MeritValue

Curbline Properties Corp.

CURBdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

Curbline Properties Corp. earns about 3% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $2.79 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 2022FY 2023FY 2024FY 2025
Revenue$73.1M1$93.7M2$120.9M2$182.9M2
Net income$25.7M3$31M4$10.3M4$39.9M4
Operating cash flow$49.9M5$59.2M6$54.3M6$124.6M6
Capital expenditure————
Free cash flow (derived)————
Total debt——$07$423.2M7
Cash & equivalents—$566,0008$626.4M9$289.6M9
Diluted shares104.9M104.9M105.2M105.3M

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
$181.31
your share of equity
Profit it earned you last year
$3.79
Free cash flow it threw off
—
Debt you’d be carrying
$40.19

10 shares is a claim on $181.31 of net worth that earned you $3.79 last year, against $40.19 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 4y
FY22 4%FY23 4%FY24 1%FY25 3%

It earned an average 3% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+0% shares · 4y

Share count is roughly flat over 4 years — little dilution, little buyback.

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
$2.79
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$28.4M
  • growthAssumed0.0%
Graham Number
$12.29
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-12-31 · accession 0000950170-25-024834 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001193125-26-043647 (Revenues)
  3. 10-K · period ending 2022-12-31 · accession 0000950170-25-024834 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001193125-26-043647 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-024834 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-043647 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-12-31 · accession 0001193125-26-043647 (LongTermDebt)
  8. 10-K · period ending 2023-12-31 · accession 0000950170-25-024834 (CashAndCashEquivalentsAtCarryingValue)
  9. 10-K · period ending 2024-12-31 · accession 0001193125-26-043647 (CashAndCashEquivalentsAtCarryingValue)