# Alexanders (ALX.US)

Canonical: https://gigainvestors.com/s/ALX

Analysis as of: 2026-10-16T07:26:26.033Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $234.68 per share; close as of 2026-10-15.

Estimated value: low $236.17 per share, central $259.18 per share, high $289.80 per share. Buy at or below the central value $259.18 per share. Valuation as of 2026-10-16T07:26:26.033Z; scenarios are not confidence intervals.

Expected annual return: 11.1% at the stated quote. About 11.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 5 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.46×

- FY2018: 0.43×

- FY2019: 0.44×

- FY2020: 0.52×

- FY2021: 0.37×

- FY2022: 0.39×

- FY2023: 0.52×

- FY2024: 0.36×

- FY2025: 0.31×

- LTM to Mar 2026: 0.28×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 45.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 7.4%

- ROIC, second-lowest year: 5.6%

- Typical minus recent gross margin: 45.7 pp

- Typical gross margin (annual median): 61.7%

- Recent gross margin (lower of latest and 3-year median): 16.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.9%

- ROIC including acquisitions, ten-year median: 7.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.8%

- FY2017: 8.5%

- FY2018: 8.8%

- FY2019: 7.1%

- FY2020: 7.3%

- FY2021: 7.5%

- FY2022: 6.0%

- FY2023: 9.6%

- FY2024: 5.6%

- FY2025: 5.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.27×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $462M

- Net income, five-year total: $365M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -13.8 pp

- Working capital / revenue, change between three-year averages: -57.2 pp

- Working capital / revenue, final three-year average: 31.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.11×

- FY2022: 1.30×

- FY2023: 1.29×

- FY2024: 1.42×

- FY2025: 1.62×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 8.8% vs 5.6%

- Per-share earnings: 15.74 to 8.46 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: -$1.1B

- Cumulative retained earnings: -$240M

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -7.5%

- Per-share value change: -$7.27

- Per-share value, starting three-year median: $15.74

- Per-share value, ending three-year median: $8.46

- Average buyback yield: 32.4%

- Buyback history: 1 years

- Debt-funded buybacks: Yes

- Acquisition spending: $0

- Cumulative net income, 10 years: $628M

- ROIC, first three-year median: 8.8%

- ROIC, last three-year median: 5.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $16.91

- FY2017: $15.74

- FY2018: $6.42

- FY2019: $4.14

- FY2020: $8.19

- FY2021: $25.94

- FY2022: $11.24

- FY2023: $19.97

- FY2024: $8.46

- FY2025: $5.50

### accounting: pass

- Sloan accruals: -4.1%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.60×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.1%

- FY2017: -2.6%

- FY2018: -2.7%

- FY2019: -8.3%

- FY2020: -2.6%

- FY2021: 1.0%

- FY2022: -3.2%

- FY2023: -0.5%

- FY2024: -0.8%

- FY2025: -4.1%

## Holders

- [Mason Hawkins](https://gigainvestors.com/SE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to shrink 0.8% a year for ten years · sales -0.7%

Story as of 2026-10-16T09:58:17.287Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.8% a year for ten years

### Sales · FY2025–2026

sales -0.7%; source https://www.sec.gov/Archives/edgar/data/3499/000000349926000005/alx-20251231.htm; observed 2026-02-09.

- FY2017: $231M 

- FY2018: $233M 

- FY2019: $226M 

- FY2020: $199M 

- FY2021: $206M 

- FY2022: $206M 

- FY2023: $225M 

- FY2024: $226M 

- FY2025: $213M 

- FY2026: $212M 

### Gross margin · FY2025

gross margin 16.1%; source https://www.sec.gov/Archives/edgar/data/3499/000000349926000005/alx-20251231.htm; observed 2026-02-09.

- FY2016: 63.8% 

- FY2017: 63.1% 

- FY2018: 59.7% 

- FY2019: 60.4% 

- FY2020: 55.6% 

- FY2023: 55.0% 

- FY2025: 16.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are USD 213.2 million.

- Source: https://www.sec.gov/Archives/edgar/data/3499/000000349926000005/alx-20251231.htm (filed 2026-02-09); FY2025: revenue 213183000; grossProfit 34245000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); ALX.US: Alexander's, Inc. is a real estate investment trust (REIT) engaged in leasing, managing, developing and redeveloping properties. Alexander's activities are conducted through its manager, Vornado Realty Trust. Alexander's has four properties in the greater New York City metropolitan area consisting of: 731 Lexington Avenue office and retail (including Bloomberg, L.P.'s world headquarters), the Rego Center complex in Rego Park, Queens, including the Rego Park II retail property and The Alexander apartment tower, and a retail property located in Flushing, NY. Alexander's, Inc. was incorporated in 1928 and is based in Paramus, United States.

### Why customers stay

Margins ranged from 16.1% to 100% during 2023–25; it earns 7.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2023: grossProfit / revenue = 55%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2024: grossProfit / revenue = 100%.

- Source: https://www.sec.gov/Archives/edgar/data/3499/000000349926000005/alx-20251231.htm (filed 2026-02-09); FY2025: grossProfit / revenue = 16.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); 10-year return on capital observations [[2016,0.09774332801468867],[2017,0.08479045455976798],[2018,0.08822947210679025],[2019,0.07090741926570497],[2020,0.07341131481273197],[2021,0.07520512180680873],[2022,0.059668470312619126],[2023,0.09559324008302092],[2024,0.05649865528581018],[2025,0.055733395522791856]]; median 0.07430821830977036. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2016: growth capex 0; upkeep 15506000; owner earnings 104778000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2017: growth capex 0; upkeep 3434000; owner earnings 115756000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2018: growth capex 0; upkeep 3966000; owner earnings 61967000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2019: growth capex 0; upkeep 9449000; owner earnings 48240000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2020: growth capex 0; upkeep 32460000; owner earnings 35978000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2021: growth capex 0; upkeep 19520000; owner earnings 148002000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2022: growth capex 0; upkeep 14386000; owner earnings 74700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2023: growth capex 0; upkeep 4681000; owner earnings 132337000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2024: growth capex 0; upkeep 19785000; owner earnings 61556000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/3499/000000349926000005/alx-20251231.htm (filed 2026-02-09); FY2025: growth capex 0; upkeep 20787000; owner earnings 45582000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); Dividend observations: [[2016,81822000],[2017,86961000],[2018,92100000],[2019,92124000],[2020,92168000],[2021,92220000],[2022,92264000],[2023,92320000],[2024,92378000],[2025,92425000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 58.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); ALX.US SharesStats.PercentInsiders = 58.379999999999995 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 0.8% yearly over ten years; actual decline was 5.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); Ten-year compound average after fade. Initial solved rate -0.02453168120453865. Price 234.68; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 15.041168762590209 → FY2025 8.87669376166013. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $384.27 per share

- 2016-11: $427.70 per share

- 2016-12: $426.87 per share

- 2017-01: $422.81 per share

- 2017-02: $437.15 per share

- 2017-03: $431.86 per share

- 2017-04: $434.81 per share

- 2017-05: $412.14 per share

- 2017-06: $421.46 per share

- 2017-07: $434.99 per share

- 2017-08: $418.69 per share

- 2017-09: $424.09 per share

- 2017-10: $411.00 per share

- 2017-11: $422.98 per share

- 2017-12: $395.85 per share

- 2018-01: $363.36 per share

- 2018-02: $365.33 per share

- 2018-03: $381.23 per share

- 2018-04: $393.35 per share

- 2018-05: $387.50 per share

- 2018-06: $382.63 per share

- 2018-07: $370.48 per share

- 2018-08: $360.93 per share

- 2018-09: $343.30 per share

- 2018-10: $315.01 per share

- 2018-11: $310.57 per share

- 2018-12: $304.74 per share

- 2019-01: $333.06 per share

- 2019-02: $381.71 per share

- 2019-03: $376.17 per share

- 2019-04: $379.63 per share

- 2019-05: $368.00 per share

- 2019-06: $370.30 per share

- 2019-07: $374.50 per share

- 2019-08: $377.57 per share

- 2019-09: $348.41 per share

- 2019-10: $345.40 per share

- 2019-11: $326.36 per share

- 2019-12: $330.35 per share

- 2020-01: $322.68 per share

- 2020-02: $311.00 per share

- 2020-03: $275.95 per share

- 2020-04: $315.26 per share

- 2020-05: $259.84 per share

- 2020-06: $240.90 per share

- 2020-07: $251.79 per share

- 2020-08: $255.07 per share

- 2020-09: $245.22 per share

- 2020-10: $243.19 per share

- 2020-11: $273.36 per share

- 2020-12: $277.35 per share

- 2021-01: $267.20 per share

- 2021-02: $271.11 per share

- 2021-03: $277.30 per share

- 2021-04: $277.24 per share

- 2021-05: $271.16 per share

- 2021-06: $267.95 per share

- 2021-07: $278.84 per share

- 2021-08: $266.30 per share

- 2021-09: $260.62 per share

- 2021-10: $278.78 per share

- 2021-11: $255.59 per share

- 2021-12: $260.30 per share

- 2022-01: $263.27 per share

- 2022-02: $253.42 per share

- 2022-03: $256.23 per share

- 2022-04: $248.17 per share

- 2022-05: $242.25 per share

- 2022-06: $222.16 per share

- 2022-07: $243.51 per share

- 2022-08: $236.90 per share

- 2022-09: $208.96 per share

- 2022-10: $234.89 per share

- 2022-11: $244.24 per share

- 2022-12: $220.06 per share

- 2023-01: $237.28 per share

- 2023-02: $218.91 per share

- 2023-03: $193.75 per share

- 2023-04: $186.07 per share

- 2023-05: $164.16 per share

- 2023-06: $183.86 per share

- 2023-07: $193.37 per share

- 2023-08: $191.75 per share

- 2023-09: $182.23 per share

- 2023-10: $187.99 per share

- 2023-11: $183.96 per share

- 2023-12: $213.57 per share

- 2024-01: $219.79 per share

- 2024-02: $221.05 per share

- 2024-03: $217.14 per share

- 2024-04: $211.56 per share

- 2024-05: $212.20 per share

- 2024-06: $224.86 per share

- 2024-07: $242.30 per share

- 2024-08: $229.16 per share

- 2024-09: $242.36 per share

- 2024-10: $227.03 per share

- 2024-11: $223.61 per share

- 2024-12: $200.06 per share

- 2025-01: $189.95 per share

- 2025-02: $214.34 per share

- 2025-03: $209.16 per share

- 2025-04: $206.40 per share

- 2025-05: $225.19 per share

- 2025-06: $225.32 per share

- 2025-07: $251.19 per share

- 2025-08: $230.34 per share

- 2025-09: $234.49 per share

- 2025-10: $220.93 per share

- 2025-11: $211.93 per share

- 2025-12: $217.94 per share

- 2026-01: $244.90 per share

- 2026-02: $234.62 per share

- 2026-03: $236.20 per share

- 2026-04: $251.96 per share

- 2026-05: $246.11 per share

- 2026-06: $275.56 per share

- 2026-07: $255.00 per share

- 2026-08: $271.66 per share

- 2026-09: $246.50 per share

- 2026-10: $234.68 per share

## Annual estimated value (USD per share)

- FY2016: low $254.15 per share, central $295.51 per share, high $333.98 per share

- FY2017: low $271.00 per share, central $302.57 per share, high $340.92 per share

- FY2018: low $242.89 per share, central $268.26 per share, high $302.02 per share

- FY2019: low $238.97 per share, central $263.62 per share, high $296.44 per share

- FY2020: low $197.25 per share, central $212.84 per share, high $233.61 per share

- FY2021: low $206.71 per share, central $222.85 per share, high $244.34 per share

- FY2022: low $206.11 per share, central $222.21 per share, high $243.65 per share

- FY2023: low $276.80 per share, central $300.79 per share, high $332.73 per share

- FY2024: low $240.05 per share, central $264.18 per share, high $296.30 per share

- FY2025: low $188.83 per share, central $211.53 per share, high $241.76 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/3499/000000349926000005/alx-20251231.htm); period 2025-12-31, filed 2026-02-09.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.