Wheeler Real Estate Investment Trust, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Wheeler Real Estate Investment 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Revenue	44.2	58.5	65.3	63.2	61	61.3	76.6	102	105	99.4
Selling and marketing	0.23	0.24	0.26	0.28	0.12	0.12	0.32
General and administrative	9.92	7.36	8.23	6.63	5.83	7.14	8.62	11.8	10.8	11.7
Operating expenses	44.5	58	65.3	53.7
Operating income	-0.29	1.56	2.46	10.9	18.4	19.5	24.6	29.4	37.5	43.2
Interest expense	13.4	17.2	20.2	19	17.1	33	30.1	32.3	4.13	3.86
Pre-tax income	-13	-14.2	-17.8	-8.13	0.29	-9.35	-8.47	6.13	0.71	14.9
Income tax	0.11	0.14	0.04	0.02	0	0	0	0.05	0	0.03
Net income	-11.2	-12.1	-16.5	-8.04	0.25	-9.44	-12.5	-4.69	-9.63	8.77
EBITDA	20.3	27.8	29.5	32.2	35.7	34.3	44.1	57.9	62.8	66.2
EPS, basic	-40,856,697.00	-54,907,942.00	-68,526,841.00	-50,584,482.00	-30,264,288.00	-42,874,408.00	-69,355,472.00	-14,380,872.00	-346,484.00	-36.01
EPS, diluted	-40,856,730.00	-54,907,986.00	-68,526,896.00	-50,584,523.00	-30,264,244.00	-42,874,346.00	-69,355,560.00	-14,380,894.00	-346,484.00	-36.01
Shares, basic (weighted)	0	0	0	0	0	0	0	0	0	0.11
Shares, diluted (weighted)	0	0	0	0	0	0	0	0	0	0.11
Dividend per share	36,317,064.00	31,128,912.00	0.00	0.00	0.00	0.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4.86	3.68	3.54	5.45	7.66	22.9	28.5	18.4	43	23.7
Receivables	3.98	5.62	5.54	6.91	9.15	9.23	13.5
Lease right-of-use assets			0	11.7	12.7	12.5	15.1	9.45	9.24	7.55
Goodwill	5.49	5.49	0
Intangible assets	47.8	33.1	29.4	20.4	14.8	11.5	34.4	25.8	18.2	12.8
Total assets	489	458	508	484	489	465	685	668	654	602
Lease liabilities			0	11.9	13.2	13	16.5
Total liabilities	331	334	387	371	377	369	532	527	537	507
Total debt		308	364	343	347	336	466	478
Paid-in capital	224	227	234	234	234	234	235	258	276	312
Retained earnings	-170	-205	-233	-252	-261	-274	-296	-325	-347	-351
Other comprehensive income									0	2.38
Shareholders' equity	94.8	63.5	42.1	23.9	14.9	1.86	-15.2	-21.3	-25.4	0.23
Minority interests	10.4	7.09	2.19	2.08	1.93	1.94	66.2	66.1	57.4	31.3
Total equity	105	70.6	44.3	26	16.8	3.8	51	44.8	32	31.5
Total liabilities and equity	489	458	508	484	489	465	685	668	654	602
Shares outstanding	0	0	0	0	0	0	0	0	0	0.01

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Net income	-12.2	-12.8	-16.9	-8.14	0.29	-9.35	-8.47	6.08	0.71	14.8
Depreciation and amortization	20.6	26.2	27.1	21.3	17.3	14.8	19.5	28.5	25.3	22.9
Stock-based compensation	1.45	0.87	0.94	0	0	0.01	0
Change in receivables							-1.96	-0.1	-1.91	-3.02
Change in payables	2.49	3.41	2.08	-2.21	-0.19	1.14	8.63	1.36	-0.04	-0.37
Cash from operations	11.1	23.8	22	15.3	15.8	17	30.8	20.9	26	21.1
Capital expenditures	-1.89	-7.31	-5.57	-2.71	-2.27	-6.41	-8.51	-20	-22.5	-17.1
Cash from investing	-59.1	-3.08	-22.5	0.87	2.24	5.1	-134	-31.5	15.5	32.1
Debt repaid							0	-3.12	-1.28	0
Dividends paid	-17.7	-20.7	-14.6	0		0	-2.69	-10.8	-10.4	-6.56
Cash from financing	44.5	-23	6.16	-12.5	3.16	-24.5	118	-5.47	-20.6	-65.4
Net change in cash	-5.62	-1.19	5.71	3.59	21.2	-2.35	15.4	-16.1	20.9	-12.1
Free cash flow	9.22	16.5	16.4	12.5	13.5	10.6	22.2	0.91	3.46	4.03
Interest paid	11	13.9	17.6	17.4	15.9	19	20	25.2	25.4	25.7
Income taxes paid	0	0.23	0.04	0.01	0.02	0	0	0.05	0

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 $36.25 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	38.6%	Operating income / revenue.
EBITDA margin	60.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	23.1%	Pre-tax income / revenue.
Net margin	17.8%	Net income / revenue.
FCF margin	7.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	21.2%	Cash from operations / revenue.
Effective tax rate	0.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	297.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.9%	Net income / average total assets.
Capex / revenue	13.9%	Capital expenditures / revenue.
D&A / revenue	22.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-4.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	15.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	20.7%	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	18.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	5.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	14.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 5y	104.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-18.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-11.8%	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	6.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	16.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-43.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-21.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value CAGR, 5y	-56.4%	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	-7.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.2%	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	4.2%	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	166,934.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	82.7%	Total liabilities / total assets.
Tangible book value	$5.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.16x	Revenue / average total assets.
FCF conversion	41.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	65.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.40	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	$19.17	Revenue / diluted weighted shares.
FCF per share	$1.40	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.07	Cash from operations / diluted weighted shares.
Book value per share	$33.96	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$33.96	Tangible book value / shares outstanding.
Cash per share	$189.97	(Cash + short-term investments) / shares outstanding.
Payout ratio	31.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	76.0%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$88.3M	Share price x shares outstanding.
Enterprise value	$56.4M	Market cap + total debt - cash - short-term investments.
P/E	5.21x	Market cap / net income. Only when net income is positive.
P/S	0.92x	Market cap / revenue.
P/B	15.5x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	15.5x	Market cap / tangible book value, when positive.
P/FCF	12.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.35x	Market cap / cash from operations, when positive.
EV/Sales	0.59x	Enterprise value / revenue.
EV/EBIT	1.53x	Enterprise value / operating income, when both are positive.
EV/EBITDA	0.97x	Enterprise value / EBITDA, when both are positive.
EV/FCF	8.10x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.9%	Free cash flow / market cap.
Earnings yield	19.2%	Net income / market cap (the inverse of P/E).
Dividend yield	6.0%	Dividends paid over the period / market cap.
Shareholder yield	6.0%	(Dividends paid + share buybacks) / market cap.

What was Wheeler Real Estate Investment Trust, Inc.'s revenue in fiscal 2025?

Wheeler Real Estate Investment Trust, Inc. reported revenue of $99.4M for fiscal 2025, 4.9% lower than the year before.

Was Wheeler Real Estate Investment Trust, Inc. profitable in fiscal 2025?

Yes. Net income was $8.8M, a net margin of 8.8%.

How much free cash flow did Wheeler Real Estate Investment Trust, Inc. generate in fiscal 2025?

Cash from operations of $21.1M minus capital expenditures of $17.1M left free cash flow of $4.0M.

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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