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Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 64.2GRADE B
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
8.1%
Sector: 8.5%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, Alexander & Baldwin, Inc. (ALEX) receives a "Buy" rating with a composite score of 54.7/100, ranked #45 out of 4446 stocks. Key factor scores: Quality 64/100, Value 59/100, Momentum 49/100. This is quantitative analysis only — not investment advice.
Alexander & Baldwin, Inc. (ALEX) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Alexander & Baldwin, Inc. Do?
Alexander & Baldwin, Inc. ("A&B") is Hawai'i's premier commercial real estate company and the largest owner of grocery-anchored, neighborhood shopping centers in the state. A&B owns, operates and manages approximately 3.9 million square feet of commercial space in Hawai'i, including 22 retail centers, ten industrial assets and four office properties, as well as 154 acres of ground leases. These core assets comprise nearly 72% of A&B's total assets. A&B's non-core assets include renewable energy generation facilities, approximately 27,000 acres of agricultural and conservation land and a vertically integrated paving business. A&B is achieving its strategic objective of becoming a Hawai'i-focused commercial real estate company by expanding and strengthening its Hawai'i CRE portfolio and monetizing non-core assets. Over its 150-year history, A&B has evolved with the state's economy and played a leadership role in the development of the agricultural, transportation, tourism, construction, residential and commercial real estate industries. Alexander & Baldwin, Inc. (ALEX) is classified as a small-cap stock in the Financials sector, specifically within the Trading industry. The company is led by CEO Christopher J. Benjamin and employs approximately 140 people, headquartered in Honolulu, Hawaii. With a market capitalization of $1.5B, ALEX is one of the notable companies in the Financials sector.
Alexander & Baldwin, Inc. (ALEX) Stock Rating — Buy (April 2026)
As of April 2026, Alexander & Baldwin, Inc. receives a Buy rating with a composite score of 54.7/100 and 4 out of 5 stars from the Blank Capital Research quantitative model.ALEX ranks #45 out of 4,446 stocks in our coverage universe. Within the Financials sector, Alexander & Baldwin, Inc. ranks #27 of 891 stocks, placing it in the top 10% of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
ALEX Stock Price and 52-Week Range
Alexander & Baldwin, Inc. (ALEX) currently trades at $20.84. The stock gained $0.01 (0.0%) in the most recent trading session. The 52-week high for ALEX is $21.03, which means the stock is currently trading -0.9% from its annual peak. The 52-week low is $15.07, putting the stock 38.3% above its annual trough. Recent trading volume was 9.0M shares, reflecting moderate market activity.
Is ALEX Overvalued or Undervalued? — Valuation Analysis
Alexander & Baldwin, Inc. (ALEX) carries a value factor score of 59/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 19.00x, compared to the Financials sector average of 14.88x — a premium of 28%. The price-to-book ratio stands at 1.54x, versus the sector average of 1.22x. The price-to-sales ratio is 6.98x, compared to 0.90x for the average Financials stock. On an enterprise value basis, ALEX trades at 21.53x EV/EBITDA, versus 3.26x for the sector.
Overall, ALEX's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
Alexander & Baldwin, Inc. Profitability — ROE, Margins, and Quality Score
Alexander & Baldwin, Inc. (ALEX) earns a quality factor score of 64/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 8.1%, compared to the Financials sector average of 8.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 4.8% versus the sector average of 1.2%.
The operating margin is 43.2% (sector: 21.8%). Net profit margin stands at 36.9%, versus 17.7% for the average Financials stock. Revenue growth is running at -1.6% on a trailing basis, compared to 9.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
ALEX Debt, Balance Sheet, and Financial Health
Alexander & Baldwin, Inc. has a debt-to-equity ratio of 50.0%, compared to the Financials sector average of 121.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 2.47x, indicating strong short-term liquidity. Total debt on the balance sheet is $492M. Cash and equivalents stand at $17M.
ALEX has a beta of 0.51, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for Alexander & Baldwin, Inc. is 77/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
Alexander & Baldwin, Inc. Revenue and Earnings History — Quarterly Trend
In TTM 2026, Alexander & Baldwin, Inc. reported revenue of $218M and earnings per share (EPS) of $0.89. Net income for the quarter was $80M. Operating income came in at $93M.
In FY 2025, Alexander & Baldwin, Inc. reported revenue of $207M and earnings per share (EPS) of $0.89. Net income for the quarter was $65M. Revenue grew -12.7% year-over-year compared to FY 2024. Operating income came in at $80M.
In Q3 2025, Alexander & Baldwin, Inc. reported revenue of $50M and earnings per share (EPS) of $0.20. Net income for the quarter was $14M. Revenue grew -18.9% year-over-year compared to Q3 2024. Operating income came in at $19M.
In Q2 2025, Alexander & Baldwin, Inc. reported revenue of $52M and earnings per share (EPS) of $0.35. Net income for the quarter was $25M. Revenue grew 1.3% year-over-year compared to Q2 2024. Operating income came in at $28M.
Over the past 8 quarters, Alexander & Baldwin, Inc. has demonstrated a growth trajectory, with revenue expanding from $51M to $218M. Investors analyzing ALEX stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
ALEX Dividend Yield and Income Analysis
Alexander & Baldwin, Inc. (ALEX) does not currently pay a dividend. This is common among smaller companies in the Trading industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Financials dividend stocks may want to explore other Financials stocks or use the stock screener to filter by dividend yield.
ALEX Momentum and Technical Analysis Profile
Alexander & Baldwin, Inc. (ALEX) has a momentum factor score of 49/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 34/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 32/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
ALEX vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing ALEX against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full ALEX vs S&P 500 (SPY) comparison to assess how Alexander & Baldwin, Inc. stacks up against the broader market across all factor dimensions.
ALEX Next Earnings Date
No upcoming earnings date has been announced for Alexander & Baldwin, Inc. (ALEX) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy ALEX? — Investment Thesis Summary
The bull case for Alexander & Baldwin, Inc. rests on several quantitative strengths. The quality score of 64/100 indicates above-average profitability and business fundamentals. Low volatility (stability score 77/100) reduces downside risk.
In summary, Alexander & Baldwin, Inc. (ALEX) earns a Buy rating with a composite score of 54.7/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on ALEX stock.
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Institutional Research Dossier
Alexander & Baldwin, Inc. (ALEX) Deep Dive Analysis
Published on March 24, 2026
Action RatingBuy
Sections
Executive Summary
Alexander & Baldwin, Inc. (ALEX) is a Hawai'i-focused commercial real estate company with a diversified portfolio of retail, industrial, and office properties. BCR's proprietary quant model rates ALEX as a 4-star Buy, with a Composite Score of 55.1/100, driven by the company's stable profitability, healthy balance sheet, and position as a leading commercial landlord in the attractive Hawaiian market. While the stock's valuation appears reasonable, the long-term growth trajectory is uncertain as the company navigates the post-pandemic recovery and increasing competition in its core markets.
Business Strategy & Overview
Alexander & Baldwin (A&B) is Hawai'i's premier commercial real estate company, owning and operating a portfolio of 22 retail centers, 10 industrial assets, and 4 office properties, comprising nearly 3.9 million square feet of leasable space. The company's core real estate business represents approximately 72% of its total assets, with the remaining non-core assets including renewable energy generation, agricultural land, and a paving business. A&B's strategic objective is to expand and strengthen its Hawai'i-focused CRE portfolio while monetizing non-core assets.
The company's retail properties are primarily grocery-anchored neighborhood shopping centers that cater to the day-to-day needs of local consumers. A&B's industrial assets are distribution and logistics facilities, while the office segment includes both multi-tenant and single-tenant properties. The company's diversified asset mix and exposure to Hawai'i's stable, tourism-driven economy have historically provided resilience through economic cycles.
A&B's long history in Hawai'i, dating back over 150 years, has given the company deep local market expertise and relationships that serve as a competitive advantage. The company plays a leadership role in the state's real estate and business community, which helps drive deal flow and supports its ability to navigate the unique regulatory and cultural landscape of the islands.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
-1.6%
Sector: 9.4%
-117% VS SCTR
Economic Moat Analysis
A&B's economic moat stems primarily from its leading market position and intangible assets in the Hawai'i commercial real estate market. As the largest owner of grocery-anchored shopping centers in the state, the company benefits from a first-mover advantage and scale that would be difficult for competitors to replicate. A&B's long-standing relationships with local tenants, developers, and government entities create barriers to entry and make it challenging for new players to establish a comparable foothold.
The company's portfolio of well-located, high-quality properties also represents a significant intangible asset. Many of A&B's retail centers are situated in dense, affluent neighborhoods with limited land available for new development, conferring durable advantages in terms of tenant demand and rents. The company's industrial and office assets similarly benefit from scarcity of supply and proximity to Hawai'i's major population centers.
However, A&B's moat is not impenetrable. The Hawai'i CRE market, while attractive, is relatively small, and the company faces increasing competition from mainland investors and developers attracted by the state's favorable economic and demographic trends. Additionally, the company's reliance on a single geographic market exposes it to localized risks, such as natural disasters, regulatory changes, and shifts in the tourism industry.
Financial Health & Profitability
A&B's financial health appears solid, with a strong balance sheet and consistent profitability. The company's current ratio of 2.47 indicates ample liquidity to meet near-term obligations, and its debt-to-equity ratio of 0.50 is significantly lower than the broader Financials sector average of 1.15, suggesting prudent leverage management.
In terms of profitability, A&B has historically generated robust operating margins, averaging 38.7% over the past four quarters, significantly exceeding the sector median of 22.0%. The company's net margin of 36.9% is also notably higher than the industry average of 17.8%, reflecting the high-quality nature of its real estate portfolio and operational efficiency.
However, A&B's revenue growth has lagged the sector, declining 1.6% year-over-year in the most recent fiscal year compared to 9.3% growth for the industry. This underperformance may be attributed to the lingering effects of the COVID-19 pandemic on Hawai'i's tourism-dependent economy, as well as increased competition from mainland investors in the local CRE market.
Valuation Assessment
A&B's current valuation appears reasonably priced, with a forward P/E ratio of 23.4x and an EV/EBITDA multiple of 4.2x, compared to sector medians of 15.5x and 3.5x, respectively. While the stock's valuation is slightly above the industry average, it is not significantly overpriced given the company's stable profitability, strong balance sheet, and dominant market position in Hawai'i.
However, the company's lack of free cash flow data makes it difficult to assess the stock's valuation on a cash flow basis. This gap in the available financial information is a potential concern and could limit the ability of investors to fully evaluate the company's long-term value proposition.
Overall, A&B's valuation appears fair, but investors should closely monitor the company's ability to generate consistent free cash flow and sustain its profitability in the face of evolving market conditions and increased competition in the Hawai'i CRE landscape.
Risk & Uncertainty
The primary risks facing A&B stem from its geographic concentration in Hawai'i and its dependence on the state's tourism-driven economy. Any significant disruptions to Hawai'i's tourism industry, such as natural disasters, economic downturns, or global health crises, could have a material adverse impact on the company's operations and financial performance.
Additionally, A&B faces increasing competition from mainland investors and developers attracted to the Hawai'i CRE market, which could put pressure on occupancy rates, rental rates, and the company's ability to grow its portfolio. The company's relatively small size and single-market focus also leave it vulnerable to local regulatory changes and shifts in the competitive landscape.
Another potential risk is the company's reliance on debt financing to fund its operations and growth. While A&B's balance sheet appears healthy, a sustained increase in interest rates or a deterioration in credit market conditions could make it more challenging for the company to service its debt obligations and pursue strategic initiatives.
Bulls Say / Bears Say
The Bull Case
BULL VIEWA&B's dominant position in the Hawai'i commercial real estate market, with a portfolio of high-quality, well-located properties, provides a strong competitive advantage and the potential for consistent cash flow and profitability.
BULL VIEWThe company's long history and deep relationships in the local business community give it unique insights and access to attractive investment opportunities that would be difficult for new entrants to replicate.
BULL VIEWA&B's diversified asset mix, including retail, industrial, and office properties, helps mitigate risk and provides exposure to different segments of the Hawai'i real estate market.
The Bear Case
BEAR VIEWA&B's reliance on the Hawai'i market exposes the company to significant localized risks, such as natural disasters, economic downturns, and changes in the tourism industry, which could have an outsized impact on its financial performance.
BEAR VIEWThe company faces increasing competition from mainland investors and developers, which could pressure occupancy rates, rental rates, and the company's ability to grow its portfolio in the future.
BEAR VIEWThe lack of free cash flow data makes it difficult to fully assess the company's long-term value proposition and could limit investors' ability to make informed decisions about the stock's valuation.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score ALEX and 4,400+ other equities.
Alexander & Baldwin, Inc. exhibits a 322% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
4.8%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
—
Sector: 0.0%
Operating Margin
Core business profitability
43.2%
Sector: 21.8%
Net Margin
Bottom-line profitability
36.9%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
