Alexander's

ALX

REIT - Retail · Real Estate

Price

$267.93

-6.01 (-2.19%)

Market Cap

$1.37B

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Jul 28, 2026 · filings through Mar 31, 2026

Alexander's, Inc. is a real estate investment trust (REIT) based in New York that owns and leases commercial properties in the New York City metropolitan area. The company does not develop or sell homes — it owns office buildings, retail spaces, and mixed-use properties and rents them out to tenants. Its most important asset is 731 Lexington Avenue in Manhattan, a large mixed-use tower that is home to Bloomberg L.P. as its anchor tenant.

Alexander's makes money by collecting rent from its tenants under long-term lease agreements. The company is very small compared to most REITs, owning only a handful of properties, all concentrated in the New York City area. Vornado Realty Trust manages the properties and holds a significant ownership stake, which ties Alexander's fate closely to Vornado's decisions. The biggest risk the company faces is its heavy dependence on Bloomberg as a tenant — if Bloomberg were to reduce or exit its lease, revenue would drop sharply.

Winston Score History

Share count broadly stable

+0.2% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 5.1M (2021) → 5.1M (2025)

Score breakdown

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Quality

Gross Margin

45.7%

Healthy — 45.7% gross margin

Operating Margin

26.1%

Excellent — 26.1% operating margin

ROCE

1.5%

Weak — 1.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-3.7%

Shrinking sales (-3.7% YoY)

EPS YoY

-48.2%

Earnings shrinking (-48.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

314%

Turns 314% of profit into real cash

FCF Margin

30.5%

Converts sales into free cash efficiently (30.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

9.17

Heavy debt load (9.17)

Interest Cover

1.16x

Dangerous — barely covers interest (1.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

67.0x

Expensive — P/E 67.0

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+44.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (67.0 → 23.0)

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Dividends

Dividend Yield

6.60%

Healthy income — 6.60% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+0.0%

Dividend flat

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