CHCI
Comstock Holding Companies, Inc.Comstock Holding Companies, Inc. develops, operates, and manages of mixed-use and transit-oriented properties primarily in the Washington, D.C. metropolitan area. The company operates a portfolio of 34 operating assets, which include 14 commercial assets totaling approximately 2.2 million square feet; 6 multifamily assets totaling 1,636 units; and 14 commercial garages with approximately 11,000 parking spaces. It also has 18 development pipeline assets consisting of approximately 2.0 million squ
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q4 | 28.0 | 8.7 | -- | 8.1 | -- | 5.6 | -0.1 | 32.3 | -- | -- | -- | -- | -- |
| Est | 2027-Q3 | 16.0 | 1.8 | -- | 1.1 | -- | -0.5 | -0.1 | 26.7 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 15.8 | 2.5 | -- | 1.7 | -- | 1.7 | -0.1 | 27.2 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 15.0 | 2.0 | -- | 1.4 | -- | 0.2 | -0.2 | 25.5 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 26.0 | 7.8 | -- | 7.3 | -- | 4.7 | -0.1 | 25.3 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 14.8 | 1.5 | -- | 0.9 | -- | -0.7 | -0.1 | 20.6 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 14.5 | 2.2 | -- | 1.5 | -- | 1.5 | -0.1 | 21.4 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 13.8 | 1.8 | -- | 1.2 | -- | 0.3 | -0.1 | 19.9 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 17.5 | 1.6 | 1.5 | 2.0 | -5.8 | -5.8 | -0.0 | 19.6 | 5.1 | 10.5 | 10.0% | -- | 13.9x |
| Act | 2025-Q4 | 23.9 | 7.8 | 7.8 | 13.5 | 5.3 | 3.9 | -1.4 | 31.3 | 5.4 | 10.5 | 58.7% | -- | 9.8x |
| Act | 2025-Q3 | 13.3 | 1.1 | 0.7 | 0.5 | -3.2 | -3.3 | -0.0 | 26.2 | 5.6 | 10.5 | 4.3% | -- | 8.3x |
| Act | 2025-Q2 | 13.0 | 2.2 | 1.8 | 1.5 | 2.2 | 2.2 | -0.0 | 30.5 | 5.8 | 10.4 | 11.6% | -- | 5.3x |
| Act | 2025-Q1 | 12.6 | 1.8 | 1.7 | 1.6 | 0.6 | 0.4 | -0.2 | 28.3 | 6.1 | 10.4 | 14.6% | -- | 5.2x |
| Act | 2024-Q4 | 16.9 | 5.2 | 5.1 | 10.3 | 7.8 | 7.7 | -0.1 | 28.8 | 6.3 | 10.4 | 53.2% | -- | 7.3x |
| Act | 2024-Q3 | 13.0 | 2.9 | 2.8 | 2.4 | 3.3 | 3.2 | -0.1 | 21.1 | 6.5 | 10.3 | 32.2% | -- | 6.6x |
| Act | 2024-Q2 | 10.8 | 1.3 | 1.2 | 1.0 | 1.3 | 1.3 | -0.0 | 17.4 | 6.7 | 10.3 | 13.3% | -- | 4.1x |
| Act | 2024-Q1 | 10.6 | 1.2 | 1.2 | 0.9 | -1.7 | -1.9 | -0.2 | 16.2 | 6.9 | 10.2 | 14.8% | -- | 3.9x |
| Act | 2023-Q4 | 11.0 | 1.6 | 1.9 | 1.9 | 9.4 | 9.4 | -0.0 | 18.8 | 7.1 | 10.2 | 31.0% | -- | 4.0x |
| Act | 2023-Q3 | 14.5 | 5.3 | 5.3 | 4.7 | 2.0 | 1.9 | -0.1 | 10.9 | 7.3 | 10.1 | 83.9% | -- | 4.2x |
| Act | 2023-Q2 | 9.0 | 0.7 | 0.6 | 0.5 | 0.2 | 0.1 | -0.1 | 9.0 | 7.5 | 10.1 | 10.5% | -- | 6.2x |
| Act | 2023-Q1 | 10.3 | 1.0 | 1.3 | 0.8 | -2.6 | -2.7 | -0.1 | 9.1 | 7.7 | 10.1 | 25.0% | 2.4x | 4.7x |
| Act | 2022-Q4 | 9.3 | 1.7 | 1.6 | 1.3 | 6.5 | 6.5 | -0.1 | 11.7 | 7.9 | 10.1 | 31.3% | 12.9x | 4.2x |
| Act | 2022-Q3 | 12.8 | 3.9 | 3.9 | 3.6 | 2.4 | 2.3 | -0.1 | 5.4 | 7.1 | 10.0 | 95.0% | 41.8x | -- |
| Act | 2022-Q2 | 8.5 | 1.2 | 1.1 | 0.7 | 1.3 | 1.0 | -0.3 | 8.4 | 12.8 | 9.2 | 16.9% | 16.9x | -- |
| Act | 2022-Q1 | 8.7 | 1.4 | 1.4 | 1.8 | -2.2 | -2.3 | -0.2 | 11.6 | 12.9 | 9.0 | 25.2% | 23.9x | -- |
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 4.25 | — | 20.8% | 8 | 4.2× | 4.6× | 5.2× | 1.0× |
| 2023 | 4.43 | +13.8% | 19.3% | 9 | 4.0× | 4.0× | 6.0× | 1.0× |
| 2024 | 8.08 | +14.7% | 20.6% | 11 | 7.3× | 7.5× | 6.8× | 1.9× |
| 2025 | 11.62 | +22.6% | 20.5% | 13 | 9.8× | 39.9× | 8.9× | 2.4× |
| TTM | 15.24 | +27.0% | 18.7% | 13 | 0.0× | 0.0× | 0.0× | 0.0× |
| 2026E | 15.24 | +2.1% | 0.2% | 0 | 0.0× | 0.0× | 0.0× | 0.0× |
| 2027E | 15.24 | +8.3% | 0.2% | 0 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
AI Analysis
LLM Evaluations
CHCI is a governance-compromised captive asset manager masquerading as an independent public company. With ~90% of revenue from entities controlled by the CEO, reported earnings inflated by non-cash tax benefits, and a massive disconnect between net income ($17.1M) and operating cash flow ($4.8M), the stock is fundamentally mispriced at $17.50/share ($184M market cap). The 41.5x P/FCF multiple on just $4.4M of actual free cash flow is egregious for what is essentially a fee-for-service business with extreme related-party risk and no arm's-length revenue validation. The data center JV pivot adds speculative narrative but zero near-term cash flow. At normalized FCF of ~$5-6M annually, fair value is roughly $7-8/share using a generous 12x FCF multiple, implying 55%+ downside.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Forward Projections & Estimates
Employees
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 5.7% of float, sold 2.0%. 1 filer moved >1% of shares (1 buying, 0 selling).
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Truffle Hound Capital, LLC | $6.6M | $12.13 | +$0 | +$6.6M | +2.3% | $163M |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $3.8M | $18.94 | +$3.8M | +$3.8M | — | $4.04T |
| RENAISSANCE TECHNOLOGIES LLC | $3.4M | $10.86 | +$61K | +$460K | +1.2% | $63.91B |
| Mink Brook Asset Management LLC | $2.3M | $17.94 | +$2.0M | +$2.3M | -0.2% | $179M |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $1.6M | $6.53 | +$16K | −$1.4M | +2.3% | $1.61T |
| Saber Capital Managment, LLC | $1.4M | $11.95 | +$61K | +$1.4M | +4.6% | $129M |
| DIMENSIONAL FUND ADVISORS LPPassive | $964K | $10.17 | +$70K | +$300K | -0.4% | $480.92B |
| CORSAIR CAPITAL MANAGEMENT, L.P. | $933K | $7.28 | +$72K | +$23K | +0.6% | $673M |
| Round Rock Advisors, LLC | $479K | $18.94 | +$479K | +$479K | -0.2% | $652M |
| GatePass Capital, LLC | $452K | $8.08 | +$0 | +$0 | +1.6% | $206M |
| BlackRock, Inc.Passive | $425K | $12.58 | +$13K | +$288K | -0.2% | $5.69T |
| MILLENNIUM MANAGEMENT LLC | $407K | $18.94 | +$407K | +$407K | -0.5% | $127.40B |
| VANGUARD FIDUCIARY TRUST COPassive | $399K | $18.94 | +$399K | +$399K | — | $395.83B |
| Bristlecone Value Partners, LLC | $392K | $11.62 | +$0 | +$392K | +5.2% | $114M |
| BANK OF AMERICA CORP /DE/ | $383K | $9.45 | +$0 | +$382K | -0.1% | $1.36T |
| 683 Capital Management, LLC | $369K | $11.62 | −$277K | +$369K | -2.2% | $1.02B |
| CITADEL ADVISORS LLC | $362K | $15.17 | +$29K | +$362K | -0.4% | $138.22B |
| STATE STREET CORPPassive | $317K | $10.83 | +$0 | +$19K | -0.2% | $2.89T |
| Wealthspire Advisors, LLC | $281K | $18.94 | +$54K | +$281K | — | $12.72B |
| NAVELLIER & ASSOCIATES INC | $275K | $14.64 | +$78K | +$275K | +0.7% | $960M |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 66.4%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Analyst Coverage
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2006 Q1 | 39M | 3M | 1M | $0.71 | $0.57 – $0.85 | 10 |
| 2006 Q2 | 18M | -45M | -31M | $5.10 | $4.08 – $6.12 | 14 |
| 2006 Q3 | 3M | -66M | -46M | $-1.85 | $-2.22 – $-1.48 | 13 |
| 2007 Q1 | 93M | -2M | -2M | $-2.08 | $-2.49 – $-1.66 | 13 |
| 2007 Q2 | 95M | -5M | -4M | $-1.33 | $-1.60 – $-1.06 | 7 |
| 2007 Q3 | 7M | -349M | -216M | $-12.23 | $-14.68 – $-9.78 | 13 |
| 2008 Q1 | 30M | 9M | 9M | $6.62 | $5.29 – $7.94 | 18 |
| 2008 Q2 | 88M | -5M | -3M | $-1.24 | $-1.50 – $-0.99 | 12 |
| 2008 Q3 | 6M | -326M | -202M | $-11.44 | $-13.73 – $-9.14 | 14 |
| 2025 Q3 | 13M | 3M | 0M | $0.00 | $0.00 – $0.00 | 0 |
Corporate
Executive Compensation (2023-2025)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-21 | SELL | Steffan Timothy | officer: Chief Operating Officer | 13,026 | $14.23 | $185K | $1.75M |
| 2026-03-23 | SELL | Steffan Timothy | officer: Chief Operating Officer | 9,740 | $15.61 | $152K | $1.81M |
| 2025-08-20 | SELL | Steffan Timothy | officer: Chief Operating Officer | 1,054 | $15.54 | $16K | $1.42M |
| 2025-08-19 | SELL | Steffan Timothy | officer: Chief Operating Officer | 3,430 | $15.66 | $54K | $1.45M |
| 2025-08-15 | SELL | Steffan Timothy | officer: Chief Operating Officer | 905 | $14.99 | $14K | $1.44M |
| 2025-08-14 | SELL | MACCUTCHEON JAMES A | director | 2,292 | $15.06 | $35K | $2.13M |
| 2025-08-13 | SELL | Guthrie Christopher Michael | officer: Chief Financial Officer & EVP | 1,633 | $15.07 | $25K | $1.78M |
| 2025-08-13 | SELL | MACCUTCHEON JAMES A | director | 3,630 | $15.09 | $55K | $2.16M |
| 2025-08-12 | SELL | Steffan Timothy | officer: Chief Operating Officer | 4,611 | $14.79 | $68K | $1.43M |
| 2025-08-12 | SELL | MACCUTCHEON JAMES A | director | 1,000 | $15.04 | $15K | $2.21M |
| 2025-08-12 | SELL | Guthrie Christopher Michael | officer: Chief Financial Officer & EVP | 4,367 | $14.82 | $65K | $1.77M |
| 2025-08-11 | SELL | MACCUTCHEON JAMES A | director | 25 | $15.00 | $375 | $2.22M |
| 2025-06-06 | SELL | GUERNSEY DAVID M | director | 3,340 | $10.00 | $33K | $465K |
| 2025-06-06 | SELL | Steffan Timothy | officer: Chief Operating Officer | 4,030 | $10.00 | $40K | $1.02M |
| 2025-06-05 | SELL | GUERNSEY DAVID M | director | 6,660 | $10.01 | $67K | $499K |
| 2025-06-05 | SELL | Steffan Timothy | officer: Chief Operating Officer | 4,425 | $10.00 | $44K | $1.06M |
| 2025-06-04 | SELL | Steffan Timothy | officer: Chief Operating Officer | 1,345 | $10.00 | $13K | $1.10M |
| 2025-06-03 | SELL | Steffan Timothy | officer: Chief Operating Officer | 200 | $10.00 | $2K | $1.11M |
Order Flow (FINRA, ~3w lag)
Revenue Breakdown
Revenue Segments
| Fixed-Price Contract | $3.0M | +119% |
Filing Risk Analysis
Filing Risk Scores
Comstock Holding Companies, Inc.: A Captive Related-Party Fee Machine with Deteriorating Cash Quality
Counter-Thesis
Counter-Thesis & Recent News
As of March 2026, CHCI reported strong annual revenue of $62.9M, but quarterly performance shows a concerning 'choppy' trend. Following a massive FY2024 Q4 ($10.33M net income), subsequent quarters in 2025 saw a sharp decline, with Q3 2025 net income falling to just $0.5M ($0.05 EPS). Critics note that recent net income figures were significantly inflated by a one-time $4.1M income tax benefit and a $7.5M valuation allowance release rather than core operational growth (Source: Simply Wall St, Stock Titan).
The primary bear case rests on poor earnings quality and unsustainable growth drivers. For FY2025, free cash flow ($4.4M) was significantly lower than reported net income ($17.1M), indicating a high accrual ratio that suggests earnings are driven by accounting maneuvers rather than cash generation. Furthermore, the company's 'asset-light' model is entirely dependent on its private partner; if development projects stall or the private entity faces liquidity issues, CHCI's management fees—its primary revenue source—could evaporate (Source: Simply Wall St, Reddit ValueInvesting).
Extremely high related-party exposure is a critical governance risk; as of early 2026, approximately 89.6% of total revenue and 95.8% of accounts receivable were generated from related parties controlled by CEO Christopher Clemente and major shareholder Dwight Schar. This creates massive potential for conflicts of interest. Additionally, the company is hyper-concentrated geographically in the Washington, D.C. Dulles Corridor, making it vulnerable to regional economic shifts or federal budget cuts (Source: Stock Titan, TradingView).
CHCI faces intense competition from larger, better-capitalized real estate developers and REITs in the D.C. metropolitan area. Unlike diversified national players, CHCI’s narrow focus on transit-oriented developments along the Silver Line means any infrastructure delays or shifts in 'Return to Office' mandates in Northern Virginia could disproportionately impact their managed portfolio's occupancy (currently 87% commercial) (Source: Seeking Alpha, SEC Filing Summary).
Sentiment is difficult to gauge via traditional retail channels because CHCI operates as a 'captive' manager for its own insiders' private holdings. However, negative sentiment exists regarding project execution; the recent termination of a major project in the Town of Herndon and associated litigation against a Comstock-managed venture highlight potential friction with local municipalities and stakeholders which could jeopardize future pipeline growth (Source: Reddit ValueInvesting, March 2026 Financial Summaries).