MeritValue

Clipper Realty Inc.

CLPRdata completeness 75%11 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

Clipper Realty Inc. earns about -244% on equity, but has diluted owners by 100423% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.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$122.7M1$129.7M2$138.2M3$148.8M4$153.2M4
Net income−$20M5−$12.6M6−$15.6M7−$6.58M8−$52.3M8
Operating cash flow$10.8M9$20.1M10$26.2M11$31.9M12$22.6M12
Capital expenditure$80.8M13$52.1M14$46.3M15$69.7M15—
Free cash flow (derived)−$70M9−$32M10−$20.1M11−$37.9M12—
Total debt$1.13B16$1.16B17$1.21B18$1.27B18—
Cash & equivalents$34.5M19$18.2M20$22.2M21$19.9M21$30.8M21
Diluted shares16,06316.1M16.1M16.1M16.1M

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
−$19.02
your share of equity
Profit it earned you last year
−$32.41
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$19.02 of net worth that earned you −$32.41 last year.

iii. Is this a good business?
Moat signal · return on equity
-244% avg · 5y
FY21 -76%FY22 -89%FY23 -567%FY24 —FY25 —

It earned an average -244% 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
+100423% shares · 5y

Share count is up 100423% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 12% over the same window.

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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001437749-23-006886 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-007842 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-003988 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-005856 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-006886 (ProfitLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-007842 (ProfitLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-003988 (ProfitLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-005856 (ProfitLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-006886 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-007842 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-003988 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-005856 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-006886 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-007842 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-003988 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001437749-23-006886 (LongTermDebt)
  17. 10-K · period ending 2022-12-31 · accession 0001437749-24-007842 (LongTermDebt)
  18. 10-K · period ending 2023-12-31 · accession 0001437749-25-003988 (LongTermDebt)
  19. 10-K · period ending 2021-12-31 · accession 0001437749-24-007842 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001437749-25-003988 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001437749-26-005856 (CashAndCashEquivalentsAtCarryingValue)