Wheeler Real Estate Investment Trust, Inc.

WHLR

Wheeler Real Estate Investment Trust, Inc. is a Maryland corporation formed on June 23, 2011. The Trust serves as the general partner of Wheeler REIT, L.P., which was formed as a Virginia limited partnership on April 5, 2012. At June 30, 2026, the Company owned 100% of the Operating Partnership.

About the company

Country: United StatesPrice: $0.49Market Cap: $1.1M

Investment snapshot

6%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

3 / 12

NEUTRAL / FAIL

Median fair value

$741.85

+152544.0% vs price

Models with upside

3 / 17

Positive margin of safety

Strongest signal

WHLR undervalued: all 3 models price fair value above $0.49 (median $741.85)

Key risk

No clean pass — all 8 investors flag at least one growth criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	Not ranked	NEUTRAL	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	PASS	FAIL	NEUTRAL	FAIL	FAIL	NEUTRAL
Score
Analysis	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…
Intrinsic Value (annual)	N/A	N/A	N/A		N/A	N/A			N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	N/A	N/A	N/A	+99.9%	N/A	N/A	+99.9%	+99.9%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	TTM ended 2026-09-30 · Annual history · FY 2025 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-05 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-05 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-05 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-05 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-05 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-05 Score computed: 2026-11-14	TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-05 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-11-05 Score computed: 2026-11-14

Where It Passes

Valuation models100% pass✓ 3▾
WHLR undervalued: all 3 models price fair value above $0.49 (median $741.85)
Greenblatt fair value$459.10
✓Greenblatt+99.9% margin vs $0.49
Munger fair value$813.75
✓Munger+99.9% margin vs $0.49
Pabrai fair value$741.85
✓Pabrai+99.9% margin vs $0.49

Where It Falls Short

Growth0% pass✓ 2✗ 11▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthN/A (no inventory)
✓LynchInventory growth < Revenue growth
EPS Growth Direction
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency2/15 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth2.2%
✗Ackman>= 5%
Positive EPS Growth Frequency
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin 28.7% -> 43.5%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR10.3%
✓SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Efficiency0% pass✓ 1✗ 10▾
No clean pass — all 8 investors flag at least one efficiency criterion
Current Ratio
✗Graham>= 2.0
ROIC (3-5 yr avg)5.9%
✗Buffett> 10%
ROIC - WACC-4.1%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)
✗Greenblatt> 25%
Current Ratio Change YoY
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.16x -> 0.17x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities
✗Dreman> 1.5
Return on Invested Capital6.7%
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=5.1%; FY2024: ROIC=6.5%; FY2025: ROIC=7.3%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROICN/A (non-positive net income)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/5 years above 12% (latest 7.3%)
✗SleepROIC > 12% in a majority of years
Profitability6% pass✓ 9✗ 26▾
15 of 16 flag WHLR's profitability — Graham, Buffett, Lynch +12 more
Positive EPS (10 years)0/16 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)2/16 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)633.9%
✓Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)43.5% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy$-1.4M
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE-97.1%
✗Lynch> 15%
EBIT / Enterprise Value9.7%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=9.7%, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets1.46%
✓PiotroskiROA > 0
ROA Change YoY-1.47% -> 1.46% (delta: +2.93%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=3.51%, ROA=1.46%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue3.4%
✗Dreman>= 8%
Net Income / Shareholders' Equity-97.1%
✗Dreman> 12%
Margin of Safety
✗PabraiP/FFO < 15
Return on Equity1080.7% (3-yr avg)
✓AkreROE > 20% (3-year avg)
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency2/15 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue41.4%
✓Ackman>= 15%
Net Income / Shareholders Equity-97.1%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend28.7% (2023) -> 43.5% (2025)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin 28.7% -> 43.5%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization-143.94%; #5562/6340 (top 87.7%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity-97.12%; #4583/5226 (top 87.7%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0127; #994/5884 (top 16.9%)
✓AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years0/10 years positive
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Debt & Leverage8% pass✓ 1✗ 14▾
11 of 12 flag WHLR's debt & leverage — Graham, Buffett, Lynch +8 more
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 2000.67, IC: 1.7x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity286.69
✗Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities
✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity286.69
✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x
Debt Levels286.69
✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=1.7x, D/EBITDA=7.1x
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity286.69
✗Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-286.6940; #4209/4210 (top 100.0%)
✗AsnessTop 30% of eligible cross-section
Valuation8% pass✓ 4✗ 21▾
12 of 13 flag WHLR's valuation — Graham, Lynch, Greenblatt +9 more
Price / FFO per Share
✗Graham<= 15x✗Dreman< 12x✗Ackman<= 25
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value9.7%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=9.7%, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Price / (CFO / Shares)
✗Dreman< 8x
Valuation Reasonableness
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/FFO or FFO YieldFFO Yield=1610.0%
✓PabraiP/FFO < 15 or FFO Yield > 10%
P/B or P/E vs. Historical Average
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Price / EPS
✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price vs. Trailing Low100% of trailing low ($0.49)
✓Templeton<= 120% of trailing low (certified split-adjusted live window)
Price / Book Value per Share
✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Net income / market capitalization-143.94%; #5562/6340 (top 87.7%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+1.4820; #927/6449 (top 14.4%)
✓AsnessTop 30% of eligible cross-section
Price / Diluted EPS
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change-1512.4%
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+87.9296; #90/5247 (top 1.7%)
✓OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-97.66%; #6102/6202 (top 98.4%)
✗OshaughnessyTop 10% of eligible cross-section
Verdicts8% pass✓ 1✗ 12▾
Split decision: 12 FAIL · 3 NEUTRAL · 1 PASS
Overall verdict
✗GrahamFAIL (0/7)✗BuffettFAIL (2/9)✗LynchFAIL (2/7)•GreenblattNot ranked•PiotroskiNEUTRAL (F-Score 6)✗DremanFAIL (1/10)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✗AckmanFAIL (2/9)✓TempletonPASS (4/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)
Cash Flow33% pass✓ 3✗ 4▾
4 of 6 flag WHLR's cash flow — Buffett, Dreman, Neff +1 more
Free Cash Flow Proxy$-1.4M
✗BuffettPositive and growing
Operating Cash Flow$21.1M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=3.51%, ROA=1.46%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)
✗Dreman< 8x
Positive Operating Cash Flow frequency11/15 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures
✗Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization
✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Trading

SIC Sector: Holding & Investment Offices

Size: Micro Cap($1.1M)

Revenue: $99.4M-4.9% YoY

Net Income: $8.8M+191.1% YoY

Financial Snapshot

Operating Margin43.5%

Return on Equity3747.9%

Debt / Equity2000.67

Current Ratio--

EPS (Diluted)$-36.01

Buybacks (1y)$42.8M

Buybacks (2y)$54.3M

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Sector-adjusted criteria: REIT

Depreciation distorts REIT earnings and book value, so FFO-based criteria replace P/E and free-cash-flow tests, and P/B tests are omitted.

Shareholder Return

Fiscal 2025

Share retirement not available for this company.

Buybacks: $42.8M
Dividends: $6.6M

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

Metric	TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter values 10-K · 2026-03-05 10-Q · 2026-05-08 10-Q · 2026-08-06 10-Q · 2026-11-05 Derived from cumulative filings: revenue, net income, operating income, ebit, pre tax income, operating cash flow, depreciation amortization, dividends paid, re sale gains.	Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter values 10-Q · 2026-11-05 Derived from cumulative filings: operating cash flow, depreciation amortization, dividends paid.	Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter values 10-Q · 2026-08-06 Derived from cumulative filings: operating cash flow, depreciation amortization, dividends paid.	Q1 FY 2026 2026-01-01 – 2026-03-31 Sources 10-Q · 2026-05-08	FY 2025 Sources 10-K · 2026-03-05	FY 2024 Sources 10-K · 2025-03-04	FY 2023 Sources 10-K · 2024-03-05	FY 2022 Sources 10-K · 2023-03-02	FY 2021 Sources 10-K · 2022-02-28
Market Cap	$1.1Mcurrent	--	--	--	--	--	$232.8Test.	$173792.1Test.	$185187.8Test.
Revenue	$94.8M↓7%	$23.2M↓3%	$22.5M↓14%	$24.0M↓1%	$99.4M↓5%	$104.6M↑2%	$102.3M↑34%	$76.6M↑25%	$61.3M
Operating Income	$39.3M↑5%	$7.9M↑44%	$10.5M↓30%	$10.2M↓16%	$43.2M↑15%	$37.5M↑28%	$29.4M↑20%	$24.6M↑26%	$19.5M
Net Income	-$1.6M↓103%	-$7.0M↓161%	$8.6M↑453%	-$2.4M↓168%	$8.8M↑191%	-$9.6M↓106%	-$4.7M↑62%	-$12.5M↓32%	-$9.4M
EPS (Diluted)	--	$-113.37↓13559%	$0.24↑103%	$-14.55↑35%	$-36.01↑89%	$-317.02↓6837%	$-4.57↓108%	$-2.20↓62%	$-1.36
Gross Margin	—	—	—	—	—	—	—	—	—
Operating Margin	41.4%↑13%	34.2%↑48%	46.8%↓18%	42.4%↓15%	43.5%↑21%	35.9%↑25%	28.7%↓10%	32.1%↑1%	31.8%
ROE	-97.1%↑92%	—	—	—	3747.9%↑9771%	38.0%↑72%	22.0%↓73%	82.1%↑116%	-507.4%
Total Debt	$458.1M↓6%	$458.1M↓6%	$458.1M↓4%	$461.1M↓2%	$468.2M↓3%	$482.6M↑1%	$477.6M↑2%	$466.0M↑39%	$336.4M
Shareholders' Equity	$1.6M↑141%	$1.6M↑141%	$5.7M↑131%	-$4.3M↑80%	$234.0K↑101%	-$25.4M↓19%	-$21.3M↓40%	-$15.2M↓915%	$1.9M
Current Ratio	—	—	—	—	—	—	—	—	—
Debt / Equity	286.69↑331%	286.69↑331%	80.41↑411%	-107.25↓399%	2000.67↑10617%	-19.02↑15%	-22.43↑27%	-30.74↓117%	180.78
Operating Cash Flow	$22.1M↓9%	$7.3M↑34%	$8.0M↓10%	$4.5M↑1%	$21.1M↓19%	$26.0M↑24%	$20.9M↓32%	$30.8M↑80%	$17.0M
Free Cash Flow	--	--	--	--	--	--	--	$22.2M↑109%	$10.6M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Trading

WHLR vs Peers — Financial Grading

Revenue$99.4MBottom 25%

Net Income$8.8MBottom 25%

ROE3747.9%Top 25%

D/E2000.67Bottom 25%

Op. Margin43.5%Median

Curr. Ratio—

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