MeritValue

ALEXANDERS INC

ALXdata completeness 75%17 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

ALEXANDERS INC earns about 34% on equity, with a roughly flat share count. The applicable estimate puts fair value near $116.3 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$206.1M1$205.8M2$225M3$226.4M3$213.2M3
Net income$132.9M4$57.6M5$102.4M6$43.4M6$28.2M6
Operating cash flow$118.5M7$102.5M8$109.1M9$54.1M9$73.4M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$463.5M10$194.9M11$531.9M11$338.5M11$128.2M11
Diluted shares5.1M5.1M5.1M5.1M5.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$212.57
your share of equity
Profit it earned you last year
$54.96
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $212.57 of net worth that earned you $54.96 last year.

iii. Is this a good business?
Moat signal · return on equity
34% avg · 5y
FY21 53%FY22 24%FY23 43%FY24 25%FY25 26%

It earned an average 34% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$116.3
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$57.6M
  • growthAssumed0.0%
Graham Number
$51.29
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000003499-24-000007 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000003499-25-000004 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000003499-26-000005 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000003499-24-000007 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000003499-25-000004 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000003499-26-000005 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000003499-24-000007 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000003499-25-000004 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000003499-26-000005 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000003499-25-000004 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0000003499-26-000005 (CashAndCashEquivalentsAtCarryingValue)