Sila Realty Trust, Inc.

SILAdata completeness 75%13 fiscal years on file

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

The thesis, from the filings

Sila Realty Trust, Inc. earns about 6% on equity, and has bought back 75% of its shares over 5 years. 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

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$172.8M¹	$180M¹	$189.1M²	$186.9M²	$197.5M²
Net income	$402.7M³	−$7.98M⁴	$24M⁵	$42.7M⁵	$33.1M⁵
Operating cash flow	$136.9M⁶	$121.7M⁷	$128.9M⁸	$132.8M⁸	$119.1M⁸
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$32.4M⁹	$12.9M¹⁰	$202M¹⁰	$39.8M¹⁰	$32.3M¹⁰
Diluted shares	224.3M	56.3M	57.3M	56.7M	55.5M

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

Net assets behind them

$239.81

your share of equity

Profit it earned you last year

$5.97

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $239.81 of net worth that earned you $5.97 last year.

iii. Is this a good business?

Moat signal · return on equity

6% avg · 5y

FY21 25%FY22 -1%FY23 2%FY24 3%FY25 2%

It earned an average 6% 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

−75% shares · 5y

Share count is down 75% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 —

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-12-31 · accession 0001567925-24-000009 (Revenues)
10-K · period ending 2023-12-31 · accession 0001567925-26-000008 (Revenues)
10-K · period ending 2021-12-31 · accession 0001567925-24-000009 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001567925-25-000010 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001567925-26-000008 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001567925-24-000009 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001567925-25-000010 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001567925-26-000008 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001567925-25-000010 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001567925-26-000008 (CashAndCashEquivalentsAtCarryingValue)