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Seritage Growth Properties (SRG) Financials

Seritage Growth Properties logo
$2.62 +0.02 (+0.92%)
Closing price 07/17/2026 03:59 PM Eastern
Extended Trading
$2.64 +0.01 (+0.42%)
As of 07/17/2026 04:10 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Seritage Growth Properties

Annual Income Statements for Seritage Growth Properties

This table shows Seritage Growth Properties' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -52 -74 -78 -64 -110 -33 -79 -160 -158 -73
Consolidated Net Income / (Loss)		 -91 -121 -115 -91 -153 -39 -120 -155 -154 -68
Net Income / (Loss) Continuing Operations		 -91 -121 -115 -91 -153 -39 -120 -155 -154 -68
Total Pre-Tax Income 		-91 -121 -115 -90 -153 -39 -120 -155 -152 -68
Total Operating Income		 -30 -115 -118 -56 -150 -153 -210 -174 -139 -55
Total Gross Profit		 227 221 186 127 75 72 65 -0.50 1.28 4.22
Total Revenue		 249 241 215 169 116 117 107 21 18 18
Operating Revenue		 249 241 215 169 116 117 107 21 18 18
Total Cost of Revenue		 22 20 29 42 41 45 42 21 16 14
Operating Cost of Revenue		 22 20 29 42 41 45 42 21 16 14
Total Operating Expenses		 257 336 304 182 226 224 275 174 140 59
Selling, General & Admin Expense		 17 28 35 39 29 42 48 46 30 32
Depreciation Expense		 177 262 227 105 96 51 41 14 13 6.28
Other Operating Expenses / (Income)		 44 46 42 39 37 35 24 6.13 9.67 2.46
Impairment Charge		 - - 0.00 0.00 64 96 127 107 88 19
Total Other Income / (Expense), net		 -60 -5.98 3.56 -35 -2.32 114 90 19 -13 -13
Interest Expense		 64 70 90 95 91 108 87 28 22 19
Interest & Investment Income		 4.91 53 -2.56 -11 0.44 0.06 -35 -49 -1.11 -15
Other Income / (Expense), net		 -1.38 11 96 71 89 222 212 96 11 20
Income Tax Expense		 0.51 0.27 0.32 0.20 0.25 0.20 0.47 0.04 1.58 0.00
Preferred Stock Dividends Declared		 - 0.25 4.90 4.90 4.90 4.90 4.90 4.90 4.90 4.90
Basic Earnings per Share		 ($1.64) ($2.19) ($2.20) ($1.77) ($2.87) ($0.78) ($1.59) ($2.85) ($2.82) ($1.30)
Weighted Average Basic Shares Outstanding		 31.42M 33.80M 35.56M 36.41M 38.30M 42.39M 49.73M 56.15M 56.26M 56.31M
Diluted Earnings per Share		 ($1.64) ($2.19) ($2.20) ($1.77) ($2.87) ($0.78) ($1.59) ($2.85) ($2.82) ($1.30)
Weighted Average Diluted Shares Outstanding		 31.42M 33.80M 35.56M 36.41M 38.30M 42.39M 49.73M 56.15M 56.26M 56.31M
Weighted Average Basic & Diluted Shares Outstanding		 31.42M 33.80M 35.60M 36.30M 38.90M 43.63M 56.06M 56.26M 56.32M 56.32M

Quarterly Income Statements for Seritage Growth Properties

This table shows Seritage Growth Properties' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -2.13 2.46 -20 -102 -23 -13 -23 -30 -14 -6.31 -32
Consolidated Net Income / (Loss)		 -0.90 3.68 -19 -101 -22 -11 -22 -29 -12 -5.09 -30
Net Income / (Loss) Continuing Operations		 -0.90 3.68 -19 -101 -22 -11 -22 -29 -12 -5.09 -30
Total Pre-Tax Income 		-0.81 3.68 -19 -100 -22 -11 -22 -28 -12 -5.09 -30
Total Operating Income		 -12 -14 -15 -96 -19 -9.23 -17 -25 -6.87 -5.88 -21
Total Gross Profit		 0.48 5.83 2.10 0.06 -1.01 0.13 1.69 1.42 1.16 -0.05 0.45
Total Revenue		 5.05 9.17 5.77 4.22 3.25 4.38 4.60 4.65 4.79 4.17 1.91
Operating Revenue		 5.05 9.17 5.77 4.22 3.25 4.38 4.60 4.65 4.79 4.17 1.91
Total Cost of Revenue		 4.56 3.34 3.67 4.16 4.26 4.25 2.91 3.24 3.63 4.21 1.46
Operating Cost of Revenue		 4.56 3.34 3.67 4.16 4.26 4.25 2.91 3.24 3.63 4.21 1.46
Total Operating Expenses		 12 20 17 96 18 9.37 19 27 8.03 5.83 21
Selling, General & Admin Expense		 8.03 16 9.19 6.87 7.18 6.78 16 6.17 4.92 5.16 5.29
Depreciation Expense		 2.91 2.84 5.27 1.21 4.38 2.26 2.08 2.04 1.70 0.47 0.40
Other Operating Expenses / (Income)		 1.20 1.22 1.39 1.24 6.70 0.33 0.95 0.69 0.61 0.20 0.33
Impairment Charge		 0.00 - 1.15 86 0.00 - 0.00 18 0.80 - 15
Total Other Income / (Expense), net		 11 18 -4.07 -4.10 -2.62 -2.11 -5.36 -2.90 -5.48 0.80 -9.70
Interest Expense		 7.73 -7.96 5.59 5.57 6.92 2.24 4.37 4.21 6.12 4.00 2.53
Interest & Investment Income		 0.08 -22 0.38 -0.57 0.12 -3.18 -7.93 -0.66 0.64 -6.64 -7.17
Income Tax Expense		 0.09 - 0.01 1.47 0.09 0.01 -0.19 0.12 0.08 - 0.00
Preferred Stock Dividends Declared		 1.23 1.23 1.23 1.23 1.23 1.23 1.23 1.23 1.23 1.23 1.23
Basic Earnings per Share		 ($0.04) $0.05 ($0.36) ($1.82) ($0.41) ($0.23) ($0.42) ($0.53) ($0.24) ($0.11) ($0.56)
Weighted Average Basic Shares Outstanding		 56.18M 56.15M 56.22M 56.27M 56.27M 56.26M 56.28M 56.32M 56.32M 56.31M 56.32M
Diluted Earnings per Share		 ($0.04) $0.05 ($0.36) ($1.82) ($0.41) ($0.23) ($0.42) ($0.53) ($0.24) ($0.11) ($0.56)
Weighted Average Diluted Shares Outstanding		 56.18M 56.15M 56.22M 56.27M 56.27M 56.26M 56.28M 56.32M 56.32M 56.31M 56.32M
Weighted Average Basic & Diluted Shares Outstanding		 - 56.26M 56.27M 56.27M 56.27M 56.32M 56.32M 56.32M 56.32M 56.32M 56.32M

Annual Cash Flow Statements for Seritage Growth Properties

This table details how cash moves in and out of Seritage Growth Properties' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -16 278 116 -394 11 -37 31 4.76 -52 -35
Net Cash From Operating Activities		 97 60 55 -58 -47 -136 -118 -53 -54 -35
Net Cash From Continuing Operating Activities		 97 60 55 -75 -47 -136 -118 -53 -54 -35
Net Income / (Loss) Continuing Operations		 -91 -121 -115 -91 -153 -39 -120 -155 -154 -68
Consolidated Net Income / (Loss)		 -91 -121 -115 -91 -153 -39 -120 -155 -154 -68
Depreciation Expense		 177 262 227 105 96 51 41 14 13 6.28
Amortization Expense		 4.68 8.00 9.55 -0.06 -1.37 0.60 0.65 0.42 0.19 1.83
Non-Cash Adjustments To Reconcile Net Income		 -14 -56 -71 -78 -19 -115 -10 80 94 18
Changes in Operating Assets and Liabilities, net		 20 -33 5.01 -11 30 -34 -29 7.07 -7.04 7.05
Net Cash From Investing Activities		 -62 37 -119 -299 43 261 586 733 127 198
Net Cash From Continuing Investing Activities		 -62 37 -119 -299 43 261 586 733 127 198
Acquisitions		 -9.00 -38 -27 -54 -63 -39 -26 -13 -9.26 -0.49
Sale of Property, Plant & Equipment		 - 51 210 141 332 392 643 673 156 210
Sale and/or Maturity of Investments		 13 10 11 1.88 1.15 13 68 153 7.95 7.12
Other Investing Activities, net		 -66 -243 -314 -388 -247 -106 -99 -80 -28 -18
Net Cash From Financing Activities		 -50 181 180 -36 15 -161 -437 -675 -125 -199
Net Cash From Continuing Financing Activities		 -50 181 180 -36 15 -161 -437 -675 -125 -199
Repayment of Debt		 -0.91 -140 -1,358 0.00 0.00 -160 -432 -670 -120 -194
Payment of Dividends		 -70 -56 -60 -33 -4.90 -4.90 -4.90 -4.90 -4.90 -4.90
Issuance of Common Equity		 - - - 0.00 0.00 3.96 0.00 0.13 0.17 0.04
Other Financing Activities, net		 - 0.00 -1.84 -3.52 20 -0.27 0.00 -0.32 -0.59 -0.13
Cash Interest Paid		 64 87 126 146 145 128 113 50 25 19
Cash Income Taxes Paid		 0.51 0.27 0.32 0.29 0.29 0.20 0.47 0.04 1.57 0.00

Quarterly Cash Flow Statements for Seritage Growth Properties

This table details how cash moves in and out of Seritage Growth Properties' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -23 35 -19 -30 -2.30 -0.50 9.42 -27 -20 2.41 -3.47
Net Cash From Operating Activities		 -10 -11 -17 -7.53 -15 -14 -9.19 -12 -13 -1.16 -5.72
Net Cash From Continuing Operating Activities		 -10 -11 -17 -7.53 -15 -14 -9.19 -12 -13 -1.16 -5.72
Net Income / (Loss) Continuing Operations		 -0.90 3.68 -19 -101 -22 -11 -22 -29 -12 -5.09 -30
Consolidated Net Income / (Loss)		 -0.90 3.68 -19 -101 -22 -11 -22 -29 -12 -5.09 -30
Depreciation Expense		 2.91 2.84 5.27 1.21 4.38 2.26 2.08 2.04 1.70 0.47 0.40
Amortization Expense		 0.08 0.04 0.04 0.04 0.07 0.04 0.04 0.04 0.70 1.05 1.03
Non-Cash Adjustments To Reconcile Net Income		 -16 -24 0.53 90 4.03 -0.70 3.17 18 1.05 -4.49 24
Changes in Operating Assets and Liabilities, net		 3.85 6.05 -3.48 2.59 -1.97 -4.18 7.73 -4.05 -3.53 6.90 -0.58
Net Cash From Investing Activities		 139 87 29 28 14 55 20 26 -2.53 155 3.42
Net Cash From Continuing Investing Activities		 139 87 29 28 14 55 20 26 -2.53 155 3.42
Acquisitions		 -0.82 -1.42 -2.93 -0.31 -5.80 -0.23 0.00 -0.36 - -0.13 -2.40
Sale of Property, Plant & Equipment		 59 96 44 39 23 49 29 23 - 159 0.00
Sale and/or Maturity of Investments		 - 153 0.00 - 0.01 7.94 4.39 0.45 1.21 1.08 5.96
Other Investing Activities, net		 -12 -18 -12 -9.97 -3.29 -1.78 -13 3.36 -3.73 -4.55 -0.14
Net Cash From Financing Activities		 -151 -41 -31 -51 -1.20 -42 -1.23 -41 -5.23 -151 -1.17
Net Cash From Continuing Financing Activities		 -151 -41 -31 -51 -1.20 -42 -1.23 -41 -5.23 -151 -1.17
Repayment of Debt		 -150 -40 -30 -50 - -40 0.00 -40 -4.00 -150 0.00
Payment of Dividends		 -1.23 -1.23 -1.23 -1.23 -1.23 -1.23 -1.23 -1.23 -1.23 -1.23 -1.23
Issuance of Common Equity		 0.04 0.09 - - 0.03 0.09 0.00 - - 0.02 0.05
Cash Interest Paid		 9.99 7.60 6.11 7.14 5.10 7.01 5.23 5.30 4.63 4.03 1.83
Cash Income Taxes Paid		 0.09 - 0.01 1.47 0.09 -0.00 0.02 0.11 0.01 -0.14 0.00

Annual Balance Sheets for Seritage Growth Properties

This table presents Seritage Growth Properties' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 2,833 2,712 2,776 2,876 2,751 2,649 2,414 1,842 974 678 394
Total Current Assets		 155 140 417 533 261 150 114 145 150 98 62
Cash & Equivalents		 63 52 242 533 139 144 107 133 134 85 48
Restricted Cash		 92 88 176 - 0.00 6.53 7.15 11 16 13 14
Plant, Property, & Equipment, net		 1,626 1,590 1,490 1,751 1,971 1,558 1,315 579 411 265 145
Plant, Property & Equipment, gross		 1,655 1,680 1,629 1,889 2,118 1,700 1,470 636 447 305 160
Accumulated Depreciation		 29 90 139 138 148 142 155 57 36 40 15
Total Noncurrent Assets		 1,052 983 869 592 519 941 985 1,118 413 315 186
Long-Term Investments		 427 425 283 399 445 457 499 383 196 190 156
Intangible Assets		 579 464 310 124 68 19 15 1.79 0.89 1.05 0.17
Other Noncurrent Operating Assets		 46 93 276 70 5.28 465 472 733 216 124 30
Total Liabilities & Shareholders' Equity		 2,833 2,712 2,776 2,876 2,751 2,649 2,414 1,842 974 678 394
Total Liabilities		 1,263 1,288 1,455 1,726 1,707 1,766 1,569 1,119 411 272 61
Total Current Liabilities		 121 121 109 128 109 147 109 89 51 32 13
Accounts Payable		 121 121 109 128 109 147 109 89 51 32 13
Total Noncurrent Liabilities		 1,142 1,167 1,346 1,598 1,598 1,619 1,460 1,030 360 240 48
Long-Term Debt		 1,142 1,167 1,346 1,598 1,598 1,599 1,439 1,030 360 240 48
Commitments & Contingencies		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,570 1,424 1,321 1,150 1,043 883 845 723 563 406 333
Total Preferred & Common Equity		 887 805 887 781 731 649 688 720 562 404 331
Preferred Stock		 - - - 0.00 0.03 0.03 0.03 0.03 0.03 0.03 0.03
Total Common Equity		 886 804 886 781 731 649 688 720 562 404 331
Common Stock		 925 926 1,116 1,125 1,150 1,178 1,241 1,361 1,362 1,363 1,363
Retained Earnings		 -38 -121 -230 -344 -419 -529 -554 -641 -800 -959 -1,032
Noncontrolling Interest		 683 620 434 370 312 234 157 2.13 1.17 1.35 1.38

Quarterly Balance Sheets for Seritage Growth Properties

This table presents Seritage Growth Properties' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 1,016 915 758 735 650 576 559 361
Total Current Assets		 115 131 101 98 107 80 60 59
Cash & Equivalents		 99 115 87 86 94 72 52 44
Restricted Cash		 16 16 14 13 13 8.33 8.33 14
Plant, Property, & Equipment, net		 529 341 238 262 239 200 163 130
Plant, Property & Equipment, gross		 433 373 267 300 274 235 184 145
Accumulated Depreciation		 35 32 29 38 36 35 21 15
Total Noncurrent Assets		 503 443 420 374 304 295 336 172
Long-Term Investments		 209 200 195 199 176 166 164 144
Intangible Assets		 0.93 0.19 0.19 1.11 0.99 0.92 0.90 0.17
Other Noncurrent Operating Assets		 294 243 224 174 127 128 171 28
Total Liabilities & Shareholders' Equity		 1,016 915 758 735 650 576 559 361
Total Liabilities		 456 371 317 316 267 223 220 60
Total Current Liabilities		 56 41 37 36 27 23 23 11
Accounts Payable		 56 41 37 36 27 23 23 11
Total Noncurrent Liabilities		 400 330 280 280 240 200 197 49
Long-Term Debt		 400 330 280 280 240 200 197 49
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 560 544 442 419 382 353 339 301
Total Preferred & Common Equity		 559 542 440 418 381 351 338 300
Preferred Stock		 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
Total Common Equity		 559 542 440 418 381 351 338 300
Common Stock		 1,362 1,363 1,363 1,364 1,363 1,363 1,363 1,363
Retained Earnings		 -803 -821 -923 -946 -982 -1,012 -1,026 -1,063
Noncontrolling Interest		 1.09 1.17 1.23 1.26 1.35 1.37 1.37 1.44

Annual Metrics And Ratios for Seritage Growth Properties

This table displays calculated financial ratios and metrics derived from Seritage Growth Properties' official financial filings.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 33,186,956.00 35,388,194.00 36,989,886.00 38,075,582.00 38,644,689.00 43,631,345.00 56,032,381.00 56,185,420.00 - 56,324,607.00
DEI Adjusted Shares Outstanding		 33,186,956.00 35,388,194.00 36,989,886.00 38,075,582.00 38,644,689.00 43,631,345.00 56,032,381.00 56,185,420.00 - 56,324,607.00
DEI Earnings Per Adjusted Shares Outstanding		 -1.55 -2.09 -2.12 -1.69 -2.84 -0.76 -1.41 -2.84 - -1.30
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 0.00% -3.08% -10.90% -21.48% -30.92% 0.16% -8.25% -80.59% -15.19% 3.30%
EBITDA Growth		 0.00% 10.92% 28.80% -44.08% -72.63% 268.79% -63.73% -243.69% -82.58% 76.70%
EBIT Growth		 0.00% -226.22% 78.83% 169.54% -504.63% 211.79% -96.96% -3,805.14% -64.76% 72.80%
NOPAT Growth		 0.00% -276.28% -3.10% 52.74% -169.41% -1.44% -37.55% 17.01% 20.14% 60.26%
Net Income Growth		 0.00% -32.75% 4.91% 21.13% -68.83% 74.51% -208.06% -28.99% 0.89% 55.57%
EPS Growth		 0.00% -33.54% -0.46% 19.55% -62.15% 72.82% -103.85% -79.25% 1.05% 53.90%
Operating Cash Flow Growth		 0.00% -38.68% -7.90% -205.03% 17.94% -187.43% 13.29% 55.00% -0.92% 34.82%
Free Cash Flow Firm Growth		 0.00% 0.00% 434.74% -520.95% 127.87% 22.91% 213.45% 75.23% -76.94% 30.07%
Invested Capital Growth		 0.00% -2.98% -7.58% 13.23% -8.90% -10.81% -26.74% -52.89% -37.89% -54.81%
Revenue Q/Q Growth		 0.00% -4.94% 0.67% -9.88% -7.16% 0.75% -4.95% -39.87% -21.35% -1.17%
EBITDA Q/Q Growth		 0.00% -3.73% 78.26% -0.12% -54.93% 693.00% -49.50% -1,793.34% -26.98% 28.49%
EBIT Q/Q Growth		 0.00% -72.34% 81.31% 137.68% -40.87% 192.18% -95.09% -338.09% -22.84% 24.72%
NOPAT Q/Q Growth		 0.00% -90.18% -0.48% 36.88% -16.01% 9.55% 6.80% 4.69% 3.23% 5.72%
Net Income Q/Q Growth		 0.00% -57.07% -15.43% 34.82% -8.78% 78.61% -0.96% -134.21% -10.86% 8.41%
EPS Q/Q Growth		 0.00% -58.70% -15.18% 32.70% -7.89% 76.92% 27.06% -352.38% -11.02% 8.45%
Operating Cash Flow Q/Q Growth		 0.00% 37.63% 98.40% -2,658.12% -6.06% -14.70% -4.37% 38.58% -5.70% 26.78%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 195.95% -33.11% 1,693.09% 107.49% -80.71% -57.89% 124.17% 223.15%
Invested Capital Q/Q Growth		 0.00% -0.33% -2.73% 2.05% -2.90% -45.89% -11.03% 0.00% -10.69% -48.00%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 91.24% 91.76% 86.51% 75.02% 64.66% 61.43% 60.98% -2.42% 7.28% 23.18%
EBITDA Margin		 60.31% 69.02% 99.77% 71.04% 28.15% 103.63% 40.97% -303.32% -653.01% -147.29%
Operating Margin		 -12.24% -47.53% -55.00% -33.10% -129.10% -130.74% -196.00% -838.02% -789.12% -303.59%
EBIT Margin		 -12.80% -43.08% -10.23% 9.06% -53.08% 59.24% 1.96% -374.99% -728.53% -191.85%
Profit (Net Income) Margin		 -36.60% -50.13% -53.49% -53.73% -131.31% -33.41% -112.18% -745.52% -871.27% -374.73%
Tax Burden Percent		 100.56% 100.22% 100.28% 100.22% 100.17% 100.51% 100.39% 100.02% 101.04% 100.00%
Interest Burden Percent		 284.38% 116.11% 521.31% -591.59% 246.96% -56.11% -5,688.59% 198.76% 118.36% 195.32%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -1.05% -4.02% -4.37% -2.02% -5.35% -6.02% -10.14% -13.53% -20.81% -14.87%
ROIC Less NNEP Spread (ROIC-NNEP)		 -12.63% -10.53% -9.28% -8.15% -10.11% 1.43% -6.11% -26.33% 314.23% 12.19%
Return on Net Nonoperating Assets (RNNOA)		 -5.34% -4.78% -4.93% -6.24% -10.53% 1.51% -5.18% -10.57% -10.88% -3.60%
Return on Equity (ROE)		 -6.39% -8.80% -9.30% -8.26% -15.88% -4.51% -15.32% -24.10% -31.69% -18.47%
Cash Return on Invested Capital (CROIC)		 0.00% -0.99% 3.51% -14.43% 3.96% 5.40% 20.72% 58.37% 25.93% 60.64%
Operating Return on Assets (OROA)		 -1.15% -3.78% -0.78% 0.54% -2.29% 2.73% 0.10% -5.53% -15.55% -6.52%
Return on Assets (ROA)		 -3.28% -4.40% -4.07% -3.22% -5.67% -1.54% -5.64% -11.00% -18.59% -12.73%
Return on Common Equity (ROCE)		 -3.61% -5.42% -6.27% -5.69% -11.38% -3.49% -13.77% -24.03% -31.61% -18.40%
Return on Equity Simple (ROE_SIMPLE)		 -11.31% -13.63% -14.71% -12.39% -23.57% -5.67% -16.67% -27.56% -37.96% 0.00%
Net Operating Profit after Tax (NOPAT)		 -21 -80 -83 -39 -105 -107 -147 -122 -97 -39
NOPAT Margin		 -8.57% -33.27% -38.50% -23.17% -90.37% -91.52% -137.20% -586.62% -552.39% -212.51%
Net Nonoperating Expense Percent (NNEP)		 11.57% 6.51% 4.91% 6.13% 4.76% -7.46% -4.03% 12.80% -335.04% -27.06%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -13.20% -15.07% -10.17%
Cost of Revenue to Revenue		 8.76% 8.24% 13.49% 24.98% 35.34% 38.57% 39.02% 102.42% 92.72% 76.82%
SG&A Expenses to Revenue		 7.02% 11.58% 16.20% 23.22% 24.76% 35.95% 44.49% 221.32% 170.36% 175.51%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 103.49% 139.30% 141.51% 108.12% 193.76% 192.17% 256.99% 835.60% 796.40% 326.77%
Earnings before Interest and Taxes (EBIT)		 -32 -104 -22 15 -62 69 2.10 -78 -128 -35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 150 166 214 120 33 121 44 -63 -115 -27
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 1.67 1.57 1.52 2.09 0.87 0.84 0.92 0.93 0.57 0.55
Price to Tangible Book Value (P/TBV)		 3.95 2.41 1.81 2.30 0.90 0.86 0.92 0.94 0.57 0.55
Price to Revenue (P/Rev)		 5.40 5.76 5.54 9.05 4.87 4.96 6.19 25.28 13.16 10.06
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 2.47% 2.55% 3.11% 2.50% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.27 1.25 1.22 1.39 0.96 0.94 0.95 0.94 0.52 0.08
Enterprise Value to Revenue (EV/Rev)		 10.31 10.24 10.36 16.91 15.39 13.40 10.90 26.01 10.54 0.75
Enterprise Value to EBITDA (EV/EBITDA)		 17.09 14.83 10.39 23.81 54.67 12.93 26.61 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 186.64 0.00 22.61 555.04 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 26.37 41.39 40.54 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 33.52 0.00 23.01 16.33 3.89 1.03 1.53 0.09
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.82 1.02 1.39 1.53 1.81 1.70 1.43 0.64 0.59 0.14
Long-Term Debt to Equity		 0.82 1.02 1.39 1.53 1.81 1.70 1.43 0.64 0.59 0.14
Financial Leverage		 0.42 0.45 0.53 0.77 1.04 1.05 0.85 0.40 -0.03 -0.30
Leverage Ratio		 1.85 2.00 2.29 2.56 2.80 2.93 2.72 2.19 1.70 1.45
Compound Leverage Factor		 5.27 2.32 11.92 -15.17 6.92 -1.64 -154.46 4.35 2.02 2.83
Debt to Total Capital		 45.03% 50.46% 58.14% 60.51% 64.43% 63.01% 58.76% 39.00% 37.16% 12.53%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 45.03% 50.46% 58.14% 60.51% 64.43% 63.01% 58.76% 39.00% 37.16% 12.53%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01%
Noncontrolling Interests to Total Capital		 23.92% 16.28% 13.45% 11.81% 9.42% 6.88% 0.12% 0.13% 0.21% 0.36%
Common Equity to Total Capital		 31.04% 33.24% 28.41% 27.68% 26.15% 30.11% 41.11% 60.87% 62.62% 87.10%
Debt to EBITDA		 7.78 8.09 7.46 13.34 48.76 11.90 23.48 -5.71 -2.09 -1.78
Net Debt to EBITDA		 4.02 3.88 3.11 8.47 30.24 6.84 11.45 -0.22 0.41 6.37
Long-Term Debt to EBITDA		 7.78 8.09 7.46 13.34 48.76 11.90 23.48 -5.71 -2.09 -1.78
Debt to NOPAT		 -54.75 -16.78 -19.33 -40.91 -15.19 -13.48 -7.01 -2.95 -2.47 -1.23
Net Debt to NOPAT		 -28.26 -8.05 -8.06 -25.95 -9.42 -7.74 -3.42 -0.11 0.49 4.42
Long-Term Debt to NOPAT		 -54.75 -16.78 -19.33 -40.91 -15.19 -13.48 -7.01 -2.95 -2.47 -1.23
Altman Z-Score		 0.62 0.55 0.46 0.47 -0.12 0.05 -0.03 -0.50 -1.95 -1.96
Noncontrolling Interest Sharing Ratio		 43.54% 38.42% 32.54% 31.07% 28.33% 22.62% 10.16% 0.26% 0.27% 0.38%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 1.15 3.81 4.18 2.40 1.02 1.04 1.62 2.95 3.06 4.68
Quick Ratio		 0.43 2.21 4.18 1.78 0.98 0.97 1.49 2.64 2.67 3.62
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -20 66 -280 78 96 300 526 121 158
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 -0.28 0.74 -2.96 0.85 0.89 3.46 19.12 5.40 8.43
Operating Cash Flow to Interest Expense		 1.53 0.85 0.61 -0.61 -0.52 -1.26 -1.36 -1.93 -2.38 -1.87
Operating Cash Flow Less CapEx to Interest Expense		 1.53 1.58 2.94 0.88 3.12 2.37 6.06 22.56 4.55 9.36
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.09 0.09 0.08 0.06 0.04 0.05 0.05 0.01 0.02 0.03
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.15 0.16 0.13 0.09 0.07 0.08 0.11 0.04 0.05 0.09
Accounts Payable Turnover		 0.18 0.17 0.24 0.36 0.32 0.35 0.42 0.30 0.40 0.62
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 2,027.16 2,118.24 1,493.41 1,023.87 1,133.36 1,039.12 868.36 1,201.13 923.40 590.84
Cash Conversion Cycle (CCC)		 -2,027.16 -2,118.24 -1,493.41 -1,023.87 -1,133.36 -1,039.12 -868.36 -1,201.13 -923.40 -590.84
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 2,027 1,966 1,817 2,058 1,874 1,672 1,225 577 358 162
Invested Capital Turnover		 0.12 0.12 0.11 0.09 0.06 0.07 0.07 0.02 0.04 0.07
Increase / (Decrease) in Invested Capital		 0.00 -60 -149 240 -183 -203 -447 -648 -219 -196
Enterprise Value (EV)		 2,564 2,467 2,225 2,852 1,793 1,563 1,167 540 186 14
Market Capitalization		 1,342 1,387 1,189 1,526 567 579 663 525 232 183
Book Value per Share		 $24.23 $25.05 $21.11 $19.21 $16.79 $15.76 $12.86 $10.00 $7.19 $5.88
Tangible Book Value per Share		 $10.24 $16.28 $17.76 $17.42 $16.31 $15.42 $12.83 $9.99 $7.17 $5.88
Total Capital		 2,591 2,666 2,749 2,642 2,482 2,284 1,752 923 646 380
Total Debt		 1,167 1,346 1,598 1,598 1,599 1,439 1,030 360 240 48
Total Long-Term Debt		 1,167 1,346 1,598 1,598 1,599 1,439 1,030 360 240 48
Net Debt		 602 645 667 1,014 992 827 502 14 -47 -171
Capital Expenditures (CapEx)		 0.00 -51 -210 -141 -332 -392 -643 -673 -156 -210
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -121 -109 -128 13 -147 -109 -89 -51 -32 -13
Debt-free Net Working Capital (DFNWC)		 19 308 405 153 3.37 4.37 56 99 66 49
Net Working Capital (NWC)		 19 308 405 153 3.37 4.37 56 99 66 49
Net Nonoperating Expense (NNE)		 70 41 32 52 48 -68 -27 33 56 30
Net Nonoperating Obligations (NNO)		 602 645 667 1,014 992 827 502 14 -47 -171
Total Depreciation and Amortization (D&A)		 182 270 236 105 95 52 42 15 13 8.11
Debt-free, Cash-free Net Working Capital to Revenue		 -48.68% -45.40% -59.40% 7.98% -126.08% -93.74% -83.48% -244.00% -181.43% -73.07%
Debt-free Net Working Capital to Revenue		 7.47% 127.71% 188.72% 90.56% 2.89% 3.75% 51.91% 476.44% 373.05% 269.08%
Net Working Capital to Revenue		 7.47% 127.71% 188.72% 90.56% 2.89% 3.75% 51.91% 476.44% 373.05% 269.08%
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($1.64) ($2.19) ($2.20) ($1.77) ($2.87) ($0.78) ($1.59) ($2.85) ($2.82) ($1.30)
Adjusted Weighted Average Basic Shares Outstanding		 35.14M 36.90M 35.56M 36.41M 38.30M 42.39M 49.73M 56.15M 56.26M 56.31M
Adjusted Diluted Earnings per Share		 ($1.64) ($2.19) ($2.20) ($1.77) ($2.87) ($0.78) ($1.59) ($2.85) ($2.82) ($1.30)
Adjusted Weighted Average Diluted Shares Outstanding		 35.14M 36.90M 35.56M 36.41M 38.30M 42.39M 49.73M 56.15M 56.26M 56.31M
Adjusted Basic & Diluted Earnings per Share		 ($1.64) ($2.19) $0.00 ($1.77) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 31.42M 33.80M 36.99M 38.15M 38.90M 43.63M 56.06M 56.26M 56.32M 56.32M
Normalized Net Operating Profit after Tax (NOPAT)		 -7.96 -80 -83 -39 -60 -40 -33 -47 -36 -26
Normalized NOPAT Margin		 -3.20% -33.27% -38.50% -23.17% -51.85% -34.03% -31.00% -226.01% -204.67% -140.22%
Pre Tax Income Margin		 -36.39% -50.01% -53.34% -53.61% -131.09% -33.24% -111.75% -745.33% -862.29% -374.73%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 -0.50 -1.48 -0.24 0.16 -0.68 0.64 0.02 -2.83 -5.72 -1.87
NOPAT to Interest Expense		 -0.34 -1.14 -0.92 -0.41 -1.15 -0.99 -1.69 -4.43 -4.33 -2.07
EBIT Less CapEx to Interest Expense		 -0.50 -0.76 2.09 1.65 2.96 4.27 7.44 21.65 1.22 9.36
NOPAT Less CapEx to Interest Expense		 -0.34 -0.42 1.42 1.07 2.48 2.65 5.72 20.05 2.60 9.16
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 -76.45% -46.10% -52.07% -36.34% -3.20% -12.57% -4.08% -3.16% -3.19% -7.18%
Augmented Payout Ratio		 -76.45% -49.02% -52.17% -36.34% -3.20% -12.57% -4.08% -3.16% -3.19% -7.18%

Quarterly Metrics And Ratios for Seritage Growth Properties

This table displays calculated financial ratios and metrics derived from Seritage Growth Properties' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 56,182,522.00 56,185,420.00 56,262,944.00 56,268,317.00 56,268,317.00 - 56,324,607.00 56,324,607.00 56,324,607.00 56,324,607.00 56,324,607.00
DEI Adjusted Shares Outstanding		 56,182,522.00 56,185,420.00 56,262,944.00 56,268,317.00 56,268,317.00 - 56,324,607.00 56,324,607.00 56,324,607.00 56,324,607.00 56,324,607.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.04 0.04 -0.36 -1.82 -0.41 - -0.42 -0.53 -0.24 -0.11 -0.56
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -78.52% -60.05% 748.97% -28.35% -35.60% -52.20% -20.34% 10.37% 47.19% -4.91% -58.49%
EBITDA Growth		 -67.48% -76.21% 25.12% -12.09% -208.12% -117.33% 5.68% 76.79% 57.96% 295.85% -142.41%
EBIT Growth		 -67.28% -77.00% 14.02% -7.97% -320.39% -132.93% 26.67% 74.88% 54.47% 194.00% -105.67%
NOPAT Growth		 50.31% 38.09% 47.52% 20.42% -65.18% 53.39% -14.26% 73.35% 64.36% 36.31% -21.90%
Net Income Growth		 74.09% -96.02% 69.37% -5.77% -2,336.03% -408.12% -16.95% 71.84% 43.47% 55.20% -36.56%
EPS Growth		 50.00% -97.80% 68.14% -5.20% -925.00% -560.00% -16.67% 70.88% 41.46% 52.17% -33.33%
Operating Cash Flow Growth		 44.90% 75.12% 24.27% 21.38% -47.41% -26.15% 44.70% -59.95% 19.14% 91.66% 37.77%
Free Cash Flow Firm Growth		 -19.34% 49.30% -39.59% -55.66% -130.31% -66.53% -54.13% -63.16% 120.50% -9.35% -7.44%
Invested Capital Growth		 0.00% -52.89% -44.12% -44.54% 0.00% -37.89% -37.53% -27.98% -22.39% -54.81% -56.65%
Revenue Q/Q Growth		 -14.21% 81.60% -37.02% -26.97% -22.89% 34.79% 4.95% 1.17% 2.84% -12.92% -54.19%
EBITDA Q/Q Growth		 111.94% 111.87% -140.58% -992.38% 88.49% 66.05% -120.88% -168.77% 79.14% 258.17% -373.40%
EBIT Q/Q Growth		 107.89% 162.44% -176.65% -580.15% 83.89% 60.79% -70.71% -133.02% 70.80% 180.94% -473.52%
NOPAT Q/Q Growth		 90.30% -69.88% 24.78% -541.81% 79.86% 52.07% -84.43% -49.67% 73.06% 14.36% -253.00%
Net Income Q/Q Growth		 99.06% 508.43% -615.34% -433.19% 78.29% 48.34% -95.60% -28.39% 56.42% 59.06% -496.22%
EPS Q/Q Growth		 97.69% 225.00% -820.00% -405.56% 77.47% 43.90% -82.61% -26.19% 54.72% 54.17% -409.09%
Operating Cash Flow Q/Q Growth		 -9.60% -5.20% -50.58% 54.72% -105.49% 9.97% 33.99% -30.98% -3.88% 90.72% -392.76%
Free Cash Flow Firm Q/Q Growth		 120.65% -53.68% -34.00% -34.27% -250.83% 151.15% -9.56% -47.21% -16.05% 126.15% -7.65%
Invested Capital Q/Q Growth		 -100.00% 0.00% -5.89% -21.59% -5.76% -10.69% -5.35% -9.59% 1.55% -48.00% -9.20%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 9.59% 63.60% 36.38% 1.33% -30.98% 3.06% 36.77% 30.43% 24.24% -1.13% 23.47%
EBITDA Margin		 194.85% 227.34% -146.48% -2,190.99% -327.13% -82.41% -173.43% -460.71% -93.44% 169.71% -1,012.83%
Operating Margin		 -231.04% -151.29% -258.17% -2,268.88% -592.59% -210.73% -370.30% -547.78% -143.51% -141.13% -1,087.48%
EBIT Margin		 135.56% 195.91% -238.44% -2,220.64% -463.89% -134.94% -219.48% -505.50% -143.51% 133.38% -1,087.48%
Profit (Net Income) Margin		 -17.87% 40.19% -328.86% -2,401.02% -675.88% -259.04% -482.76% -612.64% -259.60% -122.03% -1,588.16%
Tax Burden Percent		 110.95% 100.00% 100.06% 101.48% 100.40% 100.11% 99.15% 100.41% 100.61% 100.00% 100.00%
Interest Burden Percent		 -11.88% 20.51% 137.84% 106.55% 145.12% 191.76% 221.83% 120.70% 179.80% -91.49% 146.04%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% -3.49% -6.17% -64.41% -46.33% -5.56% -9.67% -17.68% -5.19% -6.91% -48.57%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 3.31% -11.63% -100.18% 50.57% 23.58% 37.28% 16.76% 28.51% -6.03% -32.59%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 1.33% -3.03% -19.16% -2.12% -0.82% -1.76% -1.31% -1.70% 1.78% 9.41%
Return on Equity (ROE)		 0.00% -2.16% -9.21% -83.57% -48.44% -6.37% -11.43% -18.98% -6.89% -5.13% -39.16%
Cash Return on Invested Capital (CROIC)		 0.00% 58.37% 41.77% 41.34% -250.13% 25.93% 23.80% 18.96% 13.70% 60.64% 62.05%
Operating Return on Assets (OROA)		 0.00% 2.89% -5.08% -60.57% -14.14% -2.88% -4.62% -12.80% -4.09% 4.53% -33.38%
Return on Assets (ROA)		 0.00% 0.59% -7.00% -65.50% -20.60% -5.53% -10.15% -15.51% -7.39% -4.15% -48.75%
Return on Common Equity (ROCE)		 0.00% -2.15% -9.19% -83.38% -48.29% -6.36% -11.40% -18.92% -6.87% -5.11% -39.00%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% -20.63% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -8.16 -14 -10 -67 -13 -6.46 -12 -18 -4.81 -4.12 -15
NOPAT Margin		 -161.73% -151.29% -180.72% -1,588.22% -414.81% -147.51% -259.21% -383.44% -100.46% -98.79% -761.24%
Net Nonoperating Expense Percent (NNEP)		 0.00% -6.80% 5.46% 35.77% -96.89% -29.14% -46.94% -34.44% -33.71% -0.89% -15.99%
Return On Investment Capital (ROIC_SIMPLE)		 - -1.50% -1.19% -9.28% -1.93% -1.00% -1.92% -3.23% -0.90% -1.08% -4.15%
Cost of Revenue to Revenue		 90.41% 36.40% 63.62% 98.67% 130.98% 96.94% 63.23% 69.57% 75.76% 101.13% 76.53%
SG&A Expenses to Revenue		 159.07% 170.60% 159.22% 163.05% 220.79% 154.66% 341.23% 132.65% 102.86% 123.88% 277.21%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 240.63% 214.89% 294.54% 2,270.21% 561.61% 213.78% 407.07% 578.21% 167.75% 140.00% 1,110.95%
Earnings before Interest and Taxes (EBIT)		 6.84 18 -14 -94 -15 -5.91 -10 -24 -6.87 5.56 -21
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 9.84 21 -8.46 -92 -11 -3.61 -7.98 -21 -4.47 7.07 -19
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.93 1.00 0.60 0.63 0.57 0.48 0.49 0.71 0.55 0.53
Price to Tangible Book Value (P/TBV)		 0.00 0.94 1.00 0.60 0.63 0.57 0.48 0.50 0.71 0.55 0.53
Price to Revenue (P/Rev)		 12.58 25.28 20.96 10.86 11.68 13.16 11.06 10.27 13.00 10.06 10.20
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.94 1.00 0.58 0.61 0.52 0.41 0.42 0.68 0.08 0.04
Enterprise Value to Revenue (EV/Rev)		 0.00 26.01 20.98 10.25 10.95 10.54 8.52 7.63 11.57 0.75 0.35
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 1.03 1.72 1.01 0.00 1.53 1.33 1.86 4.37 0.09 0.04
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.64 0.61 0.63 0.67 0.59 0.63 0.57 0.58 0.14 0.16
Long-Term Debt to Equity		 0.00 0.64 0.61 0.63 0.67 0.59 0.63 0.57 0.58 0.14 0.16
Financial Leverage		 0.00 0.40 0.26 0.19 -0.04 -0.03 -0.05 -0.08 -0.06 -0.30 -0.29
Leverage Ratio		 0.00 2.19 2.02 1.77 1.76 1.70 1.69 1.68 1.71 1.45 1.48
Compound Leverage Factor		 0.00 0.45 2.79 1.89 2.55 3.27 3.75 2.03 3.07 -1.33 2.16
Debt to Total Capital		 0.00% 39.00% 37.77% 38.80% 40.07% 37.16% 38.56% 36.18% 36.71% 12.53% 13.90%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 39.00% 37.77% 38.80% 40.07% 37.16% 38.56% 36.18% 36.71% 12.53% 13.90%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.01% 0.01% 0.01%
Noncontrolling Interests to Total Capital		 0.00% 0.13% 0.13% 0.17% 0.18% 0.21% 0.22% 0.25% 0.25% 0.36% 0.41%
Common Equity to Total Capital		 0.00% 60.87% 62.09% 61.03% 59.75% 62.62% 61.22% 63.56% 63.03% 87.10% 85.68%
Debt to EBITDA		 0.00 -5.71 -5.48 -3.99 -3.09 -2.09 -2.09 -4.58 -5.25 -1.78 -0.94
Net Debt to EBITDA		 0.00 -0.22 0.01 0.23 0.19 0.41 0.38 1.06 0.74 6.37 2.99
Long-Term Debt to EBITDA		 0.00 -5.71 -5.48 -3.99 -3.09 -2.09 -2.09 -4.58 -5.25 -1.78 -0.94
Debt to NOPAT		 0.00 -2.95 -2.93 -2.94 -2.78 -2.47 -2.43 -4.02 -4.79 -1.23 -1.18
Net Debt to NOPAT		 0.00 -0.11 0.01 0.17 0.17 0.49 0.44 0.93 0.67 4.42 3.74
Long-Term Debt to NOPAT		 0.00 -2.95 -2.93 -2.94 -2.78 -2.47 -2.43 -4.02 -4.79 -1.23 -1.18
Altman Z-Score		 0.00 -0.18 -0.28 -1.48 -1.24 -1.36 -1.59 -1.98 -1.84 -1.63 -2.52
Noncontrolling Interest Sharing Ratio		 0.00% 0.26% 0.19% 0.24% 0.31% 0.27% 0.28% 0.33% 0.35% 0.38% 0.42%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.00 2.95 3.19 2.74 2.71 3.06 3.93 3.49 2.62 4.68 5.26
Quick Ratio		 0.00 2.64 2.80 2.37 2.36 2.67 3.46 3.13 2.26 3.62 3.98
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,368 634 418 275 -415 212 192 101 85 192 178
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 176.97 0.00 74.87 49.41 -59.91 94.59 43.91 24.07 13.89 48.06 70.15
Operating Cash Flow to Interest Expense		 -1.36 0.00 -2.97 -1.35 -2.23 -6.21 -2.10 -2.86 -2.04 -0.29 -2.26
Operating Cash Flow Less CapEx to Interest Expense		 6.27 0.00 4.95 5.61 1.15 15.73 4.48 2.56 -2.04 39.32 -2.26
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.01 0.02 0.03 0.03 0.02 0.02 0.03 0.03 0.03 0.03
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.04 0.06 0.06 0.09 0.05 0.06 0.08 0.09 0.09 0.08
Accounts Payable Turnover		 0.00 0.30 0.34 0.34 0.43 0.40 0.46 0.49 0.47 0.62 0.65
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 1,201.13 1,083.13 1,074.85 857.09 923.40 799.42 742.52 769.16 590.84 559.60
Cash Conversion Cycle (CCC)		 0.00 -1,201.13 -1,083.13 -1,074.85 -857.09 -923.40 -799.42 -742.52 -769.16 -590.84 -559.60
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.00 577 543 426 401 358 339 307 311 162 147
Invested Capital Turnover		 0.00 0.02 0.03 0.04 0.11 0.04 0.04 0.05 0.05 0.07 0.06
Increase / (Decrease) in Invested Capital		 -1,377 -648 -429 -342 401 -219 -204 -119 -90 -196 -192
Enterprise Value (EV)		 0.00 540 543 248 245 186 140 129 213 14 5.49
Market Capitalization		 435 525 542 263 262 232 182 173 239 183 158
Book Value per Share		 $0.00 $10.00 $9.65 $7.83 $7.42 $7.19 $6.77 $6.24 $6.00 $5.88 $5.32
Tangible Book Value per Share		 $0.00 $9.99 $9.65 $7.82 $7.40 $7.17 $6.76 $6.22 $5.98 $5.88 $5.32
Total Capital		 0.00 923 874 722 699 646 622 553 536 380 350
Total Debt		 0.00 360 330 280 280 240 240 200 197 48 49
Total Long-Term Debt		 0.00 360 330 280 280 240 240 200 197 48 49
Net Debt		 0.00 14 -0.57 -16 -18 -47 -43 -46 -28 -171 -154
Capital Expenditures (CapEx)		 -59 -96 -44 -39 -23 -49 -29 -23 0.00 -159 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -51 -41 -37 -36 -32 -27 -23 -23 -13 -11
Debt-free Net Working Capital (DFNWC)		 0.00 99 90 64 62 66 80 57 37 49 48
Net Working Capital (NWC)		 0.00 99 90 64 62 66 80 57 37 49 48
Net Nonoperating Expense (NNE)		 -7.26 -18 8.55 34 8.49 4.89 10 11 7.62 0.97 16
Net Nonoperating Obligations (NNO)		 0.00 14 -0.57 -16 -18 -47 -43 -46 -28 -171 -154
Total Depreciation and Amortization (D&A)		 2.99 2.88 5.31 1.25 4.45 2.30 2.12 2.08 2.40 1.51 1.43
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -244.00% -158.36% -151.38% -161.68% -181.43% -165.67% -136.04% -124.07% -73.07% -72.14%
Debt-free Net Working Capital to Revenue		 0.00% 476.44% 347.05% 263.91% 276.63% 373.05% 485.66% 338.53% 200.99% 269.08% 306.96%
Net Working Capital to Revenue		 0.00% 476.44% 347.05% 263.91% 276.63% 373.05% 485.66% 338.53% 200.99% 269.08% 306.96%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.05 ($0.36) ($1.82) ($0.41) ($0.23) ($0.42) ($0.53) ($0.24) ($0.11) ($0.56)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 56.15M 56.22M 56.27M 56.27M 56.26M 56.28M 56.32M 56.32M 56.31M 56.32M
Adjusted Diluted Earnings per Share		 $0.00 $0.05 ($0.36) ($1.82) ($0.41) ($0.23) ($0.42) ($0.53) ($0.24) ($0.11) ($0.56)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 56.15M 56.22M 56.27M 56.27M 56.26M 56.28M 56.32M 56.32M 56.31M 56.32M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 56.26M 56.27M 56.27M 56.27M 56.32M 56.32M 56.32M 56.32M 56.32M 56.32M
Normalized Net Operating Profit after Tax (NOPAT)		 -8.16 -9.71 -9.63 -6.49 -13 -6.46 -12 -5.24 -4.25 -4.12 -3.90
Normalized NOPAT Margin		 -161.73% -105.90% -166.80% -153.88% -414.81% -147.51% -259.21% -112.65% -88.75% -98.79% -204.50%
Pre Tax Income Margin		 -16.11% 40.19% -328.67% -2,366.06% -673.21% -258.76% -486.89% -610.17% -258.04% -122.03% -1,588.16%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.88 0.00 -2.46 -16.82 -2.18 -2.64 -2.31 -5.59 -1.12 1.39 -8.20
NOPAT to Interest Expense		 -1.06 0.00 -1.87 -12.03 -1.95 -2.88 -2.73 -4.24 -0.78 -1.03 -5.74
EBIT Less CapEx to Interest Expense		 8.52 0.00 5.47 -9.86 1.21 19.31 4.27 -0.17 -1.12 41.00 -8.20
NOPAT Less CapEx to Interest Expense		 6.57 0.00 6.06 -5.07 1.44 19.06 3.85 1.18 -0.78 38.58 -5.74
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -7.41% -3.16% -4.38% -4.17% -3.54% -3.19% -3.13% -5.83% -6.58% -7.18% -6.42%
Augmented Payout Ratio		 -7.41% -3.16% -4.38% -4.17% -3.54% -3.19% -3.13% -5.83% -6.58% -7.18% -6.42%

Financials Breakdown Chart

Key Financial Trends

Seritage Growth Properties (NYSE: SRG) continues to operate in a highly challenged financial position. The latest quarter shows another sizable net loss, negative operating cash flow, and heavy dependence on property sales and other non-operating sources to support liquidity. At the same time, the balance sheet has improved versus a year ago because debt and asset levels are much lower, which suggests the company has been shrinking and monetizing assets to stay afloat.

  • Cash balance remains healthy in the near term. SRG reported $44.5 million of cash and equivalents plus $14.3 million of restricted cash at the end of Q1 2026.
  • Debt was reduced materially versus last year. Long-term debt fell to $48.7 million in Q1 2026 from $240.0 million in Q1 2025 and $330.0 million in Q1 2024.
  • Asset sales generated meaningful liquidity. In Q4 2025, proceeds from sale of property, plant and equipment were $158.5 million, and SRG also generated strong sale proceeds in several prior periods.
  • Equity book value improved over the past year. Total shareholders’ equity rose to $301.3 million in Q1 2026 from $382.5 million in Q1 2025, and the company is far less leveraged than it was in 2024.
  • Quarterly revenue remains relatively stable but small. Q1 2026 revenue was $1.9 million, compared with $4.2 million in Q4 2025 and $4.8 million in Q3 2025.
  • Share count has been roughly flat. Weighted average diluted shares were 56.3 million in recent quarters, indicating little dilution in the reported period.
  • SRG is still losing money. Q1 2026 net loss was $30.3 million, and common shareholders lost $31.5 million after preferred dividends.
  • Operating cash flow remains negative. The company used $5.7 million of cash from operations in Q1 2026 after using $1.2 million in Q4 2025 and $12.5 million in Q3 2025.
  • Core profitability is weak. In Q1 2026, gross profit was only $448,000 on $1.9 million of revenue, while SG&A alone was $5.3 million.
  • Impairment and restructuring-related charges remain a recurring issue. Q1 2026 included a $15.2 million impairment charge, and prior quarters also showed substantial impairment expense.

Trend summary: Over the last four years, SRG has moved from a much larger, heavily levered balance sheet to a smaller one with less debt and more liquidity from asset sales. That has helped the company survive, but it has not solved the underlying business problem: recurring losses, weak operating cash flow, and inconsistent earnings that are still heavily influenced by asset dispositions, impairments, and financing actions.

What investors should watch next: whether management can stabilize rental revenue, reduce SG&A further, and continue generating enough proceeds from remaining assets without eroding balance sheet flexibility. For now, the story is more about balance-sheet survival and asset monetization than sustainable operating growth.

07/19/26 12:06 AM ETAI Generated. May Contain Errors.

Seritage Growth Properties Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Seritage Growth Properties' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

In the past 9 years, Seritage Growth Properties' net income has ranged from -$154.91 million in 2023 to -$38.99 million in 2021, and is currently -$68.22 million as of their latest financial filing in 2025. See where experts think Seritage Growth Properties is headed by visiting Seritage Growth Properties' forecast page.

Seritage Growth Properties' total operating income in 2025 was -$55.27 million, based on the following breakdown:
  • Total Gross Profit: $4.22 million
  • Total Operating Expenses: $59.49 million

Over the last 9 years, Seritage Growth Properties' total revenue changed from $248.67 million in 2016 to $18.20 million in 2025, a change of -92.7%.

Seritage Growth Properties' total liabilities were at $60.98 million at the end of 2025, a 77.6% decrease from 2024, and a 95.2% decrease since 2015.

In the past 10 years, Seritage Growth Properties' cash and equivalents has ranged from $48.09 million in 2025 to $532.86 million in 2018, and is currently $48.09 million as of their latest financial filing in 2025.

Over the last 9 years, Seritage Growth Properties' book value per share changed from 24.23 in 2016 to 5.88 in 2025, a change of -75.7%.


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Financial statements for NYSE:SRG last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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