When Meme Stocks Meet Real Value

Kohl’s just became 2025’s unexpected meme stock darling — but here’s the twist: unlike AMC or GameStop, it’s not just hype.

The retailer’s shares trade at roughly $1.76B market cap, yet its owned real estate alone is worth $9.44B on the books. That’s a $1B+ discount just sitting there. Back in 2022, a PE firm bid $2B just for the property assets. The short squeeze angle didn’t fully materialize, but the fundamentals paint a different picture than past meme rallies.

The catch? Don’t expect a quick pop from asset sales or squeezes. The real play hinges entirely on whether management can pull off an operational turnaround. This isn’t a “set it and forget it” meme bet — it’s a value trap unless the business actually executes.

TL;DR: Kohl’s is the meme stock that accidentally has balance sheet depth, but buying it requires faith in a turnaround, not FOMO.