AMREP Corporation
- Open
- 25.04
- Day high
- 25.04
- Day low
- 25.04
- Prev close
- 25.22
- Volume
- 461
- Mkt cap
- $133M
- P/E (TTM)
- 10.3
- EPS (TTM)
- $2.42
- P/B
- 1.0
- P/S
- 2.5
- Yield
- —
- Per share
- —
- ▲Insiders net buying $715K over the last 3 months (11 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions reducing (13F)
AMREP Corporation (AXR) is a Real Estate company listed on NYSE. The stock is up 17% over the past year. Over the trailing 3 months, insiders filed 11 open-market buys and 0 sales (SEC Form 4).
AMREP Corporation (AXR) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AXR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Mar 12, 2026 | $0.57 | $0.58 | +1.8% | $15M | +3.9% |
| Dec 12, 2025 | $0.44 | $0.22 | -50.0% | $9M | -37.2% |
| Sep 9, 2025 | $0.38 | $0.87 | +128.9% | $18M | +28.8% |
| Mar 7, 2025 | — | $0.13 | — | $8M | — |
| Dec 13, 2024 | — | $0.75 | — | $12M | — |
| Sep 13, 2024 | — | $0.76 | — | $19M | — |
| Mar 8, 2024 | — | $0.02 | — | $13M | — |
| Dec 11, 2023 | — | $0.21 | — | $9M | — |
| Sep 13, 2023 | — | $0.25 | — | $10M | — |
| Mar 13, 2023 | — | $3.12 | — | $9M | — |
| Dec 12, 2022 | — | $0.68 | — | $16M | — |
| Sep 7, 2022 | — | $0.36 | — | $11M | — |
AXR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 24, 2026 | DAHL JAMES H10 percent owner | Buy | 3,075 | $25.58 |
| Jun 4, 2026 | DAHL JAMES H10 percent owner | Buy | 1,500 | $26.62 |
| May 29, 2026 | DAHL JAMES H10 percent owner | Buy | 1,000 | $27.63 |
| May 29, 2026 | DAHL JAMES H10 percent owner | Buy | 3,000 | $25.67 |
| May 22, 2026 | DAHL JAMES H10 percent owner | Buy | 5,000 | $24.50 |
| May 15, 2026 | DAHL JAMES H10 percent owner | Buy | 1,156 | $24.72 |
| May 1, 2026 | DAHL JAMES H10 percent owner | Buy | 3,000 | $27.85 |
| May 1, 2026 | DAHL JAMES H10 percent owner | Buy | 5,000 | $27.74 |
| Apr 22, 2026 | McNaney Timothy Sdirector | Buy | 1,765 | $28.17 |
| Apr 20, 2026 | DAHL JAMES H10 percent owner | Buy | 1,000 | $27.66 |
| Apr 20, 2026 | DAHL JAMES H10 percent owner | Buy | 1,519 | $27.25 |
| Apr 2, 2026 | DAHL JAMES H10 percent owner | Buy | 2,060 | $27.92 |
| Mar 27, 2026 | DAHL JAMES H10 percent owner | Buy | 1,800 | $25.44 |
| Mar 27, 2026 | DAHL JAMES H10 percent owner | Buy | 1,900 | $27.16 |
| Mar 27, 2026 | DAHL JAMES H10 percent owner | Buy | 3,200 | $25.69 |
Source: AXR SEC Form 4 filings, latest Jun 24, 2026. For informational purposes only — not investment advice.
See the full AXR insider & 13F page →AMREP Corporation company profile
Overview
AMREP Corporation (NYSE:AXR) is a real estate development company founded in 1961 and headquartered in Havertown, Pennsylvania. The company went public in 1973 and has evolved from its original business model to focus primarily on land development and homebuilding activities. AMREP operates through two main business segments, developing and selling land parcels while also constructing and selling residential homes, with operations concentrated in New Mexico and Colorado.
Business
AMREP Corporation operates in the real estate development industry, which involves acquiring raw land, improving it with infrastructure like roads and utilities, and then selling developed parcels to builders and developers. The company's business is divided into two primary segments: 1. Land Development Segment: This represents the core of AMREP's operations, involving the development and sale of residential, commercial, and industrial land parcels. The company owns approximately 17,000 acres in Sandoval County, New Mexico, and about 160 acres in Brighton, Colorado. Land development requires significant upfront capital investment to install infrastructure such as roads, water systems, sewer lines, and electrical utilities before lots can be sold to homebuilders and commercial developers. 2. Homebuilding Segment: AMREP also constructs and sells single-family detached homes and attached homes (such as townhomes) directly to consumers. This vertical integration allows the company to capture additional value from its developed land by building homes rather than just selling raw parcels. Additionally, AMREP owns mineral rights covering approximately 55,000 surface acres in New Mexico and 147 acres in Colorado, which include oil, gas, and mineral interests. These mineral rights can provide supplementary income through leasing arrangements with energy companies. The real estate development industry is highly cyclical and capital-intensive, with success dependent on factors such as population growth, employment levels, interest rates, and local economic conditions. Development projects typically have long lead times, often taking several years from initial land acquisition to final lot sales.
Revenue model
AMREP generates revenue through multiple streams within its real estate operations. The Land Development segment makes money by selling developed and undeveloped lots to homebuilders, commercial developers, and industrial property developers. The company purchases raw land, invests in infrastructure development, and then sells individual parcels at a markup that reflects the added value of the improvements and development work. The Homebuilding segment generates revenue through direct sales of completed homes to end consumers. This involves purchasing or using company-owned land, constructing homes, and selling them at retail prices that include margins for both the land value and construction costs. Mineral rights provide additional revenue through leasing arrangements with oil, gas, and mining companies, though this appears to be a smaller component of the overall business model. Several factors can significantly impact AMREP's profit margins. Interest rate environments heavily influence both segments - higher rates reduce homebuyer demand and increase the company's cost of capital for development projects. Construction material costs and labor availability directly affect homebuilding margins, while local population growth and employment levels in New Mexico and Colorado drive demand for both land parcels and homes. Regulatory changes in zoning, environmental requirements, or development approval processes can increase costs and extend project timelines. The company's concentrated geographic exposure to the Southwest also makes it vulnerable to regional economic downturns, though this focus allows for operational efficiencies and local market expertise.
Competitive moat
AMREP's competitive moat appears to be relatively narrow, typical of many real estate development companies. The company's primary advantages stem from its substantial land holdings in strategic locations, particularly the 17,000 acres in New Mexico's Sandoval County, which provide a long-term inventory base for development activities. This land bank offers some protection against short-term market volatility and provides optionality for future development as the region grows. The company's local market expertise and established relationships with contractors, suppliers, and regulatory authorities in its operating markets create some operational advantages. Additionally, the vertical integration between land development and homebuilding allows AMREP to capture value at multiple stages of the real estate development process. However, the moat is not particularly strong. The real estate development industry has relatively low barriers to entry for well-capitalized competitors, and AMREP faces competition from both large national homebuilders and local developers. The company's geographic concentration in New Mexico and Colorado, while providing operational focus, also creates vulnerability to regional economic downturns. Unlike businesses with network effects or proprietary technology, real estate development relies heavily on execution, market timing, and capital allocation - areas where competitive advantages can be temporary. The cyclical nature of the industry means that even well-positioned companies can face significant challenges during economic downturns or when local market conditions deteriorate.
Risks & safety
AMREP demonstrates a strong financial position with significant margin of safety, particularly in terms of balance sheet strength and liquidity. • Cash Position: $36.9 million in cash and short-term investments as of Q3 2024, providing substantial liquidity buffer • Debt Level: Minimal debt with debt-to-equity ratio of only 0.0002, indicating virtually debt-free operations • Current Ratio: Exceptionally strong at 35.1x, demonstrating excellent short-term liquidity • Solvency Risk: Very low given strong cash position and minimal debt obligations • Valuation Metrics: Trading at 56.3x P/E ratio, which appears elevated relative to recent historical levels, though this reflects lower current earnings • Asset Coverage: Strong asset base of $128.9 million with minimal liabilities of $3.0 million • Cash Flow Volatility: Operating cash flow has been volatile, turning negative in recent quarters (-$3.2 million in Q3 2024), reflecting the lumpy nature of real estate development revenue recognition
Recent development
Based on the available financial data, AMREP has experienced significant revenue volatility typical of real estate development companies, with quarterly revenues ranging from $7.5 million to $19.1 million over the past year. The company generated strong full-year results in fiscal 2022 with $21.8 million in net income, but earnings have moderated in subsequent periods. The company has maintained its dual-segment strategy of land development and homebuilding, though specific strategic initiatives are not detailed in the available financial statements. AMREP has continued to build its cash position, growing from $19.9 million in fiscal 2022 to $36.9 million by Q3 2024, suggesting either strong cash generation from operations or a more conservative approach to capital deployment. The mineral rights portfolio remains a component of the business, though the contribution from oil, gas, and mineral interests appears to be supplementary rather than core to the company's operations. The concentration of land holdings in New Mexico and Colorado continues, indicating the company has not pursued significant geographic diversification. Recent financial performance shows the cyclical nature of the business, with quarterly earnings and cash flows fluctuating based on the timing of land sales and home completions, which is characteristic of the real estate development industry's project-based revenue recognition.
AXR company profile · for informational purposes only — not investment advice.
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