Amrep (AXR)
Market Price (10/22/2026): $20.23 | Market Cap: $108.0 MilSector: Real Estate | Industry: Real Estate Development
Amrep (AXR)
Market Price (10/22/2026): $20.23Market Cap: $108.0 MilSector: Real EstateIndustry: Real Estate Development
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.4% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -45% Low stock price volatilityVol 12M is 41% Megatrend and thematic driversMegatrends include Sustainable Infrastructure, Circular Economy & Recycling, and Sustainable & Green Buildings. Themes include Waste Management Solutions, Show more. | Weak multi-year price returns2Y Excs Rtn is -59%, 3Y Excs Rtn is -52% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -15%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.4%, Rev Chg QQuarterly Revenue Change % is -66% Key risksAXR key risks include [1] material delays in securing project entitlements and municipal approvals, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.4% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -45% |
| Low stock price volatilityVol 12M is 41% |
| Megatrend and thematic driversMegatrends include Sustainable Infrastructure, Circular Economy & Recycling, and Sustainable & Green Buildings. Themes include Waste Management Solutions, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -59%, 3Y Excs Rtn is -52% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -15%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.4%, Rev Chg QQuarterly Revenue Change % is -66% |
| Key risksAXR key risks include [1] material delays in securing project entitlements and municipal approvals, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 10/7/2026
Amrep (AXR) stock has lost about 20% since 6/30/2026 because of the following key factors:
1. Substantial Underperformance in Fiscal Q1 2027 Earnings. The company reported a significant year-over-year decline in its fiscal Q1 2027 results, for the period ended July 31, 2026. Revenue plummeted by 66% to $6.051 million from $17.851 million in fiscal Q1 2026, sharply missing analyst estimates of $14.27 million. Diluted earnings per share (EPS) also saw a drastic reduction, falling 94.25% to $0.05, significantly below the analyst consensus of $0.44 per share. Net income similarly dropped 94% to $276,000 from $4,692,000 in the prior-year quarter.
2. Sharp Decline in Land and Home Sale Volumes. The primary operational reason for the poor fiscal Q1 2027 financial results was a steep year-over-year decline in both land and home sale volumes. The number of homes sold decreased from 22 in fiscal Q1 2026 to 12 in fiscal Q1 2027. The company also reduced active land development projects during this period to prioritize its homebuilding operations.
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Amrep (AXR) stock has lost about 20% since 6/30/2026 because of the following key factors:
1. Substantial Underperformance in Fiscal Q1 2027 Earnings. The company reported a significant year-over-year decline in its fiscal Q1 2027 results, for the period ended July 31, 2026. Revenue plummeted by 66% to $6.051 million from $17.851 million in fiscal Q1 2026, sharply missing analyst estimates of $14.27 million. Diluted earnings per share (EPS) also saw a drastic reduction, falling 94.25% to $0.05, significantly below the analyst consensus of $0.44 per share. Net income similarly dropped 94% to $276,000 from $4,692,000 in the prior-year quarter.
2. Sharp Decline in Land and Home Sale Volumes. The primary operational reason for the poor fiscal Q1 2027 financial results was a steep year-over-year decline in both land and home sale volumes. The number of homes sold decreased from 22 in fiscal Q1 2026 to 12 in fiscal Q1 2027. The company also reduced active land development projects during this period to prioritize its homebuilding operations.
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Updated on 10/7/2026
Amrep (AXR) stock has lost about 20% since 6/30/2026 because of the following key factors:
1. Substantial Underperformance in Fiscal Q1 2027 Earnings. The company reported a significant year-over-year decline in its fiscal Q1 2027 results, for the period ended July 31, 2026. Revenue plummeted by 66% to $6.051 million from $17.851 million in fiscal Q1 2026, sharply missing analyst estimates of $14.27 million. Diluted earnings per share (EPS) also saw a drastic reduction, falling 94.25% to $0.05, significantly below the analyst consensus of $0.44 per share. Net income similarly dropped 94% to $276,000 from $4,692,000 in the prior-year quarter.
2. Sharp Decline in Land and Home Sale Volumes. The primary operational reason for the poor fiscal Q1 2027 financial results was a steep year-over-year decline in both land and home sale volumes. The number of homes sold decreased from 22 in fiscal Q1 2026 to 12 in fiscal Q1 2027. The company also reduced active land development projects during this period to prioritize its homebuilding operations.
3. Negative Analyst Sentiment and Price Target Revisions. Analyst sentiment turned more cautious during the period, contributing to the downward trend. Freedom Broker, for instance, reduced its price target for Amrep from $26.00 to $22.00 on September 15, 2026, while maintaining a "hold" rating. Similarly, Weiss Ratings lowered its rating for Amrep from a "hold (c)" to a "hold (c-)" on September 18, 2026. The consensus rating among analysts remains "Hold" with an average target price of $22.00.
Show less
Amrep (AXR) stock has lost about 20% since 6/30/2026 because of the following key factors:
1. Substantial Underperformance in Fiscal Q1 2027 Earnings. The company reported a significant year-over-year decline in its fiscal Q1 2027 results, for the period ended July 31, 2026. Revenue plummeted by 66% to $6.051 million from $17.851 million in fiscal Q1 2026, sharply missing analyst estimates of $14.27 million. Diluted earnings per share (EPS) also saw a drastic reduction, falling 94.25% to $0.05, significantly below the analyst consensus of $0.44 per share. Net income similarly dropped 94% to $276,000 from $4,692,000 in the prior-year quarter.
2. Sharp Decline in Land and Home Sale Volumes. The primary operational reason for the poor fiscal Q1 2027 financial results was a steep year-over-year decline in both land and home sale volumes. The number of homes sold decreased from 22 in fiscal Q1 2026 to 12 in fiscal Q1 2027. The company also reduced active land development projects during this period to prioritize its homebuilding operations.
3. Negative Analyst Sentiment and Price Target Revisions. Analyst sentiment turned more cautious during the period, contributing to the downward trend. Freedom Broker, for instance, reduced its price target for Amrep from $26.00 to $22.00 on September 15, 2026, while maintaining a "hold" rating. Similarly, Weiss Ratings lowered its rating for Amrep from a "hold (c)" to a "hold (c-)" on September 18, 2026. The consensus rating among analysts remains "Hold" with an average target price of $22.00.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -19.4% change in AXR stock from 6/30/2026 to 10/21/2026 was primarily driven by a -41.4% change in the company's Net Income Margin (%).| (LTM values as of) | 6302026 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.22 | 20.32 | -19.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 53 | 41 | -22.6% |
| Net Income Margin (%) | 24.4% | 14.3% | -41.4% |
| P/E Multiple | 10.4 | 18.5 | 77.3% |
| Shares Outstanding (Mil) | 5 | 5 | 0.1% |
| Cumulative Contribution | -19.4% |
Market Drivers
6/30/2026 to 10/21/2026| Return | Correlation | |
|---|---|---|
| AXR | -19.4% | |
| Market (SPY) | 3.5% | 1.8% |
| Sector (XLRE) | -4.5% | 17.6% |
Fundamental Drivers
The -27.8% change in AXR stock from 3/31/2026 to 10/21/2026 was primarily driven by a -41.4% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.13 | 20.32 | -27.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 53 | 41 | -22.6% |
| Net Income Margin (%) | 24.4% | 14.3% | -41.4% |
| P/E Multiple | 11.6 | 18.5 | 59.0% |
| Shares Outstanding (Mil) | 5 | 5 | 0.1% |
| Cumulative Contribution | -27.8% |
Market Drivers
3/31/2026 to 10/21/2026| Return | Correlation | |
|---|---|---|
| AXR | -27.8% | |
| Market (SPY) | 19.2% | 6.4% |
| Sector (XLRE) | 3.9% | 7.6% |
Fundamental Drivers
The -15.1% change in AXR stock from 9/30/2025 to 10/21/2026 was primarily driven by a -48.1% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 23.92 | 20.32 | -15.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 48 | 41 | -15.3% |
| Net Income Margin (%) | 27.5% | 14.3% | -48.1% |
| P/E Multiple | 9.5 | 18.5 | 93.4% |
| Shares Outstanding (Mil) | 5 | 5 | -0.2% |
| Cumulative Contribution | -15.1% |
Market Drivers
9/30/2025 to 10/21/2026| Return | Correlation | |
|---|---|---|
| AXR | -15.1% | |
| Market (SPY) | 17.0% | 22.9% |
| Sector (XLRE) | 2.5% | 19.8% |
Fundamental Drivers
The 20.8% change in AXR stock from 9/30/2023 to 10/21/2026 was primarily driven by a 340.3% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.82 | 20.32 | 20.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 48 | 41 | -14.9% |
| Net Income Margin (%) | 44.0% | 14.3% | -67.5% |
| P/E Multiple | 4.2 | 18.5 | 340.3% |
| Shares Outstanding (Mil) | 5 | 5 | -0.8% |
| Cumulative Contribution | 20.8% |
Market Drivers
9/30/2023 to 10/21/2026| Return | Correlation | |
|---|---|---|
| AXR | 20.8% | |
| Market (SPY) | 87.1% | 18.9% |
| Sector (XLRE) | 35.7% | 15.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AXR Return | 78% | -24% | 90% | 43% | -40% | 7% | 136% |
| Peers Return | 36% | -27% | 92% | -10% | -11% | -4% | 47% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| AXR Win Rate | 58% | 25% | 50% | 58% | 42% | 40% | |
| Peers Win Rate | 65% | 43% | 58% | 48% | 42% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AXR Max Drawdown | -32% | -34% | -22% | -32% | -44% | -31% | |
| Peers Max Drawdown | -25% | -47% | -26% | -31% | -33% | -29% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DHI, PHM, LGIH, KBH, FOR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/21/2026 (YTD)
How Low Can It Go
| Event | AXR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -35.0% | -18.8% |
| % Gain to Breakeven | 54.0% | 23.1% |
| Time to Breakeven | 342 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.7% | -9.5% |
| % Gain to Breakeven | 27.8% | 10.5% |
| Time to Breakeven | 25 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -31.5% | -24.5% |
| % Gain to Breakeven | 46.0% | 32.4% |
| Time to Breakeven | 141 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.6% | -33.7% |
| % Gain to Breakeven | 48.4% | 50.9% |
| Time to Breakeven | 150 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.9% | -19.2% |
| % Gain to Breakeven | 29.7% | 23.8% |
| Time to Breakeven | 713 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -26.6% | -3.7% |
| % Gain to Breakeven | 36.3% | 3.9% |
| Time to Breakeven | 496 days | 6 days |
In The Past
Amrep's stock fell -35.0% during the 2025 US Tariff Shock. Such a loss loss requires a 54.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | AXR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -35.0% | -18.8% |
| % Gain to Breakeven | 54.0% | 23.1% |
| Time to Breakeven | 342 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.7% | -9.5% |
| % Gain to Breakeven | 27.8% | 10.5% |
| Time to Breakeven | 25 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -31.5% | -24.5% |
| % Gain to Breakeven | 46.0% | 32.4% |
| Time to Breakeven | 141 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.6% | -33.7% |
| % Gain to Breakeven | 48.4% | 50.9% |
| Time to Breakeven | 150 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -22.9% | -19.2% |
| % Gain to Breakeven | 29.7% | 23.8% |
| Time to Breakeven | 713 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -26.6% | -3.7% |
| % Gain to Breakeven | 36.3% | 3.9% |
| Time to Breakeven | 496 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -29.3% | -12.2% |
| % Gain to Breakeven | 41.5% | 13.9% |
| Time to Breakeven | 153 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -39.0% | -6.8% |
| % Gain to Breakeven | 63.9% | 7.3% |
| Time to Breakeven | 159 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -40.2% | -0.2% |
| % Gain to Breakeven | 67.1% | 0.2% |
| Time to Breakeven | 1601 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -27.5% | -17.9% |
| % Gain to Breakeven | 37.9% | 21.8% |
| Time to Breakeven | 337 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -23.7% | -15.4% |
| % Gain to Breakeven | 31.1% | 18.2% |
| Time to Breakeven | 4051 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -54.4% | -53.4% |
| % Gain to Breakeven | 119.5% | 114.4% |
| Time to Breakeven | 5720 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -33.9% | -8.6% |
| % Gain to Breakeven | 51.3% | 9.5% |
| Time to Breakeven | 136 days | 47 days |
In The Past
Amrep's stock fell -35.0% during the 2025 US Tariff Shock. Such a loss loss requires a 54.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Amrep (AXR)
AMREP Corporation (AXR) is a real estate company primarily engaged in two core activities: land development and homebuilding. The company strategically develops and monetizes its substantial land holdings by preparing properties for sale and constructing residential units. Headquartered in Plymouth Meeting, Pennsylvania, AMREP has been operating in the real estate sector since its incorporation in 1961.
The Land Development segment is central to AMREP's business model. It owns significant tracts of land, notably approximately 18,000 acres in Rio Rancho, New Mexico, along with properties in Colorado, including one planned for around 410 homes. AMREP's main products in this segment are developed and undeveloped land lots, which it sells to a variety of customers, including residential homebuilders, commercial property developers, and industrial developers. Additionally, the company holds subsurface oil, gas, and mineral interests across a vast area of its Rio Rancho land, providing another potential asset.
Complementing its land sales, AMREP also operates a Homebuilding segment. In this area, the company focuses on constructing and selling residential properties. Its main products include single-family detached homes and attached townhomes. These homes are developed and marketed primarily to individual homebuyers and families seeking new residences within the communities AMREP is involved in.
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- A regional combination of a large land developer like The Howard Hughes Corporation and a major homebuilder like Lennar.
- Like a traditional homebuilder such as PulteGroup, but with the added business of owning, developing, and selling very large undeveloped land parcels to other developers.
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- Land Development: Selling developed and undeveloped land lots to various builders and developers.
- Homebuilding: Developing and selling single-family detached homes and attached townhomes.
- Mineral Rights Management: Holding and potentially leasing or developing subsurface oil, gas, and mineral interests.
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AMREP Corporation (AXR) primarily sells to other companies, particularly within its Land Development segment.
The company's major customers are:
- Homebuilders
- Commercial property developers
- Industrial property developers
The provided background information does not list the specific names or symbols of these customer companies.
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Christopher V. Vitale, President and Chief Executive Officer
Mr. Vitale has served as President and Chief Executive Officer of AMREP Corporation since September 18, 2017. Prior to this role, he was AMREP's Executive Vice President, Chief Administrative Officer, and General Counsel from September 2014, and Vice President and General Counsel from 2013 to 2014. He has been managing the company's operations as its principal executive officer since 2014, leading efforts to restructure and simplify its business portfolio and balance sheet.
Adrienne M. Uleau, Chief Financial Officer and Vice President
Ms. Uleau serves as the Chief Financial Officer and Vice President of AMREP Corporation. She is also noted as the contact person for investor relations.
Edward B. Cloues, II, Chairman of the Board
Mr. Cloues is the Chairman of the Board of AMREP Corporation. He previously served as Chairman of the Board and Chief Executive Officer of K-Tron International, Inc., an industrial manufacturer.
Timothy S. McNaney, Director
Mr. McNaney is a Director of AMREP Corporation. He previously held the position of Co-President at Twilight Homes of New Mexico, LLC.
Albert V. Russo, Director
Mr. Russo is a Director of AMREP Corporation. He is also a Managing Partner at Russo Associates, Pioneer Realty, and 401 Broadway Building, which are involved in commercial real estate.
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Key Risks to Amrep (AXR)
- Real Estate Market Volatility and Demand Fluctuations: Amrep's core business in land development and homebuilding is highly susceptible to market volatility. Fluctuations in demand, supply, prices, interest rates, and consumer preferences can significantly impact the viability and profitability of its projects. Management has indicated that revenues and margins may continue to fluctuate due to market uncertainty and affordability constraints, including higher mortgage rates and elevated home prices.
- Geographic Concentration: The company's operations are heavily concentrated in Rio Rancho, New Mexico, and its surrounding areas. This high geographic concentration makes Amrep particularly vulnerable to regional economic downturns or adverse changes in local market conditions and regulations, which could disproportionately affect its entire business.
- Regulatory and Entitlement Delays: Amrep has faced operational challenges, including delays in municipal entitlements, infrastructure availability, and utility response times. These delays can impact construction timelines, lead to cost overruns, and affect the progression of both land development and homebuilding projects.
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For Amrep (AXR), the following are identified as key drivers of future revenue growth over the next 2-3 years:
- Expansion of Homebuilding Operations: AMREP Corporation is strategically expanding its internal homebuilding business. This initiative aims to monetize its extensive land holdings, capture a larger share of the financial returns from its subdivisions, and improve its negotiating position when selling lots to external homebuilders. Recent reports indicate an intentional shift towards increasing the share of production from its homebuilding operations, with a notable increase in home sales.
- Strategic Monetization of Extensive Land Inventory: The company holds significant land assets, including approximately 18,000 acres in Rio Rancho, New Mexico, and around 160 acres in Colorado. The ongoing strategy involves the development and sale of these developed and undeveloped lots to homebuilders, as well as commercial and industrial property developers. This continuous monetization of its substantial land bank is a fundamental revenue driver.
- Improved Housing Market Conditions: A potential shift in monetary policy, such as a reduction in interest rates, is anticipated to unlock pent-up demand in the housing market. Such conditions would enhance housing affordability, thereby stimulating demand for both AMREP's developed lots and its homebuilding pipeline.
- Strategic Land Acquisition and Development: AMREP's forward-looking strategy includes the acquisition of new land for development. This focus on expanding its land portfolio ensures a pipeline for future projects and sustained growth in its land development and homebuilding segments.
- Increased Home Sales Volume and Pricing Power: The company has demonstrated the ability to increase home sales and has raised land and home prices to offset higher costs, indicating an ongoing effort to maximize revenue through both volume and strategic pricing in its homebuilding segment. Recent results show a significant increase in home sales year-to-date.
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Share Repurchases
- In March 2022, AMREP Corporation authorized a share repurchase program to buy back up to 2,096,061 shares, representing 28.6% of its outstanding share capital, at a price of $10.45 per share, totaling $21.9 million.
Share Issuance
- AMREP Corporation has maintained a stable share count with only a slight increase in common shares outstanding compared to prior periods, indicating limited dilution risk.
- For the nine months ended January 31, 2025, there was an issuance of deferred common share units amounting to $90,000.
- The number of common shares outstanding at April 30, 2025, was 5,287,449, and at March 10, 2026, it was 5,305,199, reflecting a minimal increase.
Capital Expenditures
- For the fiscal year 2025, AMREP Corporation had minimal investing cash flow of -$116,000, indicating limited cash used for long-term investments such as property or equipment.
- During the three months ended January 31, 2025, capital expenditures were reported as $0.
- The company has strategically shifted its focus towards expanding homebuilding operations, intentionally reducing land project activity. This involves increasing its portfolio of owned leased homes and adjusting inventory through sales, completions, and selective acquisitions.
Peer Outperformance in Real Estate Development
AXR has outperformed 80% of its 5 Real Estate Development peers over 5Y. Real Estate Development ranks 5th of 12 industries in Real Estate by median 5Y return.
Share of Real Estate Development constituents that AXR has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
50%
of 8 industry peers · -15.3% return
3Y
57%
of 7 industry peers · 22.3% return
5Y
80%
of 5 industry peers · 40.8% return
No Real Estate Development peer with a comparable growth profile has beaten AXR by more than 20pp over 5Y.
Median price return by industry across the Real Estate sector, ranked by 5Y. Real Estate Development is AXR's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 15 | 10.9% | 57.5% | 51.2% | WELL 217% · OHI 113% · CTRE 112% |
| Retail REITs | 22 | 6.3% | 37.7% | 25.1% | SKT 147% · SPG 86% · MAC 59% |
| Other Specialized REITs | 10 | 2.1% | 23.4% | 17.4% | IRM 203% · LAMR 68% · OUT 62% |
| Hotel & Resort REITs | 16 | 52.5% | 53.5% | 10.7% | HST 92% · RHP 84% · DRH 70% |
| Real Estate Development ← | 6 | -15.3% | 15.5% | 7.0% | JOE 53% |
| Industrial REITs | 11 | 4.5% | 37.2% | -6.7% | EGP 25% · FR 18% · TRNO 6% |
| Diversified REITs | 13 | 1.9% | 26.1% | -20.0% | WPC 9% · LXP 7% · EPRT 5% |
| Single-Family Residential REITs | 4 | -2.7% | 1.0% | -20.4% | AMH -10% · ELS -20% · INVH -21% |
| Multi-Family Residential REITs | 13 | -5.9% | 9.5% | -24.3% | ESS -1% · VMRK -11% · IRT -20% |
| Office REITs | 18 | -11.7% | 27.1% | -35.2% | CDP 46% · HIW -10% · SLG -10% |
| Real Estate Services | 26 | -28.9% | -22.0% | -35.6% | CBRE 32% · JLL 20% · NMRK -19% |
| Telecom Tower REITs | 3 | -10.0% | 7.3% | -43.4% | AMT -25% · CCI -43% · SBAC -45% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Amrep Earnings Notes | 12/16/2025 | |
| Would You Still Hold Amrep Stock If It Fell Another 30%? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 41.48 |
| Mkt Cap | 2.0 |
| Rev LTM | 3,453 |
| Op Inc LTM | 238 |
| FCF LTM | 207 |
| FCF 3Y Avg | 113 |
| CFO LTM | 208 |
| CFO 3Y Avg | 135 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -11.3% |
| Rev Chg 3Y Avg | -2.2% |
| Rev Chg Q | -4.8% |
| QoQ Delta Rev Chg LTM | -1.2% |
| Op Inc Chg LTM | -40.8% |
| Op Inc Chg 3Y Avg | -12.2% |
| Op Mgn LTM | 11.9% |
| Op Mgn 3Y Avg | 13.9% |
| QoQ Delta Op Mgn LTM | -0.7% |
| CFO/Rev LTM | 8.8% |
| CFO/Rev 3Y Avg | 6.1% |
| FCF/Rev LTM | 8.4% |
| FCF/Rev 3Y Avg | 5.5% |
Segment Financials
Revenue by Segment| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Land Development | 29 | 32 | 37 | 34 | 41 |
| Homebuilding | 24 | 17 | 15 | 14 | 11 |
| Corporate | 0 | 7 | |||
| Total | 53 | 50 | 51 | 49 | 59 |
| $ Mil | 2018 | 2017 | 2006 | 2002 | 2001 |
|---|---|---|---|---|---|
| Fulfillment Services | 5 | 1 | |||
| Real Estate | 0 | 1 | |||
| Corporate | -2 | -0 | -1 | -2 | |
| Distribution | 2 | 1 | -4 | ||
| Fulfillment | 4 | 1 | 2 | ||
| Real Estate Operations | 27 | ||||
| Home Building | -0 | -2 | |||
| Land Sales | 5 | 5 | |||
| Total | 4 | 1 | 33 | 6 | -1 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Land Development | 7 | 13 | 15 | 10 | 2 |
| Homebuilding | 3 | 3 | 2 | -0 | |
| Corporate | -3 | 5 | -1 | -3 | -8 |
| Total | 7 | 22 | 16 | 7 | -6 |
| $ Mil | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Land Development | 120 | 106 | 97 | 95 | 87 |
| Homebuilding | 23 | 23 | 13 | 6 | 6 |
| Corporate | 14 | 2 | |||
| Total | 142 | 129 | 111 | 116 | 95 |
Price Behavior
Price Behavior
| Market Price | $20.32 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 05/03/1973 | |
| Distance from 52W High | -28.4% | |
| 50 Days | 200 Days | |
| DMA Price | $22.15 | $24.28 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -8.3% | -16.3% |
| 3M | 1YR | |
| Volatility | 28.4% | 41.5% |
| Downside Capture | 62.64 | 86.22 |
| Upside Capture | -92.02 | 48.24 |
| Correlation (S&P 500) | 0.8% | 21.6% |
AXR Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.69 | 0.25 | -0.00 | 0.16 | 0.75 | 0.61 |
| Up Beta | 2.39 | -0.11 | 0.94 | 1.19 | 1.05 | 0.31 |
| Down Beta | -1.52 | -1.81 | -0.51 | -0.52 | 0.93 | 0.93 |
| Up Capture | 63% | 44% | -41% | -22% | 36% | 29% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 9 | 19 | 29 | 54 | 114 | 354 |
| Down Capture | 93% | 87% | 18% | 31% | 74% | 85% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 13 | 22 | 33 | 69 | 131 | 384 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AXR | |
|---|---|---|---|---|
| AXR | -15.8% | 41.5% | -0.32 | - |
| Sector ETF (XLRE) | 1.7% | 14.3% | -0.12 | 18.3% |
| Equity (SPY) | 16.2% | 12.7% | 0.90 | 22.2% |
| Gold (GLD) | -6.0% | 29.0% | -0.22 | 8.4% |
| Commodities (DBC) | 50.2% | 20.7% | 1.85 | 0.2% |
| Real Estate (VNQ) | 3.1% | 13.8% | -0.03 | 18.9% |
| Bitcoin (BTCUSD) | -25.3% | 43.4% | -0.55 | 15.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AXR | |
|---|---|---|---|---|
| AXR | 5.7% | 49.4% | 0.28 | - |
| Sector ETF (XLRE) | 1.7% | 19.1% | -0.02 | 14.5% |
| Equity (SPY) | 13.6% | 17.1% | 0.61 | 17.3% |
| Gold (GLD) | 17.7% | 18.9% | 0.76 | 4.0% |
| Commodities (DBC) | 9.5% | 19.5% | 0.37 | 2.3% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 14.9% |
| Bitcoin (BTCUSD) | 7.6% | 51.7% | 0.33 | 12.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AXR | |
|---|---|---|---|---|
| AXR | 10.1% | 47.9% | 0.38 | - |
| Sector ETF (XLRE) | 6.7% | 20.4% | 0.28 | 12.5% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 13.7% |
| Gold (GLD) | 12.2% | 16.4% | 0.61 | 2.3% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 5.5% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 13.1% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 4.0% |
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Returns Analyses
Earnings Returns History
Updated 10/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/11/2026 | -0.6% | -1.4% | -11.5% |
| 7/24/2026 | -9.1% | -8.5% | -9.7% |
| 3/12/2026 | 4.4% | 20.2% | 18.2% |
| 12/12/2025 | -4.5% | -6.3% | 7.8% |
| 9/9/2025 | 4.5% | 21.9% | 10.9% |
| 7/25/2025 | -6.2% | -7.3% | -7.6% |
| 3/7/2025 | -13.3% | -5.5% | -19.7% |
| 12/13/2024 | -11.2% | -12.4% | -11.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 14 |
| # Negative | 13 | 10 | 10 |
| Median Positive | 4.4% | 16.6% | 9.7% |
| Median Negative | -5.0% | -7.9% | -9.9% |
| Max Positive | 18.8% | 36.2% | 32.6% |
| Max Negative | -13.3% | -21.6% | -19.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/11/2026 | -0.6% | -1.4% | -11.5% |
| 7/24/2026 | -9.1% | -8.5% | -9.7% |
| 3/12/2026 | 4.4% | 20.2% | 18.2% |
| 12/12/2025 | -4.5% | -6.3% | 7.8% |
| 9/9/2025 | 4.5% | 21.9% | 10.9% |
| 7/25/2025 | -6.2% | -7.3% | -7.6% |
| 3/7/2025 | -13.3% | -5.5% | -19.7% |
| 12/13/2024 | -11.2% | -12.4% | -11.4% |
| 9/13/2024 | 18.8% | 36.2% | 32.6% |
| 7/23/2024 | -0.5% | 16.7% | 4.0% |
| 3/8/2024 | 1.9% | 5.9% | -5.3% |
| 12/11/2023 | -0.2% | 2.1% | 6.1% |
| 9/13/2023 | 2.0% | -3.8% | -7.1% |
| 7/25/2023 | -6.0% | -10.1% | -14.5% |
| 3/13/2023 | -1.6% | 16.5% | 26.1% |
| 12/12/2022 | 0.9% | 11.0% | 8.5% |
| 9/7/2022 | 2.4% | 6.9% | 4.1% |
| 7/21/2022 | 7.5% | 23.0% | 24.3% |
| 3/10/2022 | -7.3% | -21.6% | -10.1% |
| 12/8/2021 | -2.2% | 28.8% | 4.9% |
| 9/14/2021 | -5.0% | -11.9% | -8.1% |
| 7/27/2021 | 5.3% | 11.3% | 7.6% |
| 3/11/2021 | 18.3% | 29.6% | 31.6% |
| 12/8/2020 | 1.8% | 9.8% | 10.9% |
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 14 |
| # Negative | 13 | 10 | 10 |
| Median Positive | 4.4% | 16.6% | 9.7% |
| Median Negative | -5.0% | -7.9% | -9.9% |
| Max Positive | 18.8% | 36.2% | 32.6% |
| Max Negative | -13.3% | -21.6% | -19.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 09/11/2026 | 10-Q |
| 04/30/2026 | 07/24/2026 | 10-K |
| 01/31/2026 | 03/12/2026 | 10-Q |
| 10/31/2025 | 12/12/2025 | 10-Q |
| 07/31/2025 | 09/09/2025 | 10-Q |
| 04/30/2025 | 07/25/2025 | 10-K |
| 01/31/2025 | 03/07/2025 | 10-Q |
| 10/31/2024 | 12/13/2024 | 10-Q |
| 07/31/2024 | 09/13/2024 | 10-Q |
| 04/30/2024 | 07/23/2024 | 10-K |
| 01/31/2024 | 03/08/2024 | 10-Q |
| 10/31/2023 | 12/11/2023 | 10-Q |
| 07/31/2023 | 09/13/2023 | 10-Q |
| 04/30/2023 | 07/25/2023 | 10-K |
| 01/31/2023 | 03/13/2023 | 10-Q |
| 10/31/2022 | 12/12/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 09/11/2026 | 10-Q |
| 04/30/2026 | 07/24/2026 | 10-K |
| 01/31/2026 | 03/12/2026 | 10-Q |
| 10/31/2025 | 12/12/2025 | 10-Q |
| 07/31/2025 | 09/09/2025 | 10-Q |
| 04/30/2025 | 07/25/2025 | 10-K |
| 01/31/2025 | 03/07/2025 | 10-Q |
| 10/31/2024 | 12/13/2024 | 10-Q |
| 07/31/2024 | 09/13/2024 | 10-Q |
| 04/30/2024 | 07/23/2024 | 10-K |
| 01/31/2024 | 03/08/2024 | 10-Q |
| 10/31/2023 | 12/11/2023 | 10-Q |
| 07/31/2023 | 09/13/2023 | 10-Q |
| 04/30/2023 | 07/25/2023 | 10-K |
| 01/31/2023 | 03/13/2023 | 10-Q |
| 10/31/2022 | 12/12/2022 | 10-Q |
| 07/31/2022 | 09/07/2022 | 10-Q |
| 04/30/2022 | 07/21/2022 | 10-K |
| 01/31/2022 | 03/10/2022 | 10-Q |
| 10/31/2021 | 12/08/2021 | 10-Q |
| 07/31/2021 | 09/14/2021 | 10-Q |
| 04/30/2021 | 07/27/2021 | 10-K |
| 01/31/2021 | 03/11/2021 | 10-Q |
| 10/31/2020 | 12/08/2020 | 10-Q |
| 07/31/2020 | 09/09/2020 | 10-Q |
| 04/30/2020 | 07/27/2020 | 10-K |
| 01/31/2020 | 03/09/2020 | 10-Q |
| 10/31/2019 | 12/10/2019 | 10-Q |
Insider Activity
Updated 7/30/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Uleau, Adrienne | CFO and VP | Direct | Sell | 7302026 | 23.49 | 4,000 | 93,960 | 154,423 | Form |
| 2 | Dahl, James H | Direct | Buy | 6242026 | 25.58 | 3,075 | 78,667 | 12,835,045 | Form | |
| 3 | Dahl, James H | Direct | Buy | 6042026 | 26.62 | 1,500 | 39,934 | 13,274,907 | Form | |
| 4 | Dahl, James H | Direct | Buy | 5292026 | 26.16 | 4,000 | 104,646 | 13,005,745 | Form | |
| 5 | Dahl, James H | Direct | Buy | 5222026 | 24.50 | 5,000 | 122,491 | 12,080,871 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Uleau, Adrienne | CFO and VP | Direct | Sell | 7302026 | 23.49 | 4,000 | 93,960 | 154,423 | Form |
| 2 | Dahl, James H | Direct | Buy | 6242026 | 25.58 | 3,075 | 78,667 | 12,835,045 | Form | |
| 3 | Dahl, James H | Direct | Buy | 6042026 | 26.62 | 1,500 | 39,934 | 13,274,907 | Form | |
| 4 | Dahl, James H | Direct | Buy | 5292026 | 26.16 | 4,000 | 104,646 | 13,005,745 | Form | |
| 5 | Dahl, James H | Direct | Buy | 5222026 | 24.50 | 5,000 | 122,491 | 12,080,871 | Form | |
| 6 | Dahl, James H | Direct | Buy | 5152026 | 24.72 | 1,156 | 28,581 | 12,068,600 | Form | |
| 7 | Dahl, James H | Direct | Buy | 5012026 | 27.85 | 3,000 | 83,550 | 13,562,309 | Form | |
| 8 | Dahl, James H | Direct | Buy | 5012026 | 27.74 | 5,000 | 138,706 | 13,426,151 | Form | |
| 9 | McNaney, Timothy S | IRA Account | Buy | 4222026 | 28.17 | 1,765 | 49,720 | 49,720 | Form | |
| 10 | Dahl, James H | Direct | Buy | 4202026 | 27.25 | 1,519 | 41,393 | 13,052,123 | Form | |
| 11 | Dahl, James H | Direct | Buy | 4202026 | 27.66 | 1,000 | 27,658 | 13,205,772 | Form | |
| 12 | Dahl, James H | Direct | Buy | 4022026 | 27.92 | 2,060 | 57,521 | 13,304,137 | Form | |
| 13 | Dahl, James H | Direct | Buy | 3272026 | 26.30 | 4,000 | 105,211 | 12,477,934 | Form | |
| 14 | Dahl, James H | Direct | Buy | 3042026 | 25.69 | 3,200 | 82,220 | 12,086,359 | Form | |
| 15 | Dahl, James H | Direct | Buy | 2272026 | 25.98 | 2,000 | 51,960 | 12,137,695 | Form | |
| 16 | Dahl, James H | Direct | Buy | 2272026 | 25.67 | 5,000 | 128,356 | 11,942,144 | Form | |
| 17 | Dahl, James H | Direct | Buy | 2192026 | 25.18 | 4,000 | 100,715 | 11,554,443 | Form | |
| 18 | Dahl, James H | Direct | Buy | 2192026 | 24.87 | 6,842 | 170,184 | 11,314,840 | Form | |
| 19 | Dahl, James H | Direct | Buy | 2122026 | 23.48 | 3,000 | 70,451 | 10,419,589 | Form | |
| 20 | Dahl, James H | Direct | Buy | 2122026 | 21.60 | 6,124 | 132,262 | 9,517,910 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 10/21/2026