KRG KRG

Name: KRG Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored April 5, 2026

Price at analysis: $24.68

Crucible Score

60.3

C+

Quality × Value Composite

KQI — Quality

59.6

C+

Fundamental Quality Index

KVI — Value

61.2

C+

Valuation Attractiveness Index

Crucible Verdict — KRG

KRG trades at a modest discount to fair value despite solid financial fundamentals and a decent growth profile, but severe weaknesses in diversification and market positioning create significant vulnerability. The 87% performance-based compensation structure aligns management incentives, yet insider selling raises questions about confidence. KRG's narrow operational focus leaves little margin for error if core markets deteriorate.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

71.0

Growth Profile

63.4

Moat Durability⚠

67.6

Management Effectiveness

53.9

Diversification & Resilience⚠

22.0

Market Position

38.0

Weakest dimension: Diversification & Resilience (22.0)

◆ KVI Value Dimensions

DCF Margin of Safety

60.4

FCF Yield & Cash Returns

62.3

Relative Valuation

70.5

Growth-Adjusted Value

37.2

Historical Valuation

80.6

Macro Context

70.6

◆ DCF Valuation Scenarios

Bear Case

$18.42

Base Case

$26.53

Bull Case

$36.78

Price at Analysis

$24.68

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$18.42	2.0%	20.0%	9.2%
🟢 Base	$26.53	3.5%	23.0%	8.7%
🟢 Bull	$36.78	5.0%	27.0%	8.2%

Key Assumptions: KRG is a retail REIT with near-zero effective tax rates typical of REIT structure. Revenue has recovered from the pandemic trough of $373M to ~$848M, with operating margins ranging from ~11% to 23%; base case assumes modest 3.5% revenue growth reflecting stable retail leasing with margins normalizing around 23%. Capex intensity averages ~17.5% of revenue based on historical spend, and D&A is substantial given the real estate asset base. WACC uses a 5.5% equity risk premium given retail REIT sector risk with 0.88 beta, blended with cost of debt on ~$3.4B total debt.

◆ Financial Snapshot

Profitability

Gross Margin53.3%

Operating Margin23.1%

Net Margin35.2%

ROIC2.6%

ROE50.0%

Balance Sheet

Balance SheetCR: 1.44

Cash ConversionFCF/EPS: 0.94x

Capital IntensityCapex/Rev: 17.9%

Altman Z-Score0.99 (Distress)

Piotroski F-Score7/9 (Good)

Growth

Revenue CAGR22.6% CAGR

Earnings CAGR298.9% CAGR

Growth ConsistencyCV: 2.58

Segment Breadth0/2 growing (0%)

Quarterly TrendMargin↘

Earnings CredibilityTends to Beat

◆ Analyst Consensus & Leadership

Leadership & Governance

CEO Ownership2.9%

Compensation87% performance-based

Insider ActivitySelling

Capital AllocationROIC 2.6% vs WACC 2.9%

Earnings Beat Rate73% (16/22)

◆ Related Companies in Our Universe

Other Unknown companies scored by the Crucible:

ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted April 5, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.