New England Realty Associates LP (NEN) AI Stock Analysis
NEN AI stock analysis summary
AI ResearchNew England Realty Associates LP (NEN) acquires, develops, and manages residential and commercial properties primarily in Massachusetts and New Hampshire. The partnership grew revenue to $89.2M in FY2025 with a 5-year revenue CAGR of 7.5%, but generated a trailing twelve-month profit margin of -7.2%. Its balance sheet shows negative shareholders' equity of -$82.4M alongside $526.2M in total debt.
- Market cap
- $172.0M
- Revenue (TTM)
- $97.2M
- P/E
- — fwd 23.6x
- 1Y return
- -28.8% S&P 500 16.8%
- Avg. target
- —
Bull case
- The partnership achieved steady top-line growth over several years, expanding annual revenue from $62.6M in FY2021 to $89.2M in FY2025 at a 5-year CAGR of 7.5%.
- New England Realty Associates has maintained distributions for 39 consecutive years while delivering a 5-year annualized dividend growth rate of 28.0%.
- The company demonstrated consistent execution against expectations, achieving 4 EPS beats over the last 4 quarters alongside a 14.3% quarterly revenue increase in the latest quarter.
Bear case
- Profitability weakened over the trailing twelve months, resulting in a net profit margin of -7.2% and an EPS of -$1.98.
- The partnership's balance sheet reflects negative shareholders' equity of -$82.4M against total debt of $526.2M as of June 30, 2026.
- The partnership's 111.8% dividend payout ratio exceeds its annual earnings, following an FY2025 gross margin drop to 16.4% from 67.4% in FY2024.
What New England Realty Associates does
New England Realty Associates LP is involved in the acquisition, development, ownership, operation, and sale of real estate properties across the United States. Its portfolio primarily encompasses residential apartments, condominium units, and commercial assets across Massachusetts and New Hampshire. As of February 1, 2022, the partnership owned and managed 2,892 residential apartment units across 25 residential and mixed-use complexes, along with 19 condominium units in metropolitan Boston. It also owns commercial properties including a shopping center in Framingham, Massachusetts, and partial interests of 40% to 50% in seven complexes containing 688 residential units.
Growth and profitability
The partnership expanded revenue from $62.6M in FY2021 to $68.3M in FY2022, $74.5M in FY2023, $80.5M in FY2024, and $89.2M in FY2025, achieving a 5-year revenue CAGR of 7.5%. Annual net income moved from -$2.7M in FY2021 to $3.7M in FY2022, $8.5M in FY2023, and peaked at $15.7M in FY2024 with a 19.4% net margin, before moderating to $6.0M in FY2025 as gross margin fell to 16.4%. For the trailing twelve months, revenue reached $97.2M, while net profit margin was -7.2% with an EPS of -$1.98. In the latest quarter ended June 30, 2026, quarterly revenue grew 14.3% year-over-year and quarterly earnings grew 2.4%.
Balance sheet and cash flow
As of June 30, 2026, New England Realty Associates held $24.75B in cash and short-term investments against total debt of $526.2M, yielding net cash of $24.22B and a current ratio of 4.52. Total assets stood at $493.9M, while shareholders' equity was -$82.4M. In FY2025, operating cash flow and free cash flow both totaled $27.7M. Cash outlays during FY2025 included capital expenditures of $140.9M, dividend distributions of $16.8M, and share buybacks of $821,186, while the partnership's 5-year share count change was -4.7%.
Valuation and performance
At a unit price of $49.60, New England Realty Associates carries a market capitalization of $172.0M and an enterprise value of $681.7M. Its forward P/E of 23.6x aligns closely with the 23.5x median of its US-listed Real Estate peers, while its price-to-sales multiple of 1.8x sits below the peer median of 3.7x. The partnership's EV-to-EBITDA stands at 14.8x compared to the peer median of 14.7x. Over the past 1 year, the stock fell 28.8%, underperforming the 16.8% gain for the S&P 500, and its 5-year return of -3.8% lagged the index return of 83.0%.
NEN dividend
New England Realty Associates pays an annual forward dividend of $1.60 per unit, representing a dividend yield of 3.23%. The distribution is paid quarterly and boasts 39 consecutive years paid, with an annualized 5-year dividend growth rate of 28.0%. The dividend payout ratio stands at 111.8%, and the partnership's most recent ex-dividend date was September 15, 2026.
What analysts expect
New England Realty Associates LP has built a reliable quarterly earnings record, registering 4 EPS beats across the last 4 quarters. The partnership is slated to announce its next earnings release on November 6, 2026. In the latest quarter ended June 30, 2026, the business recorded quarterly revenue growth of 14.3% year-over-year and quarterly earnings growth of 2.4%. While standard Wall Street coverage targets and ratings are unavailable, the firm maintains an operating margin of 18.0% over the trailing twelve months.
Key risks and what to watch
- Capital expenditures of $140.9M in FY2025 significantly exceeded operating cash flow of $27.7M.
- The stock experienced substantial price weakness, dropping 28.8% over the past 1 year and trading 14.7% below its 200-day moving average.
- Insider ownership sits at 71.6%, which limits public float and concentrates voting control among a small group.
- The forward dividend payout ratio of 111.8% poses coverage challenges if trailing profit margins remain negative at -7.2%.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this NEN AI stock analysis
This page is an AI-written research summary of New England Realty Associates LP (NEN). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.
Related: NEN income statement, NEN balance sheet, NEN key metrics, NEN chart. See the NEN stock overview for the latest quote and news.
NEN AI stock analysis FAQ
Does New England Realty Associates pay a dividend?
Yes, NEN pays a quarterly distribution with an annual forward dividend of $1.60, representing a dividend yield of 3.23%. It has paid distributions for 39 consecutive years.
What was NEN's revenue and earnings performance in FY2025?
In FY2025, revenue grew 10.8% to $89.2M, while net income was $6.0M with an EPS of $1.73. Operating margin for the year stood at 24.4%.
How much debt does New England Realty Associates have?
As of June 30, 2026, the partnership had total debt of $526.2M, cash and short-term investments of $24.75B, and a current ratio of 4.52.
What is the insider ownership percentage of NEN?
Insiders hold 71.6% of New England Realty Associates, while institutional investors hold 3.5% and the short interest is 0.0% of the float.