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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: 69GRADE 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
28.5%
Sector: 8.5%
Dividend Analysis audit
HIGH YIELD
7.68%
Trailing Yield
$7.68
Per $100 Invested
High yield — monitor payout sustainability closely.
Est. Payout Ratio
292%HIGH
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, ALEXANDERS INC (ALX) receives a "Hold" rating with a composite score of 54.1/100, ranked #873 out of 4446 stocks. Key factor scores: Quality 69/100, Value 62/100, Momentum 46/100. This is quantitative analysis only — not investment advice.
ALEXANDERS INC (ALX) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does ALEXANDERS INC Do?
Alexander's, Inc. is a real estate investment trust which has seven properties in the greater New York City metropolitan area. ALEXANDERS INC (ALX) is classified as a small-cap stock in the Financials sector, specifically within the Trading industry. The company is led by CEO Steven Roth and employs approximately 70 people, headquartered in New York, New Jersey. With a market capitalization of $1.2B, ALX is one of the notable companies in the Financials sector.
ALEXANDERS INC (ALX) Stock Rating — Hold (April 2026)
As of April 2026, ALEXANDERS INC receives a Hold rating with a composite score of 54.1/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.ALX ranks #873 out of 4,446 stocks in our coverage universe. Within the Financials sector, ALEXANDERS INC ranks #268 of 891 stocks, placing it in the upper half 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%).
ALX Stock Price and 52-Week Range
ALEXANDERS INC (ALX) currently trades at $247.40. The stock gained $1.49 (0.6%) in the most recent trading session. The 52-week high for ALX is $260.84, which means the stock is currently trading -5.2% from its annual peak. The 52-week low is $189.05, putting the stock 30.9% above its annual trough. Recent trading volume was 26K shares, suggesting relatively thin trading activity.
Is ALX Overvalued or Undervalued? — Valuation Analysis
ALEXANDERS INC (ALX) carries a value factor score of 62/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 37.99x, compared to the Financials sector average of 14.88x — a premium of 155%. The price-to-book ratio stands at 10.82x, versus the sector average of 1.22x. The price-to-sales ratio is 5.48x, compared to 0.90x for the average Financials stock. On an enterprise value basis, ALX trades at 11.28x EV/EBITDA, versus 3.26x for the sector.
Overall, ALX'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.
ALEXANDERS INC Profitability — ROE, Margins, and Quality Score
ALEXANDERS INC (ALX) earns a quality factor score of 69/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 28.5%, compared to the Financials sector average of 8.5%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 2.8% versus the sector average of 1.2%.
On a margin basis, ALEXANDERS INC reports gross margins of 0.0%. The operating margin is 32.6% (sector: 21.8%). Net profit margin stands at 14.4%, versus 17.7% for the average Financials stock. Revenue growth is running at 0.1% 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.
ALX Debt, Balance Sheet, and Financial Health
ALEXANDERS INC has a debt-to-equity ratio of 918.0%, compared to the Financials sector average of 121.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 1.11x, suggesting adequate working capital coverage. Total debt on the balance sheet is $987M. Cash and equivalents stand at $286M.
ALX has a beta of 0.36, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for ALEXANDERS INC is 79/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
ALEXANDERS INC Revenue and Earnings History — Quarterly Trend
In TTM 2026, ALEXANDERS INC reported revenue of $216M and earnings per share (EPS) of $5.50. Net income for the quarter was $31M. Gross margin was 0.0%. Operating income came in at $70M.
In FY 2025, ALEXANDERS INC reported revenue of $213M and earnings per share (EPS) of $5.50. Net income for the quarter was $28M. Revenue grew 13.4% year-over-year compared to FY 2024. Operating income came in at $65M.
In Q3 2025, ALEXANDERS INC reported revenue of $53M and earnings per share (EPS) of $1.16. Net income for the quarter was $6M. Revenue grew -4.0% year-over-year compared to Q3 2024. Operating income came in at $16M.
In Q2 2025, ALEXANDERS INC reported revenue of $52M and earnings per share (EPS) of $1.19. Net income for the quarter was $6M. Revenue grew -3.4% year-over-year compared to Q2 2024. Operating income came in at $15M.
Over the past 8 quarters, ALEXANDERS INC has demonstrated a growth trajectory, with revenue expanding from $53M to $216M. Investors analyzing ALX stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
ALX Dividend Yield and Income Analysis
ALEXANDERS INC (ALX) currently pays a dividend yield of 7.7%. At this yield, a $10,000 investment in ALX stock would generate approximately $$768.00 in annual dividend income. This compares to the Financials sector average dividend yield of 2.5%, meaning ALX offers above-average income for its sector. The net margin of 14.4% provides reasonable coverage for the dividend, though investors should monitor payout sustainability.
ALX Momentum and Technical Analysis Profile
ALEXANDERS INC (ALX) has a momentum factor score of 46/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 33/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 12/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
ALX vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing ALX against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full ALX vs S&P 500 (SPY) comparison to assess how ALEXANDERS INC stacks up against the broader market across all factor dimensions.
ALX Next Earnings Date
No upcoming earnings date has been announced for ALEXANDERS INC (ALX) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy ALX? — Investment Thesis Summary
ALEXANDERS INC presents a balanced picture with arguments on both sides. The quality score of 69/100 indicates above-average profitability and business fundamentals. The value score of 62/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 79/100) reduces downside risk.
In summary, ALEXANDERS INC (ALX) earns a Hold rating with a composite score of 54.1/100 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 ALX stock.
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Institutional Research Dossier
ALEXANDERS INC (ALX) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain our Hold rating on Alexander's, Inc. (ALX). The company's concentrated portfolio of real estate assets in the New York City metropolitan area provides a degree of stability, reflected in its high Stability score, but its high leverage and relatively slow revenue growth compared to the sector temper our enthusiasm. While the company exhibits strong profitability metrics like ROE, its high valuation multiples and dependence on a limited geographic market present challenges to significant outperformance.
The core reason for our Hold rating stems from the balance between ALX's solid operational performance and its elevated valuation relative to peers. The company's strategic focus on prime real estate locations in a high-barrier-to-entry market offers some downside protection, but the current price appears to already reflect much of this potential. Investors should carefully weigh the company's strengths against its risks before considering a position.
Business Strategy & Overview
Alexander's, Inc. operates as a real estate investment trust (REIT) with a concentrated portfolio of seven properties located in the greater New York City metropolitan area. The company's primary business model revolves around leasing these properties to commercial tenants, generating revenue through rental income. This strategy is heavily reliant on maintaining high occupancy rates and securing favorable lease terms, both of which are influenced by the overall economic health of the New York City region and the broader commercial real estate market.
ALX's strategic positioning centers on owning and managing properties in high-traffic, strategically important locations. This focus allows the company to attract high-quality tenants and command premium rental rates. However, it also exposes the company to concentration risk, as its performance is directly tied to the economic vitality of a single geographic area. The company's ability to adapt to changing market conditions, such as shifts in tenant preferences or increased competition from new developments, is crucial to its long-term success.
Unlike many REITs, Alexander's does not appear to have a clearly defined product pipeline in the traditional sense. Its growth strategy primarily involves optimizing the performance of its existing properties and selectively acquiring new assets that align with its geographic focus and investment criteria. This approach emphasizes stability and risk management over aggressive expansion, which is reflected in the company's relatively low Investment score.
The industry context for Alexander's is characterized by intense competition among REITs and other commercial property owners. Factors such as interest rates, economic growth, and demographic trends all play a significant role in shaping the demand for commercial real estate. ALX must effectively manage its capital structure and maintain strong relationships with its tenants to navigate this competitive landscape and deliver consistent returns to its shareholders.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
0.1%
Sector: 9.4%
-99% VS SCTR
Economic Moat Analysis
We believe Alexander's possesses a Narrow economic moat. This assessment is primarily based on the company's strategic ownership of prime real estate locations in the highly competitive New York City metropolitan area. The scarcity of land and the high barriers to entry in this market create a degree of competitive advantage, allowing ALX to command premium rental rates and maintain relatively high occupancy rates.
The company's moat is further supported by intangible assets, specifically the reputation and desirability of its properties. These properties are often located in high-traffic areas with strong brand recognition, which attracts high-quality tenants and enhances their long-term value. However, the strength of this moat is limited by the company's geographic concentration and its reliance on a relatively small number of properties.
Unlike businesses with network effects or high switching costs, Alexander's does not benefit from inherent advantages that lock in customers or create exponential growth. Tenants can readily switch to competing properties if they offer better terms or locations. Therefore, ALX must continuously invest in maintaining and improving its properties to remain competitive and retain its tenants.
While ALX's efficient scale contributes to its profitability, it does not represent a significant source of competitive advantage. The company's operating margins are relatively strong compared to the sector, but this is largely due to its focus on high-quality properties rather than inherent cost advantages. Furthermore, the company's high debt levels may limit its ability to invest in future growth and maintain its competitive position.
The moat's narrowness is also reflected in the company's relatively slow revenue growth compared to the sector average. While the company's properties are well-positioned, its ability to generate significant organic growth is constrained by its limited portfolio and geographic concentration. This suggests that ALX's competitive advantage is not strong enough to consistently outperform its peers in terms of revenue growth.
Financial Health & Profitability
Alexander's exhibits a mixed financial profile. While the company demonstrates strong profitability metrics, its high leverage and relatively slow revenue growth raise concerns. The company's ROE of 28.5% significantly exceeds the sector average of 8.5%, indicating efficient use of equity. However, its net margin of 14.4% is below the sector average of 17.8%, suggesting potential inefficiencies in cost management or higher operating expenses.
The company's revenue growth of 0.1% is significantly lower than the sector average of 9.3%, indicating limited organic growth potential. This is further supported by the quarterly financial history, which shows fluctuating revenue and net income figures. While some quarters exhibit strong performance, the overall trend suggests a lack of consistent growth momentum.
ALX's balance sheet is characterized by high leverage, with a debt-to-equity ratio of 918.00, far exceeding the sector average of 115.00. This high level of debt increases the company's financial risk and limits its flexibility to pursue growth opportunities or weather economic downturns. However, the company's current ratio of 1.11 indicates sufficient liquidity to meet its short-term obligations.
The company's free cash flow generation has been inconsistent. While FY2024 showed a strong FCF of $208.77M, the TTM FCF is $83.29M, indicating a significant decrease. This variability in cash flow generation adds to the uncertainty surrounding the company's financial health and its ability to sustain its dividend payments.
The company's EBITDA of $100.25M provides a cushion for debt service, but the high debt levels remain a concern. The company's ability to manage its debt effectively and generate consistent cash flow will be crucial to its long-term financial stability.
Valuation Assessment
Alexander's valuation appears stretched relative to its growth prospects and sector peers. The company's P/E ratio of 43.5x is significantly higher than the sector average of 15.5x, suggesting that investors are paying a premium for its earnings. While the company's ROE is strong, the high P/E ratio indicates that the market may be overestimating its future growth potential.
The company's EV/EBITDA multiple of 3.1x is slightly below the sector average of 3.5x, which could suggest that the company is undervalued on an enterprise value basis. However, this metric does not fully account for the company's high debt levels, which significantly increase its overall risk profile.
Given the company's relatively slow revenue growth and inconsistent free cash flow generation, the current valuation appears to be pricing in significant future growth that may not materialize. The company's high debt levels also add to the risk associated with its valuation, as increased interest rates or economic downturns could negatively impact its earnings and cash flow.
A discounted cash flow analysis would be necessary to determine a more precise intrinsic value for the company. However, based on the available data, it appears that the stock is currently trading at a premium to its fair value. Investors should carefully consider the company's valuation in light of its growth prospects, financial health, and competitive position before making an investment decision.
The BCR proprietary quant model assigns a Value score of 62/100, which suggests that the stock is not significantly overvalued or undervalued. However, the model also considers other factors, such as profitability and growth, which temper the overall assessment. The Hold rating reflects the balance between the company's strengths and weaknesses, as well as its current valuation.
Risk & Uncertainty
Alexander's faces several specific, idiosyncratic risks that could negatively impact its business and financial performance. The most significant risk is its geographic concentration in the New York City metropolitan area. Any economic downturn or adverse event affecting this region could have a disproportionate impact on the company's rental income and property values.
Another key risk is the company's high level of debt. This increases the company's vulnerability to rising interest rates and economic downturns, as it may struggle to meet its debt obligations if rental income declines. The company's ability to refinance its debt on favorable terms will be crucial to its long-term financial stability.
Competition from other REITs and commercial property owners also poses a risk to Alexander's. The company must continuously invest in maintaining and improving its properties to remain competitive and retain its tenants. Failure to do so could result in lower occupancy rates and reduced rental income.
Changes in regulations or zoning laws could also negatively impact the company's business. For example, new regulations that restrict development or increase property taxes could reduce the value of its properties and increase its operating expenses.
Finally, the company's reliance on a relatively small number of tenants creates concentration risk. The loss of a major tenant could significantly impact the company's rental income and profitability. The company must actively manage its tenant relationships and diversify its tenant base to mitigate this risk.
Bulls Say / Bears Say
The Bull Case
BULL VIEWAlexander's prime real estate holdings in New York City provide a stable revenue stream and significant long-term appreciation potential.
BULL VIEWThe company's high ROE demonstrates efficient capital allocation and strong profitability, justifying a premium valuation.
BULL VIEWThe low beta of 0.36 indicates that the stock is less volatile than the overall market, making it a defensive investment in uncertain times.
The Bear Case
BEAR VIEWAlexander's high debt levels and geographic concentration create significant financial and operational risks.
BEAR VIEWThe company's slow revenue growth and high P/E ratio suggest that the stock is overvalued and unlikely to generate significant returns.
BEAR VIEWThe REIT's reliance on a limited number of properties makes it vulnerable to economic downturns in the New York City area.
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 ALX and 4,400+ other equities.
ALEXANDERS INC exhibits a 424% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
2.8%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
0.0%
Sector: 0.0%
Operating Margin
Core business profitability
32.6%
Sector: 21.8%
Net Margin
Bottom-line profitability
14.4%
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.
Sector Avg Yield2.48%
Yield Delta+210%
Income Projection audit
A $10,000 investment would generate approximately $768 annually in dividends at the current trailing rate.
