One-glance verdict
Overvalued
$-0.80 our estimate vs market $1.53
291% below our estimate, beyond the bull case
Fundamentals snapshot
Apartment Investment and Management Company
AIV · NYQ · Real Estate · REIT - Residential
Current price
$1.53
52-week range
$1.52 - $6.04
Market cap
$236.04M
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 66% of its peers.
- Reward Free cash flow was positive in 5/10 years.
- Risk Operating margin compressed from -42.1% to -84.6% over 3 years.
- Risk Stock trades 0.2% above its 5-year average P/E.
What this company does
Apartment Investment and Management Company
Apartment Investment and Management Company (AIV) is like a big landlord that buys apartment buildings, often ones that need fixing up or are in growing areas, primarily in the United States. Their main source of money comes from the rent people pay to live in these apartments, and this is important because steady rent payments mean the company can consistently pay its bills and potentially give money back to its investors.
How the company got here
Apartment Investment and Management Company, or Aimco, was founded in 1975 by Terry Considine. It began as The Considine Company and later evolved through various mergers and acquisitions, eventually becoming a publicly traded Real Estate Investment Trust (REIT) in 1994. A REIT is a company that owns, operates, or finances income-generating real estate, allowing individual investors to own a piece of real estate portfolios similar to how they might own stocks in a mutual fund. Over the years, Aimco grew significantly through strategic acquisitions, becoming one of the largest apartment owners in the U.S. In late 2020, Aimco underwent a significant transformation by spinning off its stabilized apartment portfolio into a separate company called Apartment Income REIT (AIR Communities). This move allowed Aimco to focus on its value-add, opportunistic, and development projects.
What it actually does
Aimco is a real estate company that primarily focuses on investing in and managing apartment buildings across the United States. Think of them as a landlord on a very large scale, but instead of owning just one or two properties, they own and operate many apartment communities. Their goal is to create value by improving these properties, developing new ones, and managing them efficiently to generate income for their investors.
Development and Redevelopment
This part of Aimco's business is like a construction and renovation crew. It involves properties that are currently being built or are undergoing significant upgrades to make them more attractive and valuable. This segment also includes land that Aimco holds for future apartment building projects. Essentially, they are investing in the creation and improvement of apartment homes, aiming to profit from the increased value once these projects are completed and stabilized.
Operating
This segment represents Aimco's core business of owning and managing apartment communities that are already up and running smoothly. These are properties that have reached a stable level of operations, meaning they are consistently occupied and generating rental income. Aimco focuses on managing these communities efficiently to provide a steady stream of revenue, which is a key part of their business model as a REIT.
Other
This segment is a catch-all for any properties or investments that don't fit neatly into the 'Development and Redevelopment' or 'Operating' categories. For example, Aimco owns a boutique hotel, The Benson Hotel, which falls under this segment. It represents a smaller portion of Aimco's overall business compared to its apartment operations.
What management is betting on now
Aimco's current strategy is centered on value-add and opportunistic investments within the U.S. multifamily sector. This means they are actively looking for apartment properties that can be improved to increase their value, or investing in properties in markets with strong growth potential. Management is focused on enhancing the value of their real estate through development, redevelopment, and strategic acquisitions, aiming to create substantial value for their investors. They are also working to simplify their business and focus on core areas where they believe they have a competitive advantage.
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 $-0.80 vs current price $1.53
Our most-likely fair value is $-0.80 a share — about 152.4% below today's price of $1.53, 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 $4.25B Interest coverage 2.09x This peer still has a real interest-payment cushion, while AIV does not.
Total debt $5.86B Interest coverage 3.34x This peer still has a real interest-payment cushion, while AIV does not.
Total debt $6.64B 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 66% of its peers.
-
Free cash flow was positive in 5/10 years.
-
Trades at 8.1x P/E vs peer median 28.7x (71.9% cheaper).
Risks
-
Operating margin compressed from -42.1% to -84.6% over 3 years.
-
Stock trades 0.2% above its 5-year average P/E.
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)
8.05x
Forward P/E
—
P/B
0.59x
P/S
1.70x
EV/EBITDA
67.16x
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
0.19
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
0.0%
Payout ratio
0.0%
Last ex-div date
2026-06-04