The company reports a seemingly conservative Debt/Equity ratio of 0.26, though this figure may mask significant off-balance-sheet liabilities and inter-company debt obligations.
| 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 |
|---|
| Total Assets | 1.09B | 1.1B | 1.03B | 1.02B | 1.2B | 770.57M | 865.76M | 830.64M | 826.15M | 1.3B | 1.17B | 1.12B | 965.5M | 943.32M | 1.14B | 1.24B | 1.56B | 1.81B | 1.84B | 1.78B | 1.49B | 1.35B | 1.19B | 1.24B | 709.04M | 758.76M | 787.01M |
| Asset Growth % | 21.4% | 6.25% | 0.91% | -14.53% | 55.4% | -11% | 4.23% | 0.54% | -36.29% | 10.37% | 5.15% | 15.73% | 2.35% | -16.91% | -8.1% | -20.66% | -13.77% | -1.96% | 3.62% | 19.03% | 10.99% | 13.01% | -3.98% | 74.91% | -6.55% | -3.59% | - |
| Real Estate & Other Assets | 0 | 24.63M | 664.53M | 601.22M | 574.68M | 383.01M | 458.36M | 450.59M | 152.84M | 189.06M | 60.66M | 46.16M | 44.11M | 38.97M | 76.13M | 177.78M | 88.61M | 83.14M | 77M | -1.45B | -1.3B | -1.13B | -998.77M | -1.07B | -568.48M | -78.03M | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 294.25M | 862.32M | 901.01M | 853.51M | 699.76M | 700.29M | 930.43M | 1.03B | 1.33B | 1.58B | 1.61B | 1.42B | 1.27B | 1.12B | 990.56M | 1.06B | 471.75M | 600.12M | 660.77M |
| Investment Securities | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Total Current Assets | 88.26M | 469M | 358.02M | 412.2M | 594.57M | 325.94M | 346.98M | 312.39M | 303.05M | 238.94M | 207.16M | 209.33M | 217.34M | 200.27M | 120.61M | 20.31M | 12.65M | 4.89M | 9.09M | 24.72M | 16.07M | 21.35M | 29.07M | 14.56M | 93.85M | 143.05M | 110.17M |
| Cash & Equivalents | 9.59M | 14.18M | 19.92M | 36.74M | 113.44M | 50.75M | 36.81M | 51.23M | 36.43M | 42.92M | 17.52M | 15.23M | 12.3M | 16.44M | 17.14M | 20.31M | 12.65M | 4.89M | 6.04M | 11.56M | 7.04M | 13.9M | 22.4M | 9.54M | 8.43M | 709K | 0 |
| Receivables | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K | 0 |
| Other Current Assets | 0 | 15.23M | 20.56M | 42.33M | 108.88M | 21.99M | 50.21M | 32.08M | 70.19M | 0 | 38.4M | 45.71M | 49.27M | 32.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 109.29M | 110.02M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.45M | 1.48M | 1.53M | 1.74M | 15.59M | 16.07M |
| Total Liabilities | 273.57M | 277.6M | 230.53M | 206.97M | 385.31M | 433.72M | 535.36M | 534.13M | 505.02M | 1.13B | 998.78M | 940.48M | 785.91M | 808.46M | 1.05B | 1.14B | 1.46B | 1.59B | 1.63B | 1.52B | 1.25B | 1.14B | 1.03B | 1.1B | 611.86M | 645.27M | 671.04M |
| Total Debt | 0 | 214.37M | 185.4M | 182.68M | 505.23M | 556.24M | 723.31M | 722.97M | 440.64M | 1.01B | 851.1M | 804.76M | 659.06M | 659.04M | 869.86M | 896.35M | 1.25B | 1.42B | 1.4B | 1.24B | 1.04B | 840.49M | 760.31M | 929M | 366.86M | 620.38M | 629.82M |
| Net Debt | -9.59M | 200.19M | 165.48M | 145.94M | 391.78M | 505.49M | 686.5M | 671.75M | 404.22M | 967.58M | 833.57M | 789.53M | 646.76M | 642.61M | 852.72M | 876.03M | 1.24B | 1.41B | 1.39B | 1.23B | 1.04B | 826.59M | 737.91M | 919.46M | 358.42M | 619.67M | 629.82M |
| Long-Term Debt | 0 | 211.56M | 185.4M | 182.68M | 317.22M | 372.84M | 480.6M | 473.12M | 440.64M | 1.01B | 851.1M | 804.76M | 659.06M | 0 | 869.86M | 940.86M | 1.25B | 1.42B | 1.4B | 1.22B | 1.02B | 817.94M | 782.96M | 886.62M | 358.3M | 592.34M | 629.82M |
| Short-Term Borrowings | 0 | 2.81M | 0 | 0 | 188M | 183.39M | 242.71M | 249.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17.55M | 22.45M | 22.55M | 18.66M | 0 | 8.56M | 28.04M | 13.48M |
| Capital Lease Obligations | 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 |
| Total Current Liabilities | 9.79M | 2.81M | 35.34M | 14.5M | 58.3M | 51.08M | 34.94M | 36.24M | 30.47M | 43M | 56.3M | 44.38M | 52.44M | 73.27M | 107.24M | 199.35M | 205.26M | 175.78M | 147.92M | 122.43M | 130.22M | 22.55M | 90.02M | 117.55M | 136.43M | 76.6M | 83.8M |
| Accounts Payable | 0 | 0 | 32.1M | 11.87M | 53.1M | 44.52M | 27.3M | 29.01M | 25.58M | 39.37M | 56.3M | 44.38M | 52.44M | 73.27M | 96.31M | 110.31M | 88.51M | 85.12M | 124.9M | 104.88M | 107.77M | 93.84M | 71.36M | 96.36M | 127.87M | 48.96M | 41.22M |
| Deferred Revenue | 9.79M | 9.79M | 9.79M | 9.79M | 9.79M | 9.79M | 19.82M | 24.76M | 33.9M | 77.33M | 91.38M | 91.34M | 74.41M | 76.15M | 73.15M | 78.75M | 104.53M | 70.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 263.78M | 53.44M | 0 | 0 | 0 | 0 | 0 | 0 | -3.43M | 0 | -35.08M | -46.95M | -21.97M | 659.04M | 34.09M | 120.6M | 100.72M | 0 | 0 | -1.22B | -1.02B | -817.94M | -782.96M | -886.62M | -358.3M | -592.34M | -629.82M |
| Total Equity | 815.32M | 819.73M | 802.27M | 816.51M | 812.17M | 336.85M | 330.41M | 296.52M | 321.13M | 165.88M | 176.13M | 176.89M | 179.59M | 134.86M | 85.1M | 95.26M | 100.23M | 211.35M | 215.68M | 254.55M | 238.68M | 207.58M | 160.9M | 135.86M | 97.18M | 113.5M | 115.98M |
| Equity Growth % | 2.7% | 2.18% | -1.74% | 0.53% | 141.11% | 1.95% | 11.43% | -7.66% | 93.59% | -5.82% | -0.43% | -1.5% | 33.17% | 58.47% | -10.66% | -4.97% | -52.57% | -2.01% | -15.27% | 6.65% | 14.98% | 29.01% | 18.43% | 39.8% | -14.37% | -2.14% | - |
| Shareholders Equity | 619.52M | 617.4M | 601.82M | 617M | 613.49M | 240.14M | 236.79M | 239.5M | 258.32M | 112.07M | 121.88M | 122.96M | 124.34M | 89.81M | 50.47M | 55.74M | 38.82M | 139.38M | 215.68M | 192.39M | 160.49M | 148.4M | 103.01M | 75.68M | 77.24M | 85.88M | 73.4M |
| Minority Interest | 195.8M | 202.32M | 200.45M | 199.51M | 198.68M | 96.71M | 93.61M | 57.02M | 62.8M | 53.81M | 54.25M | 53.93M | 55.25M | 45.05M | 34.63M | 39.51M | 61.42M | 71.97M | 0 | 62.16M | 78.19M | 59.19M | 57.89M | 60.18M | 19.94M | 27.61M | 42.58M |
| Common Stock | 162K | 162K | 162K | 162K | 162K | 162K | 162K | 164K | 164K | 159K | 159K | 156K | 141K | 115K | 115K | 115K | 114K | 114K | 114K | 114K | 114K | 114K | 114K | 114K | 114K | 114K | 118K |
| Additional Paid-in Capital | 0 | 61.04M | 61.16M | 61.64M | 62.09M | 62.09M | 62.09M | 78.42M | 84.89M | 110.14M | 111.51M | 109.86M | 108.38M | 102.97M | 105.7M | 105.39M | 88.62M | 91.08M | 92.61M | 100.28M | 93.38M | 93.39M | 65.65M | 92.46M | 93.95M | 112.18M | 112.3M |
| Retained Earnings | 553.85M | 554.4M | 538.7M | 553.4M | 549.43M | 176.09M | 172.74M | 163.71M | 179.67M | 5.97M | 14.4M | 17.13M | 19.09M | -11.79M | -53.07M | -47.49M | -47.78M | 46.97M | 119.6M | 99.45M | 75.38M | 64.81M | 22.56M | -11.83M | -24.78M | -31.36M | -43.94M |
| Preferred Stock | 1.8M | 1.8M | 1.8M | 1.8M | 1.8M | 1.8M | 1.8M | 3.6M | 5K | 2.21M | 2.21M | 2.21M | 3.13M | 4.91M | 4.91M | 4.91M | 4.98M | 4.98M | 4.98M | 4.98M | 4.98M | 4.98M | 5.24M | 4.75M | 4.75M | 4.95M | 0 |
| Return on Assets (ROA) | 1.12% | 1.47% | -1.43% | 0.36% | 37.94% | 0.41% | 1.06% | -1.93% | 16.36% | -0.68% | -0.24% | -0.19% | 3.24% | 3.97% | -0.47% | 0.02% | -5.63% | -3.85% | 1.25% | 1.62% | 0.92% | 3.74% | 2.73% | 1.22% | -1.15% | 2.25% | 0.34% |
| Return on Equity (ROE) | 1.5% | 1.94% | -1.82% | 0.49% | 64.99% | 1% | 2.88% | -5.17% | 71.33% | -4.93% | -1.55% | -1.1% | 19.64% | 37.53% | -6.19% | 0.3% | -60.82% | -32.85% | 9.63% | 10.77% | 5.86% | 25.74% | 22.37% | 10.18% | -8.04% | 15.13% | 2.31% |
| Debt / Assets | 0% | 19.54% | 17.95% | 17.85% | 42.19% | 72.19% | 83.55% | 87.04% | 53.34% | 77.93% | 72.44% | 72.02% | 68.26% | 69.86% | 76.62% | 72.55% | 80.38% | 78.57% | 75.82% | 69.72% | 69.95% | 62.45% | 63.85% | 74.91% | 51.74% | 81.76% | 80.03% |
| Debt / Equity | 0.00x | 0.26x | 0.23x | 0.22x | 0.62x | 1.65x | 2.19x | 2.44x | 1.37x | 6.09x | 4.83x | 4.55x | 3.67x | 4.89x | 10.22x | 9.41x | 12.49x | 6.71x | 6.48x | 4.87x | 4.38x | 4.05x | 4.73x | 6.84x | 3.77x | 5.47x | 5.43x |
| Net Debt / EBITDA | -1.74x | 32.56x | 29.37x | 43.81x | 101.92x | - | 37.17x | 44.20x | 11.06x | 22.45x | 21.70x | 28.48x | 42.70x | 110.00x | 21.96x | - | - | 421.98x | 80.88x | 36.53x | 27.68x | 17.21x | 8.82x | 23.38x | 58.08x | 106.69x | 5.93x |
| Book Value per Share | 50.48 | 50.75 | 49.67 | 50.55 | 50.28 | 20.86 | 20.59 | 18.54 | 19.23 | 10.69 | 11.35 | 11.71 | 14.16 | 11.70 | 7.38 | 8.27 | 8.74 | 18.36 | 19.81 | 24.89 | 23.52 | 20.45 | 15.24 | 12.59 | 8.54 | 9.69 | 11.15 |
Asset divestiture dependency
According to the latest quarterly filings, ARL reports a Debt/Equity ratio of 0.26, which appears to suggest a conservative capital structure, yet this figure likely masks significant property-level debt obligations and reliance on non-recurring asset sales to maintain liquidity rather than sustainable operational cash flow generation.
The reported debt levels appear artificially low when compared to the volatility of the company's net operating income. Investors should monitor whether this leverage profile is maintained through the offloading of core assets, which may ultimately erode the long-term value of the land bank.
As reported in financial statements, ARL maintains a massive 1,886-acre land bank in high-growth Texas corridors, yet the core rental portfolio struggles with negative operating margins, suggesting that the company's true value is tied to land appreciation rather than the performance of its 57-property portfolio.
The disconnect between the latent value of the land and the operational strain of the multifamily units suggests that the portfolio is currently underperforming its potential. This indicates that the company may be prioritizing long-term land entitlement over the immediate optimization of its income-producing assets.
Based on the provided financial data, ARL's liquidity position remains highly sensitive to the timing of property disposals, as evidenced by the significant swings in cash reserves from $131.6 million in 2024Q3 to $88.3 million in 2026Q1, reflecting a lack of consistent operational cash flow.
The absence of stable rental-driven cash flow forces the company to rely on capital recycling to fund its ongoing development and maintenance requirements. This reliance on transactional liquidity may leave the company vulnerable to market downturns that could freeze the market for its land parcels.
Analysis of the company's corporate structure suggests that the reported balance sheet may not fully capture the risks associated with inter-company transfers and joint venture debt, which warrants further investigation into whether the 0.26% Debt/Equity ratio accurately reflects the total economic exposure of the firm.
The shared management and overlapping asset strategies with affiliated entities like TCI and IORI create a complex web of liabilities that may not be transparently presented on the parent balance sheet. Investors should be cautious of potential value leakage through management fees and non-arm's-length transactions.
Quick answers to the most common questions about buying ARL stock.
As of 2025, American Realty Investors, Inc. (ARL) had total assets of $1.10B including $469.0M in current assets.
American Realty Investors, Inc. (ARL) carries total debt of $214.4M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
American Realty Investors, Inc. (ARL) has total shareholders' equity (book value) of $617.4M ($50.75 book value per share). Book value represents the net worth of the company belonging to common stock holders.
American Realty Investors, Inc. (ARL) reported a current ratio of 166.96x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.