InvenTrust Properties Corp.
IVTdata completeness 100%17 fiscal years on fileInvenTrust Properties Corp. earns about 2% on equity, below its ~9% cost of capital, but has diluted owners by 10% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $1.81 and $19.82 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $212M1 | $236.7M2 | $258.7M3 | $274M3 | $299.2M3 |
| Net income | −$5.36M4 | $52.2M5 | $5.27M6 | $13.7M6 | $111.4M6 |
| Operating cash flow | $90M7 | $125.8M8 | $129.6M9 | $136.9M9 | $155.4M9 |
| Capital expenditure | $15.4M10 | $33.2M11 | $35.7M12 | $36.1M12 | $44.5M12 |
| Free cash flow (derived) | $74.6M7 | $92.6M8 | $93.9M9 | $100.8M9 | $110.9M9 |
| Total debt | $533.1M13 | $754.6M14 | $814.6M15 | $740.4M15 | $822.6M16 |
| Cash & equivalents | $44.9M17 | $137.8M18 | $99.8M18 | $91.2M18 | $40.5M18 |
| Diluted shares | 71.1M | 67.5M | 67.8M | 71.0M | 78.3M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $229.04 of net worth that earned you $14.22 and generated $14.16 of cash last year, against $105.01 of debt.
It earned about 2% on equity against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 10% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 54% 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.
The 3 estimate methods that apply put fair value between $1.81 and $19.82 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth7.4%
- fcfBase$100.8M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth7.4%
- fcfBase$100.8M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$13.7M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $8.39 |
| Base | 7.4% | $15.33 |
| Bull | 12.4% | $21.12 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 7.4%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001307748-24-000016 (Revenues)
- 10-K · period ending 2022-12-31 · accession 0001307748-25-000028 (Revenues)
- 10-K · period ending 2023-12-31 · accession 0001307748-26-000045 (Revenues)
- 10-K · period ending 2021-12-31 · accession 0001307748-24-000016 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001307748-25-000028 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001307748-26-000045 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001307748-24-000016 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001307748-25-000028 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001307748-26-000045 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001307748-24-000016 (PaymentsForCapitalImprovements)
- 10-K · period ending 2022-12-31 · accession 0001307748-25-000028 (PaymentsForCapitalImprovements)
- 10-K · period ending 2023-12-31 · accession 0001307748-26-000045 (PaymentsForCapitalImprovements)
- 10-K · period ending 2021-12-31 · accession 0001307748-23-000031 (LongTermDebt)
- 10-K · period ending 2022-12-31 · accession 0001307748-24-000016 (LongTermDebt)
- 10-K · period ending 2023-12-31 · accession 0001307748-25-000028 (LongTermDebt)
- 10-K · period ending 2025-12-31 · accession 0001307748-26-000045 (LongTermDebt)
- 10-K · period ending 2021-12-31 · accession 0001307748-25-000028 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2022-12-31 · accession 0001307748-26-000045 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)