MeritValue

Cantor Fitzgerald Income Trust, Inc.

CFTR-PAdata completeness 100%10 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Cantor Fitzgerald Income Trust, Inc. earns about -3% on equity, but has diluted owners by 54% over 5 years — worth asking whether the growth reaches owners. 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
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$36.3M1$72.8M2$90.6M3$95.5M4$97.9M4
Net income−$697,1215−$5.01M6−$6.89M7−$9.13M8−$8.41M8
Operating cash flow$10.4M9$22.8M10$20.9M11$30.3M12$27.4M12
Capital expenditure———$2.76M13$2.03M13
Free cash flow (derived)———$27.5M12$25.3M12
Total debt————$600.7M14
Cash & equivalents$15.4M15$27.6M16$30.4M17$36.1M18$25.4M18
Diluted shares7.8M13.2M15.5M13.7M12.1M

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
$140.91
your share of equity
Profit it earned you last year
−$6.97
Free cash flow it threw off
$20.99
Debt you’d be carrying
$497.81

10 shares is a claim on $140.91 of net worth that earned you −$6.97 and generated $20.99 of cash last year, against $497.81 of debt.

iii. Is this a good business?
Moat signal · return on equity
-3% avg · 5y
FY21 -0%FY22 -1%FY23 -2%FY24 -4%FY25 -5%

It earned an average -3% 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
+54% shares · 5y

Share count is up 54% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-010998 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-038325 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-047855 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-120239 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-010998 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-038325 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-047855 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-120239 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-010998 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-038325 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-047855 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-120239 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2024-12-31 · accession 0001193125-26-120239 (PaymentsForCapitalImprovements)
  14. 10-K · period ending 2025-12-31 · accession 0001193125-26-120239 (LongTermDebt)
  15. 10-K · period ending 2021-12-31 · accession 0000950170-23-010998 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0000950170-24-038325 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0000950170-25-047855 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001193125-26-120239 (CashAndCashEquivalentsAtCarryingValue)