J.W. Mays, Inc. (MAYS): BCG Matrix [Dec-2025 Updated]

You're trying to get a clear read on J.W. Mays, Inc. (MAYS) right now, and mapping their real estate against the BCG Matrix tells a sharp story as of late 2025. Honestly, the foundation is rock-solid: established properties are churning out predictable cash, evidenced by $1,419,209 in operating cash for the first half of the year, thanks to leases running out to 2073. But that stability is fighting against a recent $0.14 million net loss and rising operating costs, so we need to see which assets are the Stars driving that 4.06% revenue growth and which are the Dogs draining resources. Keep reading to see exactly where the company is placing its bets with that planned $1.2 million in capital expenditures to fuel future growth.

Background of J.W. Mays, Inc. (MAYS)

You're looking at J.W. Mays, Inc. (MAYS), a company with deep roots that has successfully navigated a major strategic pivot over the decades. Founded way back in 1924 by Joseph Weinstein and incorporated in 1927, the firm originally made its name operating a chain of discount department stores in the New York City area. That retail chapter closed in 1988 when the company made the decisive move to focus entirely on its commercial real estate assets, which is its core business today. It's a pure-play real estate holding company, meaning its primary source of income is rental revenue from leasing space to tenants.

Today, J.W. Mays, Inc. is a publicly traded entity, listed on Nasdaq under the ticker MAYS. As of late September 2025, the market valued the company at a market capitalization of $76.6M, with the stock trading around $38.00 per share. The company maintains a lean operation, reporting only 28 employees as of November 2025.

Looking at the most recent full fiscal year, which ended on July 31, 2025, J.W. Mays, Inc. generated total revenue of $22.47 million, marking a modest top-line growth of 4.06% compared to the previous year. While revenue grew, the company still recorded a net loss for the year, though it was significantly narrowed to approximately $0.13624 million for the full fiscal year. That's a big improvement from the prior year's loss of about $0.407 million.

The company's assets are concentrated in leasing commercial properties-office and retail space-primarily within the New York City metropolitan area, with holdings also noted in locations like Brooklyn, Jamaica, and Circleville, Ohio. For the fiscal year ended July 31, 2025, the reported TTM EBITDA (earnings before interest, taxes, depreciation, and amortization) stood at $1.673 million. The balance sheet shows total assets around $88.049 million against total debt of $27.270 million for the same period.

The operational focus remains on securing long-term lease agreements and managing its existing portfolio effectively. For instance, in April 2025, the company successfully signed a new 10-year office lease with annual rent escalations, showing active management of its revenue base. The company's strategy centers on preserving its established assets while pursuing targeted property enhancements to boost occupancy and rental rates.

J.W. Mays, Inc. (MAYS) - BCG Matrix: Stars

You're looking at the core growth engines for J.W. Mays, Inc. (MAYS), the assets positioned in markets where demand is high and the company is successfully capturing share. These are the units that require significant investment to maintain their leading position in growing segments, which is why they are classified as Stars.

The overall financial picture for the fiscal year ended July 31, 2025, shows a top-line expansion. J.W. Mays, Inc. reported annual revenue of $22.47 million, reflecting a 4.06% year-over-year growth. This growth is the market share capture we expect from a Star. To be fair, the company still posted a net loss for the full year, but it narrowed substantially to $0.13624 million (or $0.14 million) from the prior year's loss of $0.406568 million. This narrowing loss, coupled with the revenue increase, suggests the high-growth segments are successfully offsetting drags elsewhere in the portfolio.

Here's a quick look at the key financial metrics anchoring this performance:

The strength of the Star category is visible in the company's leasing activity, which is concentrated in its most desirable markets. You see this directly in the geographical performance.

• Lease extensions and new leases occurred in high-demand areas like Brooklyn, New York, and Jamaica, New York.
• This activity signals strong relative market strength in these core New York City locations.
• The company is also actively pursuing growth in a smaller segment with the expansion of warehouse space in Circleville, Ohio.

The most concrete evidence of capturing high-growth market share is the signing of new, high-value commercial leases. These long-term commitments lock in future revenue streams, which is exactly what you want from a Star asset. Specifically, a significant new lease was executed in the second quarter of 2025.

Consider the high-value office lease signed in April 2025:

• The lease term is ten years for 2,800 square feet of office space.
• The annual rent is set at $216,000, with annual increases built in.
• Rent commencement was scheduled for October 2025, meaning this new income directly supports the transition of this asset toward Cash Cow status as the market matures.

These leasing successes, especially the ten-year commitment, are the cash-consuming but market-defining actions that characterize a Star. If J.W. Mays, Inc. can sustain this success and manage the associated capital expenditures, these properties will become the reliable Cash Cows of tomorrow. Finance: draft 13-week cash view by Friday.

J.W. Mays, Inc. (MAYS) - BCG Matrix: Cash Cows

You're looking at the bedrock of J.W. Mays, Inc.'s financial stability, the assets that generate consistent returns with minimal new investment required. These are your Cash Cows, the established commercial properties that dominate their niche.

The core portfolio of established commercial properties is the company's only revenue source, providing the necessary capital base. This model relies on the high market share these properties command within their mature, localized real estate markets. The stability is evident in the long-term leases, with some extending out to 2073, which provides a massive runway of predictable cash flow for J.W. Mays, Inc.

The strength of this cash generation is a key indicator. Cash provided by operating activities increased to $1,419,209 in the first half of Fiscal Year 2025, a clear sign of strong cash generation for J.W. Mays, Inc. This cash flow supports the entire enterprise, from covering administrative costs to funding necessary maintenance on the existing asset base.

The overall asset base, with $88.05 million in total assets as of the quarter ending July 2025, is the foundation for this stable, income-producing model. You want to see this asset base maintained, not aggressively expanded into high-growth, high-risk areas.

Here's a quick look at the cash-generating metrics as of the first half of FY2025 and the latest reported TTM figures:

The nature of the income stream is what defines these as Cash Cows. You see this in the structure of the rental agreements:

• Rental terms range from approximately 5 to 49 years.
• One specific lease agreement has a renewal option extending through December 8, 2073.
• The Fulton Street at Bond Street property has 90% owned by J.W. Mays, Inc., with the remaining 10% under five separate leases.
• Leases include provisions for fixed base rent payable monthly in advance.
• Leases also require tenants to reimburse J.W. Mays, Inc. for real estate taxes and common area costs.

For the three months ended January 31, 2025, base rent from fixed leases reached $5,184,270. This is the core, low-variability income you expect from a Cash Cow. The strategy here is to invest minimally in promotion and focus on infrastructure improvements that boost efficiency, like optimizing property management systems, to further increase that net cash flow.

J.W. Mays, Inc. (MAYS) - BCG Matrix: Dogs

Properties categorized as Dogs for J.W. Mays, Inc. are those operating in low-growth segments with minimal market share, frequently acting as cash traps due to high upkeep relative to returns. You see this strain clearly in the operating costs. Properties with high real estate operating expenses, which rose to $4,128,415 in Q2 2025, are straining margins, up from $3,826,998 in the same quarter last year.

These underperforming assets contribute directly to the persistent, though narrowed, FY 2025 net loss of $0.14 million, reported as $(0.13624) million compared to the prior year's loss of $0.406568 million. This signals that even with overall progress, certain assets are consuming capital without generating adequate returns.

Older properties requiring significant, non-strategic maintenance eat into operating income, representing the low-return aspect of the Dog category. While specific maintenance costs aren't itemized against the total real estate operating expenses of $11,700,830 for the nine months ending April 30, 2025, this high aggregate figure suggests capital is being deployed defensively rather than for growth.

The general drag is compounded by the loss of tenants, representing low-share, declining revenue units. Several tenants provided notice of non-renewal, equating to an anticipated revenue loss of approximately $1 million per annum, which directly impacts the low-growth market share of those specific property segments.

Specific financial indicators pointing to the Dog classification include:

• Q2 2025 Net Loss of $(157,681).
• FY 2025 Basic Loss per Share from continuing operations of $(0.07).
• Total Operating Expenses for Q2 2025 were $5.85 million (based on Q4 2024, Q1 2025, Q2 2025 data points where Q2 2025 Total Operating Expenses were $5.85 million).
• Net margin deteriorated to -1.6% in Q4 2025.

J.W. Mays, Inc. (MAYS) - BCG Matrix: Question Marks

You're looking at the areas of J.W. Mays, Inc. (MAYS) that are in high-growth markets but haven't yet secured a dominant market share. These are the units that demand significant cash to push them toward becoming Stars, but right now, they are cash consumers.

The planned capital expenditures (CapEx) over the next twelve months reflect this investment posture. J.W. Mays, Inc. anticipates incurring approximately $\text{1.2 million}$ in capital expenditures, specifically earmarked for tenant improvements and other property enhancements. This spending is the cash burn required to elevate these assets.

The financial maneuvering to support these growth plays is evident in the debt strategy. You know the mortgage was fully paid off on December 1, 2024. Now, J.W. Mays, Inc. is actively exploring new lending options. This exploration is key because it could fund a new, unproven property acquisition-the very definition of a high-risk/high-reward Question Mark investment.

The portfolio shows clear examples of these high-risk plays, particularly in the search for new, high-reward tenants in key markets. Consider the situation in Brooklyn, New York, which is definitely a high-growth market for commercial real estate. Securing new office space leases there requires significant upfront investment to get the space ready.

We see the immediate impact of tenant uncertainty in the recent activity at the 9 Bond Street building in Brooklyn. A tenant agreed to a $\text{six-month}$ rent concession of $\text{\$25,000}$ per month from February until July 2025. That's a direct, short-term hit to returns. Furthermore, a tenant occupying $\text{1,600}$ square feet at that location agreed to terminate their lease effective March 1, 2025, resulting in an approximate annual rent loss of $\text{\$120,000}$. These are the costs of managing Question Marks-you take a hit while trying to secure a better long-term tenant.

Still, there are successes in these growth areas. For instance, a recent retail space lease at $\text{229}$ Livingston Street in Brooklyn involved $\text{5,500}$ square feet with an asking rent of $\text{\$48/ft}$. That $\text{\$48/ft}$ rate is the potential return you are fighting for in these growth markets.

Here's a quick look at the financial context surrounding these Question Mark investments for the fiscal year ended July 31, 2025:

The strategy for these Question Marks is clear: you must invest heavily to gain market share quickly, or they risk becoming Dogs. The company is actively seeking financing to support this growth, which is a necessary step given the high demands and currently low returns from these developing assets.

The key areas demanding this strategic focus include:

• Exploring new lending options to replace the mortgage paid off on December 1, 2024.
• Targeting new, high-risk/high-reward tenant types for any vacant or recently vacated space.
• Committing significant investment to secure tenants for new office space leases in Brooklyn, New York.
• Managing the immediate financial impact of tenant turnover, such as the $\text{\$120,000}$ annual rent loss from a March 2025 lease termination.

Finance: draft $\text{13-week}$ cash view by Friday, incorporating the $\text{1.2 million}$ CapEx plan.