# Real Estate - Development — company-by-company sector analysis

> Real Estate - Development: Howard Hughes Holdings Inc. owns the largest revenue base; Belpointe PREP, LLC has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Real Estate - Development has underperformed S&P 500 by 15.3% over 52 weeks and 0.5% over 13 weeks. 4 of 10 covered companies beat the S&P 500 on Mansfield relative strength, while 4 of 10 beat the sector itself. Howard Hughes Holdings Inc. leads with revenue of $1,511 million, based on 6 of 10 comparable companies through Mar 2026.

### Is the Real Estate - Development sector outperforming S&P 500?

Real Estate - Development has underperformed S&P 500 by 15.3% over 52 weeks and 0.5% over 13 weeks. 4 of 10 covered companies beat the S&P 500 on Mansfield relative strength, while 4 of 10 beat the sector itself.

### Which Real Estate - Development company is largest by revenue?

Howard Hughes Holdings Inc. leads with revenue of $1,511 million, based on 6 of 10 comparable companies through Mar 2026.

### Which Real Estate - Development company is growing fastest?

Belpointe PREP, LLC has the fastest current revenue growth at 100%, across 6 of 10 comparable companies.

### Which Real Estate - Development company has the strongest 4-Factor Sector Score?

AMREP Corporation ranks first at 62/100 with 76% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Real Estate - Development company reports the most CAPEX?

Corporación Inmobiliaria Vesta, S.A.B. de C.V. reports the largest latest CAPEX at $76 million, with 10 of 10 companies comparable.

### Which Real Estate - Development company has the least gross debt?

AMREP Corporation has the lowest comparable gross debt at $0 million. Howard Hughes Holdings Inc. has the highest at $5,796 million.

### Which Real Estate - Development company has the lowest comparable PEG?

AMREP Corporation has the lowest comparable Guarded PEG at 0.22, among 1 of 10 companies that pass the metric’s comparability rules.

### How much history does this Real Estate - Development comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Real Estate - Development has underperformed S&P 500 by 15.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 0.5%. 4 of 10 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Century Communities, Inc. is the strongest against the sector itself at +11.4%.

13-week sector return versus NIFTY 500: 0.5%
52-week sector return versus NIFTY 500: -15%
Stocks leading NIFTY: 4/10
Stocks leading sector: 4/10

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 10
Combined market value: ₹13.5K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. AMREP Corporation (AXR): 62/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 21.5/35 | Capital efficiency 17.8/25 | Valuation 15.7/20 | Relative strength 7.0/20
   - Exact sum: 21.5 + 17.8 + 15.7 + 7 = 62
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Century Communities, Inc. (CCS): 57/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 15.3/35 | Capital efficiency 12.0/25 | Valuation 9.6/20 | Relative strength 20.0/20
   - Exact sum: 15.3 + 12 + 9.6 + 20 = 56.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Forestar Group Inc. (FOR): 57/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 18.2/35 | Capital efficiency 15.0/25 | Valuation 10.4/20 | Relative strength 13.3/20
   - Exact sum: 18.2 + 15 + 10.4 + 13.3 = 56.9
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX): 56/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 17.8/35 | Capital efficiency 15.8/25 | Valuation 11.1/20 | Relative strength 11.5/20
   - Exact sum: 17.8 + 15.8 + 11.1 + 11.5 = 56.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Five Point Holdings, LLC (FPH): 45/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 15.3/35 | Capital efficiency 9.1/25 | Valuation 11.5/20 | Relative strength 8.8/20
   - Exact sum: 15.3 + 9.1 + 11.5 + 8.8 = 44.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Logistic Properties of the Americas (LPA): 41/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 17.8/35 | Capital efficiency 11.0/25 | Valuation 8.9/20 | Relative strength 3.6/20
   - Exact sum: 17.8 + 11 + 8.9 + 3.6 = 41.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Belpointe PREP, LLC (OZ): 38/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 20.3/35 | Capital efficiency 4.3/25 | Valuation 10.0/20 | Relative strength 3.4/20
   - Exact sum: 20.3 + 4.3 + 10 + 3.4 = 38
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. Smith Douglas Homes Corp. (SDHC): 36/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 7.2/35 | Capital efficiency 12.8/25 | Valuation 10.0/20 | Relative strength 6.0/20
   - Exact sum: 7.2 + 12.8 + 10 + 6 = 36
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Howard Hughes Holdings Inc. (HHH): 33/100 — Adverse evidence; evidence 72%
   - Growth & earnings 8.3/35 | Capital efficiency 8.5/25 | Valuation 9.3/20 | Relative strength 6.8/20
   - Exact sum: 8.3 + 8.5 + 9.3 + 6.8 = 32.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. Sky Harbour Group Corporation (SKYH): 49/100 — Thin evidence · provisional; evidence 40%
   - Growth & earnings 18.6/35 | Capital efficiency 8.4/25 | Valuation 8.5/20 | Relative strength 13.9/20
   - Exact sum: 18.6 + 8.4 + 8.5 + 13.9 = 49.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Howard Hughes Holdings Inc. is the scale leader at $1,511 million, 58.7% ahead of Smith Douglas Homes Corp.. Belpointe PREP, LLC's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 175% from a $11 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Howard Hughes Holdings Inc. is the scale benchmark; Belpointe PREP, LLC is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Howard Hughes Holdings Inc.'s growth falls below Belpointe PREP, LLC's for two consecutive comparable reports while operating margin also compresses.

Evidence: Howard Hughes Holdings Inc. · $1,511 million | 58.7% versus #2 · Smith Douglas Homes Corp. | 6/8 recent comparable periods | 6/10 companies · 177 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Howard Hughes Holdings Inc. (HHH): ₹1.5K Cr
2. Smith Douglas Homes Corp. (SDHC): ₹952 Cr
3. AMREP Corporation (AXR): ₹53 Cr
4. Logistic Properties of the Americas (LPA): ₹53 Cr
5. Sky Harbour Group Corporation (SKYH): ₹31 Cr

### Revenue growth — fastest growers
1. Belpointe PREP, LLC (OZ): 100%
2. Sky Harbour Group Corporation (SKYH): 63%
3. Logistic Properties of the Americas (LPA): 18%
4. Smith Douglas Homes Corp. (SDHC): -5.8%
5. AMREP Corporation (AXR): -10%

### 20-quarter Revenue history
- HHH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹640 Cr | Dec 2022 ₹482 Cr | Mar 2023 ₹196 Cr | Jun 2023 ₹223 Cr | Sep 2023 ₹228 Cr | Dec 2023 ₹313 Cr | Mar 2024 ₹156 Cr | Jun 2024 ₹283 Cr | Sep 2024 ₹327 Cr | Dec 2024 ₹984 Cr | Mar 2025 ₹199 Cr | Jun 2025 ₹261 Cr | Sep 2025 ₹390 Cr | Dec 2025 ₹624 Cr | Mar 2026 ₹236 Cr | Jun 2026 —
- VTMX: Sep 2021 — | Dec 2021 ₹161 Cr | Mar 2022 — | Jun 2022 ₹43 Cr | Sep 2022 — | Dec 2022 ₹178 Cr | Mar 2023 ₹50 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹214 Cr | Mar 2024 ₹61 Cr | Jun 2024 ₹63 Cr | Sep 2024 ₹64 Cr | Dec 2024 ₹65 Cr | Mar 2025 ₹67 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹77 Cr | Jun 2026 —
- CCS: Sep 2021 ₹958 Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹753 Cr | Jun 2023 ₹844 Cr | Sep 2023 ₹889 Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹949 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹903 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹980 Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹790 Cr | Jun 2026 —
- FOR: Sep 2021 ₹419 Cr | Dec 2021 ₹408 Cr | Mar 2022 ₹422 Cr | Jun 2022 ₹309 Cr | Sep 2022 ₹381 Cr | Dec 2022 ₹217 Cr | Mar 2023 ₹302 Cr | Jun 2023 ₹369 Cr | Sep 2023 ₹550 Cr | Dec 2023 ₹306 Cr | Mar 2024 ₹334 Cr | Jun 2024 ₹318 Cr | Sep 2024 ₹551 Cr | Dec 2024 ₹250 Cr | Mar 2025 ₹351 Cr | Jun 2025 ₹391 Cr | Sep 2025 ₹671 Cr | Dec 2025 ₹273 Cr | Mar 2026 ₹374 Cr | Jun 2026 —
- SKYH: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹9 Cr | Jun 2026 —
- FPH: Sep 2021 ₹21 Cr | Dec 2021 ₹182 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹66 Cr | Dec 2023 ₹119 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹160 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- SDHC: Sep 2021 ₹138 Cr | Dec 2021 ₹122 Cr | Mar 2022 ₹155 Cr | Jun 2022 ₹170 Cr | Sep 2022 ₹206 Cr | Dec 2022 ₹223 Cr | Mar 2023 ₹168 Cr | Jun 2023 ₹182 Cr | Sep 2023 ₹198 Cr | Dec 2023 ₹217 Cr | Mar 2024 ₹189 Cr | Jun 2024 ₹221 Cr | Sep 2024 ₹278 Cr | Dec 2024 ₹287 Cr | Mar 2025 ₹225 Cr | Jun 2025 ₹224 Cr | Sep 2025 ₹262 Cr | Dec 2025 ₹260 Cr | Mar 2026 ₹206 Cr | Jun 2026 —
- OZ: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- AXR: Sep 2021 ₹11 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹16 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹8 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹15 Cr | Jun 2026 —
- LPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹8 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹14 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- HHH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -64% | Dec 2023 -35% | Mar 2024 -20% | Jun 2024 27% | Sep 2024 43% | Dec 2024 214% | Mar 2025 28% | Jun 2025 -7.8% | Sep 2025 19% | Dec 2025 -37% | Mar 2026 19% | Jun 2026 —
- VTMX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 11% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 20% | Mar 2024 22% | Jun 2024 — | Sep 2024 — | Dec 2024 -70% | Mar 2025 9.8% | Jun 2025 6.4% | Sep 2025 13% | Dec 2025 17% | Mar 2026 15% | Jun 2026 —
- CCS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 19% | Dec 2022 -2.3% | Mar 2023 -26% | Jun 2023 -28% | Sep 2023 -22% | Dec 2023 2.3% | Mar 2024 26% | Jun 2024 23% | Sep 2024 28% | Dec 2024 5.6% | Mar 2025 -4.9% | Jun 2025 -3.7% | Sep 2025 -14% | Dec 2025 -3.1% | Mar 2026 -13% | Jun 2026 —
- FOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.3% | Sep 2022 -9.1% | Dec 2022 -47% | Mar 2023 -28% | Jun 2023 19% | Sep 2023 44% | Dec 2023 41% | Mar 2024 11% | Jun 2024 -14% | Sep 2024 0.2% | Dec 2024 -18% | Mar 2025 5.1% | Jun 2025 23% | Sep 2025 22% | Dec 2025 9.2% | Mar 2026 6.6% | Jun 2026 —
- SKYH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 100% | Mar 2024 100% | Jun 2024 100% | Sep 2024 33% | Dec 2024 150% | Mar 2025 200% | Jun 2025 75% | Sep 2025 75% | Dec 2025 60% | Mar 2026 50% | Jun 2026 —
- FPH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -38% | Sep 2022 -29% | Dec 2022 -91% | Mar 2023 20% | Jun 2023 320% | Sep 2023 340% | Dec 2023 600% | Mar 2024 67% | Jun 2024 143% | Sep 2024 -74% | Dec 2024 34% | Mar 2025 30% | Jun 2025 -86% | Sep 2025 -24% | Dec 2025 -53% | Mar 2026 7.7% | Jun 2026 —
- SDHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 49% | Dec 2022 83% | Mar 2023 8.4% | Jun 2023 7.1% | Sep 2023 -3.9% | Dec 2023 -2.7% | Mar 2024 13% | Jun 2024 21% | Sep 2024 40% | Dec 2024 32% | Mar 2025 19% | Jun 2025 1.4% | Sep 2025 -5.8% | Dec 2025 -9.4% | Mar 2026 -8.4% | Jun 2026 —
- OZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -100% | Sep 2024 — | Dec 2024 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 100% | Dec 2025 200% | Mar 2026 100% | Jun 2026 —
- AXR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 -46% | Sep 2023 -9.1% | Dec 2023 -44% | Mar 2024 44% | Jun 2024 54% | Sep 2024 90% | Dec 2024 33% | Mar 2025 -38% | Jun 2025 -45% | Sep 2025 -5.3% | Dec 2025 -25% | Mar 2026 88% | Jun 2026 —
- LPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 25% | Dec 2023 50% | Mar 2024 11% | Jun 2024 10% | Sep 2024 10% | Dec 2024 -8.3% | Mar 2025 20% | Jun 2025 9.1% | Sep 2025 18% | Dec 2025 27% | Mar 2026 17% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Corporación Inmobiliaria Vesta, S.A.B. de C.V. leads opm at 77.6%; Belpointe PREP, LLC leads margin change at +125.5 percentage points.

Investor read: Corporación Inmobiliaria Vesta, S.A.B. de C.V. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Corporación Inmobiliaria Vesta, S.A.B. de C.V. · 77.6% | 38.1% versus #2 · Logistic Properties of the Americas | 4/8 recent comparable periods | 9/10 companies · 161 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX): 78%
2. Logistic Properties of the Americas (LPA): 56%
3. Howard Hughes Holdings Inc. (HHH): 22%
4. AMREP Corporation (AXR): 21%
5. Forestar Group Inc. (FOR): 11%

### Margin change — fastest expanders
1. Belpointe PREP, LLC (OZ): +125.5 pp
2. AMREP Corporation (AXR): +14.9 pp
3. Logistic Properties of the Americas (LPA): +6.3 pp
4. Forestar Group Inc. (FOR): −0.3 pp
5. Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX): −1.3 pp

### 20-quarter OPM history
- HHH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 25% | Dec 2022 28% | Mar 2023 7.6% | Jun 2023 0.3% | Sep 2023 26% | Dec 2023 32% | Mar 2024 8.1% | Jun 2024 31% | Sep 2024 61% | Dec 2024 27% | Mar 2025 24% | Jun 2025 26% | Sep 2025 49% | Dec 2025 4.2% | Mar 2026 22% | Jun 2026 —
- VTMX: Sep 2021 80% | Dec 2021 78% | Mar 2022 80% | Jun 2022 80% | Sep 2022 81% | Dec 2022 78% | Mar 2023 78% | Jun 2023 80% | Sep 2023 80% | Dec 2023 65% | Mar 2024 79% | Jun 2024 76% | Sep 2024 78% | Dec 2024 67% | Mar 2025 79% | Jun 2025 76% | Sep 2025 77% | Dec 2025 72% | Mar 2026 78% | Jun 2026 —
- CCS: Sep 2021 17% | Dec 2021 17% | Mar 2022 19% | Jun 2022 19% | Sep 2022 16% | Dec 2022 10% | Mar 2023 5.6% | Jun 2023 8.3% | Sep 2023 13% | Dec 2023 11% | Mar 2024 9.9% | Jun 2024 11% | Sep 2024 10% | Dec 2024 9.4% | Mar 2025 6.4% | Jun 2025 6.4% | Sep 2025 6.2% | Dec 2025 11% | Mar 2026 4.2% | Jun 2026 —
- FOR: Sep 2021 13% | Dec 2021 13% | Mar 2022 15% | Jun 2022 16% | Sep 2022 17% | Dec 2022 11% | Mar 2023 11% | Jun 2023 16% | Sep 2023 16% | Dec 2023 15% | Mar 2024 16% | Jun 2024 13% | Sep 2024 18% | Dec 2024 7.6% | Mar 2025 12% | Jun 2025 11% | Sep 2025 16% | Dec 2025 6.8% | Mar 2026 11% | Jun 2026 —
- FPH: Sep 2021 -49% | Dec 2021 28% | Mar 2022 -734% | Jun 2022 -220% | Sep 2022 -37% | Dec 2022 -32% | Mar 2023 -203% | Jun 2023 -13% | Sep 2023 17% | Dec 2023 25% | Mar 2024 -79% | Jun 2024 50% | Sep 2024 -2.3% | Dec 2024 31% | Mar 2025 -47% | Jun 2025 -164% | Sep 2025 -59% | Dec 2025 25% | Mar 2026 -71% | Jun 2026 —
- SDHC: Sep 2021 11% | Dec 2021 9.5% | Mar 2022 18% | Jun 2022 19% | Sep 2022 19% | Dec 2022 18% | Mar 2023 17% | Jun 2023 17% | Sep 2023 17% | Dec 2023 14% | Mar 2024 12% | Jun 2024 12% | Sep 2024 14% | Dec 2024 11% | Mar 2025 9.1% | Jun 2025 7.7% | Sep 2025 7.2% | Dec 2025 6.0% | Mar 2026 2.2% | Jun 2026 —
- OZ: Sep 2021 -75% | Dec 2021 — | Mar 2022 -761% | Jun 2022 -754% | Sep 2022 -526% | Dec 2022 -698% | Mar 2023 -564% | Jun 2023 -550% | Sep 2023 -708% | Dec 2023 -780% | Mar 2024 — | Jun 2024 -793% | Sep 2024 -420% | Dec 2024 -388% | Mar 2025 -259% | Jun 2025 -250% | Sep 2025 -193% | Dec 2025 -214% | Mar 2026 -133% | Jun 2026 —
- AXR: Sep 2021 17% | Dec 2021 27% | Mar 2022 12% | Jun 2022 60% | Sep 2022 24% | Dec 2022 28% | Mar 2023 -5.2% | Jun 2023 -5.8% | Sep 2023 20% | Dec 2023 12% | Mar 2024 -1.2% | Jun 2024 24% | Sep 2024 26% | Dec 2024 26% | Mar 2025 5.7% | Jun 2025 32% | Sep 2025 34% | Dec 2025 12% | Mar 2026 21% | Jun 2026 —
- LPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 68% | Dec 2022 74% | Mar 2023 73% | Jun 2023 76% | Sep 2023 61% | Dec 2023 59% | Mar 2024 -355% | Jun 2024 43% | Sep 2024 44% | Dec 2024 39% | Mar 2025 50% | Jun 2025 44% | Sep 2025 51% | Dec 2025 56% | Mar 2026 56% | Jun 2026 —

### 20-quarter Margin change history
- HHH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +1.4 pp | Dec 2023 +3.8 pp | Mar 2024 +0.5 pp | Jun 2024 +30.9 pp | Sep 2024 +34.6 pp | Dec 2024 −5.6 pp | Mar 2025 +15.9 pp | Jun 2025 −5.2 pp | Sep 2025 −12.0 pp | Dec 2025 −22.3 pp | Mar 2026 −2.5 pp | Jun 2026 —
- VTMX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.2 pp | Sep 2022 +1.2 pp | Dec 2022 +0.5 pp | Mar 2023 −1.8 pp | Jun 2023 −0.4 pp | Sep 2023 −1.4 pp | Dec 2023 −13.5 pp | Mar 2024 +0.7 pp | Jun 2024 −4.0 pp | Sep 2024 −1.5 pp | Dec 2024 +2.1 pp | Mar 2025 +0.4 pp | Jun 2025 +0.9 pp | Sep 2025 −1.1 pp | Dec 2025 +4.9 pp | Mar 2026 −1.3 pp | Jun 2026 —
- CCS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +4.2 pp | Sep 2022 −1.4 pp | Dec 2022 −7.4 pp | Mar 2023 −13.1 pp | Jun 2023 −10.6 pp | Sep 2023 −2.7 pp | Dec 2023 +0.6 pp | Mar 2024 +4.3 pp | Jun 2024 +2.3 pp | Sep 2024 −2.7 pp | Dec 2024 −1.2 pp | Mar 2025 −3.5 pp | Jun 2025 −4.2 pp | Sep 2025 −3.9 pp | Dec 2025 +1.2 pp | Mar 2026 −2.2 pp | Jun 2026 —
- FOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +3.7 pp | Sep 2022 +3.8 pp | Dec 2022 −1.3 pp | Mar 2023 −3.8 pp | Jun 2023 −0.2 pp | Sep 2023 −1.0 pp | Dec 2023 +3.3 pp | Mar 2024 +4.9 pp | Jun 2024 −2.6 pp | Sep 2024 +1.9 pp | Dec 2024 −7.1 pp | Mar 2025 −4.5 pp | Jun 2025 −2.5 pp | Sep 2025 −2.1 pp | Dec 2025 −0.8 pp | Mar 2026 −0.3 pp | Jun 2026 —
- FPH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.6 pp | Sep 2022 +12.5 pp | Dec 2022 −59.5 pp | Mar 2023 +530.7 pp | Jun 2023 +206.2 pp | Sep 2023 +54.0 pp | Dec 2023 +56.7 pp | Mar 2024 +124.1 pp | Jun 2024 +63.7 pp | Sep 2024 −19.4 pp | Dec 2024 +6.6 pp | Mar 2025 +32.4 pp | Jun 2025 −213.9 pp | Sep 2025 −56.2 pp | Dec 2025 −6.4 pp | Mar 2026 −24.2 pp | Jun 2026 —
- SDHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.7 pp | Dec 2022 +8.8 pp | Mar 2023 −0.9 pp | Jun 2023 −2.0 pp | Sep 2023 −1.2 pp | Dec 2023 −4.4 pp | Mar 2024 −5.5 pp | Jun 2024 −4.7 pp | Sep 2024 −3.1 pp | Dec 2024 −3.3 pp | Mar 2025 −2.5 pp | Jun 2025 −4.6 pp | Sep 2025 −7.0 pp | Dec 2025 −4.6 pp | Mar 2026 −6.9 pp | Jun 2026 —
- OZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −736.1 pp | Sep 2022 −450.8 pp | Dec 2022 +334.9 pp | Mar 2023 +196.6 pp | Jun 2023 +203.2 pp | Sep 2023 −182.1 pp | Dec 2023 −82.6 pp | Mar 2024 −437.3 pp | Jun 2024 −242.4 pp | Sep 2024 +288.6 pp | Dec 2024 +392.8 pp | Mar 2025 +742.8 pp | Jun 2025 +542.4 pp | Sep 2025 +226.4 pp | Dec 2025 +174.0 pp | Mar 2026 +125.5 pp | Jun 2026 —
- AXR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +31.2 pp | Sep 2022 +6.9 pp | Dec 2022 +0.6 pp | Mar 2023 −17.5 pp | Jun 2023 −65.3 pp | Sep 2023 −4.3 pp | Dec 2023 −15.8 pp | Mar 2024 +4.0 pp | Jun 2024 +29.7 pp | Sep 2024 +6.4 pp | Dec 2024 +14.5 pp | Mar 2025 +6.9 pp | Jun 2025 +7.8 pp | Sep 2025 +8.3 pp | Dec 2025 −14.5 pp | Mar 2026 +14.9 pp | Jun 2026 —
- LPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −7.7 pp | Dec 2023 −15.4 pp | Mar 2024 −428.2 pp | Jun 2024 −33.4 pp | Sep 2024 −17.1 pp | Dec 2024 −19.2 pp | Mar 2025 +404.9 pp | Jun 2025 +0.7 pp | Sep 2025 +7.7 pp | Dec 2025 +16.3 pp | Mar 2026 +6.3 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Howard Hughes Holdings Inc. leads with $120 million of TTM profit, 126.4% above Smith Douglas Homes Corp.. AMREP Corporation shows 16.7% growth from a $14 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Howard Hughes Holdings Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Howard Hughes Holdings Inc. · $120 million | 126.4% versus #2 · Smith Douglas Homes Corp. | 4/8 recent comparable periods | 6/10 companies · 182 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Howard Hughes Holdings Inc. (HHH): ₹120 Cr
2. Smith Douglas Homes Corp. (SDHC): ₹53 Cr
3. AMREP Corporation (AXR): ₹14 Cr
4. Logistic Properties of the Americas (LPA): ₹7 Cr
5. Sky Harbour Group Corporation (SKYH): ₹7 Cr

### Profit growth — fastest growers
1. AMREP Corporation (AXR): 17%
2. Smith Douglas Homes Corp. (SDHC): -52%
3. Howard Hughes Holdings Inc. (HHH): -63%
4. Logistic Properties of the Americas (LPA): -75%

### 20-quarter Net profit history
- HHH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹108 Cr | Dec 2022 ₹53 Cr | Mar 2023 ₹-23 Cr | Jun 2023 ₹-19 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹54 Cr | Mar 2024 ₹-21 Cr | Jun 2024 ₹47 Cr | Sep 2024 ₹97 Cr | Dec 2024 ₹165 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹-12 Cr | Sep 2025 ₹119 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- VTMX: Sep 2021 ₹5 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹49 Cr | Jun 2022 ₹54 Cr | Sep 2022 ₹62 Cr | Dec 2022 ₹79 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹71 Cr | Sep 2023 ₹76 Cr | Dec 2023 ₹114 Cr | Mar 2024 ₹125 Cr | Jun 2024 ₹109 Cr | Sep 2024 ₹52 Cr | Dec 2024 ₹-63 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹174 Cr | Mar 2026 ₹101 Cr | Jun 2026 —
- CCS: Sep 2021 ₹114 Cr | Dec 2021 ₹165 Cr | Mar 2022 ₹142 Cr | Jun 2022 ₹159 Cr | Sep 2022 ₹144 Cr | Dec 2022 ₹79 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹51 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹91 Cr | Mar 2024 ₹64 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹83 Cr | Dec 2024 ₹103 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹36 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- FOR: Sep 2021 ₹44 Cr | Dec 2021 ₹41 Cr | Mar 2022 ₹48 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹51 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹72 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹87 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹32 Cr | Jun 2026 —
- SKYH: Sep 2021 ₹-4 Cr | Dec 2021 ₹-5 Cr | Mar 2022 ₹-20 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹-3 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹-9 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹-13 Cr | Mar 2024 ₹-21 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹-21 Cr | Dec 2024 ₹-16 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹-5 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹-9 Cr | Jun 2026 —
- FPH: Sep 2021 ₹-8 Cr | Dec 2021 ₹47 Cr | Mar 2022 ₹-37 Cr | Jun 2022 ₹-11 Cr | Sep 2022 ₹-10 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹-10 Cr | Jun 2023 ₹51 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹121 Cr | Mar 2025 ₹61 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹-5 Cr | Jun 2026 —
- SDHC: Sep 2021 ₹20 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹38 Cr | Dec 2022 ₹41 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹34 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- OZ: Sep 2021 ₹0 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹-4 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹-5 Cr | Sep 2024 ₹-7 Cr | Dec 2024 ₹-8 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹-8 Cr | Sep 2025 ₹-12 Cr | Dec 2025 ₹-12 Cr | Mar 2026 ₹-11 Cr | Jun 2026 —
- AXR: Sep 2021 ₹2 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- LPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹-5 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-46 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹-8 Cr | Jun 2026 —

### 20-quarter Profit growth history
- HHH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -70% | Dec 2023 1.9% | Mar 2024 — | Jun 2024 — | Sep 2024 203% | Dec 2024 206% | Mar 2025 — | Jun 2025 -126% | Sep 2025 23% | Dec 2025 -97% | Mar 2026 -27% | Jun 2026 —
- VTMX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -50% | Sep 2022 1,140% | Dec 2022 72% | Mar 2023 12% | Jun 2023 31% | Sep 2023 23% | Dec 2023 44% | Mar 2024 127% | Jun 2024 54% | Sep 2024 -32% | Dec 2024 -155% | Mar 2025 -88% | Jun 2025 -74% | Sep 2025 -52% | Dec 2025 — | Mar 2026 573% | Jun 2026 —
- CCS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35% | Sep 2022 26% | Dec 2022 -52% | Mar 2023 -77% | Jun 2023 -68% | Sep 2023 -42% | Dec 2023 15% | Mar 2024 94% | Jun 2024 65% | Sep 2024 0.0% | Dec 2024 13% | Mar 2025 -39% | Jun 2025 -58% | Sep 2025 -55% | Dec 2025 -65% | Mar 2026 -38% | Jun 2026 —
- FOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 150% | Sep 2022 16% | Dec 2022 -49% | Mar 2023 -44% | Jun 2023 18% | Sep 2023 41% | Dec 2023 81% | Mar 2024 67% | Jun 2024 -17% | Sep 2024 14% | Dec 2024 -55% | Mar 2025 -29% | Jun 2025 -15% | Sep 2025 6.1% | Dec 2025 -12% | Mar 2026 0.0% | Jun 2026 —
- SKYH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -120% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 250% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FPH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -53% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 168% | Mar 2024 — | Jun 2024 -25% | Sep 2024 -14% | Dec 2024 105% | Mar 2025 917% | Jun 2025 -76% | Sep 2025 367% | Dec 2025 -51% | Mar 2026 -108% | Jun 2026 —
- SDHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 90% | Dec 2022 273% | Mar 2023 3.6% | Jun 2023 -3.1% | Sep 2023 -11% | Dec 2023 -27% | Mar 2024 -31% | Jun 2024 -19% | Sep 2024 12% | Dec 2024 -3.3% | Mar 2025 -5.0% | Jun 2025 -36% | Sep 2025 -58% | Dec 2025 -41% | Mar 2026 -79% | Jun 2026 —
- AXR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 150% | Sep 2022 0.0% | Dec 2022 33% | Mar 2023 1,600% | Jun 2023 -100% | Sep 2023 -50% | Dec 2023 -75% | Mar 2024 -100% | Jun 2024 — | Sep 2024 300% | Dec 2024 200% | Mar 2025 — | Jun 2025 0.0% | Sep 2025 25% | Dec 2025 -33% | Mar 2026 200% | Jun 2026 —
- LPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -518% | Jun 2024 — | Sep 2024 150% | Dec 2024 — | Mar 2025 — | Jun 2025 -108% | Sep 2025 0.0% | Dec 2025 10% | Mar 2026 -900% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Corporación Inmobiliaria Vesta, S.A.B. de C.V. reports $76 million of CAPEX; Sky Harbour Group Corporation has the highest covered intensity at 355.6%. Coverage is only 10 of 10 companies and 173 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Corporación Inmobiliaria Vesta, S.A.B. de C.V. · $76 million | 100% versus #2 · Howard Hughes Holdings Inc. | 8/8 recent comparable periods | 10/10 companies · 173 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX): ₹76 Cr
2. Howard Hughes Holdings Inc. (HHH): ₹38 Cr
3. Sky Harbour Group Corporation (SKYH): ₹32 Cr
4. Belpointe PREP, LLC (OZ): ₹10 Cr
5. Century Communities, Inc. (CCS): ₹7 Cr

### CAPEX intensity — highest reinvestment intensity
1. Sky Harbour Group Corporation (SKYH): 356%
2. Belpointe PREP, LLC (OZ): 250%
3. Logistic Properties of the Americas (LPA): 43%
4. Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX): 21%
5. Howard Hughes Holdings Inc. (HHH): 16%

### 20-quarter CAPEX history
- HHH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹97 Cr | Mar 2023 ₹85 Cr | Jun 2023 ₹94 Cr | Sep 2023 ₹76 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹68 Cr | Sep 2024 ₹66 Cr | Dec 2024 ₹92 Cr | Mar 2025 ₹67 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹57 Cr | Mar 2026 ₹38 Cr | Jun 2026 —
- VTMX: Sep 2021 ₹30 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹109 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹74 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹54 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹106 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹33 Cr | Jun 2024 — | Sep 2024 ₹42 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹59 Cr | Jun 2025 — | Sep 2025 ₹57 Cr | Dec 2025 ₹111 Cr | Mar 2026 ₹16 Cr | Jun 2026 ₹76 Cr
- CCS: Sep 2021 ₹2 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹7 Cr | Jun 2026 ₹7 Cr
- FOR: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹0 Cr
- SKYH: Sep 2021 ₹3 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹37 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹32 Cr | Jun 2026 —
- FPH: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 —
- SDHC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- OZ: Sep 2021 ₹2 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹34 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹38 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- AXR: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- LPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹10 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹6 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- HHH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 20% | Mar 2023 43% | Jun 2023 42% | Sep 2023 33% | Dec 2023 21% | Mar 2024 37% | Jun 2024 24% | Sep 2024 20% | Dec 2024 9.3% | Mar 2025 34% | Jun 2025 17% | Sep 2025 8.5% | Dec 2025 9.1% | Mar 2026 16% | Jun 2026 —
- VTMX: Sep 2021 — | Dec 2021 19% | Mar 2022 — | Jun 2022 0.0% | Sep 2022 — | Dec 2022 0.0% | Mar 2023 108% | Jun 2023 — | Sep 2023 — | Dec 2023 0.9% | Mar 2024 54% | Jun 2024 — | Sep 2024 66% | Dec 2024 135% | Mar 2025 88% | Jun 2025 — | Sep 2025 79% | Dec 2025 146% | Mar 2026 21% | Jun 2026 —
- CCS: Sep 2021 0.2% | Dec 2021 0.4% | Mar 2022 0.6% | Jun 2022 0.3% | Sep 2022 0.6% | Dec 2022 0.4% | Mar 2023 0.7% | Jun 2023 0.5% | Sep 2023 0.7% | Dec 2023 2.4% | Mar 2024 0.6% | Jun 2024 1.7% | Sep 2024 0.5% | Dec 2024 0.7% | Mar 2025 0.3% | Jun 2025 0.6% | Sep 2025 1.1% | Dec 2025 0.6% | Mar 2026 0.9% | Jun 2026 —
- FOR: Sep 2021 0.2% | Dec 2021 0.5% | Mar 2022 0.2% | Jun 2022 0.3% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.3% | Sep 2023 0.2% | Dec 2023 0.0% | Mar 2024 0.3% | Jun 2024 0.3% | Sep 2024 0.2% | Dec 2024 — | Mar 2025 0.3% | Jun 2025 0.3% | Sep 2025 0.1% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —
- SKYH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1,000% | Mar 2023 900% | Jun 2023 600% | Sep 2023 533% | Dec 2023 800% | Mar 2024 450% | Jun 2024 225% | Sep 2024 925% | Dec 2024 460% | Mar 2025 400% | Jun 2025 314% | Sep 2025 300% | Dec 2025 225% | Mar 2026 356% | Jun 2026 —
- FPH: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 — | Jun 2026 —
- SDHC: Sep 2021 — | Dec 2021 — | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.5% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.9% | Sep 2024 0.4% | Dec 2024 0.3% | Mar 2025 0.4% | Jun 2025 0.9% | Sep 2025 0.4% | Dec 2025 0.4% | Mar 2026 0.5% | Jun 2026 —
- OZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3,000% | Sep 2023 — | Dec 2023 4,400% | Mar 2024 — | Jun 2024 — | Sep 2024 3,100% | Dec 2024 2,700% | Mar 2025 1,050% | Jun 2025 1,200% | Sep 2025 600% | Dec 2025 200% | Mar 2026 250% | Jun 2026 —
- AXR: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 11% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —
- LPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 125% | Mar 2023 56% | Jun 2023 60% | Sep 2023 100% | Dec 2023 67% | Mar 2024 60% | Jun 2024 46% | Sep 2024 18% | Dec 2024 27% | Mar 2025 25% | Jun 2025 58% | Sep 2025 85% | Dec 2025 50% | Mar 2026 43% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: AMREP Corporation has the clearest covered balance-sheet capacity with $50 million net cash and gross debt of $0 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: AMREP Corporation · $0 million | 100% versus #2 · Smith Douglas Homes Corp. | 8/8 recent comparable periods | 10/10 companies · 184 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. AMREP Corporation (AXR): ₹0 Cr
2. Smith Douglas Homes Corp. (SDHC): ₹69 Cr
3. Belpointe PREP, LLC (OZ): ₹277 Cr
4. Logistic Properties of the Americas (LPA): ₹322 Cr
5. Sky Harbour Group Corporation (SKYH): ₹359 Cr

### Net debt — lowest net debt
1. AMREP Corporation (AXR): ₹-50 Cr
2. Smith Douglas Homes Corp. (SDHC): ₹41 Cr
3. Five Point Holdings, LLC (FPH): ₹96 Cr
4. Belpointe PREP, LLC (OZ): ₹257 Cr
5. Sky Harbour Group Corporation (SKYH): ₹278 Cr

### 20-quarter Gross debt history
- HHH: Sep 2021 ₹4.7K Cr | Dec 2021 ₹4.7K Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹4.8K Cr | Dec 2022 ₹4.8K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹5.2K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹5.4K Cr | Jun 2024 ₹5.6K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 ₹5.1K Cr | Mar 2025 ₹5.3K Cr | Jun 2025 ₹5.2K Cr | Sep 2025 ₹5.3K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹5.8K Cr | Jun 2026 —
- VTMX: Sep 2021 ₹935 Cr | Dec 2021 ₹935 Cr | Mar 2022 ₹934 Cr | Jun 2022 ₹934 Cr | Sep 2022 ₹932 Cr | Dec 2022 ₹932 Cr | Mar 2023 ₹930 Cr | Jun 2023 ₹930 Cr | Sep 2023 ₹929 Cr | Dec 2023 ₹916 Cr | Mar 2024 ₹915 Cr | Jun 2024 ₹914 Cr | Sep 2024 ₹848 Cr | Dec 2024 ₹848 Cr | Mar 2025 ₹802 Cr | Jun 2025 ₹901 Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.2K Cr
- CCS: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹368 Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.7K Cr | Dec 2025 ₹341 Cr | Mar 2026 ₹1.5K Cr | Jun 2026 ₹1.7K Cr
- FOR: Sep 2021 ₹705 Cr | Dec 2021 ₹705 Cr | Mar 2022 ₹705 Cr | Jun 2022 ₹706 Cr | Sep 2022 ₹706 Cr | Dec 2022 ₹706 Cr | Mar 2023 ₹707 Cr | Jun 2023 ₹707 Cr | Sep 2023 ₹695 Cr | Dec 2023 ₹705 Cr | Mar 2024 ₹706 Cr | Jun 2024 ₹706 Cr | Sep 2024 ₹706 Cr | Dec 2024 ₹807 Cr | Mar 2025 ₹873 Cr | Jun 2025 ₹873 Cr | Sep 2025 ₹803 Cr | Dec 2025 ₹793 Cr | Mar 2026 ₹794 Cr | Jun 2026 ₹794 Cr
- SKYH: Sep 2021 ₹0 Cr | Dec 2021 ₹161 Cr | Mar 2022 ₹161 Cr | Jun 2022 ₹161 Cr | Sep 2022 ₹162 Cr | Dec 2022 ₹162 Cr | Mar 2023 ₹162 Cr | Jun 2023 ₹173 Cr | Sep 2023 ₹173 Cr | Dec 2023 ₹172 Cr | Mar 2024 ₹171 Cr | Jun 2024 ₹171 Cr | Sep 2024 ₹171 Cr | Dec 2024 ₹170 Cr | Mar 2025 ₹170 Cr | Jun 2025 ₹169 Cr | Sep 2025 ₹169 Cr | Dec 2025 ₹183 Cr | Mar 2026 ₹359 Cr | Jun 2026 —
- FPH: Sep 2021 ₹619 Cr | Dec 2021 ₹619 Cr | Mar 2022 ₹620 Cr | Jun 2022 ₹620 Cr | Sep 2022 ₹620 Cr | Dec 2022 ₹621 Cr | Mar 2023 ₹621 Cr | Jun 2023 ₹621 Cr | Sep 2023 ₹622 Cr | Dec 2023 ₹622 Cr | Mar 2024 ₹523 Cr | Jun 2024 ₹524 Cr | Sep 2024 ₹525 Cr | Dec 2024 ₹526 Cr | Mar 2025 ₹527 Cr | Jun 2025 ₹527 Cr | Sep 2025 ₹445 Cr | Dec 2025 ₹443 Cr | Mar 2026 ₹444 Cr | Jun 2026 ₹444 Cr
- SDHC: Sep 2021 ₹72 Cr | Dec 2021 ₹72 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹15 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹76 Cr | Dec 2023 ₹76 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹74 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹69 Cr | Jun 2026 —
- OZ: Sep 2021 ₹0 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹88 Cr | Jun 2024 ₹124 Cr | Sep 2024 ₹148 Cr | Dec 2024 ₹181 Cr | Mar 2025 ₹207 Cr | Jun 2025 ₹232 Cr | Sep 2025 ₹255 Cr | Dec 2025 ₹262 Cr | Mar 2026 ₹277 Cr | Jun 2026 —
- AXR: Sep 2021 ₹6 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- LPA: Sep 2021 ₹189 Cr | Dec 2021 ₹189 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹209 Cr | Dec 2022 ₹209 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹235 Cr | Dec 2023 ₹273 Cr | Mar 2024 ₹268 Cr | Jun 2024 ₹276 Cr | Sep 2024 ₹271 Cr | Dec 2024 ₹279 Cr | Mar 2025 ₹279 Cr | Jun 2025 ₹290 Cr | Sep 2025 ₹294 Cr | Dec 2025 ₹309 Cr | Mar 2026 ₹322 Cr | Jun 2026 —

### 20-quarter Net debt history
- HHH: Sep 2021 ₹3.8K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹4.2K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹4.8K Cr | Dec 2023 ₹4.5K Cr | Mar 2024 ₹5.0K Cr | Jun 2024 ₹5.1K Cr | Sep 2024 ₹4.9K Cr | Dec 2024 ₹4.5K Cr | Mar 2025 ₹4.8K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 —
- VTMX: Sep 2021 ₹561 Cr | Dec 2021 ₹482 Cr | Mar 2022 ₹591 Cr | Jun 2022 ₹636 Cr | Sep 2022 ₹661 Cr | Dec 2022 ₹793 Cr | Mar 2023 ₹879 Cr | Jun 2023 ₹879 Cr | Sep 2023 ₹521 Cr | Dec 2023 ₹415 Cr | Mar 2024 ₹470 Cr | Jun 2024 ₹537 Cr | Sep 2024 ₹567 Cr | Dec 2024 ₹664 Cr | Mar 2025 ₹753 Cr | Jun 2025 ₹836 Cr | Sep 2025 ₹860 Cr | Dec 2025 ₹940 Cr | Mar 2026 ₹971 Cr | Jun 2026 ₹774 Cr
- CCS: Sep 2021 ₹722 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹995 Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹920 Cr | Mar 2023 ₹770 Cr | Jun 2023 ₹872 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹218 Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹232 Cr | Mar 2026 ₹1.5K Cr | Jun 2026 ₹1.6K Cr
- FOR: Sep 2021 ₹551 Cr | Dec 2021 ₹542 Cr | Mar 2022 ₹471 Cr | Jun 2022 ₹560 Cr | Sep 2022 ₹441 Cr | Dec 2022 ₹490 Cr | Mar 2023 ₹420 Cr | Jun 2023 ₹306 Cr | Sep 2023 ₹79 Cr | Dec 2023 ₹246 Cr | Mar 2024 ₹290 Cr | Jun 2024 ₹347 Cr | Sep 2024 ₹225 Cr | Dec 2024 ₹675 Cr | Mar 2025 ₹699 Cr | Jun 2025 ₹684 Cr | Sep 2025 ₹424 Cr | Dec 2025 ₹581 Cr | Mar 2026 ₹432 Cr | Jun 2026 ₹399 Cr
- SKYH: Sep 2021 ₹-1 Cr | Dec 2021 ₹-43 Cr | Mar 2022 ₹94 Cr | Jun 2022 ₹119 Cr | Sep 2022 ₹144 Cr | Dec 2022 ₹121 Cr | Mar 2023 ₹89 Cr | Jun 2023 ₹154 Cr | Sep 2023 ₹136 Cr | Dec 2023 ₹100 Cr | Mar 2024 ₹69 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹97 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹86 Cr | Jun 2025 ₹137 Cr | Sep 2025 ₹133 Cr | Dec 2025 ₹146 Cr | Mar 2026 ₹278 Cr | Jun 2026 —
- FPH: Sep 2021 ₹428 Cr | Dec 2021 ₹354 Cr | Mar 2022 ₹416 Cr | Jun 2022 ₹492 Cr | Sep 2022 ₹534 Cr | Dec 2022 ₹489 Cr | Mar 2023 ₹514 Cr | Jun 2023 ₹428 Cr | Sep 2023 ₹404 Cr | Dec 2023 ₹268 Cr | Mar 2024 ₹290 Cr | Jun 2024 ₹307 Cr | Sep 2024 ₹300 Cr | Dec 2024 ₹95 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹70 Cr | Sep 2025 ₹94 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹111 Cr | Jun 2026 ₹96 Cr
- SDHC: Sep 2021 ₹47 Cr | Dec 2021 ₹47 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹-15 Cr | Dec 2022 ₹-15 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹66 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹-29 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹-21 Cr | Dec 2024 ₹-19 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹57 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹41 Cr | Jun 2026 —
- OZ: Sep 2021 ₹-24 Cr | Dec 2021 ₹-179 Cr | Mar 2022 ₹-161 Cr | Jun 2022 ₹-147 Cr | Sep 2022 ₹-139 Cr | Dec 2022 ₹-136 Cr | Mar 2023 ₹-109 Cr | Jun 2023 ₹-56 Cr | Sep 2023 ₹-15 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹59 Cr | Jun 2024 ₹99 Cr | Sep 2024 ₹124 Cr | Dec 2024 ₹156 Cr | Mar 2025 ₹184 Cr | Jun 2025 ₹207 Cr | Sep 2025 ₹225 Cr | Dec 2025 ₹238 Cr | Mar 2026 ₹257 Cr | Jun 2026 —
- AXR: Sep 2021 ₹-17 Cr | Dec 2021 ₹-24 Cr | Mar 2022 ₹-21 Cr | Jun 2022 ₹-14 Cr | Sep 2022 ₹-14 Cr | Dec 2022 ₹-13 Cr | Mar 2023 ₹-12 Cr | Jun 2023 ₹-20 Cr | Sep 2023 ₹-22 Cr | Dec 2023 ₹-22 Cr | Mar 2024 ₹-23 Cr | Jun 2024 ₹-30 Cr | Sep 2024 ₹-40 Cr | Dec 2024 ₹-40 Cr | Mar 2025 ₹-37 Cr | Jun 2025 ₹-39 Cr | Sep 2025 ₹-49 Cr | Dec 2025 ₹-45 Cr | Mar 2026 ₹-50 Cr | Jun 2026 —
- LPA: Sep 2021 ₹172 Cr | Dec 2021 ₹172 Cr | Mar 2022 — | Jun 2022 — | Sep 2022 ₹194 Cr | Dec 2022 ₹194 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹223 Cr | Dec 2023 ₹238 Cr | Mar 2024 ₹227 Cr | Jun 2024 ₹228 Cr | Sep 2024 ₹240 Cr | Dec 2024 ₹250 Cr | Mar 2025 ₹252 Cr | Jun 2025 ₹264 Cr | Sep 2025 ₹276 Cr | Dec 2025 ₹282 Cr | Mar 2026 ₹294 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: AMREP Corporation leads ROCE at 2.3%, 0.6 percentage points above Forestar Group Inc.. AMREP Corporation has the strongest latest improvement at +1.9 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: AMREP Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: AMREP Corporation · 2.3% | 35.3% versus #2 · Forestar Group Inc. | 6/8 recent comparable periods | 9/10 companies · 165 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. AMREP Corporation (AXR): 2.3%
2. Forestar Group Inc. (FOR): 1.7%
3. Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX): 1.4%
4. Century Communities, Inc. (CCS): 1.3%
5. Logistic Properties of the Americas (LPA): 1.3%

### ROCE change — fastest improvers
1. AMREP Corporation (AXR): +1.9 pp
2. Logistic Properties of the Americas (LPA): +0.3 pp
3. Five Point Holdings, LLC (FPH): +0.2 pp
4. Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX): +0.1 pp
5. Forestar Group Inc. (FOR): 0.0 pp

### 20-quarter ROCE history
- HHH: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 1.8% | Dec 2022 1.6% | Mar 2023 — | Jun 2023 — | Sep 2023 0.7% | Dec 2023 1.2% | Mar 2024 0.3% | Jun 2024 2.0% | Sep 2024 2.4% | Dec 2024 3.1% | Mar 2025 0.6% | Jun 2025 0.8% | Sep 2025 2.2% | Dec 2025 0.3% | Mar 2026 0.6% | Jun 2026 —
- VTMX: Sep 2021 0.0% | Dec 2021 1.3% | Mar 2022 1.4% | Jun 2022 1.3% | Sep 2022 1.3% | Dec 2022 1.3% | Mar 2023 1.4% | Jun 2023 1.4% | Sep 2023 1.4% | Dec 2023 1.3% | Mar 2024 1.6% | Jun 2024 1.4% | Sep 2024 1.4% | Dec 2024 1.3% | Mar 2025 1.6% | Jun 2025 1.3% | Sep 2025 1.3% | Dec 2025 1.4% | Mar 2026 1.4% | Jun 2026 1.4%
- CCS: Sep 2021 6.9% | Dec 2021 8.5% | Mar 2022 7.4% | Jun 2022 8.2% | Sep 2022 6.2% | Dec 2022 4.0% | Mar 2023 1.4% | Jun 2023 2.3% | Sep 2023 3.5% | Dec 2023 3.9% | Mar 2024 2.8% | Jun 2024 3.3% | Sep 2024 3.3% | Dec 2024 3.2% | Mar 2025 1.6% | Jun 2025 1.4% | Sep 2025 1.6% | Dec 2025 3.1% | Mar 2026 0.9% | Jun 2026 1.3%
- FOR: Sep 2021 3.4% | Dec 2021 3.1% | Mar 2022 3.7% | Jun 2022 2.8% | Sep 2022 3.6% | Dec 2022 1.3% | Mar 2023 1.8% | Jun 2023 3.0% | Sep 2023 4.4% | Dec 2023 2.2% | Mar 2024 2.6% | Jun 2024 2.0% | Sep 2024 4.5% | Dec 2024 0.8% | Mar 2025 1.7% | Jun 2025 1.7% | Sep 2025 4.3% | Dec 2025 0.7% | Mar 2026 1.6% | Jun 2026 1.7%
- FPH: Sep 2021 -0.4% | Dec 2021 1.8% | Mar 2022 -1.3% | Jun 2022 -0.4% | Sep 2022 -0.2% | Dec 2022 -0.2% | Mar 2023 -0.4% | Jun 2023 -0.1% | Sep 2023 0.4% | Dec 2023 1.0% | Mar 2024 -0.3% | Jun 2024 0.9% | Sep 2024 0.0% | Dec 2024 1.7% | Mar 2025 -0.2% | Jun 2025 -0.4% | Sep 2025 -0.3% | Dec 2025 0.6% | Mar 2026 -0.3% | Jun 2026 -0.2%
- SDHC: Sep 2021 16% | Dec 2021 12% | Mar 2022 — | Jun 2022 — | Sep 2022 29% | Dec 2022 32% | Mar 2023 33% | Jun 2023 35% | Sep 2023 19% | Dec 2023 16% | Mar 2024 8.4% | Jun 2024 10% | Sep 2024 14% | Dec 2024 9.8% | Mar 2025 5.4% | Jun 2025 4.4% | Sep 2025 4.6% | Dec 2025 3.6% | Mar 2026 1.1% | Jun 2026 —
- OZ: Sep 2021 -0.4% | Dec 2021 -1.0% | Mar 2022 -1.2% | Jun 2022 -1.2% | Sep 2022 -0.8% | Dec 2022 -0.8% | Mar 2023 -0.8% | Jun 2023 -1.3% | Sep 2023 -1.0% | Dec 2023 -1.1% | Mar 2024 -0.9% | Jun 2024 -0.8% | Sep 2024 -0.9% | Dec 2024 -1.0% | Mar 2025 -1.0% | Jun 2025 -1.0% | Sep 2025 -0.9% | Dec 2025 -1.3% | Mar 2026 -1.1% | Jun 2026 —
- AXR: Sep 2021 1.9% | Dec 2021 4.6% | Mar 2022 1.2% | Jun 2022 16% | Sep 2022 2.8% | Dec 2022 4.7% | Mar 2023 -0.5% | Jun 2023 -0.7% | Sep 2023 2.0% | Dec 2023 1.0% | Mar 2024 -0.1% | Jun 2024 4.1% | Sep 2024 4.3% | Dec 2024 2.6% | Mar 2025 0.4% | Jun 2025 2.9% | Sep 2025 4.8% | Dec 2025 0.9% | Mar 2026 2.3% | Jun 2026 —
- LPA: Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 — | Jun 2022 — | Sep 2022 1.4% | Dec 2022 1.5% | Mar 2023 — | Jun 2023 — | Sep 2023 1.4% | Dec 2023 1.5% | Mar 2024 -14% | Jun 2024 1.6% | Sep 2024 0.9% | Dec 2024 0.8% | Mar 2025 1.0% | Jun 2025 0.9% | Sep 2025 1.1% | Dec 2025 1.2% | Mar 2026 1.3% | Jun 2026 —

### 20-quarter ROCE change history
- HHH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.8 pp | Dec 2022 +1.6 pp | Mar 2023 — | Jun 2023 — | Sep 2023 −1.1 pp | Dec 2023 −0.4 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +1.7 pp | Dec 2024 +1.9 pp | Mar 2025 +0.3 pp | Jun 2025 −1.2 pp | Sep 2025 −0.2 pp | Dec 2025 −2.8 pp | Mar 2026 0.0 pp | Jun 2026 —
- VTMX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.3 pp | Dec 2022 0.0 pp | Mar 2023 0.0 pp | Jun 2023 +0.1 pp | Sep 2023 +0.1 pp | Dec 2023 0.0 pp | Mar 2024 +0.2 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 −0.1 pp | Sep 2025 −0.1 pp | Dec 2025 +0.1 pp | Mar 2026 −0.2 pp | Jun 2026 +0.1 pp
- CCS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −4.5 pp | Mar 2023 −6.0 pp | Jun 2023 −5.9 pp | Sep 2023 −2.7 pp | Dec 2023 −0.1 pp | Mar 2024 +1.4 pp | Jun 2024 +1.0 pp | Sep 2024 −0.2 pp | Dec 2024 −0.7 pp | Mar 2025 −1.2 pp | Jun 2025 −1.9 pp | Sep 2025 −1.7 pp | Dec 2025 −0.1 pp | Mar 2026 −0.7 pp | Jun 2026 −0.1 pp
- FOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 −1.8 pp | Mar 2023 −1.9 pp | Jun 2023 +0.2 pp | Sep 2023 +0.8 pp | Dec 2023 +0.9 pp | Mar 2024 +0.8 pp | Jun 2024 −1.0 pp | Sep 2024 +0.1 pp | Dec 2024 −1.4 pp | Mar 2025 −0.9 pp | Jun 2025 −0.3 pp | Sep 2025 −0.2 pp | Dec 2025 −0.1 pp | Mar 2026 −0.1 pp | Jun 2026 0.0 pp
- FPH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 −2.0 pp | Mar 2023 +0.9 pp | Jun 2023 +0.3 pp | Sep 2023 +0.6 pp | Dec 2023 +1.2 pp | Mar 2024 +0.1 pp | Jun 2024 +1.0 pp | Sep 2024 −0.4 pp | Dec 2024 +0.7 pp | Mar 2025 +0.1 pp | Jun 2025 −1.3 pp | Sep 2025 −0.3 pp | Dec 2025 −1.1 pp | Mar 2026 −0.1 pp | Jun 2026 +0.2 pp
- SDHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +13.7 pp | Dec 2022 +19.4 pp | Mar 2023 — | Jun 2023 — | Sep 2023 −10.0 pp | Dec 2023 −15.3 pp | Mar 2024 −24.3 pp | Jun 2024 −24.7 pp | Sep 2024 −5.5 pp | Dec 2024 −6.4 pp | Mar 2025 −3.0 pp | Jun 2025 −5.9 pp | Sep 2025 −9.3 pp | Dec 2025 −6.2 pp | Mar 2026 −4.3 pp | Jun 2026 —
- OZ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 +0.2 pp | Mar 2023 +0.4 pp | Jun 2023 −0.1 pp | Sep 2023 −0.2 pp | Dec 2023 −0.3 pp | Mar 2024 −0.1 pp | Jun 2024 +0.5 pp | Sep 2024 +0.1 pp | Dec 2024 +0.1 pp | Mar 2025 −0.1 pp | Jun 2025 −0.2 pp | Sep 2025 0.0 pp | Dec 2025 −0.3 pp | Mar 2026 −0.1 pp | Jun 2026 —
- AXR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +0.1 pp | Mar 2023 −1.7 pp | Jun 2023 −16.4 pp | Sep 2023 −0.8 pp | Dec 2023 −3.7 pp | Mar 2024 +0.4 pp | Jun 2024 +4.8 pp | Sep 2024 +2.3 pp | Dec 2024 +1.6 pp | Mar 2025 +0.5 pp | Jun 2025 −1.2 pp | Sep 2025 +0.5 pp | Dec 2025 −1.7 pp | Mar 2026 +1.9 pp | Jun 2026 —
- LPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.4 pp | Dec 2022 +1.5 pp | Mar 2023 — | Jun 2023 — | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 — | Jun 2024 — | Sep 2024 −0.5 pp | Dec 2024 −0.7 pp | Mar 2025 +14.6 pp | Jun 2025 −0.7 pp | Sep 2025 +0.2 pp | Dec 2025 +0.4 pp | Mar 2026 +0.3 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: AMREP Corporation has the lowest comparable Guarded PEG at 0.22×. Only 1 of 10 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: AMREP Corporation · 0.22× | Not enough peers | 0/8 recent comparable periods | 1/10 companies · 18 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. AMREP Corporation (AXR): 0.2

### P/E — lowest P/E
1. Five Point Holdings, LLC (FPH): 7.4
2. Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX): 7.5
3. AMREP Corporation (AXR): 8.7
4. Forestar Group Inc. (FOR): 9.5
5. Smith Douglas Homes Corp. (SDHC): 13.5

### 20-quarter Guarded PEG history
- VTMX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.3 | Dec 2023 0.6 | Mar 2024 0.2 | Jun 2024 1.1 | Sep 2024 0.4 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CCS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.3 | Dec 2024 0.2 | Mar 2025 1.0 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.6 | Mar 2024 0.2 | Jun 2024 0.3 | Sep 2024 0.4 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FPH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.2 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AXR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.2 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- HHH: Sep 2021 — | Dec 2021 94.2 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 14.6 | Mar 2023 — | Jun 2023 31.2 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 27.3 | Dec 2024 19.4 | Mar 2025 12.6 | Jun 2025 14.4 | Sep 2025 15.6 | Dec 2025 36.1 | Mar 2026 31.0 | Jun 2026 —
- VTMX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 7.4 | Sep 2023 7.1 | Dec 2023 9.6 | Mar 2024 7.5 | Jun 2024 5.9 | Sep 2024 6.0 | Dec 2024 10.1 | Mar 2025 20.1 | Jun 2025 121.7 | Sep 2025 496.3 | Dec 2025 10.9 | Mar 2026 8.7 | Jun 2026 7.5
- CCS: Sep 2021 4.9 | Dec 2021 5.7 | Mar 2022 3.4 | Jun 2022 2.6 | Sep 2022 2.4 | Dec 2022 3.1 | Mar 2023 5.0 | Jun 2023 8.0 | Sep 2023 8.7 | Dec 2023 11.3 | Mar 2024 10.7 | Jun 2024 8.2 | Sep 2024 10.3 | Dec 2024 7.1 | Mar 2025 7.0 | Jun 2025 6.9 | Sep 2025 9.3 | Dec 2025 12.2 | Mar 2026 12.9 | Jun 2026 15.7
- FOR: Sep 2021 8.3 | Dec 2021 8.3 | Mar 2022 6.0 | Jun 2022 4.0 | Sep 2022 3.1 | Dec 2022 4.8 | Mar 2023 5.6 | Jun 2023 7.8 | Sep 2023 8.1 | Dec 2023 9.0 | Mar 2024 10.0 | Jun 2024 8.3 | Sep 2024 8.1 | Dec 2024 7.3 | Mar 2025 6.4 | Jun 2025 6.3 | Sep 2025 8.1 | Dec 2025 7.5 | Mar 2026 7.5 | Jun 2026 9.5
- SKYH: Sep 2021 — | Dec 2021 59.8 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 99.7 | Mar 2026 240.8 | Jun 2026 —
- FPH: Sep 2021 — | Dec 2021 72.7 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 8.3 | Sep 2023 5.8 | Dec 2023 4.0 | Mar 2024 3.7 | Jun 2024 4.1 | Sep 2024 5.9 | Dec 2024 3.9 | Mar 2025 4.3 | Jun 2025 5.1 | Sep 2025 4.7 | Dec 2025 5.8 | Mar 2026 7.9 | Jun 2026 7.4
- SDHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.3 | Jun 2024 1.9 | Sep 2024 3.0 | Dec 2024 14.2 | Mar 2025 11.2 | Jun 2025 12.1 | Sep 2025 14.0 | Dec 2025 14.1 | Mar 2026 13.5 | Jun 2026 —
- AXR: Sep 2021 12.1 | Dec 2021 9.6 | Mar 2022 9.2 | Jun 2022 5.8 | Sep 2022 6.0 | Dec 2022 4.7 | Mar 2023 2.4 | Jun 2023 3.4 | Sep 2023 4.5 | Dec 2023 4.7 | Mar 2024 48.5 | Jun 2024 16.2 | Sep 2024 14.5 | Dec 2024 13.2 | Mar 2025 12.6 | Jun 2025 9.5 | Sep 2025 9.0 | Dec 2025 11.0 | Mar 2026 8.7 | Jun 2026 —
- LPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 15.4 | Jun 2025 29.7 | Sep 2025 20.3 | Dec 2025 8.3 | Mar 2026 33.0 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: AMREP Corporation leads ev/ebitda at 4.27×; Logistic Properties of the Americas leads p/bv at 0.41×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: AMREP Corporation · 4.27× | 49.9% versus #2 · Smith Douglas Homes Corp. | 0/8 recent comparable periods | 8/10 companies · 114 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. AMREP Corporation (AXR): 4.3
2. Smith Douglas Homes Corp. (SDHC): 8.5
3. Forestar Group Inc. (FOR): 9.3
4. Century Communities, Inc. (CCS): 12.4
5. Howard Hughes Holdings Inc. (HHH): 15.0

### P/BV — lowest P/BV
1. Logistic Properties of the Americas (LPA): 0.4
2. Five Point Holdings, LLC (FPH): 0.5
3. AMREP Corporation (AXR): 0.8
4. Century Communities, Inc. (CCS): 0.8
5. Belpointe PREP, LLC (OZ): 0.8

### 20-quarter EV/EBITDA history
- HHH: Sep 2021 — | Dec 2021 20.4 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 13.6 | Mar 2023 — | Jun 2023 12.2 | Sep 2023 19.8 | Dec 2023 22.5 | Mar 2024 22.9 | Jun 2024 18.3 | Sep 2024 15.2 | Dec 2024 11.4 | Mar 2025 11.0 | Jun 2025 10.4 | Sep 2025 11.8 | Dec 2025 17.1 | Mar 2026 15.0 | Jun 2026 —
- VTMX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 186.5 | Sep 2023 20.1 | Dec 2023 23.9 | Mar 2024 20.2 | Jun 2024 15.6 | Sep 2024 15.5 | Dec 2024 15.2 | Mar 2025 11.9 | Jun 2025 13.6 | Sep 2025 15.6 | Dec 2025 16.3 | Mar 2026 17.1 | Jun 2026 17.2
- CCS: Sep 2021 4.8 | Dec 2021 5.6 | Mar 2022 3.8 | Jun 2022 3.4 | Sep 2022 3.3 | Dec 2022 3.5 | Mar 2023 5.0 | Jun 2023 7.9 | Sep 2023 8.8 | Dec 2023 10.8 | Mar 2024 10.0 | Jun 2024 8.4 | Sep 2024 10.4 | Dec 2024 5.4 | Mar 2025 8.2 | Jun 2025 8.6 | Sep 2025 10.8 | Dec 2025 8.2 | Mar 2026 10.4 | Jun 2026 12.4
- FOR: Sep 2021 9.0 | Dec 2021 8.7 | Mar 2022 6.4 | Jun 2022 5.6 | Sep 2022 4.3 | Dec 2022 6.1 | Mar 2023 6.8 | Jun 2023 7.7 | Sep 2023 6.8 | Dec 2023 8.3 | Mar 2024 9.3 | Jun 2024 8.4 | Sep 2024 7.7 | Dec 2024 9.1 | Mar 2025 8.6 | Jun 2025 8.3 | Sep 2025 8.4 | Dec 2025 8.7 | Mar 2026 7.9 | Jun 2026 9.3
- FPH: Sep 2021 — | Dec 2021 72.6 | Mar 2022 89.5 | Jun 2022 74.5 | Sep 2022 61.4 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 163.4 | Dec 2023 39.2 | Mar 2024 36.3 | Jun 2024 23.2 | Sep 2024 27.9 | Dec 2024 20.6 | Mar 2025 20.9 | Jun 2025 47.2 | Sep 2025 64.0 | Dec 2025 1,434.3 | Mar 2026 — | Jun 2026 —
- SDHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 4.3 | Jun 2024 4.1 | Sep 2024 5.1 | Dec 2024 4.4 | Mar 2025 4.5 | Jun 2025 5.2 | Sep 2025 6.1 | Dec 2025 7.2 | Mar 2026 8.5 | Jun 2026 —
- AXR: Sep 2021 7.2 | Dec 2021 5.4 | Mar 2022 5.1 | Jun 2022 2.5 | Sep 2022 2.7 | Dec 2022 2.3 | Mar 2023 2.9 | Jun 2023 9.0 | Sep 2023 13.6 | Dec 2023 33.5 | Mar 2024 36.3 | Jun 2024 10.0 | Sep 2024 8.8 | Dec 2024 9.4 | Mar 2025 9.2 | Jun 2025 6.5 | Sep 2025 5.1 | Dec 2025 6.0 | Mar 2026 4.3 | Jun 2026 —
- LPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 27.2 | Jun 2025 23.9 | Sep 2025 21.0 | Dec 2025 16.6 | Mar 2026 16.5 | Jun 2026 —

### 20-quarter P/BV history
- HHH: Sep 2021 — | Dec 2021 1.4 | Mar 2022 — | Jun 2022 — | Sep 2022 0.7 | Dec 2022 1.0 | Mar 2023 — | Jun 2023 — | Sep 2023 1.2 | Dec 2023 1.4 | Mar 2024 1.2 | Jun 2024 1.0 | Sep 2024 1.5 | Dec 2024 1.4 | Mar 2025 1.3 | Jun 2025 1.1 | Sep 2025 1.3 | Dec 2025 1.6 | Mar 2026 1.0 | Jun 2026 —
- VTMX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.3 | Sep 2023 1.2 | Dec 2023 1.4 | Mar 2024 1.4 | Jun 2024 1.0 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 0.8 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 1.0 | Jun 2026 1.0
- CCS: Sep 2021 1.3 | Dec 2021 1.6 | Mar 2022 1.0 | Jun 2022 0.7 | Sep 2022 0.7 | Dec 2022 0.7 | Mar 2023 0.9 | Jun 2023 1.1 | Sep 2023 0.9 | Dec 2023 1.2 | Mar 2024 1.3 | Jun 2024 1.0 | Sep 2024 1.3 | Dec 2024 0.9 | Mar 2025 0.8 | Jun 2025 0.7 | Sep 2025 0.7 | Dec 2025 0.7 | Mar 2026 0.7 | Jun 2026 0.8
- FOR: Sep 2021 0.9 | Dec 2021 1.0 | Mar 2022 0.8 | Jun 2022 0.6 | Sep 2022 0.5 | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 0.9 | Sep 2023 1.0 | Dec 2023 1.2 | Mar 2024 1.4 | Jun 2024 1.1 | Sep 2024 1.0 | Dec 2024 0.8 | Mar 2025 0.7 | Jun 2025 0.6 | Sep 2025 0.8 | Dec 2025 0.7 | Mar 2026 0.7 | Jun 2026 0.9
- SKYH: Sep 2021 -7.4 | Dec 2021 — | Mar 2022 17.3 | Jun 2022 3.3 | Sep 2022 2.2 | Dec 2022 1.5 | Mar 2023 5.2 | Jun 2023 3.3 | Sep 2023 3.0 | Dec 2023 3.4 | Mar 2024 5.8 | Jun 2024 3.8 | Sep 2024 6.6 | Dec 2024 3.8 | Mar 2025 4.5 | Jun 2025 2.8 | Sep 2025 2.9 | Dec 2025 2.4 | Mar 2026 2.7 | Jun 2026 —
- FPH: Sep 2021 0.9 | Dec 2021 0.7 | Mar 2022 0.7 | Jun 2022 0.4 | Sep 2022 0.3 | Dec 2022 0.3 | Mar 2023 0.3 | Jun 2023 0.3 | Sep 2023 0.3 | Dec 2023 0.3 | Mar 2024 0.3 | Jun 2024 0.3 | Sep 2024 0.4 | Dec 2024 0.4 | Mar 2025 0.5 | Jun 2025 0.5 | Sep 2025 0.5 | Dec 2025 0.5 | Mar 2026 0.4 | Jun 2026 0.5
- SDHC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 4.4 | Jun 2024 3.3 | Sep 2024 4.9 | Dec 2024 3.1 | Mar 2025 2.3 | Jun 2025 2.2 | Sep 2025 1.9 | Dec 2025 1.7 | Mar 2026 1.4 | Jun 2026 —
- OZ: Sep 2021 0.2 | Dec 2021 1.1 | Mar 2022 1.1 | Jun 2022 1.0 | Sep 2022 0.9 | Dec 2022 1.1 | Mar 2023 1.0 | Jun 2023 1.0 | Sep 2023 1.0 | Dec 2023 0.9 | Mar 2024 0.7 | Jun 2024 0.7 | Sep 2024 0.8 | Dec 2024 1.0 | Mar 2025 0.8 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 0.8 | Jun 2026 —
- AXR: Sep 2021 1.1 | Dec 2021 1.1 | Mar 2022 0.9 | Jun 2022 0.8 | Sep 2022 0.9 | Dec 2022 0.7 | Mar 2023 0.7 | Jun 2023 0.7 | Sep 2023 0.8 | Dec 2023 0.8 | Mar 2024 0.9 | Jun 2024 0.9 | Sep 2024 1.1 | Dec 2024 1.3 | Mar 2025 1.3 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 0.8 | Mar 2026 0.8 | Jun 2026 —
- LPA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 2.4 | Jun 2024 1.5 | Sep 2024 1.3 | Dec 2024 1.5 | Mar 2025 1.2 | Jun 2025 0.9 | Sep 2025 0.6 | Dec 2025 0.3 | Mar 2026 0.4 | Jun 2026 —

## Market action

Corporación Inmobiliaria Vesta, S.A.B. de C.V. has the strongest one-year price move in Real Estate - Development at +24.8%. Century Communities, Inc. leads on Mansfield relative strength against the S&P 500 at +6%. 4 of 10 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX): 25%
2. Century Communities, Inc. (CCS): 24%
3. Forestar Group Inc. (FOR): 17%
4. Sky Harbour Group Corporation (SKYH): 13%
5. AMREP Corporation (AXR): 3.4%

### Strongest relative strength versus NIFTY 500
1. Century Communities, Inc. (CCS): 6.0%
2. Sky Harbour Group Corporation (SKYH): 2.3%
3. Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX): 2.2%
4. Forestar Group Inc. (FOR): 1.2%
5. Five Point Holdings, LLC (FPH): -7.4%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Howard Hughes Holdings Inc. (HHH) — market value ₹4.0K Cr; latest fundamentals Mar 2026
- Corporación Inmobiliaria Vesta, S.A.B. de C.V. (VTMX) — market value ₹3.1K Cr; latest fundamentals Jun 2026
- Century Communities, Inc. (CCS) — market value ₹2.0K Cr; latest fundamentals Jun 2026
- Forestar Group Inc. (FOR) — market value ₹1.5K Cr; latest fundamentals Jun 2026
- Sky Harbour Group Corporation (SKYH) — market value ₹843 Cr; latest fundamentals Mar 2026
- Five Point Holdings, LLC (FPH) — market value ₹808 Cr; latest fundamentals Jun 2026
- Smith Douglas Homes Corp. (SDHC) — market value ₹790 Cr; latest fundamentals Mar 2026
- Belpointe PREP, LLC (OZ) — market value ₹182 Cr; latest fundamentals Mar 2026
- AMREP Corporation (AXR) — market value ₹120 Cr; latest fundamentals Mar 2026
- Logistic Properties of the Americas (LPA) — market value ₹96 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Real Estate - Development company is the biggest?

Howard Hughes Holdings Inc. is the largest, with trailing-twelve-month revenue of $1,511 million, ahead of Smith Douglas Homes Corp. at $952 million. That covers 6 of 10 companies with comparable reporting through Mar 2026.

### Which Real Estate - Development company is growing fastest?

Belpointe PREP, LLC has the fastest revenue growth at 100% year on year, across 6 of 10 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Real Estate - Development company has the best profit margins?

Corporación Inmobiliaria Vesta, S.A.B. de C.V. has the highest operating margin at 77.6%, from 9 of 10 comparable companies. Belpointe PREP, LLC shows the biggest recent improvement, at +125.5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Real Estate - Development company makes the most profit?

Howard Hughes Holdings Inc. earns the most, at $120 million of trailing-twelve-month net profit, from 6 of 10 comparable companies. AMREP Corporation has the fastest profit growth at 16.7%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Real Estate - Development company earns the highest return on capital?

AMREP Corporation leads on return on capital employed at 2.3%, across 9 of 10 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Real Estate - Development stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — AMREP Corporation screens cheapest at 0.22×. Only 1 of 10 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Real Estate - Development company has the strongest balance sheet?

AMREP Corporation carries the lowest comparable gross debt at $0 million, from 10 of 10 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Real Estate - Development company is investing most in new capacity?

Corporación Inmobiliaria Vesta, S.A.B. de C.V. reports the largest capital spending at $76 million, across 10 of 10 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Real Estate - Development sector beating the market?

Real Estate - Development has underperformed S&P 500 by 15.3% over the last 52 weeks and 0.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 10 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Real Estate - Development stock has the strongest price momentum?

Century Communities, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Real Estate - Development company scores highest for research priority?

AMREP Corporation scores 62 out of 100 with 76% evidence confidence, from 21.5 points on growth and earnings, 17.8 on capital efficiency, 15.7 on valuation and 7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Real Estate - Development companies does this comparison cover, and over what period?

It compares 10 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Real Estate - Development sector?

The 10 Real Estate - Development companies on this page carry $13,452 million of combined market value. Howard Hughes Holdings Inc. is the largest at $3,969 million, about 30% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Real Estate - Development sector's P/E ratio?

The median price-to-earnings ratio across the 10 Real Estate - Development companies on this page is 13.5×, measured on the 9 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Real Estate - Development sector performing?

4 of the 10 covered Real Estate - Development companies are beating S&P 500 on Mansfield relative strength. The sector itself is 15.3% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Real Estate - Development stocks are listed in the US?

This comparison covers 10 listed Real Estate - Development companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/real-estate-development