Hudson Pacific Properties, Inc.

HPPdata completeness 75%17 fiscal years on file

The thesis, from the filings

Hudson Pacific Properties, Inc. earns about -4% on invested capital, and has bought back 71% 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

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$896.8M¹	$1.03B²	$952.3M³	$842.1M³	$831.1M³
Net income	$29M⁴	−$16.5M⁵	−$170.7M⁶	−$381.4M⁶	−$592.3M⁶
Operating cash flow	$314.9M⁷	$369.5M⁸	$232.3M⁹	$164.7M⁹	$121M⁹
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$96.6M¹⁰	$255.8M¹¹	$100.4M¹¹	$63.3M¹¹	$138.4M¹¹
Diluted shares	151.9M	143.7M	20.1M	20.2M	44.7M

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

Net assets behind them

$665.17

your share of equity

Profit it earned you last year

−$132.56

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $665.17 of net worth that earned you −$132.56 last year.

iii. Is this a good business?

Moat signal · return on invested capital

-4% avg · 5y

FY21 4%FY22 3%FY23 1%FY24 -11%FY25 -17%

It earned an average -4% 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

−71% shares · 5y

Share count is down 71% 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

10-K · period ending 2021-12-31 · accession 0001482512-24-000029 (Revenues)
10-K · period ending 2022-12-31 · accession 0001482512-25-000029 (Revenues)
10-K · period ending 2023-12-31 · accession 0001482512-26-000038 (Revenues)
10-K · period ending 2021-12-31 · accession 0001482512-24-000029 (ProfitLoss)
10-K · period ending 2022-12-31 · accession 0001482512-25-000029 (ProfitLoss)
10-K · period ending 2023-12-31 · accession 0001482512-26-000038 (ProfitLoss)
10-K · period ending 2021-12-31 · accession 0001482512-24-000029 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001482512-25-000029 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001482512-26-000038 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001482512-25-000029 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001482512-26-000038 (CashAndCashEquivalentsAtCarryingValue)