MeritValue

REGENCY CENTERS CORP

REGdata completeness 88%12 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'epsDiluted'

The thesis, from the filings

REGENCY CENTERS CORP earns about 4% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $22.68 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$1.17B1$1.22B2$1.32B3$1.45B3$1.55B3
Net income$361.4M4$482.9M5$364.6M6$400.4M6$527.5M6
Operating cash flow$659.4M7$655.8M8$719.6M9$790.2M9$827.7M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$3.72B10$3.73B11$4.15B12$4.41B13$4.74B13
Cash & equivalents$95M14$68.8M15$91.4M15$61.9M15$120.7M15
Diluted shares——184.6M181.4M182.9M

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
$377.63
your share of equity
Profit it earned you last year
$28.84
Free cash flow it threw off
—
Debt you’d be carrying
$259.12

10 shares is a claim on $377.63 of net worth that earned you $28.84 last year, against $259.12 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
4% avg · 5y
FY21 5%FY22 6%FY23 4%FY24 3%FY25 3%

It earned an average 4% 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 risen 27% 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
$22.68
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$400.4M
  • growthAssumed0.0%
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 0000950170-24-016260 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-021359 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-051668 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-016260 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-021359 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-051668 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-016260 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-021359 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-051668 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-23-003160 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-24-016260 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0000950170-25-021359 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0001193125-26-051668 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0000950170-25-021359 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K · period ending 2022-12-31 · accession 0001193125-26-051668 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)