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Organization MacKenzie Realty Capital, Inc. (the Parent Company together with its subsidiaries as discussed below, collectively, the Company, we, us, or our ) was incorporated under the general corporation laws of the State of Maryland on January 27, 2012. We have elected to be treated as a real estate investment trust ( REIT ) as defined under Subchapter M of the Internal Revenue Code of 1986,…
The business is unprofitable at the operating level (-106.36% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 40.2%, still solid. Margins contracted 43.3pp, which offsets some of the top-line progress.
ROIC dropped from -3.98% to -9.29%, capital efficiency is deteriorating. Operating margin contracted 43.3pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$19M
▲ +40.2% YoY
Net Income (TTM)
-$19M
▼ -106.6% YoY
Op. Margin
-84.30%
▼ -43.3pp YoY
ROIC
-6.47%
▼ -5.3pp YoY
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (TTM)
-$4M
▼ -183.8% YoY
Net Debt
$144M
Cash & Equiv.
$4M
3Y CAGR: +28.6%
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