One-glance verdict
Overvalued
$-0.72 our estimate vs market $2.18
401% below our estimate, beyond the bull case
Fundamentals snapshot
Apartment Investment and Management Company
AIV · NYQ · Real Estate · REIT - Residential
Current price
$2.18
52-week range
$2.12 - $8.01
Market cap
$336.32M
Balance sheet
Distressed
-0.37x Concerning
Net debt $475.72M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Returns 9.6% on equity, ahead of 83% of its peers.
- Reward Free cash flow was positive in 5/10 years.
- Risk Stock trades 171.4% above its 5-year average P/E.
- Risk Operating margin compressed from -42.1% to -84.6% over 3 years.
What this company does
Apartment Investment and Management Company
Aimco is a real estate investment company that focuses on buying and improving apartment buildings in the United States. Their main business is finding properties they can renovate or redevelop, which increases the building's value and the rent they can charge. This strategy means the company's performance is tied to the health of the U.S. housing market and its skill in managing construction projects.
How the company got here
Started in 1975, the company, often called Aimco, grew to become one of the largest owners and operators of apartments in the United States. A major turning point happened in late 2020 when it executed a "spin-off" (the separation of a part of a business into a new, independent company), creating Apartment Income REIT Corp. (AIR). This new company took over Aimco's large portfolio of stable, income-producing apartment buildings. This left Aimco to focus on more actively developing new properties and redeveloping older ones to increase their value.
What it actually does
Before a recent decision to sell its assets, Aimco acted like a real estate developer for apartment buildings. Instead of just owning and collecting rent from a fixed set of apartments for the long term, its main job was to find and execute on opportunities to create more valuable properties. This included building new apartment communities from the ground up, and buying existing properties to significantly renovate and modernize them. The company is a Real Estate Investment Trust, or REIT (a company that owns and often operates income-producing real estate), which has certain tax advantages.
Value-Add and Opportunistic Investments
This was the core of Aimco's business after the 2020 spin-off. Think of this as two main activities: developing and redeveloping. Development means building brand-new apartment communities in promising locations. Redevelopment involves buying older apartment buildings and giving them a major facelift—upgrading kitchens, adding amenities like gyms, or improving common areas—to attract tenants willing to pay higher rent. The goal for both was to create a property worth significantly more than the cost of the project, with that value realized for investors when the property was eventually sold.
Portfolio of Operating Apartments
While much of its focus was on development, Aimco still owned a smaller collection of apartment communities that were already up and running. These properties generated regular income from tenant rents, much like a typical landlord would collect. However, this part of the business was not the primary focus for growth. These properties were part of the company's overall portfolio that it managed and looked for the right time to sell, especially as part of its value-creation strategy.
What management is betting on now
The company's strategy has made a dramatic shift. In early 2026, stockholders approved a "Plan of Sale and Liquidation." This means management is no longer focused on buying or developing properties. Instead, their main priority is to sell off all of the company's remaining assets—including its completed apartment buildings, development projects, and land—in an orderly way. The goal of this liquidation is to return all the cash raised from these sales directly to the company's shareholders.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q2
$-28.92M
FY2024 Q3
$-19.57M
FY2024 Q4
$-45.33M
FY2025 Q1
$-15.36M
FY2025 Q2
$-16.76M
FY2025 Q3
$-19.33M
FY2025 Q4
$-40.08M
FY2026 Q1
$-46.88M
Revenue
$6.16M
Net income
$-7.74M
Diluted EPS
-0.05
Operating cash flow
$-39.35M
Free cash flow
$-46.88M
Fetching…
Sources
Revenue
$-1.76M
Net income
$297.26M
Diluted EPS
2.07
Operating cash flow
$-14.33M
Free cash flow
$-40.08M
Fetching…
Sources
Revenue
$35.13M
Net income
$283.12M
Diluted EPS
2.04
Operating cash flow
$8.93M
Free cash flow
$-19.33M
Fetching…
Sources
Revenue
$52.76M
Net income
$-19.30M
Diluted EPS
-0.14
Operating cash flow
$9.67M
Free cash flow
$-16.76M
Fetching…
Sources
Revenue
$52.35M
Net income
$-13.92M
Diluted EPS
-0.10
Operating cash flow
$3.83M
Free cash flow
$-15.36M
Fetching…
Sources
Revenue
$54.17M
Net income
$-11.34M
Diluted EPS
-0.09
Operating cash flow
$828.00K
Free cash flow
$-45.33M
Fetching…
Sources
Revenue
$53.16M
Net income
$-21.94M
Diluted EPS
-0.16
Operating cash flow
$16.44M
Free cash flow
$-19.57M
Fetching…
Sources
Revenue
$51.15M
Net income
$-60.53M
Diluted EPS
-0.43
Operating cash flow
$8.01M
Free cash flow
$-28.92M
Fetching…
Sources
Is it cheap or expensive?
Fair value $-0.72 vs current price $2.18
Our most-likely fair value is $-0.72 a share — about 133.2% below today's price of $2.18, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Distressed
Net debt $475.7M. Interest coverage -0.4x.
Net debt
$475.72M
Interest coverage
-0.37x
Apartment Investment and Management Company's profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here.
Distressed
Worse cushion
Baseline
Better cushion
AIV
BASELINE
Apartment Investment and Management Company
Total debt $870.67M Interest coverage -0.37x This is the baseline the peer rows are being compared against.
Total debt $8.57B Interest coverage 2.83x This peer still has a real interest-payment cushion, while AIV does not.
Total debt $9.19B Interest coverage 3.55x This peer still has a real interest-payment cushion, while AIV does not.
Total debt $4.87B Interest coverage 2.09x This peer still has a real interest-payment cushion, while AIV does not.
Total debt $5.72B Interest coverage 3.34x This peer still has a real interest-payment cushion, while AIV does not.
Total debt $6.75B Interest coverage 2.33x This peer still has a real interest-payment cushion, while AIV does not.
What you should know
The case for and against AIV
3 Rewards
2 Risks
Rewards
-
Returns 9.6% on equity, ahead of 83% of its peers.
-
Free cash flow was positive in 5/10 years.
-
Trades at 21.8x P/E vs peer median 32.4x (32.7% cheaper).
Risks
-
Stock trades 171.4% above its 5-year average P/E.
-
Operating margin compressed from -42.1% to -84.6% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
21.80x
Forward P/E
—
P/B
0.84x
P/S
2.43x
EV/EBITDA
74.24x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
52.2%
Operating margin
-84.6%
Net margin
400.0%
ROE
9.7%
ROA
-1.6%
Health
Liquidity and balance-sheet strength
Debt / equity
1.57x
Current ratio
1.52x
Quick ratio
1.09x
Total debt
$870.67M
Total cash
$394.95M
Growth
How the business has been compounding
Revenue TTM
$92.29M
Revenue 5Y CAGR
-5.0%
EPS TTM
0.10
EPS 5Y CAGR
99.1%
Cash flow
How much cash the business throws off
Operating CF TTM
$-35.08M
Free CF TTM
$-91.53M
FCF margin
-99.2%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
2026-06-04