Revenue vs Net income
Reported dollars from 10-Q / 10-K filings. Q4 bars are derived (annual less nine months) where the 10-K does not tag Q4 separately.
Margin trend
Gross, operating and net margin. Margins are derived from reported dollars.
Revenue YoY growth
Year-over-year change vs the same quarter (or fiscal year) a year earlier. Shown where the prior-year period is in the 8-quarter snapshot (latest four quarters).
Income statement
From 10-Q / 10-K XBRL. Values in reported dollars; EPS in $/share; share counts in shares.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $1.3B | $1.5B | $1.6B | $1.7B | $1.7B |
| YoY | — | +17.6% | +7.3% | +2.7% | +2.4% |
| Cost of goods sold | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Research & development | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Operating income | $268.0M | $250.8M | $635.0M | $284.6M | $553.6M |
| YoY | — | -6.4% | +153.2% | -55.2% | +94.5% |
| Pretax income | $162.4M | $92.9M | $476.6M | $96.8M | $404.6M |
| YoY | — | -42.8% | +413.0% | -79.7% | +318.0% |
| Income tax | $1.4M | $300K | $2.1M | $900K | $800K |
| YoY | — | -78.6% | +600.0% | -57.1% | -11.1% |
| Net income | $150.0M | $86.9M | $444.4M | $89.6M | $377.7M |
| YoY | — | -42.1% | +411.4% | -79.8% | +321.5% |
| EPS — basic | $0.49 | $0.26 | $1.34 | $0.26 | $1.13 |
| YoY | — | -46.9% | +415.4% | -80.6% | +334.6% |
| EPS — diluted | $0.48 | $0.26 | $1.34 | $0.26 | $1.13 |
| YoY | — | -45.8% | +415.4% | -80.6% | +334.6% |
| Weighted shares — basic | 300.3M | 321.7M | 328.8M | 329.3M | 330.3M |
| Weighted shares — diluted | 301.7M | 322.7M | 329.1M | 330.1M | 331.1M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $1.0M | $1.2M | $2.9M | $1.3M | $1.2M |
| YoY | — | +20.0% | +141.7% | -55.2% | -7.7% |
| Marketable securities (current) | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Accounts receivable | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Inventory | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total current assets | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total assets | $10.8B | $11.0B | $11.4B | $10.9B | $10.6B |
| YoY | — | +2.4% | +3.0% | -4.2% | -2.7% |
| Total current liabilities | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total liabilities | $6.0B | $6.1B | $6.4B | $6.4B | $6.5B |
| YoY | — | +1.6% | +5.3% | +0.2% | +0.3% |
| Total equity | $3.4B | $4.1B | $4.0B | $3.4B | $3.3B |
| YoY | — | +19.0% | -2.6% | -13.7% | -4.5% |
| Shares outstanding | 318.1M | 329.0M | 329.0M | 330.9M | 328.3M |
| YoY | — | +3.4% | +0.0% | +0.6% | -0.8% |
Cash flow
Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Operating cash flow | $664.0M | $820.1M | $832.7M | $876.8M | $902.9M |
| YoY | — | +23.5% | +1.5% | +5.3% | +3.0% |
| Capital expenditures | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Free cash flow | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Dividends paid | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Share repurchases | — | $49.0M | $25.0M | — | $117.8M |
| YoY | — | — | -49.0% | — | — |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — |
| Operating margin | 20.8% | 16.5% | 39.0% | 17.0% | 32.3% |
| Net margin | 11.6% | 5.7% | 27.3% | 5.4% | 22.1% |
| Free cash flow margin | — | — | — | — | — |
| Effective tax rate | 0.9% | 0.3% | 0.4% | 0.9% | 0.2% |
| Current ratio | — | — | — | — | — |
| Total liabilities / equity | 1.74x | 1.49x | 1.61x | 1.87x | 1.96x |
Peer comparison — latest full year
Same sector (Real Estate), sorted by revenue. All figures from the same EDGAR XBRL snapshot.
| Ticker | Revenue | Revenue YoY | Gross margin | Operating margin | Net margin | FCF margin |
|---|---|---|---|---|---|---|
| UDR FY25 · this stock | $1.7B | +2.4% | — | 32.3% | 22.1% | — |
| CBRE FY25 | $40.5B | +13.4% | — | 4.3% | 2.9% | — |
| EQIX FY25 | $9.2B | +5.4% | — | 20.0% | 14.6% | — |
| AMT FY20 | $8.0B | +6.1% | — | 35.9% | — | 35.4% |
| SPG FY25 | $6.4B | +6.7% | — | 49.9% | — | — |
| DLR FY25 | $6.1B | +10.0% | — | 10.8% | 21.4% | — |
| O FY25 | $5.7B | +9.1% | — | — | 18.4% | — |
| PSA FY25 | $4.8B | +2.7% | — | — | 37.0% | — |
| CCI FY25 | $4.3B | -4.4% | — | 48.7% | 10.4% | — |
| VICI FY25 | $4.0B | +4.1% | — | — | 69.3% | — |
| EXR FY25 | $3.4B | +3.7% | — | 41.8% | 28.8% | — |
Source: SEC EDGAR XBRL company facts (10-Q / 10-K), snapshot generated 2026-11-03 for 218 tickers. Q4 values are derived as the 10-K annual less the first nine months, since Q4 is not separately tagged in company facts; cash-flow quarterly values are derived from year-to-date filings the same way. Free cash flow = operating cash flow − capital expenditures. Blank cells mean the filing does not report that line item under a standard US-GAAP tag — nothing is estimated or filled in. Descriptive research, not investment advice. How EarnIQ builds fundamentals.