MeritValue

Granite Point Mortgage Trust Inc.

GPMTdata completeness 75%11 fiscal years on file

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

The thesis, from the filings

Granite Point Mortgage Trust Inc. earns about 9% on invested capital, and has bought back 13% 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$198.3M1$210.9M2$263.7M3$185.6M3$131.7M3
Net income$68.4M4−$40.8M5−$63.2M6−$207.1M6−$41.2M6
Operating cash flow$60.3M7$58.9M8$52.1M9$8.76M9$2.67M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$191.9M10$133.1M11$188.4M12$87.8M12$66M12
Diluted shares54.9M53.0M51.6M50.4M47.9M

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
$115.46
your share of equity
Profit it earned you last year
−$8.6
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $115.46 of net worth that earned you −$8.6 last year.

iii. Is this a good business?
Moat signal · return on invested capital
9% avg · 5y
FY21 21%FY22 8%FY23 14%FY24 -9%FY25 9%

It earned an average 9% 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
−13% shares · 5y

Share count is down 13% 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
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 0001703644-24-000032 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001703644-25-000037 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001703644-26-000012 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0001703644-24-000032 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001703644-25-000037 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001703644-26-000012 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001703644-24-000032 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001703644-25-000037 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001703644-26-000012 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001703644-24-000032 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0001703644-25-000037 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0001703644-26-000012 (CashAndCashEquivalentsAtCarryingValue)