Armada Hoffler Properties, Inc. (AHH) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 25	$0.03	-$0.01	-133.3%	—	-$26.8M	—
Q3 25	$0.05	-$0.04	-180.0%	—	$96.1M	—
Q2 25	$0.04	$0.04	0.0%	—	$101.3M	—
Q1 25	$0.02	-$0.06	-400.0%	—	$114.6M	—
Q4 24	$0.04	$0.26	+550.0%	—	$142.6M	—
Q3 24	$0.08	-$0.1	-225.0%	—	$187.7M	—
Q2 24	$0.06	$0.02	-66.7%	—	$184.7M	—
Q1 24	$0.04	$0.17	+325.0%	—	$193.5M	—
Q4 23	$0.07	-$0.27	-485.7%	—	$191M	—
Q3 23	$0.1	$0.06	-40.0%	—	$166M	—
Q2 23	$0.1	$0.13	+30.0%	—	$165.9M	—
Q1 23	$0.1	$0.03	-70.0%	—	$144.2M	—
Q4 22	$0.11	$0.13	+18.2%	—	$151.6M	—
Q3 22	$0.07	$0.38	+442.9%	—	$126.3M	—
Q2 22	$0.09	$0.31	+244.4%	—	$103.8M	—
Q1 22	$0.08	$0.11	+37.5%	—	$82.9M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.07	—	—	$285.2M	—
FY24	—	$0.39	—	—	$708.5M	—
FY23	—	-$0.07	—	—	$667.2M	—
FY22	—	$1.22	—	—	$471.1M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$258.4M	$302.8M	$193.3M	$257.2M	$383.6M	$302.5M	$471.1M	$667.2M	$708.5M	$285.2M
YoY change	+2.36%	+17.2%	-36.2%	+33%	+49.2%	-21.1%	+55.7%	+41.6%	+6.19%	-59.7%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	258.4M	302.8M	193.3M	257.2M	383.6M	302.5M	471.1M	667.2M	708.5M	285.2M
Cost of revenue	184.9M	222.5M	112.2M	150.8M	266.6M	156.4M	300M	478.6M	505M	92M
Gross profit	73.5M	80.2M	81.1M	106.4M	117.1M	146.1M	171.2M	188.6M	203.4M	193.2M
Gross margin	28.4%	26.5%	41.9%	41.4%	30.5%	48.3%	36.3%	28.3%	28.7%	67.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	9.6M	10.4M	11.4M	12.4M	12.9M	14.6M	15.7M	18.1M	20.2M	20.3M
Operating expenses	9.6M	10.4M	11.4M	12.4M	13.2M	13.8M	15.7M	18.1M	20.2M	20.3M
Operating income	28.6M	32.5M	29.7M	39M	43.3M	62.4M	80.8M	72.5M	92.1M	81.8M
Operating margin	11.1%	10.7%	15.4%	15.2%	11.3%	20.6%	17.1%	10.9%	13%	28.7%
Non-operating income, net	27.7M	8.5M	2.1M	862K	4.5M	-3.8M	58.7M	-5.7M	28.7M	2.4M
Pretax income	43.1M	30.6M	23.5M	31.8M	36.7M	24.7M	99.8M	9M	41.9M	-1.2M
Income tax	343K	725K	-29K	-491K	-283K	-742K	-145K	1.3M	-614K	—
Net income	42.8M	29.9M	23.5M	32.3M	37M	25.5M	100M	7.7M	42.5M	3.9M
Net margin	16.5%	9.88%	12.2%	12.5%	9.63%	8.41%	21.2%	1.15%	6%	1.37%
EBITDA	67.3M	77M	81.1M	118.1M	124.3M	132.6M	155.2M	169.9M	183.5M	171.1M
EPS	1.14	0.5	0.36	0.53	0.51	0.22	1.22	-0.07	0.39	-0.07
Diluted EPS	0.85	0.5	0.36	0.41	0.38	0.17	0.93	-0.07	0.33	-0.07

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Revenue	144.2M	165.9M	166M	191M	193.5M	184.7M	187.7M	142.6M	114.6M	101.3M	96.1M	-26.8M
Cost of revenue	99.5M	118.4M	116.7M	143.9M	143.4M	133.5M	133.8M	94.3M	66.8M	53.3M	44.9M	-73M
Gross profit	44.6M	47.6M	49.3M	47.1M	50.1M	51.3M	53.8M	48.3M	47.8M	48M	51.2M	46.2M
Gross margin	31%	28.7%	29.7%	24.7%	25.9%	27.7%	28.7%	33.9%	41.7%	47.4%	53.3%	-172.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	5.4M	4.1M	4.3M	4.3M	5.9M	4.5M	5.2M	4.7M	7.4M	6M	4.4M	2.5M
Operating expenses	5.4M	4.1M	4.3M	4.3M	5.9M	4.5M	5.2M	4.7M	7.4M	6M	4.4M	2.5M
Operating income	20.4M	23.2M	21.4M	7.5M	23.3M	25.8M	24.8M	18.3M	17.2M	20.5M	23.8M	20.3M
Operating margin	14.1%	14%	12.9%	3.92%	12%	14%	13.2%	12.8%	15%	20.2%	24.7%	-75.9%
Non-operating income, net	-2.5M	5.7M	2.8M	-11.6M	13M	-2.5M	-10.3M	28.6M	-3.3M	7M	-1.6M	265K
Pretax income	5.6M	15.2M	8.7M	-20.6M	18.3M	2M	-7M	28.5M	-4.2M	6.2M	-547K	-2.6M
Income tax	188K	336K	310K	495K	534K	-1.2M	592K	-494K	190K	-567K	192K	—
Net income	5.4M	14.9M	8.4M	-21.1M	17.7M	3.3M	-7.5M	29M	-4.3M	6.7M	-739K	2.3M
Net margin	3.76%	8.97%	5.07%	-11%	9.16%	1.77%	-4.02%	20.4%	-3.79%	6.63%	-0.77%	-8.49%
EBITDA	39.2M	43.6M	44.4M	42.8M	44.2M	47.1M	48.5M	43.7M	38.4M	46.9M	46.9M	43.8M
EPS	0.03	0.17	0.08	-0.36	0.22	0	-0.13	0.33	-0.09	0.04	-0.04	—
Diluted EPS	0.03	0.17	0.06	-0.36	0.17	0	-0.13	0.26	-0.09	0.04	-0.04	—

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	662.8M	959M	778.9M	826.2M	—	530.4M	611.6M
Enterprise value	—	—	—	—	1.6B	1.9B	1.9B	2.3B	—	2.1B	2.5B
Shares outstanding	37.5M	42.1M	47.8M	56.3M	59.1M	63M	67.7M	66.8M	79.7M	80.1M	80.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	17.9	37.7	7.79	107.8	—	135.7	28.4
P/S	—	—	—	—	1.73	3.17	1.65	1.24	—	1.86	2.29
P/B	—	—	—	—	0.88	1.23	0.86	1.03	—	0.64	1.1
EV/EBITDA	—	—	—	—	13.2	14.5	12.1	13.6	—	12.5	15.1
EV/Sales	—	—	—	—	4.29	6.34	3.98	3.48	—	7.48	8.72
Earnings yield	—	—	—	—	5.58%	2.65%	12.8%	0.93%	—	0.74%	3.52%
FCF yield	—	—	—	—	13.8%	9.51%	15%	11.3%	—	12.1%	29.8%
PEG	—	—	—	—	—	—	—	—	—	—	23.1

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	28.4%	26.5%	41.9%	41.4%	30.5%	48.3%	36.3%	28.3%	28.7%	67.7%	-172.4%
Operating margin	11.1%	10.7%	15.4%	15.2%	11.3%	20.6%	17.1%	10.9%	13%	28.7%	31.1%
Net margin	16.5%	9.88%	12.2%	12.5%	9.63%	8.41%	21.2%	1.15%	6%	1.37%	1.98%
ROE	12.3%	7.12%	5.15%	4.92%	4.88%	3.26%	11.1%	0.95%	4.78%	0.47%	-0.13%
ROA	4.35%	2.87%	1.86%	1.79%	1.93%	1.31%	4.46%	0.3%	1.69%	0.15%	1.93%
ROIC	3.34%	3.46%	2.63%	2.4%	2.49%	3.59%	4.03%	2.69%	3.85%	—	—
Return on tangible assets	4.73%	3.04%	1.94%	1.93%	1.99%	1.36%	4.67%	0.31%	1.75%	0.16%	0.16%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.07	0.51	0.96	1.36	2.38	2.25	1.46	0.7	2.11	3.33	0.79
Quick ratio	1.07	0.51	0.96	1.35	2.38	2.25	1.46	0.7	2.11	3.33	3.33
Debt / equity	1.5	1.23	1.52	1.54	1.35	1.28	1.27	1.89	1.77	1.99	1.99
Debt / assets	0.53	0.5	0.55	0.56	0.53	0.51	0.51	0.59	0.63	0.64	0.64
Net debt / EBITDA	7.43	6.46	8.3	8.22	7.91	7.24	7.07	8.78	8.17	9.36	9.09
Interest coverage	3.62	2.76	2.23	2.01	2.18	1.73	3.52	1.16	1.53	0.99	0.99
Effective tax rate	0.8%	2.37%	0%	0%	0%	0%	0%	14.8%	0%	—	—

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.89	7.19	4.05	4.57	6.49	4.8	6.96	9.99	8.89	3.56	3.53
EPS (basic)	1.14	0.5	0.36	0.53	0.51	0.22	1.22	-0.07	0.39	-0.07	-0.07
EPS (diluted)	0.85	0.5	0.36	0.41	0.38	0.17	0.93	-0.07	0.33	-0.07	0.22
Book value per share	9.31	9.98	9.54	11.6	12.8	12.4	13.3	12.1	11.2	10.3	5.7
FCF per share	1.52	1.22	1.17	1.2	1.54	1.45	1.73	1.4	1.41	0.8	2.27
Cash per share	0.59	0.47	0.44	0.7	0.69	0.56	0.71	0.42	0.89	0.61	0.72

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	79.2%	145.8%	216.7%	190.7%	128.8%	230.7%	72.6%	1K%	197.4%	1.9K%	284.1%
Dividend yield	—	—	—	—	7.18%	6.12%	9.32%	9.73%	—	14.2%	9.49%

Yield

9.49%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.14

ex-dividend Mar 26, 2026

Payout ratio

284%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Mar 26, 2026	$0.14
Dec 31, 2025	$0.14
Sep 24, 2025	$0.14
Jun 30, 2025	$0.14
Mar 26, 2025	$0.14

Period	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Revenue	$144.2M	$165.9M	$166M	$191M	$193.5M	$184.7M	$187.7M	$142.6M	$114.6M	$101.3M	$96.1M	-$26.8M
YoY change	+74%	+59.8%	+31.5%	+26%	+34.2%	+11.3%	+13%	-25.4%	-40.7%	-45.2%	-48.8%	-118.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	21.9M	20M	21.3M	39.2M	41M	35.2M	48.1M	27.9M	70.6M	49.1M
Receivables	54.5M	39.6M	35.2M	59.8M	67M	47.4M	110M	172M	137.5M	66.2M
Inventory	0	0	929K	1.5M	—	—	—	—	—	—
Total current assets	149.2M	155.2M	210M	276.7M	265.7M	313.7M	328.8M	329.4M	364.9M	292.5M
Property, plant & equipment	—	—	—	57.2M	56.3M	70.5M	69.2M	113.7M	111.8M	110.1M
Goodwill & intangibles	77.7M	59.8M	55.1M	137.4M	58.2M	62M	103.9M	109.1M	89.7M	77.6M
Total assets	982.5M	1B	1.3B	1.8B	1.9B	1.9B	2.2B	2.6B	2.5B	2.6B
Accounts payable	61.9M	62.6M	66M	71.2M	73.7M	60.8M	120.3M	159.3M	143.3M	40.2M
Short-term debt	50M	216M	126M	110M	20M	15.1M	67.1M	273.1M	151.1M	—
Total current liabilities	140M	302.8M	217.9M	204M	111.6M	139.4M	224.7M	473.8M	172.9M	88M
Long-term debt	472.2M	301.3M	568.2M	899.9M	1B	980.2M	1.1B	1.2B	1.4B	1.7B
Total liabilities	633.5M	622.8M	809.5M	1.1B	1.2B	1.2B	1.3B	1.8B	1.6B	1.8B
Shareholders' equity	349M	420.3M	455.9M	655.4M	756.8M	779.8M	904M	805.2M	889.7M	829.2M
Total debt	522.2M	517.3M	694.2M	1B	1B	995.4M	1.1B	1.5B	1.6B	1.7B
Net debt	500.2M	497.3M	673M	970.7M	982.5M	960.1M	1.1B	1.5B	1.5B	1.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Cash & short-term investments	33.8M	34.1M	32.7M	27.9M	41.9M	20.3M	43.9M	70.6M	45.7M	52.1M	46.5M	49.1M
Receivables	104.6M	135.3M	131.1M	172M	164.2M	150.2M	157.6M	137.5M	124.1M	101.1M	92.9M	66.2M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	275.4M	231.5M	249.8M	329.4M	317.4M	296.6M	321.4M	364.9M	319.4M	303.3M	302.4M	292.5M
Property, plant & equipment	68.9M	116.2M	115.7M	113.7M	113.2M	112.7M	112.3M	111.8M	111.4M	111M	110.5M	110.1M
Goodwill & intangibles	100M	131.2M	127M	109.1M	105.2M	101.4M	97.7M	89.7M	86.4M	83.5M	80.2M	77.6M
Total assets	2.2B	2.5B	2.5B	2.6B	2.6B	2.6B	2.6B	2.5B	2.5B	2.6B	2.6B	2.6B
Accounts payable	96.2M	126.6M	139.7M	159.3M	169.6M	164.8M	160.3M	143.3M	101.3M	93.5M	81M	40.2M
Short-term debt	111.1M	160.1M	206.1M	273.1M	66.5M	6.1M	6.1M	151.1M	—	—	—	—
Total current liabilities	224M	305.1M	369M	473.8M	257.8M	184.2M	172.2M	172.9M	104.7M	100.1M	86.7M	88M
Long-term debt	1.1B	1.2B	1.2B	1.2B	1.5B	1.5B	1.5B	1.4B	1.4B	1.6B	1.6B	1.7B
Total liabilities	1.4B	1.6B	1.7B	1.8B	1.8B	1.8B	1.7B	1.6B	1.6B	1.7B	1.7B	1.8B
Shareholders' equity	873.9M	881.7M	866.6M	805.2M	802.7M	789.4M	881.5M	889.7M	868.8M	860.8M	843.6M	829.2M
Total debt	1.2B	1.4B	1.4B	1.5B	1.6B	1.5B	1.5B	1.6B	1.4B	1.6B	1.6B	1.7B
Net debt	1.2B	1.4B	1.4B	1.5B	1.5B	1.5B	1.4B	1.5B	1.4B	1.5B	1.6B	1.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	42.8M	29.9M	23.5M	32.3M	37M	25.5M	100M	7.7M	42.5M	-1.2M
Depreciation & amortization	23.5M	26M	30.4M	38.2M	44.3M	52.6M	55.7M	64.8M	68.3M	72.5M
Stock-based compensation	1.1M	1.3M	1.3M	1.6M	2.4M	2.2M	3.3M	3.7M	5.1M	6.8M
Change in working capital	-1.7M	6.4M	-7.6M	-35.2M	-12.2M	8M	-75.7M	-24.4M	4.9M	-23.2M
Operating cash flow	77.6M	75.4M	55.4M	50.8M	83.2M	103.6M	101.8M	87.1M	144.9M	63.7M
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-59.9M	-19.9M	-72.2M	-36.5M	-14M	-5.2M	-72.5M	-145.7M	-25.1M	-30.5M
Dividends paid	-33.8M	-43.6M	-50.9M	-61.5M	-47.6M	-58.7M	-72.6M	-80.4M	-83.9M	-75.2M
Share repurchases	—	—	—	—	—	0	0	-12.8M	0	-134K
Financing cash flow	-25.1M	-118.8M	11.8M	-24M	-357.4M	-231.3M	-795.9M	122.3M	-43.3M	52.5M
Net change in cash	-7.4M	-63.4M	-5M	-9.6M	-288.2M	-133M	-766.6M	63.7M	76.5M	85.7M
Free cash flow	57M	51.2M	56.1M	67.7M	91.2M	91.2M	116.9M	93.3M	112M	64.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25
Net income	5.4M	14.9M	8.4M	-21.1M	17.7M	3.3M	-7.5M	29M	-4.3M	6.7M	-739K	-2.8M
Depreciation & amortization	14.4M	15.5M	17.9M	17M	16.1M	17M	9.5M	16.8M	18.5M	26.5M	9.1M	18.4M
Stock-based compensation	1.8M	291K	814K	726K	2.2M	744K	921K	1.2M	3.5M	1.4M	1.1M	945K
Change in working capital	-11.1M	-3.5M	10.4M	-13.5M	19.5M	-10.3M	-10.5M	6.2M	-25.3M	-9.2M	3.2M	8.1M
Operating cash flow	15.7M	32.1M	42M	4M	60.4M	19.7M	4.9M	59.9M	-2.2M	12.3M	24.5M	29.1M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-28.8M	-25.2M	-41.8M	-33M	-17.4M	-4.7M	703K	-3.7M	-4.6M	-9.9M	-21.3M	5.3M
Dividends paid	-19.7M	-19.7M	-20.4M	-20.7M	-20.1M	-21.1M	-21.2M	-21.5M	-23.7M	-17.2M	-28.4M	-6M
Share repurchases	-149K	0	-55K	-12.6M	-10K	—	—	—	-14K	—	—	—
Financing cash flow	69.6M	24.2M	35.2M	40.1M	8.2M	-31.6M	11.1M	-35.2M	-2.3M	12.5M	9.5M	33M
Net change in cash	56.5M	31M	35.4M	11M	51.1M	-16.6M	16.7M	21M	-9.1M	14.9M	12.7M	67.4M
Free cash flow	13.1M	27.4M	37.8M	15M	46.5M	17.4M	27.3M	20.8M	107K	11.1M	26.3M	26.7M

Armada Hoffler Properties, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement