Deep Dive4 min read
KIM: 49% FCF Margin With $8B Debt
Kimco prints half its revenue as free cash flow. The debt load says otherwise.
Mar 6, 2026
KIMOVICIPLD+2
Free cash flow analysis, sector reports, and market insights
Kimco prints half its revenue as free cash flow. The debt load says otherwise.
Regency Centers prints cash like clockwork. The debt load is the only reason it's not perfect.
CME prints $3.6B in free cash flow on $6.1B revenue. The exchange business model works exactly like it should.
Public Storage converts 60% of revenue to free cash flow. That's exceptional. The $10B debt load tells a different story.
Realty Income earns an A grade with a 68% FCF margin. The debt load is real, but the cash flow isn't slowing down.
Coinbase prints 39% FCF margins while every miner bleeds cash. The sector median is negative 195%.
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Half the sector earns A-grades. The other half is bleeding cash or barely breaking even.
The sector looks healthy until you see what's propping it up.
Eleven A-grades at the top, nine F-grades at the bottom. The consumer discretionary sector isn't struggling. It's bifurcating.
Tobacco and energy drinks print 20%+ margins. Retail giants barely break 2%. Both earn A-grades. Something's broken.
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