Revenue instability and portfolio contraction are evident, as evidenced by the 18.16% year-over-year revenue decline and a collapse in NOI margins to negative 11.5% in 2026Q1.
Sachem Capital Corp. (SACH) annual income statement — 12-year revenue, gross profit & net income history
| 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 |
|---|
| Revenue | 33.86M | 47.06M | 57.5M | 29.97M | 30.62M | 20M | 13.06M | 10.18M | 10.05M | 6.33M | 3.54M | 2.57M | 1.55M |
| Revenue Growth % | 1254.77% | -18.16% | 91.85% | -2.12% | 53.09% | 53.21% | 28.22% | 1.34% | 58.66% | 78.87% | 38.03% | 65.9% | - |
| Property Operating Expenses | 7.87M | 1.05M | 372K | 0 | 0 | 0 | 0 | 0 | 19K | 664.13K | 87.97K | 5.09K | 251 |
| Net Operating Income (NOI) | 34.65M | 46.01M | 57.13M | 29.97M | 30.62M | 20M | 13.06M | 10.18M | 10.03M | 5.67M | 3.45M | 2.56M | 1.55M |
| NOI Margin % | 102.35% | 97.77% | 99.35% | 100% | 100% | 100% | 100% | 100% | 99.81% | 89.51% | 97.52% | 99.8% | 99.98% |
| Operating Expenses | 19.39M | 18.32M | 15.67M | 14.93M | 8.41M | 5.37M | 2.99M | 2.56M | 2.1M | 807.94K | 489.77K | 252.65K | 75.89K |
| G&A Expenses | 11.71M | 6.48M | 6.84M | 11.89M | 8.41M | 5.37M | 2.99M | 2.56M | 2.1M | 956.17K | 402.27K | 210.41K | 75.89K |
| EBITDA | 8.43M | 28.21M | -11.35M | 15.31M | 22.31M | 14.72M | 10.13M | 7.69M | 7.88M | 4.89M | 3.1M | 2.31M | 1.48M |
| EBITDA Margin % | 24.88% | 59.95% | -19.74% | 51.07% | 72.87% | 73.59% | 77.56% | 75.52% | 78.46% | 77.21% | 87.51% | 90.15% | 95.92% |
| Depreciation & Amortization | 380K | 525K | 372K | 266.33K | 106.41K | 83.53K | 61.87K | 63.57K | 32.53K | 28.36K | 47.68K | 0 | 13.28K |
| D&A / Revenue % | 1.12% | 1.12% | 0.65% | 0.89% | 0.35% | 0.42% | 0.47% | 0.62% | 0.32% | 0.45% | 1.35% | 0% | 0.86% |
| Operating Income | 8.04M | 27.69M | -11.72M | 15.04M | 22.21M | 14.64M | 10.06M | 7.63M | 7.85M | 4.86M | 3.05M | 2.31M | 1.47M |
| Operating Margin % | 23.76% | 58.84% | -20.38% | 50.18% | 72.53% | 73.17% | 77.09% | 74.9% | 78.14% | 76.76% | 86.17% | 89.94% | 95.06% |
| Interest Expense | 2M | 25.39M | 27.8M | 29.19M | 21.55M | 10.42M | 5.55M | 2.94M | 1.67M | 664.13K | 505.13K | 221.7K | 13.28K |
| Interest Coverage | - | 1.25x | -0.42x | 0.52x | 1.03x | 1.40x | 1.81x | 2.60x | -0.02x | -0.04x | 6.21x | 10.41x | 110.67x |
| Non-Operating Income | -1.55M | -4.01M | 53K | 15.04M | 22.21M | 14.64M | 10.06M | 7.63M | 7.88M | 4.89M | -87.97K | 0 | 1.47M |
| Pretax Income | -9.06M | 6.31M | -39.57M | 15.9M | 20.91M | 13.32M | 8.99M | 6.2M | 7.77M | 4.86M | 3.05M | 2.31M | 1.47M |
| Pretax Margin % | -26.75% | 13.4% | -68.82% | 53.05% | 68.28% | 66.59% | 68.89% | 60.85% | 77.35% | 76.76% | 86.17% | 89.94% | 95.06% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -9.06M | 6.31M | -39.57M | 15.9M | 20.91M | 13.32M | 8.99M | 6.2M | 7.77M | 4.86M | 3.05M | 2.31M | 1.47M |
| Net Margin % | -26.75% | 13.4% | -68.82% | 53.05% | 68.28% | 66.59% | 68.89% | 60.85% | 77.35% | 76.76% | 86.17% | 89.94% | 95.06% |
| Net Income Growth % | 76.41% | 115.94% | -348.89% | -23.96% | 56.99% | 48.09% | 45.16% | -20.28% | 59.89% | 59.34% | 32.24% | 56.95% | - |
| Funds From Operations (FFO) | -8.15M | 6.83M | -39.2M | 16.17M | 21.02M | 13.4M | 9.06M | 6.26M | 7.8M | 4.89M | 3.1M | 2.31M | 1.48M |
| FFO Margin % | -24.07% | 14.52% | -68.17% | 53.94% | 68.63% | 67% | 69.36% | 61.48% | 77.67% | 77.21% | 87.51% | 89.94% | 95.92% |
| FFO Growth % | -858.53% | 117.43% | -342.49% | -23.08% | 56.8% | 48% | 44.67% | -19.79% | 59.62% | 57.8% | - | - | - |
| FFO per Share | -0.17 | 0.15 | -0.83 | 0.37 | 0.56 | 0.51 | 0.41 | 0.32 | 0.51 | 0.41 | 0.28 | 0.27 | 0.13 |
| FFO Payout Ratio % | -87.99% | 139.03% | -42.11% | 135.68% | 89.51% | 91.53% | 87.93% | 154.67% | 86.97% | 118.62% | 125.21% | 60.52% | 42.93% |
| EPS (Diluted) | -0.19 | 0.04 | -0.93 | 0.27 | 0.46 | 0.44 | 0.41 | 0.32 | 0.50 | 0.38 | 0.26 | 0.27 | 0.17 |
| EPS Growth % | -930.38% | 104.22% | -444.44% | -41.3% | 4.55% | 7.32% | 28.13% | -36% | 31.58% | 46.15% | -3.7% | 58.82% | - |
| EPS (Basic) | - | 0.04 | -0.93 | 0.27 | 0.46 | 0.44 | 0.41 | 0.32 | 0.50 | 0.38 | 0.26 | 0.27 | 0.17 |
| Diluted Shares Outstanding | 47.28M | 46.89M | 47.41M | 44.24M | 37.75M | 26.32M | 22.12M | 19.42M | 15.43M | 11.96M | 11.1M | 8.53M | 11.52M |
Quick answers to the most common questions about buying SACH stock.
For fiscal year 2025, Sachem Capital Corp. (SACH) reported total revenue of $47.1M. This represents a 2943.7% increase compared to $1.5M in 2014.
Sachem Capital Corp. (SACH) is profitable, generating $6.3M in net income for the fiscal year ending 2025 with a net profit margin of 13.4%.
Sachem Capital Corp. (SACH) reported an operating income of $27.7M, resulting in an operating profit margin of 58.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Sachem Capital Corp. (SACH) generated $46.0M in gross profit for the year, representing a gross profit margin of 97.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Portfolio credit quality deterioration
Metrics are mathematically derived from official filings.
FFO Volatility Undermines Dividend Sustainability
As reported in recent financial disclosures, Sachem Capital's FFO per share plummeted to negative $0.13 in 2026Q1, reflecting a significant departure from the positive earnings trajectory observed in late 2025 and highlighting the extreme sensitivity of the company's cash flow to underlying loan performance and credit impairments.
The erratic nature of FFO generation suggests that the company's core lending model is struggling to maintain consistent interest income against rising credit costs. Investors should monitor whether this negative FFO trend necessitates a reduction in dividend distributions, as the current payout appears unsupported by operational cash flow.
NOI Margin Compression Signals Operational Stress
Based on the company's quarterly income statements, the NOI margin collapsed to negative 11.5% in 2026Q1, a stark reversal from the 97.1% margin achieved in 2025Q4, which suggests that property-level expenses and potential credit loss provisions are currently overwhelming the interest income generated by the loan portfolio.
This dramatic margin contraction implies that the company is likely incurring significant carrying costs on non-performing assets or foreclosed properties. The shift from high-margin interest collection to negative property-level profitability warrants further investigation into the efficacy of the company's current workout strategies for distressed loans.
Accounting Distortions Mask Underlying Credit Risk
According to historical data, the wide variance between GAAP net income and FFO, particularly during periods of negative revenue, suggests that Sachem's reported figures may be heavily influenced by non-cash adjustments and CECL provisions that obscure the true economic health of the mortgage portfolio.
The reliance on front-loaded credit loss provisions may be creating artificial volatility in the income statement that masks the actual cash-generating capacity of the remaining performing loans. Analysts should be cautious of interpreting these GAAP swings as purely operational, as they likely reflect aggressive mark-to-market adjustments on collateral value.
Revenue Instability Reflects Portfolio Contraction
As indicated by the 18.16% year-over-year revenue decline noted in recent filings, Sachem Capital is facing a challenging environment where the recycling of capital into new, high-yielding originations appears to be failing to offset the loss of interest income from non-accruing or liquidated loan assets.
The inability to maintain a stable revenue base suggests that the company's lending pipeline may be constrained by either a lack of viable opportunities or a deliberate tightening of underwriting standards in response to rising defaults. This trend may indicate a long-term shift toward a smaller, less profitable portfolio if the company cannot successfully pivot its capital deployment strategy.