MeritValue

FrontView REIT, Inc.

FVRdata completeness 88%2 fiscal years on file
The thesis, from the filings

FrontView REIT, Inc. earns about -1% on equity, with a roughly flat share count. 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 2023FY 2025
Revenue$48.3M1$67.1M2
Net income−$1.1M3−$3.83M4
Operating cash flow$17.2M5$42.1M6
Capital expenditure——
Free cash flow (derived)——
Total debt$436.5M7$314.3M8
Cash & equivalents$17.1M9$13.5M10
Diluted shares—27.8M

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
$140.52
your share of equity
Profit it earned you last year
−$1.38
Free cash flow it threw off
—
Debt you’d be carrying
$112.88

10 shares is a claim on $140.52 of net worth that earned you −$1.38 last year, against $112.88 of debt.

iii. Is this a good business?
Moat signal · return on equity
-1% avg · 2y
FY23 -1%FY25 -1%

It earned an average -1% on equity over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 2y

Share count is roughly flat over 2 years — little dilution, little buyback. Total debt has fallen 28% — deleveraging.

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
not applicable
FFO constructible for only 2 of the last 2 fiscal years — need ≥3 (net income and depreciation & amortization must both be tagged).
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 2025-03-20 · period ending 2023-12-31 · accession 0000950170-25-042774 (Revenues)
  2. 10-K filed 2026-02-25 · period ending 2025-12-31 · accession 0001193125-26-072181 (Revenues)
  3. 10-K filed 2025-03-20 · period ending 2023-12-31 · accession 0000950170-25-042774 (NetIncomeLoss)
  4. 10-K filed 2026-02-25 · period ending 2025-12-31 · accession 0001193125-26-072181 (NetIncomeLoss)
  5. 10-K filed 2025-03-20 · period ending 2023-12-31 · accession 0000950170-25-042774 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K filed 2026-02-25 · period ending 2025-12-31 · accession 0001193125-26-072181 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K filed 2025-03-20 · period ending 2023-12-31 · accession 0000950170-25-042774 (LongTermDebt)
  8. 10-K filed 2026-02-25 · period ending 2025-12-31 · accession 0001193125-26-072181 (LongTermDebt)
  9. 10-K filed 2026-02-25 · period ending 2023-12-31 · accession 0001193125-26-072181 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  10. 10-K filed 2026-02-25 · period ending 2025-12-31 · accession 0001193125-26-072181 (CashAndCashEquivalentsAtCarryingValue)