AMREP CORP.
AXRdata completeness 100%17 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'dividendsPaid'
AMREP CORP. earns about 14% on invested capital, comfortably above its ~9% cost of capital, but has diluted owners by 74876% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $24.43 and $36.87 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $58.9M1 | $48.7M2 | $51.4M3 | $49.7M4 | $52.8M4 |
| Net income | $15.9M5 | $21.8M6 | $6.69M7 | $12.7M8 | $10.3M8 |
| Operating cash flow | $15.5M9 | $6.39M10 | $10.7M11 | $10.2M12 | $12.9M12 |
| Capital expenditure | $1.29M13 | $131,00014 | $457,00015 | $583,00016 | $102,00016 |
| Free cash flow (derived) | $14.2M9 | $6.26M10 | $10.3M11 | $9.66M12 | $12.8M12 |
| Total debt | $2.03M17 | $44,00018 | $35,00019 | $26,00020 | $18,00021 |
| Cash & equivalents | $15.7M22 | $20M23 | $29.7M24 | $39.5M25 | $52.3M25 |
| Diluted shares | 7,193 | 5,307 | 5.3M | 5.4M | 5.4M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $260.97 of net worth that earned you $19.08 and generated $23.69 of cash last year, against $0.03 of debt.
It earned about 14% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is up 74876% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 99% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $24.43 and $36.87 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$10.3M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$10.3M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$12.7M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $36.87 |
| Base | 0.0% | $36.87 |
| Bull | 5.0% | $43.45 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2022-04-30 · accession 0001410578-23-001494 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-04-30 · accession 0001410578-24-001102 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-04-30 · accession 0001410578-25-001515 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2025-04-30 · accession 0001104659-26-086659 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-04-30 · accession 0001410578-23-001494 (NetIncomeLoss)
- 10-K · period ending 2023-04-30 · accession 0001410578-24-001102 (NetIncomeLoss)
- 10-K · period ending 2024-04-30 · accession 0001410578-25-001515 (NetIncomeLoss)
- 10-K · period ending 2025-04-30 · accession 0001104659-26-086659 (NetIncomeLoss)
- 10-K · period ending 2022-04-30 · accession 0001410578-23-001494 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-04-30 · accession 0001410578-24-001102 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-04-30 · accession 0001410578-25-001515 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2025-04-30 · accession 0001104659-26-086659 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-04-30 · accession 0001410578-23-001494 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-04-30 · accession 0001410578-24-001102 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-04-30 · accession 0001410578-25-001515 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2025-04-30 · accession 0001104659-26-086659 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-04-30 · accession 0001410578-22-001969 (LongTermDebt)
- 10-K · period ending 2023-04-30 · accession 0001410578-23-001494 (LongTermDebt)
- 10-K · period ending 2024-04-30 · accession 0001410578-24-001102 (LongTermDebt)
- 10-K · period ending 2025-04-30 · accession 0001410578-25-001515 (LongTermDebt)
- 10-K · period ending 2026-04-30 · accession 0001104659-26-086659 (LongTermDebt)
- 10-K · period ending 2022-04-30 · accession 0001410578-23-001494 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-04-30 · accession 0001410578-24-001102 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-04-30 · accession 0001410578-25-001515 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2025-04-30 · accession 0001104659-26-086659 (CashAndCashEquivalentsAtCarryingValue)