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Alexander & Baldwin, Inc. ("A&B," the "Company," "we," "our," or "us") is a fully integrated real estate investment trust ("REIT") whose history in Hawai i dates back to 1870. Over time, the Company has evolved from a 571-acre sugar plantation on Maui to become one of Hawai i's premier commercial real estate companies and the owner of the largest grocery-anchored, neighborhood shopping…
38.72% operating margin is above average. ROIC at 4.25%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue declined 12.7% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 65% versus the prior year, cash generation momentum has weakened. Net debt of $499M represents 18.3x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$207M
▼ -12.7% YoY
Net Income (TTM)
$65M
▲ +6.8% YoY
Op. Margin
38.72%
▲ +5.0pp YoY
ROIC
4.25%
▼ -1.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$27M
▼ -64.6% YoY
Op. Cash Flow (TTM)
$80M
▼ -18.9% YoY
Net Debt
$499M
Cash & Equiv.
$11M
5Y CAGR: -7.5%
5Y CAGR: -6.4%
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