MeritValue

Piedmont Realty Trust, Inc.

PDMdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

Piedmont Realty Trust, Inc. earns about -1% on equity, 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$528.7M1$563.8M2$577.8M3$570.3M3$565M3
Net income−$1.15M4$146.8M5−$48.4M6−$79.1M6−$83.6M6
Operating cash flow$242.2M7$215.2M8$210.1M9$198.1M9$140.6M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$1.88B10$1.98B11$2.05B12$2.22B13$2.22B13
Cash & equivalents$7.42M14$16.5M15$825,00015$109.6M15$731,00015
Diluted shares124.0M123.5M123.7M123.9M124.4M

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
$120.16
your share of equity
Profit it earned you last year
−$6.72
Free cash flow it threw off
—
Debt you’d be carrying
$178.78

10 shares is a claim on $120.16 of net worth that earned you −$6.72 last year, against $178.78 of debt.

iii. Is this a good business?
Moat signal · return on equity
-1% avg · 5y
FY21 -0%FY22 8%FY23 -3%FY24 -5%FY25 -6%

It earned an average -1% 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
+0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 18% 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 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 0001042776-24-000033 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001042776-25-000042 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001042776-26-000012 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001042776-24-000033 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001042776-25-000042 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001042776-26-000012 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001042776-24-000033 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001042776-25-000042 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001042776-26-000012 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001042776-23-000063 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0001042776-24-000033 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0001042776-25-000042 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0001042776-26-000012 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0001042776-25-000042 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001042776-26-000012 (CashAndCashEquivalentsAtCarryingValue)