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ZYBERNO

Stock Report

Updated Aug 31, 2026

CLIPPER REALTY INC. (CLPR)

Financial Services • NYSE

$3.33

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

25.0/100

POOR BUSINESS

CLIPPER REALTY INC. (CLPR) scores 25/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full CLPR quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

+40.2%

Market Underestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full CLPR valuation analysis · → View full CLPR Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (0.0%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.00x)

Operating Margin (Operational Efficiency):GOOD (20.3%)

Return on Capital (Capital Efficiency):EXCELLENT (23.7%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

CLIPPER REALTY INC. (CLPR) stock report — Zyberno Score 25/100 (POOR BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, CLIPPER REALTY INC. (CLPR) shows a Brina Gap of +40.2%, which strengthens the case: based on the company's ROIC (23.7%) and reinvestment rate (166.6%), the business can fundamentally grow at 39.5% — but the current enterprise value implies the market expects -0.7%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:3.33

Market Cap:$53.81M

Valuation Multiples (2)

P/S Ratio:0.36x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$256.31M

Ev Ebitda Ratio:4.06x

Price Action & Momentum (3)

12-1 Momentum:

-7.4% (24th pctile)

📈 Click to view full CLPR Momentum analysis →

Momentum Percentile:24 / 100

% of 52-Week High:73.4%

B. Profitability Assessment

Return Metrics (6)

ROA:-2.7%

Roic:

23.7%

📊 Click to view full CLPR ROIC analysis →

Reinvestment Rate:166.6%

Fundamental Growth Rate (g):39.5%

Market-Implied Growth Rate:-0.7%

Brina Gap:

40.2%

☷ Click to view full CLPR Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:20.3%

Net Margin Ttm:-22.0%

Ebitda Margin:41.7%

TTM Performance (3)

Gross Margin Ttm:16.2%

Operating Margin Ttm:20.3%

Net Margin Ttm:-22.0%

Yield Metrics (2)

Earnings Yield:-$28.66

Dividend Yield:35.2%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-0.33

📊 Click to view full CLPR Earnings Surprise analysis →

EPS Surprise vs Expected:-24.3%

Latest Earnings Filed:2022-03-15

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):4.6%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):-6.5%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):1.3%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.03x

Quick Ratio:0.03x

Cash Ratio:0.03x

Leverage Analysis (1)

Debt To Ebitda:3.81x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:-1,288,429,000.00

Cash And Cash Equivalents:37,702,000.00

Long Term Debt:$87.31M

Net Debt:$202.51M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $151.46M

Linear Growth: 4.6%

📊 Click to view full CLPR Revenue analysis & methodology →

Cost Of Revenue Ttm:$126.91M

Profitability Breakdown (2)

Gross profit TTM: $24.55M

Linear Growth: 8.1%

📊 Click to view full CLPR Gross Profit analysis & methodology →

Operating income TTM: $30.74M

Linear Growth: 1.3%

📊 Click to view full CLPR Operating Income analysis & methodology →

Bottom Line Performance (3)

-$33.29M

Income Before Tax:$0.00

Ebitda Ttm:63,119,000.00

Operating Expenses (5)

Operating Expenses:116,909,000.00

R And D Expense:0.00

Sga Expense:16,239,000.00

Income Tax Expense:$0.00

Interest Expense:-84,270,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:42.1%

Ebitda Margin:41.7%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$1.22B

Current Assets:$37.70M

Ppe Net:0.00

Goodwill:0.00

Intangible Assets:$0.00

Liability Structure (4)

Total Liabilities:1,326,131,000.00

Current Liabilities:1,326,131,000.00

Long Term Debt:$87.31M

Short Term Debt:$152.90M

Equity & Capital (3)

Equity:-$105.39M

Retained Earnings:-$131.23M

Common Stock:500,000,000.00

Working Capital Items (3)

Accounts Receivable:0.00

Inventory:0.00

Accounts Payable:25,255,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:1,086,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $19.46M

Linear Growth: -6.5%

-$47.16M

Investment Activities (1)

Investing Cash Flow:-$1.93M

Financing Activities (3)

Financing Cash Flow:-$5.15M

Dividends Paid Ttm:18,629,000.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:32,379,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (2)

EPS (Basic TTM):-0.94

Earnings Per Share Ttm:-$2.06

Revenue & Cash Per Share (2)

Sales Per Share Ttm:9.37

Operating Cash Flow Per Share:$1.40

Book Value & Capital (2)

Book Value Per Share:-$6.52

Cash Per Share:2.33

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.12x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:-999.00x

Days Sales Outstanding Ttm:-999.00

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:72.64

Cash Conversion Cycle:-2,070.64

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:20.00

Quality Score:35.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (4)

Reinvestment Rate:166.6%

Fundamental Growth Rate (g):39.5%

Market-Implied Growth Rate:-0.7%

Brina Gap:

40.2%

☷ Click to view full CLPR Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (2)

Revenue Growth Rate (Linear):4.6%

Operating Income Growth Rate (Linear):1.3%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):-6.5%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):8.1%

Book Value Growth Rate (Linear):-50.0%

C. Company Profile & Context

Corporate Information (6)

Symbol:CLPR

Company Name:CLIPPER REALTY INC.

Sector:Financial Services

Industry:Real Estate

Exchange:NYSE

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:16.16M

Shares Outstanding Basic:16.16M

Shares Outstanding Diluted:16.15M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-31 13:33:51 UTC

Data Timestamp:2026-08-19T08:09:32.278346