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Insufficient data to determine institutional momentum.
Data as of Q2 2026
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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.
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.
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
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.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$85.0M FCF.
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.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Insufficient data. Current ROIC on all capital: 2%. 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.
EOD close · as of 2026-10-16
Where each multiple sits in its own 14-yr range · 56th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-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 3% against ROIC 2% — 1% 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
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 8.5 | 18.8 | 18.0 | 37.9 | 26.7 | 19.8 | 13.5 | 12.9 |
| Operating Income | 28.6 | -0.7 | -0.2 | -49.0 | -24.7 | -22.3 | -14.0 | -12.9 |
| Income Tax | 0.8 | 0.0 | -0.2 | -2.5 | 261.3 | 2.9 | -7.6 | 5.3 |
| Net Income | 115.8 | -27.1 | 15.3 | 8.0 | 994.4 | 7.9 | -31.1 | 31.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ARL: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
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 $14.2M covers the $2.8M due within a year 5.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K/A).
Thin coverage — earnings barely cover interest. Effective rate ~3.2% on $214.4M of debt.
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.
EOD close · as of 2026-10-16
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.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $50.0M 100.0% | $47.3M 100.0% | $50.5M 100.0% | $37.5M 100.0% | $42.0M 100.0% | $59.0M 100.0% | $59.0M 100.0% | $149.9M 100.0% | $126.2M 100.0% | $119.7M 100.0% |
| Selling, General & Admin | $6.5M 12.9% | $6.4M 13.5% | $10.0M 19.8% | $10.0M 26.7% | $15.9M 37.9% | $10.6M 18.0% | $11.1M 18.8% | $12.7M 8.5% | $7.7M 6.1% | $7.1M 5.9% |
| Total Operating Expenses | $56.4M 112.9% | $54.0M 114.0% | $61.7M 122.3% | $46.8M 124.7% | $62.7M 149.0% | $59.1M 100.2% | $59.4M 100.7% | $107.1M 71.4% | $108.8M 86.2% | $105.0M 87.8% |
| Operating Income | -$6.4M -12.9% | -$6.6M -14.0% | -$11.2M -22.3% | -$9.3M -24.7% | -$20.6M -49.0% | -$112K -0.2% | -$390K -0.7% | $42.9M 28.6% | $17.4M 13.8% | $14.6M 12.2% |
| Interest Expense | $6.8M 13.6% | $7.8M 16.6% | $9.5M 18.8% | $17.5M 46.7% | $23.4M 55.7% | $35.0M 59.3% | $39.9M 67.6% | $66.1M 44.1% | $66.2M 52.4% | $59.4M 49.6% |
| Interest & Investment Income | $14.6M 29.3% | $20.0M 42.2% | $26.8M 53.2% | $26.6M 70.7% | $17.8M 42.2% | $23.1M 39.1% | $26.0M 44.0% | $21.6M 14.4% | $18.9M 15.0% | $20.5M 17.1% |
| Other Income (Expense), net | — | — | — | — | — | — | -$25.5M -43.3% | -$1.5M -1.0% | -$47.7M -37.8% | -$36.3M -30.4% |
| Pretax Income | — | — | — | — | — | — | -$36.9M -62.6% | $12.4M 8.3% | -$30.3M -24.0% | -$2.4M -2.0% |
| Income Tax Expense | $2.7M 5.3% | -$3.6M -7.6% | $1.5M 2.9% | $98.1M 261.3% | -$1.1M -2.5% | -$147K -0.2% | $0 0.0% | $1.2M 0.8% | $180K 0.1% | $46K 0.0% |
| Net Income | $15.7M 31.4% | -$14.7M -31.1% | $4.0M 7.9% | $373.3M 994.4% | $3.3M 8.0% | $9.0M 15.3% | -$16.0M -27.1% | $173.7M 115.8% | -$8.4M -6.7% | -$2.7M -2.3% |
| Per Share | ||||||||||
| EPS (Basic) | $0.97 | -$0.91 | $0.25 | $23.11 | $0.21 | $0.56 | -$1.00 | $10.81 | -$0.61 | -$0.25 |
| EPS (Diluted) | $0.97 | -$0.91 | $0.25 | $23.11 | $0.21 | $0.56 | -$1.00 | $10.35 | -$0.61 | -$0.25 |
| Weighted Avg Shares (Basic) | 16.2M | 16.2M | 16.2M | 16.2M | 16.2M | 16.0M | 16.0M | 16.0M | — | — |
| Weighted Avg Shares (Diluted) | 16.2M | 16.2M | 16.2M | 16.2M | 16.2M | 16.0M | 16.0M | 16.7M | 15.5M | 15.5M |
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.
Ranked against 31 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CBRE | $38.5B | 34.6× | — | 0.9× | 13.4% | 18.7% | 2.9% | 13.0% | 7.1% | — | 1,028 |
| BEKE | $19.8B | 150.6× | 43.0× | 1.5× | 5.6% | 21.4% | 3.2% | 4.5% | 4.5% | -2.5× | 203 |
| INVH | $16.0B | 28.2× | — | 5.9× | 4.2% | — | 21.5% | 6.2% | 3.3% | — | 606 |
| JLL | $14.1B | 18.6× | 10.4× | 0.5× | 11.4% | — | 3.0% | 10.6% | 10.4% | -0.4× | 632 |
| COMP | $7.0B | — | 138.1× | 1.0× | 23.7% | — | -0.8% | -7.5% | -7.5% | -4.0× | 431 |
| TRNO | $7.0B | 16.4× | — | 14.7× | 24.5% | — | 84.6% | 9.7% | 7.9% | — | 365 |
| FSV | $5.9B | 42.8× | 13.1× | 1.1× | 5.4% | — | 3.5% | 13.9% | 7.8% | 1.8× | 261 |
| CIGI | $4.6B | 44.7× | 9.7× | 0.8× | 15.3% | — | 4.0% | 14.6% | 7.1% | 2.3× | 182 |
| JOE | $3.9B | 34.4× | 21.5× | 7.6× | 27.4% | 43.1% | 22.5% | 15.1% | 10.0% | 1.4× | 313 |
| CURB | $3.1B | 71.7× | — | 16.7× | 51.3% | — | 21.8% | 2.1% | 1.7% | — | 275 |
| CWK | $2.7B | 29.7× | 8.3× | 0.3× | 8.9% | — | 0.9% | 4.5% | 1.9% | 3.5× | 26 |
| UE | $2.5B | 26.4× | — | 5.2× | 6.1% | — | 19.8% | 6.8% | 6.8% | — | 259 |
| NMRK | $2.1B | 17.4× | 9.2× | 0.7× | 20.3% | — | 3.8% | 8.6% | 5.9% | 1.6× | 304 |
| OPEN | $2.1B | — | — | 0.5× | -15.2% | 8.0% | -29.7% | -129% | -129% | — | 398 |
| GTY | $1.8B | 21.0× | — | 7.9× | 9.0% | — | 35.7% | 7.4% | 3.8% | — | 305 |
| IIPR | $1.4B | 13.3× | 9.0× | 5.4× | -13.8% | — | 44.5% | 6.4% | 5.3% | 1.8× | 321 |
| FOR | $1.3B | 7.8× | — | 0.8× | 10.1% | 21.9% | 10.1% | 9.5% | 6.5% | — | 182 |
| AGNT | $640M | — | — | 0.1× | 4.5% | 7.0% | -0.5% | -9.4% | -9.4% | — | — |
| GOOD | $604M | 89.1× | — | 3.7× | 8.0% | — | 12.0% | 11.2% | 1.9% | — | 201 |
| REAX | $577M | — | — | 0.3× | 55.7% | 8.4% | -0.4% | -15.7% | -15.7% | — | 176 |
| HPP | $559M | — | 1.3× | 0.7× | -1.3% | 48.5% | -71.3% | -19.9% | -19.9% | -0.4× | 191 |
| AHRT | $445M | — | 13.9× | 2.1× | 2.7% | — | 2.7% | 0.9% | 0.3% | 10.3× | 190 |
| TRC | $442M | — | — | 8.9× | 18.4% | 29.2% | 0.2% | 0.0% | 0.0% | — | 127 |
| FRPH | $369M | 106.9× | 30.5× | 8.6× | 2.6% | — | 7.8% | 0.8% | 0.5% | 10.5× | 109 |
| SKYH | $360M | 101.1× | — | 13.1× | 86.6% | — | 68.3% | 10.9% | 5.2% | — | 92 |
| ARL | $267M | 17.1× | 75.4× | 5.3× | 5.7% | — | 31.4% | 2.5% | 1.9% | — | 41 |
Peers = companies sharing ARL's sector (Real Estate Operators (No Developers) & Lessors) 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.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 12.2% | -2.3% |
| FY2017 | not reported | 13.8% | -6.7% |
| FY2018 | not reported | 28.6% | 115.8% |
| FY2019 | not reported | -0.7% | -27.1% |
| FY2020 | not reported | -0.2% | 15.3% |
| FY2021 | not reported | -49.0% | 8.0% |
| FY2022 | not reported | -24.7% | 994.4% |
| FY2023 | not reported | -22.3% | 7.9% |
| FY2024 | not reported | -14.0% | -31.1% |
| FY2025 | not reported | -12.9% | 31.4% |
Return on equity (3%) and return on invested capital (2%) 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: tax_rate.
Free cash flow has fallen short of reported profit in 3 of the last three years.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Missing from our data, so excluded from this answer: share_based_compensation.
Leverage is not measurable this way for a reit.
Ladder as of 2025-12-31 (10-K/A); cash from the 2025-12-31 balance sheet; FCF from FY2025. Free cash flow is negative, so projected resources fall rather than accumulate.
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.
No positive free cash flow to discount, so the price cannot be expressed as a growth requirement.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: free_cash_flow.
| Step | Amount | Running total |
|---|---|---|
| Net income | $16M | $16M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | −$21M | −$6M |
| Operating cash flow | −$6M | −$6M |
| Capex | −$79M | −$85M |
| Free cash flow | −$85M | −$85M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 0.1% | not reported | not reported |
| FY2021 | -28.8% | not reported | not reported |
| FY2022 | -10.7% | not reported | not reported |
| FY2023 | 34.5% | not reported | not reported |
| FY2024 | -6.3% | not reported | not reported |
| FY2025 | 5.7% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 3.0 percent |
| FY2020 | 0.6 percent |
| FY2021 | 1.9 percent |
| FY2022 | 35.0 percent |
| FY2023 | 3.4 percent |
| FY2024 | -1.5 percent |
| FY2025 | 1.9 percent |