Kimco Realty Corporation (KIM) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: Kimco Realty Corporation

Updated on October 31, 2026 · accounts published on October 29, 2026

A well-covered REIT whose margins run above its own decade average

Kimco Realty trades at 13.6× its fiscal 2025 FFO, under the 15× REIT threshold, and FFO covers its 4.3 % dividend 1.7×.

• Is Kimco Realty expensive or cheap? At 13.6× fiscal 2025 FFO, Kimco Realty sits just under the 15× level that counts as acceptable for a REIT.
• How is the business doing? Operating margin reached 40 % over the last 12 months, five points above the 35 % average of fiscal 2014-2025.
• How strong is the balance sheet? Net debt was 5.2× EBITDA in fiscal 2025, inside the 6× REIT limit, with debt at 44 % of assets.
• What to expect from the next earnings? Next results on February 11, 2027, with analysts expecting EPS of $0.21; 22 of 36 analysts rate it a hold.
• Does FFO cover the dividend, and at what multiple does the stock trade? FFO covered the dividend 1.7× in fiscal 2025, well above the 1.1× floor considered healthy for a REIT.

Is Kimco Realty expensive or cheap?

Kimco Realty trades at 13.6× its fiscal 2025 FFO of $1.80 per share. That is inside the 15× level that counts as acceptable for a REIT, though close to it. Price to book is 1.6× over the last 12 months, a moderate premium given an operating margin of 40 % over the same period. Over the last 12 months, a free cash flow yield of 6.0 % and an EV/EBITDA of 15.7× point to a middle-of-the-road price. The P/E ranged from 8.1× to 38.5× over the decade and says little about a REIT. The stock is up 21 % over 12 months and trades 7 % below its 52-week high of $26.38.

How is the business doing?

Revenue grew 5.1 % year over year over the last 12 months, steady growth for a large REIT. Profitability has improved faster than sales. The operating margin reached 40 % over the last 12 months, against 35 % in fiscal 2025 and a 35 % average across the twelve fiscal years from 2014 to 2025. Current margins therefore sit about five points above the company's own long-run norm. The question for the coming quarters is whether that level holds or drifts back toward the mid-30s the business delivered for most of the decade. FFO per share, $1.80 in fiscal 2025, is the figure to follow year by year.

How strong is the balance sheet?

Debt equalled 44 % of assets in fiscal 2025, well inside the 60 % ceiling that counts as healthy for a REIT. Debt to equity is 0.85 over the last 12 months. Leverage measured against earnings is tighter: net debt was 5.2× EBITDA in fiscal 2025, under the 6× limit but just above the 5× mark that would rate as excellent. None of these figures signals strain, but they leave limited room to borrow much more before leverage moves into the cautious zone. On these numbers the balance sheet supports the dividend and does not threaten it.

What to expect from the next earnings?

Kimco Realty has beaten EPS estimates in each of the last 8 quarters. On October 29, 2026 it reported $0.41 against $0.20 expected, a 102 % surprise and the largest of those 8 quarters. Analysts have barely moved. The 2026 EPS consensus rose 1.0 % in 30 days, from $0.84 to $0.85 across 6 analysts, and the revenue estimate is essentially unchanged. Of 36 analysts, 13 recommend buying, 22 holding and none selling. For February 11, 2027 the bar is $0.21 per share. As with any REIT, the FFO figure in that report will matter more than EPS.

Does FFO cover the dividend, and at what multiple does the stock trade?

For a REIT, EPS and the P/E mislead, because property depreciation pushes reported earnings well below the cash the buildings generate. FFO adds that depreciation back, which is why the sector watches it. Kimco Realty's fiscal 2025 FFO covered the dividend 1.7×, comfortably above the 1.1× healthy floor. The payout absorbed 64 % of operating cash flow, under the 80 % limit. The dividend yields 4.3 % over the last 12 months. At 13.6× FFO the stock passes the 15× test, though near the line, so FFO growth from $1.80 per share will shape how that multiple looks next year.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.