Revenue growth remains inconsistent, fluctuating between a 21.4% increase in 2025Q4 and a 12.2% decline in 2024Q4, while operating margins have remained negative in 90% of the last ten quarters.
| 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 |
|---|
| Sales/Revenue | 49.39M | 49.06M | 44.76M | 47.02M | 34.08M | 37.81M | 51.91M | 46.23M | 120.95M | 125.23M | 118.47M | 102.22M | 75.86M | 86.24M | 116.05M | 114.09M | 129.86M | 151.65M | 142.34M | 134.49M | 128.06M | 105.44M | 125.51M | 114.42M | 109.73M | 134.91M | 139.36M | 82.49M | 70.64M | 55.96M | 46.88M |
| Revenue Growth % | 8.58% | 9.6% | -4.81% | 37.98% | -9.86% | -27.16% | 12.28% | -61.78% | -3.42% | 5.71% | 15.9% | 34.75% | -12.04% | -25.69% | 1.72% | -12.15% | -14.37% | 6.54% | 5.84% | 5.02% | 21.45% | -15.99% | 9.69% | 4.28% | -18.67% | -3.19% | 68.93% | 16.78% | 26.22% | 19.38% | 0.23% |
| Cost of Goods Sold | 56.17M | 62.15M | 27.06M | 27.9M | 18.34M | 20.86M | 24.36M | 25.21M | 59.42M | 63.06M | 61.92M | 52.26M | 39.48M | 40.95M | 57.24M | 63.47M | 73.97M | 85.09M | 88.03M | 80.62M | 0 | 0 | 24.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 126.68% | 60.46% | 59.32% | 53.81% | 55.17% | 46.93% | 54.54% | 49.13% | 50.35% | 52.26% | 51.12% | 52.05% | 47.48% | 49.32% | 55.64% | 56.96% | 56.11% | 61.85% | 59.95% | - | - | 19.81% | - | - | - | - | - | - | - | - |
| Gross Profit | -19.12M | -13.09M | 17.7M | 19.13M | 15.74M | 16.95M | 27.55M | 21.02M | 61.53M | 62.18M | 56.55M | 49.96M | 36.37M | 45.29M | 58.81M | 50.61M | 55.89M | 66.56M | 54.31M | 53.87M | 128.06M | 105.44M | 100.65M | 114.42M | 109.73M | 134.91M | 139.36M | 82.49M | 70.64M | 55.96M | 46.88M |
| Gross Margin % | -38.71% | -26.68% | 39.54% | 40.68% | 46.19% | 44.83% | 53.07% | 45.46% | 50.87% | 49.65% | 47.74% | 48.88% | 47.95% | 52.52% | 50.68% | 44.36% | 43.04% | 43.89% | 38.15% | 40.05% | 100% | 100% | 80.19% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -173.96% | -7.46% | 21.51% | -7.12% | -38.48% | 31.07% | -65.84% | -1.03% | 9.94% | 13.19% | 37.36% | -19.68% | -22.99% | 16.19% | -9.44% | -16.03% | 22.56% | 0.82% | -57.94% | 21.45% | 4.76% | -12.04% | 4.28% | -18.67% | -3.19% | 68.93% | 16.78% | 26.22% | 19.38% | 0.23% |
| Operating Expenses | -6.08M | -6.75M | 23.47M | 29.12M | 25.02M | 33.11M | 27.58M | 28.67M | 45.41M | 42.07M | 38.91M | 40.66M | 35.6M | 47.4M | 40.63M | 39.79M | 47.17M | 94.58M | 47.71M | 43.12M | 113.24M | 94.01M | 59.18M | 73.6M | 71.02M | 80.56M | 78.06M | 92.89M | 76.6M | 65.58M | 56.5M |
| OpEx % of Revenue | - | -13.75% | 52.44% | 61.92% | 73.42% | 87.58% | 53.13% | 62.01% | 37.55% | 33.6% | 32.84% | 39.78% | 46.93% | 54.96% | 35.01% | 34.88% | 36.32% | 62.37% | 33.51% | 32.06% | 88.42% | 89.15% | 47.15% | 64.33% | 64.72% | 59.71% | 56.02% | 112.61% | 108.45% | 117.19% | 120.52% |
| Selling, General & Admin | 3.37M | 5.83M | 13.51M | 18.36M | 17.92M | 24.21M | 17.93M | 17.11M | 22.02M | 16.26M | 14.97M | 13.88M | 14.54M | 14.82M | 14.34M | 19.17M | 20.4M | 22.97M | 22.77M | 9.79M | 4.01M | 8.26M | 9.31M | 9.15M | 8.77M | 11.41M | 8.51M | 3.33M | 2.31M | 2.65M | 2.69M |
| SG&A % of Revenue | - | 11.88% | 30.17% | 39.03% | 52.57% | 64.03% | 34.55% | 37.02% | 18.21% | 12.99% | 12.63% | 13.57% | 19.16% | 17.18% | 12.36% | 16.8% | 15.71% | 15.14% | 16% | 7.28% | 3.13% | 7.83% | 7.42% | 8% | 8% | 8.46% | 6.1% | 4.04% | 3.27% | 4.73% | 5.73% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -5.11M | -6.34M | -5.77M | -9.99M | -9.28M | -16.16M | -28K | -7.65M | 16.12M | 20.11M | 17.65M | 9.3M | 771K | -2.11M | 18.18M | -30.95M | -15.78M | -28.02M | 6.6M | 10.75M | 14.83M | 11.44M | 33.78M | 40.82M | 38.71M | 54.35M | 61.3M | -10.4M | -5.97M | -9.62M | -9.62M |
| Operating Margin % | -10.35% | -12.93% | -12.9% | -21.25% | -27.24% | -42.75% | -0.05% | -16.55% | 13.33% | 16.05% | 14.9% | 9.1% | 1.02% | -2.45% | 15.67% | -27.13% | -12.15% | -18.48% | 4.64% | 7.99% | 11.58% | 10.85% | 26.92% | 35.67% | 35.28% | 40.29% | 43.98% | -12.61% | -8.45% | -17.19% | -20.52% |
| Operating Income Growth % | - | -9.87% | 42.21% | -7.65% | 42.57% | -57625% | 99.63% | -147.47% | -19.82% | 13.93% | 89.73% | 1106.36% | 136.52% | -111.61% | 158.74% | -96.1% | 43.67% | -524.31% | -38.55% | -27.52% | 29.62% | -66.14% | -17.24% | 5.45% | -28.78% | -11.33% | 689.38% | -74.32% | 37.96% | 0.04% | -365.26% |
| EBITDA | 8.25M | 6.23M | 6.76M | 4.58M | 3.83M | -1.13M | 18.55M | 7.93M | 120.95M | 125.23M | 118.47M | 30.6M | 18.92M | 19.29M | 40.67M | -7.92M | 10.99M | 1.8M | 31.83M | 36.2M | 36.47M | 28.12M | 56.36M | 63.47M | 59.37M | 74.05M | 81M | 3.07M | 5.52M | 388K | -764K |
| EBITDA Margin % | 16.71% | 12.7% | 15.1% | 9.74% | 11.24% | -3% | 35.74% | 17.16% | 100% | 100% | 100% | 29.94% | 24.94% | 22.37% | 35.04% | -6.94% | 8.46% | 1.18% | 22.36% | 26.92% | 28.48% | 26.67% | 44.91% | 55.47% | 54.11% | 54.89% | 58.12% | 3.72% | 7.82% | 0.69% | -1.63% |
| EBITDA Growth % | 15.06% | -7.78% | 47.61% | 19.59% | 437.65% | -106.11% | 133.85% | -93.44% | -3.42% | 5.71% | 287.16% | 61.73% | -1.93% | -52.56% | 613.69% | -172.06% | 511.69% | -94.36% | -12.08% | -0.72% | 29.67% | -50.1% | -11.21% | 6.91% | -19.82% | -8.57% | 2538.37% | -44.4% | 1323.2% | 150.79% | -105.97% |
| D&A (Non-Cash Add-back) | 13.36M | 12.58M | 12.53M | 14.57M | 13.11M | 15.03M | 18.58M | 15.59M | 104.83M | 105.13M | 100.82M | 21.3M | 18.15M | 21.4M | 22.49M | 23.03M | 26.77M | 29.81M | 25.23M | 25.46M | 21.64M | 16.68M | 22.58M | 22.66M | 20.67M | 19.7M | 19.7M | 13.47M | 11.49M | 10.01M | 8.86M |
| EBIT | 20.28M | 28.16M | 16.23M | 18.48M | 589.51M | 32.05M | 36.84M | 3.68M | 245.12M | 44.81M | 53.44M | 38.66M | 17.4M | -5.58M | 33.44M | -8.92M | -18.89M | -18.07M | 8.74M | 59.89M | 14.83M | 4.71M | 8.54M | 4.35M | 12.92M | 18.6M | 30.36M | -10.4M | 31.48M | 123.1M | 85.7M |
| Net Interest Income | 5.79M | 10.45M | 14.24M | 20.73M | 6.93M | -5.03M | -10.71M | -12.21M | -43.08M | -46.08M | -38.42M | -35.85M | -21.49M | -23.7M | -26.22M | -30.94M | -49.02M | -55.65M | -69.83M | -64.74M | 2.7M | 3.67M | 3.68M | 6.68M | 4.13M | 2.95M | 2.37M | 0 | 0 | 0 | -15M |
| Interest Income | 7.75M | 17.12M | 21.89M | 30.02M | 26.75M | 19.57M | 18.66M | 19.61M | 15.79M | 13.86M | 14.67M | 10.69M | 12.19M | 13.79M | 11.72M | 5.72M | 5.19M | 5.41M | 3.01M | 2.26M | 2.7M | 3.67M | 3.68M | 6.68M | 4.13M | 2.95M | 2.37M | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 15.99M | 21.5M | 8.59M | 9.19M | 572.19M | 9.07M | 7.47M | -28.14M | 186.25M | -15.14M | 347K | -7.88M | -16.28M | -41.74M | -11.98M | -59.48M | -81.04M | -82.94M | -63.8M | -7.33M | -2.65M | -17.96M | -22.17M | -27.72M | 71.86M | 147.42M | 147.17M | 0 | 0 | 0 | 0 |
| Pretax Margin % | 32.38% | 43.82% | 19.19% | 19.54% | 1678.97% | 23.98% | 14.39% | -60.86% | 153.98% | -12.09% | 0.29% | -7.71% | -21.46% | -48.41% | -10.33% | -52.13% | -62.4% | -54.69% | -44.82% | -5.45% | -2.07% | -17.03% | -17.67% | -24.23% | 65.49% | 109.27% | 105.61% | - | - | - | - |
| Income Tax | 6.17M | 7.06M | 1.93M | 1.94M | 103.19M | -1.01M | 4K | -2M | 3.21M | 180K | 24K | 517K | -20.39M | -40.48M | -1.36M | -4.5M | -4.91M | -1.18M | -33.55M | -8.25M | -4.61M | -802K | -12.5M | 41.94M | 33.86M | 34.54M | 31.51M | -40.62M | -12.87M | -22.22M | -1.81M |
| Effective Tax Rate % | 38.6% | 32.86% | 22.47% | 21.1% | 18.03% | -11.15% | 0.05% | 7.11% | 1.72% | -1.19% | 6.92% | -6.56% | 125.24% | 96.98% | 11.33% | 7.57% | 6.06% | 1.42% | 52.58% | 112.63% | 173.56% | 4.46% | 56.38% | -151.31% | 47.12% | 23.43% | 21.41% | - | - | - | - |
| Net Income | 9.35M | 13.8M | 5.86M | 5.94M | 468.26M | 9.4M | 6.67M | -26.92M | 181.45M | -15.81M | 37K | -7.64M | 41.58M | 58.53M | -8.32M | -46.32M | -67.2M | -79.7M | 32.21M | 11.11M | 3.51M | 9.07M | 23.71M | -1.12M | 4.85M | 19.81M | 29.78M | 30.22M | 6.91M | 12.6M | -7.81M |
| Net Margin % | 18.94% | 28.13% | 13.1% | 12.63% | 1374.01% | 24.86% | 12.85% | -58.23% | 150.01% | -12.63% | 0.03% | -7.47% | 54.81% | 67.87% | -7.17% | -40.6% | -51.74% | -52.55% | 22.63% | 8.26% | 2.74% | 8.6% | 18.89% | -0.98% | 4.42% | 14.68% | 21.37% | 36.63% | 9.78% | 22.51% | -16.65% |
| Net Income Growth % | 17.93% | 135.47% | -1.26% | -98.73% | 4882.57% | 40.92% | 124.77% | -114.84% | 1247.33% | -42843.24% | 100.48% | -118.37% | -28.96% | 803.15% | 82.03% | 31.07% | 15.69% | -347.44% | 189.88% | 216.91% | -61.34% | -61.74% | 2212.83% | -123.13% | -75.51% | -33.48% | -1.45% | 337.58% | -45.19% | 261.4% | -109.5% |
| Net Income (Continuing) | 9.82M | 14.43M | 6.66M | 7.25M | 469M | 10.08M | 7.46M | -26.14M | 183.04M | -15.32M | 323K | -8.4M | 4.11M | -1.26M | -10.63M | -45.94M | -76.13M | -78.97M | -30.91M | 1.07M | 1.56M | -16.58M | -11.88M | -8.17M | -33.11M | 23.09M | 27.65M | 30.19M | 6.91M | 12.6M | -8.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 161K | 37.87M | 61.63M | 0 | -9.03M | 0 | -2.79M | 0 | 0 | -1.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 19.58M | 19.43M | 20.53M | 20.95M | 21.14M | 20.4M | 19.72M | 21.46M | 20.68M | 19.09M | 18.59M | 18.31M | 18.16M | 17.8M | 16.83M | 15.55M | 17.92M | 17.93M | 13.77M | 1.62M | 16.17M | 1.24M | 881K | -126K | 2.64M | 5.38M | 4.37M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.08 | 1.60 | 0.68 | 0.69 | 54.20 | 1.09 | 0.77 | -3.00 | 20.81 | -1.81 | -0.10 | -0.88 | 4.74 | 6.83 | -0.99 | -5.53 | -8.28 | -9.82 | 3.86 | 1.24 | 0.40 | 1.12 | 2.91 | -0.14 | 0.58 | 2.31 | 3.45 | 7.05 | 1.78 | 3.22 | -1.96 |
| EPS Growth % | 18.31% | 135.29% | -1.45% | -98.73% | 4872.48% | 41.56% | 125.67% | -114.42% | 1249.72% | -1710% | 88.64% | -118.57% | -30.6% | 789.9% | 82.1% | 33.21% | 15.68% | -354.4% | 211.29% | 210% | -64.29% | -61.51% | 2178.57% | -124.14% | -74.89% | -33.04% | -51.06% | 296.07% | -44.72% | 264.29% | -113.04% |
| EPS (Basic) | - | 1.60 | 0.68 | 0.69 | 54.20 | 1.09 | 0.77 | -3.00 | 20.81 | -1.82 | -0.10 | -0.88 | 4.74 | 6.83 | -0.99 | -5.53 | -8.28 | -9.82 | 3.86 | 1.28 | 0.42 | 1.12 | 2.91 | -0.14 | 0.58 | 2.31 | 3.45 | 7.05 | 1.78 | 3.22 | -1.96 |
| Diluted Shares Outstanding | 8.64M | 8.64M | 8.64M | 8.64M | 8.64M | 8.64M | 8.64M | 8.72M | 8.72M | 8.72M | 8.72M | 8.72M | 8.56M | 8.41M | 8.41M | 8.37M | 8.11M | 8.11M | 8.09M | 8.19M | 8.18M | 7.9M | 8.08M | 8.08M | 8.06M | 8.68M | 8.64M | 4.28M | 3.88M | 3.98M | 3.98M |
| Basic Shares Outstanding | 8.64M | 8.64M | 8.64M | 8.64M | 8.64M | 8.64M | 8.64M | 8.72M | 8.72M | 8.71M | 8.62M | 8.72M | 8.56M | 8.41M | 8.41M | 8.37M | 8.11M | 8.11M | 8.09M | 7.95M | 7.9M | 7.9M | 8.08M | 8.08M | 8.06M | 8.48M | 8.63M | 4.28M | 3.88M | 3.98M | 3.98M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | 2.42% | - | - | - | - | - | - | - | - | - | - | - | 2.14% | 0.87% | 15.72% | 10.05% | 89.72% | 8.73% | - |
Regional concentration and opacity
According to recent financial disclosures, TCI's revenue growth remains inconsistent, fluctuating between a 21.4% increase in 2025Q4 and a 12.2% decline in 2024Q4, suggesting that the company's top-line performance is heavily tethered to episodic land sales rather than a stable, recurring rental income stream.
The revenue trajectory appears to lack a clear organic growth engine, as the company relies on lumpy transactional gains to offset the inherent softness in its multi-family portfolio. Investors should monitor whether the current reliance on project-based revenue can sustain the firm's overhead in a high-interest-rate environment.
As reported in financial statements, TCI consistently struggles with operating profitability, evidenced by a negative operating margin in nine of the last ten quarters, which highlights the difficulty of covering fixed property-level expenses and administrative overhead through its current rental and land-banking business model.
The negative gross margin observed in periods like 2025Q4 suggests that the cost of maintaining undeveloped land and property-level operating expenses frequently outpaces the revenue generated. This structural imbalance implies that the core business may be fundamentally unable to achieve self-sustaining profitability without external capital or asset divestitures.
Based on TCI's reported figures, the net income is frequently decoupled from operating performance, with a notable 60.9% net margin in 2025Q4 contrasting sharply with a negative operating margin, indicating that bottom-line results are driven by non-operating gains rather than core operational efficiency.
The reliance on equity in earnings from unconsolidated subsidiaries and one-time asset sales suggests that the reported net income may not be a reliable indicator of the company's long-term earnings power. Analysts should adjust for these non-recurring items to assess the true cash-generating capability of the underlying real estate assets.
While the company reports a low Debt/Equity ratio of 0.24, financial filings suggest that this figure may be misleading, as significant debt obligations likely reside within unconsolidated joint ventures, potentially masking the true financial risk profile of the enterprise from casual observers of the balance sheet.
The discrepancy between the reported leverage and the company's operational reality warrants further investigation into the debt structures of its various partnerships. Investors should be cautious, as the lack of transparency regarding these off-balance-sheet liabilities could lead to an underestimation of the firm's sensitivity to interest rate volatility.
Quick answers to the most common questions about buying TCI stock.
For fiscal year 2025, Transcontinental Realty Investors, Inc. (TCI) reported total revenue of $49.1M. This represents a 4.7% increase compared to $46.9M in 1996.
Transcontinental Realty Investors, Inc. (TCI) is profitable, generating $13.8M in net income for the fiscal year ending 2025 with a net profit margin of 28.1%.
Transcontinental Realty Investors, Inc. (TCI) reported an operating income of $-6.3M, resulting in an operating profit margin of -12.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Transcontinental Realty Investors, Inc. (TCI) generated $-13.1M in gross profit for the year, representing a gross profit margin of -26.7%. This demonstrates the company's core pricing power and production efficiency.