MeritValue

Four Corners Property Trust, Inc.

FCPTdata completeness 88%13 fiscal years on file
The thesis, from the filings

Four Corners Property Trust, Inc. earns about 8% on equity, but has diluted owners by 34% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $9.84 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$26.6M1$29.6M2$30.7M3$30.9M3$31.5M3
Net income$85.6M4$97.8M5$95.3M6$100.5M6$112.4M6
Operating cash flow$122.4M7$142M8$165.1M9$144.1M9$192.3M9
Capital expenditure$268.4M10$296.3M10———
Free cash flow (derived)−$146M7−$154.3M8———
Total debt——$1.11B11$1.14B12$1.2B12
Cash & equivalents$6.3M13$26.3M14$16.3M15$4.08M15$12.1M15
Diluted shares76.8M81.8M88.7M94.1M102.9M

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
$158.32
your share of equity
Profit it earned you last year
$10.91
Free cash flow it threw off
—
Debt you’d be carrying
$116.97

10 shares is a claim on $158.32 of net worth that earned you $10.91 last year, against $116.97 of debt.

iii. Is this a good business?
Moat signal · return on equity
8% avg · 5y
FY21 9%FY22 9%FY23 8%FY24 7%FY25 7%

It earned an average 8% 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
+34% shares · 5y

Share count is up 34% 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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$9.84
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$97.8M
  • growthAssumed0.0%
Graham Number
$19.7
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 0001650132-24-000045 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-020029 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-048898 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001650132-24-000045 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-020029 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-048898 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001650132-24-000045 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-020029 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-048898 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001650132-23-000038 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-020029 (LongTermDebt)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-048898 (LongTermDebt)
  13. 10-K · period ending 2021-12-31 · accession 0001650132-24-000045 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-25-020029 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001193125-26-048898 (CashAndCashEquivalentsAtCarryingValue)