Kimco Realty vs NNN Reit
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The short version
- Kimco Realty is the larger business, with $2.1B of revenue in fiscal 2025 against $926M for NNN Reit, about 2.3 times as much.
- NNN Reit grew revenue faster (6.6%, against 5.1%).
- NNN Reit kept more of each dollar of sales as operating profit (63.6% operating margin, against 36.0%).
| Latest fiscal year | KIM · FY25 | NNN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $15.9B | $7.8B |
| Revenue | $2.1B | $926M |
| Free cash flow | — | — |
| Net income | $585M | $390M |
| Growth | ||
| Revenue growth | 5.1% | 6.6% |
| 5-year growth | 15.1% | 7.0% |
| Share count change | 0.5% | 2.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 36.0% | 63.6% |
| Net margin | 27.3% | 42.1% |
| FCF margin | — | — |
| Return on capital | 4.3% | — |
| Return on equity | 5.6% | 8.9% |
| Balance sheet | ||
| Net debt | $7.5B | — |
| Net debt / EBITDA | 5.4x | — |
| Dividends and buybacks | $832M | $443M |
| Valuation & quality | ||
| P/E | 27.5x | — |
| Piotroski F-score | — | — |
Revenue
FY16
KIM $1.2B
NNN $534M
FY17
KIM $1.2B
NNN $585M
FY18
KIM $1.2B
NNN $623M
FY19
KIM $1.2B
NNN $671M
FY20
KIM $1.1B
NNN $661M
FY21
KIM $1.4B
NNN $726M
FY22
KIM $1.7B
NNN $773M
FY23
KIM $1.8B
NNN $828M
FY24
KIM $2.0B
NNN $869M
FY25
KIM $2.1B
NNN $926M
KIM
NNN
Operating margin
FY16
KIM 33.6%
NNN 63.0%
FY17
KIM 35.9%
NNN 64.0%
FY18
KIM 50.0%
NNN 68.2%
FY19
KIM 41.2%
NNN 62.1%
FY20
KIM 31.4%
NNN 56.7%
FY21
KIM 31.1%
NNN 61.8%
FY22
KIM 32.7%
NNN 62.4%
FY23
KIM 35.8%
NNN 67.0%
FY24
KIM 30.9%
NNN 66.5%
FY25
KIM 36.0%
NNN 63.6%
KIM
NNN
Free cash flow
FY16
KIM —
NNN —
FY17
KIM —
NNN —
FY18
KIM —
NNN —
FY19
KIM —
NNN —
FY20
KIM —
NNN —
FY21
KIM —
NNN —
FY22
KIM —
NNN —
FY23
KIM —
NNN —
FY24
KIM —
NNN —
FY25
KIM —
NNN —
KIM
NNN
Return on capital
FY16
KIM 2.2%
NNN —
FY17
KIM 4.5%
NNN —
FY18
KIM 5.9%
NNN —
FY19
KIM 5.0%
NNN —
FY20
KIM 3.3%
NNN —
FY21
KIM 3.1%
NNN —
FY22
KIM 1.7%
NNN —
FY23
KIM 3.6%
NNN —
FY24
KIM 3.4%
NNN —
FY25
KIM 4.3%
NNN —
KIM
NNN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.