Revenue performance remains challenged with a 5.6% year-over-year decline in 2026Q3, while gross margins have experienced extreme volatility, dropping from 32.3% in 2025Q1 to 2.8% in the most recent quarter.
| Metric | TTM | Jul'25 | Jul'24 | Jul'23 | Jul'22 | Jul'21 | Jul'20 | Jul'19 | Jul'18 | Jul'17 | Jul'16 | Jul'15 | Jul'14 | Jul'13 | Jul'12 | Jul'11 | Jul'10 | Jul'09 | Jul'08 | Jul'07 | Jul'06 | Jul'05 | Jul'04 | Jul'03 | Jul'02 | Jul'01 | Jul'00 | Jul'99 | Jul'98 | Jul'97 | Jul'96 |
|---|
| Sales/Revenue | 21.43M | 22.47M | 21.59M | 22.58M | 21.4M | 20.21M | 19.53M | 20.48M | 19.3M | 19.55M | 18.58M | 18.91M | 17.08M | 15.89M | 16.53M | 14.85M | 14.77M | 16.64M | 14.65M | 18.16M | 13.67M | 12.88M | 14.02M | 13.19M | 13.06M | 11.69M | 10.86M | 10.7M | 11.9M | 10.1M | 9.3M |
| Revenue Growth % | -3.91% | 4.06% | -4.35% | 5.52% | 5.85% | 3.49% | -4.62% | 6.1% | -1.27% | 5.2% | -1.73% | 10.7% | 7.49% | -3.84% | 11.3% | 0.55% | -11.28% | 13.65% | -19.34% | 32.87% | 6.08% | -8.11% | 6.3% | 0.96% | 11.71% | 7.64% | 1.54% | -10.08% | 17.82% | 8.6% | 12.05% |
| Cost of Goods Sold | 20.26M | 17.46M | 15.15M | 15.38M | 14.66M | 14.31M | 14.02M | 11.23M | 11.07M | 10.21M | 10.08M | 9.66M | 9.63M | 8.82M | 8.04M | 7.84M | 7.58M | 9.22M | 8.89M | 8.59M | 7.86M | 7.32M | 7.72M | 6.91M | 6.03M | 5.89M | 5.32M | 5.1M | 5.2M | 5.7M | 5.5M |
| COGS % of Revenue | - | 77.68% | 70.17% | 68.14% | 68.53% | 70.78% | 71.8% | 54.84% | 57.38% | 52.24% | 54.25% | 51.08% | 56.37% | 55.51% | 48.68% | 52.78% | 51.35% | 55.42% | 60.68% | 47.29% | 57.48% | 56.83% | 55.03% | 52.43% | 46.12% | 50.32% | 48.93% | 47.66% | 43.7% | 56.44% | 59.14% |
| Gross Profit | 1.18M | 5.01M | 6.44M | 7.19M | 6.73M | 5.91M | 5.51M | 9.25M | 8.23M | 9.34M | 8.5M | 9.25M | 7.45M | 7.07M | 8.48M | 7.01M | 7.18M | 7.42M | 5.76M | 9.57M | 5.81M | 5.56M | 6.31M | 6.28M | 7.04M | 5.81M | 5.55M | 5.6M | 6.7M | 4.4M | 3.8M |
| Gross Margin % | 5.49% | 22.32% | 29.83% | 31.86% | 31.47% | 29.22% | 28.2% | 45.16% | 42.62% | 47.76% | 45.75% | 48.92% | 43.63% | 44.49% | 51.32% | 47.22% | 48.65% | 44.58% | 39.32% | 52.71% | 42.52% | 43.17% | 44.97% | 47.57% | 53.88% | 49.68% | 51.07% | 52.34% | 56.3% | 43.56% | 40.86% |
| Gross Profit Growth % | - | -22.16% | -10.44% | 6.83% | 14.01% | 7.24% | -40.44% | 12.41% | -11.89% | 9.82% | -8.1% | 24.13% | 5.41% | -16.64% | 20.97% | -2.41% | -3.18% | 28.84% | -39.83% | 64.72% | 4.48% | -11.79% | 0.48% | -10.85% | 21.16% | 4.7% | -0.91% | -16.42% | 52.27% | 15.79% | 35.71% |
| Operating Expenses | 3.6M | 2.86M | 7.06M | 6.97M | 7.39M | 6.74M | 6.75M | 7.43M | 6.37M | 6.3M | 5.99M | 6.04M | 5.98M | 5.22M | 5.19M | 5.13M | 5.39M | 5.1M | 5.06M | 4.84M | 4.56M | 4.23M | 4.09M | 3.97M | 4.22M | 3.42M | 3.46M | 3.3M | 3.2M | 2.6M | 3.4M |
| OpEx % of Revenue | - | 12.74% | 32.7% | 30.87% | 34.54% | 33.36% | 34.54% | 36.28% | 33.02% | 32.22% | 32.25% | 31.93% | 34.99% | 32.85% | 31.4% | 34.56% | 36.51% | 30.61% | 34.54% | 26.64% | 33.33% | 32.83% | 29.16% | 30.08% | 32.33% | 29.28% | 31.89% | 30.84% | 26.89% | 25.74% | 36.56% |
| Selling, General & Admin | 3.68M | 0 | 5.34M | 5.28M | 5.65M | 4.96M | 5.09M | 5.47M | 4.6M | 4.62M | 4.36M | 4.34M | 4.26M | 3.58M | 3.61M | 3.57M | 3.83M | 3.47M | 3.46M | 3.26M | 3.01M | 2.76M | 2.77M | 2.77M | 3.08M | 2.34M | 2.24M | 2.1M | 2M | 1.5M | 2.4M |
| SG&A % of Revenue | - | - | 24.71% | 23.39% | 26.4% | 24.53% | 26.04% | 26.7% | 23.82% | 23.61% | 23.44% | 22.97% | 24.91% | 22.55% | 21.87% | 24.07% | 25.92% | 20.85% | 23.59% | 17.93% | 22.03% | 21.46% | 19.76% | 20.97% | 23.59% | 20.05% | 20.62% | 19.63% | 16.81% | 14.85% | 25.81% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -1.66M | -154.33K | -620.11K | 223.67K | -657.01K | -837.78K | -1.24M | 1.87M | 1.88M | 3.05M | 2.52M | 3.22M | 1.48M | 1.53M | 3.29M | 1.88M | 1.79M | 2.32M | 700.18K | 4.73M | 1.26M | 1.33M | 2.22M | 2.31M | 2.81M | 2.39M | 2.08M | 2.3M | 3.5M | 1.8M | 400K |
| Operating Margin % | -7.74% | -0.69% | -2.87% | 0.99% | -3.07% | -4.14% | -6.35% | 9.15% | 9.73% | 15.61% | 13.55% | 17.01% | 8.65% | 9.65% | 19.92% | 12.66% | 12.14% | 13.97% | 4.78% | 26.07% | 9.19% | 10.34% | 15.81% | 17.49% | 21.54% | 20.4% | 19.19% | 21.5% | 29.41% | 17.82% | 4.3% |
| Operating Income Growth % | - | 75.11% | -377.24% | 134.04% | 21.58% | 32.41% | -166.11% | -0.18% | -38.44% | 21.16% | -21.71% | 117.64% | -3.64% | -53.41% | 75.11% | 4.85% | -22.87% | 232.02% | -85.21% | 277.13% | -5.8% | -39.88% | -3.94% | -18.02% | 17.98% | 14.45% | -9.37% | -34.29% | 94.44% | 350% | 200% |
| EBITDA | 748.15K | 2.15M | 1.11M | 1.91M | 1.09M | 947.68K | 421.86K | 21.4M | 19.56M | 19.79M | 18.81M | 4.91M | 3.2M | 3.17M | 4.87M | 3.44M | 3.45M | 3.95M | 2.68M | 6.77M | 3.27M | 3.11M | 4.05M | 3.95M | 4.22M | 3.69M | 3.31M | 3.5M | 4.7M | 2.9M | 1.4M |
| EBITDA Margin % | 3.49% | 9.58% | 5.12% | 8.47% | 5.07% | 4.69% | 2.16% | 104.49% | 101.34% | 101.22% | 101.24% | 25.98% | 18.73% | 19.95% | 29.45% | 23.14% | 23.39% | 23.73% | 18.33% | 37.26% | 23.96% | 24.13% | 28.91% | 29.98% | 32.27% | 31.59% | 30.45% | 32.71% | 39.5% | 28.71% | 15.05% |
| EBITDA Growth % | -55.59% | 94.69% | -42.2% | 76.17% | 14.54% | 124.64% | -98.03% | 9.39% | -1.16% | 5.18% | 283.03% | 53.51% | 0.93% | -34.86% | 41.62% | -0.49% | -12.56% | 47.13% | -60.33% | 106.64% | 5.35% | -23.31% | 2.49% | -6.21% | 14.14% | 11.65% | -5.47% | -25.53% | 62.07% | 107.14% | 133.33% |
| D&A (Non-Cash Add-back) | 2.41M | 2.31M | 1.73M | 1.69M | 1.74M | 1.79M | 1.66M | 19.52M | 17.68M | 16.74M | 16.3M | 1.7M | 1.72M | 1.64M | 1.57M | 1.56M | 1.66M | 1.63M | 1.98M | 2.03M | 2.02M | 1.78M | 1.84M | 1.65M | 1.4M | 1.31M | 1.22M | 1.2M | 1.2M | 1.1M | 1M |
| EBIT | -1.63M | -154.33K | -407.28K | 85.81K | -750.39K | 504.62K | -1.06M | 2.31M | 1.96M | 3.13M | 2.56M | 3.27M | 1.7M | 1.61M | 3.32M | 1.98M | 1.86M | 2.07M | 700.18K | 4.73M | 1.26M | 1.33M | 2.22M | 2.31M | 2.81M | 2.39M | 2.08M | 2.3M | 3.5M | 1.8M | 400K |
| Net Interest Income | 21.95K | 26.84K | -136.29K | -230.77K | -251.98K | -264.74K | -182.07K | -143.67K | -208.06K | -212.76K | -236.96K | -343.38K | -420.46K | -418.37K | -517.64K | -608.42K | -723.75K | -762.77K | 0 | 0 | 0 | 0 | -547.1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 28.73K | 26.84K | 0 | 0 | 0 | 850 | 20.45K | 56.92K | 25.41K | 13.18K | 8.42K | 3.1K | 2.56K | 7.96K | 5.12K | 44.41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -1.64M | -195.24K | -543.57K | -144.96K | -1M | 239.03K | -1.26M | 2.1M | 1.73M | 2.91M | 2.31M | 2.92M | 1.28M | 1.18M | 2.8M | 1.33M | 1.14M | 1.48M | 29.36K | 3.82M | 2.39M | 691.37K | 1.92M | 1.98M | 2.37M | 2.08M | 1.76M | 1.9M | 2.9M | 1.3M | -600K |
| Pretax Margin % | -7.64% | -0.87% | -2.52% | -0.64% | -4.68% | 1.18% | -6.46% | 10.28% | 8.96% | 14.87% | 12.45% | 15.45% | 7.5% | 7.44% | 16.95% | 8.96% | 7.73% | 8.92% | 0.2% | 21.04% | 17.51% | 5.37% | 13.71% | 15% | 18.17% | 17.76% | 16.23% | 17.76% | 24.37% | 12.87% | -6.45% |
| Income Tax | -486K | -59K | -137K | -62K | -290K | -159K | -355K | 590K | -1.24M | 981K | 796K | 713K | 541K | 518K | 1.53M | 572K | 480K | 728K | 105K | 1.76M | 959K | 343K | 787K | 832K | 1.12M | 786K | 697K | 700K | 1.1M | 500K | -500K |
| Effective Tax Rate % | 29.67% | 30.22% | 25.2% | 42.77% | 28.93% | -66.52% | 28.15% | 28.03% | -71.9% | 33.75% | 34.4% | 24.4% | 42.25% | 43.84% | 54.65% | 43% | 42.07% | 49.05% | 357.64% | 46.19% | 40.09% | 49.61% | 40.94% | 42.04% | 47.15% | 37.85% | 39.54% | 36.84% | 37.93% | 38.46% | 83.33% |
| Net Income | -1.15M | -136.24K | -406.57K | -82.96K | -712.37K | 398.03K | -906K | 1.51M | 2.97M | 1.93M | 1.52M | 2.21M | 739.32K | 663.67K | 1.27M | 530.36K | 432.21K | 756.09K | -75.64K | 2.06M | 1.43M | 348.37K | 1.14M | 1.15M | 1.25M | 1.29M | 1.07M | 1.2M | 1.8M | 800K | -100K |
| Net Margin % | -5.37% | -0.61% | -1.88% | -0.37% | -3.33% | 1.97% | -4.64% | 7.4% | 15.41% | 9.85% | 8.17% | 11.68% | 4.33% | 4.18% | 7.69% | 3.57% | 2.93% | 4.54% | -0.52% | 11.32% | 10.49% | 2.7% | 8.1% | 8.7% | 9.6% | 11.04% | 9.81% | 11.21% | 15.13% | 7.92% | -1.08% |
| Net Income Growth % | -1429.17% | 66.49% | -390.05% | 88.35% | -278.97% | 143.93% | -159.81% | -49.07% | 54.46% | 26.87% | -31.28% | 198.74% | 11.4% | -47.76% | 139.53% | 22.71% | -42.84% | 1099.57% | -103.68% | 43.43% | 311.46% | -69.32% | -1.01% | -8.54% | -2.82% | 21.08% | -11.17% | -33.33% | 125% | 900% | 75% |
| Net Income (Continuing) | -1.15M | -136.24K | -406.57K | -82.96K | -712.37K | 398.03K | -906K | 1.51M | 2.97M | 1.93M | 1.52M | 2.21M | 739.32K | 663.67K | 1.27M | 758.13K | 660.94K | 756.09K | -75.64K | 2.06M | 1.43M | 348.37K | 1.14M | 1.15M | 1.25M | 1.29M | 1.07M | 1.2M | 1.8M | 800K | -100K |
| Discontinued Operations | 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.44K | 76.92K | 175.38K | 1.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.57 | -0.07 | -0.20 | -0.04 | -0.35 | 0.20 | -0.45 | 0.75 | 1.48 | 0.96 | 0.75 | 1.10 | 0.37 | 0.33 | 0.63 | 0.26 | 0.21 | 0.38 | -0.04 | 1.02 | 0.71 | 0.17 | 0.56 | 0.57 | 0.62 | 0.62 | 0.50 | 0.54 | 0.86 | 0.38 | -0.05 |
| EPS Growth % | -1443.16% | 66.2% | -385.44% | 88.23% | -275% | 144.44% | -160% | -49.32% | 54.17% | 28% | -31.82% | 197.3% | 12.12% | -47.62% | 142.31% | 23.81% | -44.74% | 1113.33% | -103.68% | 43.66% | 317.65% | -69.64% | -1.75% | -8.06% | 0% | 24% | -7.41% | -37.21% | 126.32% | 911.97% | 74% |
| EPS (Basic) | - | -0.07 | -0.20 | -0.04 | -0.35 | 0.20 | -0.45 | 0.75 | 1.48 | 0.96 | 0.75 | 1.10 | 0.37 | 0.33 | 0.63 | 0.26 | 0.21 | 0.38 | -0.04 | 1.02 | 0.71 | 0.17 | 0.56 | 0.57 | 0.62 | 0.62 | 0.50 | 0.54 | 0.86 | 0.38 | -0.05 |
| Diluted Shares Outstanding | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.05M | 2.03M | 2.03M | 2.03M | 2.07M | 2.14M | 2.14M | 2.14M | 2.14M | 2.14M |
| Basic Shares Outstanding | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.02M | 2.05M | 2.03M | 2.03M | 2.03M | 2.07M | 2.12M | 2.14M | 2.14M | 2.14M | 2.14M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Urban retail vacancy exposure
As reported in recent financial filings, J.W. Mays has experienced a contraction in top-line performance, with the most recent quarterly revenue of $5.3M reflecting a 5.6% year-over-year decline, suggesting that the company's legacy retail-focused leasing model is struggling to capture meaningful growth in current urban markets.
The consistent revenue volatility indicates that the company lacks the pricing power or tenant diversification necessary to offset broader retail sector pressures. Investors should monitor whether this trend reflects structural vacancy issues or merely the expiration of legacy leases that are being repriced in a challenging environment.
Based on the provided income statement data, gross margins have demonstrated extreme instability, plummeting from a peak of 32.3% in 2025Q1 to a mere 2.8% in 2026Q3, which highlights the company's vulnerability to rising property-level operating costs that appear to be eroding the core rental income.
The inability to maintain consistent gross margins suggests that the company's cost structure is heavily burdened by non-discretionary expenses such as property taxes and maintenance. This margin profile implies that the firm may be operating under lease agreements that do not adequately pass through inflationary cost increases to tenants.
According to the latest quarterly results, J.W. Mays reported an operating margin of -6.1%, indicating that administrative and property-level overheads are consistently outpacing the company's ability to generate sufficient rental income, despite the firm's exceptionally low debt-to-equity ratio of approximately 0.52% as noted in historical disclosures.
While the lack of debt provides a unique buffer against interest rate volatility, the negative operating income suggests that the company is failing to achieve the necessary scale to cover its fixed costs. This operational drag warrants further investigation into whether management is prioritizing asset preservation over the active optimization of its real estate portfolio.
While the income statement paints a picture of a struggling enterprise with persistent net losses, the market's focus on these figures may overlook the potential for significant hidden value within the company's long-held urban real estate assets, which are carried at historical costs far below current market valuations.
Short-term observers might view the negative net income as a sign of terminal decline, yet this perspective may ignore the possibility that the company is effectively a land bank waiting for a redevelopment catalyst. Investors should consider whether the current operational losses are a temporary byproduct of a 'hold' strategy rather than a reflection of the underlying asset quality.
Quick answers to the most common questions about buying MAYS stock.
For fiscal year 2025, J.W. Mays, Inc. (MAYS) reported total revenue of $22.5M. This represents a 141.6% increase compared to $9.3M in 1996.
J.W. Mays, Inc. (MAYS) reported a net loss of $0.1M for the fiscal year ending 2025.
J.W. Mays, Inc. (MAYS) reported an operating income of $-0.2M, resulting in an operating profit margin of -0.7%. This margin reflects the operational efficiency of the business before interest and taxes.
J.W. Mays, Inc. (MAYS) generated $5.0M in gross profit for the year, representing a gross profit margin of 22.3%. This demonstrates the company's core pricing power and production efficiency.