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Relative valuation derived from Real Estate 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: 48.8GRADE C
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
-1.8%
Sector: 1.5%
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, MAYS J W INC (MAYS) receives a "Hold" rating with a composite score of 41.3/100, ranked #1876 out of 4446 stocks. Key factor scores: Quality 49/100, Value 35/100, Momentum 30/100. This is quantitative analysis only — not investment advice.
MAYS J W INC (MAYS) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does MAYS J W INC Do?
J.W. Mays, Inc. owns, operates, and leases commercial real estate properties in United States. Its properties are located in Brooklyn, Jamaica, Fishkill, Levittown, Massapequa of New York, and Circleville of Ohio. The company was founded in 1924 and is based in Brooklyn, New York. MAYS J W INC (MAYS) is classified as a micro-cap stock in the Real Estate sector. The company is led by CEO Lloyd J. Shulman and employs approximately 30 people, headquartered in BROOKLYN, New York. With a market capitalization of $80M, MAYS is one of the notable companies in the Real Estate sector.
MAYS J W INC (MAYS) Stock Rating — Hold (April 2026)
As of April 2026, MAYS J W INC receives a Hold rating with a composite score of 41.3/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.MAYS ranks #1,876 out of 4,446 stocks in our coverage universe. Within the Real Estate sector, MAYS J W INC ranks #19 of 57 stocks, placing it in the upper half of its Real Estate 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%).
MAYS Stock Price and 52-Week Range
MAYS J W INC (MAYS) currently trades at $40.90. The 52-week high for MAYS is $61.99, which means the stock is currently trading -34.0% from its annual peak. The 52-week low is $32.32, putting the stock 26.5% above its annual trough. Recent trading volume was 0 shares, suggesting relatively thin trading activity.
Is MAYS Overvalued or Undervalued? — Valuation Analysis
MAYS J W INC (MAYS) carries a value factor score of 35/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The price-to-book ratio stands at 1.60x, versus the sector average of 1.18x. The price-to-sales ratio is 3.81x, compared to 0.80x for the average Real Estate stock. On an enterprise value basis, MAYS trades at 120.87x EV/EBITDA, versus 8.62x for the sector.
At current multiples, MAYS J W INC trades at a premium to most Real Estate peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.
MAYS J W INC Profitability — ROE, Margins, and Quality Score
MAYS J W INC (MAYS) earns a quality factor score of 49/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -1.8%, compared to the Real Estate sector average of 1.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -1.0% versus the sector average of 0.8%.
The operating margin is -7.0% (sector: 3.7%). Net profit margin stands at -4.3%, versus 1.8% for the average Real Estate stock. Revenue growth is running at -5.9% on a trailing basis, compared to 6.1% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
MAYS Debt, Balance Sheet, and Financial Health
MAYS J W INC has a debt-to-equity ratio of 6.0%, compared to the Real Estate sector average of 60.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 2.42x, indicating strong short-term liquidity. Total debt on the balance sheet is $3M.
MAYS has a beta of -0.69, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for MAYS J W INC is 56/100, reflecting average volatility within the normal range for its sector.
MAYS J W INC Revenue and Earnings History — Quarterly Trend
In TTM 2026, MAYS J W INC reported revenue of $22M and earnings per share (EPS) of $-0.25. Net income for the quarter was $-913,884. Gross margin was 0.0%. Operating income came in at $5M.
In Q2 2026, MAYS J W INC reported revenue of $5M and earnings per share (EPS) of $-0.25. Net income for the quarter was $-508,960. Revenue grew -7.7% year-over-year compared to Q2 2025. Operating income came in at $-712,400.
In Q1 2026, MAYS J W INC reported revenue of $5M and earnings per share (EPS) of $-0.17. Net income for the quarter was $-334,027. Revenue grew -5.2% year-over-year compared to Q1 2025. Operating income came in at $-488,179.
In FY 2025, MAYS J W INC reported revenue of $22M and earnings per share (EPS) of $-0.07. Net income for the quarter was $-136,240. Gross margin was 0.1%. Revenue grew 4.2% year-over-year compared to FY 2024. Operating income came in at $22M.
Over the past 8 quarters, MAYS J W INC has demonstrated a growth trajectory, with revenue expanding from $22M to $22M. Investors analyzing MAYS stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
MAYS Dividend Yield and Income Analysis
MAYS J W INC (MAYS) does not currently pay a dividend. This is common among smaller companies in the Real Estate industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Real Estate dividend stocks may want to explore other Real Estate stocks or use the stock screener to filter by dividend yield.
MAYS Momentum and Technical Analysis Profile
MAYS J W INC (MAYS) has a momentum factor score of 30/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 35/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 48/100 reflects moderate short selling activity.
MAYS vs Competitors — Real Estate Sector Ranking and Peer Comparison
Comparing MAYS against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full MAYS vs S&P 500 (SPY) comparison to assess how MAYS J W INC stacks up against the broader market across all factor dimensions.
MAYS Next Earnings Date
No upcoming earnings date has been announced for MAYS J W INC (MAYS) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy MAYS? — Investment Thesis Summary
MAYS J W INC presents a balanced picture with arguments on both sides. The value score of 35/100 indicates premium valuation. Momentum is weak at 30/100, a headwind for near-term performance.
In summary, MAYS J W INC (MAYS) earns a Hold rating with a composite score of 41.3/100 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 MAYS stock.
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Institutional Research Dossier
MAYS J W INC (MAYS) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain a Hold rating on J.W. Mays, Inc. (MAYS). The company's consistent struggles with profitability, as evidenced by negative net income and EBITDA, coupled with an elevated EV/EBITDA ratio compared to the sector, raise concerns about its valuation and operational efficiency. While the company possesses a strong current ratio and low debt-to-equity relative to peers, these strengths are overshadowed by its inability to generate sustainable profits and positive free cash flow.
The primary concern revolves around MAYS's high EV/EBITDA multiple, indicating that investors are paying a premium for the company's earnings potential despite its recent financial performance. The lack of free cash flow data further complicates the valuation assessment. While the real estate sector can be cyclical and benefit from long-term appreciation, MAYS's current financial metrics do not justify a more optimistic outlook. A significant turnaround in profitability and cash flow generation is needed to warrant a change in our rating.
Business Strategy & Overview
J.W. Mays, Inc. operates as a commercial real estate company, generating revenue primarily through the ownership, operation, and leasing of commercial properties. The company's portfolio is concentrated in the New York metropolitan area and Ohio, with properties located in Brooklyn, Jamaica, Fishkill, Levittown, Massapequa, and Circleville. This geographic concentration exposes the company to regional economic fluctuations and specific real estate market dynamics within these areas.
The company's business model is relatively straightforward: acquire, manage, and lease commercial real estate. Success hinges on maintaining high occupancy rates, securing favorable lease terms, and controlling operating expenses. Given the company's small size and limited geographic diversification, its ability to compete effectively with larger, more diversified real estate investment trusts (REITs) is a key challenge. The absence of a clearly defined growth strategy or product pipeline, as is common in other industries, places even greater emphasis on efficient property management and cost control.
MAYS's strategic positioning appears to be focused on smaller, community-oriented commercial properties. This contrasts with larger REITs that often target large-scale retail centers or office buildings. This niche focus could provide some insulation from direct competition with larger players, but it also limits the company's growth potential. The company's historical roots, dating back to 1924, suggest a long-term, conservative approach to real estate investment.
The real estate industry is influenced by macroeconomic factors such as interest rates, economic growth, and demographic trends. Rising interest rates can increase borrowing costs and dampen property values, while a strong economy can boost demand for commercial space. Demographic shifts, such as population growth and urbanization, can also impact the demand for retail and commercial properties in specific geographic areas. MAYS's ability to navigate these macroeconomic forces will be crucial to its long-term success.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
-5.9%
Sector: 6.1%
-197% VS SCTR
Economic Moat Analysis
J.W. Mays, Inc. likely possesses a narrow economic moat, primarily derived from the location of its properties and the barriers to entry in specific sub-markets. While the company's properties are not necessarily unique or irreplaceable, their locations in established communities provide a degree of competitive advantage. Real estate, by its nature, is geographically constrained, and prime locations often command higher rents and occupancy rates.
The company's long history in the New York metropolitan area could also contribute to its moat. Established relationships with tenants, local authorities, and other stakeholders can provide a competitive edge. However, this advantage is limited by the relatively small size of the company and its lack of geographic diversification. Larger REITs with greater resources and broader market reach are better positioned to negotiate favorable lease terms and attract high-quality tenants.
MAYS does not appear to benefit from significant network effects, switching costs, or cost advantages. The commercial real estate market is highly competitive, and tenants typically have multiple options to choose from. Switching costs are relatively low, as tenants can easily relocate to competing properties. The company's lack of scale also prevents it from achieving significant cost advantages over its competitors.
The absence of strong intangible assets, such as a well-known brand or proprietary technology, further limits the company's moat. While the company's reputation in its local markets may be positive, it is unlikely to be a significant differentiator in the eyes of tenants. Overall, MAYS's narrow moat provides some protection from competition, but it is not a wide or durable moat that can sustain long-term profitability and growth.
Financial Health & Profitability
J.W. Mays, Inc.'s financial health presents a mixed picture. While the company boasts a strong current ratio of 2.42, indicating ample liquidity to cover short-term obligations, its profitability metrics are concerning. The company has consistently reported negative net income and EBITDA, suggesting operational inefficiencies and an inability to generate sufficient revenue to cover its expenses. The TTM net income of $-508,960 and EBITDA of $-241,723 are particularly troubling.
The company's revenue has fluctuated over the past few years, with a recent decline of -5.9% compared to the sector's growth of 6.1%. This suggests that MAYS is struggling to maintain its market share and capitalize on the overall growth in the real estate sector. The absence of gross margin data further complicates the analysis, as it is difficult to assess the company's cost of revenue and pricing strategy.
Compared to the sector, MAYS's ROE of -1.8% is significantly lower than the sector average of 0.9%. This indicates that the company is not effectively utilizing its equity to generate returns. However, the company's debt-to-equity ratio of 6.00 is substantially lower than the sector average of 76.00, suggesting a more conservative approach to leverage. This lower leverage could provide some financial flexibility, but it also limits the company's ability to invest in growth opportunities.
The quarterly financial history reveals a pattern of inconsistent profitability. While some quarters have shown positive net income, the overall trend is negative. The significant fluctuations in operating margin, particularly the unusually high figures in Q2 FY2025 and FY2025, warrant further investigation. These figures may be due to one-time gains or accounting adjustments that are not sustainable in the long term. The lack of free cash flow data makes it difficult to assess the company's ability to generate cash from its operations.
Valuation Assessment
J.W. Mays, Inc.'s valuation is challenging to assess due to its negative earnings and lack of free cash flow data. The company's P/E ratio is not applicable (N/A) due to its negative net income. The EV/EBITDA multiple of 121.6x is significantly higher than the sector average of 8.6x, suggesting that the company is overvalued relative to its earnings potential. This high multiple indicates that investors are paying a premium for the company's future prospects, despite its current financial struggles.
The absence of free cash flow data further complicates the valuation assessment. Free cash flow is a key metric for valuing real estate companies, as it represents the cash available to distribute to shareholders or reinvest in the business. Without this data, it is difficult to determine the company's true intrinsic value. The company's market capitalization of $83.45 million may be justified if it can significantly improve its profitability and cash flow generation in the future, but this is highly uncertain.
Compared to its historical performance, MAYS's current valuation appears stretched. The company's inconsistent profitability and declining revenue growth do not support a high EV/EBITDA multiple. While the real estate sector can be cyclical, and property values can appreciate over time, MAYS's current financial metrics do not justify a premium valuation.
A more reasonable valuation would likely be based on a discounted cash flow analysis, but this is not possible without free cash flow data. Alternatively, a relative valuation based on comparable REITs could be used, but this would require adjusting for MAYS's smaller size, geographic concentration, and weaker financial performance. Overall, the company's valuation appears to be elevated, and investors should exercise caution before investing in MAYS.
Risk & Uncertainty
J.W. Mays, Inc. faces several specific risks that could negatively impact its business and financial performance. One of the primary risks is its geographic concentration. The company's properties are primarily located in the New York metropolitan area and Ohio, making it vulnerable to regional economic downturns and changes in local real estate market conditions. A decline in demand for commercial space in these areas could lead to lower occupancy rates and rental income.
Another risk is the company's small size and limited diversification. MAYS is significantly smaller than many of its competitors, which limits its ability to negotiate favorable lease terms and attract high-quality tenants. The company's lack of geographic diversification also makes it more susceptible to property-specific risks, such as vacancies, maintenance issues, and environmental liabilities.
The company's reliance on a limited number of tenants could also pose a risk. The loss of a major tenant could significantly impact the company's revenue and profitability. MAYS needs to diversify its tenant base and secure long-term leases to mitigate this risk. Furthermore, rising interest rates could increase the company's borrowing costs and dampen property values, negatively impacting its financial performance.
Finally, the company's consistent struggles with profitability and cash flow generation are a significant concern. If MAYS is unable to improve its operational efficiency and generate sustainable profits, it may face financial distress and be forced to sell assets or seek additional financing. The lack of free cash flow data further exacerbates this risk, as it is difficult to assess the company's ability to meet its financial obligations.
Bulls Say / Bears Say
The Bull Case
BULL VIEWMAYS's low debt-to-equity ratio provides financial flexibility to pursue strategic acquisitions or weather economic downturns, positioning it for long-term growth.
BULL VIEWThe company's established presence in key New York metropolitan area markets provides a competitive advantage and potential for increased rental income as the economy recovers.
BULL VIEWMAYS's strong current ratio indicates a healthy liquidity position, enabling it to meet its short-term obligations and capitalize on emerging investment opportunities.
The Bear Case
BEAR VIEWMAYS's negative net income and EBITDA demonstrate a fundamental inability to generate profits, raising serious concerns about its long-term viability.
BEAR VIEWThe company's elevated EV/EBITDA multiple suggests significant overvaluation, making it a risky investment compared to its peers in the real estate sector.
BEAR VIEWMAYS's declining revenue growth indicates a loss of market share and an inability to capitalize on the overall growth in the real estate sector, signaling potential stagnation.
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 MAYS and 4,400+ other equities.
MAYS J W INC exhibits a 334% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
-1.0%
Sector: 0.8%
Gross Margin
Pricing power and cost efficiency
—
Sector: 26.0%
Operating Margin
Core business profitability
-7.0%
Sector: 3.7%
Net Margin
Bottom-line profitability
-4.3%
Sector: 1.8%
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.
