AMREP Corporation

AXR

Real Estate - Development · Real Estate

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Apr 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

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Winston Score History

The full picture

AMREP Corporation is a small real estate company that buys raw land, develops it, and sells it to homebuilders and other buyers. The company owns large tracts of land in New Mexico, particularly in the Rio Rancho area near Albuquerque, where it has been selling lots for decades. It is one of the largest private landowners in that region.

AMREP makes money by selling finished and unfinished land parcels, earning a profit on the difference between its land costs and sale prices. Its high gross margin reflects how cheaply it acquired much of its land years ago. The company is very small, with a market cap around $100 million, and its operations are almost entirely concentrated in New Mexico, which limits diversification. The main risk is that its business depends heavily on local housing demand and homebuilder activity in a single geographic market, making it vulnerable to slowdowns in the New Mexico real estate market.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-1.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-67.1% YoY

YoY Growth Rate

Earnings declining

Insider Activity

55.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$69M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

AMREP Corporation's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

39.5%

Modest — 39.5% gross margin

Profit after running costs

Operating Margin

19.2%

Healthy — 19.2% operating margin

Return on the money invested

ROCE

8.8%

Below par — 8.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+6.3%

Slow sales growth (+6.3% YoY)

Profit growth

EPS YoY

-19.2%

Earnings shrinking (-19.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

138%

Turns 138% of profit into real cash

Spare cash per sale

FCF Margin

26.5%

Converts sales into free cash efficiently (26.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

12.0x

no trend

Attractive valuation — P/E 12.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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