J.W. Mays, Inc. (MAYS): Business Model Canvas [Dec-2025 Updated]

You're looking to map the core engine of J.W. Mays, Inc., and as an analyst who's seen every complex structure out there, I can tell you this one is refreshingly direct: it's a pure-play real estate holder built on a small portfolio of long-held assets. This strategy is clearly working, driving a predictable $22.47 million in revenue for fiscal year 2025, while still managing to generate $2.15 million in EBITDA over the trailing twelve months. It's all about stability, not scale. Dive into the nine blocks of their Business Model Canvas below to see precisely how they manage those legacy properties and maintain those high-quality tenant relationships that fuel this cash flow.

J.W. Mays, Inc. (MAYS) - Canvas Business Model: Key Partnerships

You're looking at the external relationships J.W. Mays, Inc. relies on to keep the commercial real estate leasing engine running smoothly. These aren't just vendors; they are critical links in maintaining compliance, securing new revenue, and managing the portfolio.

The Key Partnerships block is where J.W. Mays, Inc. formalizes its reliance on specialized external expertise. For a real estate holding company focused on leasing, this often centers on legal compliance, audit integrity, and brokerage execution.

Here is a breakdown of the confirmed relationships and associated financial figures we have for late 2025:

• Independent auditors, Prager Metis CPA's, LLP.: This firm was ratified by shareholders on November 25, 2025, to serve as the independent registered public accounting firm for the fiscal year ending July 31, 2026. They also served in this capacity for the fiscal year ended July 31, 2025.
• External legal and professional service providers.: While specific general counsel or specialized property law firms aren't detailed with annual retainers, the reliance on external professionals is clear, especially given the regulatory scrutiny faced by the appointed auditor in prior years.
• Real estate brokers for new lease origination.: These partners are essential for filling vacant space and driving the 4.06% total revenue increase to $22.47 million for the fiscal year ended July 31, 2025. The cost of securing new tenants is a direct, measurable expense.
• Mark S. Greenblatt, a key consultant paid $10,000 per month.: Mr. Greenblatt, who also serves as a director, has a renewed consulting agreement effective October 1, 2025, formalizing his role in reviewing and analyzing the Company's financial performance.

To give you a clearer picture of the financial commitments tied to these relationships, look at the specific costs we can quantify from recent filings:

The consulting fee for Mr. Greenblatt is set to begin at $10,000 monthly starting in 2026, which translates to an annualized commitment of $120,000 for that specific service, separate from his director compensation. You see, the cost of securing new, high-value leases directly impacts the operating expenses, with recent commissions running over $130,000 per deal.

The ratification of Prager Metis CPA's, LLP for the fiscal year ending July 31, 2026 shows continuity in the audit function, which is important for investor confidence, especially considering the firm's past settlement of $1.95 million related to independence issues. Finance: draft 13-week cash view by Friday.

J.W. Mays, Inc. (MAYS) - Canvas Business Model: Key Activities

You're looking at the core engine of J.W. Mays, Inc. (MAYS), which is all about managing and extracting value from its concentrated New York metropolitan area real estate portfolio. The key activities aren't about developing new products; they are about the meticulous, day-to-day and long-term stewardship of existing, high-value commercial, retail, and multi-family assets. Honestly, for a company that transitioned from department stores decades ago, this focus on being a pure-play landlord is its defining operational characteristic.

Commercial real estate leasing and lease management

The primary activity is securing and maintaining long-term lease agreements with what the company targets as premium tenants. This involves everything from initial negotiations to managing the ongoing relationship and ensuring timely rent collection across office, retail, and apartment spaces. The success here directly flows to the top line; for the full fiscal year ended July 31, 2025, J.W. Mays, Inc. reported total revenue of $22.47 million, which is a 4.06% increase from the prior year's $21.59 million, driven by this rental income.

Lease management also involves handling turnover, which presents immediate financial risks. For instance, one tenant termination effective March 1, 2025, resulted in an approximate annual rent loss of $120,000. Furthermore, management is actively dealing with anticipated losses from non-renewals, which could total approximately $1 million per annum across several tenants.

Here's a look at the leasing environment and specific 2025 activity:

Property maintenance and operational oversight

J.W. Mays, Inc. employs an in-house team to manage the day-to-day running of its properties. This activity is crucial for tenant retention and maintaining the value of the underlying assets. Operational costs are a major focus area, as evidenced by the rising expenses that challenge profitability.

For the three months ended April 30, 2025 (Q3 FY25), total expenses were $5,519,041. Real estate operating expenses, which include maintenance, taxes, and insurance, are a significant component of this. For the six months ended January 31, 2025, real estate operating expenses rose to $4,128,415 from $3,826,998 in the same period last year. The company is managing this cost pressure while still planning capital deployment.

The planned capital expenditures (CapEx) reflect ongoing maintenance and improvement activities:

• Anticipated capital expenditures over the next twelve months (as of early 2025 filings) are approximately $1.5 million.
• These expenditures are focused on tenant improvements and other property enhancements.

Strategic asset management to maximize rental income

This activity involves making decisions on property upgrades, capital allocation, and portfolio concentration to ensure the highest possible rental yield. The strategy centers on preserving the historical character while pursuing targeted improvements to boost occupancy and rates. A key metric here is the concentration risk, which management must actively monitor.

The portfolio's financial health as of mid-2025 shows the result of this strategy:

• Total Assets were reported at $87,855,809 as of April 30, 2025.
• Total Shareholders' Equity stood at $52,853,897 as of April 30, 2025.
• Four tenants represent approximately 67% of total receivables, indicating a high concentration risk that requires focused asset management attention.

The net carrying value of a portion of the assets as of July 31, 2025, was $7,333,896, calculated from a federal tax basis of $22,607,989 minus accumulated depreciation of $15,274,093. This shows the long-term accounting view of the asset base.

Financial reporting and SEC compliance for NASDAQ listing

As a NASDAQ-listed entity, J.W. Mays, Inc. must dedicate significant resources to timely and accurate financial reporting, including filing Forms 10-Q and 10-K. This activity ensures continued access to public capital markets, despite the company operating with a net loss for the full fiscal year ended July 31, 2025, which was $0.13624 million, a significant improvement from the prior year's loss of $0.406568 million.

The operational performance metrics that feed into these reports show a trend toward stabilization, which is important for compliance and investor confidence:

Cash flow from operations improved, providing necessary liquidity for ongoing operations and debt management. For the first half ending January 31, 2025, cash provided by operating activities increased to $1,419,209 from $888,450 in the previous year. For the nine months ending April 30, 2025, operating cash flow reached $3.35 million.

Key compliance and financial reporting figures for the full fiscal year ended July 31, 2025:

The company also manages its debt profile, which impacts financial disclosures; one mortgage was fully paid off on December 1, 2024.

J.W. Mays, Inc. (MAYS) - Canvas Business Model: Key Resources

You're looking at the core assets that keep J.W. Mays, Inc. running, and honestly, it's a very focused list. The primary resource is the portfolio of commercial properties in New York and Ohio. This isn't a sprawling, diversified collection; it's a concentrated set of assets designed for predictable, lease-driven revenue. We can map out where these key holdings are located right now.

Here's a look at the geographic concentration of the real estate portfolio:

These are long-standing, established real estate assets. The company was founded way back in 1924 and incorporated in 1927, giving it nearly a century of history tied up in these physical holdings. This longevity is a key resource because it implies deep local knowledge and established tenant relationships, which supports the strategy of securing long-term leases.

Next up, the human capital is remarkably lean. J.W. Mays, Inc. operates with a small, focused team of 28 employees as of July 31, 2025. That small team manages a significant real estate portfolio. To give you some context on that scale:

• Employee Count (as of Jul 31, 2025): 28.
• Revenue per Employee (1Y): $802.49 K USD.
• Net Income per Employee (1Y): -$4.87 K USD.

Finally, on the balance sheet, liquidity is supported by cash and cash equivalents. For the second quarter of fiscal year 2025, ending January 31, 2025, the company reported $1,490,663 in cash and cash equivalents. That figure also aligns with the reported working capital amount as of that same date. That's the hard cash available to the operation right now.

J.W. Mays, Inc. (MAYS) - Canvas Business Model: Value Propositions

You're looking at the core reason J.W. Mays, Inc. keeps the lights on: providing reliable, established commercial real estate. This isn't about chasing the next hot development; it's about locking down value in established markets.

Stable, long-term commercial space in key metropolitan areas.

The value proposition here is location and longevity. J.W. Mays, Inc. focuses its portfolio in the New York City metropolitan area, with specific properties noted in Brooklyn, Fishkill, Jamaica, Levittown, and Massapequa. They also hold assets outside the immediate NYC core, such as in Circleville, Ohio. This geographic concentration in established areas is what underpins their entire revenue stream. For the fiscal year that ended July 31, 2025, this strategy translated into total revenue of $22.47 million. The company's long history, dating back to 1924, reinforces the idea that these are legacy assets with proven utility.

Leasing to premium tenants for predictable cash flow.

The goal is simple: get high-quality tenants on long contracts. This is how you smooth out the bumps in the real estate cycle. The strategy is working, as evidenced by the modest top-line growth of 4.06% in FY 2025. You see active management in securing these relationships; for instance, in April 2025, they signed a 10-year lease for 2,800 square feet of office space. Furthermore, the portfolio shows reliance on anchor tenants, with three tenants previously accounting for over 15.64%, 12.59%, and 11.44% of rentable square footage, respectively, showing a commitment to securing significant occupancy from established businesses. This focus on quality helps drive that predictable cash flow you want to see from a holding company.

• Leased warehouse space expansion in Circleville, Ohio, in 2025.
• Secured lease extensions in key areas like Brooklyn, New York.
• Leased 2,051 square feet in Jamaica, New York, for ten years.

Well-maintained properties via planned capital expenditures.

To keep those premium tenants happy and justify renewal rates, the properties must be in good shape. J.W. Mays, Inc. budgets for this upkeep. Looking forward from their mid-2025 reports, the company anticipated incurring approximately $1.2 million in capital expenditures over the following twelve months. These funds are earmarked for necessary tenant improvements and general property enhancements, which is a concrete action supporting the value proposition of quality maintenance.

Value preservation of legacy real estate assets.

The final piece is demonstrating that the management team is effectively preserving the underlying asset value, which is reflected in the financial discipline. For the full fiscal year 2025, the net loss narrowed significantly to just $0.14 million, a substantial improvement from the prior year's loss. That's a 66.49% improvement on the bottom line, showing real focus on cost control alongside revenue generation. They manage this with a lean team; as of late 2025, the company reported having only 28 employees.

Here's a quick look at the key financial results underpinning these value drivers for the fiscal year ended July 31, 2025:

J.W. Mays, Inc. (MAYS) - Canvas Business Model: Customer Relationships

You're managing a portfolio where tenant stability is the primary driver of value, so the relationship focus is everything. J.W. Mays, Inc. cultivates direct, long-term relationships, aligning with its mission to lease commercial Real Estate space to premium tenants. This strategy prioritizes counterparty risk mitigation over simply maximizing immediate rent rates. The company actively seeks tenants like governmental agencies, medical facilities, and educational institutions, which historically offer more dependable cash flows. This focus on retention is key, evidenced by lease agreements that provide significant revenue runway; for instance, the portfolio includes commitments extending out to 2073.

The relationship management style is built around securing long-duration commitments, which provides financial visibility. For the fiscal year ended July 31, 2025, J.W. Mays, Inc. reported total revenues of $22.47 million, a 4.06% increase year-over-year, directly tied to securing and retaining these tenants.

Here is a snapshot of the tenant concentration and lease structure as recently reported:

The relationship is fundamentally contractual, centered on fixed-term operating leases. These agreements define the revenue stream, which for the three months ended January 31, 2025, included base rent from fixed leases totaling $5,184,270. The company's intention is clear: negotiate renewals only if tenants maintain adequate finances, a critical consideration given the environment where even formerly strong tenants face risk. This contractual reliance means the relationship is heavily governed by the lease document itself.

The structure supports a model of minimal, high-touch management for a relatively small tenant base. As of mid-2024, the portfolio was leased to approximately twenty-five tenants across retail, office, and specialized medical/dental spaces. This small number, relative to the scale of the assets, suggests that management resources are not spread thin across thousands of small accounts. Instead, the focus shifts to high-value interactions, particularly around lease renewals and capital expenditure decisions needed to retain key occupants, such as the tenant occupying 25,423 square feet who notified the company of an extension intention in July 2024.

The management intensity is characterized by:

• Focus on retaining tenants over a long period of time.
• Aggressive marketing toward stable sectors like governmental agencies.
• Direct negotiation of renewals based on tenant financial health.
• Mitigating single-tenant risk by leasing properties to multiple tenants where possible.

This approach helps J.W. Mays, Inc. narrow its net loss, which for the full fiscal year 2025 was only $0.14 million, a 66.49% improvement from the prior year, showing the effectiveness of this relationship strategy on the bottom line. If onboarding new tenants takes longer than expected, churn risk definitely rises.

J.W. Mays, Inc. (MAYS) - Canvas Business Model: Channels

The Channels block for J.W. Mays, Inc. centers on direct engagement for leasing its commercial real estate portfolio, supplemented by external brokerage support when necessary, and transparent public disclosure via its corporate website.

Direct leasing team and in-house management

J.W. Mays, Inc. relies heavily on its in-house capabilities for property management, which includes leasing administration and tenant relations, reflecting a commitment to direct control over its core revenue stream. The entire organization, which serves as its own management and leasing arm, consists of 28 total employees as of late 2025. This lean structure suggests that the leasing function is deeply integrated with the overall property upkeep and operational efficiency efforts, ensuring properties remain well-maintained and attractive to premium tenants. The company's mission to lease commercial real estate space to premium tenants is executed through this internal team, which also manages lease renewals, such as the intention to negotiate renewals for expiring leases as they come due.

Commercial real estate brokerage networks

While the in-house team handles much of the leasing, external commercial real estate brokerage networks are used, evidenced by the associated costs recorded in 2025 filings. These commissions represent the direct cost associated with utilizing external agents to secure new or extended leases. For example, a 15-year lease signed in March 2025 incurred brokerage commissions of $137,180. Similarly, a 10-year lease executed in April 2025 resulted in commissions of $134,987. A new retail lease signed in August 2025 also generated brokerage commissions of $73,487. This shows that when external help is used, the cost is a direct, measurable expense against the new lease revenue.

The financial impact of leasing activities, including those facilitated by brokers, contributed to the FY 2025 total revenue of $22.47 million.

You can see a snapshot of the direct costs associated with using brokers for lease execution in the table below:

Company website for contact and financial disclosures

The company maintains a public-facing digital channel at www.jwmays.com for general contact and to direct stakeholders to official disclosures. This channel serves as the primary point of contact for inquiries outside of direct property management. For formal financial reporting, J.W. Mays, Inc. directs interested parties to the SEC Edgar site for copies of its Financial Statements. The company's commitment to transparency is evident in its regular filings, such as the Form 10-Q report for the first quarter of fiscal year 2025.

Key information available through or referenced by the corporate channel includes:

• The corporate office address: 9 Bond Street; Brooklyn, NY 11201.
• The ticker symbol for trading: MAYS on NASDAQ.
• The fiscal year-end date: July 31.
• The latest reported total assets as of FY 2025: $88,049 thousand.
• The date of the next scheduled board meeting for earnings results: December 12, 2025.

J.W. Mays, Inc. (MAYS) - Canvas Business Model: Customer Segments

You're looking at the core of J.W. Mays, Inc.'s business: who pays the rent that drives their operations. For the fiscal year ending July 31, 2025, J.W. Mays, Inc. reported total revenue of $22.47M, which grew by 4.06% year-over-year, even while managing a net loss of $0.14 million for that same period.

The customer base is tightly focused on commercial tenants needing space in specific, high-value markets. The company's market capitalization as of September 25, 2025, stood at $76.6M, reflecting investor sentiment on the stability of these tenant relationships.

Premium commercial tenants seeking office and retail space are the primary focus, particularly in the New York City area. These are businesses signing long-term operating leases for assets that form the bulk of J.W. Mays, Inc.'s portfolio.

Here's a look at some recent leasing activity that defines this segment:

Industrial and warehouse users represent a key growth area, evidenced by the strategic expansion in Ohio. The company noted a significant expansion of warehouse space in Circleville, Ohio, in its June 2025 filings. To support ongoing tenant needs and property enhancements across the portfolio, J.W. Mays, Inc. anticipates incurring approximately $1.2 million in capital expenditures over the twelve months following that filing.

Businesses requiring space in the New York City metro area form the geographic core of the customer base. The company's properties are concentrated in these high-density areas, which supports the premium nature of the tenants they attract. J.W. Mays, Inc. employs 28 people to manage this portfolio.

The primary locations where these businesses operate include:

• Brooklyn, New York
• Jamaica, New York City
• Levittown, Long Island, New York
• Massapequa, Long Island, New York
• Fishkill, Dutchess County, New York
• Circleville, Ohio (Industrial/Warehouse)

Finance: review the Q3 2025 leasing velocity against the planned $1.2 million Capex budget by end of Q4.

J.W. Mays, Inc. (MAYS) - Canvas Business Model: Cost Structure

You're looking at the cost side of J.W. Mays, Inc. (MAYS) operations as of late 2025. For a real estate investment trust like this, the costs are heavily weighted toward property ownership and maintenance. Honestly, keeping those property-level costs in check is where the margin battle is won or lost.

Real estate operating expenses are definitely a major cost driver, and they've been on an upward trend. For the nine months ending April 30, 2025, overall real estate operating expenses hit $11,700,830, up from $11,346,113 in the prior year period. This rise puts pressure on the bottom line, even when rental income is growing.

The company has seen some success in controlling overhead, though. Administrative and general expenses were reduced in recent quarters, likely due to the payroll adjustments you mentioned. For the three months ending April 30, 2025, these expenses were $1,239,480, down from $1,265,307 the year before. Similarly, for the quarter ending January 31, 2025, administrative and general expenses were $1,251,875, a notable drop from $1,486,632 in the comparable quarter of 2024. That's real cost management at work.

When we look at capital needs, capital expenditures for tenant improvements are a necessary, but variable, cost. The company anticipates incurring an additional $1.5 million in capital expenditures over the twelve months ending January 31, 2026. This figure reflects ongoing investment required to keep properties competitive and secure new or renewing tenants.

The specific components making up the property costs-property taxes, insurance, and maintenance-are key areas of expense fluctuation. For instance, in the three months ending January 31, 2025, the non-lease component related to real estate taxes alone was $308,313, an increase from $260,516 in the same period in 2024. These are the costs that directly contributed to the reported increase in net losses for some periods.

Here is a look at some of the key expense line items based on recent reporting periods:

You can see the pressure points clearly in that table. The increase in property expenses is outpacing the reduction in G&A costs, which is a common challenge in this sector.

To summarize the cost control actions and pressures:

• Rising Operating Costs: Overall real estate operating expenses increased year-over-year for the nine months ending April 30, 2025.
• Payroll Cuts Impact: Reductions in executive payroll costs contributed to an improved net loss for the six months ending January 31, 2025.
• Property Tax Escalation: Real estate tax components of revenue/expense have shown an upward trend in quarterly reporting.
• Future CapEx: The company is planning for approximately $1.5 million in capital expenditures for the period extending to January 2026.

The company's Selling, General & Administrative expenses for the Trailing Twelve Months (TTM) ending April 30, 2025, totaled $5.11 million. Also, for the six months ending January 31, 2025, the net loss improved to $(131,024) from $(290,603) the prior year, partly due to those payroll reductions. Finance: draft 13-week cash view by Friday.

J.W. Mays, Inc. (MAYS) - Canvas Business Model: Revenue Streams

You're looking at the top-line performance for J.W. Mays, Inc. (MAYS) as of late 2025, focusing strictly on where the cash comes from. For a real estate entity like J.W. Mays, Inc., the revenue streams are highly concentrated, which is typical for an owner/operator of commercial properties. The core of the business is definitely rental income from operating leases, which provides the stability you'd expect from fixed-term contracts.

To give you the big picture for the fiscal year ending July 31, 2025, the total annual revenue for J.W. Mays, Inc. was $22.47 million. That's the number that matters most for overall scale.

Digging into the components, the most predictable part of that revenue is the base rent. For the three months ended January 31, 2025 (which aligns with Q2 2025 reporting periods), the base rent from fixed leases increased to $5,184,270. This is the bedrock of their cash flow, showing the value locked into their existing tenant agreements.

Beyond the fixed base rent, J.W. Mays, Inc. captures other property-related income. These are the pass-throughs and variable charges that adjust based on property operations. For that same three-month period ending January 31, 2025, we saw specific figures for these other streams, which you can see broken out here:

Honestly, these smaller components show how closely their revenue is tied to the actual operating costs of their properties.

When we look at profitability metrics that strip out non-cash items like depreciation, the TTM (trailing twelve months) EBITDA figure gives you a sense of core operating earnings. J.W. Mays, Inc. generated $2.15 million in EBITDA for the TTM period. That's a key figure for understanding operational cash generation before financing and taxes.

Here's a quick look at the key financial metrics related to revenue and operating performance as of late 2025:

• Total Annual Revenue (FY 2025): $22.47 million.
• TTM EBITDA: $2.15 million.
• Q2 2025 Base Rent (3 Months): $5,184,270.
• Q2 2025 Total Revenues (3 Months): $5,643,444.
• Employees: 28.

The reliance on fixed leases means revenue visibility is high, but it also means that growth is highly dependent on lease expirations, renewals, or new acquisitions. If onboarding takes 14+ days, churn risk rises, but for J.W. Mays, Inc., the focus is on maintaining that high base rent percentage.