What does free cash flow margin mean?

How much real, spendable cash each sales dollar generates after reinvestment.

How do you interpret free cash flow margin?

A high and rising FCF margin is the hallmark of a cash-generative business. Persistent gaps between net margin and FCF margin warrant a look at working capital or capital intensity.

How does free cash flow margin compare across companies?

Strong cross-company quality signal; capital-light compounders post structurally higher FCF margins than asset-heavy peers.

Kimco Realty KIM Free cash flow margin

Discontinued — last reported Q2 '19

Free cash flow margin at other companies

Regency CentersREG

51.5%0.0pp

Realty IncomeO

66.7%+2.7pp

AvalonBay CommunitiesAVB

45.7%-2.0pp

Invitation HomesINVH

43.2%+3.0pp

CoStar GroupCSGP

6.9%—

Jones Lang LaSalleJLL

3.6%—

Other financials

Income statement

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Revenue$558.0M+4.0%

Operating income$207.8M+15.1%

Net income$164.9M+24.2%

EPS (diluted)$0.23+27.8%

Balance sheet

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Cash & equivalents$169.6M+28.0%

Total debt$120.3M+3.6%

Total equity$10.4B-1.9%

Total assets$19.6B-0.7%

Cash flow

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Operating cash flow$243.0M+8.6%

CapEx$18.4M—

Free cash flow$332.4M—

Valuation

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Market cap$16.44B+4.9%

Enterprise value$16.39B+4.7%

P/E26.7×-1.6×

P/S7.6×0.0×

Profitability

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Operating margin36.9%+4.1pp

Net margin28.5%+1.7pp

Returns & leverage

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Return on equity5.9%+0.7pp

Debt / equity0×0.0×

Where this comes from

Calculated from Kimco Realty’s reported figures.

free cash flow/total revenue=25.8%

Based on trailing twelve months.

The official record: Kimco Realty’s 10-Q, filed July 26, 2019, on SEC EDGAR. View the filing →

Questions, answered.

What does free cash flow margin mean?: How much real, spendable cash each sales dollar generates after reinvestment.
How do you interpret free cash flow margin?: A high and rising FCF margin is the hallmark of a cash-generative business. Persistent gaps between net margin and FCF margin warrant a look at working capital or capital intensity.
How does free cash flow margin compare across companies?: Strong cross-company quality signal; capital-light compounders post structurally higher FCF margins than asset-heavy peers.