BRANDYWINE REALTY TRUST

BDNdata completeness 88%18 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

BRANDYWINE REALTY TRUST earns about -2% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$486.8M¹	$506.1M²	$514.7M³	$505.5M³	$484.5M³
Net income	$12.3M⁴	$53.8M⁵	−$196.8M⁶	−$195.9M⁶	−$178.2M⁶
Operating cash flow	$190.9M⁷	$209.3M⁸	$177.3M⁹	$181.1M⁹	$116.7M⁹
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	$2.14B¹⁰	$2.21B¹¹	$2.56B¹¹
Cash & equivalents	$27.5M¹²	$17.6M¹³	$58.3M¹³	$90.2M¹³	$32.3M¹³
Diluted shares	172.3M	172.3M	172.0M	172.5M	173.5M

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

Net assets behind them

$45.7

your share of equity

Profit it earned you last year

−$10.28

Free cash flow it threw off

—

Debt you’d be carrying

$147.4

10 shares is a claim on $45.7 of net worth that earned you −$10.28 last year, against $147.4 of debt.

iii. Is this a good business?

Moat signal · return on invested capital

-2% avg · 5y

FY21 1%FY22 3%FY23 -5%FY24 -5%FY25 -4%

It earned an average -2% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 20% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-12-31 · accession 0000790816-24-000014 (Revenues)
10-K · period ending 2022-12-31 · accession 0000790816-25-000009 (Revenues)
10-K · period ending 2023-12-31 · accession 0000790816-26-000008 (Revenues)
10-K · period ending 2021-12-31 · accession 0000790816-24-000014 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0000790816-25-000009 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0000790816-26-000008 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0000790816-24-000014 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0000790816-25-000009 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0000790816-26-000008 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0000790816-24-000014 (LongTermDebt)
10-K · period ending 2024-12-31 · accession 0000790816-26-000008 (LongTermDebt)
10-K · period ending 2021-12-31 · accession 0000790816-25-000009 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0000790816-26-000008 (CashAndCashEquivalentsAtCarryingValue)