MeritValue

SITE Centers Corp.

SITCdata completeness 75%18 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

SITE Centers Corp. earns about 47% on invested capital, and has bought back 75% of its shares over 5 years. The applicable estimate puts fair value near $35.14 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$38.8M1$10.6M2$6.27M3$6.14M3$18.3M3
Net income$124.9M4$168.7M5$265.7M6$531.8M6$177.9M6
Operating cash flow$282.5M7$257.3M8$238.5M9$112M9$19.6M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$41.8M10$20.3M11$551.4M12$54.6M13$119M13
Diluted shares209.1M53.5M52.4M52.6M52.4M

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
$63.83
your share of equity
Profit it earned you last year
$33.91
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $63.83 of net worth that earned you $33.91 last year.

iii. Is this a good business?
Moat signal · return on invested capital
47% avg · 5y
FY21 10%FY22 10%FY23 19%FY24 114%FY25 82%

It earned an average 47% 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
−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 — 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
$35.14
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$177.9M
  • growthAssumed0.0%
Graham Number
$21.97
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 0000950170-24-019352 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-029989 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-076905 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-019352 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-029989 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-076905 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-019352 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-029989 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-076905 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-23-003924 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-24-019352 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0000950170-25-029989 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001193125-26-076905 (CashAndCashEquivalentsAtCarryingValue)