# Elme Communities (ELME.US)

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

Analysis as of: 2026-10-15T06:33:55.986Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: $1.75 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 6

- Operating margin variation: 1.38×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.55×

- FY2017: 0.20×

- FY2018: 0.23×

- FY2019: 0.28×

- FY2020: -0.01×

- FY2021: -0.00×

- FY2022: -0.01×

- FY2023: -0.10×

- FY2024: 0.10×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- ROIC, median of available years: 0.5%

- ROIC, second-lowest year: -1.0%

- Years with nonpositive capital: 1

- Capital spending / revenue: 0.3%

- ROIC including acquisitions, ten-year median: 5.2%

- Typical minus recent gross margin: -0.7 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.0%

- FY2017: 3.0%

- FY2018: 3.4%

- FY2019: 1.6%

- FY2020: -0.1%

- FY2021: -0.0%

- FY2022: -0.1%

- FY2023: -1.0%

- FY2024: 1.0%

- FY2025: -12.7%

### economics: fail

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $169M

- Net income, five-year total: -$273M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -4.2 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $158M

- FY2022: -$31M

- FY2023: $36M

- FY2024: $83M

- FY2025: -$76M

### management: fail

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.4% vs -1.0%

- Per-share earnings: 1.31 to -0.60 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.6%

- Ordinary dilution, 5-year annual growth: 1.4%

- Market cap gain: -$906M

- Cumulative retained earnings: -$538M

- Diluted shares, 10-year annual growth: 2.6%

- Diluted shares, 5-year annual growth: 1.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$1.92

- Per-share value, starting three-year median: $1.31

- Per-share value, ending three-year median: -$0.60

- Buybacks concentrated in cheaper years (correlation): 0.09

- Average buyback yield: 0.1%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: $0

- Cumulative net income, 10 years: $260M

- ROIC, first three-year median: 3.4%

- ROIC, last three-year median: -1.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.65

- FY2017: $0.26

- FY2018: $0.32

- FY2019: $4.78

- FY2020: -$0.19

- FY2021: -$0.26

- FY2022: -$0.35

- FY2023: -$0.60

- FY2024: -$0.15

- FY2025: -$1.75

### accounting: pass

- Sloan accruals: -10.2%

- Stock compensation / operating cash flow: 8.6%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.1%

- FY2017: -4.7%

- FY2018: -5.0%

- FY2019: 9.6%

- FY2020: -5.3%

- FY2021: -5.9%

- FY2022: -3.9%

- FY2023: -7.2%

- FY2024: -5.9%

- FY2025: -10.2%

## Holders

## Price story

Down 93% since Dec 2021 · "Slumping DC market dings Elme’s shareholder payout as it liquidates" (finance.yahoo.com, May 2026) · sales +6.2%

Story as of 2026-10-16T09:58:41.302Z; price observation 2026-10-15.

- 2026-05-12: Slumping DC market dings Elme’s shareholder payout as it liquidates ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/slumping-dc-market-dings-elme-140525680.html))

### Sales · FY2023–2024

sales +6.2%; source https://www.sec.gov/Archives/edgar/data/104894/000010489426000011/elme-20251231.htm; observed 2026-02-27.

- FY2016: $313M 

- FY2017: $325M 

- FY2018: $337M 

- FY2019: $177M 

- FY2020: $176M 

- FY2021: $169M 

- FY2022: $209M 

- FY2023: $228M 

- FY2024: $242M 

### Gross margin · FY2024

gross margin 59.7%; source https://www.sec.gov/Archives/edgar/data/104894/000010489426000011/elme-20251231.htm; observed 2026-02-27.

- FY2016: 63.3% 

- FY2017: 64.4% 

- FY2018: 65.5% 

- FY2019: 60.7% 

- FY2020: 60.7% 

- FY2021: 60.4% 

- FY2022: 61.1% 

- FY2023: 61.4% 

- FY2024: 59.7% 

## Owner memo

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

### Why customers stay

It earns 0.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on capital observations [[2016,0.07972146620709211],[2017,0.02970379220422177],[2018,0.03381425411009413],[2019,0.015644863508636694],[2020,-0.0008307077714891805],[2021,-0.0002419845313685644],[2022,-0.0007530852722442236],[2023,-0.009970209382512295],[2024,0.010447676836435806],[2025,-0.1272136141728652]]; median 0.005102846152533621. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 61% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/104894/000010489426000011/elme-20251231.htm (filed 2026-02-27); Gross margin observations: [[2021,0.6044067135281495],[2022,0.6110564523832267],[2023,0.6141564031573729]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 274800 of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2016: growth capex 0; upkeep 920000; owner earnings 112520000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2017: growth capex 0; upkeep 3866000; owner earnings 121989000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2018: growth capex 0; upkeep 963000; owner earnings 139660000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2019: growth capex 0; upkeep 61527000; owner earnings 463202000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2020: growth capex 0; upkeep 222000; owner earnings 104128000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2021: growth capex 0; upkeep 49000; owner earnings 157773000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: growth capex 0; upkeep 408000; owner earnings 35565000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: growth capex 0; upkeep 212000; owner earnings 82620000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,85648000],[2017,91666000],[2018,95059000],[2019,96361000],[2020,99080000],[2021,90728000],[2022,59363000],[2023,64334999],[2024,63636000],[2025,63707000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/104894/000010489426000011/elme-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 274800 USD.

### Are managers owners

Insiders own 1.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); ELME.US SharesStats.PercentInsiders = 1.657 percentage points; cache date 2026-10-05.

### What the price says

The price is 0.6 times net assets; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Closing price 1.75 USD; reporting-to-trading FX 1; FY2025 net assets per share 2.7121077963946782; price multiple 0.6452545884519599. FY2025 cash earnings/share -0.8635653634836308. Closing-price date 2026-10-15.

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

- 2016-10: $29.42 per share

- 2016-11: $31.06 per share

- 2016-12: $32.69 per share

- 2017-01: $31.45 per share

- 2017-02: $32.71 per share

- 2017-03: $31.28 per share

- 2017-04: $31.67 per share

- 2017-05: $32.31 per share

- 2017-06: $31.90 per share

- 2017-07: $33.43 per share

- 2017-08: $32.86 per share

- 2017-09: $32.76 per share

- 2017-10: $32.19 per share

- 2017-11: $32.32 per share

- 2017-12: $31.12 per share

- 2018-01: $28.66 per share

- 2018-02: $25.28 per share

- 2018-03: $27.30 per share

- 2018-04: $28.72 per share

- 2018-05: $28.68 per share

- 2018-06: $30.33 per share

- 2018-07: $30.49 per share

- 2018-08: $31.56 per share

- 2018-09: $30.65 per share

- 2018-10: $27.87 per share

- 2018-11: $26.96 per share

- 2018-12: $23.00 per share

- 2019-01: $25.35 per share

- 2019-02: $26.49 per share

- 2019-03: $28.38 per share

- 2019-04: $28.24 per share

- 2019-05: $26.61 per share

- 2019-06: $26.73 per share

- 2019-07: $26.95 per share

- 2019-08: $26.49 per share

- 2019-09: $27.36 per share

- 2019-10: $31.02 per share

- 2019-11: $31.07 per share

- 2019-12: $29.18 per share

- 2020-01: $30.44 per share

- 2020-02: $26.85 per share

- 2020-03: $23.87 per share

- 2020-04: $23.32 per share

- 2020-05: $21.93 per share

- 2020-06: $22.20 per share

- 2020-07: $22.36 per share

- 2020-08: $21.94 per share

- 2020-09: $20.13 per share

- 2020-10: $17.48 per share

- 2020-11: $23.21 per share

- 2020-12: $21.63 per share

- 2021-01: $21.94 per share

- 2021-02: $22.52 per share

- 2021-03: $22.10 per share

- 2021-04: $23.22 per share

- 2021-05: $23.65 per share

- 2021-06: $23.00 per share

- 2021-07: $24.29 per share

- 2021-08: $25.14 per share

- 2021-09: $24.75 per share

- 2021-10: $25.35 per share

- 2021-11: $25.20 per share

- 2021-12: $25.85 per share

- 2022-01: $24.62 per share

- 2022-02: $23.36 per share

- 2022-03: $25.50 per share

- 2022-04: $24.09 per share

- 2022-05: $24.29 per share

- 2022-06: $21.31 per share

- 2022-07: $22.17 per share

- 2022-08: $19.61 per share

- 2022-09: $17.56 per share

- 2022-10: $19.09 per share

- 2022-11: $19.76 per share

- 2022-12: $17.80 per share

- 2023-01: $19.20 per share

- 2023-02: $18.61 per share

- 2023-03: $17.86 per share

- 2023-04: $17.23 per share

- 2023-05: $15.11 per share

- 2023-06: $16.44 per share

- 2023-07: $16.25 per share

- 2023-08: $15.38 per share

- 2023-09: $13.64 per share

- 2023-10: $12.76 per share

- 2023-11: $13.14 per share

- 2023-12: $14.60 per share

- 2024-01: $14.48 per share

- 2024-02: $12.88 per share

- 2024-03: $13.92 per share

- 2024-04: $15.16 per share

- 2024-05: $15.41 per share

- 2024-06: $15.93 per share

- 2024-07: $16.46 per share

- 2024-08: $17.66 per share

- 2024-09: $17.59 per share

- 2024-10: $16.87 per share

- 2024-11: $16.94 per share

- 2024-12: $15.27 per share

- 2025-01: $15.26 per share

- 2025-02: $17.39 per share

- 2025-03: $17.40 per share

- 2025-04: $15.57 per share

- 2025-05: $16.06 per share

- 2025-06: $15.90 per share

- 2025-07: $15.08 per share

- 2025-08: $17.08 per share

- 2025-09: $16.86 per share

- 2025-10: $16.45 per share

- 2025-11: $17.36 per share

- 2025-12: $17.40 per share

- 2026-01: $2.20 per share

- 2026-02: $2.15 per share

- 2026-03: $2.01 per share

- 2026-04: $2.17 per share

- 2026-05: $2.05 per share

- 2026-06: $1.48 per share

- 2026-07: $1.61 per share

- 2026-08: $1.68 per share

- 2026-09: $1.74 per share

- 2026-10: $1.75 per share

## Annual estimated value (USD per share)

- FY2016: low $17.07 per share, central $19.42 per share, high $22.54 per share

- FY2017: low $16.66 per share, central $18.95 per share, high $22.00 per share

- FY2018: low $16.73 per share, central $19.04 per share, high $22.11 per share

- FY2019: low $9.15 per share, central $10.40 per share, high $12.05 per share

- FY2020: low $9.74 per share, central $11.07 per share, high $12.85 per share

- FY2021: low $15.66 per share, central $17.44 per share, high $19.82 per share

- FY2022: low $15.54 per share, central $17.68 per share, high $20.52 per share

- FY2023: low $16.81 per share, central $19.13 per share, high $22.21 per share

- FY2024: low $10.29 per share, central $11.70 per share, high $13.59 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

Prior published observations retained from 2026-10-15T06:33:55.986Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/104894/000010489426000011/elme-20251231.htm); period 2025-12-31, filed 2026-02-27.

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.

## Reported holder observations



# ELME — ELME Communities

Held by 1 investor · USD 1,618,200 total · 2025 Q1 · reported price USD 17.40 (split-adjusted).
Page: https://gigainvestors.com/s/ELME

## Holders (2025 Q1)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Martin Whitman (https://gigainvestors.com/TA) | USD 1,618,200 | 0.3% | hold |

## Total held by quarter

- 2023 Q2: USD 739,800 · 1 holder · USD 16.44
- 2023 Q3: USD 878,800 · 1 holder · USD 13.52
- 2023 Q4: USD 949,000 · 1 holder · USD 14.60
- 2024 Q1: USD 1,294,560 · 1 holder · USD 13.92
- 2024 Q2: USD 1,480,560 · 1 holder · USD 15.92
- 2024 Q3: USD 1,635,870 · 1 holder · USD 17.59
- 2024 Q4: USD 1,420,110 · 1 holder · USD 15.27
- 2025 Q1: USD 1,618,200 · 1 holder · USD 17.40
- 2025 Q2: USD 0 · 0 holders