MeritValue

ONE LIBERTY PROPERTIES INC

OLPdata completeness 63%17 fiscal years on file

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

The thesis, from the filings

ONE LIBERTY PROPERTIES INC earns about 11% on equity, but has diluted owners by 3% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $15.07 a share.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$82.7M1————
Net income$38.9M2$42.2M3$29.6M4$30.4M4$25.5M4
Operating cash flow$48.6M5$44.2M6$46.1M7$39.1M7$37.5M7
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$16.2M8$6.72M9$26.4M10$42.3M11$14.4M11
Diluted shares20.3M20.5M20.6M20.7M20.9M

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
$143.27
your share of equity
Profit it earned you last year
$12.18
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $143.27 of net worth that earned you $12.18 last year.

iii. Is this a good business?
Moat signal · return on equity
11% avg · 5y
FY21 13%FY22 13%FY23 10%FY24 10%FY25 9%

It earned an average 11% 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
+3% shares · 5y

Share count is up 3% over 5 years — owners have been diluted. Worth asking what they got for it.

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
$15.07
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$30.4M
  • growthAssumed0.0%
Graham Number
$19.25
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-22-003420 (Revenues)
  2. 10-K · period ending 2021-12-31 · accession 0001558370-24-002579 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001558370-25-002406 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001104659-26-024579 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-24-002579 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-25-002406 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001104659-26-024579 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2021-12-31 · accession 0001558370-23-003726 (CashAndCashEquivalentsAtCarryingValue)
  9. 10-K · period ending 2022-12-31 · accession 0001558370-24-002579 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2023-12-31 · accession 0001558370-25-002406 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2024-12-31 · accession 0001104659-26-024579 (CashAndCashEquivalentsAtCarryingValue)