ALX
ALEXANDERS INC
Next earnings Aug 3, 2026
$281.55
▲ +2.43%$281.55▲ +33.39%
over 1Y
L $197.42EODHDH $281.55
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+2.4%
1W+7.5%
1M+14.0%
3M+21.1%
YTD+33.6%
1Y+33.4%
Sell
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 8 analysts
Sell
Quality NYC REIT, but falling FFO, a dividend funded from a shrinking cash pile, and 61% Bloomberg dependence make ~23x P/FFO a poor entry.
Diluted EPS $5.50 · FY2025
The read
Weak on both the fundamentals and the price — little to like at the current level.
Alexander's is a five-property, Vornado-managed NYC REIT whose headline cheapness is illusory. The 51.2x P/E is the wrong lens for a REIT, but the right one isn't flattering either: FFO fell to $12.27/diluted share from $15.19, so the stock trades near 23x P/FFO — a full multiple for an asset base that is actively shrinking (revenue -5.8%, net income -35%, total assets -17.2%, equity -38.3%). Operating cash flow rose to $73.4M, but that masks deterioration: the Home Depot lease (~$15M annual rent, ~7% of revenue) expired in January 2025 and Rego Park I is now vacant with the company 'exploring sale opportunities,' so the forward rent roll is set lower, not higher.
The dividend math is the core problem. The company paid $92.4M in dividends against $28.2M of net income and only ~$63M of FFO, plugging the gap from the balance sheet — cash collapsed 62% to $128M and retained earnings fell 48%. A payout running well above FFO off a draining cash balance is not durable; a dividend cut is a live risk, and for a stock owned largely for its ~6.4% yield, that is precisely the catalyst that re-rates it lower.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $206M | $206M | $225M | $226M | $213M |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $133M | $57.6M | $102M | $43.4M | $28.2M |
| Diluted EPS | $25.94 | $11.24 | $19.97 | $8.46 | $5.50 |
| Net margin | 64.5% | 28.0% | 45.5% | 19.2% | 13.2% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield2.0%
FCF yield—
Quality & risk
ROIC (est.)72.8%
Free cash flow—
Total debt—
Net cash$128M
Piotroski F-Score5/6
Capital returns
Buyback yield—
Dividend yield (est.)6.4%
Shareholder yield6.4%
Shares Δ YoY+0.0%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Reg FD disclosure2026-05-28
Reg FD furnishing, likely Q1 2026 results/press release; no new structural change
- 8-K Officer / director change2026-05-21
Annual meeting vote results plus a board/officer change disclosed
- 10-Q Quarterly report2026-05-04
Q1 2026: Bloomberg now ~61% of rent; Home Depot's $15M rent rolled off in 2025
- DEF 14A Proxy statement2026-04-07
Annual proxy: board slate and exec pay up for 2026 vote, no strategic change
- 8-K Material agreement2026-03-31
Entered a new material agreement (lease or financing)
- 8-K Material agreement2026-03-09
Material agreement plus Reg FD disclosure
- 10-K Annual report2026-02-09
FY25 EPS $5.50 (-35%), FFO/sh $12.27 (-19%); Home Depot lost, debt restructured
- 8-K Material agreement2025-12-29
Restructured $300M 731 Lex mortgage into A/B/C notes, junior C-Note accrues PIK
- 8-K Material agreement2025-12-09
Closed $175M Rego Park II refinancing at SOFR+2.00%, maturing 2030
Recent filings
all on EDGAR ↗4Period ending 2026-06-092026-06-10open ↗144Filing2026-06-09open ↗8-KPeriod ending 2026-05-282026-05-28open ↗4Period ending 2026-05-212026-05-22open ↗4Period ending 2026-05-212026-05-22open ↗4Period ending 2026-05-212026-05-22open ↗4Period ending 2026-05-212026-05-22open ↗4Period ending 2026-05-212026-05-22open ↗4Period ending 2026-05-212026-05-22open ↗4Period ending 2026-05-212026-05-22open ↗S-8Filing2026-05-21open ↗8-KPeriod ending 2026-05-212026-05-21open ↗
Frequently asked
- Is ALEXANDERS INC (ALX) a buy?
- ALX currently carries a Sell rating with 3/5 conviction, derived from its latest SEC filings. Quality NYC REIT, but falling FFO, a dividend funded from a shrinking cash pile, and 61% Bloomberg dependence make ~23x P/FFO a poor entry.
- What is ALX's fair value?
- A Modified-Graham model based on ALX's SEC fundamentals estimates a fair value of about $51.43. It is an estimate from reported earnings, not a price target.
- Is ALX overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, ALX currently appears overvalued relative to its SEC-grounded earnings power.
- What is ALEXANDERS INC's quality score?
- ALX scores 61.68627450980392/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000003499, latest 10-Q filed 2026-05-04) · EODHD · analysis by claude-code · as of 6/30/2026, 10:16:13 AM.
Research and education only — not financial advice. EDGAR is not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities EDGAR rates; see Disclosures. Past performance does not guarantee future results. Do your own research.