MeritValue

Net Lease Office Properties

NLOPdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

Net Lease Office Properties earns about -14% on invested capital, with a roughly flat share count. 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$147.9M1$156.2M2$175M3$142.2M3$118.9M3
Net income$1.42M4$15.8M5−$131.7M6−$91.5M6−$145.3M6
Operating cash flow$75.3M7$84.3M8$71M9$71.9M9$64.1M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—$276.1M10$542M11$169.2M12$21.9M12
Cash & equivalents$3.97M13$4.67M14$16.3M15$25.1M15$119.6M15
Diluted shares14.6M14.6M14.6M14.8M14.8M

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
$198.4
your share of equity
Profit it earned you last year
−$98.06
Free cash flow it threw off
—
Debt you’d be carrying
$14.78

10 shares is a claim on $198.4 of net worth that earned you −$98.06 last year, against $14.78 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-14% avg · 5y
FY21 2%FY22 3%FY23 -6%FY24 -10%FY25 -58%

It earned an average -14% 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
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 92% — deleveraging.

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 0001952976-24-000019 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001952976-25-000007 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001952976-26-000012 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001952976-24-000019 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001952976-25-000007 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001952976-26-000012 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001952976-24-000019 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001952976-25-000007 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001952976-26-000012 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001952976-24-000019 (LongTermDebt)
  11. 10-K · period ending 2023-12-31 · accession 0001952976-25-000007 (LongTermDebt)
  12. 10-K · period ending 2024-12-31 · accession 0001952976-26-000012 (LongTermDebt)
  13. 10-K · period ending 2021-12-31 · accession 0001952976-24-000019 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001952976-25-000007 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001952976-26-000012 (CashAndCashEquivalentsAtCarryingValue)