MeritValue

BRT Apartments Corp.

BRTdata completeness 75%18 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

BRT Apartments Corp. earns about 5% on equity, but has diluted owners by 5% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $2.23 a share.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
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$32.1M1$70.5M2$93.6M3$95.6M4$97M4
Net income$29.1M5$50M6$3.87M7−$9.79M8−$11.9M8
Operating cash flow−$529,0009$15.5M10$19.6M11$24.1M12$14.1M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$32.3M13$20.3M14$23.5M15$27.9M16$25.1M16
Diluted shares17.1M17.9M17.9M17.8M18.0M

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
Net assets behind them
$98.42
your share of equity
Profit it earned you last year
−$6.63
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $98.42 of net worth that earned you −$6.63 last year.

iii. Is this a good business?
Moat signal · return on equity
5% avg · 5y
FY21 14%FY22 20%FY23 2%FY24 -5%FY25 -7%

It earned an average 5% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+5% shares · 5y

Share count is up 5% over 5 years — owners have been diluted. Worth asking what they got for it.

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
$2.23
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$3.87M
  • growthAssumed0.0%
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
  1. 10-K · period ending 2021-12-31 · accession 0000014846-23-000005 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000014846-24-000019 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000014846-25-000005 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0000014846-26-000007 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0000014846-23-000005 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000014846-24-000019 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000014846-25-000005 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0000014846-26-000007 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000014846-23-000005 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000014846-24-000019 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000014846-25-000005 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0000014846-26-000007 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000014846-23-000005 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000014846-24-000019 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000014846-25-000005 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0000014846-26-000007 (CashAndCashEquivalentsAtCarryingValue)