Real Estate · REIT - Retail
Price
$1.52
Market Cap
$833,854
Employees
56
Beta
1.00
Avg Volume
368,235
CEO
Michael Andrew Franklin
Business Description
Wheeler Real Estate Investment Trust, Inc. (Nasdaq: WHLR), headquartered in Virginia Beach, Virginia, operates as a self-managed and fully integrated commercial real estate investment trust. Its core business centers on the acquisition, leasing, and operation of income-generating retail properties, with a notable focus on grocery-anchored centers. The company cultivates a portfolio of strategically located, potentially dominant retail assets within secondary and tertiary markets, striving to achieve appealing, risk-adjusted returns. Wheeler REIT's common stock, Series B convertible preferred stock, Series D preferred stock, and convertible notes are all publicly traded on the Nasdaq exchange, identified by the symbols WHLR, WHLRP, WHLRD, and WHLRL, respectively.
Business History
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
0.09
Stock Price: $1.52
EPS (Diluted): -36.01
EPS (Diluted): -36.01
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
0.03
Stock Price: $1.52
Total Equity: $63.44M
Shares: 35,634
Total Equity: $63.44M
Shares: 35,634
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
6.85
Market Cap: $833,854
Total Debt: $468.16M
Cash: $23.66M
EBITDA: $68.87M
Total Debt: $468.16M
Cash: $23.66M
EBITDA: $68.87M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$462.3M
Market Cap: $833,854
Total Debt: $468.16M
Cash: $23.66M
Total Debt: $468.16M
Cash: $23.66M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
66.8%
Gross Profit: $66.40M
Revenue: $99.45M
Revenue: $99.45M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
31.9%
Operating Income: $31.75M
Revenue: $99.45M
Revenue: $99.45M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
8.8%
Net Income: $8.77M
Revenue: $99.45M
Revenue: $99.45M
ROE (Profit from shareholder equity)
APINet Income / Total Equity
9.7%
Net Income: $8.77M
Total Equity: $63.44M
Total Equity: $63.44M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
6.0%
Operating Income: $31.75M
Tax Rate: 0.2%
Equity: $63.44M
Total Debt: $468.16M
Cash: $23.66M
Tax Rate: 0.2%
Equity: $63.44M
Total Debt: $468.16M
Cash: $23.66M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
2.95
Current Assets: $68.94M
Current Liabilities: $23.39M
Current Liabilities: $23.39M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
7.38
Short-Term Debt: $0.00
Long-Term Debt: $468.16M
Total Debt: $468.16M
Total Equity: $63.44M
Long-Term Debt: $468.16M
Total Debt: $468.16M
Total Equity: $63.44M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$2,790.73
Revenue: $99.45M
Shares: 35,634
Shares: 35,634
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$1,780.27
Total Equity: $63.44M
Shares: 35,634
Shares: 35,634
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$112.98
Operating CF: $21.13M
CapEx: -$17.11M
Shares: 35,634
CapEx: -$17.11M
Shares: 35,634
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $1.52
Stock Price: $1.52
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $8.77M
Net Income: $8.77M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares WHLR against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 25, 2026 3:31am (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $61.3M | $76.6M | $102.3M | $104.6M | $99.4M |
| Cost of Revenue | $19.6M | $25.7M | $34.9M | $35.1M | $33.0M |
| Gross Profit | $41.7M | $50.9M | $67.5M | $69.5M | $66.4M |
| Operating Expenses | $22.2M | $26.3M | $38.0M | $31.9M | $34.7M |
| Operating Income | $19.5M | $24.6M | $29.4M | $37.5M | $31.7M |
| Net Income | -$9.4M | -$12.5M | -$4.7M | -$9.6M | $8.8M |
| EBITDA | $38.5M | $32.5M | $62.3M | $55.6M | $68.9M |
| EPS | $-123,675,855.00 | $-199,922,387.00 | $-41,440,261.00 | $-13,097,122,482.00 | $-36.01 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 25, 2026 3:31am (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $22.9M | $28.5M | $18.4M | $43.0M | $23.7M |
| Total Current Assets | $51.7M | $69.4M | $52.9M | $75.4M | $68.9M |
| Total Assets | $465.3M | $684.5M | $668.3M | $653.7M | $601.7M |
| Current Liabilities | $17.8M | $42.4M | $34.9M | $28.3M | $23.4M |
| Long-Term Debt | $333.3M | $466.0M | $477.6M | $476.7M | $468.2M |
| Total Liabilities | $368.9M | $532.0M | $526.8M | $537.0M | $507.0M |
| Total Equity | $94.4M | $86.4M | $75.4M | $59.3M | $63.4M |
| Retained Earnings | -$274.1M | -$295.6M | -$324.9M | -$347.0M | -$350.9M |
Cash Flow (Annual)
Last updated: Jun 25, 2026 3:31am (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $17.0M | $30.8M | $20.9M | $26.0M | $21.1M |
| Capital Expenditure | -$6.4M | -$8.5M | -$20.0M | -$22.5M | -$17.1M |
| Free Cash Flow | $10.6M | $22.2M | $913,000 | $3.5M | $4.0M |
| Acquisitions (net) | $0 | $0 | $0 | -$11.5M | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$8.3M | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$2.3M | $15.4M | -$16.1M | $20.9M | -$12.1M |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 7:20am (1h ago)| Metric | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| Revenue |
$43.1M $43.1M – $43.1M
|
$44.1M $44.1M – $44.1M
|
$63.6M $63.6M – $63.6M
|
$63.7M $63.7M – $63.7M
|
| EBITDA |
$33.2M $33.2M – $33.2M
|
$34.0M $34.0M – $34.0M
|
$49.0M $49.0M – $49.0M
|
$49.1M $49.1M – $49.1M
|
| Net Income |
-$400.3M -$400.3M – -$400.3M
|
-$449.0M -$449.0M – -$449.0M
|
-$541.4M -$541.4M – -$541.4M
|
$0 |
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 25, 2026 3:31am (2d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +25.0% | +33.5% | +2.2% | -4.9% |
| Gross Profit Growth | +22.1% | +32.5% | +3.0% | -4.4% |
| Operating Income Growth | +26.1% | +19.6% | +27.6% | -15.4% |
| Net Income Growth | -31.9% | +62.4% | -104.3% | +191.6% |
| EBITDA Growth | -15.7% | +92.0% | -10.7% | +23.8% |
Insider Trading (Recent)
Last updated: Jun 27, 2026 7:20am (1h ago)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-03 | Hannon Gregory Paul | P-Purchase | 0.00 | $0.69 | $0 |
| 2026-06-03 | Stilwell Joseph | S-Sale | 0.00 | $1.03 | $0 |
| 2026-06-03 | Stilwell Joseph | P-Purchase | 0.00 | $1.03 | $0 |
| 2026-03-14 | Gundlach Patrick | 0.00 | $0.00 | $0 | |
| 2026-04-15 | Magnetar Financial LLC | S-Sale | 3,127.00 | $0.80 | $2,488 |
| 2026-04-10 | Magnetar Financial LLC | S-Sale | 1,413.00 | $0.83 | $1,178 |
| 2026-04-13 | Magnetar Financial LLC | S-Sale | 87,177.00 | $0.86 | $74,615 |
| 2026-04-14 | Magnetar Financial LLC | S-Sale | 4,910.00 | $0.77 | $3,760 |
| 2026-04-07 | Magnetar Financial LLC | S-Sale | 6,774.00 | $0.85 | $5,786 |
| 2026-04-08 | Magnetar Financial LLC | S-Sale | 6,234.00 | $0.86 | $5,331 |
| 2026-04-09 | Magnetar Financial LLC | S-Sale | 12,346.00 | $0.83 | $10,221 |
| 2026-04-01 | Magnetar Financial LLC | S-Sale | 3,332.00 | $0.95 | $3,154 |
| 2026-04-02 | Magnetar Financial LLC | S-Sale | 13,253.00 | $0.93 | $12,301 |
| 2026-04-06 | Magnetar Financial LLC | S-Sale | 6,503.00 | $0.92 | $6,005 |
| 2026-03-27 | Magnetar Financial LLC | S-Sale | 3,685.00 | $1.04 | $3,823 |
| 2026-03-30 | Magnetar Financial LLC | S-Sale | 2,103.00 | $0.97 | $2,045 |
| 2026-03-31 | Magnetar Financial LLC | S-Sale | 12,378.00 | $0.93 | $11,516 |
| 2026-03-24 | Magnetar Financial LLC | X-InTheMoney | 172,075.00 | $0.01 | $1,721 |
| 2026-03-26 | Magnetar Financial LLC | S-Sale | 8,840.00 | $1.10 | $9,692 |
| 2026-03-24 | Magnetar Financial LLC | X-InTheMoney | 172,075.00 | $0.01 | $1,721 |
Dividend History (Last 20)
Last updated: Jun 25, 2026 3:31am (2d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2018-03-28 | $0.00 | 2017-04-10 | 2018-04-15 | |
| 2017-12-27 | $0.34 | 2017-12-14 | 2017-12-28 | 2018-01-15 |
| 2017-09-28 | $0.34 | 2017-09-18 | 2017-09-29 | 2017-10-15 |
| 2017-06-28 | $0.34 | 2017-02-27 | 2017-06-30 | 2017-07-15 |
| 2017-03-29 | $0.02 | 2017-03-17 | 2017-03-31 | 2017-04-28 |
| 2017-02-24 | $0.02 | 2017-02-16 | 2017-02-28 | 2017-03-31 |
| 2017-01-27 | $0.02 | 2017-01-18 | 2017-01-31 | 2017-02-28 |
| 2016-12-28 | $0.02 | 2016-12-20 | 2016-12-30 | 2017-01-31 |
| 2016-11-28 | $0.02 | 2016-11-22 | 2016-11-30 | 2016-12-30 |
| 2016-10-27 | $0.02 | 2016-10-18 | 2016-10-31 | 2016-11-30 |
| 2016-09-28 | $0.02 | 2016-09-19 | 2016-09-30 | 2016-10-31 |
| 2016-08-29 | $0.02 | 2016-08-18 | 2016-08-31 | 2016-09-30 |
| 2016-07-27 | $0.02 | 2016-07-20 | 2016-07-31 | 2016-08-31 |
| 2016-06-28 | $0.02 | 2016-06-17 | 2016-06-30 | 2016-07-31 |
| 2016-05-26 | $0.02 | 2016-05-17 | 2016-05-31 | 2016-06-30 |
| 2016-04-27 | $0.02 | 2016-04-18 | 2016-04-30 | 2016-05-31 |
| 2016-03-29 | $0.02 | 2016-03-16 | 2016-03-31 | 2016-04-30 |
| 2016-02-25 | $0.02 | 2016-02-17 | 2016-02-29 | 2016-03-31 |
| 2016-01-27 | $0.02 | 2016-01-19 | 2016-01-31 | 2016-02-29 |
| 2015-12-29 | $0.02 | 2015-12-15 | 2015-12-31 | 2016-01-31 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for WHLR — it's generated by the pipeline (
market-narrative step).
No community reviews yet for WHLR.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30