MeritValue

Healthcare Realty Trust Inc

HRdata completeness 88%17 fiscal years on file

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

The thesis, from the filings

Healthcare Realty Trust Inc earns about -4% on equity, but has diluted owners by 145% 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$10.3M1$13.7M2$17.5M3$19.2M3$28.2M3
Net income$66.7M4$40.9M5−$278.3M6−$654.5M6−$246.1M6
Operating cash flow$232.6M7$272.7M8$499.8M9$501.6M9$457.1M9
Capital expenditure$97.2M10————
Free cash flow (derived)$135.5M7————
Total debt$1.8B11$5.35B12$4.99B13$4.66B14$3.91B14
Cash & equivalents$13.2M15$61M16$25.7M17$68.9M18$26.2M18
Diluted shares142.7M253.9M378.9M365.6M349.8M

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
$131.99
your share of equity
Profit it earned you last year
−$7.03
Free cash flow it threw off
—
Debt you’d be carrying
$111.82

10 shares is a claim on $131.99 of net worth that earned you −$7.03 last year, against $111.82 of debt.

iii. Is this a good business?
Moat signal · return on equity
-4% avg · 5y
FY21 3%FY22 1%FY23 -4%FY24 -13%FY25 -5%

It earned an average -4% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+145% shares · 5y

Share count is up 145% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 117% over the same window.

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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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 0001360604-24-000026 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001360604-25-000032 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001360604-26-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001360604-24-000026 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001360604-25-000032 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001360604-26-000018 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001360604-24-000026 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001360604-25-000032 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001360604-26-000018 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001360604-22-000014 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2021-12-31 · accession 0001360604-23-000019 (LongTermDebt)
  12. 10-K · period ending 2022-12-31 · accession 0001360604-24-000026 (LongTermDebt)
  13. 10-K · period ending 2023-12-31 · accession 0001360604-25-000032 (LongTermDebt)
  14. 10-K · period ending 2024-12-31 · accession 0001360604-26-000018 (LongTermDebt)
  15. 10-K · period ending 2021-12-31 · accession 0001360604-23-000019 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001360604-24-000026 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001360604-25-000032 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001360604-26-000018 (CashAndCashEquivalentsAtCarryingValue)