Loading institutional data...
Loading institutional data...
Held by 353 of 6,047 reporting institutions (95th percentile) — extremely crowded.
Data as of Q2 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading analysis...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 4%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Leverage ratios is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $8.5M is below the $506.7M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
The dividend takes 85% of free cash flow — sustainable but with limited headroom. Last year: $240.4M dividends + $58.3M buybacks = $298.7M returned on $282.0M FCF.
4 consecutive years of dividend increases · -0%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
EOD close · as of 2026-10-09
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.41B 100.0% | $1.43B 100.0% | $1.34B 100.0% | $1.24B 100.0% | $933.9M 100.0% | $601.9M 100.0% | $1.27B 100.0% | $1.27B 100.0% | $1.24B 100.0% | $1.04B 100.0% |
| Cost of Revenue | $847.3M 60.0% | $837.9M 58.5% | $780.7M 58.1% | $710.5M 57.4% | $542.2M 58.1% | $402.3M 66.8% | $724.4M 57.2% | $715.9M 56.3% | $697.4M 56.3% | $582.8M 56.0% |
| Selling, General & Admin | $32.3M 2.3% | $42.5M 3.0% | $47.4M 3.5% | $42.5M 3.4% | $41.0M 4.4% | $29.4M 4.9% | $36.2M 2.9% | $24.3M 1.9% | $26.3M 2.1% | $17.0M 1.6% |
| Total Operating Expenses | $1.17B 82.7% | $1.16B 80.9% | $1.10B 81.6% | $1.03B 83.5% | $850.4M 91.1% | $714.8M 118.8% | $1.04B 81.9% | $1.01B 79.7% | $1.02B 82.7% | $855.8M 82.2% |
| Operating Income | $257.8M 18.3% | $292.8M 20.5% | $247.5M 18.4% | $206.5M 16.7% | $87.0M 9.3% | -$102.0M -17.0% | $233.8M 18.5% | $257.9M 20.3% | $230.7M 18.6% | $185.1M 17.8% |
| Pretax Income | $176.3M 12.5% | $215.0M 15.0% | $178.6M 13.3% | $146.7M 11.8% | $19.3M 2.1% | -$172.9M -28.7% | $172.6M 13.6% | $206.7M 16.3% | $183.3M 14.8% | $145.1M 13.9% |
| Income Tax Expense | $959K 0.1% | $947K 0.1% | $1.1M 0.1% | $1.9M 0.2% | $468K 0.1% | $332K 0.1% | $679K 0.1% | $587K 0.0% | $847K 0.1% | $431K 0.0% |
| Net Income | $175.4M 12.4% | $214.1M 15.0% | $177.5M 13.2% | $144.8M 11.7% | $18.8M 2.0% | -$173.2M -28.8% | $171.9M 13.6% | $206.1M 16.2% | $182.5M 14.7% | $144.7M 13.9% |
| Per Share | ||||||||||
| EPS (Basic) | $0.74 | $0.89 | $0.77 | $0.63 | $0.08 | -$0.77 | — | — | — | — |
| EPS (Diluted) | $0.74 | $0.89 | $0.77 | $0.63 | $0.08 | -$0.77 | — | — | — | — |
| Weighted Avg Shares (Basic) | 237.8M | 241.3M | 229.3M | 228.9M | 226.4M | 223.5M | — | — | — | — |
| Weighted Avg Shares (Diluted) | 237.8M | 241.3M | 229.3M | 228.9M | 226.4M | 223.5M | — | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
A reverse discounted cash flow is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
Ranked against 32 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EPRT | $5.5B | 19.8× | 15.7× | 9.8× | 24.8% | — | 45.1% | 6.0% | 3.8% | 4.9× | 365 |
| OUT | $5.3B | 36.6× | 20.2× | 2.9× | 0.0% | — | 8.0% | 20.7% | 4.5% | 6.5× | 358 |
| SBRA | $4.8B | 29.6× | 22.1× | 6.3× | 10.2% | — | 20.1% | 5.5% | 2.9% | 7.4× | 453 |
| PECO | $4.8B | 42.2× | — | 6.7× | 9.9% | — | 15.3% | 4.9% | 2.4% | — | 433 |
| RITM | $4.8B | 8.3× | 46.3× | 1.1× | -6.7% | — | 15.2% | 8.3% | 1.6% | — | 497 |
| KRG | $4.8B | 17.4× | — | 5.7× | 0.8% | — | 35.4% | 9.7% | 4.9% | — | 383 |
| STWD | $4.7B | 11.1× | — | 2.5× | -5.3% | — | 22.3% | 6.1% | 6.1% | — | 511 |
| CUZ | $4.5B | 115.1× | 7.2× | 4.6× | 16.0% | 68.4% | 4.1% | 0.9% | 0.5% | 3.1× | 381 |
| HHH | $4.4B | 33.4× | 16.2× | 3.0× | -15.8% | — | 8.4% | 3.3% | 1.4% | 7.3× | 301 |
| EPR | $4.2B | 16.7× | 12.1× | 5.8× | 2.9% | — | 38.3% | 11.8% | 5.2% | 4.9× | 471 |
| COLD | $4.0B | — | 10.3× | 1.5× | -2.4% | 32.3% | -4.4% | -4.0% | -4.0% | -0.4× | 397 |
| KRC | $4.0B | 14.8× | — | 3.6× | -2.0% | — | 27.2% | 5.6% | 5.6% | — | 376 |
| APLE | $3.9B | 22.0× | — | 2.7× | -1.3% | 40.0% | 12.4% | 5.6% | 3.7% | — | 353 |
| CDP | $3.8B | 25.0× | — | 5.0× | 1.4% | — | 20.9% | 10.5% | 3.7% | — | 311 |
| BNL | $3.7B | 36.5× | — | 8.2× | 5.2% | — | 21.2% | 3.3% | 1.8% | — | 363 |
| LXP | $3.6B | 33.5× | 14.9× | 10.3× | -2.3% | 81.6% | 32.3% | 5.6% | 3.3% | 3.7× | 304 |
| IRT | $3.5B | 61.5× | — | 5.3× | 2.8% | — | 8.6% | 1.6% | 1.0% | — | 381 |
| SLG | $3.4B | — | 3.6× | 3.4× | 13.2% | — | -9.7% | -2.6% | -2.6% | -0.2× | 354 |
| CXW | $3.3B | 30.5× | — | 1.5× | 12.7% | — | 5.3% | 8.3% | 4.4% | — | 272 |
| HIW | $3.2B | 20.0× | 3.8× | 4.0× | -2.4% | — | 20.2% | 6.8% | 6.8% | -0.0× | 357 |
| NHI | $3.2B | 21.5× | — | 8.5× | 12.1% | — | 37.9% | 9.3% | 5.3% | — | 299 |
| DRH | $2.6B | 28.7× | — | 2.3× | -0.8% | — | 9.1% | 7.0% | 4.0% | — | 310 |
| AKR | $2.5B | 182.4× | 20.9× | 6.1× | 14.2% | — | 4.1% | 0.8% | 0.4% | 8.8× | 248 |
| FCPT | $2.3B | 19.5× | — | 7.9× | 9.7% | — | 38.2% | 6.9% | 4.0% | — | 336 |
| IVT | $2.3B | 21.0× | 16.7× | 7.8× | 9.2% | — | 37.2% | 6.2% | 4.3% | 4.4× | 331 |
Peers = companies sharing APLE's sector (Real Estate Investment Trusts) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-09
Where each multiple sits in its own 11-yr range · 87th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 11-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 6% against ROIC 4% — 2% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 9.0× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 56.3 | 57.2 | 66.8 | 58.1 | 57.4 | 58.1 | 58.5 | 60.0 |
| SG&A | 1.9 | 2.9 | 4.9 | 4.4 | 3.4 | 3.5 | 3.0 | 2.3 |
| Operating Income | 20.3 | 18.5 | -17.0 | 9.3 | 16.7 | 18.4 | 20.5 | 18.3 |
| Income Tax | 0.0 | 0.1 | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 |
| Net Income | 16.2 | 13.6 | -28.8 | 2.0 | 11.7 | 13.2 | 15.0 | 12.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on APLE: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 44.0% | 17.8% | 13.9% |
| FY2017 | 43.7% | 18.6% | 14.7% |
| FY2018 | 43.7% | 20.3% | 16.2% |
| FY2019 | 42.8% | 18.5% | 13.6% |
| FY2020 | 33.2% | -17.0% | -28.8% |
| FY2021 | 41.9% | 9.3% | 2.0% |
| FY2022 | 42.6% | 16.7% | 11.7% |
| FY2023 | 41.9% | 18.4% | 13.2% |
| FY2024 | 41.5% | 20.5% | 15.0% |
| FY2025 | 40.0% | 18.3% | 12.4% |
Return on equity (6%) and return on invested capital (4%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: wacc.
Converts 3.53x of reported profit into free cash flow over 5 years, with accruals negative.
Shares outstanding are up 5% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Missing from our data, so excluded from this answer: share_based_compensation.
Leverage is not measurable this way for a reit.
Ladder as of 2026-06-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $16.31, free cash flow must compound 5.76%/yr for 10 years. It has done -1.39%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −107.1% | 5.8% |
| FY2022 | 55.1% | 5.8% |
| FY2023 | 4.3% | 5.8% |
| FY2024 | 1.5% | 5.8% |
| FY2025 | −13.8% | 5.8% |
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $175M | $175M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $195M | $370M |
| Operating cash flow | $370M | $370M |
| Capex | −$88M | $282M |
| Free cash flow | $282M | $282M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -52.5% | not reported | not reported |
| FY2021 | 55.2% | not reported | not reported |
| FY2022 | 32.6% | not reported | not reported |
| FY2023 | 8.5% | not reported | not reported |
| FY2024 | 6.5% | not reported | not reported |
| FY2025 | -1.3% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.2 percent |
| FY2020 | -4.1 percent |
| FY2021 | -4.2 percent |
| FY2022 | -4.7 percent |
| FY2023 | -4.5 percent |
| FY2024 | -3.9 percent |
| FY2025 | -4.0 percent |