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Held by 245 of 5,944 reporting institutions (93th percentile) — extremely crowded.
Data as of Q1 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.
No trend data available for this metric.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow, so a reverse DCF can't be run.
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
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
3/7 of the 9 checks — 2 couldn't be scored (see above), so the score is out of the 7 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.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor.
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.
Free-cash-flow coverage unavailable. Last year: $75M dividends + $0 buybacks = $75M returned.
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.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: -1%. 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 $54M is below the $136M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2026-03-31 (10-Q).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
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 2026-09-17
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
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
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 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 31.4 | — | — | — | — | — | — | — |
| Gross Profit | — | — | — | — | 69.2 | 68.0 | 65.7 | 61.3 |
| SG&A | 6.0 | 9.6 | 13.3 | 13.8 | 13.3 | 11.8 | 12.6 | 13.6 |
| Operating Income | 20.1 | 10.6 | -17.0 | 9.8 | 31.0 | 30.3 | 29.2 | 21.0 |
| Income Tax | — | — | -4.7 | -1.1 | -0.3 | -1.1 | 0.6 | 0.7 |
| Net Income | -4.6 | -22.9 | -41.3 | -11.6 | 10.2 | 5.0 | -2.5 | -0.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SMA: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $281.1M 100.0% | $237.0M 100.0% | $233.0M 100.0% | $212.6M 100.0% | $168.8M 100.0% | $124.0M 100.0% | $109.5M 100.0% | $80.4M 100.0% | $76.1M 100.0% | $45.4M 100.0% |
| Cost of Revenue | — | — | — | — | — | — | — | $25.2M 31.4% | $24.5M 32.2% | $16.0M 35.2% |
| Gross Profit | $172.5M 61.3% | $155.7M 65.7% | $158.5M 68.0% | $147.1M 69.2% | — | — | — | — | — | — |
| Selling, General & Admin | $38.2M 13.6% | $29.9M 12.6% | $27.5M 11.8% | $28.3M 13.3% | $23.3M 13.8% | $16.5M 13.3% | $10.5M 9.6% | $4.8M 6.0% | $3.5M 4.5% | $2.9M 6.3% |
| Total Operating Expenses | $222.3M 79.1% | $167.8M 70.8% | $162.4M 69.7% | $162.9M 76.6% | $152.4M 90.3% | $145.2M 117.0% | $101.9M 93.0% | $64.3M 79.9% | $72.5M 95.3% | $60.3M 132.8% |
| Operating Income | $59.1M 21.0% | $69.2M 29.2% | $70.6M 30.3% | $65.9M 31.0% | $16.5M 9.8% | -$21.1M -17.0% | $11.6M 10.6% | $16.2M 20.1% | $3.6M 4.7% | -$14.9M -32.8% |
| Interest Expense | $59.9M 21.3% | $72.3M 30.5% | $61.8M 26.5% | $41.5M 19.5% | $33.4M 19.8% | $36.1M 29.1% | $37.6M 34.3% | $18.0M 22.4% | $16.4M 21.5% | $7.4M 16.4% |
| Other Income (Expense), net | -$21K -0.0% | -$1.3M -0.5% | -$231K -0.1% | -$998K -0.5% | -$938K -0.6% | $160K 0.1% | -$625K -0.6% | -$701K -0.9% | -$367K -0.5% | -$286K -0.6% |
| Pretax Income | $164K 0.1% | -$4.4M -1.9% | $9.1M 3.9% | $21.1M 9.9% | -$21.4M -12.7% | — | — | — | — | — |
| Income Tax Expense | $1.9M 0.7% | $1.5M 0.6% | -$2.6M -1.1% | -$555K -0.3% | -$1.8M -1.1% | -$5.8M -4.7% | — | — | — | — |
| Net Income | -$1.7M -0.6% | -$5.9M -2.5% | $11.6M 5.0% | $21.7M 10.2% | -$19.6M -11.6% | -$51.2M -41.3% | -$25.1M -22.9% | -$3.7M -4.6% | -$15.0M -19.7% | -$26.1M -57.5% |
| Per Share | ||||||||||
| EPS (Basic) | — | $-0.78 | $-0.13 | $0.26 | $-0.37 | $-0.91 | — | — | — | — |
| EPS (Diluted) | — | $-0.78 | $-0.13 | $0.26 | $-0.37 | $-0.91 | — | — | — | — |
| Weighted Avg Shares (Basic) | — | — | — | 91.9M | 79.4M | 59.6M | — | — | — | — |
| Weighted Avg Shares (Diluted) | — | — | — | 92.1M | 79.4M | 59.6M | — | — | — | — |
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 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 |
| SMA | $1.8B | — | 14.3× | 6.4× | 18.6% | 61.3% | -3.1% | -0.7% | -0.7% | — | 245 |
Peers = companies sharing SMA'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.