Wheeler Real Est Financials
This page shows Wheeler Real Est (WHLRP) 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).
Balance-sheet repair rather than revenue growth drove the year, as operating profit finally cleared a still-heavy interest load.
FY2025 revenue slipped to$99.4M from$104.6M , but operating margin expansion still pushed operating income higher. Because interest expense stayed near$33.8M , that stronger operating result was enough to convert the prior year's loss into$8.8M of positive earnings.
The move from negative equity to a barely positive book value appears to have come mostly from liability reduction, not growth: liabilities fell to
Cash generation still looks tighter than the income statement alone suggests: operating cash flow was
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 Est'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 Est 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 Est 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 Est 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 Est generated $99.4M in revenue in fiscal year 2025. This represents a decrease of 4.9% from the prior year.
Wheeler Real Est'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 Est reported $8.8M in net income in fiscal year 2025. This represents an increase of 191.1% from the prior year.
Cash & Balance Sheet
Wheeler Real Est held $23.7M in cash against $0 in long-term debt as of fiscal year 2025.
Wheeler Real Est had 210,610 shares outstanding in fiscal year 2025.
Margins & Returns
Wheeler Real Est'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 Est'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 Est's ROE was 3747.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
WHLRP 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 |
WHLRP 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 |
WHLRP 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 |
WHLRP 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 | -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 Est's annual revenue?
Wheeler Real Est (WHLRP) 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 Est's revenue growing?
Wheeler Real Est (WHLRP) revenue declined by 4.9% year-over-year, from $104.6M to $99.4M in fiscal year 2025.
Is Wheeler Real Est profitable?
Yes, Wheeler Real Est (WHLRP) reported a net income of $8.8M in fiscal year 2025, with a net profit margin of 8.8%.
What is Wheeler Real Est's EBITDA?
Wheeler Real Est (WHLRP) had EBITDA of $66.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Wheeler Real Est's operating margin?
Wheeler Real Est (WHLRP) 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 Est's net profit margin?
Wheeler Real Est (WHLRP) 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 Est's return on equity (ROE)?
Wheeler Real Est (WHLRP) 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 Est's operating cash flow?
Wheeler Real Est (WHLRP) generated $21.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Wheeler Real Est's total assets?
Wheeler Real Est (WHLRP) had $601.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Wheeler Real Est's debt-to-equity ratio?
Wheeler Real Est (WHLRP) 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 Est's return on assets (ROA)?
Wheeler Real Est (WHLRP) 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 Est's Piotroski F-Score?
Wheeler Real Est (WHLRP) 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 Est's earnings high quality?
Wheeler Real Est (WHLRP) 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 Est cover its interest payments?
Wheeler Real Est (WHLRP) 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 Est?
Wheeler Real Est (WHLRP) 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.