MeritValue

FrontView REIT, Inc.

FVRdata completeness 88%2 fiscal years on file

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

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).

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 v0.1.0
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
not applicable
only 2 years of net income (need ≥3)
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 2023-12-31 · accession 0000950170-25-042774 (Revenues)
  2. 10-K · period ending 2025-12-31 · accession 0001193125-26-072181 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-042774 (NetIncomeLoss)
  4. 10-K · period ending 2025-12-31 · accession 0001193125-26-072181 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0000950170-25-042774 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2025-12-31 · accession 0001193125-26-072181 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-042774 (LongTermDebt)
  8. 10-K · period ending 2025-12-31 · accession 0001193125-26-072181 (LongTermDebt)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-072181 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  10. 10-K · period ending 2025-12-31 · accession 0001193125-26-072181 (CashAndCashEquivalentsAtCarryingValue)