MeritValue

Seritage Growth Properties

SRGdata completeness 75%10 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

Seritage Growth Properties earns about -12% on invested capital, but has diluted owners by 33% over 5 years — worth asking whether the growth reaches owners. 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$1.03M1$2.45M1$5.72M2$567,0003$607,0003
Net income−$28.1M4−$73.9M4−$154.9M4−$153.5M5−$68.2M5
Operating cash flow−$136M6−$117.9M6−$53.1M7−$53.5M8−$34.9M8
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$106.6M9$133.5M10$134M11$85.2M11$48.1M11
Diluted shares42.4M49.7M56.2M56.3M56.3M

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
$58.85
your share of equity
Profit it earned you last year
−$12.11
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $58.85 of net worth that earned you −$12.11 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-12% avg · 5y
FY21 9%FY22 -4%FY23 -20%FY24 -31%FY25 -13%

It earned an average -12% 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
+33% shares · 5y

Share count is up 33% 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
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 0000950170-24-039550 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0000950170-25-047860 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-134736 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-039550 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001193125-26-134736 (ProfitLoss)
  6. 10-K · period ending 2021-12-31 · accession 0000950170-24-039550 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-047860 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-134736 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-24-039550 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-25-047860 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2023-12-31 · accession 0001193125-26-134736 (CashAndCashEquivalentsAtCarryingValue)