undamentalytics Newsletter
Sign in

Amrep Corp. (AXR) stock

Add to watchlist

Add holding +

NYSE: AXR NYSE Real Estate Development Next results ~December 11, 2026

B Fundamentals grade

Amrep Corp. is a US-listed company in the real estate development industry. Its financial year ends in April.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$34

Cash-flow model

Base case. Range ~$28–$43 across our lower- and higher-growth cases (-1%–9% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 67% above it.

Price used: $20.52, November 2, 2026

Amrep Corp. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 1 selling32 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds12 adding, 15 cuttingOf 3 active managers that changed their stake, 1 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Amrep files

Where Amrep stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $41m, down 15.3% on a year earlier, against growth of 6.3% a quarter earlier. Free-cash-flow margin fell to -0.9% from 17.6% a year earlier. Operating margin narrowed to 14.8% from 27.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 4 of our 5 financial-health checks. Our cash-flow model value is $34.30 a share, against a share price of $21.11.

Source: 10-Q filed September 11, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 11, 2026 (estimated)

Amrep Corp.'s trailing-twelve-month revenue fell 15.3% year on year, with a free-cash-flow margin of -0.9%. Where it stands out: long-term debt as % of assets of 0.0% ranks 1 of 10 real estate development companies we cover. Where it lags: revenue growth of -15.3% ranks 10 of 12 real estate development companies we cover.

Our discounted-cash-flow model values the business at ~$34 per share in the base case (~$28–$43 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well short of expectations: Reported earnings per share missed the analysts' consensus estimate by 89% in the quarter to 2026-07-31.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $20.52 is 67% below our value per share of $34.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 15.3% over the last 12 months.
  • Growth slowing. The growth rate is 21.6 points lower than a quarter earlier.
  • Margins narrowing. Operating margin is down 12.5 points on a year ago.
  • Burning cash. Free cash flow was -0.9% of revenue over the last 12 months.
  • Weak cash conversion. Free cash flow was -6% of net income over the last 12 months.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2027 Q1

Filed September 11, 2026
Earnings per share
$0.05 against an average estimate of $0.44: missed by 88.6%
Revenue
$6m, down 66.1% on a year earlier
Share reaction
-0.7% in the first session after the results on September 11, 2026, against +0.4% for the S&P 500

Amrep's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.7%
  • 1 week-0.3%
  • 1 month-4.7%
  • This year+9.1%
  • 1 year-4.5%
  • 5 years+44.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$41M
Operating margin
14.8%
Net margin
14.3%
EPS (TTM, diluted)
$1.09

Growth

Revenue growth
−15.3%
Change in growth rate
−21.6 pts
Share count change
+0.4%

Cash

Free cash flow (TTM)
-$367,000
FCF margin
-0.9%
Stock pay % of revenue
1.1%

Earnings

Last results
September 11, 2026
Next results (est.)
December 11, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results
  3. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Amrep Corp. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 9.5% a year for five years.That is close to the -7.0% a year revenue growth Amrep has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in-9.5%
  • Last 12 months-15.3%
  • 3 years a year-5.3%
  • 5 years a year-7.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($20.52, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$34
Price used
$20.52close November 3, 2026
Implied change
▲ +67%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Amrep Corp.'s free cash flow after stock-based pay with after-tax interest added back ($7.3M, FY2027 Q1 TTM), growing -1.6% and 7.1% in the next two years (forecasts, guidance and its record), then back to 4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$28–~$43 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Amrep Corp.'s free cash flow after stock-based pay ( $7.3M, FY2027 Q1 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Amrep Corp. as an operating company, with every model that fits that kind of business. Cost of equity 8.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.73 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$34 ~$28–$43 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: fewer than 5 peers with a usable multiple
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$48 ~$31–$75 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$48 ~$40–$59 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$41 ~$34–$48 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Amrep Corp. with Real Estate Development in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $29$36$45$57$73$94
8.5% $24$29$36$45$56$71
10% $21$25$30$37$46$57

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$4.45$6.01$7.25$5.58$4.84$10.70$12.86$13.90$20.28$22.55$27.55$20.52
Market value$36m$49m$59m$45m$39m$83m$93m$74m$108m$121m$149m$111m
+ Net debt (− = net cash)−$14m−$12m−$11m−$13m−$14m−$21m−$14m−$20m−$30m−$39m−$52m−$49m
Enterprise value$22m$37m$48m$32m$26m$62m$79m$54m$79m$82m$96m$62m
Multiples
Price / sales 0.9x1.1x6.6x3.5x2.1x2.1x1.6x1.5x2.1x2.4x2.8x2.7x
Price / earnings ——n/m29.8x—11.3x5.8x3.4x16.2x9.5x14.4x18.9x
Price / free cash flow 13.4x4.8x122.7x77.8x52.1x6.6x6.5x11.8x10.6x12.5x11.6x—
EV / EBITDA —————6.4x3.7x9.1x10.2x6.6x7.6x9.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

55 /100

Moderate moat

How hard Amrep's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Net income has been a median 5.7% of total assets over 10 years.

  • Durability 5 / 20

    Operating margin has been a median 16.2%; its worst year was -47.5%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 7 of 10 years, at a median 18.8% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 33.5% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (60 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.77 −60% $35m −33%
Next $1.38 +79% $45m +27%

Next year's EPS estimate has moved −26.2% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −56.7% on 90 days ago. In the last 30 days, 0 analysts raised Amrep Corp.'s forecast and 1 cut it.

Consensus EPS forecast Amrep Corp., last 90 days
$0.50 $1.00 $1.50 $2.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.78 Current fiscal year, 60 days ago: $1.78 Current fiscal year, 30 days ago: $1.55 Current fiscal year, 7 days ago: $1.55 Current fiscal year, Now: $0.77 $0.77 Next fiscal year, 90 days ago: $1.87 Next fiscal year, 60 days ago: $1.87 Next fiscal year, 30 days ago: $1.66 Next fiscal year, 7 days ago: $1.66 Next fiscal year, Now: $1.38 $1.38

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.78$1.87
60 days ago $1.78$1.87
30 days ago $1.55$1.66
7 days ago $1.55$1.66
Now $0.77$1.38

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $0.44 $0.05 −88.6%
Apr 2026 $0.43 $0.23 −46.5%
Jan 2026 $0.57 $0.58 +1.8%
Oct 2025 $0.44 $0.22 −50.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 11, 2026

No numeric guidance in Amrep Corp.'s latest earnings release (filed September 11, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Amrep Corp.'s revenue by -1.6% next year and +7.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-8.2%, weight 45%) and the company's own record (+4.0%, weight 55%) . How the weights are set.

Analyst recommendations

1 analysts, Oct 2026
Buy00%
Hold1100%
Sell00%

Monthly trend

  1. Oct 202611
  2. Sep 202611

Counts of recommendations published by analysts covering Amrep Corp., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.3%
of tradable shares
Days to cover
2.96
at average volume
Short interest, 1 month
+30%
to October 15, 2026
Held by institutions
42%
of shares
Held by insiders
46.3%
of shares
Employees
52
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −4.5%

$21.48 on October 31, 2025 to $20.52

ThenNowEffect
Revenue (last 12 months) $48m $41m −15.3%
Net margin 27.5% 14.3% −48.1%
P/E multiple 8.7x 18.9x +118.0%
Share count 5m 5m −0.4%

Biggest factor: p/e multiple.

Last 3 years +25.9%

$16.30 on November 3, 2023 to $20.52

ThenNowEffect
Revenue (last 12 months) $48m $41m −14.9%
Net margin 44.0% 14.3% −67.5%
P/E multiple 4.1x 18.9x +362.6%
Share count 5m 5m −1.6%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AXR+78%−24%+90%+43%−40%+9%
Industry peers (median)+8%−27%+44%−1%−11%−8%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AXR58%25%50%58%42%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AXR−32%−34%−22%−32%−44%−31%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 59% from September 19, 2018 to April 16, 2020. Getting back needed a 143% gain, reached on March 15, 2021, 333 days after the low.

Price behaviour

52-week range
$18.80 – $28.39
From 52-week high
−27.7%
vs 50-day average
−6.1%
vs 200-day average
−15.5%
Volatility (1 year)
41%
Beta vs S&P 500
0.67

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±6.6%
After a week
6 up, 6 down
typical move ±11.7%
After a month
6 up, 6 down
typical move ±11.0%
Results releasedNext dayS&P 500 next day5 days21 days
September 11, 2026 −0.7% +0.4% −1.5% −11.6%
July 24, 2026 −9.1% +0.1% −8.5% −9.7%
March 12, 2026 +3.6% −2.1% +19.3% +17.4%
December 12, 2025 −8.4% −1.2% −10.1% +3.4%
September 9, 2025 +1.4% +0.5% +18.4% +7.6%
July 25, 2025 −4.4% +0.4% −5.5% −5.8%
March 7, 2025 −13.6% −2.1% −5.8% −19.9%
December 13, 2024 −9.4% +0.4% −10.6% −9.6%
September 13, 2024 +19.8% +0.7% +37.4% +33.7%
July 23, 2024 −4.0% −2.4% +12.5% +0.2%
March 8, 2024 +2.6% −0.7% +6.7% −4.6%
December 11, 2023 +1.9% +0.8% +4.3% +8.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Amrep Corp. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Amrep Corp.
$40M $50M $60M $70M FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue (TTM), FY24 Q2: $41M Revenue (TTM), FY24 Q3: $44.5M Revenue (TTM), FY24 Q4: $51.4M Revenue (TTM), FY25 Q1: $60.2M Revenue (TTM), FY25 Q2: $63.2M Revenue (TTM), FY25 Q3: $58.1M Revenue (TTM), FY25 Q4: $49.7M Revenue (TTM), FY26 Q1: $48.5M Revenue (TTM), FY26 Q2: $45.9M Revenue (TTM), FY26 Q3: $53M Revenue (TTM), FY26 Q4: $52.8M Revenue (TTM), FY27 Q1: $41M $41M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY24 Q2 $41M
FY24 Q3 $44.5M
FY24 Q4 $51.4M
FY25 Q1 $60.2M
FY25 Q2 $63.2M
FY25 Q3 $58.1M
FY25 Q4 $49.7M
FY26 Q1 $48.5M
FY26 Q2 $45.9M
FY26 Q3 $53M
FY26 Q4 $52.8M
FY27 Q1 $41M
Revenue growth, TTM YoY Amrep Corp.
-50% 0% 50% 100% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue growth, TTM YoY, FY24 Q2: -30.6% Revenue growth, TTM YoY, FY24 Q3: -23.7% Revenue growth, TTM YoY, FY24 Q4: 5.5% Revenue growth, TTM YoY, FY25 Q1: 24.7% Revenue growth, TTM YoY, FY25 Q2: 54.3% Revenue growth, TTM YoY, FY25 Q3: 30.4% Revenue growth, TTM YoY, FY25 Q4: -3.3% Revenue growth, TTM YoY, FY26 Q1: -19.5% Revenue growth, TTM YoY, FY26 Q2: -27.3% Revenue growth, TTM YoY, FY26 Q3: -8.7% Revenue growth, TTM YoY, FY26 Q4: 6.3% Revenue growth, TTM YoY, FY27 Q1: -15.3% -15.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 -30.6%
FY24 Q3 -23.7%
FY24 Q4 5.5%
FY25 Q1 24.7%
FY25 Q2 54.3%
FY25 Q3 30.4%
FY25 Q4 -3.3%
FY26 Q1 -19.5%
FY26 Q2 -27.3%
FY26 Q3 -8.7%
FY26 Q4 6.3%
FY27 Q1 -15.3%
Operating margin (TTM) Amrep Corp.
0% 10% 20% 30% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Operating margin (TTM), FY24 Q2: 4.6% Operating margin (TTM), FY24 Q3: 4.9% Operating margin (TTM), FY24 Q4: 14.8% Operating margin (TTM), FY25 Q1: 17.6% Operating margin (TTM), FY25 Q2: 20.0% Operating margin (TTM), FY25 Q3: 22.8% Operating margin (TTM), FY25 Q4: 24.4% Operating margin (TTM), FY26 Q1: 27.4% Operating margin (TTM), FY26 Q2: 24.5% Operating margin (TTM), FY26 Q3: 26.1% Operating margin (TTM), FY26 Q4: 23.4% Operating margin (TTM), FY27 Q1: 14.8% 14.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q2 4.6%
FY24 Q3 4.9%
FY24 Q4 14.8%
FY25 Q1 17.6%
FY25 Q2 20.0%
FY25 Q3 22.8%
FY25 Q4 24.4%
FY26 Q1 27.4%
FY26 Q2 24.5%
FY26 Q3 26.1%
FY26 Q4 23.4%
FY27 Q1 14.8%
FCF margin (TTM) Amrep Corp.
-10% 0% 10% 20% 30% 40% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 FCF margin (TTM), FY24 Q2: 22.1% FCF margin (TTM), FY24 Q3: 24.4% FCF margin (TTM), FY24 Q4: 20.0% FCF margin (TTM), FY25 Q1: 31.8% FCF margin (TTM), FY25 Q2: 29.9% FCF margin (TTM), FY25 Q3: 24.7% FCF margin (TTM), FY25 Q4: 19.4% FCF margin (TTM), FY26 Q1: 17.6% FCF margin (TTM), FY26 Q2: 9.7% FCF margin (TTM), FY26 Q3: 24.7% FCF margin (TTM), FY26 Q4: 24.2% FCF margin (TTM), FY27 Q1: -0.9% -0.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 22.1%
FY24 Q3 24.4%
FY24 Q4 20.0%
FY25 Q1 31.8%
FY25 Q2 29.9%
FY25 Q3 24.7%
FY25 Q4 19.4%
FY26 Q1 17.6%
FY26 Q2 9.7%
FY26 Q3 24.7%
FY26 Q4 24.2%
FY27 Q1 -0.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Amrep took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $52.8M
  2. Other income $1.7M · 3.3%
  3. Selling, general and admin $9M · 17.1%
  4. Other operating costs $31.4M · 59.5%
  5. Operating income $12.4M · 23.4%
  6. Income tax $3.8M · 7.3%
  7. Net income $10.3M · 19.5%

Shares of revenue. Source: Amrep's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Apr 2010 2011 Apr 2011 2012 Apr 2012 2013 Apr 2013 2014 Apr 2014 2015 Apr 2015 2016 Apr 2016 2017 Apr 2017 2018 Apr 2018 2019 Apr 2019 2020 Apr 2020 2021 Apr 2021 2022 Apr 2022 2023 Apr 2023 2024 Apr 2024 2025 Apr 2025 2026 Apr 2026 LTM Jul 2026
Income
Revenue 120 97 85 83 62 50 42 42 9 13 19 40 59 49 51 50 53 41
Gross profit — — — — — — — — 3 2 5 — — — — — — —
EBITDA — — — — — — — — — −3 −7 10 22 6 8 12 13 6
Operating income — — — — — — — — — −3 −8 9 21 6 8 12 12 6
Net income −9 −8 −1 −3 −3 11 −10 −0 0 2 −6 7 16 22 7 13 10 6
Diluted EPS −$1.58 −$1.26 −$0.19 −$0.47 −$0.42 $1.43 −$1.27 $0.00 $0.03 $0.19 −$0.73 $0.95 $2.21 $4.11 $1.25 $2.37 $1.91 $1.09
Growth (year on year)
Revenue — −19.6% −11.9% −2.8% −25.1% −19.9% −16.3% +1.7% −78.9% +43.7% +46.4% +113.3% +47.1% −17.4% +5.5% −3.3% +6.3% −15.3%
EBITDA — — — — — — — — — — — — +124.2% −72.6% +31.5% +58.5% +3.4% −52.5%
Operating income — — — — — — — — — — — — +135.5% −72.6% +30.4% +59.3% +2.4% −54.1%
Net income — — — — — — −190.3% — — +541.6% −486.6% — +114.6% +37.4% −69.3% +90.1% −19.1% −56.0%
Diluted EPS — — — — — — −188.8% — — +533.3% −484.2% — +132.6% +86.0% −69.6% +89.6% −19.4% −56.2%
Margins
Gross margin — — — — — — — — 32.1% 16.0% 29.1% — — — — — — —
EBITDA margin — — — — — — — — — −20.4% −39.5% 24.0% 36.5% 12.1% 15.1% 24.7% 24.0% 15.6%
Operating margin — — — — — — — — — −25.1% −42.4% 22.6% 36.2% 12.0% 14.8% 24.4% 23.4% 14.8%
Net margin −7.9% −7.8% −1.3% −3.4% −4.7% 22.7% −24.5% −0.0% 2.7% 11.9% −31.4% 18.4% 26.9% 44.8% 13.0% 25.6% 19.5% 14.3%
Free-cash-flow margin 4.8% 5.0% 5.6% −15.3% 6.8% 17.7% 6.4% 24.0% 5.4% 4.6% 4.0% 31.5% 24.1% 12.9% 20.0% 19.4% 24.2% −0.9%
Cash flow
Cash from operations 9 6 6 −12 5 10 3 10 1 1 1 13 15 6 11 10 13 −0
Capital spending 3 1 1 1 1 1 1 0 0 0 0 0 1 0 0 1 0 0
Free cash flow 6 5 5 −13 4 9 3 10 0 1 1 13 14 6 10 10 13 −0
Stock-based pay — — 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Free cash flow after stock pay — — 5 −13 4 9 3 10 0 0 1 12 14 6 10 9 12 −1
Balance sheet
Cash 26 26 28 3 8 12 15 12 11 13 18 25 16 20 30 39 52 49
Total debt 0 24 21 5 15 14 1 — 0 0 4 3 2 0 0 0 0 0
Net debt (negative = net cash) −26 −2 −7 2 8 2 −14 −12 −11 −13 −14 −21 −14 −20 −30 −39 −52 −49
Diluted shares — 6m 6m 6m 7m 8m 8m 8m 8m 8m 8m 8m 7m 5m 5m 5m 5m 5m
Returned to shareholders
Buybacks — — — — — — — — — — 0 5 22 0 — — — —
Total returned — — — — — — — — — — 0 5 22 0 — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 5 checks passed · July 31, 2026
  • Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $49m of cash against $17,000 of debt.
  • Debt below 40% of shareholders' equity Debt is 0% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 6% to 0% over five years.
  • A year's operating cash flow covers at least 20% of debt −$281,000 of operating cash flow against $17,000 of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Amrep Corp.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+0.4%
year over year

Competitors: side by side with peers

Closest by revenue in real estate development
Last 12 months unless stated AXR SKYH LPA TRC MRNO MLP Median
Revenue, last 12 months $41m $34m $50m $57m $60m $16m $53m
Revenue growth, last 12 months −15.3% 62.2% 14.3% 25.4% 48.4% −4.1% 11.4%
Revenue growth, 3-year average −5.3% 106.1% — 8.1% — 19.4% 10.8%
Revenue growth, latest quarter −66.1% 49.6% — 71.7% — −19.6% 0.6%
Gross margin 32.3% — — 32.9% — — 32.9%
Operating margin 14.8% −80.8% 81.7% −0.9% — −36.3% −0.9%
Operating margin, 3-year average 19.9% −122.6% — −8.1% — −44.2% −26.1%
Net margin 14.3% 2.7% 20.9% 10.6% −24.8% −28.6% 6.3%
Cash from operations / revenue −0.7% 0.7% — 21.9% 8.1% 2.2% 2.2%
Free-cash-flow margin −0.9% −16.2% — 69.8% −17.1% −4.5% −4.5%
Free-cash-flow margin, 3-year average 16.2% −60.1% — −25.3% — −10.2% −17.7%
Stock pay / revenue 1.1% 19.5% 4.1% 2.5% — 24.3% 4.1%
Change in share count 0.4% — 2.4% 0.7% 3.1% −0.5% 0.7%

Median of all 12 companies we cover in real estate development. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

12 real estate development companies
Measure Company Peer median Rank
Revenue growth Growth -15.3% 11.8% 10 of 12
Change in growth rate Growth -21.6pp -8.6pp 10 of 12
Operating margin Profitability 14.8% -0.9% 3 of 8
Net margin Profitability 14.3% 9.9% 4 of 12
Free-cash-flow margin Cash generation -0.9% -4.5% 5 of 11
Stock pay as % of revenue Cash generation 1.1% 4.1% 3 of 9
Long-term debt as % of assets Balance sheet 0.0% 24.1% 1 of 10
Change in share count Balance sheet 0.4% 0.7% 4 of 9

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to April 30, 2026
Products and services
Line of business Revenue Share YoY
Land Sale and Home Sale $52.8M 100.0% ▲ 6.3%
Home Sales $28.7M 54.3% ▲ 35.1%
Land Sale $20.6M 38.9% ▼ 19.8%
Other $3.6M 6.7% ▲ 27.1%

From Amrep Corp.'s 10-K filed July 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$55.6M
Institutions reporting
38
Shares held vs prior quarter
▼ 3.8%
Positions opened / closed
6 / 6

Top buyers and sellers, Q2 2026: 12 institutions bought and 15 sold ; the biggest buyer was O'Shaughnessy Asset Management, LLC (+13K shares) and the biggest seller Gate City Capital Management, LLC (−33K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Robotti Robert $13.2M 522K 23.7% 0.0%
Dimensional Fund Advisors LP $5M 197K 8.9% ▲ 2.0%
Cerity Partners LLC $4.2M 168K 7.6% ▼ 0.8%
Truffle Hound Capital, LLC $4M 160K 7.3% 0.0%
Vanguard Capital Management LLC $3.6M 144K 6.5% ▼ 3.9%
Jb Capital Partners LP $3.6M 141K 6.4% 0.0%
Cresset Asset Management, LLC $3.3M 129K 5.9% 0.0%
Renaissance Technologies LLC $2.9M 116K 5.3% ▼ 2.9%
Bridgeway Capital Management, LLC $2.8M 111K 5.1% 0.0%
Oppenheimer & Close, LLC $1.7M 67K 3.0% 0.0%
Gate City Capital Management, LLC $1.3M 53K 2.4% ▼ 38.3%
Mink Brook Asset Management LLC $1.3M 51K 2.3% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Amrep Corp.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $1.8M 32 trades by 3 insiders, last 12 months Insider sales History → $93,960 1 trade by 1 insider · 0% under pre-set plans
Net ▲ $1.7M net buying
Insider Date Trade Shares Price Value
Uleau Adrienne CFO and VP July 30, 2026 Sell 4,000 $23.49 $93,960
Dahl James H 10% owner June 22, 2026 Buy 3,075 $25.58 $78,658
Lancaster Rainey E. 10% owner June 2, 2026 Buy 1,500 $26.62 $39,930
Dahl James H 10% owner May 29, 2026 Buy 3,000 $25.67 $77,010
Dahl James H 10% owner May 29, 2026 Buy 1,000 $27.63 $27,630
Dahl James H 10% owner May 20, 2026 Buy 5,000 $24.50 $122,500
Lancaster Rainey E. 10% owner May 13, 2026 Buy 1,156 $24.72 $28,576
Lancaster Rainey E. 10% owner May 1, 2026 Buy 3,000 $27.85 $83,550
Lancaster Rainey E. 10% owner April 29, 2026 Buy 5,000 $27.74 $138,700
Mcnaney Timothy S Director April 21, 2026 Buy 1,765 $28.17 $49,720
Dahl James H 10% owner April 20, 2026 Buy 1,519 $27.25 $41,393
Dahl James H 10% owner April 17, 2026 Buy 1,000 $27.66 $27,660

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around December 11, 2026 estimated from the company's past filing pattern, not announced

  • September 11, 2026
  • July 24, 2026
  • March 12, 2026
  • December 12, 2025
  • September 9, 2025
  • July 25, 2025

Recent SEC filings

Data status

When each part of this page on Amrep Corp. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Amrep Corp. in brief

What does Amrep Corp. do?
Amrep Corp. is a US-listed company in the real estate development industry. Its financial year ends in April.
What is Amrep Corp.'s stock ticker?
Amrep Corp. trades under the ticker AXR on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Amrep Corp.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Amrep Corp. reported revenue of $41M, 15.3% lower than a year earlier, according to its SEC filings.
What is Amrep Corp.'s free cash flow?
Amrep Corp.'s free-cash-flow margin is -0.9% of revenue over the trailing twelve months, ranking 5 of the 11 real estate development companies we cover.
What is Amrep Corp.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Amrep Corp.'s free cash flow after stock-based pay gives ~$34 per share in the base case, and ~$28–$43 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Amrep Corp.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Robotti Robert, Dimensional Fund Advisors LP and Cerity Partners LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Amrep Corp.'s market cap?
On November 2, 2026, Amrep Corp.'s market capitalisation was about $111M, with a price-to-earnings ratio of 18.9 and net debt of -$48.7M. Market figures come from third-party market data and may be delayed.
How much debt does Amrep Corp. have?
Amrep Corp.'s debt-to-equity ratio is 0.0%, from its latest balance sheet (6.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Amrep Corp.'s competitors?
In our Real Estate Development peer group, the companies closest to Amrep Corp. are Sky Harbour Group Corp, Logistic Properties Of The Americas, Tejon Ranch Co, Murano Global Investments plc and Maui Land & Pineapple Co Inc. The side-by-side comparison below sets their revenue, margins and growth against Amrep Corp.'s.
Are insiders buying or selling Amrep Corp. stock?
Over the last 12 months, Amrep Corp.'s directors and officers reported 32 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Amrep Corp.'s next earnings date?
Around December 11, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Amrep Corp. announces its own schedule.