American Realty Investors, Inc. Financial Ratios — ARL Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	-17.39	-24.07	-92.21	185.85	-9.29	5.36	1.92	102.87	0.72	-2.69	2.87
Return on Assets (%)	0.02	-0.47	3.97	3.24	-0.19	-0.24	-0.68	16.36	-1.93	1.06	0.41	37.94	0.36	-1.43	1.47
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	26.24	- -	- -	- -	27.41	0.92	- -	1.98
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	4.4	- -	- -	- -	-0.7	-0.76	- -	-0.56
Gross Margin (%)	45.1	51.13	51.31	46.96	48.17	47.39	49.22	60.26	56.44	58.73	50.38	51.15	44.76	42.81	44.25
EBITDA Margin (%)	25.31	40.49	30.74	19.07	31.7	32.11	34.15	49.04	25.76	31.29	-13.29	10.24	6.6	12.45	12.41
Operating Margin (%)	-4.98	12.92	4.09	-4.03	11.14	12.23	13.81	28.6	-0.66	-0.19	-49.04	-24.68	-22.26	-14.03	-12.85
Incremental Operating Margin (%)	- -	821.03	661.78	- -	59.76	19.55	42.6	107.26	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-55.14	-7.7	-63.65	-22.85	-3.52	-1.97	-6.89	122.64	-36.86	18.84	12.79	1,527.34	13.28	-36.02	42.4
Profit Margin (%)	0.36	-6.82	51.12	38.89	-1.88	-2.28	-6.68	115.84	-27.05	15.3	7.96	994.43	7.86	-31.07	31.4
Net Income to Common Margin (%)	-2.7	-9.82	48.08	36.32	-3.05	-3.2	-7.56	115.24	-27.05	15.3	7.96	994.43	7.86	-31.07	31.4
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	0.66	- -	- -	- -	17.11	21.71	- -	12.58
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	-17.39	-24.07	-92.21	185.85	-9.29	5.36	1.92	102.87	0.72	-2.69	2.87

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	941	870	659	659	805	851	1,011	441	723	723	556	505	183	185	214
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	250	243	183	188	- -	- -	- -
LT Debt	941	870	659	659	805	851	1,011	441	473	481	373	317	183	185	214
Total Debt/EBITDA	46.42	26.25	26.55	43.51	24.37	22.15	23.44	5.99	47.57	39.17	-99.52	131.43	54.84	31.47	34.55
Net Debt/EBITDA	45.42	25.84	25.89	42.7	23.91	21.7	22.66	5.5	44.2	37.17	-90.44	101.92	43.81	28.09	32.26
Total Debt/EBIT	-235.92	82.24	199.47	-206.02	69.33	58.16	57.98	10.28	-1,853.78	-6,458.12	-26.98	-54.52	-16.25	-27.92	-33.34
Net Debt/EBIT	-230.83	80.97	194.49	-202.18	68.02	56.96	56.04	9.43	-1,722.42	-6,129.43	-24.52	-42.28	-12.98	-24.92	-31.14
EBITDA to Interest Expense	0.47	0.87	0.63	0.37	0.63	0.65	0.65	1.11	0.38	0.53	-0.24	0.22	0.35	0.75	0.91
EBITDA-CapEx/Interest Expense	-0.63	0.43	0.4	-1.97	-3.93	-1.24	-1.09	1.11	0.38	0.53	-0.24	0.22	0.35	0.75	0.91
EBIT to Interest Expense	-0.09	0.28	0.08	-0.08	0.22	0.25	0.26	0.65	-0.01	- -	-0.88	-0.53	-1.18	-0.85	-0.94
Interest Expense	43	38	39	41	52	59	66	66	40	35	23	18	10	8	7
Common Equity/Total Assets	-3.83	-4.66	-1.24	1.99	1.55	1.24	0.47	21.77	19.73	19.97	22.87	45.9	54.09	52.17	50.54
Long-Term Debt/Equity (%)	987.71	1,022.11	488.68	366.98	454.95	483.22	609.17	137.22	159.56	145.46	110.69	39.06	22.37	23.11	26.15
Long-Term Debt/Capital (%)	100.31	101.57	94.51	89.47	91.64	92.3	94.21	64.49	49.94	48.47	44.87	25.27	19.49	20.01	22.03
Long-Term Debt/Total Assets (%)	76.15	76.62	69.86	68.26	72.02	72.44	77.93	53.34	56.96	55.51	48.39	26.49	17.85	17.95	19.54
Total Debt/Equity (%)	987.71	1,022.11	488.68	366.98	454.95	483.22	609.17	137.22	243.82	218.92	165.13	62.21	22.37	23.11	26.15
Total Debt/Capital (%)	100.31	101.57	94.51	89.47	91.64	92.3	94.21	64.49	76.31	72.94	66.94	40.25	19.49	20.01	22.03
Total Debt/Total Assets (%)	76.15	76.62	69.86	68.26	72.02	72.44	77.93	53.34	87.04	83.55	72.19	42.19	17.85	17.95	19.54
Net Debt to Equity	966.39	1,006.37	476.49	360.14	446.34	473.27	588.8	125.87	226.55	207.77	150.06	48.24	17.87	20.63	24.42
Net Debt/Capital (%)	100.32	101.59	94.38	89.29	91.49	92.15	94.02	62.49	74.95	71.9	64.79	34.31	16.2	18.25	20.88
EBITDA	20	33	25	15	33	38	43	74	15	18	-6	4	3	6	6
EBITDA-CapEx	-27	16	16	-81	-206	-74	-72	74	15	18	-6	4	3	6	6
Operating Income (Loss)	-4	11	3	-3	12	15	17	43	- -	- -	-21	-9	-11	-7	-6

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.17	0.12	0.22	0.23	0.34	0.31	0.79	1.2	1.41	1.05	1.31	4	8.77	2.82	1.67
Current Ratio	1.01	1.41	2.73	4.14	4.72	3.68	5.56	9.94	8.62	9.93	6.38	10.2	28.43	10.13	6.58
Quick Ratio	1.01	1.09	2.28	3.21	3.69	3	4.28	7.64	7.73	8.49	5.95	8.33	25.51	9.55	6.3
CFO/Avg Current Liab	0.14	-0.24	-0.47	-0.6	-0.71	0.2	-0.61	-4.69	-1.22	0.1	-0.27	-0.83	-0.85	0.04	-0.13
Common Equity/Total Assets	-3.83	-4.66	-1.24	1.99	1.55	1.24	0.47	21.77	19.73	19.97	22.87	45.9	54.09	52.17	50.54
Long-Term Debt/Equity (%)	987.71	1,022.11	488.68	366.98	454.95	483.22	609.17	137.22	159.56	145.46	110.69	39.06	22.37	23.11	26.15
Long-Term Debt/Capital (%)	100.31	101.57	94.51	89.47	91.64	92.3	94.21	64.49	49.94	48.47	44.87	25.27	19.49	20.01	22.03
Long-Term Debt/Total Assets (%)	76.15	76.62	69.86	68.26	72.02	72.44	77.93	53.34	56.96	55.51	48.39	26.49	17.85	17.95	19.54
Total Debt/Equity (%)	987.71	1,022.11	488.68	366.98	454.95	483.22	609.17	137.22	243.82	218.92	165.13	62.21	22.37	23.11	26.15
Total Debt/Capital (%)	100.31	101.57	94.51	89.47	91.64	92.3	94.21	64.49	76.31	72.94	66.94	40.25	19.49	20.01	22.03
Total Debt/Total Assets (%)	76.15	76.62	69.86	68.26	72.02	72.44	77.93	53.34	87.04	83.55	72.19	42.19	17.85	17.95	19.54
CFO/Total Liabilities	2.07	-2.56	-5.22	-4.83	-3.67	1.01	-2.66	-34.12	-7.61	0.65	-2.66	-11.78	-15	0.47	-2
CFO/CapEx	0.5	-1.6	-4.53	-0.4	-0.14	0.09	-0.26	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.01	0.1	0.29	0.36	0.38	0.36	0.44	1.28	1.05	0.98	1	1.83	2.05	1.75	1.62

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	- -	- -	- -	- -	- -	6.59	7.83	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	55.39	46.63	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	0.44	0.39	0.46	0.67	1.12	1.25	1.34	1.83	0.94	0.87	0.58	0.38	0.86	1.23	0.68
Accounts Payable Turnover Days	825.39	942.71	787.15	544.64	327.22	291.9	272.44	198.92	387.74	421.89	628.31	971.44	425.02	296.52	534.93
Cash Conversion Cycle	-825.39	-942.71	-787.15	-544.64	-327.22	-291.9	-217.05	-152.29	-387.74	-421.89	-628.31	-971.44	-425.02	-296.52	-534.93
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	55.39	46.63	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	22	31	61	69	85	80	199	193	274	175	204	414	281	237	259
- Cash & Cash Equivalents	20	13	16	12	15	18	34	36	51	37	51	113	37	20	14
+ Preferred Equity and Hybrid Capital	5	5	5	3	2	2	2	- -	4	2	2	2	2	2	2
+ Minority/Non Controlling Interest	40	35	45	55	54	54	54	63	57	94	97	199	200	200	202
+ Total Debt	941	870	659	659	805	851	1,011	441	723	723	556	505	183	185	214
Enterprise Value	987	927	753	774	931	970	1,232	660	1,006	957	792	887	538	525	589
Total Capital	938	856	697	737	878	922	1,073	683	947	992	831	1,255	938	927	973
Total Debt/Capital (%)	100.31	101.57	94.51	89.47	91.64	92.3	94.21	64.49	76.31	72.94	66.94	40.25	19.49	20.01	22.03
Total Debt / EV	0.95	0.94	0.88	0.85	0.86	0.88	0.82	0.67	0.72	0.76	0.7	0.57	0.34	0.35	0.36
EV/Sales	12.32	11.33	9.33	9.75	8.93	8.11	9.76	4.4	17.06	16.21	18.85	23.62	10.65	11.1	11.77
EV/EBITDA	48.68	27.99	30.34	51.13	28.18	25.25	28.58	8.97	66.22	51.81	- -	230.69	161.52	89.11	94.88
EV/EBIT	- -	87.69	227.93	- -	80.17	66.3	70.7	15.39	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	18.28	75.74	- -	- -	36.68	13.73	32.93	- -	- -	24.56	47.9	- -	- -	72.24	1,423.32
EV/Free Cash Flow to Firm	9.74	31.93	- -	14.72	3.52	5.31	8.07	- -	- -	24.56	47.9	- -	- -	72.24	1,423.32
Diluted Market Cap	22	31	61	69	85	80	199	202	274	175	204	414	281	237	259
Diluted Enterprise Value	987	927	753	774	931	970	1,232	669	1,006	957	808	1,007	628	605	664
EV per Share	85.65	80.47	65.34	61.05	61.58	62.54	79.42	41.29	62.91	59.63	49.05	54.9	33.31	32.51	36.45
TTM Sales	80	82	81	79	104	120	126	150	59	59	42	38	50	47	50
TTM EBITDA	20	33	25	15	33	38	43	74	15	18	-6	4	3	6	6
TTM Operating Income	-4	11	3	-3	12	15	17	43	- -	- -	-21	-9	-11	-7	-6
TTM Cash Flow to Firm	54	12	-34	-43	25	71	37	-107	-1	39	17	-31	-24	7	- -
TTM Free Cash Flow to Firm	101	29	-25	53	265	183	153	-107	-1	39	17	-31	-24	7	- -

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	0.3	-3.13	-1.84	1.2	0.41	0.66	2.34	-1.17	-6.74	50	-17.73	-9.13	-9.06	217.73	-46.71
EV/EBIT	- -	87.69	227.93	- -	80.17	66.3	70.7	15.39	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	987	927	753	774	931	970	1,232	660	1,006	957	792	887	538	525	589
Low Price	1.15	1.26	2.71	4.33	4.09	3.89	5.17	11.7	10.53	5.99	7.71	11.9	11.69	12.51	9.43
EV/Sales	12.32	11.33	9.33	9.75	8.93	8.11	9.76	4.4	17.06	16.21	18.85	23.62	10.65	11.1	11.77
EV/EBITDA	48.68	27.99	30.34	51.13	28.18	25.25	28.58	8.97	66.22	51.81	- -	230.69	161.52	89.11	94.88
Price/Earnings	- -	- -	1.56	2.4	- -	- -	- -	1.12	- -	19.37	61.05	1.11	70.87	- -	16.52
Price/Earnings Average	-15.14	-3.37	1.27	2.96	-26.38	-22.94	-14.01	1.47	-13.7	17.87	52.32	0.73	79.49	-18.4	14.8
Price/Earnings High	-55.78	-5.67	1.99	4.83	-35.64	-32.1	-23.59	2	-17.93	30.99	98.35	1.2	128.59	-28.52	17.49
Price/Earnings Low	-6.11	-1.81	0.8	1.9	-19.46	-15.75	-8.41	1.08	-10.55	10.64	37.21	0.51	47.59	-13.74	9.7
Price/Book Value	-0.45	-0.59	-5.18	3.6	4.91	5.51	32.54	1.07	1.67	1.01	1.16	0.75	0.51	0.44	0.47
Price/Book Value Average	-0.69	-0.51	-4.21	4.43	4.85	6.04	21.81	1.41	1.33	0.93	0.99	0.49	0.57	0.5	0.42
Price/Book Value High	-2.55	-0.86	-6.6	7.25	6.55	8.45	36.72	1.92	1.75	1.62	1.87	0.82	0.92	0.78	0.5
Price/Book Value Low	-0.28	-0.27	-2.67	2.86	3.58	4.15	13.09	1.04	1.03	0.56	0.71	0.35	0.34	0.37	0.27
Price/Tangible Book Value	0.24	0.39	0.47	0.39	0.49	0.46	1.22	0.6	0.94	0.53	0.61	0.51	0.35	0.3	0.32
Price/Tangible Book Value Average	0.36	0.34	0.38	0.48	0.48	0.51	0.82	0.79	0.75	0.49	0.52	0.33	0.39	0.34	0.28
Price/Tangible Book Value High	1.34	0.57	0.59	0.79	0.65	0.71	1.37	1.07	0.98	0.85	0.98	0.55	0.63	0.52	0.34
Price/Tangible Book Value Low	0.15	0.18	0.24	0.31	0.35	0.35	0.49	0.58	0.58	0.29	0.37	0.24	0.23	0.25	0.19
Price/Sales	0.27	0.38	0.75	0.87	0.81	0.67	1.58	1.29	4.65	2.96	4.86	11.04	5.57	5.01	5.19
Price/Sales Average	0.41	0.33	0.61	1.07	0.8	0.73	1.06	1.69	3.71	2.73	4.17	7.23	6.25	5.72	4.65
Price/Sales High	1.51	0.56	0.95	1.76	1.09	1.03	1.78	2.3	4.85	4.74	7.83	11.94	10.1	8.86	5.49
Price/Sales Low	0.17	0.18	0.39	0.69	0.59	0.5	0.64	1.25	2.86	1.63	2.96	5.12	3.74	4.27	3.05
Price/Cash Flow	0.91	-1.17	-1.44	-1.82	-2.46	7.91	-6.62	-1.12	-6.74	50	-17.73	-9.13	-9.06	217.73	-46.71
Price/Cash Flow Average	1.39	-1.01	-1.17	-2.25	-2.43	8.68	-4.43	-1.47	-5.38	46.13	-15.2	-5.98	-10.16	248.47	-41.84
Price/Cash Flow High	5.13	-1.7	-1.83	-3.67	-3.28	12.14	-7.47	-2	-7.04	80	-28.57	-9.88	-16.43	385.04	-49.45
Price/Cash Flow Low	0.56	-0.54	-0.74	-1.45	-1.79	5.96	-2.66	-1.09	-4.14	27.48	-10.81	-4.23	-6.08	185.55	-27.43
Price/Free Cash Flow Average	0.46	-2.7	-1.5	1.48	0.41	0.72	1.57	-1.54	-5.38	46.13	-15.2	-5.98	-10.16	248.47	-41.84
Price/Free Cash Flow High	1.7	-4.53	-2.35	2.42	0.55	1.01	2.64	-2.09	-7.04	80	-28.57	-9.88	-16.43	385.04	-49.45
Price/Free Cash Flow Low	0.19	-1.44	-0.95	0.95	0.3	0.49	0.94	-1.13	-4.14	27.48	-10.81	-4.23	-6.08	185.55	-27.43
EV/Sales Average	12.46	11.28	9.19	9.95	8.92	8.17	9.24	4.81	16.12	15.98	18.53	23	13.12	13.49	12.73
EV/Sales High	13.56	11.5	9.53	10.63	9.2	8.47	9.96	5.41	17.27	17.99	22.2	27.72	16.98	16.63	13.57
EV/Sales Low	12.22	11.12	8.96	9.57	8.71	7.94	8.82	4.36	15.27	14.88	17.33	20.89	10.62	12.04	11.13
EV/EBITDA Average	49.23	27.85	29.88	52.18	28.14	25.46	27.06	9.8	62.57	51.08	-139.4	224.65	198.94	108.34	102.6
EV/EBITDA High	53.57	28.41	31.01	55.76	29.03	26.37	29.18	11.04	67.02	57.49	-166.97	270.7	257.43	133.58	109.41
EV/EBITDA Low	48.27	27.47	29.16	50.18	27.48	24.74	25.82	8.89	59.27	47.55	-130.35	204.08	160.93	96.71	89.71
EV/EBIT Average	-250.19	87.28	224.48	-247.07	80.07	66.83	66.92	16.81	-2,438.36	-8,422.05	-37.79	-93.18	-58.96	-96.12	-99.03
EV/EBIT High	-272.26	89.02	232.95	-264	82.6	69.23	72.17	18.93	-2,611.67	-9,479.92	-45.26	-112.29	-76.29	-118.51	-105.6
EV/EBIT Low	-245.29	86.08	219.07	-237.59	78.18	64.94	63.86	15.25	-2,309.74	-7,839.52	-35.33	-84.65	-47.69	-85.8	-86.58
Last Price	1.87	2.73	5.25	5.46	5.62	5.17	12.85	12.07	17.13	10.9	12.65	25.65	17.41	14.68	16.06
High Price	10.49	3.96	6.69	10.99	7.49	7.93	14.5	21.57	17.89	17.44	20.38	27.76	31.59	25.96	17
Enterprise Value Average	998	923	742	790	929	978	1,166	721	951	943	779	864	663	638	637
Enterprise Value High	1,086	942	770	845	959	1,013	1,258	812	1,019	1,062	933	1,041	857	787	679
Enterprise Value Low	978	911	724	760	907	950	1,113	654	901	878	729	784	536	570	557

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	12	12	12	14	16	16	16	16	16	16	16	16	16	16	16
Diluted Weighted Avg Shares	12	12	12	13	15	16	16	17	16	16	16	16	16	16	16
Basic Weighted Avg Shares	12	12	12	13	15	16	16	16	16	16	16	16	16	16	16
Revenue per Share	6.95	7.1	7.01	6.26	6.89	7.71	8.14	9.38	3.69	3.68	2.6	2.32	3.13	2.93	3.1
EBITDA per Share	1.76	2.88	2.15	1.19	2.19	2.48	2.78	4.6	0.95	1.15	-0.35	0.24	0.21	0.36	0.38
Operating Income per Share	-0.35	0.92	0.29	-0.25	0.77	0.94	1.12	2.68	-0.02	-0.01	-1.28	-0.57	-0.7	-0.41	-0.4
Basic EPS, GAAP	-0.19	-0.7	3.37	2.27	-0.21	-0.25	-0.61	10.81	-1	0.56	0.21	23.11	0.25	-0.91	0.97
Basic EPS from Cont Ops	-2.7	-0.56	-0.94	0.18	-0.28	-0.16	-0.57	11.43	-1.36	0.7	0.4	29.43	0.33	-0.83	1.15
Diluted EPS, GAAP	-0.19	-0.7	3.37	2.27	-0.21	-0.25	-0.61	10.35	-1	0.56	0.21	23.11	0.25	-0.91	0.97
Diluted EPS from Cont Ops	-2.7	-0.56	-0.94	0.18	-0.28	-0.16	-0.57	10.94	-1.36	0.7	0.4	29.43	0.33	-0.83	1.15
Dividend per Share	0.21	0.21	0.21	0.16	0.08	0.07	0.07	0.06	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	2.04	-2.33	-3.66	-2.99	-2.28	0.65	-1.94	-10.78	-2.54	0.22	-0.71	-2.81	-1.92	0.07	-0.34
Free Cash Flow per Basic Share	-2.06	-3.79	-4.47	-10.54	-18.11	-6.58	-9.37	-10.78	-2.54	0.22	-0.71	-2.81	-1.92	0.07	-0.34
Cash & Equivalents per Share	1.76	1.16	1.43	0.97	1.01	1.13	2.18	2.28	3.2	2.29	4.13	14.44	7.87	6.17	5.52
Book Value per Share	-4.11	-4.59	-1.01	1.52	1.14	0.94	0.39	11.25	10.24	10.78	10.91	34.03	34.27	33.36	34.33
Tangible Book Value per Share	7.84	6.96	11.28	13.91	11.56	11.21	10.55	20.09	18.31	20.48	20.74	50.17	50.44	49.56	50.64

American Realty Investors, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)