Armada Hflr Pr
NYSE: AHH · REAL ESTATE · REIT - DIVERSIFIED
Updated 2026-02-27
Armada Hflr Pr (AHH) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $135.13M | $130.18M | $108.48M | $140.04M | $168.07M | $252.44M | $258.38M | $302.77M | $193.32M | $257.20M | $383.63M | $302.53M | $471.13M | $667.16M | $708.47M | $285.20M |
| Revenue growth (YoY) | — | -3.7% | -16.7% | +29.1% | +20.0% | +50.2% | +2.4% | +17.2% | -36.2% | +33.0% | +49.2% | -21.1% | +55.7% | +41.6% | +6.2% | -59.7% |
| Cost of revenue | $98.32M | $89.49M | $67.65M | $97.96M | $121.16M | $192.33M | $184.91M | $222.54M | $112.23M | $150.83M | $266.57M | $156.45M | $299.96M | $478.57M | $505.02M | $92.01M |
| Gross profit | $36.80M | $40.69M | $40.83M | $42.07M | $46.90M | $60.11M | $73.48M | $80.23M | $81.08M | $106.37M | $117.07M | $146.09M | $171.17M | $188.58M | $203.45M | $193.19M |
| Gross margin | 27.2% | 31.3% | 37.6% | 30.0% | 27.9% | 23.8% | 28.4% | 26.5% | 41.9% | 41.4% | 30.5% | 48.3% | 36.3% | 28.3% | 28.7% | 67.7% |
| R&D | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| SG&A | $2.52M | $3.73M | $3.23M | $6.94M | $7.71M | $8.40M | $9.55M | $10.44M | $11.43M | $12.39M | $12.90M | $14.61M | $15.69M | $18.12M | $20.23M | $20.34M |
| Operating income | $22.12M | $23.97M | $24.69M | $19.66M | $21.38M | $26.58M | $57.21M | $39.80M | $32.02M | $42.64M | $48.74M | $59.15M | $134.41M | $73.59M | $106.54M | $79.71M |
| Operating margin | 16.4% | 18.4% | 22.8% | 14.0% | 12.7% | 10.5% | 22.1% | 13.1% | 16.6% | 16.6% | 12.7% | 19.6% | 28.5% | 11.0% | 15.0% | 27.9% |
| EBITDA | $33.27M | $32.49M | $37.07M | $39.84M | $38.46M | $63.16M | $83.02M | $74.06M | $72.94M | $101.33M | $111.97M | $128.49M | $213.57M | $164.23M | $211.81M | $175.66M |
| EBITDA margin | 24.6% | 25.0% | 34.2% | 28.4% | 22.9% | 25.0% | 32.1% | 24.5% | 37.7% | 39.4% | 29.2% | 42.5% | 45.3% | 24.6% | 29.9% | 61.6% |
| EBIT | $22.29M | $20.78M | $25.47M | $27.03M | $23.48M | $44.48M | $59.56M | $48.09M | $42.55M | $63.11M | $67.71M | $58.62M | $139.49M | $66.80M | $120.84M | $84.14M |
| Interest expense | $18.21M | $18.13M | $16.56M | $12.30M | $10.65M | $13.33M | $16.47M | $17.44M | $19.09M | $31.34M | $31.04M | $33.91M | $39.68M | $57.81M | $78.97M | $85.31M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $3.74M | $2.27M | $8.90M | $9.36M | $7.69M | $19.64M | $28.07M | $21.05M | $17.20M | $24.05M | $29.15M | $21.89M | $74.75M | $8.29M | $35.65M | $5.60M |
| Net income growth (YoY) | — | -39.5% | +292.6% | +5.2% | -17.8% | +155.4% | +42.9% | -25.0% | -18.3% | +39.8% | +21.2% | -24.9% | +241.4% | -88.9% | +330.1% | -84.3% |
| Profit margin | 2.8% | 1.7% | 8.2% | 6.7% | 4.6% | 7.8% | 10.9% | 7.0% | 8.9% | 9.4% | 7.6% | 7.2% | 15.9% | 1.2% | 5.0% | 2.0% |
Frequently asked questions
What is Armada Hflr Pr's revenue?
Armada Hflr Pr's trailing twelve-month revenue is $283.06M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is AHH?
In its most recent fiscal year, AHH ran a gross margin of 67.74%, an operating margin of 27.95%, and a net margin of 1.96%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does AHH generate?
AHH produced $16.62M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.