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Institutional distribution: ownership decreased -1.18% quarter-over-quarter.
Data as of Q1 2026
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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: 7%. 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $52M covers all $5M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2021-01-31 (10-Q).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Interest last disclosed in FY2019 (no longer broken out).
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.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $23.30 today, the market must believe free cash flow compounds -7.9%/yr for a decade (off $11M normalized FCF).
The market's -7.9% is more conservative than its 9-yr track record.
2-stage DCF · 0.01B shares (market data) · net debt -$52M
mean 174.5% · volatility σ 525% · implied rate exceeded in 7/9 yrs
Central path = implied -7.9%/yr growth; shaded band = ±1σ (525%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
4/6 of the 9 checks — 3 couldn't be scored (see above), so the score is out of the 6 with data.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
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 $13M 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.
EOD close · as of 2026-09-17
No material risks flagged.
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
Returns are margin-driven, not leverage-driven — higher quality.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 84.0 | 70.9 | — | — | — | — | — | — |
| SG&A | — | 69.0 | 13.5 | 9.1 | 11.2 | 13.4 | 14.6 | 17.1 |
| Operating Income | -25.1 | -42.4 | 22.6 | 36.2 | 12.0 | 14.8 | 24.4 | 23.4 |
| Income Tax | -5.5 | -9.2 | 6.6 | 9.7 | -29.1 | 3.4 | 2.0 | 7.3 |
| Net Income | 11.9 | -31.4 | 18.4 | 26.9 | 44.8 | 13.0 | 25.6 | 19.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AXR: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
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.
Top 38 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
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2026
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $52.8M 100.0% | $49.7M 100.0% | $51.4M 100.0% | $48.7M 100.0% | $58.9M 100.0% | $40.1M 100.0% | $18.8M 100.0% | $12.8M 100.0% | $8.9M 100.0% | $42.4M 100.0% |
| Cost of Revenue | — | — | — | — | — | — | $13.3M 70.9% | $10.8M 84.0% | $6.1M 67.9% | — |
| Selling, General & Admin | $9.0M 17.1% | $7.3M 14.6% | $6.9M 13.4% | $5.5M 11.2% | $5.4M 9.1% | $5.4M 13.5% | $13.0M 69.0% | — | — | — |
| Total Operating Expenses | $40.5M 76.6% | $37.6M 75.6% | $43.8M 85.2% | $42.8M 88.0% | $37.6M 63.8% | $31.0M 77.4% | $26.7M 142.4% | $16.0M 124.7% | $11.8M 131.8% | $41.4M 97.7% |
| Operating Income | $12.4M 23.4% | $12.1M 24.4% | $7.6M 14.8% | $5.8M 12.0% | $21.3M 36.2% | $9.0M 22.6% | -$8.0M -42.4% | -$3.2M -25.1% | — | — |
| Interest Expense | — | — | — | — | — | — | — | $25K 0.2% | $5K 0.1% | $333K 0.8% |
| Other Income (Expense), net | — | -$4K -0.0% | — | — | — | — | — | — | — | — |
| Pretax Income | $14.1M 26.7% | $13.7M 27.6% | $8.4M 16.4% | $7.6M 15.7% | $21.6M 36.6% | $10.0M 25.0% | -$7.6M -40.6% | -$3.2M -24.7% | $3.5M 38.7% | $982K 2.3% |
| Income Tax Expense | $3.8M 7.3% | $1.0M 2.0% | $1.7M 3.4% | -$14.1M -29.1% | $5.7M 9.7% | $2.6M 6.6% | -$1.7M -9.2% | -$708K -5.5% | -$279K -3.1% | $997K 2.4% |
| Net Income | $10.4M 19.7% | $12.7M 25.6% | $6.7M 13.0% | $21.8M 44.8% | $15.9M 26.9% | $7.4M 18.4% | -$5.9M -31.4% | $1.5M 11.9% | $238K 2.7% | -$15K -0.0% |
| Per Share | ||||||||||
| EPS (Basic) | $1.93 | $2.39 | $1.26 | $4.13 | $2.21 | $0.95 | $-0.73 | — | — | — |
| EPS (Diluted) | $1.91 | $2.37 | $1.25 | $4.11 | $2.21 | $0.95 | $-0.73 | — | — | — |
| Weighted Avg Shares (Basic) | 5.3M | 5.3M | 5.3M | 5K | 7K | 8K | 8K | 8K | 8K | 8.1M |
| Weighted Avg Shares (Diluted) | 5.4M | 5.4M | 5.3M | 5K | 7K | 8K | 8K | 8K | 8K | 8.1M |
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.
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.
Ranked against 240 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WELL | $161.8B | 167.1× | — | 14.9× | 35.6% | 40.1% | 8.9% | 2.3% | 1.6% | — | 1,425 |
| XHG | $130.2B | — | — | 2536.8× | 24.9% | 2.2% | -205% | 85.0% | 88.3% | — | 1 |
| PLD | $125.6B | 38.0× | — | 14.3× | 7.2% | — | 37.9% | 6.3% | 3.8% | — | 1,592 |
| EQIX | $100.8B | 74.6× | 25.7× | 10.9× | 5.4% | 51.1% | 14.6% | 9.5% | 8.7% | 0.3× | 1,229 |
| AMT | $81.9B | 32.5× | 14.1× | 7.7× | 5.1% | — | 24.7% | 72.0% | 37.3% | 0.6× | 1,662 |
| SPG | $66.7B | 14.4× | — | 10.5× | 6.7% | — | 84.3% | 103% | 15.9% | — | 1,242 |
| O | $53.5B | 49.0× | — | 9.3× | 9.1% | — | 18.4% | 2.7% | 2.7% | — | 1,389 |
| PSA | $52.8B | 33.4× | — | 10.9× | 2.7% | — | 37.0% | 19.3% | 9.1% | — | 1,045 |
| VTR | $41.7B | 162.4× | — | 7.1× | 18.5% | — | 4.5% | 2.1% | 1.0% | — | 891 |
| CBRE | $41.2B | 36.2× | — | 1.0× | 13.4% | 18.7% | 2.9% | 13.0% | 7.1% | — | 1,020 |
| IRM | $33.7B | 232.7× | 22.9× | 4.9× | 12.2% | — | 2.2% | -15.5% | 1.0% | 7.5× | 1,043 |
| EXR | $29.4B | 30.3× | 13.7× | 8.7× | 3.7% | 72.8% | 28.8% | 7.3% | 7.3% | — | 722 |
| AVB | $26.6B | 25.6× | 12.2× | 8.7× | 4.4% | — | 34.7% | 9.1% | 5.0% | 3.2× | 715 |
| VICI | $25.8B | 9.2× | — | 6.4× | 4.1% | 99.3% | 69.3% | 10.0% | 6.2% | — | 898 |
| EQR | $25.6B | 23.0× | — | — | — | — | — | 10.1% | 5.8% | — | 681 |
| SBAC | $19.1B | 18.5× | 21.6× | 6.8× | 5.1% | 75.5% | 37.4% | -21.7% | 13.1% | 8.7× | 636 |
| BEKE | $17.6B | 133.3× | 37.9× | 1.3× | 5.6% | 21.4% | 3.2% | 4.5% | 4.5% | — | 197 |
| ESS | $17.5B | 26.0× | 11.5× | 9.3× | 6.4% | 69.9% | 37.2% | 12.7% | 12.7% | — | 582 |
| INVH | $16.6B | 28.3× | — | 6.1× | 4.2% | — | 21.5% | 6.2% | 3.3% | — | 560 |
| JLL | $15.8B | 20.5× | 11.8× | 0.6× | 11.4% | — | 3.0% | 10.6% | 10.4% | 0.1× | 615 |
| WY | $15.6B | 48.1× | 16.7× | 2.3× | -3.1% | 14.8% | 4.7% | 3.4% | 2.2% | 4.5× | 868 |
| KIM | $15.2B | — | 16.3× | 7.1× | 5.1% | — | 27.3% | 5.6% | 3.2% | 5.5× | 633 |
| NLY | $15.1B | 7.3× | — | — | — | — | — | 12.6% | 12.6% | — | 743 |
| HST | $15.1B | 19.9× | — | 2.5× | 7.6% | — | 12.5% | 11.7% | 9.8% | — | 656 |
| LAMR | $14.9B | 25.4× | — | 6.6× | 2.7% | 67.0% | 25.9% | 57.3% | 13.2% | — | 655 |
| AXR | $124M | 12.2× | 5.7× | 2.4× | 6.3% | — | 19.5% | 7.3% | 7.3% | 0.0× | 37 |
Peers = companies sharing AXR's sector (Real Estate) 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.