Apartment Investment & Management
AIV on NYSE. Aimco rents apartments to tenants and is selling its assets. Market value $270m.
Figures from the annual report for the year ended 31 December 2025.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Last year's operating profit includes a one-off gain, so we leave price to profit out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-33.84 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 36 of 100. Price score: not known. Our list needs 70 on quality and 60 on price.
$1.88 a share, at its 1-year low
Over the past year the price has ranged from $1.87 to $8.01.
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $170m | $190m | $120m | $138m | $138m |
| Operating margin | |||||
| Operating margin | -9.2% | 62.3% | 94.5% | 85.5% | 31.5% |
| Debt to equity | |||||
| Debt to equity | 3.23 | 2.12 | 3.62 | 7.74 | 2.39 |
| Shares outstanding | |||||
| Shares outstanding | 0.15bn | 0.15bn | 0.14bn | 0.14bn | 0.14bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 7 checks we could run
- Profit backed by cash (accruals)No
- Debt2.39× equity
- Revenue growth, five yearsShrinking, 1.8% a year
- Buying back its own sharesYes, 5% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
| Quarter to | Amount |
|---|---|
| September 2024 | $35m |
| December 2024 | $2m |
| March 2025 | $23m |
| June 2025 | $23m |
| September 2025 | $35m |
| December 2025 | $35m |
| March 2026 | Not reported |
| June 2026 | Not reported |
| Quarter to | Amount |
|---|---|
| September 2024 | -$22m |
| December 2024 | -$11m |
| March 2025 | -$14m |
| June 2025 | -$19m |
| September 2025 | $283m |
| December 2025 | $297m |
| March 2026 | Not reported |
| June 2026 | Not reported |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 2 March 2026
- Next quarterly (estimated, 10-Q)
- 6 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 156 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Irenic CapitalAdam Katz | $4m | 0.3% | Cut |
Largest holders overall
- Price T Rowe Associates$51m
- Madison Avenue Partners, LP$37m
- Newtyn Management$36m
- Weiss Asset Management LP$24m
- Owl Creek Asset Management, L.P.$18mAdded
- Vanguard Portfolio Management$17mCut
- TWO Sigma Investments, LP$14mAdded
- Vanguard Capital Management$13mCut
- Mangrove Partners IM$13mNew
- BlackRock$11mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Madison Avenue Partners, LPPassive investorat least 8.6%(filed with 5 related holders)Since 26 February 2026
- Newtyn Management, LLCPassive investorat least 8.1%+2.6 pts(filed with 1 related holder)Since 18 March 2026
- Weiss Asset Management LPPassive investorat least 5.7%(filed with 2 related holders)Since 31 March 2026
- Millennium Management LLCPassive investorat least 3.1%−1.9 pts(filed with 2 related holders)Since 30 September 2025
- Vanguard Portfolio ManagementPassive investorSold down below 5%Since 30 June 2026
- Silver Point Capital, L.P.Passive investorSold down below 5%Since 31 December 2025
- BlackRock, Inc.Passive investorSold down below 5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Madison Avenue Partners, LP Passive investor | at least 8.6% (filed with 5 related holders) | 26 February 2026 | |
Newtyn Management, LLC Passive investor | at least 8.1%+2.6 pts (filed with 1 related holder) | 18 March 2026 | |
Weiss Asset Management LP Passive investor | at least 5.7% (filed with 2 related holders) | 31 March 2026 | |
Millennium Management LLC Passive investor | at least 3.1%−1.9 pts (filed with 2 related holders) | 30 September 2025 | |
Vanguard Portfolio Management Passive investor | Sold down below 5% | 30 June 2026 | |
Silver Point Capital, L.P. Passive investor | Sold down below 5% | 31 December 2025 | |
BlackRock, Inc. Passive investor | Sold down below 5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 2 Mar 2026, plus the 10-Q filed 7 Aug 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 2.4× its equity.
- Sales have shrunk: 1.8% a year.
- Profits run ahead of cash.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.