Alexander's (ALX) AI Stock Analysis

• Market Cap: $1.21B
• Dividend Yield: 8.39%
• Average Volume (3M): 52.32K
• Price to Earnings (P/E): 43.3
• Beta (1Y): 0.61
• 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: 73,152
• 30 Day Avg. Volume: 52,321
• 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: 1.69
• Enterprise Value/Revenue: 9.63
• Enterprise Value/Gross Profit: 12.43
• Enterprise Value/Ebitda: 17.50
• 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: 52 Neutral
• Price Target: $229.00 ▲(7.95% Upside)
• Action: Reiterated Date: 02/10/26
• Date: Action: Reiterated 02/10/26

The score is primarily held back by balance-sheet leverage and uncertainty from inconsistent latest-year financial reporting, partially offset by historically strong cash generation and a high dividend yield. Technical signals are weak-to-neutral, while the recent refinancing is a modest positive for financial flexibility.

Positive Factors

High profitability and margins

Sustained high EBIT and net margins indicate efficient property operations and effective cost control across the portfolio. For a retail/mixed‑use REIT, durable margins support dividend capacity, cover fixed costs, and provide internal funds for selective redevelopment and tenant improvements over the medium term.

Strong operating cash conversion

Operating cash flow notably exceeds net income and free cash flow converts a large portion of earnings, signaling earnings quality and reliable rental cash generation. This cash conversion supports debt servicing, distributions, and capex without immediate reliance on asset sales, a structural strength for a landlord business.

Completed refinancing improves near-term flexibility

The $175M refinancing that reduces principal and sets an interest‑only structure through 2030 materially eases near‑term cash outflows and extends maturities. This structurally improves liquidity and lowers rollover risk, giving management more runway to execute leasing and redevelopment plans.

Negative Factors

Very high leverage

A debt/equity ratio near seven signifies heavy reliance on debt financing. For a REIT, this elevates refinancing, rate, and covenant risk, limits strategic flexibility, and magnifies earnings volatility from occupancy or rent shocks, creating a persistent financial vulnerability unless deleveraging occurs.

Declining revenue trend

Negative and weakening revenue growth suggests pressure on lease renewals, tenant demand, or occupancy. Over months this can compress NOI and strain the REIT's ability to fund dividends and capex organically, forcing asset sales or higher leverage if leasing momentum does not recover.

Falling free cash flow growth

A decline in free cash flow growth reduces the buffer for dividend payments, capital improvements, and debt service. For a highly leveraged real estate firm, persistent FCF contraction increases dependence on refinancing or asset dispositions and raises the probability of constrained capital allocation decisions.

Alexander's Business Overview & Revenue Model

Company Description

Alexander's (ALX) is a real estate investment trust (REIT) based in the United States, primarily focused on the ownership, management, and development of high-quality retail and mixed-use properties. The company operates in key urban markets, providing a diverse portfolio that includes shopping centers, retail spaces, and other commercial real estate assets. Alexander's aims to enhance property value through strategic leasing, redevelopment, and value-added management strategies.

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

Mixed fundamentals: historically strong profitability and solid, consistently positive operating/free cash flow, but very high leverage in 2020–2024 and major inconsistencies in 2025 reporting (e.g., zero revenue and zero debt alongside positive cash flow/income) increase uncertainty and risk.

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 236.87, below the 50-day MA of 228.18, and below the 200-day MA of 221.07, indicating a bullish trend. The MACD of 2.24 indicates Negative momentum. The RSI at 58.02 is Neutral, neither overbought nor oversold. The STOCH value of 60.93 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	$1.95B	24.21	7.79%	6.77%	8.17%	9.96%
WSR	71 Outperform	$1.54B	17.56	10.34%	3.97%	4.44%	107.23%
NTST	69 Neutral	$2.25B	249.15	0.50%	4.61%	19.92%	―
BFS	68 Neutral	$831.73M	29.59	11.88%	7.89%	5.75%	-37.69%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
CBL	57 Neutral	$1.16B	8.68	38.93%	6.79%	5.74%	294.33%
ALX	52 Neutral	$1.21B	43.28	22.99%	8.39%	-7.52%	-22.75%

Alexander's Corporate Events

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.