What is Wheeler Real Estate Invt Tr's earnings per share (EPS)?

Wheeler Real Estate Invt Tr (WHLRD) reported diluted earnings per share of $-36.01 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Wheeler Real Estate Invt Tr Financials

WHLRD

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Wheeler Real Estate Invt Tr (WHLRD) 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).

Rhea AI WHLRD FY2025 2026-04-22

Profitability finally appeared because flat revenue met rising operating margin, but the business still sits on a razor-thin equity base.

From FY2023 to FY2025, revenue stayed near $100M, yet operating income climbed from $29.4M to $43.2M. That mattered because interest expense still consumed most operating profit—about four-fifths in FY2025 versus more than all of it in FY2023—so the move to positive net income looks driven by better coverage of fixed financing costs rather than by top-line expansion.

Operating cash flow of $21.1M exceeded net income of $8.8M, so accounting profit did turn into cash in FY2025. But cash generation remains far below EBITDA, which fits a business carrying heavy depreciation and financing costs rather than one with a light, fast-turning operating model.

Even after liabilities fell to $507.0M, year-end equity was only $234K, leaving a very thin capital cushion. That means the cleaner FY2025 income statement did not eliminate balance-sheet sensitivity; relatively small shifts in asset values or earnings can still move equity sharply.

Financial Health Signals

Financial health score pending refresh

We are recalculating Wheeler Real Estate Invt Tr's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

5/6

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.

Earnings Quality Cash-Backed

2.41x

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.

Interest Coverage At Risk

1.3x

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

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Earnings & Revenue

Revenue

$99.4M

YoY-4.9%

5Y CAGR+10.3%

10Y CAGR+13.7%

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.

EBITDA

$66.2M

YoY+5.3%

5Y CAGR+13.1%

10Y CAGR+31.0%

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.

Net Income

$8.8M

YoY+191.1%

5Y CAGR+104.5%

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.

EPS (Diluted)

$-36.01

Wheeler Real Estate Invt Tr earned $-36.01 per diluted share (EPS) in fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$23.7M

YoY-44.9%

5Y CAGR+25.3%

10Y CAGR+8.5%

Wheeler Real Estate Invt Tr held $23.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

210,610

Wheeler Real Estate Invt Tr had 210,610 shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

N/A

Operating Margin

43.5%

YoY+7.6pp

5Y CAGR+13.3pp

10Y CAGR+88.5pp

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.

Net Margin

8.8%

YoY+18.0pp

5Y CAGR+8.4pp

10Y CAGR+72.3pp

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.

Return on Equity

3747.9%

5Y CAGR+3746.2pp

10Y CAGR+3765.7pp

Wheeler Real Estate Invt Tr's ROE was 3747.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

WHLRD Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$99.4M-4.9%	$104.6M+2.2%	$102.3M+33.5%	$76.6M+25.0%	$61.3M+0.5%	$61.0M
Cost of Revenue	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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$11.7M+8.5%	$10.8M-8.1%	$11.8M+36.3%	$8.6M+20.7%	$7.1M+22.4%	$5.8M
Operating Income	$43.2M+15.2%	$37.5M+27.6%	$29.4M+19.6%	$24.6M+26.1%	$19.5M+5.9%	$18.4M
Interest Expense	$33.8M+3.5%	$32.6M+0.9%	$32.3M+7.3%	$30.1M-8.8%	$33.0M+93.2%	$17.1M
Income Tax	$26K+2500.0%	$1K-97.9%	$48K	$0-100.0%	$2K	$0
Net Income	$8.8M+191.1%	-$9.6M-105.5%	-$4.7M+62.4%	-$12.5M-31.9%	-$9.4M-3954.3%	$245K
EPS (Diluted)	$-36.01	$-346484.38	$-13157.97	$-22.04	$-1.36-41.7%	$-0.96

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

WHLRD Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$601.7M-7.9%	$653.7M-2.2%	$668.3M-2.4%	$684.5M+47.1%	$465.3M-4.9%	$489.4M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$23.7M-44.9%	$43.0M+133.4%	$18.4M-35.4%	$28.5M+24.4%	$22.9M+198.9%	$7.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$15.8M+7.3%	$14.7M+11.9%	$13.1M-3.1%	$13.5M+46.7%	$9.2M+0.9%	$9.2M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$507.0M-25.3%	$679.1M-1.5%	$689.6M-1.4%	$699.7M+51.0%	$463.4M+22.9%	$377.0M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	$477.6M+2.5%	$466.0M+38.5%	$336.4M-3.1%	$347.1M
Total Equity	$234K+100.9%	-$25.4M-19.1%	-$21.3M-40.4%	-$15.2M-914.7%	$1.9M-87.5%	$14.9M
Retained Earnings	-$350.9M-1.1%	-$347.0M-6.8%	-$324.9M-9.9%	-$295.6M-7.8%	-$274.1M-5.1%	-$260.9M

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

WHLRD Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$21.1M-18.7%	$26.0M+24.1%	$20.9M-31.9%	$30.8M+80.5%	$17.0M+8.0%	$15.8M
Capital Expenditures	N/A	N/A	N/A	$8.5M+32.7%	$6.4M+182.3%	$2.3M
Free Cash Flow	N/A	N/A	N/A	$22.2M+109.3%	$10.6M-21.3%	$13.5M
Investing Cash Flow	$32.1M+107.6%	$15.5M+149.1%	-$31.5M+76.4%	-$133.5M-2717.4%	$5.1M+128.0%	$2.2M
Financing Cash Flow	-$65.4M-217.9%	-$20.6M-275.8%	-$5.5M-104.6%	$118.2M+582.6%	-$24.5M-875.0%	$3.2M
Dividends Paid	$6.6M-37.2%	$10.4M-2.9%	$10.8M+300.0%	$2.7M	$0-100.0%	$10.3M
Share Buybacks	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
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

WHLRD Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	43.5%+7.6pp	35.9%+7.2pp	28.7%-3.4pp	32.1%+0.3pp	31.8%+1.6pp	30.2%
Net Margin	8.8%+18.0pp	-9.2%-4.6pp	-4.6%+11.7pp	-16.3%-0.9pp	-15.4%-15.8pp	0.4%
Return on Equity	3747.9%	N/A	N/A	N/A	-507.4%-509.1pp	1.6%
Return on Assets	1.5%+2.9pp	-1.5%-0.8pp	-0.7%+1.1pp	-1.8%+0.2pp	-2.0%-2.1pp	0.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2166.85+2193.6	-26.77-4.3	-22.43+8.3	-30.74-211.5	180.78+157.5	23.27
FCF Margin	N/A	N/A	N/A	29.0%+11.7pp	17.3%-4.8pp	22.1%

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	-116.91-2283.8	2166.85+2302.2	-135.39-106.5	-28.92-5.0	-23.95+2.8	-26.77-15.9	-10.91+8.5	-19.42
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Wheeler Real Estate Invt Tr's annual revenue?

Wheeler Real Estate Invt Tr (WHLRD) 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 (WHLRD) 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 (WHLRD) 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 (WHLRD) 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 (WHLRD) 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 (WHLRD) 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 (WHLRD) 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 (WHLRD) 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 (WHLRD) had $601.7M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Wheeler Real Estate Invt Tr have outstanding?

Wheeler Real Estate Invt Tr (WHLRD) had 210,610 shares outstanding as of fiscal year 2025.

What is Wheeler Real Estate Invt Tr's debt-to-equity ratio?

Wheeler Real Estate Invt Tr (WHLRD) 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 (WHLRD) 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 (WHLRD) 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 (WHLRD) 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 (WHLRD) 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.