Agree Realty Corp (ADC) is slightly overvalued and Kimco Realty Corp (KIM) is overvalued.
Both trade above our estimate of their intrinsic value. ADC is the closer of the two: -16%, against -53% for KIM.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.1% (average of 3 methods) values the shares at $58.10; the price of $67.32 is 16% above that value, and 84% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
Discounting its cash flows at 8.1% (average of 3 methods) values the shares at $14.78; the price of $22.55 is 53% above that value, and 80% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | ADC | KIM |
|---|---|---|
| Verdict | Slightly overvalued | Overvalued |
| Price | $67.32 | $22.55 |
| Intrinsic value | $58.10 | $14.78 |
| Margin of safety | -16% | -53% |
| Leak Score | 0/100 (2/12) | 0/100 (2/12) |
| Market cap | $8.4B | $15.1B |
| Revenue growth, 5 years | 23.6% | 15.3% |
| Operating margin | 48.4% | 34.5% |
| Net margin | 27.8% | 26.1% |
| Return on equity | 3.7% | 5.8% |
| Debt to equity | 0.60 | 0.89 |
| P/E | 36.3x | 26.4x |
| Forward P/E | 34.2x | 25.5x |
| P/B | 1.3x | 1.5x |
| Dividend yield | 4.8% | 4.8% |