MeritValue

FRANKLIN STREET PROPERTIES CORP /MA/

FSPdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

FRANKLIN STREET PROPERTIES CORP /MA/ earns about 1% on invested capital, and has bought back 3% of its shares over 5 years. 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$209.4M1$165.6M2$145.7M3$120.1M3$107.2M3
Net income$92.7M4$1.09M5−$48.1M6−$52.7M6−$45M6
Operating cash flow$36.4M7$15.2M8$17.9M9$8.99M9$3.75M9
Capital expenditure$64.8M10$54.9M11$31.6M12$25.2M12$16.4M12
Free cash flow (derived)−$28.5M7−$39.7M8−$13.8M9−$16.2M9−$12.7M9
Total debt—————
Cash & equivalents$34.3M13$3.74M14$125.5M15$41.1M16$30.6M16
Diluted shares106.7M103.3M103.4M103.5M103.6M

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
$58.57
your share of equity
Profit it earned you last year
−$4.34
Free cash flow it threw off
−$1.22
Debt you’d be carrying
—

10 shares is a claim on $58.57 of net worth that earned you −$4.34 and generated −$1.22 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
1% avg · 5y
FY21 17%FY22 3%FY23 -3%FY24 -7%FY25 -6%

It earned an average 1% 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 down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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
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 0001558370-24-001708 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-000806 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-025284 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-001708 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-000806 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-025284 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-001708 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-000806 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-025284 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-001708 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-25-000806 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001104659-26-025284 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-001280 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-001708 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-000806 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-025284 (CashAndCashEquivalentsAtCarryingValue)