NXRT · Real estate(real estate investment trusts) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
Signed in, this page also says what this company is inside your own portfolio: its weight, its share of your risk, and what buying or selling some of it would change. Sign in ›
NexPoint Residential Trust, Inc. reported revenue of $251.3 million in fiscal 2025, after growing 7.3% a year over the previous 9 years. Its operating margin narrowed from 16.4% in 2016 to 11.1%. Of the $627.7 million its operations generated over 10 years, 54.8% went to dividends and 15.1% to buybacks; the share count rose 19.1%. On the accounting screens, it passes 3 of 6 Piotroski tests; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 2025251.3M+7.3% a year over 9 years
Operating margin11.1%gross margin —
Return on invested capital—
Free cash flow—
Net debt ÷ EBITDA12.8×net debt 1.6B
Piotroski F-score3/6tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
0100M200M300M
2016Revenue 132.8MOperating income 21.8M
2017Revenue 144.2MOperating income 91.7M
2018Revenue 146.6MOperating income 30.5M
2019Revenue 181.1MOperating income 142.6M
2020Revenue 204.8MOperating income 82.7M
2021Revenue 219.2MOperating income 64.4M
2022Revenue 264.0MOperating income 46.3M
2023Revenue 277.5MOperating income 113.2M
2024Revenue 259.7MOperating income 83.6M
2025Revenue 251.3MOperating income 27.9M
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
-1.6%
+4.2%
+7.3%
Operating income
-15.5%
-19.5%
+2.8%
Dividend per share
+9.9%
+10.5%
+10.8%
Shares
-0.3%
+0.1%
+2.0%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
GrossOperatingNetFree cash flow
-25%0%25%50%75%100%
2016Operating 16.4%Net 16.5%
2017Operating 63.5%Net 37.0%
2018Operating 20.8%Net -1.1%
2019Operating 78.8%Net 54.8%
2020Operating 40.4%Net 21.5%
2021Operating 29.4%Net 10.5%
2022Operating 17.5%Net -3.5%
2023Operating 40.8%Net 15.9%
2024Operating 32.2%Net 0.4%
2025Operating 11.1%Net -12.7%
2016201720182019202020212022202320242025
Return on invested capital
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
-10.8%
Return on assets
-1.7%
Asset turnover
0.13×
Overheads (SG&A)
3.7% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-50M050M100M
2016Net income 21.9M
2017Net income 53.4M
2018Net income -1.6M
2019Net income 99.1M
2020Net income 44.0M
2021Net income 23.0M
2022Net income -9.3M
2023Net income 44.3M
2024Net income 1.1M
2025Net income -32.0M
2016201720182019202020212022202320242025
Where 10 years of operating cash went, 2016–2025
627.7M generated by the business. Each band is its share of that total.
Reinvested in the business 0%0
Acquisitions 0%0
Dividends 55%343.7M
Share buybacks 15%94.6M
Kept, or used to pay down debt 30%189.4M
Over the same years it paid 63.4M in stock. The share count rose 19.1%. 31.2M of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
-$2$0$2$4$6
2016Earnings per share $1.03Dividend per share $0.83
2017Earnings per share $2.49Dividend per share $0.90
2018Earnings per share $-0.07Dividend per share $1.03
2019Earnings per share $4.03Dividend per share $1.14
2020Earnings per share $1.74Dividend per share $1.28
2021Earnings per share $0.89Dividend per share $1.39
2022Earnings per share $-0.36Dividend per share $1.59
2023Earnings per share $1.69Dividend per share $1.71
2024Earnings per share $0.04Dividend per share $1.88
2025Earnings per share $-1.26Dividend per share $2.11
2016201720182019202020212022202320242025
Shares outstanding
Diluted shares
20M22M24M26M28M
2016Diluted shares 21.3M
2017Diluted shares 21.4M
2018Diluted shares 21.7M
2019Diluted shares 24.6M
2020Diluted shares 25.2M
2021Diluted shares 25.8M
2022Diluted shares 25.6M
2023Diluted shares 26.2M
2024Diluted shares 26.2M
2025Diluted shares 25.4M
2016201720182019202020212022202320242025
Debt and liquidity
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
00.5B1.0B1.5B2.0B
2016
2017
2018Net debt 825.8M
2019Net debt 1.4B
2020Net debt 1.3B
2021Net debt 1.5B
2022Net debt 1.7B
2023Net debt 1.6B
2024
2025Net debt 1.6B
2016201720182019202020212022202320242025
Net debt ÷ EBITDA
12.8×
Interest coverage
0× operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
3of 6 tests passed
✕ProfitableReturn on assets above zerofailed
✓Cash from operationsOperating cash flow above zeropassed
✕Profitability improvedReturn on assets higher than a year beforefailed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
–More liquidCurrent ratio higher than a year before — not reportedno data
✓No new sharesShare count did not growpassed
–Better gross marginGross margin higher than a year before — not reportedno data
✕Sells more per assetAsset turnover higher than a year beforefailed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Net debt is 12.8 times EBITDA.
Benign
A stable sector with predictable cash flows and comfortable maturities.
Worrying
Little room if earnings fall; the maturity schedule is what to check.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 6 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market—none in the period
Under pre-arranged plans—of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
