10-Q · June 11, 2026
J.W. Mays, Inc. reported a revenue of $5.31M for Q2 2026, down from $5.63M in the prior year, with a negative EPS of $(0.11), a reversal from a positive EPS of $0.04 in Q2 2025. The company continues to face challenges…
Earnings analysis · 10-K
MAYS earnings analysis
Filed October 22, 2026 · Our reading of the company's report
The latest report
The filing describes a concentrated New York-area commercial property portfolio whose strategy relies on long-term leases and tenant retention, with selected leasing successes at Fishkill and Circleville. However, the…
Read full summary
The filing describes a concentrated New York-area commercial property portfolio whose strategy relies on long-term leases and tenant retention, with selected leasing successes at Fishkill and Circleville. However, the supplied quarterly history shows revenue declining from $6 million in 2025Q2-Q4 to $5 million in 2026Q1-Q3, while operating margin remained negative and diluted EPS was negative in each 2026 quarter. Low occupancy, tenant departures, rent concessions, and a new rent-deferral arrangement outweigh the positive leasing activity; the 10-K provides no quantitative forward guidance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Long-Duration, Tenant-Retention Strategy
Management emphasizes retaining tenants through difficult economic conditions rather than describing a market-share objective. The portfolio includes 7 operating property locations, and the longest referenced lease extends to 2073.
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Large Fishkill Leasing Win
Fishkill added approximately 75,500 square feet to an existing tenant effective September 1, 2026, under a 15-year lease with annual rent of $1,423,930. The expansion increased leasing activity despite the property’s July 31, 2026 occupancy of only 25.88%.
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Circleville Fully Occupied
Circleville reached 100.00% occupancy as of July 31, 2026. Its single warehouse tenant occupies 193,350 square feet and pays annual base rent of $877,440 after the 2024 expansion.
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Retained Cash; No Capital Returns
Capital returns remain limited: the Company declared no cash dividends for fiscal 2026 and does not anticipate dividends in the foreseeable future. It also repurchased none of its outstanding equity securities during the year.
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No Reported Control Weaknesses
The Company reports that management concluded disclosure controls and procedures were effective as of July 31, 2026, with no significant deficiencies or material weaknesses and no corrective actions required.
What to watch
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Persistently Low Property Occupancy
Office and retail demand remains a material exposure. July 31, 2026 occupancy was 52.41% at Fulton Street, 76.01% at Elm Place, and 25.88% at Fishkill; Fishkill also had approximately 80,500 square feet available for lease.
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Tenant Losses and Rent Concessions
Recent tenant actions directly reduced or pressured rental income: an Elm Place tenant’s departure was expected to reduce annual rent by approximately $404,447, while a Fulton Street tenant received a $240,000 concession for August 2026 through January 2027 and another termination represented approximately $76,800 of annual lost rent.
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Liquidity and Financing Pressure
Liquidity and financing risk appears more immediate following a September 2026 agreement deferring monthly rents for 30 months, including $34,716 for 504-506 Fulton Street and $5,466 for 508 Fulton Street. The filing also warns that additional financing may not be available on reasonable terms or at all for capital projects.
Management's outlook
The 10-K provides no quantitative revenue or EPS outlook; annual guidance is typically addressed in the earnings press release or call.
Earlier filings 4
10-Q · March 12, 2026
J.W. Mays reported rental revenue of $5,211,482 in Q2 (Jan 31, 2026), down $431,962 (‑7.7%) versus $5,643,444 a year ago, producing an operating loss of $712,400 (‑13.7% operating margin) and a net loss of $508,960, or…
10-Q · December 11, 2025
J.W. Mays reported quarterly rental revenue of $5,251,414, down $287,715 (‑5.2%) from $5,539,129 a year ago, producing an operating loss of $488,179 versus operating income of $52,171 in the prior year quarter. Reported…
10-K · October 23, 2025
J.W. Mays positions itself as a long‑lived owner/operator of neighborhood commercial real estate with multiple long‑term leases and a diversified set of seven property locations. The 2025 10‑K shows meaningful lease…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.