return on Equity increased to 5.8% in the most recent observation (period ending 2026-03-31), up from 3.8% reported for the period ending 2024-12-31. The most recent point represents a modest improvement relative to the prior reported value and remains in the mid-single-digit range.
Over the historical series shown, ROE peaked at 17.7% for the period ending 2015-12-31 and has generally been in the single digits in subsequent years (for example, 8.3% in 2019 and 8.5% in 2021), with a low of 3.4% in 2011. The most recent trailing twelve‑month Return on Equity (ROE) was 5.8% as of 2026-03-31.
The Gold Standard of Profitability
Return on Equity (ROE) is a powerful measure of how effectively a company's management is using the money shareholders have invested. Calculated by dividing Net Income by Shareholders' Equity, it reveals how much profit is generated for every dollar of equity capital.
A consistently high ROE (typically above 15-20%) is often the signature of a "quality" business with a durable competitive advantage. It indicates that the company can generate high returns on its own capital, which it can then reinvest at these high rates to compound value over time.
What to Look For:
How the company generates and deploys its cash
KIMCO REALTY CORP's trailing twelve month operating cash flow has strengthened in the most recent year, rising to $1.12B as of period end from $1.01B at , indicating an upward trend in cash generated from operations.
Over the same interval investing cash flow moved further negative, increasing the outflow to -$376.8M at from -$318.5M a year earlier, showing a larger net use of cash in investing activities.
Financing cash flow has been more volatile and shows a larger net outflow in the most recent reported period for that metric: financing cash flow was -$781.1M as of , wider than the -$300.7M at and following earlier large outflows in prior years.
Understanding Company Strategy
Capital allocation refers to how management decides to spend and invest the company's cash. Analyzing the three primary categories of cash flow reveals a company's true operational strategy:
What to look for: Is the company bootstrapping (funding growth solely from operating cash)? Are they borrowing to fund aggressive expansion or dividends? Or are they capital raising by issuing new shares, potentially diluting your ownership? A healthy, mature company typically generates strong operating cash, moderately invests in growth, and returns the surplus to shareholders through financing activities.
Net assets attributable to each share — the accounting floor of intrinsic value
Why Book Value per Share Matters
Book value per share is the net worth of the company — total assets minus total liabilities — divided by shares outstanding (split-adjusted). It represents the theoretical liquidation value per share if every asset were sold and every liability repaid at balance-sheet carrying values. It is the accounting foundation upon which much of equity valuation is built.
A steadily rising book value per share is one of the most reliable signals of compounding wealth creation. It means the company is retaining earnings and building net worth faster than it is returning capital or eroding it. Warren Buffett famously tracked Berkshire Hathaway's book value per share for decades as his primary measure of intrinsic value growth.
Context is essential. Asset-heavy businesses (banks, manufacturers, utilities) should be judged by book value more directly than asset-light businesses (software, consumer brands), where intangible assets like intellectual property and customer loyalty may far exceed their balance-sheet carrying values. A company trading at a large premium to book value is not necessarily overvalued — it may simply possess competitive advantages that accounting rules do not capture. Conversely, a declining book value per share — especially over multiple years — is a serious warning sign of capital destruction.
How much of the company is financed by debt versus shareholders' equity
Reading the Debt-to-Equity Ratio
The debt-to-equity (D/E) ratio compares total financial debt to shareholders' equity. A ratio of 1.0 means the company has borrowed one dollar for every dollar of equity; a ratio of 2.0 means it has borrowed twice as much as it owns. Financial leverage amplifies both returns and risk: in good times, debt turbocharges equity returns; in bad times, it accelerates losses and can threaten solvency.
Trends matter more than a single number. A rising D/E ratio can mean the company is taking on debt to fund growth — potentially value-creating if returns exceed the cost of capital. But it can also mean equity is being eroded through losses or that the business is borrowing simply to sustain operations. A falling D/E ratio generally reflects strengthening financial health: earnings are being retained, debt maturities are being paid down, or both.
Industry norms vary enormously. Capital-intensive sectors (utilities, real estate, financials) routinely carry high D/E ratios that would be alarming in, say, a technology company. Always compare against sector peers. As a rough rule of thumb, a D/E above 2× in a cyclical business warrants careful scrutiny of interest coverage and refinancing risk.
Short-term liquidity — can the company cover its near-term obligations?
Liquidity: Can the Business Pay Its Bills?
The current ratio is calculated as current assets divided by current liabilities. A ratio of 1.5 means the company has $1.50 of short-term assets — cash, receivables, inventory — for every $1.00 of obligations due within the next twelve months. It is the most direct measure of near-term financial resilience: can the business meet its obligations without needing to raise new capital or sell long-term assets at a discount?
A ratio above 1.0 is generally healthy, meaning current assets exceed current liabilities. A ratio consistently above 2.0 may indicate the company is holding excess cash or inventory that could be deployed more productively. A ratio below 1.0 is a warning sign — the company is relying on future cash generation or external financing to cover its near-term obligations, which is manageable in normal conditions but dangerous during a downturn.
Trends and context matter.A declining current ratio isn't always alarming — highly efficient businesses (e.g., large retailers with reliable daily cash flows) often run leaner balance sheets intentionally. Conversely, a rapidly rising current ratio can signal slowing sales causing inventory to build, or customers taking longer to pay. Always compare the trend against industry peers and cross-reference with the cash flow statement to assess whether the business is genuinely liquid or just holding non-cash current assets.
How much the market is paying for each dollar of company earnings
KIMCO REALTY CORP's trailing twelve-month P/E has declined from a recent peak of 38.5x at 2024-12-31 to 23.4x at 2025-12-31, with a modest uptick to 24.6x in the latest quarter. The most recent quarters show a move toward lower, more stable multiples after the elevated reading in late 2024, with the latest quarter marking a small recovery from the 2025 full-year level.
Looking further back, the series shows a pronounced spike to 113.8x at 2022-12-31, followed by lower and more variable P/Es in prior years (for example 45.2x in 2016, 34.0x in 2019, and mid-20s readings in several recent years). The most recent Price-to-Earnings (P/E) ratio for KIMCO REALTY CORP was 24.6x as of 2026-03-31.
What Is the PE Ratio?
The Price-to-Earnings (PE) ratio is one of the most widely used valuation metrics in investing. It divides the current stock price by the company's earnings per share (EPS), revealing how much investors are willing to pay for each dollar of earnings. A high PE can signal that the market expects strong future growth, while a low PE may suggest undervaluation—or reflect genuine concerns about the company's prospects.
Context matters:PE ratios vary significantly across industries. High-growth technology companies routinely trade at PE ratios above 30x or 40x, while mature, low-growth sectors like utilities or financials often trade closer to 10–15x. Always compare a company's PE to its own history and its industry peers, not just an absolute number.
What to Look For:
Key Insight:The PE ratio is a snapshot of market sentiment and expectations. Tracking it over time alongside earnings trends reveals whether the market's valuation has expanded or contracted—and whether that change is justified by fundamentals.