Wheeler Real Estate Investment Trust, Inc (WHLR) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the WHLR SEC filings page.
Wheeler Real Estate Investment Trust, Inc (WHLR) reported $95.5M in revenue over the twelve months to Jun 30, 2026, down 7.2% from the prior twelve months. 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).
Operating margin expansion amid softer revenue is overshadowed by thin equity and uneven cash conversion.
FY2025 was an accounting turnaround rather than a cash-flow one: net income moved from a loss to a profit, while operating cash flow fell from$26.0M in FY2024 to$21.1M . That divergence points to non-cash or working-capital effects, meaning the new profit was not matched by cash generation. It is an earnings-quality distinction, not simply a change in profitability.
The margin shape is unusual: operating margin rose from
The balance sheet remains the central constraint: liabilities fell by
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Wheeler Real Estate Investment Trust, Inc'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.
FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. Wheeler Real Estate Investment Trust, Inc scores 37/100 on it among other REITs.
FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. Wheeler Real Estate Investment Trust, Inc scores 30/100 on it among other REITs.
Not available for Wheeler Real Estate Investment Trust, Inc, and counted as zero in the overall score.
Wheeler Real Estate Investment Trust, Inc's operating income of $43.2M covered its interest expense of $33.8M 1.28 times over in fiscal year 2025. The interest coverage axis ranks REITs on operating income against interest owed, and Wheeler Real Estate Investment Trust, Inc scores 48/100 among other REITs.
AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. Wheeler Real Estate Investment Trust, Inc scores 44/100 on it among other REITs.
Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. Wheeler Real Estate Investment Trust, Inc scores 88/100 on it among other REITs.
Wheeler Real Estate Investment Trust, Inc passes 5 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Wheeler Real Estate Investment Trust, Inc generates $2.41 in operating cash flow ($21.1M OCF vs $8.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Wheeler Real Estate Investment Trust, Inc earns $1.28 in operating income for every $1 of interest expense ($43.2M vs $33.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Wheeler Real Estate Investment Trust, Inc generated $22.5M in revenue in Q2 2026. This represents a decrease of 13.9% from the same quarter a year earlier. Against the prior quarter it is down 6.4%.
Wheeler Real Estate Investment Trust, Inc's EBITDA was $15.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 24.8% from the same quarter a year earlier. Against the prior quarter it is up 1.2%.
Wheeler Real Estate Investment Trust, Inc reported $8.6M in net income in Q2 2026. This represents an increase of 453.0% from the same quarter a year earlier. Against the prior quarter it is up 460.4%.
Wheeler Real Estate Investment Trust, Inc earned $0.24 per diluted share (EPS) in Q2 2026.
Cash & Balance Sheet
Wheeler Real Estate Investment Trust, Inc held $31.9M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Wheeler Real Estate Investment Trust, Inc's operating margin was 46.8% in Q2 2026, reflecting core business profitability. This is down 10.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.3 percentage points.
Wheeler Real Estate Investment Trust, Inc's net profit margin was 38.4% in Q2 2026, showing the share of revenue converted to profit. This is up 47.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 48.4 percentage points.
Wheeler Real Estate Investment Trust, Inc's ROE was 151.6% in Q2 2026, measuring profit generated per dollar of shareholder equity.
Not reported for Q2 2026.
Capital Allocation
None of these metrics is reported for Q2 2026.
WHLR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $22.5M-13.9% | $24.0M-1.4% | $25.2M-8.8% | $23.8M-3.9% | $26.1M-0.8% | $24.4M-5.9% | $27.6M+5.3% | $24.8M-1.6% |
| SG&A Expenses | $3.3M+18.0% | $2.7M+1.1% | $3.8M+11.5% | $2.4M+16.9% | $2.8M+8.3% | $2.7M-1.5% | $3.4M+0.1% | $2.1M-16.9% |
| Operating Income | $10.5M-29.7% | $10.2M-16.1% | $10.6M+129.3% | $5.5M-60.5% | $15.0M+29.8% | $12.1M+62.4% | $4.6M-35.3% | $13.9M+49.6% |
| EBITDA | $15.6M-24.8% | $15.4M-16.1% | $16.0M+48.6% | $11.1M-44.8% | $20.7M+15.9% | $18.4M+30.5% | $10.7M-23.4% | $20.1M+24.6% |
| Interest Expense | $8.0M-8.4% | $7.3M-9.9% | $9.1M+6.4% | $7.9M0.0% | $8.7M-1.0% | $8.1M+9.3% | $8.6M+4.6% | $7.9M+5.1% |
| Income Tax | $2K | $0-100.0% | $0 | $0 | $0-100.0% | $26K | $0 | $0-100.0% |
| Net Income | $8.6M+453.0% | -$2.4M-570.9% | -$819K-102.2% | $11.5M+134.6% | -$2.4M+51.6% | $509K+105.8% | $37.5M+127.7% | -$33.3M-137.0% |
| EPS (Basic) | $102.49+100.6% | -$14.55+99.9% | -$21.24+79.0% | $18.37+100.0% | -$17105.08-147933.1% | -$14215.77-478.1% | -$101.08-104.7% | -$129727.27-1177119.8% |
| EPS (Diluted) | $0.24 | -$14.55 | -$21.24+79.0% | -$0.83+100.0% | -$17105.08 | -$14215.77 | -$101.08 | -$129727.27 |
| Diluted Shares (Avg) | 5M | 361,988 | N/A | 6M+2356881.1% | 295 | 482 | N/A | 275 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
WHLR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $593.4M-5.2% | $594.0M-4.9% | $601.7M-7.9% | $625.2M-7.1% | $625.9M-6.6% | $624.8M-6.4% | $653.7M-2.2% | $673.2M+0.2% |
| Cash & Equivalents | $31.9M+13.6% | $23.6M+22.7% | $23.7M-44.9% | $27.1M-26.9% | $28.1M+43.1% | $19.2M+8.5% | $43.0M+133.4% | $37.1M+45.8% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $14.3M-9.4% | $16.1M+8.4% | $15.8M+7.3% | $14.6M+17.2% | $15.7M+8.7% | $14.9M+26.7% | $14.7M+11.9% | $12.5M+6.8% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $490.5M-8.2% | $502.6M-4.6% | $507.0M-25.3% | $532.8M-28.1% | $534.3M-24.4% | $526.6M-24.4% | $679.1M-1.5% | $741.1M+1.7% |
| Total Equity | $5.7M+130.8% | -$4.3M+80.5% | $234K+100.9% | -$3.9M+94.2% | -$18.5M+49.2% | -$22.0M+24.3% | -$25.4M-19.1% | -$67.9M-20.3% |
| Retained Earnings | -$349.0M+2.8% | -$356.1M-0.6% | -$350.9M-1.1% | -$350.0M+7.7% | -$358.9M-4.5% | -$353.9M-5.4% | -$347.0M-6.8% | -$379.1M-12.4% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Goodwill, Current Liabilities, Non-Current Liabilities, Long-Term Debt.
WHLR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $8.0M-10.0% | $4.5M+0.6% | $2.4M-56.1% | $5.4M-27.2% | $8.9M+12.8% | $4.4M-15.2% | $5.4M-8.5% | $7.5M+112.1% |
| Depreciation & Amortization | $5.1M-11.9% | $5.2M-16.0% | $5.3M-12.8% | $5.6M-10.1% | $5.8M-9.3% | $6.2M-5.6% | $6.1M-11.0% | $6.2M-9.2% |
| Investing Cash Flow | $8.4M-7.4% | $3.9M-75.8% | $11.2M-19.2% | -$4.4M-153.6% | $9.1M+450.4% | $16.2M+492.5% | $13.9M+216.9% | $8.3M+186.6% |
| Financing Cash Flow | -$4.7M+32.6% | -$9.0M+73.8% | -$21.9M-60.6% | -$2.2M+13.9% | -$6.9M-242.5% | -$34.4M-1336.0% | -$13.6M-346.7% | -$2.5M-166.8% |
| Dividends Paid | $2.8M-8.2% | $1.3M-39.2% | $1.3M-44.8% | $3.0M-35.8% | $3.1M-34.6% | $2.1M-21.7% | $2.4M-11.6% | $4.7M-7.0% |
Not reported in any period shown, so not listed: Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Share Buybacks.
WHLR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 46.8%-10.5pp | 42.4%-7.4pp | 42.3%+25.4pp | 23.1%-33.0pp | 57.3%+13.5pp | 49.9%+21.0pp | 16.8%-10.5pp | 56.0%+19.2pp |
| Net Margin | 38.4%+47.8pp | -10.0%-12.1pp | -3.3% | 48.4% | -9.4%+9.8pp | 2.1%+35.7pp | 135.7% | -134.4% |
| Return on Equity | 151.6% | N/A | -350.0% | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 1.5%+1.8pp | -0.4%-0.5pp | -0.1%-5.9pp | 1.8%+6.8pp | -0.4%+0.4pp | 0.1%+1.4pp | 5.7%+3.3pp | -5.0%-2.9pp |
| Debt-to-Equity | 86.10 | N/A | 2166.85 | N/A | N/A | N/A | N/A | N/A |
| Asset Turnover | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x | 0.040.0x |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Wheeler Real Estate Investment Trust, Inc WHLR | FY2025 | $99.4M | $8.8M | 8.8% | $1.5M | 41/100 |
| Alpine Income Property Trust, Inc PINE | FY2025 | $60.5M | -$2.7M | -4.4% | $322.6M | 42/100 |
| Presidio Property Trust, Inc. SQFT | FY2025 | $16.8M | -$8.3M | -49.2% | $1.9M | 13/100 |
| Creative Media & Community Trust Corporation CMCT | FY2025 | $116.7M | -$39.0M | -33.4% | $8.6M | 7/100 |
| Generation Income Properties Inc. GIPR | FY2025 | $9.7M | -$10.3M | N/A | $1.2M | 4/100 |
| Saul Centers, Inc. BFS | FY2025 | $289.8M | $37.5M | 12.9% | $772.9M | 63/100 |
Where Wheeler Real Estate Investment Trust, Inc Ranks
Frequently Asked Questions
What is Wheeler Real Estate Investment Trust, Inc's annual revenue?
Wheeler Real Estate Investment Trust, Inc (WHLR) reported $99.4M in total revenue for fiscal year 2025. This represents a -4.9% 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 Wheeler Real Estate Investment Trust, Inc's revenue growing?
Wheeler Real Estate Investment Trust, Inc (WHLR) revenue declined by 4.9% year-over-year, from $104.6M to $99.4M in fiscal year 2025.
Is Wheeler Real Estate Investment Trust, Inc profitable?
Yes, Wheeler Real Estate Investment Trust, Inc (WHLR) reported a net income of $8.8M in fiscal year 2025, with a net profit margin of 8.8%.
What is Wheeler Real Estate Investment Trust, Inc's EBITDA?
Wheeler Real Estate Investment Trust, Inc (WHLR) had EBITDA of $66.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Wheeler Real Estate Investment Trust, Inc's operating margin?
Wheeler Real Estate Investment Trust, Inc (WHLR) had an operating margin of 43.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Wheeler Real Estate Investment Trust, Inc's net profit margin?
Wheeler Real Estate Investment Trust, Inc (WHLR) had a net profit margin of 8.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Wheeler Real Estate Investment Trust, Inc's return on equity (ROE)?
Wheeler Real Estate Investment Trust, Inc (WHLR) has a return on equity of 3747.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Wheeler Real Estate Investment Trust, Inc's operating cash flow?
Wheeler Real Estate Investment Trust, Inc (WHLR) generated $21.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Wheeler Real Estate Investment Trust, Inc's total assets?
Wheeler Real Estate Investment Trust, Inc (WHLR) had $601.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Wheeler Real Estate Investment Trust, Inc's debt-to-equity ratio?
Wheeler Real Estate Investment Trust, Inc (WHLR) had a debt-to-equity ratio of 2166.85 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Wheeler Real Estate Investment Trust, Inc's return on assets (ROA)?
Wheeler Real Estate Investment Trust, Inc (WHLR) had a return on assets of 1.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Wheeler Real Estate Investment Trust, Inc's P/E ratio?
Wheeler Real Estate Investment Trust, Inc (WHLR) trades at 0.1x earnings, its market capitalization divided by net income of $16.9M net income, trailing 12 months to June 30, 2026. The market capitalization is $1.5M as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Wheeler Real Estate Investment Trust, Inc's price-to-sales ratio?
Wheeler Real Estate Investment Trust, Inc (WHLR) trades at 0.0x sales, its market capitalization divided by revenue of $95.5M revenue, trailing 12 months to June 30, 2026. The market capitalization is $1.5M as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Wheeler Real Estate Investment Trust, Inc's Piotroski F-Score?
Wheeler Real Estate Investment Trust, Inc (WHLR) has a Piotroski F-Score of 5 out of 6 computable signals; 3 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.
Are Wheeler Real Estate Investment Trust, Inc's earnings high quality?
Wheeler Real Estate Investment Trust, Inc (WHLR) has an earnings quality ratio of 2.41x, 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.
Can Wheeler Real Estate Investment Trust, Inc cover its interest payments?
Wheeler Real Estate Investment Trust, Inc (WHLR) has an interest coverage ratio of 1.28x, 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 Wheeler Real Estate Investment Trust, Inc?
Wheeler Real Estate Investment Trust, Inc (WHLR) scores 41 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.