American Realty Investors
ARL on NYSE. American Realty Investors rents apartments and commercial buildings to tenants in the southern United States. Market value $255m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
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 $-13.44 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -1 cents a year. Above 10 is good.
Quality score: 20 of 100. Price score: 18 of 100. Our list needs 70 on quality and 60 on price.
$15.85 a share, 28% above its 1-year low
Over the past year the price has ranged from $12.42 to $24.44.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $34 million in the past 12 months, a shortfall of $85 million in the year to December 2025.
| Revenue | |||||
| Revenue | $42m | $38m | $51m | $47m | $50m |
| Operating margin | |||||
| Operating margin | -49.0% | -24.7% | -22.3% | -14.0% | -12.9% |
| Debt to equity | |||||
| Debt to equity | 0.76 | 0.31 | 0.30 | 0.31 | 0.35 |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.02bn | 0.02bn | 0.02bn | 0.02bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- Debt0.35× equity
- Revenue growth, five yearsShrinking, 3.3% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $13 million last quarter, up 6% on a year ago.
- A loss of $1 million, after a profit of $3 million a year ago.
- It loses 18 cents on each $1 of sales, compared with 12 cents a year earlier.
- Over the past 12 months it spent $34 million more cash than it brought in, compared with $109 million a year earlier.
- About the same number of shares as a year ago.
- Debt is $207 million more than cash, up from $200 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $12m |
| December 2024 | $12m |
| March 2025 | $12m |
| June 2025 | $12m |
| September 2025 | $13m |
| December 2025 | $13m |
| March 2026 | $12m |
| June 2026 | $13m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$17m |
| December 2024 | -$161,000 |
| March 2025 | $3m |
| June 2025 | $3m |
| September 2025 | $129,000 |
| December 2025 | $10m |
| March 2026 | -$551,000 |
| June 2026 | -$1m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 12 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
None of the long-term investors we follow own it. 41 funds in all.
Largest holders overall
- BlackRock$4mAdded
- Wealth Alliance Advisory Group$4m
- Caldwell Sutter Capital$2mCut
- Geode Capital Management$740,112Added
- State Street$409,412Added
- Vanguard Capital Management$367,566Added
- Renaissance Technologies$327,347
- Northern Trust$287,238Cut
- Vanguard Portfolio Management$196,889Added
- Vanguard Fiduciary Trust$188,716Cut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
No one has reported a stake above 5% since December 2024.
- Ryan PhillipsPassive investorSold down below 5%Since 14 April 2025
What they said
The purpose of any acquisitions of securities of the Issuer are, and will be, for investment. None of the Reporting Persons has any present plans or proposals which would result in such person seeking to acquire the entire equity interest in the Issuer.
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Ryan Phillips Passive investor | Sold down below 5% | 14 April 2025 | What they saidThe purpose of any acquisitions of securities of the Issuer are, and will be, for investment. None of the Reporting Persons has any present plans or proposals which would result in such person seeking to acquire the entire equity interest in the Issuer. Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
We have no insider filings for this company yet.
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 12 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 2 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
- Sales have shrunk: 3.3% a year.
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.