MeritValue

Global Net Lease, Inc.

GNLdata completeness 75%14 fiscal years on file
The thesis, from the filings

Global Net Lease, Inc. earns about -0% on invested capital, but has diluted owners by 127% over 5 years — worth asking whether the growth reaches owners. 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$391.2M1$378.9M2$445.8M3$569.8M3$495.3M3
Net income$11.4M4$12M5−$211.9M6−$131.6M6−$225.5M6
Operating cash flow$192.5M7$181.8M8$143.7M9$299.5M9$222.8M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$89.7M10$103.3M11$121.6M12$159.7M12$180.1M12
Diluted shares98.3M103.7M142.6M230.4M223.3M

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
$74.51
your share of equity
Profit it earned you last year
−$10.1
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $74.51 of net worth that earned you −$10.1 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-0% avg · 5y
FY21 4%FY22 5%FY23 0%FY24 -3%FY25 -6%

It earned an average -0% 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
+127% shares · 5y

Share count is up 127% over 5 years — owners have been diluted. Worth asking what they got for it.

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
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 0001526113-24-000007 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001526113-25-000007 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-011696 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001526113-24-000007 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001526113-25-000007 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-011696 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001526113-24-000007 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001526113-25-000007 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-011696 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001526113-24-000007 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0001526113-25-000007 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-011696 (CashAndCashEquivalentsAtCarryingValue)