AMEX · NEN

New England Realty Associates Limited Partnership

Real Estate · Real Estate - Development

$53.50▼ 0.21% ($0.11)at close

As of 11:30 AM ET

52-week

$52.08$73.50

Market cap

$186.91M

No multiple

What the market price implies · Reverse DCF

Historical FCFF grew by 18.45%/yr over the past 10 years.

Selected forecast · Base scenario

18.45%/yr · Stage 1 default · years 1–5

Annual overrides take precedence over the Stage 1 default.

Market-implied · Other assumptions held fixed

Unavailable · Stage 1 · years 1–5

Stage 1 growth is solved while Stage 2 growth, terminal growth, discount inputs, and annual overrides remain fixed. This is a model-implied requirement, not an analyst forecast.

No supported Stage 1 FCFF growth rate matches this price with these operating assumptions.

Valuation

Recommended · Cash-flow DCF

Price used

$53.50

Estimated value / share

$119,186.73

Base scenario

This estimate is 222,678.94% above the price used.

USD · TTM ending 2026-06-30

Effective tax rate could not be derived — using 21% US default.

Market beta (0.16) is below the minimum default of 0.5 — short lookback windows can understate systematic risk. Beta floored at 0.5 for default assumptions; adjust manually if needed.

This estimate is at least 3× the price used. Review the assumptions behind the gap.

Stage 1 18.45% · Stage 2 10.15% · Discount rate 12.5%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future free cash flow, discounted to its value today.

Price timestamp: Sep 17, 2026, 3:30 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 18, 2026, 11:35 AM UTC · provider

Why this method?

FCFF is positive, stable, long-lived, and the business looks mature enough that a direct FCFF DCF can use historical cash flow as the anchor.

Is FCFF positive and has it been for 3+ consecutive years? 8 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 21.1%.

Do you have 5+ years of positive FCFF history? 8 consecutive positive FCFF years are available.

Is the business model structurally similar to what it should be in 10 years? Revenue growth and margin behavior look mature enough for direct FCFF compounding.

Price vs Fundamentals

Why The Stock Is Moving

Likely multiple compressionModerate confidence

1Y Price: -26.21%Revenue (TTM): 16.14%FCF (TTM): 19,607.54%P/E: 32nd pct

What changed

The stock fell 26.21% over the last year. Revenue grew 16.14% over the trailing twelve months. Operating margin moved from 31.97% to 14.6%. Free cash flow grew 19,607.54% over the trailing twelve months.

What the market seems to be pricing

Visible fundamentals weakened far less than the stock price, and the shares now sit around the 32nd percentile of their historical P/E range. That looks more like a rerating of the multiple than a collapse in the business.

What would invalidate this read

This read changes if operating margin (currently 14.6%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.

Performance

Return analysis

Company profile

New England Realty Associates Limited Partnership operates as a real estate enterprise focused on the acquisition, construction, long-term investment, management, and sale of properties throughout the United States, primarily concentrated in Massachusetts and New Hampshire.

CEORonald Brown

SectorReal Estate

IndustryReal Estate - Development

Employees—

IPO dateNov 19, 1987

https://www.thehamiltoncompany.com

Market multiples

Forward P/E—

EV/EBITDA-1.11

Enterprise value-$25.92B

Stock splits

Jan 4, 2012↑ Forward

Every 1 shares became 3

+200%

Profitability & growth

Revenue growth14.89%

Gross margin (FY2025)16.37%▼51.0ppvs FY2024

Operating margin (FY2025)24.38%▼7.1ppvs FY2024

ROEN/A

Analyst consensus

Rating—

Target price—

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Aug 7, 2026

Q4 FY26 · EPS est — · Revenue est —

View

Dividends

$1.60/shareQuarterlySafe

NEN pays a dividend with a 2.99% dividend yield, growing at 4.56% annually, covered 1.6× by free cash flow.

Dividend Yield

2.99%

Annual Div / Share

$1.60

5yr CAGR

+4.56%

Doubles every ~15.5yr

FCF Coverage

1.6×

Safe

Dividend Growth Rate

3yr CAGR

-16.21%

5yr CAGR

+4.56%

10yr CAGR

-1.17%

Dividend Safety

8/10Safe

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$1.60-66.7%

2025$4.80+50.0%

2024$3.20+17.6%

2023$2.72+6.3%

2022$2.56+100.0%

2021$1.28+0.0%

2020$1.28+0.0%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$30/yr

$2/mo

In 5 yrs

$37/yr+25%

$3/mo

In 10 yrs

$47/yr+56%

$4/mo

Today	In 5 yrs	In 10 yrs
$30/yr $2/mo	$37/yr+25% $3/mo	$47/yr+56% $4/mo

Yield-on-cost grows from 2.99% → 4.67% over 10yr

Analysis

Dividend Strengths

Well-covered by free cash flow

The dividend is covered 1.6× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.

Risks to Watch

No strong risk signal stands out from the latest period pair.

AMEX · NEN

New England Realty Associates Limited Partnership

Real Estate · Real Estate - Development

$53.50▼ 0.21% ($0.11)at close

As of 11:30 AM ET

52-week

$52.08$73.50

Market cap

$186.91M

No multiple

What the market price implies · Reverse DCF

Historical FCFF grew by 18.45%/yr over the past 10 years.

Selected forecast · Base scenario

18.45%/yr · Stage 1 default · years 1–5

Annual overrides take precedence over the Stage 1 default.

Market-implied · Other assumptions held fixed

Unavailable · Stage 1 · years 1–5

Stage 1 growth is solved while Stage 2 growth, terminal growth, discount inputs, and annual overrides remain fixed. This is a model-implied requirement, not an analyst forecast.

No supported Stage 1 FCFF growth rate matches this price with these operating assumptions.

Valuation

Recommended · Cash-flow DCF

Price used

$53.50

Estimated value / share

$119,186.73

Base scenario

This estimate is 222,678.94% above the price used.

USD · TTM ending 2026-06-30

Effective tax rate could not be derived — using 21% US default.

Market beta (0.16) is below the minimum default of 0.5 — short lookback windows can understate systematic risk. Beta floored at 0.5 for default assumptions; adjust manually if needed.

This estimate is at least 3× the price used. Review the assumptions behind the gap.

Stage 1 18.45% · Stage 2 10.15% · Discount rate 12.5%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future free cash flow, discounted to its value today.

Price timestamp: Sep 17, 2026, 3:30 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 18, 2026, 11:35 AM UTC · provider

Why this method?

FCFF is positive, stable, long-lived, and the business looks mature enough that a direct FCFF DCF can use historical cash flow as the anchor.

Is FCFF positive and has it been for 3+ consecutive years? 8 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 21.1%.

Do you have 5+ years of positive FCFF history? 8 consecutive positive FCFF years are available.

Is the business model structurally similar to what it should be in 10 years? Revenue growth and margin behavior look mature enough for direct FCFF compounding.

Price vs Fundamentals

Why The Stock Is Moving

Likely multiple compressionModerate confidence

1Y Price: -26.21%Revenue (TTM): 16.14%FCF (TTM): 19,607.54%P/E: 32nd pct

What changed

What the market seems to be pricing

What would invalidate this read

This read changes if operating margin (currently 14.6%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.

Performance

Return analysis

Company profile

CEORonald Brown

SectorReal Estate

IndustryReal Estate - Development

Employees—

IPO dateNov 19, 1987

https://www.thehamiltoncompany.com

Market multiples

Forward P/E—

EV/EBITDA-1.11

Enterprise value-$25.92B

Stock splits

Jan 4, 2012↑ Forward

Every 1 shares became 3

+200%

Profitability & growth

Revenue growth14.89%

Gross margin (FY2025)16.37%▼51.0ppvs FY2024

Operating margin (FY2025)24.38%▼7.1ppvs FY2024

ROEN/A

Analyst consensus

Rating—

Target price—

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Aug 7, 2026

Q4 FY26 · EPS est — · Revenue est —

View

Dividends

$1.60/shareQuarterlySafe

NEN pays a dividend with a 2.99% dividend yield, growing at 4.56% annually, covered 1.6× by free cash flow.

Dividend Yield

2.99%

Annual Div / Share

$1.60

5yr CAGR

+4.56%

Doubles every ~15.5yr

FCF Coverage

1.6×

Safe

Dividend Growth Rate

3yr CAGR

-16.21%

5yr CAGR

+4.56%

10yr CAGR

-1.17%

Dividend Safety

8/10Safe

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$1.60-66.7%

2025$4.80+50.0%

2024$3.20+17.6%

2023$2.72+6.3%

2022$2.56+100.0%

2021$1.28+0.0%

2020$1.28+0.0%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$30/yr

$2/mo

In 5 yrs

$37/yr+25%

$3/mo

In 10 yrs

$47/yr+56%

$4/mo

Today	In 5 yrs	In 10 yrs
$30/yr $2/mo	$37/yr+25% $3/mo	$47/yr+56% $4/mo

Yield-on-cost grows from 2.99% → 4.67% over 10yr

Analysis

Dividend Strengths

Well-covered by free cash flow

The dividend is covered 1.6× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.

Risks to Watch

No strong risk signal stands out from the latest period pair.