WHLR Nasdaq Real Estate Investment Trusts Financials FY2016βFY2025
Wheeler Real Estate Investment Trust, Inc. had $99.4M of revenue in fiscal 2025, down 4.9% on the year before. Over five years, revenue changed +10.3% a year on average.
Last close Β· Oct 23, 2026
$0.36
16.4%Hi! I read Wheeler Real Estate Investment Trust, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β4.9%
No. Sales fell 4.9% last year.
Does it make a profit?
8.8%
A little. It keeps 8.8% of every sale as profit.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Wheeler Real Estate Investment Trust, Inc. had $99.4M of revenue in fiscal 2025, down 4.9% on the year before. Over five years, revenue changed +10.3% a year on average. Its operating margin was 43.5%, up 7.6Β pts: of every 100 in sales, about 43 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Wheeler Real Estate Investment Trust, Inc. made $8.8M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Wheeler Real Estate Investment Trust, Inc. returned $6.6M to shareholders in fiscal 2025. The diluted share count rose 106,800.0%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.1M and sold $0.2M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.1M
1 insider
Sold, 12 months
$0.2M
5 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 30, 2026 | Joseph StilwellDirector, 10% owner | Sold | 5 | $3.03 | $0.0M | Form 4 |
| Sep 10, 2026 | HRT Financial LP10% owner | Sold | 5,048 | $0.37 | $0.0M | Form 4 |
| Sep 9, 2026 | HRT Financial LP10% owner | Bought | 11,253 | $0.38 | $0.0M | Form 4 |
| Sep 8, 2026 | HRT Financial LP10% owner | Bought | 8,197 | $0.39 | $0.0M | Form 4 |
| Jul 8, 2026 | HRT Financial LP10% owner | Sold | 66,584 | $0.49 | $0.0M | Form 4 |
| Jul 7, 2026 | HRT Financial LP10% owner | Bought | 40,591 | $0.61 | $0.0M | Form 4 |
| Jul 6, 2026 | HRT Financial LP10% owner | Bought | 21,703 | $0.08 | $0.0M | Form 4 |
| Jul 2, 2026 | HRT Financial LP10% owner | Bought | 17,348 | $1.39 | $0.0M | Form 4 |
| Jul 1, 2026 | HRT Financial LP10% owner | Bought | 14,698 | $1.14 | $0.0M | Form 4 |
| Jun 30, 2026 | HRT Financial LP10% owner | Bought | 24,997 | $1.38 | $0.0M | Form 4 |
| Apr 15, 2026 | David J. Snyderman10% owner | Sold | 3,127 | $0.80 | $0.0M | Form 4 |
| Apr 14, 2026 | David J. Snyderman10% owner | Sold | 4,910 | $0.77 | $0.0M | Form 4 |
| Apr 13, 2026 | David J. Snyderman10% owner | Sold | 87,177 | $0.86 | $0.1M | Form 4 |
| Apr 10, 2026 | David J. Snyderman10% owner | Sold | 1,413 | $0.83 | $0.0M | Form 4 |
| Apr 9, 2026 | David J. Snyderman10% owner | Sold | 12,346 | $0.83 | $0.0M | Form 4 |
| Apr 8, 2026 | David J. Snyderman10% owner | Sold | 6,234 | $0.86 | $0.0M | Form 4 |
| Apr 7, 2026 | David J. Snyderman10% owner | Sold | 6,774 | $0.85 | $0.0M | Form 4 |
| Apr 6, 2026 | David J. Snyderman10% owner | Sold | 6,503 | $0.92 | $0.0M | Form 4 |
| Apr 2, 2026 | David J. Snyderman10% owner | Sold | 13,253 | $0.93 | $0.0M | Form 4 |
| Apr 1, 2026 | David J. Snyderman10% owner | Sold | 3,332 | $0.95 | $0.0M | Form 4 |
| Mar 31, 2026 | Supernova Management LLC10% owner | Sold | 12,378 | $0.93 | $0.0M | Form 4 |
| Mar 30, 2026 | Supernova Management LLC10% owner | Sold | 2,103 | $0.97 | $0.0M | Form 4 |
| Mar 27, 2026 | Supernova Management LLC10% owner | Sold | 3,685 | $1.04 | $0.0M | Form 4 |
| Mar 26, 2026 | Magnetar Capital Partners LP10% owner | Sold | 8,840 | $1.10 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Wheeler Real Estate Investment Trust, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $22.9M | $28.5M | $18.4M | $43.0M | $23.7M |
| Debt incl. finance leases | $336M | $466M | $478M | β | β |
| Net debt / EBITDA | 9.1x | 9.9x | 7.9x | β | β |
| Debt / equity | 180.8x | β | β | β | β |
| Interest coverage | 0.6x | 0.8x | 0.9x | β | β |
| Total assets | $465M | $685M | $668M | $654M | $602M |
| Total liabilities | $369M | $532M | $527M | $537M | $507M |
| Shareholders' equity | $1.9M | β$15.2M | β$21.3M | β$25.4M | $0.2M |
| Net debt (β = net cash) | $314M | $438M | $459M | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 6 | 3 / 7 | 5 / 7 | 4 / 7 | 3 / 7 | 5 / 7 | 5 / 7 | β / 6 | β / 6 |
| Accruals ratio | β4.6% | β7.6% | β8.0% | β4.7% | β3.2% | β5.5% | β7.5% | β3.8% | β5.4% | β2.0% |
| Altman Z'' | β | β | β | β | β | β | β | β | β | β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $44.2M | $58.5M | $65.3M | $63.2M | $61.0M | $61.3M | $76.6M | $102M | $105M | $99.4M |
| Provision for credit losses | $0.4M | $2.8M | $0.5M | $0.4M | $1.1M | $0.2M | $0.4M | $0.5M | $0.5M | $0.9M |
| Operating income | β$0.3M | $1.6M | $2.5M | $10.9M | $18.4M | $19.5M | $24.6M | $29.4M | $37.5M | $43.2M |
| Interest expense | $13.4M | $17.2M | $20.2M | $19.0M | $17.1M | $33.0M | $30.1M | $32.3M | β | β |
| Pretax income | β$13.0M | β$14.2M | β$17.8M | β$8.1M | $0.3M | β$9.3M | β$8.5M | $6.1M | $0.7M | $14.9M |
| Income tax | $0.1M | $0.1M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | β$11.2M | β$12.1M | β$16.5M | β$8.0M | $0.2M | β$9.4M | β$12.5M | β$4.7M | β$9.6M | $8.8M |
| Net income to common | β$15.9M | β$22.1M | β$29.3M | β$22.7M | β$9.3M | β$13.2M | β$21.5M | β$29.2M | β$22.2M | β$3.9M |
| Diluted EPS | β$1.89 | β$2.54 | β$3.17 | β$2.34 | β$0.96 | β$1.36 | β$22.04 | β$13,157.97 | β$346,484.38 | β$36.01 |
| Diluted shares | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.00B | 0.00B | 0.00B | 0.00B |
| Cash flow | ||||||||||
| Cash from operations | $11.1M | $23.8M | $22.0M | $15.3M | $15.8M | $17.0M | $30.8M | $20.9M | $26.0M | $21.1M |
| Capital expenditure | $1.9M | $7.3M | $5.6M | $2.7M | $2.3M | $6.4M | $8.5M | β | β | β |
| Free cash flow | $9.2M | $16.5M | $16.4M | $12.5M | $13.5M | $10.6M | $22.2M | β | β | β |
| Depreciation and amortization | $20.6M | $26.2M | $27.1M | $21.3M | $17.3M | $14.8M | $19.5M | $28.5M | $25.3M | $22.9M |
| Stock-based compensation | $1.5M | $0.9M | $0.9M | $0.0M | $0.0M | $0.0M | $0.0M | β | β | β |
| Dividends paid | $17.7M | $20.7M | $14.6M | $0.0M | β | $0.0M | $2.7M | $10.8M | $10.4M | $6.6M |
| Dividends and buybacks | $17.7M | $20.7M | $14.6M | $0.0M | β | $0.0M | $2.7M | $10.8M | $10.4M | $6.6M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $4.9M | $3.7M | $3.5M | $5.5M | $7.7M | $22.9M | $28.5M | $18.4M | $43.0M | $23.7M |
| Total debt | β | $308M | $364M | $343M | $347M | $336M | $466M | $478M | β | β |
| Goodwill | $5.5M | $5.5M | $0.0M | β | β | β | β | β | β | β |
| Intangible assets | $47.8M | $33.1M | $29.4M | $20.4M | $14.8M | $11.5M | $34.4M | $25.8M | $18.2M | $12.8M |
| Total assets | $489M | $458M | $508M | $484M | $489M | $465M | $685M | $668M | $654M | $602M |
| Total liabilities | $331M | $334M | $387M | $371M | $377M | $369M | $532M | $527M | $537M | $507M |
| Shareholders' equity | $94.8M | $63.5M | $42.1M | $23.9M | $14.9M | $1.9M | β$15.2M | β$21.3M | β$25.4M | $0.2M |
| Margins | ||||||||||
| Operating margin | β0.7% | 2.7% | 3.8% | 17.2% | 30.2% | 31.8% | 32.1% | 28.7% | 35.9% | 43.5% |
| EBITDA margin | 46.1% | 47.5% | 45.3% | 50.9% | 58.5% | 56.0% | 57.6% | 56.6% | 60.1% | 66.5% |
| Net margin | β25.4% | β20.7% | β25.3% | β12.7% | 0.4% | β15.4% | β16.2% | β4.6% | β9.2% | 8.8% |
| FCF margin | 20.9% | 28.2% | 25.2% | 19.9% | 22.1% | 17.3% | 29.0% | β | β | β |
| Returns | ||||||||||
| Return on capital | β | 0.3% | 0.5% | 2.4% | 5.2% | 4.9% | 4.6% | 6.7% | β | β |
| Return on equity | β11.8% | β15.3% | β31.3% | β24.4% | 1.3% | β112.6% | β | β | β | β |
| Return on assets | β2.3% | β2.6% | β3.4% | β1.6% | 0.1% | β2.0% | β2.2% | β0.7% | β1.5% | 1.4% |
| Return on tangible equity | β38.3% | β88.5% | β230.8% | β649.5% | β11,608.8% | β | β | β | β | β |
| Growth | ||||||||||
| Revenue growth | β | 32.6% | 11.5% | β3.2% | β3.4% | 0.5% | 25.0% | 33.5% | 2.2% | β4.9% |
| Net income growth | β | β | β | β | β | β3,954.3% | β | β | β | β |
| FCF growth | β | 79.2% | β0.5% | β23.7% | 7.7% | β21.3% | 109.3% | β | β | β |
| Share count change | β | 2.8% | 7.0% | 4.5% | 0.3% | 0.1% | β89.9% | β99.8% | β95.5% | 106,800.0% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | 11.0x | 12.2x | 10.5x | 9.5x | 9.1x | 9.9x | 7.9x | β | β |
| Debt / equity | β | 4.9x | 8.7x | 14.3x | 23.3x | 180.8x | β | β | β | β |
| Interest coverage | β0.0x | 0.1x | 0.1x | 0.6x | 1.1x | 0.6x | 0.8x | 0.9x | β | β |
| Capital allocation | ||||||||||
| Capex / revenue | 4.3% | 12.5% | 8.5% | 4.3% | 3.7% | 10.5% | 11.1% | β | β | β |
| Stock comp / revenue | 3.3% | 1.5% | 1.4% | 0.0% | 0.0% | 0.0% | 0.0% | β | β | β |
| Payouts / FCF | 192.0% | 125.6% | 88.8% | 0.0% | β | 0.0% | 12.1% | β | β | β |
| Quality scores | ||||||||||
| Piotroski F-score | β | β | 3.0 | 5.0 | 4.0 | 3.0 | 5.0 | 5.0 | β | β |
| Accruals ratio | β4.6% | β7.6% | β8.0% | β4.7% | β3.2% | β5.5% | β7.5% | β3.8% | β5.4% | β2.0% |
Source: SEC EDGAR XBRL filings (CIK 0001527541). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
