MeritValue

FRANKLIN STREET PROPERTIES CORP /MA/

FSPdata completeness 88%17 fiscal years on file
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 applicable estimate puts fair value near $0.04 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$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)−$28.5M7,10−$39.7M8,11−$13.8M9,12−$16.2M9,12−$12.7M9,12
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). A derived or summed figure cites every filing line it was built from.

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 v0.6.0
DCF · Growth Exit 10Y
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.
DCF · Growth Exit 5Y
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.
Earnings Power Value
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.
FFO · Capitalized
$0.04
assumptions (8)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Normalized FFO$370,000
  • Growth assumed0.0%
Graham Number
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2024-02-26 · period ending 2021-12-31 · accession 0001558370-24-001708 (Revenues)
  2. 10-K filed 2025-02-11 · period ending 2022-12-31 · accession 0001558370-25-000806 (Revenues)
  3. 10-K filed 2026-03-09 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001104659-26-025284 (Revenues)
  4. 10-K filed 2024-02-26 · period ending 2021-12-31 · accession 0001558370-24-001708 (ProfitLoss)
  5. 10-K filed 2025-02-11 · period ending 2022-12-31 · accession 0001558370-25-000806 (ProfitLoss)
  6. 10-K filed 2026-03-09 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001104659-26-025284 (ProfitLoss)
  7. 10-K filed 2024-02-26 · period ending 2021-12-31 · accession 0001558370-24-001708 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2025-02-11 · period ending 2022-12-31 · accession 0001558370-25-000806 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2026-03-09 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001104659-26-025284 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2024-02-26 · period ending 2021-12-31 · accession 0001558370-24-001708 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K filed 2025-02-11 · period ending 2022-12-31 · accession 0001558370-25-000806 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K filed 2026-03-09 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001104659-26-025284 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K filed 2023-02-14 · period ending 2021-12-31 · accession 0001558370-23-001280 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K filed 2024-02-26 · period ending 2022-12-31 · accession 0001558370-24-001708 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K filed 2025-02-11 · period ending 2023-12-31 · accession 0001558370-25-000806 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K filed 2026-03-09 · periods ending 2024-12-31, 2025-12-31 · accession 0001104659-26-025284 (CashAndCashEquivalentsAtCarryingValue)