Alpine Income Property Trust, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Alpine Income Property Trust, 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

	FY2018	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	11.7	19.2	30.1	45.2	45.6	52.2	60.5
Gross profit				39.8	39	44	52.1
General and administrative	1.18	4.66	5.03	5.78	6.3	6.58	6.71
Operating expenses	7.71	16.9	24.6	34.8	41.9	41.7	49.5
Operating income	4.02	2.61	15.2	43.5	13.1	14	13.1
Interest expense		1.46	3.7	9.54	10.2	12	16.3
Net income to minority interests		0.16	1.5	4.24	0.35	0.19	-0.23
Net income	4.02	0.99	9.96	29.7	2.92	2.07	-2.66
EBITDA	8.92	12.6	31.1	67	38.9	39.6	40.5
EPS, basic		0.13	1.02	2.48	0.21	0.15	-0.22
EPS, diluted		0.11	0.89	2.17	0.19	0.14	-0.22
Shares, basic (weighted)		7.59	9.78	12	13.9	13.9	14.3
Shares, diluted (weighted)		8.81	11.2	13.7	15.6	15.1	15.6
Dividend per share		0.82	1.02	1.09	1.10	1.10	1.14

Balance sheet

	FY2018	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.01	1.89	8.85	9.02	4.02	1.58	4.59
Property, plant and equipment		219	429	477	444	444	441
Lease right-of-use assets				1.65	1.43	3.2	3.03
Intangible assets		36.9	58.8	60.4	49.3	43.9	48.9
Total assets		262	506	573	565	605	716
Short-term debt							100
Total liabilities		113	278	278	289	329	415
Total debt		107	268	267	276	301	378
Paid-in capital		133	201	237	244	262	314
Retained earnings		-5.71	-6.42	10	-2.36	-15.7	-35.3
Other comprehensive income		-0.48	1.92	14.6	9.28	6.77	1.29
Shareholders' equity		127	197	262	251	253	280
Minority interests		22.3	31.4	33.8	24.9	23.5	21.4
Total equity	124	149	228	295	276	276	301
Total liabilities and equity		262	506	573	565	605	716
Shares outstanding		7.46	11.5	13.4	13.7	14.7	14.8

Cash flow statement

	FY2018	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	4.02	1.15	11.5	34	3.27	2.25	-2.89
Depreciation and amortization	4.9	9.95	15.9	23.6	25.8	25.6	27.4
Stock-based compensation	0.23	0.27	0.31	0.31	0.32	0.25	0.38
Change in payables	-3.16	0	0.67	0.22	0.13	0.88	-1.03
Cash from operations	5.63	9.39	17.2	24.7	23.2	23.4	25.8
Capital expenditures			-223	-189	-120	-132	-244
Cash from investing	-5.19	-114	-196	-38.8	-11.1	-55.7	-104
Debt issued		116	295	277	31.8	122	216
Debt repaid		-8.69	-162	-278	-23.5	-96.9	-140
Stock issued			67.8
Share buybacks		-5.01			-14.6	-0.78	-8.8
Dividends paid		-7.2	-12.2	-15.1	-17.1	-16.8	-17.7
Cash from financing	-0.44	94	186	17.7	-11.4	26.5	109
Net change in cash	0	-10.4	7.6	3.55	0.69	-5.78	31
Free cash flow			-206	-164	-96.7	-109	-219
Interest paid		1.23	3.13	7.75	9.25	12	15.1

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 $17.07 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	33.9%	Operating income / revenue.
EBITDA margin	73.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	9.4%	Net income / revenue.
FCF margin	-296.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	31.7%	Cash from operations / revenue.
Return on equity (ROE)	1.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.8%	Net income / average total assets.
Return on invested capital (ROIC)	2.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	327.7%	Capital expenditures / revenue.
D&A / revenue	39.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	25.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	18.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-6.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-32.9%	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	38.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	2.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-15.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	26.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-228.6%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-257.1%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	9.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	1.5%	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	22.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	3.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	1.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	6.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	17.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	18.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.7%	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	22.2%	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	3.1%	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	4.4%	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	12.0%	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
Debt / equity	1.09x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	47.0%	Total debt / total assets.
Liabilities / assets	54.1%	Total liabilities / total assets.
Net debt	$364.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	7.14x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.37x	Operating income / interest expense.
Goodwill and intangibles / assets	5.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$291.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.09x	Revenue / average total assets.
Fixed asset turnover	0.15x	Revenue / average property, plant and equipment.
FCF conversion	-3,163.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1,035.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.36	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	$3.82	Revenue / diluted weighted shares.
FCF per share	-$11.31	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.21	Cash from operations / diluted weighted shares.
Book value per share	$19.17	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$16.55	Tangible book value / shares outstanding.
Cash per share	$0.16	(Cash + short-term investments) / shares outstanding.
Payout ratio	302.6%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$300.8M	Share price x shares outstanding.
Enterprise value	$665.6M	Market cap + total debt - cash - short-term investments.
P/E	46.0x	Market cap / net income. Only when net income is positive.
P/S	4.30x	Market cap / revenue.
P/B	0.89x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.03x	Market cap / tangible book value, when positive.
P/OCF	13.6x	Market cap / cash from operations, when positive.
EV/Sales	9.53x	Enterprise value / revenue.
EV/EBIT	28.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.0x	Enterprise value / EBITDA, when both are positive.
FCF yield	-68.8%	Free cash flow / market cap.
Earnings yield	2.2%	Net income / market cap (the inverse of P/E).
Dividend yield	6.6%	Dividends paid over the period / market cap.
Shareholder yield	6.6%	(Dividends paid + share buybacks) / market cap.

What was Alpine Income Property Trust, Inc.'s revenue in fiscal 2025?

Alpine Income Property Trust, Inc. reported revenue of $60.5M for fiscal 2025, 15.9% higher than the year before.

Was Alpine Income Property Trust, Inc. profitable in fiscal 2025?

No. It reported a net loss of $2.7M.

How much free cash flow did Alpine Income Property Trust, Inc. generate in fiscal 2025?

Cash from operations of $25.8M minus capital expenditures of $244.5M left free cash flow of -$218.7M.

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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