MeritValue

Chatham Lodging Trust

CLDTdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

Chatham Lodging Trust earns about 2% on invested capital, but has diluted owners by 3% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.86 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$204M1$294.9M2$311.1M2$317.2M2$295.1M3
Net income−$18.4M4$9.81M5$2.64M6$4.17M6$15.1M6
Operating cash flow$28.8M7$71.5M8$76.4M9$73.8M9$64.1M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$544.9M10$470.3M11$486.1M12$406.9M13$338.9M13
Cash & equivalents$19.2M14$26.3M15$68.1M16$20.2M17$24.4M17
Diluted shares48.3M49.1M48.8M48.9M50.0M

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
$148.18
your share of equity
Profit it earned you last year
$3.01
Free cash flow it threw off
—
Debt you’d be carrying
$67.79

10 shares is a claim on $148.18 of net worth that earned you $3.01 last year, against $67.79 of debt.

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

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
+3% shares · 5y

Share count is up 3% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 38% — deleveraging.

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
$0.86
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$4.17M
  • growthAssumed0.0%
Graham Number
$6.83
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001476045-24-000019 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001476045-25-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2025-12-31 · accession 0001437749-26-006103 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001476045-24-000019 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001476045-25-000011 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001437749-26-006103 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001476045-24-000019 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001476045-25-000011 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001437749-26-006103 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001476045-22-000026 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0001476045-23-000020 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0001476045-24-000019 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0001437749-26-006103 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0001476045-23-000020 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001476045-24-000019 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001476045-25-000011 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001437749-26-006103 (CashAndCashEquivalentsAtCarryingValue)