ELME

ELME is no longer an operating company to be valued on P/S or earnings — the trailing XBRL fundamentals (revenue $242M, net loss -$13.1M, ROE -1.5%, liabilities/equity 2.11x) are stale artifacts of a going concern that no longer exists. On October 30, 2025 shareholders approved a Plan of Sale and Liquidation, the company adopted the liquidation basis of accounting effective November 1, 2025, and it no longer even presents a balance sheet or income statement. The only figures that matter now are the wind-down cash flows, and the filing states them explicitly: a $14.67/share special liquidating distribution was already paid January 7, 2026, and on January 23, 2026 management estimated remaining liquidating distributions of $2.35–$2.80 per share (bringing the total to $17.02–$17.47).

That reframes the $1.60 quote entirely. This is the post-$14.67-distribution stub, and management's own estimate is that $2.35–$2.80 of additional cash flows back to holders as the Remaining Company Properties are sold. Even the low end ($2.35) sits ~47% above today's price, and the midpoint (~$2.58) implies ~60% — a special-situation spread, not an operating-business bet. The balance sheet supports feasibility: as of Dec 31, 2025 the only debt was a single Secured Term Loan (in covenant compliance), there were no other outstanding obligations, and the company held cash plus a portfolio of apartment communities being marketed. Operating cash flow was a healthy ~$95M before the wind-down began, so the assets are real and income-producing until sold.