Latest Ratios: P/E Ratio 10.8x · EV/EBITDA 8.0x · ROE 10.3%. (1995–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $138M | $121M | $108M | $74M | $93M | $83M | $39M | $45M | $59M | $49M | $36M |
| Enterprise Value | $98M | $81M | $79M | $54M | $79M | $62M | $26M | $33M | $47M | $37M | $34M |
| P/E Ratio → | 10.77 | 9.51 | 16.22 | 3.38 | 5.82 | 11.26 | — | 29.37 | 246.60 | — | — |
| P/S Ratio | 2.77 | 2.44 | 2.11 | 1.52 | 1.48 | 2.08 | 2.10 | 3.52 | 1.46 | 1.15 | 0.86 |
| P/B Ratio | 1.05 | 0.93 | 0.92 | 0.81 | 1.33 | 1.23 | 0.55 | 0.59 | 0.76 | 0.66 | 0.44 |
| P/FCF | 14.24 | 12.53 | 10.57 | 11.79 | 6.52 | 6.60 | 52.07 | 77.38 | 149.88 | 4.76 | 13.44 |
| P/OCF | 13.43 | 11.82 | 10.12 | 11.55 | 5.98 | 6.60 | 51.46 | 76.34 | 110.65 | 4.65 | 10.34 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.63 | 1.53 | 1.11 | 1.26 | 1.54 | 1.37 | 2.59 | 1.16 | 0.87 | 0.82 |
| EV / EBITDA | 7.95 | 6.61 | 10.16 | 1.31 | 1.34 | 1.54 | 1.37 | 2.59 | 3.05 | 0.87 | — |
| EV / EBIT | 8.07 | 6.71 | 10.36 | 9.23 | 3.70 | 6.83 | — | — | — | 28.14 | — |
| EV / FCF | — | 8.41 | 7.68 | 8.60 | 5.55 | 4.90 | 34.07 | 56.93 | 118.77 | 3.63 | 12.83 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 66.2% | 66.2% | 28.2% | 38.8% | 42.7% | 36.1% | 26.6% | 16.0% | 84.9% | 81.8% | 88.2% |
| Operating Margin | 24.4% | 24.4% | 14.8% | 12.0% | 34.1% | 22.6% | -15.5% | -24.5% | 8.7% | 3.5% | -8.8% |
| Net Profit Margin | 25.6% | 25.6% | 13.0% | 44.8% | 25.4% | 18.4% | -31.4% | 11.9% | 0.6% | -0.0% | -24.5% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.3% | 10.3% | 6.4% | 27.1% | 23.2% | 10.7% | -8.0% | 2.0% | 0.3% | -0.0% | -11.7% |
| ROA | 9.9% | 9.9% | 5.6% | 20.7% | 16.5% | 7.6% | -6.0% | 1.5% | 0.2% | -0.0% | -7.9% |
| ROIC | 10.2% | 10.2% | 7.1% | 6.9% | 31.3% | 13.1% | -3.6% | -3.6% | 4.2% | 1.6% | -3.1% |
| ROCE | 9.8% | 9.8% | 6.6% | 5.9% | 23.9% | 9.7% | -3.0% | -3.2% | 3.5% | 1.3% | -3.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 | 0.05 | 0.05 | 0.02 | 0.02 | 0.00 | 0.16 |
| Debt / EBITDA | 0.01 | 0.01 | 0.00 | 0.00 | 0.03 | 0.09 | 0.21 | 0.10 | 0.12 | 0.01 | — |
| Net Debt / Equity | — | -0.31 | -0.25 | -0.22 | -0.20 | -0.32 | -0.19 | -0.16 | -0.16 | -0.16 | -0.02 |
| Net Debt / EBITDA | -3.24 | -3.24 | -3.83 | -0.49 | -0.23 | -0.53 | -0.72 | -0.93 | -0.80 | -0.27 | — |
| Debt / FCF | — | -4.13 | -2.89 | -3.19 | -0.96 | -1.69 | -18.01 | -20.46 | -31.12 | -1.13 | -0.61 |
| Interest Coverage | — | — | — | — | — | 226.18 | — | -125.92 | -567.60 | 3.95 | -10.34 |
Net cash position: cash ($40M) exceeds total debt ($68000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 28.36 | 28.36 | 20.79 | 18.13 | 8.58 | 17.74 | 23.02 | 24.67 | 9.81 | 17.53 | 16.51 |
| Quick Ratio | 10.74 | 10.74 | 6.67 | 4.60 | 1.67 | 17.74 | 5.92 | 5.18 | 2.64 | 4.55 | 4.32 |
| Cash Ratio | 10.54 | 10.54 | 6.35 | 4.12 | 1.62 | 5.45 | 5.60 | 4.48 | 1.71 | 2.73 | 2.88 |
| Asset Turnover | — | 0.37 | 0.42 | 0.42 | 0.66 | 0.41 | 0.19 | 0.13 | 0.38 | 0.40 | 0.35 |
| Inventory Turnover | 0.25 | 0.25 | 0.56 | 0.45 | 0.53 | — | 0.26 | 0.19 | 0.10 | 0.14 | 0.08 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.3% | 10.5% | 6.2% | 29.6% | 17.2% | 8.9% | — | 3.4% | 0.4% | — | — |
| FCF Yield | 7.0% | 8.0% | 9.5% | 8.5% | 15.3% | 15.2% | 1.9% | 1.3% | 0.7% | 21.0% | 7.4% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 23.7% | 6.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 23.7% | 6.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $5M | $5M | $5M | $7M | $8M | $8M | $8M | $8M | $8M | $8M |
Lumpy project-based revenue cycles
As reported in recent financial statements, AXR trades at a P/E of 10.50, which appears to undervalue the company's massive, debt-free land holdings in Sandoval County, New Mexico, by failing to account for the significant gap between historical cost basis and current market-based asset valuations.
The current valuation appears to reflect a liquidation-style discount rather than a growth-oriented multiple, likely because the market struggles to price the optionality of the 17,000-acre land bank. Investors should monitor whether the market continues to treat AXR as a volatile homebuilder or begins to recognize the underlying value of its debt-free asset base.
Based on quarterly data, NOI margins have exhibited extreme volatility, ranging from 13.8% to 127.8%, which suggests that profitability is driven more by the timing of bulk land sales than by consistent operational efficiency across the company's land development and homebuilding segments.
The erratic nature of these margins warrants further investigation into the cost allocation between infrastructure development and homebuilding. A shift toward more active homebuilding may stabilize revenue but could permanently compress margins compared to the high-margin legacy land sales that have historically defined the company's profitability profile.
According to recent SEC filings, AXR maintains a debt-to-equity ratio of 0.00, providing the company with a unique competitive advantage that allows it to hold inventory indefinitely during market downturns without the pressure of debt service that typically constrains regional real estate developers.
This lack of leverage appears to be a deliberate strategic choice that prioritizes balance sheet preservation over aggressive expansion. While this protects the company from insolvency, it may also indicate that management is not yet prepared to utilize its $50M cash position for more aggressive capital allocation or shareholder returns.
As indicated by the company's financial structure, the standard P/E ratio is a deeply misleading metric for AXR because it fails to account for the significant non-cash charges and the historical cost accounting that obscures the true economic value of the company's massive, debt-free land bank.
Investors should instead focus on Net Asset Value (NAV) or price-to-book adjustments that reflect the current market value of the 17,000-acre land holdings. Relying on P/E ignores the fact that AXR is essentially an asset-heavy land play rather than a traditional earnings-driven homebuilder, leading to a systematic mispricing of its downside protection.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AXR stock.
AMREP Corporation's current P/E ratio is 10.8x. The historical average is 12.0x. This places it at the 60th percentile of its historical range.
AMREP Corporation's current EV/EBITDA is 8.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.5x.
AMREP Corporation's return on equity (ROE) is 10.3%. The historical average is 4.8%.
Based on historical data, AMREP Corporation is trading at a P/E of 10.8x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
AMREP Corporation has 66.2% gross margin and 24.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
AMREP Corporation's Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.