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AXR

AMREP Corporation

AXR

AMREP Corporation • NYSE
$22.05 ▲ 1.66% (+0.36)
Market Cap $117.00 M
52w High $39.67
52w Low $17.60
Dividend Yield 0%
P/E 8.89
Volume 370
Outstanding Shares 5.31M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2025 $17.851M ▲ $4.525M ▼ $4.692M ▲ 26.284% ▼ $0.88 ▲ $6.146M ▲
Q4-2024 $11.177M ▲ $10.744M ▲ $3.893M ▲ 34.83% ▲ $0.73 ▲ $3.588M ▲
Q3-2024 $7.52M ▼ $3.915M ▼ $717K ▼ 9.535% ▼ $0.13 ▼ $466K ▼
Q2-2024 $11.906M ▼ $4.485M ▲ $4.042M ▼ 33.949% ▲ $0.76 ▼ $3.144M ▼
Q1-2024 $19.091M $1.631M $4.064M 21.288% $0.77 $5.04M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2025 $48.938M ▲ $140.66M ▲ $5.931M ▲ $134.729M ▲
Q4-2024 $39.921M ▲ $67.067M ▼ $3.815M ▲ $129.961M ▲
Q3-2024 $36.936M ▼ $128.938M ▼ $2.962M ▼ $125.976M ▲
Q2-2024 $40.08M ▼ $129.081M ▲ $4.005M ▼ $125.076M ▲
Q1-2024 $40.35M $127.005M $4.834M $122.171M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2025 $4.692M ▲ $9.525M ▲ $-20K ▲ $-2K $9.503M ▲ $9.525M ▲
Q4-2024 $3.893M ▲ $2.969M ▲ $-437K ▼ $-2K ▲ $2.53M ▲ $2.969M ▲
Q3-2024 $717K ▼ $-3.236M ▼ $4K ▲ $-4K ▼ $-3.236M ▼ $-3.262M ▼
Q2-2024 $4.042M ▼ $-182K ▼ $-86K ▼ $-2K ▼ $-270K ▼ $-148K ▼
Q1-2024 $4.064M $10.691M $-34K $-1K $10.656M $10.657M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q1-2025
Land sale
Land sale
 $10.00M ▲$0 ▼$10.00M ▲$10.00M ▲
Other
Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Other Revenues
Other Revenues
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement AMREP’s income statement shows a small but consistently profitable real estate developer. Revenue has been fairly steady over the past several years, with modest growth rather than big jumps. Profitability has remained positive each year, and recent results suggest healthier margins than earlier in the period. Earnings per share have been quite volatile, which is typical of a land developer where the timing of land and lot sales can cause profits to swing from year to year, even when the underlying business is stable.

Balance Sheet

Balance Sheet The balance sheet looks conservative and straightforward. The company carries no financial debt and funds itself mainly through shareholder equity. Total assets and equity have been edging up over time, reflecting gradual value build in the land base and operations. Cash on hand has increased, giving AMREP a useful cushion to manage development cycles and regulatory delays. Overall, it appears asset-rich, cash-supportive, and lightly leveraged, which is a notable strength in a cyclical sector like real estate development.

Cash Flow

Cash Flow Cash flow is steady rather than spectacular, but importantly, it has been consistently positive from operations. Free cash flow has remained in positive territory, suggesting the core business generates enough cash to support itself without heavy external financing. Capital spending needs appear modest, fitting a model where the main asset is land already owned rather than expensive new facilities. The flip side is that cash generation can still be lumpy because it depends on when specific parcels or projects close.

Competitive Edge

Competitive Edge AMREP’s edge comes from what it owns and where it owns it. The company controls a large, long-held land position in and around Rio Rancho, New Mexico, a growing area near Albuquerque. Because this land was accumulated decades ago, AMREP is less exposed to today’s expensive land markets and acts as a key gatekeeper for new development in its region. Its long history with local authorities and familiarity with entitlements and infrastructure planning give it a practical advantage over new entrants. The main risk is geographic concentration: performance is heavily tied to the health, policy environment, and housing demand of a single metropolitan area.

Innovation and R&D

Innovation and R&D This is not a tech-driven story; AMREP’s “innovation” is mostly strategic. Its early acquisition of large tracts of land and its role in attracting major employers to Rio Rancho were forward-looking moves that still pay off today. More recently, it has adapted by running both a land development business and a homebuilding arm focused on smaller or more fragmented parcels that big builders may overlook. The company does not highlight advanced construction technology or digital tools, but it does emphasize flexible use of its land, potential commercial and industrial projects, and even optionality from underlying mineral rights, which could become more important over time if monetized.

Summary

AMREP is a niche, land-rich real estate developer with a long operating history and a concentrated bet on one growing region. Financially, it combines modest, steady revenue with consistent profitability, no financial debt, and positive cash flow, making it relatively conservative for a developer. Its main strength is a large, strategically located land bank in Rio Rancho, which provides a long runway for future projects and a structural cost advantage. Key uncertainties revolve around the pace of regional growth, local regulations and infrastructure, and the inherently uneven nature of land sales and development profits. Overall, the story is less about rapid expansion or flashy innovation and more about gradually unlocking the value of long-held land in a specific market.

NEWS

September 9, 2025 · 4:37 PM UTC

AMREP Reports First Quarter Fiscal 2026 Results

Read more