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Armada Hoffler Pptys Inc Financials

AHH
FY2025 annual
Revenue $209.9M -51.5% YoY
Net Income $3.9M -90.8% YoY
EPS (Diluted) -$0.08 -123.5% YoY
Free Cash Flow Not reported for FY2025
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

Armada Hoffler Pptys Inc (AHH) reported $209.9M in revenue for fiscal year 2025, down 51.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI AHH FY2026

The dominant mechanic is property-level cash generation supporting distributions while leverage remains central to financing operations.

In the latest period, operating cash flow was $64.2M against net income of $3.9M, a 16.5x cash-to-earnings gap alongside $72.5M of depreciation and amortization; reported profit therefore understates cash produced before investment. Yet dividends of $75.2M exceeded operating cash flow, so distribution funding was not fully self-generated and positive financing cash flow of $52.5M helped bridge the difference.

Reported revenue was $209.9M in the latest period versus $433.2M previously, yet operating margin expanded from 13.7% to 23.1%. That combination points away from simple volume-led growth and toward mix, cost structure, or period comparability as the driver.

The balance sheet remains debt-funded: latest debt-to-equity was 2.0x, while cash of $40.7M was small beside long-term debt of $1.3B. Leverage is below the 2.4x level reported in 2023, but the capital structure still leaves distributions closely connected to financing capacity.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score pending refresh

We are recalculating Armada Hoffler Pptys Inc's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial
4/7

Armada Hoffler Pptys Inc passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed
16.47x

For every $1 of reported earnings, Armada Hoffler Pptys Inc generates $16.47 in operating cash flow ($64.2M OCF vs $3.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
6.07x

Armada Hoffler Pptys Inc earns $6.07 in operating income for every $1 of interest expense ($48.5M vs $8.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$209.9M
YoY-51.5%
5Y CAGR-11.4%
10Y CAGR-1.8%

Armada Hoffler Pptys Inc generated $209.9M in revenue in fiscal year 2025. This represents a decrease of 51.5% from the prior year.

EBITDA
$121.0M
YoY-5.0%
5Y CAGR+2.2%
10Y CAGR+9.3%

Armada Hoffler Pptys Inc's EBITDA was $121.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 5.0% from the prior year.

Net Income
$3.9M
YoY-90.8%
5Y CAGR-33.1%
10Y CAGR-14.9%

Armada Hoffler Pptys Inc reported $3.9M in net income in fiscal year 2025. This represents a decrease of 90.8% from the prior year.

EPS (Diluted)
-$0.08
YoY-123.5%

Armada Hoffler Pptys Inc earned -$0.08 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 123.5% from the prior year.

Cash & Balance Sheet

Cash & Debt
$40.7M
YoY+85.3%
5Y CAGR-0.1%
10Y CAGR+4.2%

Armada Hoffler Pptys Inc held $40.7M in cash against $1.3B in long-term debt as of fiscal year 2025.

Dividends Per Share
$0.56
YoY-31.7%

Armada Hoffler Pptys Inc paid $0.56 per share in dividends in fiscal year 2025. This represents a decrease of 31.7% from the prior year.

Shares Outstanding
80M
YoY+0.6%

Armada Hoffler Pptys Inc had 80M shares outstanding in fiscal year 2025. This represents an increase of 0.6% from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Margins & Returns

Operating Margin
23.1%
YoY+9.4pp
5Y CAGR+10.4pp
10Y CAGR+12.6pp

Armada Hoffler Pptys Inc's operating margin was 23.1% in fiscal year 2025, reflecting core business profitability. This is up 9.4 percentage points from the prior year.

Net Margin
1.9%
YoY-8.0pp
5Y CAGR-5.7pp
10Y CAGR-5.9pp

Armada Hoffler Pptys Inc's net profit margin was 1.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 8.0 percentage points from the prior year.

Return on Equity
0.6%
YoY-5.7pp
5Y CAGR-5.0pp
10Y CAGR-39.0pp

Armada Hoffler Pptys Inc's ROE was 0.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 5.7 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Capital Allocation

Share Buybacks
$0

Armada Hoffler Pptys Inc repurchased no shares in fiscal year 2025.

R&D Spending

Not reported for fiscal year 2025.

Capital Expenditures

Not reported for fiscal year 2025.

AHH Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

AHH annual income statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Revenue$212.1M$209.9M-51.5%$433.2M+4.9%$413.1M-12.3%$471.1M+55.7%$302.5M-21.1%$383.6M+49.2%$257.2M+33.0%$193.3M-36.2%$302.8M+17.2%$258.4M+2.4%$252.4M+50.2%$168.1M+20.0%$140.0M+29.1%$108.5M-16.7%$130.2M
Cost of RevenueN/AN/AN/AN/AN/AN/AN/A$101.5M+37.9%$73.6M-60.5%$186.6MN/AN/AN/AN/AN/AN/A
Gross ProfitN/AN/AN/A$184.0M+10.1%$167.2M+17.0%$142.8M+22.0%$117.1M+10.1%$106.4M+31.2%$81.1M-30.2%$116.2MN/AN/A$46.9M+11.5%$42.1M+3.0%$40.8M+0.3%$40.7M
SG&A ExpensesN/A$20.3M+5.5%$19.3M+12.2%$17.2M+9.6%$15.7M+7.4%$14.6M+13.2%$12.9M+4.1%$12.4M+8.4%$11.4M+9.5%$10.4M+9.2%$9.6M+13.8%$8.4M+8.9%$7.7M+11.2%$6.9M+114.6%$3.2M-13.3%$3.7M
Operating Income$52.3M$48.5M-18.0%$59.2M-3.0%$61.1M-54.6%$134.4M+127.2%$59.2M+21.4%$48.7M+14.3%$42.6M+33.1%$32.0M-19.5%$39.8M-30.4%$57.2M+115.2%$26.6M+24.3%$21.4M+8.7%$19.7M-20.4%$24.7M+3.0%$24.0M
Interest ExpenseN/A$8.0M+21.5%$6.6M-88.6%$57.8M+45.7%$39.7M+17.0%$33.9M+9.2%$31.0M-1.0%$31.3M+64.2%$19.1M+9.5%$17.4M+5.9%$16.5M+23.5%$13.3M+25.2%$10.6M-13.5%$12.3M-25.7%$16.6M-8.7%$18.1M
Income TaxN/A-$482K+21.5%-$614K-146.2%$1.3M+1016.6%-$145K+80.5%-$742K-162.2%-$283K+42.4%-$491K-1593.1%-$29K-104.0%$725K+111.4%$343K+1108.8%-$34K-148.6%$70K-74.4%$273K$0$0
Net Income-$14.9M$3.9M-90.8%$42.5M+451.9%$7.7M-92.3%$100.0M+292.2%$25.5M-12.5%$29.2M+21.2%$24.1M+39.8%$17.2M-18.3%$21.0M-25.0%$28.1M+42.9%$19.6M+155.4%$7.7M+4.8%$7.3M-17.5%$8.9M+292.6%$2.3M
EPS (Diluted)-$0.34-$0.08-123.5%$0.34+780.0%-$0.05-105.3%$0.94+452.9%$0.17$0.38-7.3%$0.41N/AN/AN/AN/AN/AN/AN/AN/A

Not reported in any period shown, so not listed: R&D Expenses.

TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

AHH Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

AHH annual balance sheet
MetricFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Total Assets$2.6B+3.3%$2.5B-2.0%$2.6B+14.3%$2.2B+15.7%$1.9B+1.1%$1.9B+6.2%$1.8B+42.6%$1.3B+21.3%$1.0B+6.2%$982.5M+42.5%$689.5M+17.3%$588.0M+35.1%$435.3M+31.2%$331.8MN/A
Cash & Equivalents$40.7M+85.3%$22.0M+9.8%$20.0M-57.8%$47.5M+34.8%$35.2M-14.0%$41.0M+4.5%$39.2M+84.6%$21.3M+6.5%$20.0M-9.0%$21.9M-18.7%$27.0M+4.3%$25.9M+37.1%$18.9M+100.9%$9.4M-30.1%$13.4M
Accounts Receivable$64.7M+22.5%$52.8M+16.1%$45.5M+16.2%$39.2M+32.5%$29.6M+4.7%$28.3M+20.4%$23.5M+23.4%$19.0M+21.2%$15.7M+4.2%$15.1M-31.5%$22.0M+7.0%$20.5M+12.5%$18.3M+4.9%$17.4MN/A
Total Liabilities$1.8B+8.9%$1.6B-7.7%$1.8B+31.3%$1.3B+15.5%$1.2B-0.2%$1.2B+0.9%$1.1B+42.0%$809.5M+30.0%$622.8M-25.3%$834.3M+30.4%$640.0M+8.3%$590.7M+22.6%$481.8M+29.1%$373.2MN/A
Long-Term Debt$1.3B-0.9%$1.3B-7.3%$1.4B+30.8%$1.1B+16.4%$917.6M-4.8%$963.8M+1.4%$950.5M+36.9%$694.2M+34.2%$517.3M-0.9%$522.2M+38.3%$377.6M+6.0%$356.3M+28.3%$277.7M-17.1%$335.1MN/A
Total Equity$627.8M-6.4%$670.6M+17.1%$572.6M-11.6%$647.5M+16.6%$555.4M+6.1%$523.2M+28.1%$408.6M+49.2%$273.9M+20.8%$226.7M+53.0%$148.1M+199.0%$49.5M+1941.2%-$2.7M+94.2%-$46.5M-12.5%-$41.3MN/A
Retained EarningsN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-$41.3MN/A

Not reported in any period shown, so not listed: Current Assets, Inventory, Goodwill, Current Liabilities.

AHH Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

AHH annual cash flow statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Operating Cash Flow$76.6M$64.2M-42.6%$112.0M+20.0%$93.3M-20.1%$116.9M+28.2%$91.2M0.0%$91.2M+34.6%$67.7M+20.8%$56.1M+9.5%$51.2M-10.1%$57.0M+71.3%$33.3M+6.1%$31.4M+41.4%$22.2M-0.7%$22.3M-3.7%$23.2M
Investing Cash FlowN/AN/A-$26.7M+88.7%-$237.3M-613.8%-$33.2M+42.3%-$57.6M-119.7%-$26.2M+91.1%-$295.1M-22.7%-$240.6M-152.3%-$95.4M+57.2%-$223.0M-284.8%-$58.0M+45.0%-$105.3M-119.6%-$47.9M-919.7%-$4.7M+21.6%-$6.0M
Financing Cash FlowN/A$52.5M+221.5%-$43.3M-135.4%$122.3M+269.3%-$72.2M-65.8%-$43.5M+25.1%-$58.1M-123.5%$246.9M+33.0%$185.6M+343.6%$41.8M-74.1%$161.4M+561.6%$24.4M-69.9%$80.9M+129.6%$35.3M+262.7%-$21.7M-78.1%-$12.2M
Dividends Paid$79.3M$75.2M-10.3%$83.9M+4.3%$80.4M+10.8%$72.6M+23.6%$58.7M+23.3%$47.6M-22.6%$61.5M+20.8%$50.9M+16.7%$43.6M+28.9%$33.8M+25.2%$27.0M+22.3%$22.1M+185.7%$7.7MN/AN/A
Share BuybacksN/A$0$0-100.0%$12.6M$0$0N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.

TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

AHH Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

AHH annual financial ratios
MetricFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Gross MarginN/AN/A44.5%+9.1pp35.5%-11.7pp47.2%+16.7pp30.5%-10.8pp41.4%-0.6pp41.9%+3.6pp38.4%N/AN/A27.9%-2.1pp30.0%-7.6pp37.6%+6.4pp31.3%
Operating Margin23.1%+9.4pp13.7%-1.1pp14.8%-13.8pp28.5%+9.0pp19.6%+6.8pp12.7%-3.9pp16.6%0.0pp16.6%+3.4pp13.2%-9.0pp22.1%+11.6pp10.5%-2.2pp12.7%-1.3pp14.0%-8.7pp22.8%+4.3pp18.4%
Net Margin1.9%-8.0pp9.8%+8.0pp1.9%-19.4pp21.2%+12.8pp8.4%+0.8pp7.6%-1.8pp9.3%+0.5pp8.9%+1.9pp7.0%-3.9pp10.9%+3.1pp7.8%+3.2pp4.6%-0.7pp5.2%-3.0pp8.2%+6.5pp1.7%
Return on Equity0.6%-5.7pp6.3%+5.0pp1.3%-14.1pp15.4%+10.9pp4.6%-1.0pp5.6%-0.3pp5.9%-0.4pp6.3%-3.0pp9.3%-9.7pp18.9%-20.7pp39.6%N/AN/AN/AN/A
Return on Assets0.1%-1.5pp1.7%+1.4pp0.3%-4.2pp4.5%+3.1pp1.3%-0.2pp1.5%+0.2pp1.3%0.0pp1.4%-0.7pp2.0%-0.8pp2.9%0.0pp2.9%+1.5pp1.3%-0.4pp1.7%-1.0pp2.7%N/A
Debt-to-Equity2.05+0.1x1.93-0.5x2.44+0.8x1.650.0x1.65-0.2x1.84-0.5x2.33-0.2x2.53+0.3x2.28-1.2x3.52-4.1x7.62N/AN/AN/AN/A

Not reported in any period shown, so not listed: Current Ratio, FCF Margin.

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Frequently Asked Questions

What is Armada Hoffler Pptys Inc's annual revenue?

Armada Hoffler Pptys Inc (AHH) reported $209.9M in total revenue for fiscal year 2025. This represents a -51.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Armada Hoffler Pptys Inc's revenue growing?

Armada Hoffler Pptys Inc (AHH) revenue declined by 51.5% year-over-year, from $433.2M to $209.9M in fiscal year 2025.

Is Armada Hoffler Pptys Inc profitable?

Yes, Armada Hoffler Pptys Inc (AHH) reported a net income of $3.9M in fiscal year 2025, with a net profit margin of 1.9%.

Armada Hoffler Pptys Inc (AHH) reported diluted earnings per share of -$0.08 for fiscal year 2025. This represents a -123.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Armada Hoffler Pptys Inc (AHH) had EBITDA of $121.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Armada Hoffler Pptys Inc (AHH) had $40.7M in cash and equivalents against $1.3B in long-term debt.

Armada Hoffler Pptys Inc (AHH) had an operating margin of 23.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Armada Hoffler Pptys Inc (AHH) had a net profit margin of 1.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Armada Hoffler Pptys Inc (AHH) paid $0.56 per share in dividends during fiscal year 2025.

Armada Hoffler Pptys Inc (AHH) has a return on equity of 0.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Armada Hoffler Pptys Inc (AHH) generated $64.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Armada Hoffler Pptys Inc (AHH) had $2.6B in total assets as of fiscal year 2025, including both current and long-term assets.

Armada Hoffler Pptys Inc (AHH) had 80M shares outstanding as of fiscal year 2025.

Armada Hoffler Pptys Inc (AHH) had a debt-to-equity ratio of 2.05 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Armada Hoffler Pptys Inc (AHH) had a return on assets of 0.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Armada Hoffler Pptys Inc (AHH) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Armada Hoffler Pptys Inc (AHH) has an earnings quality ratio of 16.47x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Armada Hoffler Pptys Inc (AHH) has an interest coverage ratio of 6.07x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

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