Liquidity has deteriorated significantly, with cash reserves falling from $531.9 million in 2023Q4 to a negative $38.1 million in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 64.54M | 73.44M | 54.11M | 109.11M | 102.55M | 118.47M | 78.07M | 126.07M | 73.54M | 123.43M | 130.82M | 106.2M | 49.49M | 73.88M | 109.71M | 92.51M | 76.02M | 39.58M | 9.26M | 26.29M | 56.84M | -6.12M | 27.85M | 7.02M | 7.64M | 9.84M | 10.74M | 9.8M | 5.5M | -1.5M | 8.6M |
| Operating CF Growth % | 113.97% | 35.74% | -50.41% | 6.4% | -13.44% | 51.75% | -38.08% | 71.44% | -40.42% | -5.65% | 23.18% | 114.6% | -33.02% | -32.65% | 18.58% | 21.69% | 92.08% | 327.47% | -64.78% | -53.75% | 1028.98% | -121.97% | 296.6% | -8.11% | -22.32% | -8.4% | 9.6% | 78.18% | 466.67% | -117.44% | 125.9% |
| Operating CF / Revenue % | 30.49% | 34.45% | 23.9% | 48.5% | 49.83% | 57.47% | 39.2% | 55.7% | 31.59% | 53.53% | 57.65% | 51.08% | 24.64% | 37.61% | 57.34% | 49.94% | 43.64% | 23.51% | 4% | 15.47% | 31.65% | -4.4% | 26.1% | 9.31% | 13.78% | 14.23% | 24.6% | 20.5% | 24.44% | -6.94% | 34.13% |
| Net Income | 20.57M | 28.22M | 43.44M | 102.41M | 57.63M | 132.93M | 41.94M | 60.08M | 32.84M | 80.51M | 86.48M | 76.91M | 67.92M | 56.91M | 674.99M | 81.05M | 67.44M | 132.94M | 76.29M | 114.34M | -74.98M | 82.24M | -33.47M | -18.95M | 13.32M | 27.39M | 5.2M | 5.5M | -6.1M | 7.5M | 13.1M |
| Depreciation & Amortization | 36.87M | 38.74M | 37.9M | 34.6M | 31.45M | 34.59M | 35.12M | 36.52M | 38.5M | 38.68M | 36.37M | 33.67M | 31.92M | 31.39M | 36.36M | 37.09M | 34.85M | 30.45M | 26.72M | 24.99M | 24.46M | 22.84M | 18.82M | 11.31M | 8.97M | 7.97M | 8.05M | 7.5M | 5.7M | 4.5M | 4.1M |
| Stock-Based Compensation | 394K | 394K | 450K | 450K | 450K | 450K | 600K | 394K | 394K | 394K | 450K | 600K | 394K | 394K | 300K | 300K | 0 | 0 | 0 | 0 | 148.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 14.61M | 11.59M | 20.09M | -45.11M | 5.03M | 9.82M | 33.61M | 11.17M | 5.92M | 4.3M | 2.35M | -1.42M | -2.54M | -3.71M | -4.47M | -15.17M | -19.06M | -98.24M | -29.28M | -57.82M | 132.53M | -139.08M | -44.14M | -6.74M | -3.3M | -20.62M | -3.51M | 1.5M | 6.9M | -11.1M | -5.2M |
| Working Capital Changes | -7.91M | -5.51M | -47.78M | 16.75M | 7.98M | 16.46M | -33.2M | 17.92M | -16.11M | -455K | 5.17M | -3.56M | -47.79M | -10.91M | 2.15M | -10.75M | -7.21M | -25.56M | -64.47M | -55.22M | -633K | 27.88M | 86.64M | 21.4M | -11.34M | -4.9M | 1M | -4.7M | -1M | -2.4M | -3.4M |
| Cash from Investing | -36.64M | -20.79M | -13.22M | 321.81M | -279.27M | 75.46M | -32.46M | -9.45M | -1.14M | -201.97M | -15.95M | -25.83M | -81.52M | -7.32M | 710.08M | 383K | -19.39M | -201.28M | -131.64M | -111.61M | -9.61M | 337.52M | -138.94M | -218.6M | -114.03M | -23M | -65.64M | -47.6M | -40.2M | -16.9M | -21M |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -8.91M | 0 | 0 | -4.68M | -364.24M | -19.52M | 0 | 0 | -3.97M | -203.43M | 25M | 25M | -25M | 0 | 0 | -5M | -23M | -55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 99.36M | 13.11M | 0 | 0 | 2.83M | 1.46M | 0 | 25M | 0 | 0 | 5M | 23M | 40M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -27.73M | -20.79M | -13.22M | 326.49M | -14.39M | 81.87M | -32.46M | -9.45M | 2.83M | -198.54M | -25.44M | -705K | 5.44M | 351K | -1.63M | -3.2M | 5.92M | -71.43M | 2.92M | -1.3M | -918K | 448M | 7.29M | -3.45M | 19.22M | 25.5M | 12.29M | -11.3M | -20.8M | 3.7M | 11.3M |
| Cash from Financing | -253.49M | -254.27M | -200.03M | -92.42M | -92.31M | -160.29M | 90.29M | -92.14M | -176.19M | 97.15M | -85.29M | -48.84M | -87.87M | -72.24M | -973.01M | 16.5M | -72.14M | 58.5M | 78.09M | 30.04M | -10.13M | 118.14M | 218.63M | 187.68M | 16.37M | 146.14M | 31.11M | 48.5M | 47.4M | 15.5M | 9.5M |
| Dividends Paid | -92.44M | -92.42M | -92.38M | -92.32M | -92.26M | -92.22M | -92.17M | -92.12M | -92.1M | -86.96M | -81.82M | -71.57M | -66.44M | -56.2M | -699.79M | -61.28M | -38.3M | 0 | -35.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Dividends | -69.32M | -92.42M | -92.38M | -92.32M | -92.26M | -92.22M | -92.17M | -92.12M | -92.1M | -86.96M | -81.82M | -71.57M | -66.44M | -56.2M | -699.79M | -61.28M | -38.3M | 0 | -35.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -3M | -1000K | -1000K | 0 | 0 | -1000K | 1000K | 0 | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 173.31M | -1.8M | -7.65M | -104K | -46K | -74K | -7.25M | -15K | 0 | -12.19M | -30K | -4.08M | 0 | -87K | -8.2M | -6.74M | 0 | 934K | 2.6M | 0 | 0 | -9.52M | -3.33M | 0 | -11.11M | -5.21M | -577K | -3.6M | -3.4M | -300K | 100K |
| Net Change in Cash | -225.59M | -201.61M | -159.14M | 338.5M | -269.03M | 33.63M | 135.9M | 24.48M | -103.78M | 18.6M | 29.58M | 31.53M | -119.9M | -5.68M | -153.22M | 109.4M | -15.51M | -103.21M | -44.29M | -55.28M | 37.11M | 449.53M | 107.54M | -23.9M | -90.02M | 132.99M | -23.78M | 10.7M | 12.7M | -2.8M | -3M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | -100K |
| Cash at Beginning | 192.22M | 393.84M | 552.98M | 214.48M | 483.5M | 449.88M | 313.98M | 289.5M | 393.28M | 374.68M | 259.35M | 227.81M | 347.72M | 353.4M | 506.62M | 397.22M | 412.73M | 515.94M | 560.23M | 615.52M | 578.41M | 128.87M | 21.34M | 45.24M | 135.26M | 2.27M | 26.05M | 15.4M | 2.7M | 5.5M | 8.5M |
| Cash at End | 152.05M | 192.22M | 393.84M | 552.98M | 214.48M | 483.5M | 449.88M | 313.98M | 289.5M | 393.28M | 288.93M | 259.35M | 227.81M | 347.72M | 353.4M | 506.62M | 397.22M | 412.73M | 515.94M | 560.23M | 615.52M | 578.41M | 128.87M | 21.34M | 45.24M | 135.26M | 2.27M | 26.1M | 15.4M | 2.7M | 5.5M |
| Free Cash Flow | 64.54M | 73.44M | 54.11M | 109.11M | 102.55M | 118.47M | 78.07M | 126.07M | 69.57M | 119.99M | 115.31M | 56.08M | -12.48M | 66.21M | 816.41M | 78.1M | 33.71M | -35.28M | -125.3M | -84.02M | 48.15M | -116.6M | -118.38M | -208.13M | -125.61M | -38.65M | -67.19M | -26.5M | -13.9M | -22.1M | -23.7M |
| FCF Growth % | 21.77% | 35.74% | -50.41% | 6.4% | -13.44% | 51.75% | -38.08% | 81.21% | -42.02% | 4.06% | 105.62% | 549.47% | -118.84% | -91.89% | 945.35% | 131.67% | 195.57% | 71.85% | -49.13% | -274.47% | 141.3% | 1.5% | 43.12% | -65.7% | -224.98% | 42.48% | -153.55% | -90.65% | 37.1% | 6.75% | 70.04% |
| FCF / Revenue % | 30.49% | 34.45% | 23.9% | 48.5% | 49.83% | 57.47% | 39.2% | 55.7% | 29.88% | 52.04% | 50.81% | 26.97% | -6.21% | 33.7% | 426.74% | 42.16% | 19.35% | -20.95% | -54.16% | -49.42% | 26.82% | -83.78% | -110.93% | -275.84% | -226.39% | -55.9% | -153.88% | -55.44% | -61.78% | -102.31% | -94.05% |
NYC tenant concentration risk
As reported in quarterly financial filings, the relationship between FFO and GAAP operating cash flow remains highly erratic, with FFO/NI ratios swinging from -1.55 to 7.12, suggesting that non-cash adjustments and working capital fluctuations are significantly distorting the company's reported earnings quality relative to actual cash generation.
The extreme volatility in the FFO to Net Income ratio indicates that GAAP earnings are an unreliable proxy for the company's underlying cash-generating capacity. Investors should monitor whether these swings are driven by recurring lease accounting adjustments or irregular timing of property-level tax and utility payments.
Based on the provided financial data, the dividend payout ratio relative to FFO has consistently exceeded 1.0x in recent periods, reaching 1.72x in 2026Q1, which implies that the current distribution level may be unsustainable without relying on cash reserves or external financing to bridge the shortfall.
The persistent inability to cover the dividend with FFO suggests a structural mismatch between the company's payout policy and its current cash flow generation. This trend warrants further investigation into whether management intends to maintain the current dividend level or if a reduction is becoming increasingly probable.
According to historical financial statements, the consistent gap between GAAP Net Income and FFO, such as the $4.7 million net income versus $13.4 million FFO in 2026Q1, highlights how heavy depreciation charges on NYC assets obscure the company's actual ability to fund operations and distributions.
While FFO provides a clearer view of cash flow than GAAP net income, the reliance on this metric still ignores the necessary capital expenditures required to maintain aging NYC retail and office assets. The distortion between these figures suggests that the company's reported profitability is significantly overstated when viewed through a traditional accounting lens.
As evidenced by the lack of reported maintenance capital expenditures in the provided data, the company's cash flow statement appears to hide the true cost of maintaining its high-density NYC portfolio, which may lead to an overestimation of the actual free cash flow available for shareholders.
The absence of recurring capex in the data is concerning for a REIT with significant retail exposure, as these assets typically require constant reinvestment to remain competitive. This omission suggests that the reported cash flow figures may be artificially inflated, potentially masking future capital requirements that could further strain liquidity.
Quick answers to the most common questions about buying ALX stock.
Alexander's, Inc. (ALX) generated $73.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Alexander's, Inc. (ALX) generated $73.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Alexander's, Inc. (ALX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Alexander's, Inc. (ALX) returned $92.4M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.