MeritValue

FEDERAL REALTY INVESTMENT TRUST

FRTdata completeness 88%18 fiscal years on file

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

The thesis, from the filings

FEDERAL REALTY INVESTMENT TRUST earns about 11% on equity, but has diluted owners by 12% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $35.4 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$951.2M1$1.07B2$1.13B3$1.2B3$1.28B3
Net income$261.5M4$385.5M5$237M6$295.2M6$411.1M6
Operating cash flow$471.4M7$516.8M8$555.8M9$574.6M9$622.4M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$4.06B10$4.34B11$4.62B12$4.5B13$4.96B14
Cash & equivalents$162.1M15$85.6M16$250.8M17$123.4M18$107.4M18
Diluted shares77.4M80.5M81.3M83.6M86.4M

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
$375.99
your share of equity
Profit it earned you last year
$47.58
Free cash flow it threw off
—
Debt you’d be carrying
$574.46

10 shares is a claim on $375.99 of net worth that earned you $47.58 last year, against $574.46 of debt.

iii. Is this a good business?
Moat signal · return on equity
11% avg · 5y
FY21 10%FY22 13%FY23 8%FY24 9%FY25 13%

It earned an average 11% 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
+12% shares · 5y

Share count is up 12% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 22% over the same window.

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
$35.4
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$295.2M
  • growthAssumed0.0%
Graham Number
$62.92
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 0000034903-24-000032 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000034903-25-000016 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000034903-26-000017 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000034903-24-000032 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000034903-25-000016 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000034903-26-000017 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000034903-24-000032 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000034903-25-000016 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000034903-26-000017 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000034903-22-000023 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0000034903-23-000020 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0000034903-24-000032 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0000034903-25-000016 (LongTermDebt)
  14. 10-K · period ending 2025-12-31 · accession 0000034903-26-000017 (LongTermDebt)
  15. 10-K · period ending 2021-12-31 · accession 0000034903-23-000020 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0000034903-24-000032 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0000034903-25-000016 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0000034903-26-000017 (CashAndCashEquivalentsAtCarryingValue)