Tearsheet

Alexander & Baldwin (ALEX)

Market Price (11/5/2025): $15.64 | Market Cap: $1.1 Bil
Sector: Real Estate | Industry: Diversified REITs

Alexander & Baldwin (ALEX)

Market Price (11/5/2025): $15.64
Market Cap: $1.1 Bil
Sector: Real Estate
Industry: Diversified REITs

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.3%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.2%	Weak multi-year price returns 2Y Excs Rtn is -52%, 3Y Excs Rtn is -80%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.9%, Rev Chg QQuarterly Revenue Change % is -19%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 42%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21%
2	Low stock price volatility Vol 12M is 19%

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.3%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.2%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 42%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21%
2	Low stock price volatility Vol 12M is 19%
3	Weak multi-year price returns 2Y Excs Rtn is -52%, 3Y Excs Rtn is -80%
4	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.9%, Rev Chg QQuarterly Revenue Change % is -19%

Market Valuation & Key Metrics

	11/5/25	2024	2023	2022	2021
Share Price CYE	$15.64	$17.09	$17.41	$16.33	$20.96
Market Cap CYE ($ Bil)	1.1	1.2	1.3	1.2	1.5
Total Debt ($ Bil)	0.5	0.5	0.5	0.5	0.5
Total Cash ($ Bil)	0.0	0.0	0.0	0.0	0.1
Enterprise Value ($ Bil)	1.6	1.7	1.8	1.7	2.0
Valuation Ratios
P/S TTM	5.2	5.4	6.6	5.9	7.2
P/EBIT TTM	11.7	14.4	21.6	33.3	17.9
P/E TTM	15.5	21.3	46.3	-26.9	51.4
Sector Ratios
P/S TTM (Sector)	3.7	4.0	4.2	4.3	6.6
P/EBIT TTM (Sector)	11.1	12.3	12.8	13.1	16.0
P/E TTM (Sector)	16.4	18.7	18.3	17.9	23.1

	11/5/25	2024	2023
Share Price CYE	$15.64	$17.09	$17.41
Market Cap CYE ($ Bil)	1.1	1.2	1.3
Total Debt ($ Bil)	0.5	0.5	0.5
Total Cash ($ Bil)	0.0	0.0	0.0
Enterprise Value ($ Bil)	1.6	1.7	1.8
Valuation Ratios
P/S TTM	5.2	5.4	6.6
P/EBIT TTM	11.7	14.4	21.6
P/E TTM	15.5	21.3	46.3
Sector Ratios
P/S TTM (Sector)	3.7	4.0	4.2
P/EBIT TTM (Sector)	11.1	12.3	12.8
P/E TTM (Sector)	16.4	18.7	18.3

	ALEX	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	0.2
Rev Chg Q	-18.9%	6.6%
Rev Chg LTM	-3.9%	5.6%
Rev Chg 3Y Avg	12.9%	5.3%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	32.4%	18.8%
CFO/Rev LTM	41.8%	20.3%
Net Inc Mgn	33.6%	12.8%
VALUATION	MODERATE
P/S	5.2	3.2
P/CFO	12.5	15.3
P/FCF	25.2	20.3
P/E	15.5	23.7

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ALEX Stock

Return (1M): -10.11%

Factor Drivers of Stock Movement

The -13.0% change in ALEX stock from 8/5/2025 to 11/4/2025 was primarily driven by a -7.5% change in the company's P/E Multiple.

	8052025	11042025	Change
Stock Price ($)	17.98	15.64	-13.03%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	229.83	218.14	-5.09%
Net Income Margin (%)	33.94%	33.62%	-0.94%
P/E Multiple	16.77	15.52	-7.48%
Shares Outstanding (Mil)	72.74	72.76	-0.02%
Cumulative Contribution			-13.03%

LTM = Last Twelve Months as of date shown

The -7.3% change in ALEX stock from 5/6/2025 to 11/4/2025 was primarily driven by a -21.5% change in the company's P/E Multiple.

	5062025	11042025	Change
Stock Price ($)	16.86	15.64	-7.25%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	229.18	218.14	-4.82%
Net Income Margin (%)	27.05%	33.62%	24.30%
P/E Multiple	19.77	15.52	-21.53%
Shares Outstanding (Mil)	72.68	72.76	-0.10%
Cumulative Contribution			-7.25%

LTM = Last Twelve Months as of date shown

The -13.4% change in ALEX stock from 11/4/2024 to 11/4/2025 was primarily driven by a -47.3% change in the company's P/E Multiple.

	11042024	11042025	Change
Stock Price ($)	18.06	15.64	-13.42%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	227.03	218.14	-3.92%
Net Income Margin (%)	19.64%	33.62%	71.20%
P/E Multiple	29.42	15.52	-47.27%
Shares Outstanding (Mil)	72.63	72.76	-0.17%
Cumulative Contribution			-13.42%

LTM = Last Twelve Months as of date shown

The -9.8% change in ALEX stock from 11/5/2022 to 11/4/2025 was primarily driven by a -66.4% change in the company's P/E Multiple.

	11052022	11042025	Change
Stock Price ($)	17.33	15.64	-9.76%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	159.10	218.14	37.11%
Net Income Margin (%)	17.16%	33.62%	95.94%
P/E Multiple	46.15	15.52	-66.38%
Shares Outstanding (Mil)	72.70	72.76	-0.08%
Cumulative Contribution			-9.76%

LTM = Last Twelve Months as of date shown

Why The Stock Moved

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Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
ALEX Return	-16%	51%	-22%	7%	-2%	-8%	-4%
Peers Return	-10%	52%	-15%	-1%	21%	-7%	30%
S&P 500 Return	16%	27%	-19%	24%	23%	15%	112%
Monthly Win Rates [3]
ALEX Win Rate	58%	67%	33%	58%	50%	60%
Peers Win Rate	58%	68%	42%	43%	60%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
ALEX Max Drawdown	-58%	-12%	-34%	-14%	-17%	-9%
Peers Max Drawdown	-55%	-3%	-26%	-21%	-9%	-15%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: WPC, CTO, GOOD, OLP, EPRT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/4/2025 (YTD)

How Low Can It Go

Unique Key	Event	ALEX	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-38.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	61.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-61.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	162.8%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	533 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-84.3%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	538.6%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days

Compare to WPC, CTO, GOOD, OLP, EPRT

In The Past

Alexander & Baldwin's stock fell -38.2% during the 2022 Inflation Shock from a high on 11/5/2021. A -38.2% loss requires a 61.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Alexander & Baldwin (ALEX)

Alexander & Baldwin, Inc. ("A&B") is Hawai'i's premier commercial real estate company and the largest owner of grocery-anchored, neighborhood shopping centers in the state. A&B owns, operates and manages approximately 3.9 million square feet of commercial space in Hawai'i, including 22 retail centers, ten industrial assets and four office properties, as well as 154 acres of ground leases. These core assets comprise nearly 72% of A&B's total assets. A&B's non-core assets include renewable energy generation facilities, approximately 27,000 acres of agricultural and conservation land and a vertically integrated paving business. A&B is achieving its strategic objective of becoming a Hawai'i-focused commercial real estate company by expanding and strengthening its Hawai'i CRE portfolio and monetizing non-core assets. Over its 150-year history, A&B has evolved with the state's economy and played a leadership role in the development of the agricultural, transportation, tourism, construction, residential and commercial real estate industries.

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Better Bets than Alexander & Baldwin (ALEX)

	ALEX	Better Performance than ALEX
Metric	Value	Industry (Diversified REITs)
Rev Chg LTM	-3.9%	WPC (5.6%), EPRT (24.2%), BNL (5.5%), LXP (7.0%), GNL (5.6%)
Rev Chg 3Y Avg	12.9%	EPRT (24.2%), GNL (21.7%), CTO (20.3%), AHH (23.9%), MKZR (30.0%)
Op Mgn LTM	32.4%	WPC (50.5%), EPRT (63.6%), BNL (49.1%), GNL (34.1%), GOOD (35.3%)
CFO/Rev LTM	41.8%	WPC (75.9%), EPRT (68.4%), BNL (62.2%), LXP (59.3%), CTO (55.3%)
FCF/Rev LTM	20.7%	WPC (75.9%), EPRT (68.4%), BNL (55.6%), LXP (52.5%), GNL (30.8%)
Total Yield	9.3%	AAT (16.0%), AHH (13.0%), OLP (16.0%)

	ALEX	Better Performance than ALEX
Metric	Value	Sector (Real Estate)
Rev Chg LTM	-3.9%	WELL (32.6%), PLD (10.7%), AMT (4.2%), EQIX (5.4%), SPG (3.3%)
Rev Chg 3Y Avg	12.9%	WELL (20.9%), PLD (18.1%), O (24.7%), VICI (23.5%), CSGP (13.1%)
Op Mgn LTM	32.4%	PLD (39.8%), AMT (46.4%), SPG (51.0%), O (43.4%), PSA (47.0%)
CFO/Rev LTM	41.8%	PLD (59.3%), AMT (50.1%), SPG (66.6%), O (67.9%), PSA (67.3%)
FCF/Rev LTM	20.7%	WELL (28.2%), PLD (59.3%), AMT (35.3%), SPG (52.1%), DLR (41.6%)
Total Yield	9.3%	VICI (14.3%), SUI (12.5%), GLPI (12.8%), OHI (10.2%), HST (11.6%)

	ALEX	Better Performance than ALEX
Metric	Value	All Other Sectors
Rev Chg LTM	-3.9%	NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg	12.9%	NVDA (92.0%), MSFT (13.2%), AVGO (24.0%), META (17.3%), BRK-B (19.8%)
Op Mgn LTM	32.4%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), META (43.2%), LLY (43.0%)
CFO/Rev LTM	41.8%	NVDA (46.6%), MSFT (50.0%), AVGO (42.4%), META (56.8%), V (60.4%)
FCF/Rev LTM	20.7%	NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), AVGO (41.6%), META (23.7%)
Total Yield	9.3%	XOM (9.8%), BABA (38.4%), WFC (9.5%), TM (2051.5%), CVX (9.7%)

		Best Bets In Real Estate Sector
	ALEX	CTRE	WPC	ADC	NNN	OHI	O	EPRT	GLPI	EPR	FCPT
What You Pay
P/E	15.5	31.0	39.8	41.6	18.9	23.6	55.4	24.4	16.5	18.9	22.7
P/EBIT	11.7	27.0	21.0	24.8	12.8	16.1	24.7	17.1	10.8	11.5	15.4
What You Get
Rev Chg Q	-18.9%	55.3%	8.5%	18.7%	4.6%	12.9%	4.2%	23.7%	3.2%	4.3%	11.0%
Rev Chg LTM	-3.9%	29.7%	5.6%	14.7%	4.8%	13.7%	15.6%	24.2%	4.4%	4.2%	8.3%
Rev Chg 3Y Avg	12.9%	14.1%	5.6%	19.5%	6.1%	6.3%	24.7%	24.2%	7.4%	3.9%	9.5%
FCF/Rev 3Y Avg	19.0%	88.4%	84.4%	73.1%	73.6%	71.6%	71.0%	69.3%	65.4%	63.9%	61.3%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 9.6%, alpha of 3.1%, and sharpe of 0.44

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Alexander & Baldwin Stock Lost 10%, Buy Or Wait?	Return
2	Alexander & Baldwin (ALEX) Operating Cash Flow Comparison	Financials
3	Alexander & Baldwin (ALEX) Tax Expense Comparison	Financials
4	Alexander & Baldwin (ALEX) Debt Comparison	Financials
5	Alexander & Baldwin (ALEX) Net Income Comparison	Financials
6	Alexander & Baldwin (ALEX) Revenue Comparison	Financials
7	Alexander & Baldwin (ALEX) Operating Income Comparison	Financials
8	Alexander & Baldwin (ALEX) EBITDA Comparison	Financials
9	Why Alexander & Baldwin Stock Moved: ALEX Stock Has Lost 22% Since 2021 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)
10	ALEX Dip Buy Analysis

	Title
0	ARTICLES
1	Alexander & Baldwin Stock Lost 10%, Buy Or Wait?
2	Alexander & Baldwin (ALEX) Operating Cash Flow Comparison
3	Alexander & Baldwin (ALEX) Tax Expense Comparison
4	Alexander & Baldwin (ALEX) Debt Comparison
5	Alexander & Baldwin (ALEX) Net Income Comparison
6	Alexander & Baldwin (ALEX) Revenue Comparison
7	Alexander & Baldwin (ALEX) Operating Income Comparison
8	Alexander & Baldwin (ALEX) EBITDA Comparison
9	Why Alexander & Baldwin Stock Moved: ALEX Stock Has Lost 22% Since 2021 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)
10	ALEX Dip Buy Analysis

Trade Ideas

Select past ideas related to ALEX. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
MPW_10312025_Short_Squeeze	10312025	MPW	Medical Properties Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-1.5%	-1.5%	-1.5%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
MPW_10312025_Short_Squeeze	10312025	MPW	Medical Properties Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-1.5%	-1.5%	-1.5%

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Peer Comparisons for Alexander & Baldwin

Financials

	ALEX	WPC	CTO	GOOD	OLP	EPRT	Median
Name	Alexande.	W.P. Car.	CTO Real.	Gladston.	One Libe.	Essentia.
Mkt Price	15.64	65.92	17.00	10.70	20.13	29.57	18.56
Mkt Cap	1.1	14.5	0.6	0.5	0.4	5.9	0.8
Rev LTM	218	1,678	147	155	95	531	187
Op Inc LTM	71	848	17	55	34	338	63
FCF LTM	45	1,274	81	95	44	363	88
FCF 3Y Avg	42	1,395	65	67	43	298	66
CFO LTM	91	1,274	81	95	44	363	93
CFO 3Y Avg	86	1,395	65	67	43	298	77

Growth & Margins

	ALEX	WPC	CTO	GOOD	OLP	EPRT	Median
Name	Alexande.	W.P. Car.	CTO Real.	Gladston.	One Libe.	Essentia.
Rev Chg LTM	-3.9%	5.6%	23.8%	5.0%	5.6%	24.2%	5.6%
Rev Chg 3Y Avg	12.9%	5.6%	20.3%	1.8%	4.1%	24.2%	9.2%
Rev Chg Q	-18.9%	8.5%	18.7%	4.1%	12.6%	23.7%	10.6%
QoQ Delta Rev Chg LTM	-5.1%	2.1%	4.2%	1.0%	3.0%	5.5%	2.5%
Op Mgn LTM	32.4%	50.5%	11.6%	35.3%	35.9%	63.6%	35.6%
Op Mgn 3Y Avg	32.8%	48.0%	16.2%	34.2%	37.6%	62.5%	35.9%
QoQ Delta Op Mgn LTM	-0.7%	1.0%	1.2%	-0.8%	-0.2%	0.1%	-0.1%
CFO/Rev LTM	41.8%	75.9%	55.3%	61.3%	46.2%	68.4%	58.3%
CFO/Rev 3Y Avg	38.3%	84.4%	53.4%	44.4%	45.7%	69.3%	49.6%
FCF/Rev LTM	20.7%	75.9%	55.3%	61.3%	46.2%	68.4%	58.3%
FCF/Rev 3Y Avg	19.0%	84.4%	53.4%	44.4%	45.7%	69.3%	49.6%

Valuation

	ALEX	WPC	CTO	GOOD	OLP	EPRT	Median
Name	Alexande.	W.P. Car.	CTO Real.	Gladston.	One Libe.	Essentia.
Mkt Cap	1.1	14.5	0.6	0.5	0.4	5.9	0.8
P/S	5.2	8.7	3.8	3.2	4.4	11.0	4.8
P/EBIT	11.7	21.0	-60.1	8.3	8.3	17.1	10.0
P/E	15.5	39.8	-16.6	23.8	14.8	24.4	19.6
P/CFO	12.5	11.4	6.8	5.3	9.6	16.1	10.5
Total Yield	9.3%	7.9%	2.8%	7.4%	16.0%	7.9%	7.9%
Dividend Yield	2.9%	5.4%	8.8%	3.2%	9.2%	3.8%	4.6%
FCF Yield 3Y Avg	3.2%	10.4%	14.4%	11.9%	9.2%	6.0%	9.8%
D/E	0.4	0.6	1.1	1.7	1.1	0.5	0.8
Net D/E	0.4	0.6	1.0	1.7	1.0	0.4	0.8

Returns

	ALEX	WPC	CTO	GOOD	OLP	EPRT	Median
Name	Alexande.	W.P. Car.	CTO Real.	Gladston.	One Libe.	Essentia.
1M Rtn	-12.2%	-4.7%	4.7%	-11.2%	-9.4%	-1.0%	-7.1%
3M Rtn	-13.0%	1.0%	5.4%	-17.1%	-9.2%	-2.9%	-6.0%
6M Rtn	-7.3%	10.5%	-0.7%	-20.5%	-13.8%	-5.5%	-6.4%
12M Rtn	-13.4%	26.3%	-5.8%	-27.3%	-19.4%	-3.1%	-9.6%
3Y Rtn	-9.8%	3.6%	7.5%	-19.9%	8.0%	56.9%	5.5%
1M Excs Rtn	-10.6%	-3.8%	8.7%	-9.3%	-7.7%	0.7%	-5.7%
3M Excs Rtn	-19.7%	-3.7%	-0.4%	-22.8%	-15.7%	-7.2%	-11.4%
6M Excs Rtn	-28.0%	-10.3%	-21.5%	-41.2%	-34.5%	-26.2%	-27.1%
12M Excs Rtn	-30.3%	6.7%	-23.3%	-44.8%	-37.7%	-21.7%	-26.8%
3Y Excs Rtn	-79.5%	-68.0%	-66.2%	-95.1%	-64.4%	-17.3%	-67.1%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/31/2025	2/28/2025	2/29/2024	3/1/2023	2/25/2022	2/26/2021	2/27/2020
Key Financials
Total Revenue	218	237	209	231	254	190	435
Net Income	73	61	30	-51	35	6	-36
EPS	1.01	0.83	0.41	-0.70	0.48	0.08	-0.51
Growth Rates
Total Revenue Growth	-3.9%	13.3%	-9.4%	-9.2%	33.5%	-56.3%	-32.5%
Net Income Growth	64.5%	103.1%	158.9%	-243.1%	532.1%	115.4%	49.4%
Margins
Net Income Margin	33.6%	25.6%	14.3%	-22.0%	13.9%	2.9%	-8.4%
Cash & Debt
Total Cash	17	33	14	33	65	57	15
Total Debt	490	475	464	477	537	706	726
Net Debt / (Cash)	473	441	450	444	472	648	711
Cash Flows
Net Cash from Operations	91	98	67	34	124	63	158
Free Cash from Operations	45	47	36	12	94	42	-98
Returns to Shareholders
Dividends	65	65	64	58	47	14	50
Share Repurchases	2	3	5	7	1	1	1

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/31/2025	7/25/2025	4/25/2025	2/28/2025	10/25/2024	7/26/2024	4/26/2024	2/29/2024	11/3/2023	7/28/2023	5/5/2023	3/1/2023
Key Financials Quarterly
Total Revenue	50	52	54	62	62	51	61	53	52	53	50	71
Net Income	14	25	21	12	19	9	20	-4	15	13	5	-72
EPS	0.20	0.35	0.29	0.17	0.26	0.13	0.28	-0.05	0.20	0.18	0.07	-0.99
Key Financials TTM
Total Revenue TTM	218	230	229	237	227	218	220	209	227	224	222	231
Net Income TTM	73	78	62	61	45	40	44	30	-38	-47	-56	-51
Growth Rates Quarterly
Total Revenue Growth	-18.9%	1.3%	-12.2%	18.2%	18.0%	-3.9%	21.5%	-25.4%	6.3%	3.9%	-14.9%	11908.8%
Net Income Growth	-24.6%	175.9%	7.3%	454.9%	29.7%	-31.7%	274.5%	95.1%	128.9%	225.2%	-49.2%	-1237.4%
Margins Quarterly
Net Income Margin	28.5%	48.6%	39.9%	19.9%	30.7%	17.8%	32.6%	-6.6%	27.9%	25.1%	10.6%	-101.1%
Cash & Debt
Total Cash	17	9	17	33	18	30	16	14	12	8	11	33
Total Debt	490	450	453	475	472	470	458	464	510	509	482	477
Net Debt / (Cash)	473	442	436	441	454	440	442	450	498	501	471	444
Cash Flows Quarterly
FCF from Operations	24	16	26	24	35	22	16	23	34	4	6	25
Cash Flows TTM
FCF from Operations TTM	91	102	108	98	97	96	78	67	69	42	32	34
Returns to Shareholders Quarterly
Dividends	16	16	17	16	16	16	16	0	16	16	32	0
Share Repurchases	0	0	1	0	0	-0	2	2	1	-0	2	2
Return on Invested Capital (ROIC) Quarterly
ROIC	2.9%	2.9%	3.5%	3.2%	3.9%	2.5%	4.2%	3.8%	3.0%	2.8%	2.3%	3.9%
Return on Invested Capital (ROIC) TTM
ROIC TTM	3.1%	3.4%	3.3%	3.4%	3.6%	3.4%	3.5%	3.0%	3.0%	2.7%	2.5%	2.7%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Commercial Real Estate	194	187	174	150	161
Land Operations	15	43	80	39	114
Elimination of intersegment revenue	-0
Materials & Construction				117	160
Total	209	230	254	305	435

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Commercial Real Estate	81	82	73	50	66
Land Operations	11	-1	53	15	21
Materials & Construction				-10	-69
Total	92	80	126	55	18

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Commercial Real Estate	1,494	1,500	1,500	1,500	1,533
Land Operations	112	112	144	258	282
Corporate and unallocated assets	40
Assets Held for Sale		127	155
Other		49	81	66	26
Materials & Construction				212	243
Total	1,646	1,787	1,880	2,036	2,084

Price Behavior

Price Behavior

Market Price	$15.64
Market Cap ($ Bil)	1.1
First Trading Date	01/04/2010
Distance from 52W High	-18.6%
	50 Days	200 Days
DMA Price	$17.70	$17.40
DMA Trend	indeterminate	down
Distance from DMA	-11.6%	-10.1%
	3M	1YR
Volatility	20.2%	18.9%
Downside Capture	21.96	42.15
Upside Capture	-56.65	20.56
Correlation (SPY)	22.1%	36.2%

ALEX Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.31	0.35	0.44	0.53	0.36	0.65
Up Beta	2.38	2.40	2.18	0.96	0.31	0.60
Down Beta	0.49	0.61	0.35	0.51	0.45	0.59
Up Capture	-119%	-91%	-31%	11%	15%	29%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	10	18	30	63	126	368
Down Capture	40%	37%	24%	53%	53%	93%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	13	26	35	60	119	370

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of ALEX With Other Asset Classes (Last 1Y)
	ALEX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-13.6%	-4.4%	17.5%	40.7%	2.0%	-4.1%	45.5%
Annualized Volatility	19.0%	17.9%	19.7%	19.9%	16.3%	18.0%	36.9%
Sharpe Ratio	-0.89	-0.40	0.70	1.60	-0.06	-0.38	0.80
Correlation With Other Assets		62.1%	36.9%	6.0%	3.8%	64.4%	16.8%

ETFs used for asset classes: Sector ETF = XLRE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of ALEX With Other Asset Classes (Last 5Y)
	ALEX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	10.1%	6.7%	16.4%	15.1%	12.9%	6.6%	50.5%
Annualized Volatility	26.8%	19.3%	17.2%	15.6%	18.9%	19.1%	49.2%
Sharpe Ratio	0.37	0.27	0.78	0.77	0.57	0.26	0.77
Correlation With Other Assets		60.5%	50.0%	8.2%	16.1%	65.9%	21.8%

Based On 10-Year Data

		Comparison of ALEX With Other Asset Classes (Last 10Y)
	ALEX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-9.7%	6.3%	14.5%	12.5%	5.3%	5.1%	80.1%
Annualized Volatility	37.6%	20.7%	18.0%	14.7%	17.7%	20.9%	56.2%
Sharpe Ratio	-0.12	0.27	0.69	0.69	0.23	0.22	0.97
Correlation With Other Assets		54.6%	50.3%	4.0%	20.0%	59.7%	13.2%

Short Interest

Short Interest: As Of Date	10152025
Short Interest: Shares Quantity	658,866
Short Interest: % Change Since 9302025	-20.3%
Average Daily Volume	431,842
Days-to-Cover Short Interest	1.53
Basic Shares Quantity	72,757,000
Short % of Basic Shares	0.9%

Returns Analyses

	Title
0	Alexander & Baldwin Stock Lost 10%, Buy Or Wait?

SEC Filings

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Report Date	Filing Date	Filing
9302025	10312025	10-Q 9/30/2025
6302025	7252025	10-Q 6/30/2025
3312025	4252025	10-Q 3/31/2025
12312024	2282025	10-K 12/31/2024
9302024	10252024	10-Q 9/30/2024
6302024	7262024	10-Q 6/30/2024
3312024	4262024	10-Q 3/31/2024
12312023	2292024	10-K 12/31/2023
9302023	11032023	10-Q 9/30/2023
6302023	7282023	10-Q 6/30/2023
3312023	5052023	10-Q 3/31/2023
12312022	3012023	10-K 12/31/2022
9302022	11042022	10-Q 9/30/2022
6302022	7292022	10-Q 6/30/2022
3312022	5062022	10-Q 3/31/2022
12312021	2252022	10-K 12/31/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	CHING MEREDITH J	Exec. VP, External Affairs	9102025	Sell	18.76	700	13,129	2,767,341	Form
1	CHING MEREDITH J	Exec. VP, External Affairs	8112025	Sell	18.14	700	12,701	2,689,830	Form
2	CHING MEREDITH J	Exec. VP, External Affairs	7112025	Sell	17.93	700	12,552	2,670,879	Form
3	CHING MEREDITH J	Exec. VP, External Affairs	6102025	Sell	18.38	700	12,863	2,749,905	Form
4	CHING MEREDITH J	Exec. VP, External Affairs	5122025	Sell	17.79	700	12,451	2,674,288	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Alexander & Baldwin (ALEX)

Market Price (11/5/2025): $15.64 | Market Cap: $1.1 BilSector: Real Estate | Industry: Diversified REITs

Alexander & Baldwin (ALEX)

Market Price (11/5/2025): $15.64Market Cap: $1.1 BilSector: Real EstateIndustry: Diversified REITs

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Market Price (11/5/2025): $15.64 | Market Cap: $1.1 Bil
Sector: Real Estate | Industry: Diversified REITs

Market Price (11/5/2025): $15.64
Market Cap: $1.1 Bil
Sector: Real Estate
Industry: Diversified REITs