Alexander's (ALX) AI Stock Analysis

• Market Cap: $1.25B
• Dividend Yield: 8.39%
• Average Volume (3M): 96.00K
• Price to Earnings (P/E): 39.7
• Beta (1Y): 0.59
• Revenue Growth: -7.52%
• EPS Growth: -22.75%
• Country: US
• Employees: 90
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Retail
• EPS (TTM): 2.42
• Shares Outstanding: 5,107,290
• 10 Day Avg. Volume: 71,549
• 30 Day Avg. Volume: 96,003
• PEG Ratio: -1.13
• Price to Book (P/B): 10.25
• Price to Sales (P/S): 5.25
• P/FCF Ratio: 15.24
• Enterprise Value/Market Cap: 1.66
• Enterprise Value/Revenue: 9.73
• Enterprise Value/Gross Profit: 12.56
• Enterprise Value/Ebitda: 17.68
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): $216.40M

• Rating: 51 Neutral
• Price Target: $233.00 ▲(9.83% Upside)
• Action: Reiterated Date: 03/09/26
• Date: Action: Reiterated 03/09/26

The score is primarily held back by high historical leverage and significant uncertainty from inconsistent latest-year financial reporting, despite generally strong historical profitability and cash generation. Technicals and valuation are both mixed (modest/neutral momentum and a high P/E offset by a high dividend yield), while recent portfolio and financing actions modestly improve the outlook.

Positive Factors

Cash generation

Alexander’s has historically produced consistent operating and free cash flow, with FCF covering net income in shown years. Durable cash generation supports dividend funding, capex for property upkeep, and gives the company a recurring internal liquidity source to absorb cyclical retail headwinds.

Asset monetization

The planned $235.5M sale of Rego Park I converts a large vacant, non-income asset into ~ $202M of cash, materially improving liquidity and capital flexibility. This structural monetization reduces vacancy drag, lets management pay down debt or fund redeployments, and strengthens the balance sheet long-term.

Liability management

Refinancing Rego Park II to cut outstanding debt and extend maturity materially improves near-term funding runway. Extending maturities and lowering principal reduces rollover risk and gives management time to stabilize cash flows or execute further portfolio actions without imminent refinancing pressure.

Negative Factors

High leverage

Historically very high debt-to-equity (4x–6x) leaves limited financial flexibility and raises sensitivity to interest rates and property cash-flow dips. For a REIT concentrated in NYC retail, elevated leverage amplifies downside risk and constrains the company's ability to absorb shocks or pursue opportunistic investments.

Reporting anomalies

Material anomalies in the latest annual filings (zero reported revenue, unclear leverage) create persistent uncertainty around earnings, cash flow, and covenant metrics. Until restated or clarified, investors and lenders face difficulty assessing creditworthiness and dividend sustainability over the medium term.

Earnings volatility

A sharp EPS decline year-over-year and uneven free cash flow growth signal operating volatility tied to leasing, vacancies, and retail demand. This undermines predictability of distributable cash and heightens refinancing and dividend risk, particularly given the firm’s geographic concentration and leverage profile.

Alexander's Business Overview & Revenue Model

Company Description

Alexander's, Inc. is a real estate investment trust which has seven properties in the greater New York City metropolitan area.

How the Company Makes Money

Alexander's generates revenue primarily through leasing retail and commercial spaces to a variety of tenants, including national and regional retailers. The company's revenue model is centered on rental income, which is derived from long-term leases with tenants. Additionally, Alexander's benefits from ancillary income sources such as property management fees and lease-related services. The company may also engage in development projects to increase its asset base, which can lead to higher rental income in the long term. Strategic partnerships with retailers and other businesses enhance its revenue potential by securing stable, long-term tenants that drive consistent cash flow.

Alexander's Financial Statement Overview

Summary

Profitability and cash generation were historically solid (healthy net margins in 2020–2024 and consistently positive operating/free cash flow), but balance-sheet leverage was very high in the most reliable years (debt-to-equity roughly ~4x–~6x). The latest annual period shows major reporting inconsistencies (e.g., zero revenue and unclear leverage), which increases uncertainty and drags the score.

Income Statement

Annual results show generally strong profitability for a retail REIT, with healthy net margins in 2020–2024 (roughly low-20% to mid-40% most years, peaking higher in 2021) and solid operating profitability. Revenue was mostly stable with modest growth in 2023–2024 after a decline in 2020. However, 2025 annual data appears highly distorted (revenue reported at zero, negative EBITDA, and margins at zero), which creates significant uncertainty around the current earnings run-rate and materially weighs on the score.

Balance Sheet

Leverage is the key weakness: debt-to-equity ran very high in 2020–2024 (roughly ~4x to ~6x), which is elevated even for a REIT and reduces financial flexibility if rates or property cash flows weaken. Equity levels and returns on equity were strong in 2021–2023, but equity declined in 2024. The 2025 annual balance sheet shows zero debt (likely a reporting anomaly versus prior years), so the trend in leverage is unclear and increases risk in interpreting the latest period.

Cash Flow

Cash generation has been consistently solid: operating cash flow and free cash flow were positive each year shown, with free cash flow matching operating cash flow throughout. Cash flow has generally covered earnings well (free cash flow to net income shown at 1.0 across periods), and operating cash flow relative to net income was strong in 2021–2024. That said, free cash flow growth has been uneven (several down years including 2024 and 2025), and the 2025 coverage metric is reported as zero despite strong operating cash flow, suggesting data quality issues in the latest year.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	213.18M	226.37M	224.96M	205.81M	206.15M
Gross Profit	34.24M	226.37M	123.75M	205.81M	206.15M
EBITDA	114.91M	144.16M	117.41M	117.69M	184.86M
Net Income	28.22M	43.44M	102.41M	57.63M	132.93M
Balance Sheet
Total Assets	1.11B	1.34B	1.40B	1.40B	1.39B
Cash, Cash Equivalents and Short-Term Investments	128.17M	338.53M	531.86M	461.90M	463.54M
Total Debt	943.07M	1.10B	1.09B	1.09B	1.09B
Total Liabilities	1.00B	1.16B	1.17B	1.16B	1.14B
Stockholders Equity	109.16M	176.86M	237.66M	236.50M	252.59M
Cash Flow
Free Cash Flow	73.44M	54.11M	109.11M	102.55M	118.47M
Operating Cash Flow	73.44M	54.11M	109.11M	102.55M	118.47M
Investing Cash Flow	-20.79M	-13.22M	321.81M	-279.27M	75.46M
Financing Cash Flow	-254.27M	-200.03M	-92.42M	-92.31M	-160.29M

Alexander's Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 212.14
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ALX, the sentiment is Positive. The current price of 212.14 is below the 20-day moving average (MA) of 239.35, below the 50-day MA of 235.54, and below the 200-day MA of 223.47, indicating a bullish trend. The MACD of 2.55 indicates Negative momentum. The RSI at 55.64 is Neutral, neither overbought nor oversold. The STOCH value of 63.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ALX.

Alexander's Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GTY	74 Outperform	$2.02B	19.46	7.86%	6.77%	8.17%	9.96%
WSR	71 Outperform	$1.71B	14.09	11.37%	3.97%	4.44%	107.23%
NTST	69 Neutral	$2.22B	211.40	0.51%	4.61%	19.92%	―
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
BFS	63 Neutral	$818.16M	20.34	11.77%	7.89%	5.75%	-37.69%
CBL	57 Neutral	$1.17B	8.26	41.49%	6.79%	5.74%	294.33%
ALX	51 Neutral	$1.25B	39.65	20.68%	8.39%	-7.52%	-22.75%

Alexander's Corporate Events

Alexander’s to Sell Rego Park I Shopping Center

On March 6, 2026, Alexander’s subsidiary Alexander’s Rego Shopping Center LLC agreed to sell the Rego Park I shopping center in Queens to Northwell Health for $235.5 million in cash, with the company expecting net proceeds of $202 million upon closing. The asset comprises a vacant three-story, 338,000-square-foot structure built in 1959 and a 1,236-space parking garage on 5.9 acres, marking a significant monetization of a non-income-producing property.

The transaction is governed by customary representations, warranties, covenants, and indemnification terms and remains subject to standard closing conditions, with completion anticipated by the third quarter of 2026. The deal underscores Alexander’s ongoing portfolio management strategy, potentially improving its balance sheet and capital flexibility while shifting away from an older, vacant retail asset in a prime New York City borough.

The most recent analyst rating on (ALX) stock is a Hold with a $229.00 price target. To see the full list of analyst forecasts on Alexander’s stock, see the ALX Stock Forecast page.

Alexander’s restructures 731 Lexington mortgage, extends maturity

On December 23, 2025, Alexander’s, Inc. restructured the existing $300 million mortgage on the retail condominium units at its 731 Lexington Avenue property, extending the maturity to December 23, 2035 and splitting the debt into a $132.5 million senior A-Note at 7% interest, a $167.5 million junior C-Note at 4.55%, and a new intermediate B-Note provided by a wholly owned subsidiary to fund capital, re-leasing costs and A-Note interest at 13.5% (with certain advances accruing at 7%). As part of the transaction, the subsidiary ALX Rego Holdings LLC purchased the A-Note at par, the original lenders retained the C-Note, and a detailed cash-flow waterfall was established that prioritizes repayment of the A-Note and B-Note before allocating remaining proceeds between the C-Note and the borrower, with any unpaid balance potentially forgiven after a qualified refinancing or sale, thereby reducing recourse to Alexander’s and reshaping the risk and return profile for both the company and its junior lenders.

The most recent analyst rating on (ALX) stock is a Hold with a $219.00 price target. To see the full list of analyst forecasts on Alexander’s stock, see the ALX Stock Forecast page.

Alexander’s Completes $175 Million Refinancing Deal

On December 5, 2025, Alexander’s, Inc. completed a $175 million refinancing of its Rego Park II shopping center in Queens, New York. The new interest-only loan, maturing in December 2030, is set at SOFR plus 2.00%, currently 5.82%. This refinancing replaces a previous $198.5 million loan, reducing the debt by $23.5 million, and reflects the company’s strategic financial management to optimize its real estate investments.

The most recent analyst rating on (ALX) stock is a Hold with a $208.00 price target. To see the full list of analyst forecasts on Alexander’s stock, see the ALX Stock Forecast page.