Wheeler Real Estate Investment Trust, Inc. is a US-listed company in the retail REITs industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $95m, down 7.2% on a year earlier, a steeper fall than the 3.8% decline a quarter earlier. That puts it 23 of 23 for growth among the retail reits companies we cover.
Our model value for Wheeler Real Estate Investment Trust is under review, so past values are not shown until it is resolved.
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.
Wheeler Real Estate Investment Trust, Inc.'s trailing-twelve-month revenue fell 7.2% year on year, with a free-cash-flow margin of 7.3%. Where it lags: revenue growth of -7.2% ranks 24 of 24 retail reits companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 7.1% while net income grew 672.9%: a 680pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No model value for Wheeler Real Estate Investment Trust, Inc. at the moment. Current status: no valuation model gives a value we can rate yet. Available reported financials are shown below.
Moderate moat
How hard Wheeler Real Estate Investment Trust'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.
Net income has been a median -1.3% of total assets over 10 years.
Operating margin has been a median 29.5%; its worst year was 0.4%.
Free cash flow was positive in 9 of 10 years, at a median 20.7% of revenue.
The diluted share count rose 50.6% over five years; stock-based pay has been a median 1.5% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
Next results: November 12, 2026, after the close.
No analyst estimates are published for Wheeler Real Estate Investment Trust, Inc.: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Dec 2017 | −$211598754000.00 | −$218769588000.00 | −3.4% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| WHLR | −30% | −28% | −98% | −100% | −100% | −100% |
| Industry peers (median) | +51% | −11% | +7% | +15% | −3% | +11% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| WHLR | 42% | 50% | 8% | 17% | 8% | 0% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| WHLR | −66% | −56% | −99% | −100% | −100% | −100% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 100% from February 27, 2017 to November 2, 2026. Getting back needed a 5088813138271647% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 6, 2026 | −14.1% | +0.5% | −20.3% | −79.8% |
| May 8, 2026 | −6.1% | +1.1% | −1.8% | −22.9% |
| March 5, 2026 | −26.8% | −1.9% | −23.6% | −55.7% |
| November 6, 2025 | −28.3% | −1.0% | −24.8% | −8.1% |
| August 5, 2025 | −15.0% | +0.3% | −34.2% | −48.7% |
| May 6, 2025 | −17.2% | −0.4% | −10.9% | −40.6% |
| March 4, 2025 | −39.8% | −0.1% | −48.0% | −69.1% |
| November 7, 2024 | −6.7% | +1.2% | −15.6% | −67.5% |
| August 6, 2024 | +1.9% | +0.2% | −12.3% | +30.6% |
| May 6, 2024 | −2.2% | +1.1% | −11.6% | −46.6% |
| March 5, 2024 | +16.7% | −0.5% | +17.2% | −13.3% |
| November 7, 2023 | −2.7% | +0.4% | −16.2% | +47.8% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $103.1M |
| FY23 Q4 | $102.3M |
| FY24 Q1 | $102.1M |
| FY24 Q2 | $103.6M |
| FY24 Q3 | $103.2M |
| FY24 Q4 | $104.6M |
| FY25 Q1 | $103.1M |
| FY25 Q2 | $102.8M |
| FY25 Q3 | $101.9M |
| FY25 Q4 | $99.4M |
| FY26 Q1 | $99.1M |
| FY26 Q2 | $95.5M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 57.9% |
| FY23 Q4 | 33.5% |
| FY24 Q1 | 17.1% |
| FY24 Q2 | 7.3% |
| FY24 Q3 | 0.1% |
| FY24 Q4 | 2.2% |
| FY25 Q1 | 0.9% |
| FY25 Q2 | -0.7% |
| FY25 Q3 | -1.3% |
| FY25 Q4 | -4.9% |
| FY26 Q1 | -3.8% |
| FY26 Q2 | -7.2% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | 31.3% |
| FY23 Q4 | 28.7% |
| FY24 Q1 | 29.7% |
| FY24 Q2 | 34.2% |
| FY24 Q3 | 38.8% |
| FY24 Q4 | 35.9% |
| FY25 Q1 | 40.9% |
| FY25 Q2 | 44.4% |
| FY25 Q3 | 36.5% |
| FY25 Q4 | 43.5% |
| FY26 Q1 | 41.6% |
| FY26 Q2 | 38.6% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 4.0% |
| FY23 Q4 | 0.9% |
| FY24 Q1 | 2.4% |
| FY24 Q2 | -2.4% |
| FY24 Q3 | -0.6% |
| FY24 Q4 | 3.3% |
| FY25 Q1 | 4.6% |
| FY25 Q2 | 7.3% |
| FY25 Q3 | 7.6% |
| FY25 Q4 | 4.0% |
| FY26 Q1 | 4.3% |
| FY26 Q2 | 7.3% |
| Fiscal year | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||||
| Revenue | 2 | 2 | 8 | 15 | 28 | 44 | 59 | 65 | 63 | 61 | 61 | 77 | 102 | 105 | 99 | 95 |
| EBITDA | 1 | 1 | 1 | 1 | 4 | 20 | 28 | 30 | 32 | 36 | 34 | 44 | 58 | 63 | 66 | 58 |
| Operating income | 0 | −0 | −2 | −6 | −12 | −0 | 2 | 2 | 11 | 18 | 20 | 25 | 29 | 38 | 43 | 37 |
| Net income | −1 | −1 | −4 | −11 | −18 | −11 | −12 | −17 | −8 | 0 | −9 | −12 | −5 | −10 | 9 | 17 |
| Diluted EPS | — | −$3.50 | −$8.20 | −$14.40 | −$213.20 | −$1.89 | −$2.54 | −$3.17 | −$2.34 | −$0.96 | −$1.36 | −$22.04 | −$13157.97 | −$346484.38 | −$36.01 | — |
| Growth (year on year) | ||||||||||||||||
| Revenue | — | +26.4% | +212.7% | +95.1% | +85.9% | +59.9% | +32.6% | +11.5% | −3.2% | −3.4% | +0.5% | +25.0% | +33.5% | +2.2% | −4.9% | −7.2% |
| EBITDA | — | −41.5% | +114.8% | −2.6% | +263.3% | +359.3% | +36.6% | +6.3% | +8.9% | +11.0% | −3.9% | +28.7% | +31.2% | +8.5% | +5.3% | −17.0% |
| Operating income | — | −195.3% | — | — | — | — | — | +57.1% | +342.1% | +69.7% | +5.9% | +26.1% | +19.6% | +27.6% | +15.2% | −19.3% |
| Net income | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | +672.9% |
| Margins | ||||||||||||||||
| EBITDA margin | 51.7% | 23.9% | 16.4% | 8.2% | 16.0% | 46.1% | 47.5% | 45.3% | 50.9% | 58.5% | 56.0% | 57.6% | 56.6% | 60.1% | 66.5% | 60.8% |
| Operating margin | 13.1% | −9.8% | −23.0% | −41.5% | −45.1% | −0.7% | 2.7% | 3.8% | 17.2% | 30.2% | 31.8% | 32.1% | 28.7% | 35.9% | 43.5% | 38.6% |
| Net margin | −28.8% | −47.7% | −48.1% | −71.0% | −63.4% | −25.4% | −20.7% | −25.3% | −12.7% | 0.4% | −15.4% | −16.2% | −4.6% | −9.2% | 8.8% | 17.8% |
| Free-cash-flow margin | 16.4% | −13.9% | −41.5% | −20.2% | −21.2% | 20.9% | 28.2% | 25.2% | 19.9% | 22.1% | 17.3% | 29.0% | 0.9% | 3.3% | 4.0% | 7.3% |
| Cash flow | ||||||||||||||||
| Cash from operations | 0 | −0 | −2 | −2 | −5 | 11 | 24 | 22 | 15 | 16 | 17 | 31 | 21 | 26 | 21 | 20 |
| Capital spending | 0 | 0 | 1 | 1 | 1 | 2 | 7 | 6 | 3 | 2 | 6 | 9 | 20 | 23 | 17 | 13 |
| Free cash flow | 0 | −0 | −3 | −3 | −6 | 9 | 17 | 16 | 13 | 14 | 11 | 22 | 1 | 3 | 4 | 7 |
| Stock-based pay | — | — | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | — | — | — | — |
| Free cash flow after stock pay | — | — | −3 | −3 | −6 | 8 | 16 | 15 | 13 | 14 | 11 | 22 | — | — | — | — |
| Balance sheet | ||||||||||||||||
| Cash | 0 | 2 | 1 | 10 | 10 | 5 | 4 | 4 | 5 | 8 | 23 | 28 | 18 | 43 | 24 | 32 |
| Total debt | 0 | 32 | 95 | 122 | 185 | 306 | 308 | 364 | 343 | 347 | 336 | 482 | 496 | 500 | 483 | 472 |
| Net debt (negative = net cash) | −0 | 30 | 93 | 112 | 174 | 301 | 304 | 361 | 337 | 339 | 314 | 454 | 477 | 457 | 459 | 440 |
| Diluted shares | — | — | — | — | — | — | — | — | — | — | — | — | 2m | — | — | — |
| Returned to shareholders | ||||||||||||||||
| Dividends | — | 0 | 3 | 5 | 14 | 18 | 21 | 15 | 0 | — | 0 | 3 | 11 | 10 | 7 | 5 |
| Total returned | — | 0 | 3 | 5 | 14 | 18 | 21 | 15 | 0 | — | 0 | 3 | 11 | 10 | 7 | 5 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 25 | 28 | 24 | 26 | 24 | 25 | 24 | 22 |
| EBITDA | 20 | 11 | 18 | 21 | 11 | 16 | 15 | 16 |
| Operating income | 14 | 5 | 12 | 15 | 5 | 11 | 10 | 11 |
| Net income | −33 | 37 | 1 | −2 | 12 | −1 | −2 | 9 |
| Diluted EPS | −$129727.27 | −$40201.89 | −$14215.77 | −$17105.08 | −$0.83 | −$21.24 | −$14.55 | $0.24 |
| Growth (year on year) | ||||||||
| Revenue | −1.6% | +5.3% | −5.9% | −0.8% | −3.9% | −8.8% | −1.4% | −13.9% |
| EBITDA | +24.6% | −23.4% | +30.5% | +15.9% | −44.8% | +48.6% | −16.1% | −24.8% |
| Operating income | +49.6% | −35.3% | +62.4% | +29.8% | −60.5% | +129.3% | −16.1% | −29.7% |
| Net income | — | +127.7% | — | — | — | −102.2% | −570.9% | — |
| Diluted EPS | — | <−999% | — | — | — | — | — | — |
| Margins | ||||||||
| EBITDA margin | 81.2% | 38.9% | 75.4% | 79.4% | 46.6% | 63.4% | 64.2% | 69.4% |
| Operating margin | 56.0% | 16.8% | 49.9% | 57.3% | 23.1% | 42.2% | 42.4% | 46.8% |
| Net margin | −134.4% | 135.7% | 2.1% | −9.4% | 48.4% | −3.3% | −10.0% | 38.4% |
| Free-cash-flow margin | 2.9% | 5.6% | 9.7% | 11.1% | 4.1% | −8.7% | 10.8% | 24.9% |
| Cash flow | ||||||||
| Cash from operations | 7 | 5 | 4 | 9 | 5 | 2 | 4 | 8 |
| Capital spending | 7 | 4 | 2 | 6 | 4 | 5 | 2 | 2 |
| Free cash flow | 1 | 2 | 2 | 3 | 1 | −2 | 3 | 6 |
| Last 12 months unless stated | WHLR | PINE | NTST | GTY | CURB | BFS | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $95m | $76m | $237m | $240m | $247m | $302m | $516m |
| Revenue growth, last 12 months | −7.2% | 31.9% | 27.1% | 12.3% | 50.6% | 8.7% | 8.5% |
| Revenue growth, 3-year average | −0.4% | 18.4% | 24.7% | 9.9% | — | 6.5% | 8.2% |
| Revenue growth, latest quarter | −13.9% | 40.5% | 37.2% | 13.3% | 46.2% | 8.4% | 7.1% |
| Operating margin | 38.6% | 41.1% | — | 63.5% | — | 67.0% | 44.2% |
| Operating margin, 3-year average | 39.1% | 29.0% | — | 56.9% | — | 54.5% | 35.7% |
| Net margin | 17.8% | 16.5% | 9.2% | 42.4% | 11.2% | 11.5% | 26.8% |
| Cash from operations / revenue | 21.2% | 23.6% | 56.4% | 58.0% | 55.2% | 34.0% | 48.6% |
| Free-cash-flow margin | 7.3% | −127.2% | 56.3% | 57.9% | 13.0% | 13.5% | 20.3% |
| Free-cash-flow margin, 3-year average | 4.0% | −192.6% | 57.6% | 60.4% | 16.7% | 19.8% | 20.1% |
| Stock pay / revenue | 0.0% | 0.5% | 2.9% | 2.5% | 4.8% | 0.7% | 1.7% |
| Change in share count | 0.4% | 11.5% | 20.0% | 8.2% | 3.8% | 0.6% | 2.6% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -7.2% | 8.7% | 24 of 24 |
| Change in growth rate Growth | -3.3pp | -0.3pp | 19 of 24 |
| Operating margin Profitability | 38.6% | 47.7% | 12 of 16 |
| Net margin Profitability | 17.8% | 29.8% | 15 of 24 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | YoY |
|---|---|---|
| Base Rent | $69.1M | ▼ 5.8% |
| Tenant Reimbursements | $24.4M | ▲ 2.0% |
| Other Services | $1.7M | ▼ 9.6% |
| Lease Termination Fees | $34,000 | ▼ 87.3% |
These categories overlap or exclude eliminations, so shares aren't shown.
From Wheeler Real Estate Investment Trust, Inc.'s 10-K filed March 5, 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.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Stilwell Value LLC | $1,979 | 2K | 100.0% | — |
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 Wheeler Real Estate Investment Trust, Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Stilwell Joseph Director | September 30, 2026 | Sell | 5 | $3.03 | $15 |
| Hrt Financial Lp 10% owner | September 10, 2026 | Sell | 5,048 | $0.37 | $1,868 |
| Hrt Financial Lp 10% owner | September 9, 2026 | Buy | 11,253 | $0.38 | $4,276 |
| Hrt Financial Lp 10% owner | September 8, 2026 | Buy | 8,197 | $0.39 | $3,197 |
| Hrt Financial Lp 10% owner | July 8, 2026 | Sell | 66,584 | $0.49 | $32,626 |
| Hrt Financial Lp 10% owner | July 7, 2026 | Buy | 40,591 | $0.61 | $24,761 |
| Hrt Financial Lp 10% owner | July 6, 2026 | Buy | 21,703 | $0.08 | $1,736 |
| Hrt Financial Lp 10% owner | July 2, 2026 | Buy | 17,348 | $1.39 | $24,114 |
| Hrt Financial Lp 10% owner | July 1, 2026 | Buy | 14,698 | $1.14 | $16,756 |
| Hrt Financial Lp 10% owner | June 30, 2026 | Buy | 24,997 | $1.38 | $34,496 |
| Snyderman David J. 10% owner | April 15, 2026 | Sell | 3,127 | $0.80 | $2,502 |
| Snyderman David J. 10% owner | April 14, 2026 | Sell | 4,910 | $0.77 | $3,781 |
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.
Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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