Clipper Realty Financials

CLPR

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Clipper Realty (CLPR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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).

Financial Health Signals

Piotroski F-Score Neutral

5/9

Clipper Realty passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed

-4.84x

For every $1 of reported earnings, Clipper Realty generates $-4.84 in operating cash flow ($31.9M OCF vs -$6.6M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

0.9x

Clipper Realty earns $0.9 in operating income for every $1 of interest expense ($40.5M vs $47.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$148.8M

YoY+7.6%

5Y CAGR+5.1%

Clipper Realty generated $148.8M in revenue in fiscal year 2024. This represents an increase of 7.6% from the prior year.

EBITDA

$70.4M

YoY+13.4%

5Y CAGR+5.8%

Clipper Realty's EBITDA was $70.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 13.4% from the prior year.

Free Cash Flow

-$37.9M

YoY-88.3%

Clipper Realty generated -$37.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 88.3% from the prior year.

Net Income

-$6.6M

YoY+57.7%

Clipper Realty reported -$6.6M in net income in fiscal year 2024. This represents an increase of 57.7% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

$19.9M

YoY-10.2%

5Y CAGR-14.1%

Clipper Realty held $19.9M in cash against $1.3B in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

16M

YoY+0.5%

5Y CAGR-1.9%

Clipper Realty had 16M shares outstanding in fiscal year 2024. This represents an increase of 0.5% from the prior year.

Gross Margin

27.4%

YoY+3.4pp

5Y CAGR-1.4pp

Clipper Realty's gross margin was 27.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 3.4 percentage points from the prior year.

Operating Margin

27.2%

YoY+3.2pp

5Y CAGR-1.6pp

Clipper Realty's operating margin was 27.2% in fiscal year 2024, reflecting core business profitability. This is up 3.2 percentage points from the prior year.

Net Margin

-4.4%

YoY+6.8pp

5Y CAGR-0.9pp

Clipper Realty's net profit margin was -4.4% in fiscal year 2024, showing the share of revenue converted to profit. This is up 6.8 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$69.7M

YoY+50.6%

5Y CAGR+10.3%

Clipper Realty invested $69.7M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 50.6% from the prior year.

CLPR Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$148.8M+7.6%	$138.2M+6.5%	$129.7M+5.7%	$122.7M-0.1%	$122.8M+5.8%	$116.2M
Cost of Revenue	$108.0M+2.8%	$105.0M+2.9%	$102.1M+6.5%	$95.8M+4.7%	$91.5M+10.7%	$82.7M
Gross Profit	$40.8M+23.0%	$33.2M+20.0%	$27.6M+2.8%	$26.9M-14.1%	$31.3M-6.5%	$33.5M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$14.2M+7.5%	$13.2M+3.3%	$12.8M+20.6%	$10.6M+8.7%	$9.7M+6.1%	$9.2M
Operating Income	$40.5M+22.2%	$33.2M+20.0%	$27.6M+14.4%	$24.2M-24.8%	$32.1M-4.0%	$33.5M
Interest Expense	$47.1M+5.0%	$44.9M+11.6%	$40.2M-2.6%	$41.3M+2.6%	$40.2M+14.3%	$35.2M
Income Tax	$0	$0	$0	$0	$0	N/A
Net Income	-$6.6M+57.7%	-$15.6M-23.8%	-$12.6M+37.2%	-$20.0M-63.7%	-$12.2M-196.6%	-$4.1M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$37.7M-3.4%	$39.0M-0.9%	$39.4M+3.6%	$38.0M+1.9%	$37.3M+4.4%	$35.8M+2.6%	$34.9M-0.7%	$35.1M
Cost of Revenue	$28.8M+2.2%	$28.2M-46.8%	$53.0M+95.7%	$27.1M-1.0%	$27.3M+2.5%	$26.7M+3.2%	$25.9M-0.3%	$25.9M
Gross Profit	$8.9M-18.0%	$10.8M+179.8%	-$13.6M-223.7%	$11.0M+9.8%	$10.0M+10.2%	$9.1M+0.6%	$9.0M-2.0%	$9.2M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$3.7M-3.2%	$3.8M-0.2%	$3.8M+1.4%	$3.8M+9.0%	$3.5M-2.6%	$3.6M+13.1%	$3.1M-6.0%	$3.3M
Operating Income	$8.9M-17.8%	$10.8M+145.8%	-$23.6M-320.2%	$10.7M+7.1%	$10.0M+10.2%	$9.1M+0.6%	$9.0M-2.0%	$9.2M
Interest Expense	$13.3M+16.0%	$11.5M-0.4%	$11.5M-2.3%	$11.8M+0.4%	$11.7M0.0%	$11.7M-1.1%	$11.9M+3.0%	$11.5M
Income Tax	N/A	N/A	$0	N/A	N/A	N/A	N/A	N/A
Net Income	-$4.6M-239.7%	-$1.4M+96.1%	-$35.1M-3135.3%	-$1.1M+37.8%	-$1.7M+34.6%	-$2.7M+6.7%	-$2.9M-22.8%	-$2.3M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CLPR Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$1.3B+3.0%	$1.2B+1.6%	$1.2B-0.3%	$1.2B+2.1%	$1.2B+3.6%	$1.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$19.9M-10.2%	$22.2M+22.1%	$18.2M-47.4%	$34.5M-52.1%	$72.1M+69.5%	$42.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.3B+4.8%	$1.2B+4.2%	$1.2B+2.5%	$1.2B+5.4%	$1.1B+7.7%	$1.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.3B+5.0%	$1.2B+3.8%	$1.2B+2.7%	$1.1B+4.8%	$1.1B+8.2%	$997.9M
Total Equity	-$5.4M-297.1%	$2.7M-80.5%	$14.1M-46.8%	$26.5M-32.8%	$39.5M-31.1%	$57.2M
Retained Earnings	-$95.5M-9.9%	-$86.9M-16.0%	-$74.9M-21.3%	-$61.7M-28.5%	-$48.0M-32.1%	-$36.4M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$1.2B-0.3%	$1.2B-1.6%	$1.3B-1.9%	$1.3B+1.0%	$1.3B+0.8%	$1.3B+1.2%	$1.2B+0.8%	$1.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$26.1M-18.7%	$32.0M+50.5%	$21.3M+7.0%	$19.9M-1.8%	$20.3M-7.4%	$21.9M-1.3%	$22.2M-1.3%	$22.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.3B+0.4%	$1.3B-1.2%	$1.3B+1.1%	$1.3B+1.7%	$1.3B+1.3%	$1.3B+1.7%	$1.2B+1.3%	$1.2B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	$1.3B+0.5%	$1.3B+1.8%	$1.2B+1.4%	$1.2B+1.7%	$1.2B+0.7%	$1.2B
Total Equity	-$25.0M-14.1%	-$21.9M-9.3%	-$20.1M-271.2%	-$5.4M-204.2%	-$1.8M-737.3%	$279K-89.8%	$2.7M-46.9%	$5.2M
Retained Earnings	-$115.7M-2.9%	-$112.4M-1.9%	-$110.4M-15.6%	-$95.5M-4.2%	-$91.6M-2.4%	-$89.4M-2.9%	-$86.9M-3.1%	-$84.3M

CLPR Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$31.9M+21.7%	$26.2M+30.0%	$20.1M+86.1%	$10.8M-32.3%	$16.0M-32.7%	$23.8M
Capital Expenditures	$69.7M+50.6%	$46.3M-11.2%	$52.1M-35.5%	$80.8M+143.6%	$33.2M-22.2%	$42.6M
Free Cash Flow	-$37.9M-88.3%	-$20.1M+37.1%	-$32.0M+54.3%	-$70.0M-307.3%	-$17.2M+8.9%	-$18.9M
Investing Cash Flow	-$68.8M-66.3%	-$41.4M+19.7%	-$51.5M+34.0%	-$77.9M-145.8%	-$31.7M+57.7%	-$74.9M
Financing Cash Flow	$38.7M+86.9%	$20.7M+112.0%	$9.8M-67.7%	$30.3M-36.6%	$47.8M-23.1%	$62.2M
Dividends Paid	$17.6M+1.1%	$17.4M+1.9%	$17.1M+1.9%	$16.8M-2.8%	$17.2M+0.9%	$17.1M
Share Buybacks	N/A	N/A	N/A	$0-100.0%	$10.0M	$0

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$1.4M-83.0%	$8.4M+25.3%	$6.7M-36.6%	$10.5M+19.7%	$8.8M+40.6%	$6.3M-31.0%	$9.1M+10050.5%	-$91K
Capital Expenditures	N/A	N/A	$11.3M	N/A	N/A	$20.9M+16.6%	$18.0M+66.9%	$10.8M
Free Cash Flow	N/A	N/A	-$4.6M	N/A	N/A	-$14.7M-65.0%	-$8.9M+17.9%	-$10.8M
Investing Cash Flow	-$5.1M-118.4%	$27.6M+385.6%	-$9.7M+17.2%	-$11.7M+41.0%	-$19.8M+11.0%	-$22.2M-63.9%	-$13.6M-53.1%	-$8.9M
Financing Cash Flow	-$527K+96.7%	-$15.8M-384.5%	$5.5M+77.8%	$3.1M-58.8%	$7.6M-62.1%	$20.0M+489.0%	$3.4M-77.8%	$15.2M
Dividends Paid	$4.6M0.0%	$4.6M0.0%	$4.6M+5.0%	$4.4M0.0%	$4.4M0.0%	$4.4M+1.1%	$4.3M0.0%	$4.3M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CLPR Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	27.4%+3.4pp	24.0%+2.7pp	21.3%-0.6pp	21.9%-3.6pp	25.5%-3.3pp	28.8%
Operating Margin	27.2%+3.2pp	24.0%+2.7pp	21.3%+1.6pp	19.7%-6.5pp	26.2%-2.7pp	28.8%
Net Margin	-4.4%+6.8pp	-11.3%-1.6pp	-9.7%+6.6pp	-16.3%-6.4pp	-10.0%-6.4pp	-3.5%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-0.5%+0.7pp	-1.3%-0.2pp	-1.0%+0.6pp	-1.6%-0.6pp	-1.0%-0.7pp	-0.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	-234.12-673.5	439.37+357.0	82.42+39.8	42.66+15.3	27.35+9.9	17.44
FCF Margin	-25.4%-10.9pp	-14.5%+10.1pp	-24.7%+32.4pp	-57.0%-43.0pp	-14.0%+2.2pp	-16.2%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	23.6%-4.2pp	27.8%+62.2pp	-34.5%-63.3pp	28.8%+2.1pp	26.8%+1.4pp	25.4%-0.5pp	25.9%-0.3pp	26.2%
Operating Margin	23.6%-4.1pp	27.7%+87.5pp	-59.9%-88.0pp	28.1%+1.4pp	26.8%+1.4pp	25.4%-0.5pp	25.9%-0.3pp	26.2%
Net Margin	-12.2%-8.8pp	-3.5%+85.6pp	-89.1%-86.3pp	-2.9%+1.8pp	-4.7%+2.8pp	-7.5%+0.7pp	-8.2%-1.6pp	-6.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-0.4%-0.3pp	-0.1%+2.7pp	-2.8%-2.7pp	-0.1%+0.1pp	-0.1%+0.1pp	-0.2%+0.0pp	-0.2%-0.0pp	-0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	-52.09+7.1	-59.22+4.2	-63.40+170.7	-234.12+465.6	-699.74-5096.5	4396.73+3957.4	439.37+207.9	231.49
FCF Margin	N/A	N/A	-11.7%	N/A	N/A	-41.1%-15.5pp	-25.5%+5.3pp	-30.9%

Note: Shareholder equity is negative (-$5.4M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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Frequently Asked Questions

What is Clipper Realty's annual revenue?

Clipper Realty (CLPR) reported $148.8M in total revenue for fiscal year 2024. This represents a 7.6% 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 Clipper Realty's revenue growing?

Clipper Realty (CLPR) revenue grew by 7.6% year-over-year, from $138.2M to $148.8M in fiscal year 2024.

Is Clipper Realty profitable?

No, Clipper Realty (CLPR) reported a net income of -$6.6M in fiscal year 2024, with a net profit margin of -4.4%.

What is Clipper Realty's EBITDA?

Clipper Realty (CLPR) had EBITDA of $70.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Clipper Realty have?

As of fiscal year 2024, Clipper Realty (CLPR) had $19.9M in cash and equivalents against $1.3B in long-term debt.

What is Clipper Realty's gross margin?

Clipper Realty (CLPR) had a gross margin of 27.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Clipper Realty's operating margin?

Clipper Realty (CLPR) had an operating margin of 27.2% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Clipper Realty's net profit margin?

Clipper Realty (CLPR) had a net profit margin of -4.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Clipper Realty's free cash flow?

Clipper Realty (CLPR) generated -$37.9M in free cash flow during fiscal year 2024. This represents a -88.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Clipper Realty's operating cash flow?

Clipper Realty (CLPR) generated $31.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Clipper Realty's total assets?

Clipper Realty (CLPR) had $1.3B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Clipper Realty's capital expenditures?

Clipper Realty (CLPR) invested $69.7M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Clipper Realty have outstanding?

Clipper Realty (CLPR) had 16M shares outstanding as of fiscal year 2024.

What is Clipper Realty's debt-to-equity ratio?

Clipper Realty (CLPR) had a debt-to-equity ratio of -234.12 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Clipper Realty's return on assets (ROA)?

Clipper Realty (CLPR) had a return on assets of -0.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

Why is Clipper Realty's debt-to-equity ratio negative or unusual?

Clipper Realty (CLPR) has negative shareholder equity of -$5.4M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Clipper Realty's Piotroski F-Score?

Clipper Realty (CLPR) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Clipper Realty's earnings high quality?

Clipper Realty (CLPR) has an earnings quality ratio of -4.84x, considered mixed 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.

Can Clipper Realty cover its interest payments?

Clipper Realty (CLPR) has an interest coverage ratio of 0.9x, meaning it can struggle to 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.