J.W. Mays, Inc. (MAYS): History, Ownership, Mission, How It Works & Makes Money

Do you really know the full story of J.W. Mays, Inc. (MAYS), or do you just see the ticker? This nearly century-old company has transformed from a Brooklyn department store chain into a focused commercial real estate holding firm, and its recent numbers tell a compelling story of transition.

For the fiscal year ending July 31, 2025, J.W. Mays, Inc. reported annual revenue of $22.47 million, a solid 4.06% growth, but the real win was narrowing its net loss by a substantial 66.5%. With a micro-cap market capitalization of around $78.97 million, this small-cap real estate player, focused on properties in New York and Ohio, presents a defintely classic case of asset value versus operational performance.

You need to understand how a company with a rich history and a relatively small footprint navigates today's commercial property market, so let's dig into the ownership, mission, and how this unique model actually makes money.

J.W. Mays, Inc. (MAYS) History

J.W. Mays, Inc. is a fascinating case study of a company that completely reinvented itself, shifting from a major New York-area discount department store chain to a focused commercial real estate operator. You need to understand this history because the company's current value is tied entirely to its legacy property holdings, not its original retail business.

Given Company's Founding Timeline

Year established

The business was originally established in 1924 as a women's clothing store, though it was formally incorporated under the laws of the State of New York on July 6, 1927.

Original location

The company's roots are firmly in Brooklyn, New York. The first location opened its doors at 510 Fulton Street in Brooklyn in September 1929.

Founding team members

The founder was Joseph Weinstein, a Polish Jewish immigrant from Galicia. He incorporated the company in 1929 and added his initials to the name.

Initial capital/funding

Specific details on the initial capital or funding used by Joseph Weinstein in 1924 are not publicly available, but the rapid expansion suggests a strong early financial base or access to credit.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The biggest shift for J.W. Mays, Inc. wasn't a single quarter's earnings, but the complete, brutal divorce from its founding business model. Honestly, that takes guts.

The first transformative moment was the 1989 pivot to real estate. After declaring Chapter 11 in 1982 and closing its last three stores on December 31, 1988, the company officially reincorporated on January 1, 1989, as a real estate holding company. This move salvaged the value of its prime, legacy properties-like the 380,000 square feet at Fulton Street and Bond Street in Brooklyn-and turned them into its core assets.

The second key moment is the financial resilience shown in the 2025 fiscal year. For the full year ended July 31, 2025, the company reported a total revenue of $22.47 million, which was an increase from the $21.59 million reported a year prior. That's a 4.06% revenue bump, defintely solid for a nano-cap real estate player. The net loss for the year was only $0.14 million, a significant narrowing from the $0.41 million loss in the prior year. This shows the real estate model can generate stable, albeit tight, cash flow. You can dive deeper into the strategic direction that underpins these results by reading the Mission Statement, Vision, & Core Values of J.W. Mays, Inc. (MAYS).

The third transformative factor is the concentrated ownership and small operational footprint. With a market capitalization of roughly $78.89 million as of November 2025, the company operates with a lean team of only 28 employees. This small scale means management decisions have an outsized impact, and the controlling shareholder group holds significant sway over the long-term strategy and asset management.

J.W. Mays, Inc. (MAYS) Ownership Structure

J.W. Mays, Inc. is a publicly traded real estate company, listed on the Nasdaq Capital Market (MAYS), but its control structure is far from a typical public float, with the Shulman family maintaining a significant, decades-long beneficial interest.

Given Company's Current Status

The company operates as a small-cap public entity, focused on owning and leasing commercial real estate properties primarily in the New York area. As of November 2025, J.W. Mays, Inc. maintains a small market capitalization of approximately $78.81 million, which is typical for a company with such a tightly held ownership structure and low trading volume. The stock last traded near $39.17 per share on November 20, 2025.

To be fair, the concentration of ownership means the stock's liquidity can be low, and major decisions defintely rest with a very small group of long-term stakeholders. This structure is a key risk and opportunity: stability from controlling interests, but limited influence for external shareholders. You can dig into the specifics of who's buying and why in Exploring J.W. Mays, Inc. (MAYS) Investor Profile: Who's Buying and Why?

Given Company's Ownership Breakdown

The company's ownership is highly concentrated, with the Shulman family and related entities holding the majority of the voting power. This beneficial ownership effectively gives them control over corporate actions, despite the company's public listing. Here's the quick math on the major shareholder types, based on filings closest to the fiscal year 2025 end:

The Shulman family's beneficial ownership of nearly 49% is the single most important factor in the company's governance. This is a family-run public company, pure and simple.

Given Company's Leadership

The leadership team is notably stable and seasoned, with executive and board tenures far exceeding industry averages. This deep experience provides continuity, but also suggests a resistance to rapid strategic shifts.

The key executive and board positions as of November 2025 are:

• Lloyd J. Shulman: Chairman of the Board, President, and Chief Executive Officer. His CEO tenure is an extraordinary 47 years.
• Ward N. Lyke Jr.: Vice President, Chief Financial Officer, and Treasurer.
• George Silva: Vice President of Operations.
• Salvatore Cappuzzo: Secretary.

The average tenure for the management team is over 30 years, which is almost unheard of in modern finance. The Board of Directors, nominated for the November 25, 2025 Annual Meeting, includes seven individuals, such as Steven Gurney-Goldman and Melinda L. Koster, alongside Mr. Shulman, reinforcing the long-standing, interconnected nature of the company's governance.

J.W. Mays, Inc. (MAYS) Mission and Values

J.W. Mays, Inc. operates with a very clear, pragmatic mission: to efficiently manage its real estate portfolio for long-term value, which is a significant shift from its retail past. This purpose is grounded in the core value of responsible property stewardship and a commitment to its New York City-area communities.

You're looking past the balance sheet to the company's DNA, and honestly, for a real estate holding company, the mission is often less about lofty ideals and more about asset management. The company's focus is on maximizing long-term shareholder value through strategic real estate operations, a commitment that underpins its financial performance, which saw annual revenues hit $22,469,710 for the fiscal year ended July 31, 2025.

J.W. Mays, Inc.'s Core Purpose

The company's core purpose is two-fold: generating consistent value from its commercial real estate holdings and maintaining a positive presence in the communities where its properties are located. This dual focus is necessary because the properties, located in key areas like Brooklyn and Jamaica, New York, are long-term assets tied directly to local economic health.

Here's the quick math: with a market capitalization of approximately $78.89 million as of late 2025, the value of J.W. Mays, Inc. is inherently linked to the stability and quality of its tenant base and properties.

Official mission statement

The company's mission is direct and transactional, reflecting its current business as a property lessor, not a retailer.

• To lease commercial Real Estate space to premium tenants.

That's it. It's a precise statement that cuts straight to the business model: secure reliable, high-quality tenants to ensure stable rental income. For the 2025 fiscal year, this strategy helped narrow the net loss to $(136,240), a significant improvement from the prior year.

Vision statement

While J.W. Mays, Inc. does not publish a flowery vision statement, its actions point toward a clear aspiration for sustainable, community-focused growth. This vision is centered on being a recognized, premier real estate company in the New York metropolitan area.

• Enhance community value through strategic property management and investment.
• Lead in adopting innovative and defintely sustainable practices in property management.
• Maximize asset value and operational efficiency for all stakeholders.

This focus on community is a practical necessity, not just a feel-good measure; well-maintained properties with strong community ties attract and retain better tenants, which directly supports the company's EBITDA of $2.15 million.

J.W. Mays, Inc. slogan/tagline

J.W. Mays, Inc. currently does not use a public-facing slogan or tagline, which is common for a focused real estate holding company. The old one is a piece of history.

• The historical slogan from its department store days was: Every day's a sale day at Mays.

That slogan is a relic from the past, specifically from the retail chain that closed in 1988; it has no bearing on its current real estate operations. Today, the company's tagline is its performance, which you can break down further in Breaking Down J.W. Mays, Inc. (MAYS) Financial Health: Key Insights for Investors.

Finance: Review the Q4 2025 net loss of $(92,000) to pinpoint any specific tenant or property issues that caused the quarterly reversal.

J.W. Mays, Inc. (MAYS) How It Works

J.W. Mays, Inc. operates as a specialized commercial real estate holding company, generating nearly all its revenue by leasing its portfolio of properties, which are primarily located in the New York City metropolitan area and Ohio. The company makes money by collecting rental income from a diversified tenant base, focusing on long-term operating leases for office, retail, and industrial spaces.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

The operational framework for J.W. Mays, Inc. is defintely straightforward, centering on the core functions of property management and lease administration to maximize rental income against operating costs.

• Lease Management: Actively negotiate and renew leases, prioritizing tenants with adequate finances to mitigate risk, a crucial step in the current high-interest rate environment.
• Revenue Generation: The company posted total revenue of $22.47 million for the fiscal year ended July 31, 2025, derived almost entirely from rental income.
• Cost Control: Manage significant real estate operating expenses, including real estate taxes, maintenance, and insurance, which increased in the quarter ended January 31, 2025.
• Capital Investment: Maintain and enhance properties through capital expenditures, with approximately $1.5 million anticipated over the next twelve months as of early 2025 for tenant improvements and property enhancements.

Here's the quick math: while the company reported a net loss of approximately $0.136 million for the 2025 fiscal year, the focus remains on maintaining a steady cash flow from operations to support property upkeep and strategic improvements.

Given Company's Strategic Advantages

The company's market success isn't about rapid expansion; it's about the enduring value of its real estate assets and a disciplined approach to management. Breaking Down J.W. Mays, Inc. (MAYS) Financial Health: Key Insights for Investors

• Irreplaceable Locations: Owns long-standing, strategic commercial properties, many of which are in the highly valuable New York City metropolitan area, providing a natural barrier to entry for competitors.
• Stable Revenue Base: The business model relies on rental income from long-term leases, which provides a consistent, predictable revenue stream, bolstering stability in volatile markets.
• Diversified Tenant Mix: Mitigates risk by leasing to a variety of tenants, including governmental, medical, industrial, and educational institutions, rather than relying on a single sector.
• Low Leverage: A strong financial foundation, with total assets valued at $102.47 million against total liabilities of $12.45 million in the 2024 fiscal year, provides substantial equity and financial resilience for long-term investment.

What this estimate hides is the inherent value of the land itself, which often appreciates regardless of minor fluctuations in quarterly net income.

J.W. Mays, Inc. (MAYS) How It Makes Money

J.W. Mays, Inc. primarily makes money as a commercial real estate holding company, generating nearly all of its revenue by leasing its properties to various tenants, focusing on stable, long-term rental income. This model is straightforward: acquire and maintain commercial assets, then collect rent and expense reimbursements from a concentrated tenant base. It's a classic landlord business.

J.W. Mays, Inc.'s Revenue Breakdown

The company's revenue is fundamentally a single stream-real estate operations-but it is broken down into base rent and tenant reimbursements for operating costs. For the fiscal year ending July 31, 2025, J.W. Mays reported total annual revenue of $22.47 million, reflecting a 4.06% growth over the prior year.

Here's the quick math based on Q3 2025 component data, which is highly indicative of the full-year structure:

Base Rental Income, which is the fixed rent from long-term leases, is the lifeblood of the operation, making up the vast majority of the top line. The other stream, Tax & Expense Reimbursements, covers costs like real estate taxes and common area maintenance (CAM) that are passed directly to tenants, which is a common practice in triple-net or modified-gross commercial leases.

Business Economics

The core economic engine of J.W. Mays, Inc. is built on owning commercial properties in high-demand areas, primarily in the New York City metropolitan area. Their strategy is to lock in long-term leases with built-in escalators-annual rent increases, typically around 2-3%, or linked to the Consumer Price Index (CPI)-to ensure revenue growth outpaces inflation and operating expense increases.

• Pricing Strategy: Rent is set using market comparables (comps) for similar commercial space in their micro-markets, but the focus is on maximizing the Net Effective Rent (NER) (the total income over the lease term after concessions).
• Cost Structure: The main costs are real estate operating expenses, which include property taxes, maintenance, and insurance. The company has seen these costs rise, but they offset them by passing a portion through to tenants via reimbursements.
• Key Risk Concentration: A major structural risk is tenant concentration: approximately 67% of the company's receivables are tied to just four tenants. If one of those key tenants defaults or moves out, the revenue hit is immediate and substantial.
• Operational Efficiency: They run lean. The company has only 28 employees, meaning their revenue per employee is extremely high at about $802,490 for FY 2025. That's defintely a sign of an asset-heavy, low-labor business model.

J.W. Mays, Inc.'s Financial Performance

Looking at the full fiscal year 2025 data, you see a small company with stable, predictable, but slow-growing revenue that is still working through profitability challenges. Total Revenue for the year was $22.47 million, up 4.06%. The net result was a loss, but one that is significantly shrinking, which is a positive trend.

• Profitability: The company reported a Net Loss of only $0.14 million for the full fiscal year 2025, a significant narrowing of 66.49% from the previous year's loss.
• EBITDA Margin: Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is a better measure of the operating cash flow for a real estate business. The FY 2025 EBITDA was $2.15 million, resulting in a healthy EBITDA margin of 9.58%.
• Balance Sheet Health: The Debt-to-Equity ratio is low at 0.08, suggesting the company uses very little debt relative to its equity, which is a conservative stance. The Current Ratio and Quick Ratio are both strong at 1.98, indicating excellent short-term liquidity.
• Market Valuation: As of November 2025, the Market Capitalization is approximately $78.97 million. The deeply negative Price-to-Earnings (P/E) ratio of -489.56 reflects the small net loss, but the low Debt-to-Equity ratio shows the underlying assets are not heavily leveraged.

To dig deeper into the company's capital structure and risk profile, you need to look beyond the income statement. You can find a more detailed analysis of the company's liquidity and long-term debt strategy here: Breaking Down J.W. Mays, Inc. (MAYS) Financial Health: Key Insights for Investors

J.W. Mays, Inc. (MAYS) Market Position & Future Outlook

J.W. Mays, Inc. maintains a stable, albeit niche, position as a long-standing owner-operator in the New York metropolitan area's commercial real estate (CRE) market, driven by its legacy properties and a recent focus on industrial assets. The company's future trajectory hinges on successfully executing its planned capital improvements and navigating the widening divide in the post-2025 office and retail sectors. You're looking at a classic real estate holding company, not a high-growth developer.

For the fiscal year ending July 31, 2025, J.W. Mays reported annual revenue of $22.47 million, reflecting modest growth of 4.06%. Its market capitalization sits at approximately $78.9 million as of November 2025, positioning it as a micro-cap player in the vast US commercial property landscape.

Competitive Landscape

J.W. Mays competes not with the massive Real Estate Investment Trusts (REITs) like Prologis or Simon Property Group, but with smaller, regional owner-operators and private equity funds focused on value-add opportunities in the outer boroughs of New York City. Its competitive advantage is its century-long presence and prime, irreplaceable locations in areas like downtown Brooklyn and Jamaica, Queens, which were former department store sites. This deep local knowledge is defintely a moat.

Opportunities & Challenges

The company's near-term focus is on property optimization, a smart move given the current CRE environment. They are planning approximately $1.2 million in capital expenditures over the next twelve months for tenant improvements and property enhancements, which is a clear action to drive higher rents and tenant retention.

Industry Position

J.W. Mays, Inc. is a micro-cap real estate holding company, not a major REIT. Its position is defined by stability and asset value, not rapid portfolio expansion. The core of its value is the land beneath its properties in high-traffic, densely populated areas of New York City.

• Asset-Rich, Cash-Flow Stable: Revenue is consistent, derived from long-term rental income. The Q3 2025 income from operations was $113,110, a significant improvement from the prior year's loss, showing operational efficiency is improving.
• Focused Portfolio: Unlike diversified competitors, MAYS focuses on a small, high-value portfolio, which limits exposure but also caps growth potential.
• Industrial Tailwinds: The expansion of warehouse space in Circleville, Ohio, is a strategic hedge against the soft office market, tapping into the robust logistics and e-commerce demand that remains a top performer in 2025.

If you want to dig deeper into who is buying this stock and why, you should be Exploring J.W. Mays, Inc. (MAYS) Investor Profile: Who's Buying and Why?