MeritValue

Apple Hospitality REIT, Inc.

APLEdata completeness 100%17 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$933.9M1$1.24B2$1.34B3$1.43B3$1.41B3
Net income$18.8M4$144.8M5$177.5M6$214.1M6$175.4M6
Operating cash flow$217.6M7$368.4M8$399M9$405.4M9$370.2M9
Capital expenditure$18.3M10$59.4M11$76.8M12$78.3M12$88.2M12
Free cash flow (derived)$199.3M7$309.1M8$322.2M9$327.1M9$282M9
Total debt$1.44B13$1.37B14$1.37B15$1.47B16$1.54B16
Cash & equivalents$3.28M17$4.08M18$10.3M18$10.3M18$8.52M18
Diluted shares226.4M228.9M229.3M241.3M237.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000042%
of the whole company
Your share of last year’s profit
$7.37
Your share of its debt
$64.7
Your share of free cash flow
$11.86
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$62.04
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth17.4%
  • fcfBase$322.2M
DCF · Growth Exit 5Y
$34.51
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth17.4%
  • fcfBase$322.2M
Earnings Power Value
$7.77
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$175.4M
  • growthAssumed0.0%
Graham Number
$14.85
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years17.4%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $34.51

Default growth 17.4%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-018793 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-025638 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-064008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-018793 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-025638 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-064008 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-018793 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-025638 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-064008 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-018793 (PaymentsForCapitalImprovements)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-025638 (PaymentsForCapitalImprovements)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-064008 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-003449 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-018793 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-025638 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-064008 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-25-025638 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001193125-26-064008 (CashAndCashEquivalentsAtCarryingValue)