Clipper Realty Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Clipper Realty Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	93	104	110	116	123	123	130	138	149	153
Cost of revenue	67.2	74.4	77.5	82.7	91.5	95.8	102	105	108	149
Gross profit	25.8	29.5	32.5	33.5	31.3	26.9	27.6	33.2	40.8	4.2
General and administrative	8.41	9.94	9.87	9.17	9.73	10.6	12.8	13.2	14.2	15.5
Operating income	25.8	29.5	32.5	33.5	32.1	24.2	27.6	33.2	40.5	4.18
Interest expense	38.1	35.5	32.8	35.2	40.2	41.3	40.2	44.9	47.1	53
Income tax		0	0		0	0	0	0	0	0
Net income to minority interests	-8.6	-3.64	-5.37	-2.46	-7.32	-12.4	-7.81	-9.67	-4.08	-32.4
Net income	-3.75	-2.37	-3.63	-1.67	-4.91	-7.59	-4.76	-5.9	-2.5	-19.9
EBITDA	41.1	46.2	50.5	53.1	55.8	49.9	54.6	62.1	70.4	35.5
EPS, basic	-0.34	-0.15	-0.22	-0.11	-0.31	-0.51	-0.36	-0.45	-0.25	-1.38
EPS, diluted	-0.34	-0.15	-0.22	-0.11	-0.31	-0.51	-0.36	-0.45	-0.25	-1.38
Shares, basic (weighted)	0.01	0.02	0.02	0.02	0.02	0.02	16.1	16.1	16.1	16.1
Shares, diluted (weighted)	0.01	0.02	0.02	0.02	0.02	0.02	16.1	16.1	16.1	16.1

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	37.5	7.94	37	42.5	72.1	34.5	18.2	22.2	19.9	30.8
Total assets	905	1,052	1,101	1,166	1,208	1,234	1,230	1,249	1,287	1,234
Total liabilities	779	866	940	1,024	1,104	1,164	1,192	1,242	1,301	1,315
Total debt		844	914	998	1,079	1,131	1,162	1,206	1,266
Paid-in capital	46.7	92.3	92.9	93.4	87.3	88.1	88.8	89.5	89.9	90.7
Retained earnings	-8.58	-17.5	-27.9	-36.4	-48	-61.7	-74.9	-86.9	-95.5	-122
Shareholders' equity	38.2	74.9	65.2	57.2	39.5	26.5	14.1	2.74	-5.41	-30.7
Minority interests	88	111	96.3	84.5	64.7	43.4	23.1	4.49	-8.82	-50
Total equity	126	186	161	142	104	69.9	37.2	7.24	-14.2	-80.8
Total liabilities and equity	905	1,052	1,101	1,166	1,208	1,234	1,230	1,249	1,287	1,234
Shares outstanding	11.4	17.8	17.8	17.8	16.1	16.1	16.1	16.1	16.1	16.1

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-12.3	-6	-9	-4.12	-12.2	-20	-12.6	-15.6	-6.58	-52.3
Depreciation and amortization	15.3	16.7	18	19.6	23.6	25.8	27	28.9	29.9	31.3
Stock-based compensation	2.52	3.11	1.94	1.51	1.81	2.61	2.92	3.02	2.7	4.27
Change in payables	3.66	-0.56	-0.52	2.59	-1.6	3.46	1.22	-0.71	-0.95	4.1
Cash from operations	9.35	13.1	22.4	23.8	16	10.8	20.1	26.2	31.9	22.6
Capital expenditures	-18.2	-22.7	-45.6	-42.6	-33.2	-80.8	-52.1	-46.3	-69.7
Acquisitions	-103	-167	0	-31.1	0	-40.5	-8.04	0
Cash from investing	-121	-188	-39.3	-74.9	-31.7	-77.9	-51.5	-41.4	-68.8	12.1
Share buybacks			0	0	-10	0
Dividends paid	-9.95	-16.6	-17	-17.1	-17.2	-16.8	-17.1	-17.4	-17.6	-18.5
Cash from financing	24.2	148	41.1	62.2	47.8	30.3	9.78	20.7	38.7	-14.6
Net change in cash	-87.8	-27	24.2	11.1	32.1	-36.8	-21.6	5.56	1.83	20.1
Free cash flow	-8.81	-9.66	-23.3	-18.9	-17.2	-70	-32	-20.1	-37.9
Interest paid	33.5	33.6	31.1	34	39.6	40.2	39	45.3	44	49

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.32 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	22.8%	Gross profit / revenue.
Operating margin	20.3%	Operating income / revenue.
EBITDA margin	41.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	-8.4%	Net income / revenue.
Operating cash flow margin	16.9%	Cash from operations / revenue.
Return on assets (ROA)	-1.0%	Net income / average total assets.
Stock-based pay / revenue	2.8%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	21.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-89.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-46.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-33.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-89.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-46.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-33.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-49.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-13.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-8.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-29.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-4.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	291.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	108.6%	Total liabilities / total assets.
Interest coverage	0.50x	Operating income / interest expense.
Tangible book value	-$40.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.12x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.78	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$9.37	Revenue / diluted weighted shares.
Operating cash flow per share	$1.58	Cash from operations / diluted weighted shares.
Book value per share	-$2.48	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$2.48	Tangible book value / shares outstanding.
Cash per share	$2.33	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$53.6M	Share price x shares outstanding.
Enterprise value	$15.9M	Market cap + total debt - cash - short-term investments.
P/S	0.35x	Market cap / revenue.
P/OCF	2.10x	Market cap / cash from operations, when positive.
EV/Sales	0.11x	Enterprise value / revenue.
EV/EBIT	0.52x	Enterprise value / operating income, when both are positive.
EV/EBITDA	0.25x	Enterprise value / EBITDA, when both are positive.
Earnings yield	-23.6%	Net income / market cap (the inverse of P/E).
Dividend yield	34.7%	Dividends paid over the period / market cap.
Shareholder yield	34.7%	(Dividends paid + share buybacks) / market cap.

What was Clipper Realty Inc.'s revenue in fiscal 2025?

Clipper Realty Inc. reported revenue of $153.2M for fiscal 2025, 3% higher than the year before.

Was Clipper Realty Inc. profitable in fiscal 2025?

No. It reported a net loss of $19.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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