| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | 1 | — | — | 1 | — | 2 | 1 | 1 | — | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡‡ |
|
| 2027 | ‡‡‡‡ |
|
| 2026 | 1.24 |
—
—
—
|
| 2025 | 1.14 |
—
—
—
—
|
| 2024 | 1.11 |
—
—
—
—
|
| 2023 | 1.10 |
—
—
—
—
|
| 2022 | 1.09 |
—
—
—
—
|
| 2021 | 1.02 |
—
—
—
—
|
| 2020 | 0.82 |
—
—
—
—
|
| 2019 | 0.06 |
—
|
| 2018 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 13.73 | 7.95 | 39.00 | 26.07 |
| Receivables | — | — | — | — |
| Inventory | — | — | — | — |
| Other | — | — | — | — |
| 13.73 | 7.95 | 39.00 | 26.07 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 5.74 | 8.45 | 7.88 | 14.09 |
| ST’ Debt | — | — | — | — |
| Other | — | — | — | — |
| 5.74 | 8.45 | 7.88 | 14.09 |
| 10y | 5y | 3y | |
| Sales | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | — | ‡‡‡ | ‡‡‡ |
| Book Value | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 18.41 | 20.00 | — | — |
—
|
| ’25 | 14.21 | 14.86 | 14.56 | 16.90 |
60.53
|
| ’24 | 12.47 | 12.49 | 13.48 | 13.79 |
52.23
|
| ’23 | 11.16 | 11.35 | 11.56 | 11.58 |
45.64
|
| ’22 | 10.80 | 11.28 | 11.52 | 11.59 |
45.19
|
| ’21 | 5.89 | 6.60 | 8.17 | 9.47 |
30.13
|
| ’20 | 4.17 | 4.59 | 5.10 | 5.39 |
19.25
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 4.36 | 6.24 | — | — |
—
|
| ’25 | 5.83 | 8.39 | 9.43 | 2.10 |
25.75
|
| ’24 | 6.76 | 8.03 | 6.21 | 2.42 |
23.42
|
| ’23 | 5.38 | 8.30 | 5.07 | 4.42 |
23.17
|
| ’22 | 6.12 | 7.13 | 4.36 | 7.04 |
24.65
|
| ’21 | 3.81 | 5.06 | 4.22 | 4.11 |
17.20
|
| ’20 | 2.81 | 0.74 | 3.81 | 2.04 |
9.39
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 9.89 | (14.27) | — | — |
—
|
| ’25 | (23.01) | 28.85 | (17.05) | 4.90 |
(6.32)
|
| ’24 | 5.62 | (0.39) | 46.96 | (42.29) |
9.89
|
| ’23 | 60.73 | (30.95) | 5.49 | 10.06 |
45.33
|
| ’22 | (59.97) | 34.60 | 16.08 | (4.84) |
(14.13)
|
| ’21 | (18.31) | (38.76) | (47.15) | (74.57) |
(178.79)
|
| ’20 | (44.57) | (27.97) | (15.91) | 97.84 |
(104.48)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.06 | 0.16 | — | — |
—
|
| ’25 | (0.08) | (0.12) | (0.09) | 0.06 |
(0.22)
|
| ’24 | (0.02) | 0.01 | 0.21 | (0.06) |
0.14
|
| ’23 | 0.21 | 0.01 | (0.05) | 0.02 |
0.19
|
| ’22 | 0.06 | 1.05 | 0.72 | 0.34 |
2.17
|
| ’21 | 0.05 | 0.03 | 0.07 | 0.64 |
0.89
|
| ’20 | 0.00 | 0.03 | 0.06 | 0.02 |
0.11
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | — | — | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 15.41 | 14.25 | 14.33 | 13.10 | — | — | — |
Low Price
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 21.07 | 20.79 | 19.42 | 17.88 | — | — | — |
High Price
|
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Employees
|
| — | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — |
Revenue/Emp
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 45.19 | 45.64 | 52.23 | 60.53 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 87.97% | 85.58% | 85.08% | 86.86% | — | — | — |
Gross Margin
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 33.96 | 3.27 | 2.25 | (2.88) | — | — | — |
EBT
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 75.14% | 7.16% | 4.32% | (4.77%) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 33.96 | 3.27 | 2.25 | (2.88) | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 23.84 | 26.05 | 25.80 | 27.57 | — | — | — |
Depreciation
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.77 | 3.28 | 3.77 | 4.22 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| — | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 2.48 | 0.21 | 0.15 | (0.22) | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡ |
Earnings/Sh
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.06 | 1.66 | 1.69 | 1.80 | — | — | — |
Cash Flow/Sh
|
| — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.24) | 1.59 | (0.98) | (2.24) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1.18) | 3.26 | 0.71 | (0.44) | — | — | — |
Free CF/Sh
|
| — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 24.66 | 19.79 | 19.95 | 21.03 | — | — | — |
Book Value/Sh
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11.98 | 13.93 | 13.86 | 14.33 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.67 | 80.67 | 119.93 | 0.00 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| — | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.06 | 5.17 | 4.46 | 3.96 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| — | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.77 | 0.86 | 0.84 | 0.80 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| — | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10.72 | 10.94 | 10.11 | 9.58 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| — | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (34.30) | 11.02 | 53.37 | (91.77) | — | — | — |
EV/FCF
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 24.65 | 23.17 | 23.42 | 25.75 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (38.78) | 22.17 | (13.53) | (32.07) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (14.13) | 45.33 | 9.89 | (6.32) | ‡‡‡‡‡ | — | — |
FCF
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.63 | 8.00 | (0.49) | 31.12 | — | — | — |
Working Cap'
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 267.12 | 275.68 | 301.47 | 377.74 | — | — | — |
Total Debt
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 254.07 | 261.95 | 293.52 | 338.74 | — | — | — |
Net Debt
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 295.38 | 275.61 | 276.50 | 301.26 | — | — | — |
Sh' Equity
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.51% | 0.51% | 0.35% | (0.49%) | — | — | — |
ROA
|
| — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.95% | 1.53% | 1.54% | 1.28% | — | — | — |
ROIC
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11.36% | 1.02% | 0.75% | (1.11%) | — | — | — |
ROE
|
Alpine Income Property Trust (PINE), a net lease REIT specializing in single-tenant commercial properties, has delivered impressive revenue growth from $8.5 million in 2017 to $52.2 million in 2024 (31% CAGR), driven by aggressive acquisitions and stable 85-88% gross margins from creditworthy tenants. However, profitability has swung wildly—peaking at $34 million net income in 2022 before plunging to a $2.9 million loss in 2024—amid COVID disruptions and Fed rate hikes that inflated debt costs on its $378 million load, testing resilience in a high-rate environment.
Projections signal recovery: revenues climbing 16% annually to 2026 toward $80 million by 2028, EPS rebounding 220% to $0.48 in 2025, and FCF turning positive, assuming rate stabilization. Balance sheet equity has tripled to $301 million, though leverage remains a concern with net debt-to-equity over 1x. Valuation appears attractive at 0.84x book value and 4.5x sales, with shares near highs after a 30% drawdown, bolstered by bullish insider buys totaling $1.7 million.
PINE stands at a macro crossroads—poised for upside if rates ease like post-2009 REIT rallies, but vulnerable to prolonged tightening or tenant risks. Recent insider confidence and sector tailwinds in net leases hint at asymmetric potential for patient investors.
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