Wheeler Real Estate Investment Trust (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 Oct 29, 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).
The trust’s asset base shrank while liabilities fell faster, and earnings moved from losses to a small profit by FY2025.
From FY2023 to FY2025, total assets fell10.0% while total liabilities fell26.5% ; that combination indicates a balance-sheet contraction driven more by liability reduction than asset growth. Over the same span, the reported result changed from a net loss of$4.7M to net income of$8.8M , so accounting improvement occurred alongside a smaller asset base.
The reported result shifted from a net loss of
Liabilities represented
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 5 of 6, with the others left out rather than counted as zero. 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 36/100 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 29/100 on it among other REITs.
Not available for Wheeler Real Estate Investment Trust, Inc, so it is left out of the overall score, which averages the 5 of 6 dimensions that can be computed.
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 47/100 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 24/100 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 87/100 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), the one computable operating efficiency signal (asset turnover improving) passes.
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. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
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 generated $5.6M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 93.8% from the same quarter a year earlier. Against the prior quarter it is up 116.5%.
Wheeler Real Estate Investment Trust, Inc held $31.9M in cash as of Q2 2026; no long-term debt figure is on record for that period.
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 quarterly ROE was 151.6% in Q2 2026: one quarter's net income over shareholder equity, not annualized.
Not reported for Q2 2026.
Capital Allocation
Wheeler Real Estate Investment Trust, Inc invested $2.4M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 60.1% from the same quarter a year earlier. Against the prior quarter it is up 27.4%.
Not reported for Q2 2026.
Not 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-K | 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 | $2Kn/m | $0-100.0% | $0n/m | $0n/m | $0-100.0% | $26Kn/m | $0 | $0-100.0% |
| Net Income | $8.6Mn/m | -$2.4M-570.9% | -$819K-102.2% | $11.5Mn/m | -$2.4Mn/m | $509Kn/m | $37.5M+127.7% | -$33.3Mn/m |
| EPS (Basic) | $102.49 | -$14.55 | N/A | $18.37 | -$17105.08 | -$14215.77 | N/A | -$129727.27 |
| EPS (Diluted) | $0.24 | -$14.55 | N/A | -$0.83 | -$17105.08 | -$14215.77 | N/A | -$129727.27 |
| Diluted Shares (Avg) | 5M | 361,988 | N/A | 6M | 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-K | 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% |
| 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% |
| 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 | $5.7Mn/m | -$4.3Mn/m | $234Kn/m | -$3.9Mn/m | -$18.5Mn/m | -$22.0Mn/m | -$25.4Mn/m | -$67.9Mn/m |
| Retained Earnings | -$349.0Mn/m | -$356.1Mn/m | -$350.9Mn/m | -$350.0Mn/m | -$358.9Mn/m | -$353.9Mn/m | -$347.0Mn/m | -$379.1Mn/m |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Long-Term Investments, 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-K | 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% |
| Capital Expenditures | $2.4M-60.1% | $1.9M-9.6% | $4.6M+18.0% | $4.5M-33.8% | $6.0M-22.8% | $2.1M-49.8% | $3.9M-54.0% | $6.8M+41.7% |
| Free Cash Flow | $5.6M+93.8% | $2.6M+9.6% | -$2.2M-243.3% | $966K+35.1% | $2.9M+2414.8% | $2.4M+114.8% | $1.5Mn/m | $715Kn/m |
| Investing Cash Flow | $8.4M-7.4% | $3.9M-75.8% | $11.2M-19.2% | -$4.4M-153.6% | $9.1Mn/m | $16.2Mn/m | $13.9Mn/m | $8.3Mn/m |
| Financing Cash Flow | -$4.7Mn/m | -$9.0Mn/m | -$21.9Mn/m | -$2.2Mn/m | -$6.9Mn/m | -$34.4Mn/m | -$13.6Mn/m | -$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, 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-K | 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 |
| Liabilities-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 |
| FCF Margin | 24.9%+13.9pp | 10.8%+1.1pp | -8.7%-14.3pp | 4.1%+1.2pp | 11.1%+10.6pp | 9.7%+5.5pp | 5.5%+15.1pp | 2.9%+7.8pp |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio, Debt-to-Equity.
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% | $1.6M | 45/100 |
| Alpine Income Property Trust, Inc PINE | FY2025 | $60.5M | -$2.7M | -4.4% | $291.6M | 42/100 |
| Presidio Property Trust, Inc. SQFT | FY2025 | $16.8M | -$8.3M | -49.2% | $1.1M | 26/100 |
| Creative Media & Community Trust Corporation CMCT | FY2025 | $116.7M | -$39.0M | -33.4% | $10.8M | 21/100 |
| Generation Income Properties Inc. GIPR | FY2025 | $9.7M | -$10.3M | N/A | $1.0M | 6/100 |
| Saul Centers, Inc. BFS | FY2025 | $289.8M | $37.5M | 12.9% | $719.0M | 61/100 |
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 $16.9M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $8.8M, 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 free cash flow?
Wheeler Real Estate Investment Trust, Inc (WHLR) generated $4.0M in free cash flow during fiscal year 2025. This represents a 16.3% 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 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 are Wheeler Real Estate Investment Trust, Inc's capital expenditures?
Wheeler Real Estate Investment Trust, Inc (WHLR) invested $17.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Wheeler Real Estate Investment Trust, Inc's liabilities-to-equity ratio?
Wheeler Real Estate Investment Trust, Inc (WHLR) had a liabilities-to-equity ratio of 2166.85 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
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 $16.9M net income, trailing 12 months to June 30, 2026. The market capitalization is $1.6M as of Oct 29, 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 $95.5M revenue, trailing 12 months to June 30, 2026. The market capitalization is $1.6M as of Oct 29, 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 45 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is the average 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. For Wheeler Real Estate Investment Trust, Inc it averages the 5 of 6 dimensions that can be computed; the others are left out rather than counted as zero. 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.