Revenue growth remains highly volatile, peaking at 53.5% in 2024Q4 before moderating to 38.0% in 2026Q1, reflecting the unpredictable timing of development fee recognition.
| 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 |
|---|
| Revenue | 67.67M | 62.86M | 51.29M | 44.72M | 39.31M | 31.09M | 22.49M | 25.32M | 56.75M | 45.43M | 41.58M | 61.38M | 47.97M | 54.61M | 14.3M | 22.21M | 23.85M | 25.07M | 46.66M | 266.16M | 245.88M | 224.31M | 96.05M |
| Revenue Growth % | 26.97% | 22.55% | 14.7% | 13.76% | 26.44% | 38.27% | -11.18% | -55.39% | 24.92% | 9.26% | -32.25% | 27.96% | -12.17% | 281.86% | -35.6% | -6.88% | -4.85% | -46.28% | -82.47% | 8.25% | 9.62% | 133.54% | - |
| Property Operating Expenses | 52.46M | 48.08M | 38.63M | 33.04M | 29.37M | 24.65M | 18.45M | 21.17M | 57.18M | 42.88M | 38.66M | 52.13M | 38.51M | 42.4M | 13.18M | 19.98M | 23.2M | 21.73M | 39.27M | 245.31M | 216.66M | 157.71M | 63.99M |
| Net Operating Income (NOI) | 15.2M | 14.78M | 12.66M | 11.68M | 9.94M | 6.44M | 4.04M | 4.14M | -431K | 2.55M | 2.92M | 9.24M | 9.46M | 12.21M | 1.13M | 2.22M | 654K | 3.34M | 7.39M | 20.85M | 29.22M | 66.6M | 32.05M |
| NOI Margin % | 22.47% | 23.51% | 24.69% | 26.12% | 25.29% | 20.72% | 17.97% | 16.37% | -0.76% | 5.61% | 7.02% | 15.06% | 19.72% | 22.36% | 7.87% | 10.01% | 2.74% | 13.31% | 15.83% | 7.83% | 11.89% | 29.69% | 33.37% |
| Operating Expenses | 3.47M | 2.85M | 2.38M | 2.52M | 1.99M | 1.38M | 1.31M | 1.87M | 2.27M | 6.79M | 7.19M | 9.49M | 9.89M | 8.71M | 8.66M | 7.44M | 5.61M | 8.07M | 12.41M | 112.94M | 94.92M | 24.19M | 11.94M |
| G&A Expenses | 3.17M | 2.54M | 2.08M | 2.31M | 1.78M | 1.28M | 3.62M | 1.87M | 2.27M | 6.79M | 7.19M | 9.49M | 9.89M | 8.71M | 8.66M | 7.44M | 5.61M | 8.07M | 16.4M | 34.67M | 37.5M | 24.19M | 11.94M |
| EBITDA | 12.03M | 12.24M | 10.59M | 9.38M | 8.16M | 5.16M | 2.75M | 2.49M | -4.92M | -4.63M | -6.68M | -3.39M | -3.05M | 3.3M | -11.9M | -8.13M | -8.63M | -30.97M | -31.82M | -85.09M | -62.23M | 44.93M | 20.22M |
| EBITDA Margin % | 17.78% | 19.47% | 20.64% | 20.97% | 20.75% | 16.59% | 12.25% | 9.84% | -8.66% | -10.18% | -16.07% | -5.53% | -6.37% | 6.04% | -83.23% | -36.58% | -36.17% | -123.55% | -68.2% | -31.97% | -25.31% | 20.03% | 21.05% |
| Depreciation & Amortization | 298K | 306K | 302K | 212K | 206K | 94K | 100K | 217K | 185K | 181K | 181K | 164K | 100K | 553K | 122K | 196K | 98K | 843K | 896K | 6.99M | 3.47M | 2.52M | 106K |
| D&A / Revenue % | 0.44% | 0.49% | 0.59% | 0.47% | 0.52% | 0.3% | 0.44% | 0.86% | 0.33% | 0.4% | 0.44% | 0.27% | 0.21% | 1.01% | 0.85% | 0.88% | 0.41% | 3.36% | 1.92% | 2.63% | 1.41% | 1.12% | 0.11% |
| Operating Income | 11.73M | 11.93M | 10.29M | 9.16M | 7.95M | 5.07M | 2.65M | 2.27M | -5.1M | -4.81M | -6.86M | -3.56M | -3.15M | 2.74M | -12.03M | -8.32M | -8.72M | -31.81M | -32.72M | -92.08M | -65.7M | 42.41M | 20.11M |
| Operating Margin % | 17.34% | 18.98% | 20.05% | 20.49% | 20.23% | 16.29% | 11.8% | 8.99% | -8.99% | -10.58% | -16.51% | -5.79% | -6.57% | 5.02% | -84.08% | -37.47% | -36.58% | -126.91% | -70.12% | -34.6% | -26.72% | 18.91% | 20.94% |
| Interest Expense | 0 | 0 | 0 | 0 | 222K | 235K | 344K | 474K | 90K | 41K | 886K | 547K | 26K | 408K | 2.13M | 3.1M | 2.22M | 4.14M | 3.99M | 0 | 0 | 0 | 0 |
| Interest Coverage | - | - | - | - | 35.82x | 21.55x | 7.30x | 5.27x | 3.26x | -115.61x | -7.57x | -4.93x | -105.62x | 8.37x | -4.62x | 0.53x | -3.46x | -3.42x | -2.84x | - | - | - | - |
| Non-Operating Income | 0 | 0 | 0 | 0 | 0 | 8K | 144K | -225K | 0 | -66K | -157K | -861K | -230K | -671K | 349K | -33K | -11K | 9.41M | 2.32M | 0 | -1K | -1.55M | 0 |
| Pretax Income | 13.15M | 12.88M | 10.72M | 8.15M | 7.85M | 4.82M | 2.17M | 1.47M | -4.97M | -4.74M | -6.71M | -2.69M | -2.75M | 3.01M | -12.01M | 1.63M | -7.69M | -27.68M | -17.01M | -90.06M | -64.36M | 43.93M | 14.06M |
| Pretax Margin % | 19.44% | 20.48% | 20.91% | 18.23% | 19.98% | 15.51% | 9.63% | 5.79% | -8.75% | -10.43% | -16.13% | -4.39% | -5.73% | 5.51% | -83.95% | 7.34% | -32.23% | -110.43% | -36.45% | -33.84% | -26.18% | 19.58% | 14.64% |
| Income Tax | -4.3M | -4.17M | -3.83M | 368K | 125K | -11.22M | 25K | 2K | -920K | 38K | 55K | -732K | 368K | 346K | -2.48M | 33K | 11K | -929K | 48K | -2.55M | -24.52M | 16.37M | -241K |
| Effective Tax Rate % | -32.68% | -32.41% | -35.76% | 4.51% | 1.59% | -232.62% | 1.15% | 0.14% | 18.53% | -0.8% | -0.82% | 27.16% | -13.4% | 11.49% | 20.69% | 2.02% | -0.14% | 3.36% | -0.28% | 2.83% | 38.1% | 37.26% | -1.71% |
| Net Income | 17.45M | 17.05M | 14.56M | 7.78M | 7.35M | 13.61M | 2.08M | 893K | -4.52M | -5.03M | -8.99M | -4.57M | -6.84M | -2.03M | -5.67M | 1.11M | -7.7M | -26.75M | -17.06M | -87.51M | -39.84M | 27.56M | 14.3M |
| Net Margin % | 25.79% | 27.12% | 28.39% | 17.41% | 18.69% | 43.77% | 9.26% | 3.53% | -7.96% | -11.06% | -21.63% | -7.44% | -14.26% | -3.72% | -39.61% | 4.98% | -32.28% | -106.73% | -36.56% | -32.88% | -16.2% | 12.29% | 14.89% |
| Net Income Growth % | 14.52% | 17.11% | 87.05% | 5.95% | -46.01% | 553.65% | 133.15% | 119.77% | 10.13% | 44.12% | -96.91% | 33.22% | -236.9% | 64.17% | -611.74% | 114.38% | 71.22% | -56.83% | 80.51% | -119.63% | -244.56% | 92.7% | - |
| Funds From Operations (FFO) | 17.75M | 17.36M | 14.86M | 8M | 7.55M | 13.7M | 2.18M | 1.11M | -4.33M | -4.84M | -8.81M | -4.4M | -6.74M | -1.48M | -5.54M | 1.3M | -7.6M | -25.91M | -16.16M | -80.52M | -36.38M | 30.08M | 14.41M |
| FFO Margin % | 26.23% | 27.61% | 28.97% | 17.88% | 19.21% | 44.07% | 9.7% | 4.38% | -7.63% | -10.66% | -21.19% | -7.17% | -14.05% | -2.7% | -38.76% | 5.87% | -31.86% | -103.36% | -34.64% | -30.25% | -14.79% | 13.41% | 15% |
| FFO Growth % | 28.22% | 16.79% | 85.87% | 5.87% | -44.88% | 528% | 96.58% | 125.63% | 10.59% | 45.03% | -100.14% | 34.66% | -356.26% | 73.35% | -525.4% | 117.14% | 70.67% | -60.31% | 79.93% | -121.35% | -220.93% | 108.76% | - |
| FFO per Share | 1.69 | 1.66 | 1.44 | 0.79 | 0.79 | 1.51 | 0.26 | 0.16 | -1.13 | -1.44 | -2.65 | -1.38 | -2.24 | -0.50 | -1.94 | 0.44 | -2.91 | -10.26 | -6.48 | -34.92 | -16.81 | 16.17 | 13.73 |
| FFO Payout Ratio % | 0.22% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.5% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0% | -0.12% | 50.09% | 98.33% |
| EPS (Diluted) | 1.66 | 1.63 | 1.41 | 0.77 | 0.98 | 1.50 | 0.24 | 0.22 | -1.18 | -1.49 | -2.71 | -1.43 | -2.27 | -0.69 | -1.99 | 0.35 | -2.94 | -10.60 | -6.84 | -37.95 | -18.41 | 14.84 | 13.65 |
| EPS Growth % | 13.66% | 15.6% | 83.12% | -21.43% | -34.67% | 525% | 9.09% | 118.64% | 20.81% | 45.02% | -89.51% | 37% | -228.99% | 65.33% | -668.57% | 111.9% | 72.26% | -54.97% | 81.98% | -106.14% | -224.06% | 8.72% | - |
| EPS (Basic) | - | 1.69 | 1.48 | 0.81 | 1.09 | 1.66 | 0.26 | 0.22 | -1.22 | -1.49 | -2.71 | -1.43 | -2.27 | -0.70 | -1.99 | 0.35 | -2.94 | -10.60 | -6.84 | -37.95 | -18.41 | 14.98 | 13.65 |
| Diluted Shares Outstanding | 10.49M | 10.47M | 10.33M | 10.11M | 9.57M | 9.1M | 8.54M | 6.8M | 3.84M | 3.37M | 3.32M | 3.2M | 3.01M | 2.95M | 2.85M | 2.96M | 2.62M | 2.52M | 2.49M | 2.31M | 2.16M | 1.86M | 1.05M |
Regional office market concentration
As reported in financial statements, CHCI experienced significant revenue fluctuations, with growth peaking at 53.5% in 2024Q4 before moderating to 38.0% in 2026Q1, reflecting the lumpy nature of project-based development fees rather than a steady-state rental income stream typical of traditional REITs.
The revenue trajectory appears heavily dependent on the timing of development milestones within the Silver Line corridor. Investors should monitor whether the company can transition toward more predictable, recurring asset management fees to smooth out these top-line swings.
Based on reported figures, NOI margins have demonstrated extreme variance, swinging from a low of 11.0% in 2025Q3 to a high of 35.5% in 2025Q4, suggesting that property-level profitability is highly sensitive to the specific mix of development versus management activities in any given quarter.
The wide margin dispersion indicates that the company's cost structure is not yet optimized for a stable, recurring revenue model. Analysts should investigate whether the higher margin periods are sustainable or merely artifacts of one-time development incentive recognition.
According to recent SEC filings, FFO per share has shown erratic performance, ranging from $0.06 in 2025Q3 to $1.29 in 2025Q4, which highlights the difficulty in forecasting earnings for a platform that relies on project-based development services rather than pure-play rental income.
The lack of consistent FFO growth suggests that the current earnings profile may not yet support a reliable dividend policy. The volatility in FFO per share warrants caution, as it may reflect accounting timing differences rather than underlying operational improvements.
Financial data suggests that CHCI's earnings quality is potentially compromised by the reliance on non-recurring development fees, as evidenced by the sharp 75% decline in FFO growth during 2025Q3, which underscores the inherent risk of a business model tied to project-specific milestones.
The reliance on development-driven income may mask underlying weaknesses in the core asset management platform. Investors should scrutinize the sustainability of these fees, as they may not represent the long-term cash-generating capacity of the portfolio.
Quick answers to the most common questions about buying CHCI stock.
For fiscal year 2025, Comstock Holding Companies, Inc. (CHCI) reported total revenue of $62.9M. This represents a 34.6% decline compared to $96.0M in 2004.
Comstock Holding Companies, Inc. (CHCI) is profitable, generating $17.1M in net income for the fiscal year ending 2025 with a net profit margin of 27.1%.
Comstock Holding Companies, Inc. (CHCI) reported an operating income of $11.9M, resulting in an operating profit margin of 19.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Comstock Holding Companies, Inc. (CHCI) generated $14.8M in gross profit for the year, representing a gross profit margin of 23.5%. This demonstrates the company's core pricing power and production efficiency.