Clipper Realty Financials

CLPR

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 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 11 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 CLPR FY2025 2026-05-14

Stable revenue cannot offset heavy financing costs when an asset-heavy balance sheet loses operating margin.

FY2025's break came from margin collapse, not from a top-line drop: gross margin fell from 27.4% to 2.7% even as revenue still edged higher. With interest expense reaching $53.0M while operating cash flow stayed positive at $22.6M, the business still produced cash before financing but not enough economic cushion after it.

From FY2023 to FY2024, operating cash flow improved from $26.2M to $31.9M, yet free cash flow remained negative because capital spending stayed above internally generated cash. That pattern points to a business where maintenance and improvement needs absorb much of the cash that depreciation-adjusted earnings suggest is available.

Book equity stayed negative in FY2025, with total liabilities exceeding total assets by $80.8M, so the usual debt-to-equity lens has become less informative. In that posture, solvency depends less on accounting equity and more on whether recurring operating cash can keep servicing a large fixed financing load.

Financial Health Signals

Financial Profile 16/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Clipper Realty's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Clipper Realty has an operating margin of 2.7%, meaning the company retains $3 of operating profit per $100 of revenue. This results in a moderate score of 54/100, indicating healthy but not exceptional operating efficiency. This is down from 27.2% the prior year.

Growth

Clipper Realty's revenue grew a modest 3.0% year-over-year to $153.2M. This slow but positive growth earns a score of 42/100.

Leverage

Clipper Realty has elevated debt relative to equity (D/E of -42.83), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Piotroski F-Score Neutral

5/9

Clipper Realty passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-0.43x

For every $1 of reported earnings, Clipper Realty generates $-0.43 in operating cash flow ($22.6M OCF vs -$52.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

0.1x

Clipper Realty earns $0.1 in operating income for every $1 of interest expense ($4.2M vs $53.0M). 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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Earnings & Revenue

Revenue

$153.2M

YoY+3.0%

5Y CAGR+4.5%

Clipper Realty generated $153.2M in revenue in fiscal year 2025. This represents an increase of 3.0% from the prior year.

EBITDA

$35.5M

YoY-49.6%

5Y CAGR-8.6%

10Y CAGR-1.4%

Clipper Realty's EBITDA was $35.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 49.6% from the prior year.

Net Income

-$52.3M

YoY-695.1%

Clipper Realty reported -$52.3M in net income in fiscal year 2025. This represents a decrease of 695.1% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$30.8M

YoY+54.9%

5Y CAGR-15.6%

10Y CAGR-13.1%

Clipper Realty held $30.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

16M

YoY+0.0%

5Y CAGR+0.1%

Clipper Realty had 16M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

2.7%

YoY-24.7pp

5Y CAGR-22.7pp

Clipper Realty's gross margin was 2.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 24.7 percentage points from the prior year.

Operating Margin

2.7%

YoY-24.5pp

5Y CAGR-23.4pp

Clipper Realty's operating margin was 2.7% in fiscal year 2025, reflecting core business profitability. This is down 24.5 percentage points from the prior year.

Net Margin

-34.2%

YoY-29.7pp

5Y CAGR-24.2pp

Clipper Realty's net profit margin was -34.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 29.7 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

CLPR Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$153.2M+3.0%	$148.8M+7.6%	$138.2M+6.5%	$129.7M+5.7%	$122.7M-0.1%	$122.8M
Cost of Revenue	$149.0M+38.0%	$108.0M+2.8%	$105.0M+2.9%	$102.1M+6.5%	$95.8M+4.7%	$91.5M
Gross Profit	$4.2M-89.7%	$40.8M+23.0%	$33.2M+20.0%	$27.6M+2.8%	$26.9M-14.1%	$31.3M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$15.5M+9.7%	$14.2M+7.5%	$13.2M+3.3%	$12.8M+20.6%	$10.6M+8.7%	$9.7M
Operating Income	$4.2M-89.7%	$40.5M+22.2%	$33.2M+20.0%	$27.6M+14.4%	$24.2M-24.8%	$32.1M
Interest Expense	$53.0M+12.6%	$47.1M+5.0%	$44.9M+11.6%	$40.2M-2.6%	$41.3M+2.6%	$40.2M
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$52.3M-695.1%	-$6.6M+57.7%	-$15.6M-23.8%	-$12.6M+37.2%	-$20.0M-63.7%	-$12.2M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$38.1M+2.8%	$37.1M-1.7%	$37.7M-3.4%	$39.0M-0.9%	$39.4M+3.6%	$38.0M+1.1%	$37.6M+0.7%	$37.3M
Cost of Revenue	$30.1M+3.8%	$29.0M+0.7%	$28.8M+2.2%	$28.2M-55.2%	$63.0M+132.6%	$27.1M+0.7%	$26.9M-1.7%	$27.3M
Gross Profit	$8.0M-0.8%	$8.1M-9.2%	$8.9M-18.0%	$10.8M+145.9%	-$23.6M-314.8%	$11.0M+2.1%	$10.8M+7.5%	$10.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$4.1M-1.8%	$4.2M+13.1%	$3.7M-3.2%	$3.8M-0.2%	$3.8M+1.4%	$3.8M+11.9%	$3.4M-2.6%	$3.5M
Operating Income	$4.4M-45.4%	$8.1M-9.2%	$8.9M-17.8%	$10.8M+145.8%	-$23.6M-320.2%	$10.7M-0.4%	$10.8M+7.5%	$10.0M
Interest Expense	$15.5M-6.9%	$16.7M+25.4%	$13.3M+16.0%	$11.5M-0.4%	$11.5M-2.3%	$11.8M-0.4%	$11.8M+0.8%	$11.7M
Income Tax	$0	N/A	N/A	N/A	$0	N/A	N/A	N/A
Net Income	-$11.1M+1.1%	-$11.3M-144.6%	-$4.6M-239.7%	-$1.4M+96.1%	-$35.1M-3135.3%	-$1.1M+0.3%	-$1.1M+37.6%	-$1.7M
EPS (Diluted)	$-0.30	N/A	N/A	N/A	$-0.86	N/A	N/A	N/A

CLPR Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$1.2B-4.1%	$1.3B+3.0%	$1.2B+1.6%	$1.2B-0.3%	$1.2B+2.1%	$1.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$30.8M+54.9%	$19.9M-10.2%	$22.2M+22.1%	$18.2M-47.4%	$34.5M-52.1%	$72.1M
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+1.1%	$1.3B+4.8%	$1.2B+4.2%	$1.2B+2.5%	$1.2B+5.4%	$1.1B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	$1.3B+5.0%	$1.2B+3.8%	$1.2B+2.7%	$1.1B+4.8%	$1.1B
Total Equity	-$30.7M-467.7%	-$5.4M-297.1%	$2.7M-80.5%	$14.1M-46.8%	$26.5M-32.8%	$39.5M
Retained Earnings	-$121.5M-27.3%	-$95.5M-9.9%	-$86.9M-16.0%	-$74.9M-21.3%	-$61.7M-28.5%	-$48.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$1.2B-0.7%	$1.2B-0.3%	$1.2B-0.3%	$1.2B-1.6%	$1.3B-1.9%	$1.3B0.0%	$1.3B+1.0%	$1.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$26.1M-15.4%	$30.8M+18.3%	$26.1M-18.7%	$32.0M+50.5%	$21.3M+7.0%	$19.9M+6.8%	$18.6M-8.1%	$20.3M
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+0.5%	$1.3B+0.9%	$1.3B+0.4%	$1.3B-1.2%	$1.3B+1.1%	$1.3B+0.4%	$1.3B+1.3%	$1.3B
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	N/A	N/A	$1.3B+0.5%	$1.3B+0.7%	$1.3B+1.1%	$1.2B
Total Equity	-$36.3M-18.3%	-$30.7M-22.7%	-$25.0M-14.1%	-$21.9M-9.3%	-$20.1M-271.2%	-$5.4M-50.9%	-$3.6M-101.6%	-$1.8M
Retained Earnings	-$127.3M-4.7%	-$121.5M-5.0%	-$115.7M-2.9%	-$112.4M-1.9%	-$110.4M-15.6%	-$95.5M-2.1%	-$93.6M-2.1%	-$91.6M

CLPR Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$22.6M-29.2%	$31.9M+21.7%	$26.2M+30.0%	$20.1M+86.1%	$10.8M-32.3%	$16.0M
Capital Expenditures	N/A	$69.7M+50.6%	$46.3M-11.2%	$52.1M-35.5%	$80.8M+143.6%	$33.2M
Free Cash Flow	N/A	-$37.9M-88.3%	-$20.1M+37.1%	-$32.0M+54.3%	-$70.0M-307.3%	-$17.2M
Investing Cash Flow	$12.1M+117.6%	-$68.8M-66.3%	-$41.4M+19.7%	-$51.5M+34.0%	-$77.9M-145.8%	-$31.7M
Financing Cash Flow	-$14.6M-137.6%	$38.7M+86.9%	$20.7M+112.0%	$9.8M-67.7%	$30.3M-36.6%	$47.8M
Dividends Paid	$18.5M+5.0%	$17.6M+1.1%	$17.4M+1.9%	$17.1M+1.9%	$16.8M-2.8%	$17.2M
Share Buybacks	N/A	N/A	N/A	N/A	$0-100.0%	$10.0M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$3.6M-41.6%	$6.1M+330.1%	$1.4M-83.0%	$8.4M+25.3%	$6.7M-36.6%	$10.5M+67.2%	$6.3M-28.4%	$8.8M
Capital Expenditures	N/A	N/A	N/A	N/A	$11.3M	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	-$4.6M	N/A	N/A	N/A
Investing Cash Flow	-$1.9M-143.4%	-$791K+84.4%	-$5.1M-118.4%	$27.6M+385.6%	-$9.7M+17.2%	-$11.7M+22.3%	-$15.0M+24.0%	-$19.8M
Financing Cash Flow	-$5.1M-35.2%	-$3.8M-622.4%	-$527K+96.7%	-$15.8M-384.5%	$5.5M+77.8%	$3.1M-61.5%	$8.1M+7.2%	$7.6M
Dividends Paid	$4.7M+2.1%	$4.6M0.0%	$4.6M0.0%	$4.6M	$0-100.0%	$4.4M0.0%	$4.4M0.0%	$4.4M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CLPR Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	2.7%-24.7pp	27.4%+3.4pp	24.0%+2.7pp	21.3%-0.6pp	21.9%-3.6pp	25.5%
Operating Margin	2.7%-24.5pp	27.2%+3.2pp	24.0%+2.7pp	21.3%+1.6pp	19.7%-6.5pp	26.2%
Net Margin	-34.2%-29.7pp	-4.4%+6.8pp	-11.3%-1.6pp	-9.7%+6.6pp	-16.3%-6.4pp	-10.0%
Return on Equity	N/A	N/A	-567.2%-478.0pp	-89.2%-13.7pp	-75.5%-44.5pp	-31.0%
Return on Assets	-4.2%-3.7pp	-0.5%+0.7pp	-1.3%-0.2pp	-1.0%+0.6pp	-1.6%-0.6pp	-1.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	-42.83+191.3	-234.12-673.5	439.37+357.0	82.42+39.8	42.66+15.3	27.35
FCF Margin	N/A	-25.4%-10.9pp	-14.5%+10.1pp	-24.7%+32.4pp	-57.0%-43.0pp	-14.0%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	21.0%-0.8pp	21.8%-1.8pp	23.6%-4.2pp	27.8%+87.6pp	-59.9%-88.7pp	28.8%+0.3pp	28.6%+1.8pp	26.8%
Operating Margin	11.6%-10.2pp	21.8%-1.8pp	23.6%-4.1pp	27.7%+87.5pp	-59.9%-88.0pp	28.1%-0.4pp	28.6%+1.8pp	26.8%
Net Margin	-29.2%+1.2pp	-30.4%-18.2pp	-12.2%-8.8pp	-3.5%+85.6pp	-89.1%-86.3pp	-2.9%+0.0pp	-2.9%+1.8pp	-4.7%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-0.9%0.0pp	-0.9%-0.5pp	-0.4%-0.3pp	-0.1%+2.7pp	-2.8%-2.7pp	-0.1%0.0pp	-0.1%+0.1pp	-0.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	-36.37+6.5	-42.83+9.3	-52.09+7.1	-59.22+4.2	-63.40+170.7	-234.12+116.8	-350.93+348.8	-699.74
FCF Margin	N/A	N/A	N/A	N/A	-11.7%	N/A	N/A	N/A

Note: Shareholder equity is negative (-$30.7M), 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 $153.2M in total revenue for fiscal year 2025. This represents a 3.0% 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 3% year-over-year, from $148.8M to $153.2M in fiscal year 2025.

Is Clipper Realty profitable?

No, Clipper Realty (CLPR) reported a net income of -$52.3M in fiscal year 2025, with a net profit margin of -34.2%.

What is Clipper Realty's EBITDA?

Clipper Realty (CLPR) had EBITDA of $35.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Clipper Realty's gross margin?

Clipper Realty (CLPR) had a gross margin of 2.7% in fiscal year 2025, 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 2.7% in fiscal year 2025, 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 -34.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Clipper Realty's operating cash flow?

Clipper Realty (CLPR) generated $22.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Clipper Realty's total assets?

Clipper Realty (CLPR) had $1.2B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Clipper Realty have outstanding?

Clipper Realty (CLPR) had 16M shares outstanding as of fiscal year 2025.

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

Clipper Realty (CLPR) had a debt-to-equity ratio of -42.83 as of fiscal year 2025, 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 -4.2% for fiscal year 2025, 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 -$30.7M as of fiscal year 2025, 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 to 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 -0.43x, 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 0.1x, 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.

How financially healthy is Clipper Realty?

Clipper Realty (CLPR) scores 16 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.