Investment Thesis
AIV exhibits severe operational distress with negative operating margins (-11.4%) and critically weak interest coverage (-0.3x), indicating inability to service debt from operations. The exceptional net margin (395.1%) and EPS growth are driven by non-operating gains rather than sustainable business performance, masking underlying operational deterioration.
AIV Strengths
- Strong liquidity position with $394.9M cash equivalents covering near-term obligations
- Positive operating cash flow of $8.1M demonstrates some cash generation capability
- Significant asset base of $1.7B provides financial flexibility for restructuring
AIV Risks
- Negative operating margin and interest coverage indicate company cannot service $738.6M debt from core operations
- Revenue growth of 1722% YoY is abnormal and suggests one-time gains or accounting adjustments rather than sustainable business expansion
- High leverage with 2.04x debt-to-equity ratio combined with operational losses creates refinancing risk
- Minimal free cash flow of $907K relative to debt obligations indicates deteriorating cash generation quality
Key Metrics to Watch
- Quarterly operating margin trend - critical to confirm operational sustainability
- Debt service coverage ratio and refinancing schedule for $738.6M long-term debt
- Operating cash flow stability excluding non-recurring items
- Revenue composition breakdown to identify if growth is recurring or one-time
AIV Financial Metrics
AIV Profitability Ratios
AIV Balance Sheet & Liquidity
AIV 5-Year Financial Trend
5-Year Trend Summary: APARTMENT INVESTMENT & MANAGEMENT CO's revenue has grown significantly by 13% over the 5-year period, indicating strong business expansion. The most recent EPS of $3.87 reflects profitable operations.
AIV Growth Metrics (YoY)
AIV Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $1.9M | -$21.9M | $-0.16 |
| Q2 2025 | $1.8M | -$19.3M | $-0.14 |
| Q1 2025 | $1.2M | -$10.2M | $-0.07 |
| Q3 2024 | $1.0M | -$2.3M | $-0.02 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
AIV Capital Allocation
AIV SEC Filings
Access official SEC EDGAR filings for APARTMENT INVESTMENT & MANAGEMENT CO (CIK: 0000922864)