CTO Realty Growth, Inc. CTO

Real EstateResidential & Commercial REITsUnited States of America

Last close 20.09 USD on Nov 2, 2026, +15.4% year to date

Quant rating

Quant rating C Rank 98 of 175 in Real Estate

Growth B 56 of 175
Valuation B 50 of 175
Quality C 101 of 175
Revisions D 129 of 175
Momentum C 70 of 175

Wall Street consensus Buy (1.83)Average target 24.17 USD +20.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 779M
Enterprise value: 1.5B
52-week range: 16.53 – 22.70
3-year range: 15.26 – 22.70
Dividend yield: 7.71%
Beta (5 years): 0.67
Shares outstanding: 38.8M
Next earnings: Feb 17, 2027

About the company

CTO Realty Growth, Inc. is a real estate investment trust that owns and operates a portfolio of retail-based properties located primarily in the United States. The Company’s segments include income properties, management services, commercial loans and investments, and real estate operations. The management services segment is a fee-based management business that is engaged in managing Alpine Income Property Trust, Inc. (PINE). The commercial loans and investments segment includes a portfolio of five commercial loan investments and two preferred equity investments, which are classified as commercial loan investments. Its income property operations consist of income-producing properties. Its business also includes its investment in PINE. Its portfolio of properties includes Carolina Pavilion, Millenia Crossing, Lake Brandon Village, Crabby's Oceanside, Fidelity, LandShark Bar & Grill, Granada Plaza, The Strand at St. Johns Town Center, Price Plaza, and others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	150	125	109	82.3	70.3	–
Revenue growth	20.1%	14.1%	32.6%	17.1%	24.6%	21.5%
EPS (basic, normalized)	0.71	−0.35	0.03	−0.09	1.56	–
EPS growth	–	–	–	–	–	–
Gross margin	74.6%	73.3%	72.3%	72.2%	68.1%	72.1%
Net margin	1.7%	−7.1%	0.7%	−2.0%	39.3%	6.5%
ROE	1.7%	−0.4%	1.1%	0.7%	7.7%	2.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	8.8
Current ratio	–
Long-term debt (mil)	718
Net debt (mil)	709
Total equity (mil)	681
Net debt / equity	1.04x
Net debt / EBITDA	8.03x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	150	+20.1%	9.9x	88.3	+20.3%	16.8x	0.71	+302.9%	28.3x
2026	179	+19.7%	8.3x	115	+29.7%	13.0x	0.66	−7.5%	30.6x
2027	199	+11.1%	7.5x	138	+20.0%	10.8x	0.50	−23.9%	40.2x
2028	161	−19.1%	9.3x	–	–	–	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	179	+2.4%	+2.4%	+7.4%	0.66	0.0%	0.0%	+45.9%
2027	199	+5.0%	+5.0%	+13.0%	0.50	0.0%	0.0%	−9.1%
2028	161	–	+11.4%	+11.4%	–	–	–	–

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	28.1	28.8	31.8	35.7	35.8	37.6	37.8	38.3	41.2	43.8
Sales mean (mil)	29.9	27.4	30.3	33.4	35.2	36.4	37.7	37.9	38.9	42.3
Surprise	−6.0%	+5.2%	+4.9%	+7.1%	+1.6%	+3.3%	+0.2%	+1.1%	+5.9%	+3.6%
EPS reported	0.20	−0.03	0.17	−0.56	0.01	−0.15	0.03	0.82	0.12	0.41
EPS mean	−0.03	−0.06	−0.03	0.01	−0.34	−0.26	−0.01	0.00	0.03	0.10
Surprise	−900.0%	+50.0%	−780.0%	−8,495.8%	−103.0%	+41.2%	−400.0%	–	+380.0%	+296.8%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CTO CTO Realty Growth, Inc.	779M	8.03x	1.7%	1.14x	30.6x	40.2x	13.0x	10.8x
O Realty Income Corporation	54.5B	6.26x	18.4%	1.38x	36.9x	32.4x	15.6x	14.3x
VICI VICI Properties Inc	27.5B	5.47x	69.3%	0.95x	9.3x	8.5x	12.7x	12.0x
HST Host Hotels & Resorts, Inc.	17.5B	1.82x	12.5%	2.74x	18.8x	24.6x	11.3x	11.2x
WPC W. P. Carey Inc.	14.9B	6.56x	27.2%	1.70x	21.4x	21.9x	15.1x	14.0x
GLPI Gaming and Leisure Properties, Inc.	11.4B	5.71x	51.7%	2.31x	12.3x	12.0x	12.2x	11.5x
Mean		5.64x	30.1%	1.70x	21.6x	23.3x	13.3x	12.3x
Median		5.99x	22.8%	1.54x	20.1x	23.3x	12.8x	11.8x

Technical analysis

1M−2.2%
3M−6.9%
1Y+30.1%
3Y+54.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, CTO Realty Growth, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	150	125	109	82.3	70.3	56.4
Cost of revenue	37.9	33.2	30.2	22.9	22.4	15.2
Gross profit	112	91.3	78.9	59.5	47.8	41.2
Selling, general & administrative expenses	18.5	16.3	14.2	12.9	11.2	11.6
Research & development	–	–	–	–	–	–
Depreciation/amortization	60.0	65.0	44.2	28.9	20.6	19.1
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−0.9	−7.6	−6.0	7.0	−7.3	−1.7
Other operating expenses	0	0	0	0	0	0
Operating income	34.0	17.6	26.5	10.7	23.3	12.3
Net interest income (expense)	−23.5	−19.9	−20.4	−10.3	3.5	−17.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	10.5	−2.3	6.1	0.3	26.9	−5.0
Provision for taxes	0.4	−0.3	0.6	−2.8	−3.1	−1.0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	10.1	−2.0	5.5	3.2	29.9	−4.0
Extraordinary items	–	–	–	–	0	82.5
Net income	10.1	−2.0	5.5	3.2	29.9	78.5
EBIT, normalized	33.1	9.1	18.2	17.7	16.1	10.5
EBITDA, normalized	93.1	74.1	62.4	46.6	36.6	29.6
Basic EPS, normalized	0.71	−0.35	0.03	−0.09	1.56	–

Balance sheet in millions of USD, fiscal years

Balance sheet, CTO Realty Growth, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	6.5	9.0	10.2	19.3	8.6	4.3
Receivables	4.1	4.1	5.1	3.0	2.0	3.7
Total inventory	0.3	0.3	0.7	0.7	0.7	7.1
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	953	902	735	735	495	443
Goodwill	–	–	–	–	–	–
Intangibles	84.7	79.2	97.1	116	79.5	50.2
Long-term investments	41.3	39.7	39.4	42.0	41.0	79.3
Note receivable	105	105	62.1	32.4	39.5	38.3
Other long-term assets	79.7	56.0	56.1	61.4	78.2	56.3
Total assets	1,264	1,182	990	987	733	667
Liabilities
Accounts payable	1.7	3.3	2.8	2.5	0.7	1.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	21.5	21.3	13.5	17.6	13.1	7.2
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	17.8	51.0	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	599	468	495	446	278	274
Minority interest	–	–	–	–	–	–
Other liabilities	98.0	101	36.8	36.2	24.4	42.0
Total liabilities	697	569	532	482	303	316
Shareholders' equity
Preferred stock	−118	−118	−74.4	−75.0	−75.0	–
Common stock	0.3	0.3	0.2	0.2	0.1	7.2
Additional paid-in capital	382	368	168	172	85.4	83.2
Retained earnings (accumulated deficit)	185	232	282	316	343	340
Treasury stock	–	–	–	–	0	−77.5
Other equity	117	130	81.4	90.8	76.5	−1.9
Total equity	567	613	458	505	430	351
Total liabilities & shareholders' equity	1,264	1,182	990	987	733	667

Cash flow statement in millions of USD, fiscal years

Cash flow statement, CTO Realty Growth, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	10.1	−2.0	5.5	3.2	29.9	78.5
Depreciation, depletion & amortization	60.0	65.0	44.2	28.9	20.6	19.1
Deferred taxes	0.2	−0.5	0.5	−3.0	−3.0	−90.5
Non-cash items	2.8	−2.3	2.0	14.8	−13.4	8.8
Changes in working capital	−8.4	−0.5	−5.9	12.3	−6.5	1.1
Cash from operations	64.6	59.9	46.3	56.1	27.6	16.9
Investing activities
Capital expenditures	−160	−242	−103	−314	−256	−168
Other investing cash flows	88.7	9.2	50.5	46.3	153	76.7
Cash from investing	−71.5	−233	−52.5	−268	−103	−91.1
Financing activities
Financing cash flow items	−2.6	−2.4	−1.2	−3.6	−2.2	−2.7
Cash dividends paid	−56.6	−47.1	−39.0	−33.7	−25.9	−14.5
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	89.8	222	43.0	239	101	−9.7
Cash from financing	30.7	172	2.8	201	72.9	−26.9
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	23.8	−0.5	−3.4	−10.2	−2.5	−101
Free cash flow	−95.6	−182	−56.6	−258	−229	−151

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.