KIM vs NNN: Kimco Realty and NNN REIT compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Kimco Realty is the larger company, worth $15.1B, about 1.9 times NNN REIT.
- NNN REIT grew revenue faster over the last year (+6.5% vs +4.9%).
- NNN REIT keeps more of each dollar of revenue as operating profit (63.6% vs 36.0%).
- On earnings, NNN REIT is the cheaper stock (19.4x vs 25.8x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | KIM | NNN |
|---|---|---|
| Market cap | $15.1B | $7.8B |
| Share price | $22.16 | $40.24 |
| Revenue (last fiscal year) | $2.1B | $926M |
| Free cash flow (last fiscal year) | $1.1B | — |
| Revenue growth, last year | +4.9% | +6.5% |
| Revenue growth per year, last 5 fiscal years | +246.3% | +6.3% |
| Operating margin | 36.0% | 63.6% |
| Net margin | 27.8% | 42.1% |
| Return on equity | 5.9% | 8.7% |
| P/E (trailing) | 25.8x | 19.4x |
| Price / free cash flow | 19.6x | 11.7x |
| EV / EBITDA | 16.1x | 15.3x |
| FCF growth the price implies | 0.05% | — |
| Dividend yield | 4.5% | 5.9% |
| Debt / equity | 0.94x | 1.15x |
| Fundamental grade | C | C |
| Superinvestors holding it | 2 | 3 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Kimco Realty
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $15M | — | 2850.8% |
| 2022 | $17M | — | 3358.7% |
| 2023 | $1.8B | — | 35.8% |
| 2024 | $2.0B | — | 30.9% |
| 2025 | $2.1B | $1.1B | 36.0% |
NNN REIT
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $726M | — | 61.8% |
| 2022 | $773M | — | 62.4% |
| 2023 | $828M | — | 67.0% |
| 2024 | $869M | — | 66.5% |
| 2025 | $926M | — | 63.6% |
Where the revenue comes from
Kimco Realty · by products, 2018
Revenues from Rental Properties$882M76%
Reimbursement Income$246M21%
Other Rental Property Income$21M2%
Management and Other Fee Incomes$15M1%
NNN REIT
No segment breakdown reported.
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open KIM in InvestinglyQuestions
Which is bigger, Kimco Realty or NNN REIT?
Kimco Realty (KIM), at $15.1B against $7.8B.
Is KIM or NNN cheaper?
By trailing P/E, NNN REIT (19.4x) is cheaper than Kimco Realty (25.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, KIM or NNN?
NNN REIT: revenue grew +6.5% over the last year, against +4.9%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.