Wheeler Real Estate Invt Tr Financials
This page shows Wheeler Real Estate Invt Tr (WHLR) financial statements, including the 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).
FY2025 reads as a balance-sheet repair year, with liability reduction mattering more than modest revenue movement.
The non-obvious change is that profitability and solvency improved on different engines: FY2025 net income turned positive at$8.8M while equity only just moved above zero to$234K . At the same time, operating cash flow fell from$26.0M to$21.1M and still did not cover interest expense, suggesting the cleaner bottom line came with balance-sheet repair rather than a fully self-funding cash engine.
With revenue easing to
Total liabilities fell to
Financial Health Signals
Scored against emerging companies 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 Invt Tr'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.
Wheeler Real Estate Invt Tr 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 Invt Tr 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 Invt Tr earns $1.3 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 Invt Tr generated $99.4M in revenue in fiscal year 2025. This represents a decrease of 4.9% from the prior year.
Wheeler Real Estate Invt Tr's EBITDA was $66.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 5.3% from the prior year.
Wheeler Real Estate Invt Tr reported $8.8M in net income in fiscal year 2025. This represents an increase of 191.1% from the prior year.
Wheeler Real Estate Invt Tr earned $-36.01 per diluted share (EPS) in fiscal year 2025.
Cash & Balance Sheet
Wheeler Real Estate Invt Tr held $23.7M in cash against $0 in long-term debt as of fiscal year 2025.
Wheeler Real Estate Invt Tr had 210,610 shares outstanding in fiscal year 2025.
Margins & Returns
Wheeler Real Estate Invt Tr's operating margin was 43.5% in fiscal year 2025, reflecting core business profitability. This is up 7.6 percentage points from the prior year.
Wheeler Real Estate Invt Tr's net profit margin was 8.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 18.0 percentage points from the prior year.
Wheeler Real Estate Invt Tr's ROE was 3747.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
WHLR Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $24.0M-4.6% | $25.2M+5.7% | $23.8M-8.7% | $26.1M+7.2% | $24.4M-11.7% | $27.6M+11.3% | $24.8M-5.8% | $26.3M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $2.7M-27.7% | $3.8M+57.3% | $2.4M-14.7% | $2.8M+4.1% | $2.7M-20.2% | $3.4M+64.9% | $2.1M-20.9% | $2.6M |
| Operating Income | $10.2M-4.2% | $10.6M+93.6% | $5.5M-63.3% | $15.0M+23.2% | $12.1M+161.9% | $4.6M-66.6% | $13.9M+20.6% | $11.5M |
| Interest Expense | $7.3M-20.0% | $9.1M+16.1% | $7.9M-9.7% | $8.7M+7.4% | $8.1M-5.5% | $8.6M+9.1% | $7.9M-10.6% | $8.8M |
| Income Tax | $0 | $0 | $0 | $0-100.0% | $26K | $0 | $0-100.0% | $1K |
| Net Income | -$2.4M-192.7% | -$819K-107.1% | $11.5M+571.1% | -$2.4M-580.7% | $509K-98.6% | $37.5M+212.4% | -$33.3M-559.0% | -$5.1M |
| EPS (Diluted) | $-14.55 | N/A | $-0.83+91.2% | $-9.45+99.9% | $-14215.77 | N/A | $-129727.27-1022.7% | $-11554.90 |
WHLR Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $594.0M-1.3% | $601.7M-3.7% | $625.2M-0.1% | $625.9M+0.2% | $624.8M-4.4% | $653.7M-2.9% | $673.2M+0.4% | $670.3M |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $23.6M-0.3% | $23.7M-12.7% | $27.1M-3.5% | $28.1M+45.9% | $19.2M-55.2% | $43.0M+15.9% | $37.1M+89.0% | $19.6M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $16.1M+2.2% | $15.8M+7.7% | $14.6M-7.0% | $15.7M+5.8% | $14.9M+1.2% | $14.7M+17.7% | $12.5M-13.7% | $14.5M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $502.6M-0.9% | $507.0M-4.8% | $532.8M-0.3% | $534.3M+1.5% | $526.6M-22.4% | $679.1M-8.4% | $741.1M+4.9% | $706.7M |
| 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 | N/A | N/A | N/A | N/A |
| Total Equity | -$4.3M-1937.2% | $234K+105.9% | -$3.9M+78.7% | -$18.5M+16.0% | -$22.0M+13.3% | -$25.4M+62.7% | -$67.9M-86.7% | -$36.4M |
| Retained Earnings | -$356.1M-1.5% | -$350.9M-0.2% | -$350.0M+2.5% | -$358.9M-1.4% | -$353.9M-2.0% | -$347.0M+8.5% | -$379.1M-10.4% | -$343.4M |
WHLR Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $4.5M+88.6% | $2.4M-56.5% | $5.4M-38.8% | $8.9M+100.1% | $4.4M-17.8% | $5.4M-27.8% | $7.5M-5.1% | $7.9M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | $3.9M-65.1% | $11.2M+352.8% | -$4.4M-148.8% | $9.1M-43.8% | $16.2M+16.6% | $13.9M+67.7% | $8.3M+419.0% | -$2.6M |
| Financing Cash Flow | -$9.0M+58.9% | -$21.9M-909.3% | -$2.2M+68.8% | -$6.9M+79.8% | -$34.4M-152.3% | -$13.6M-440.9% | -$2.5M-24.2% | -$2.0M |
| Dividends Paid | $1.3M-2.4% | $1.3M-56.9% | $3.0M-1.1% | $3.1M+46.3% | $2.1M-11.5% | $2.4M-49.9% | $4.7M+0.7% | $4.7M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
WHLR Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 42.4%+0.2pp | 42.3%+19.2pp | 23.1%-34.2pp | 57.3%+7.4pp | 49.9%+33.1pp | 16.8%-39.2pp | 56.0%+12.3pp | 43.8% |
| Net Margin | -10.0%-6.7pp | -3.3%-51.6pp | 48.4%+57.8pp | -9.4%-11.5pp | 2.1%-133.6pp | 135.7%+270.1pp | -134.4%-115.2pp | -19.2% |
| Return on Equity | N/A | -350.0% | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -0.4%-0.3pp | -0.1%-2.0pp | 1.8%+2.2pp | -0.4%-0.5pp | 0.1%-5.6pp | 5.7%+10.7pp | -5.0%-4.2pp | -0.8% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | N/A | 2166.85 | N/A | N/A | N/A | N/A | N/A | N/A |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Wheeler Real Estate Invt Tr's annual revenue?
Wheeler Real Estate Invt Tr (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 Invt Tr's revenue growing?
Wheeler Real Estate Invt Tr (WHLR) revenue declined by 4.9% year-over-year, from $104.6M to $99.4M in fiscal year 2025.
Is Wheeler Real Estate Invt Tr profitable?
Yes, Wheeler Real Estate Invt Tr (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 Invt Tr's EBITDA?
Wheeler Real Estate Invt Tr (WHLR) had EBITDA of $66.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Wheeler Real Estate Invt Tr's operating margin?
Wheeler Real Estate Invt Tr (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 Invt Tr's net profit margin?
Wheeler Real Estate Invt Tr (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 Invt Tr's return on equity (ROE)?
Wheeler Real Estate Invt Tr (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 Invt Tr's operating cash flow?
Wheeler Real Estate Invt Tr (WHLR) generated $21.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Wheeler Real Estate Invt Tr's total assets?
Wheeler Real Estate Invt Tr (WHLR) had $601.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Wheeler Real Estate Invt Tr's debt-to-equity ratio?
Wheeler Real Estate Invt Tr (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 Invt Tr's return on assets (ROA)?
Wheeler Real Estate Invt Tr (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 Invt Tr's Piotroski F-Score?
Wheeler Real Estate Invt Tr (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 Invt Tr's earnings high quality?
Wheeler Real Estate Invt Tr (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 Invt Tr cover its interest payments?
Wheeler Real Estate Invt Tr (WHLR) has an interest coverage ratio of 1.3x, 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 Invt Tr?
Wheeler Real Estate Invt Tr (WHLR) scores 25 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), 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.