Comstock Holding Companies, Inc. CHCI
Comstock is a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region. We have become one of the area's premier real estate services companies by creating extraordinary places, delivering exceptional experiences, and generating excellent results for all stakeholders.
Since 1985, we have acquired, developed, operated, and sold millions of square feet of residential, commercial, and mixed-use properties. Our industry expertise and commitment to excellence enable us to consistently deliver best-in-class services across the diverse assets in our managed portfolio. We specialize in supporting the seamless integration of residential, commercial, and retail offerings into vibrant mixed-use communities, exemplified by Reston Station and Loudoun Station, the two flagship developments that make up our Anchor Portfolio and are among the region's largest and most prominent mixed-use, transit-oriented neighborhoods (see "Our Portfolio" for additional information). We maintain a market-leading position in Northern Virginia's Dulles Corridor, an area that is undergoing an urban transformation driven by the creation of Metro's Silver Line, which connects Loudoun County and Dulles International Airport to Reston, Tysons, Washington, D.C., and suburban Maryland.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $62.9M | $51.3M | $44.7M | $39.3M | $31.1M | $22.5M | $25.3M | $16.4M | $45.4M | — |
| Cost of revenue | $48.1M | $38.6M | $33.0M | $29.4M | $24.6M | $18.4M | — | — | — | — |
| Gross profit | $14.8M | $12.7M | $11.7M | $9.9M | $6.4M | $4.0M | — | -$431.0K | $2.5M | $2.9M |
| SG&A | $2.5M | $2.1M | $2.3M | $1.8M | $1.3M | $1.3M | $1.5M | $830.0K | $5.3M | $5.6M |
| Total operating expenses | $50.9M | $41.0M | $35.6M | $31.4M | $26.0M | $19.8M | — | — | — | — |
| Operating income | $11.9M | $10.3M | $9.2M | $8.0M | $5.1M | $2.7M | $2.3M | $293.0K | -$4.8M | -$6.9M |
| Interest expense | $807.0K | $672.0K | $96.0K | $222.0K | $235.0K | $344.0K | $474.0K | $90.0K | $41.0K | $881.0K |
| Pre-tax income | $12.9M | $10.7M | $8.2M | $7.9M | $4.8M | $2.2M | $2.0M | $345.0K | -$4.7M | -$6.7M |
| Income tax | $4.2M | $3.8M | $368.0K | $125.0K | $11.2M | $25.0K | $2.0K | $1.1M | $38.0K | $55.0K |
| Net income | $17.1M | $14.6M | $7.8M | $7.3M | $13.6M | $2.1M | $893.0K | -$4.4M | -$5.0M | -$9.0M |
| EPS, basic | — | — | 0.81 | 1.05 | 1.66 | 0.26 | 0.13 | -1.22 | -1.21 | -2.81 |
| EPS, diluted | — | — | 0.77 | 0.98 | 1.50 | 0.24 | 0.13 | -1.22 | -1.21 | -2.81 |
| Shares, diluted (wtd. avg.) | $10.5M | $10.3M | $10.1M | $9.6M | $9.1M | $8.5M | $6.8M | $3.8M | $3.4M | $3.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $31.3M | $28.8M | $18.8M | $11.7M | $15.8M | $7.0M | $3.5M | $854.0K | $1.8M | $5.8M |
| Receivables | — | — | — | $504.0K | $46.0K | $62.0K | $1.9M | $973.0K | — | — |
| Total current assets | $53.3M | $36.7M | $24.4M | $15.8M | $20.1M | $12.3M | $9.3M | $12.9M | — | — |
| Property, plant and equipment | $674.0K | $574.0K | $478.0K | $421.0K | $264.0K | $170.0K | $278.0K | $221.0K | $309.0K | $255.0K |
| Goodwill | — | — | — | — | — | $1.7M | $1.7M | $1.7M | $1.7M | — |
| Other intangibles | $144.0K | $144.0K | $144.0K | $144.0K | $100.0K | $36.0K | $103.0K | $170.0K | $237.0K | — |
| Total assets | $85.0M | $64.9M | $49.9M | $42.5M | $43.6M | $28.6M | $19.9M | $35.1M | $51.2M | $59.8M |
| Accounts payable | $847.0K | $781.0K | $838.0K | $742.0K | $783.0K | $854.0K | $1.4M | $1.2M | — | — |
| Short-term debt | — | — | — | — | — | $5.0K | $77.0K | $0 | — | — |
| Total current liabilities | $9.7M | $6.7M | $6.4M | $6.5M | $6.1M | $4.5M | $10.3M | $15.3M | — | — |
| Long-term debt | — | — | — | — | $5.5M | $5.5M | $7.0M | $7.2M | $39.4M | $43.7M |
| Total liabilities | $15.0M | $12.5M | $12.7M | $13.6M | $18.3M | $17.4M | $11.6M | $29.3M | $48.5M | $51.4M |
| Retained earnings | -$130.7M | -$147.8M | -$162.3M | -$170.1M | -$179.5M | -$193.1M | -$195.2M | -$193.5M | -$192.4M | -$184.8M |
| Total equity | $70.0M | $52.4M | $37.2M | $28.9M | $25.3M | $11.2M | $8.4M | $5.8M | $707.0K | $8.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.8M | $10.7M | $9.0M | $8.4M | $8.7M | $3.6M | $8.4M | $12.8M | $4.7M | -$11.8M |
| Depreciation and amortisation | $306.0K | $302.0K | $212.0K | $206.0K | $94.0K | $100.0K | $150.0K | $118.0K | $181.0K | $181.0K |
| Stock-based compensation | $1.1M | $945.0K | $968.0K | $834.0K | $633.0K | $701.0K | $479.0K | $261.0K | $346.0K | $69.0K |
| Capital expenditure | — | — | — | — | — | — | — | $80.0K | $54.0K | $42.0K |
| Investing cash flow | -$1.8M | -$350.0K | -$1.5M | -$2.1M | $1.3M | $1.7M | $145.0K | -$41.0K | -$596.0K | $227.0K |
| Financing cash flow | -$514.0K | -$352.0K | -$390.0K | -$10.1M | -$227.0K | -$282.0K | -$5.9M | -$12.1M | -$8.2M | $4.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-029004.
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