Detailed financial statements for Wheeler Real Estate Investment Trust, Inc. (WHLRP): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Operating from its Virginia Beach, VA headquarters, Wheeler Real Estate Investment Trust, Inc. (NASDAQ: WHLR) is an all-encompassing, self-administered commercial real estate investment entity. The firm's main objective is the acquisition and management of revenue-generating retail properties, with a strong emphasis on centers anchored by grocery stores.
Analysis Summary
Wheeler Real Estate Investment Trust, Inc. reported revenue of $99.4M in the most recent fiscal year, growing at a 5-year CAGR of 10.3%. Net income reached $8.8M, with a 104.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 45.6%, operating margin 36.0%, net margin 17.7%. Free cash flow grew at -21.5% CAGR over 5 years.
Balance sheet quality for WHLRP: current ratio of 2.9, net debt of $460.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $4.0M represents 46% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $44.2M | $58.5M | $65.8M | $63.0M | $60.8M | $61.3M | $76.6M | $102.3M | $104.6M | $99.4M |
| Cost of Revenue | $32.5M | $41.6M | $45.6M | $19.1M | $18.9M | $19.6M | $25.7M | $34.9M | $35.1M | $33.0M |
| Gross Profit | $11.6M | $16.9M | $20.2M | $43.9M | $41.9M | $41.7M | $50.9M | $67.5M | $69.5M | $66.4M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $11.5M | $6.3M | $8.3M | $6.7M | $5.8M | $7.1M | $8.6M | $11.8M | $11.0M | $11.7M |
| Operating Expenses | $6.6M | $14.3M | $6.1M | $33.1M | $23.5M | $22.2M | $26.3M | $38.0M | $31.9M | $34.7M |
| Operating Income | $5.0M | $2.6M | $14.2M | $10.9M | $18.4M | $19.5M | $24.6M | $29.4M | $37.5M | $31.7M |
| EBITDA | $25.6M | $28.8M | $41.2M | $36.1M | $35.8M | $38.5M | $32.5M | $62.3M | $55.6M | $68.9M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | $33.0M | $21.4M | $27.7M | 0 | $31.1M |
| Pre-tax Income | -$13.0M | -$14.2M | -$17.8M | -$8.1M | $287000 | -$9.3M | -$8.5M | $6.1M | $768000 | $14.9M |
| Income Tax | $107464 | $137000 | $40000 | $15000 | 0 | $2000 | 0 | $48000 | $1000 | $26000 |
| Net Income | -$11.9M | -$13.6M | -$16.5M | -$8.0M | $245000 | -$9.4M | -$12.5M | -$4.7M | -$9.6M | $8.8M |
| EPS | $-3577851640.00 | $-4940502360.00 | $-5925667140.00 | $-4252427440.00 | $-1737451300.00 | $-2473517100.00 | $-3998447740.00 | $-828805220.00 | $-261942449640.00 | $4922.12 |
| EPS (Diluted) | $-3577851640.00 | $-4940502360.00 | $-5925667140.00 | $-4252427440.00 | $-1737451300.00 | $-2473517100.00 | $-3998447740.00 | $-828805220.00 | $-261942449640.00 | $4922.12 |
| Shares Outstanding (Diluted) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1782 |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $23.8M | $25.2M | $24.3M | $22.7M |
| Gross Profit | $16.0M | $16.6M | $5.4M | $5.7M |
| Operating Income | $8.0M | $7.5M | $4.3M | $14.8M |
| EBITDA | $27.3M | $14.8M | $11.4M | $22.8M |
| Net Income | $11.5M | -$819000 | -$2.4M | $8.6M |
| EPS | $6614.00 | $-1442.20 | $-291.00 | $409.97 |
| EPS (Diluted) | $495.00 | $-1442.20 | $-291.00 | $5.76 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $14.5M | $12.3M | $18.0M | $5.5M | $7.7M | $22.9M | $28.5M | $18.4M | $43.0M | $23.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $17.4M | $12.4M | $10.5M | $6.9M | $9.2M | $9.2M | $13.5M | $13.1M | $14.7M | $15.8M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 0 | 0 | 0 | $30.2M | $65.0M | $51.7M | $69.4M | $52.9M | $75.4M | $68.9M |
| Property, Plant & Equipment | 0 | 0 | 0 | $427.9M | $405.4M | $14.1M | $16.5M | $10.6M | $10.1M | $8.1M |
| Goodwill | $5.5M | $5.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $60.8M | $41.9M | $35.4M | $24.6M | $17.0M | $10.8M | $28.6M | $19.1M | $11.8M | $6.9M |
| Total Assets | $489.0M | $457.7M | $508.1M | $484.4M | $489.4M | $465.3M | $684.5M | $668.3M | $653.7M | $601.7M |
| Accounts Payable | $7.7M | $10.6M | $12.1M | $9.6M | $11.2M | $11.1M | $18.4M | $17.1M | $17.1M | 0 |
| Short-term Debt | $17.4M | $39.8M | 0 | 0 | 0 | 0 | 0 | 0 | $6.0M | 0 |
| Total Current Liabilities | $12.7M | $16.9M | $16.6M | $11.6M | $24.9M | $17.8M | $42.4M | $34.9M | $28.3M | $23.4M |
| Long-term Debt | $306.0M | $307.4M | $360.2M | $340.9M | $334.3M | $333.3M | $466.0M | $477.6M | $476.7M | $468.2M |
| Total Liabilities | $331.3M | $333.8M | $386.9M | $371.1M | $377.0M | $368.9M | $532.0M | $526.8M | $537.0M | $507.0M |
| Retained Earnings | -$170.4M | -$204.9M | -$233.2M | -$251.6M | -$260.9M | -$274.1M | -$295.6M | -$324.9M | -$347.0M | -$350.9M |
| Total Equity | $147.4M | $116.7M | $119.0M | $111.2M | $110.5M | $94.4M | $86.4M | $75.4M | $59.3M | $63.4M |
| Total Debt | $318.7M | $317.7M | $370.2M | $352.8M | $347.5M | $349.7M | $506.5M | $505.7M | $492.7M | $483.7M |
| Net Debt | $304.1M | $305.5M | $352.2M | $347.4M | $339.8M | $326.8M | $478.0M | $487.3M | $449.8M | $460.1M |
| Working Capital | -$12.7M | -$16.9M | -$16.6M | $18.6M | $40.0M | $33.9M | $27.0M | $18.1M | $47.2M | $45.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $27.1M | $23.7M | $23.6M | $31.9M |
| Total Assets | $625.2M | $601.7M | $594.0M | $593.4M |
| Total Liabilities | $532.8M | $507.0M | $502.6M | $490.2M |
| Total Equity | $60.6M | $63.4M | $63.0M | $76.2M |
| Total Debt | $504.9M | $483.7M | $476.2M | $466.2M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$12.0M | -$13.6M | -$17.4M | -$8.0M | $245000 | -$9.4M | -$8.5M | -$4.7M | -$9.6M | $14.8M |
| Depreciation & Amortization | $20.6M | $26.2M | $27.1M | $21.3M | $17.3M | $14.8M | $17.5M | $28.5M | $25.3M | $22.9M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | $14000 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$642828 | $387000 | $880000 | -$4.2M | -$4.3M | $497000 | $11.0M | -$1.5M | -$3.4M | -$4.7M |
| Operating Cash Flow | $11.1M | $23.8M | $22.0M | $15.3M | $15.8M | $17.0M | $30.8M | $20.9M | $26.0M | $21.1M |
| Capital Expenditure | -$2.0M | -$7.4M | -$5.6M | -$2.7M | -$2.3M | -$6.4M | -$8.5M | -$20.0M | -$22.5M | -$17.1M |
| Acquisitions | 0 | $1.9M | $2.7M | $19000 | 0 | 0 | 0 | 0 | -$11.5M | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$1.1M | -$8.3M | 0 | 0 | 0 | 0 |
| Dividends Paid | -$17.7M | -$20.7M | -$14.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $9.1M | $16.5M | $16.4M | $12.5M | $13.5M | $10.6M | $22.2M | $913000 | $3.5M | $4.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $5.4M | $2.4M | $4.5M | $8.0M |
| Capital Expenditure | -$4.5M | -$4.6M | -$1.9M | -$2.4M |
| Free Cash Flow | $966000 | -$2.2M | $2.6M | $5.6M |
| Dividends Paid | -$1.6M | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +32.6% | +12.4% | -4.2% | -3.5% | +0.8% | +25.0% | +33.5% | +2.2% | -4.9% |
| Net Income Growth (YoY) | | -14.3% | -21.4% | +51.3% | +103.0% | -3954.3% | -31.9% | +62.4% | -104.3% | +191.6% |
| EPS Growth (YoY) | | -38.1% | -19.9% | +28.2% | +59.1% | -42.4% | -61.7% | +79.3% | -31504.8% | +100.0% |
| FCF Growth (YoY) | | +80.2% | -0.3% | -23.7% | +7.7% | -21.3% | +109.3% | -95.9% | +279.2% | +16.3% |
| Gross Margin | 26.3% | 28.9% | 30.7% | 69.7% | 69.0% | 68.0% | 66.4% | 65.9% | 66.4% | 66.8% |
| Operating Margin | 11.3% | 4.4% | 21.5% | 17.2% | 30.3% | 31.8% | 32.1% | 28.7% | 35.9% | 31.9% |
| EBITDA Margin | 58.1% | 49.2% | 62.7% | 57.3% | 58.9% | 62.8% | 42.4% | 60.9% | 53.2% | 69.3% |
| Net Margin | -26.9% | -23.2% | -25.1% | -12.8% | 0.4% | -15.4% | -16.2% | -4.6% | -9.2% | 8.8% |
| FCF Margin | 20.7% | 28.1% | 25.0% | 19.9% | 22.2% | 17.3% | 29.0% | 0.9% | 3.3% | 4.0% |
| Effective Tax Rate | -0.8% | -1.0% | -0.2% | -0.2% | 0.0% | -0.0% | -0.0% | 0.8% | 0.1% | 0.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | | | | | | | | | | $2259.26 |
| Dividends Per Share | | | | | | | | | | $0.00 |
| Shares Outstanding (Basic) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1782 |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Gross Margin | 45.55% |
| Operating Margin | 36.01% |
| Net Margin | 17.66% |
Financial Health
| Debt / Equity | 6.12 |
| Current Ratio | 75.71 |
| Piotroski F-Score | 6 |
| Altman Z-Score | -0.38 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | 0.25 |
| P/B | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 |
| Gross Margin | 26.3% | 28.9% | 30.7% | 69.7% | 69.0% | 68.0% | 66.4% | 65.9% | 66.4% | 66.8% |
| Operating Margin | 11.3% | 4.4% | 21.5% | 17.2% | 30.3% | 31.8% | 32.1% | 28.7% | 35.9% | 31.9% |
| Net Margin | -26.9% | -23.2% | -25.1% | -12.8% | 0.4% | -15.4% | -16.2% | -4.6% | -9.2% | 8.8% |