MeritValue

Strawberry Fields REIT, Inc.

STRWdata completeness 88%5 fiscal years on file

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

The thesis, from the filings

Strawberry Fields REIT, Inc. earns about 32% on equity, but has diluted owners by 117% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $2.04 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$87M1$92.5M2$99.8M3$117.1M4$155M4
Net income$393,0005$1.85M6$2.5M7$4.1M8$7.58M8
Operating cash flow$44.8M9$50.9M10$54.9M11$59.3M12$90M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt—$456.8M13$539.1M14$673.9M15$794.7M16
Cash & equivalents$26.2M17$20.2M18$12.2M19$48.4M20$31.8M20
Diluted shares5.8M6.0M6.4M7.1M12.7M

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
$9.53
your share of equity
Profit it earned you last year
$5.97
Free cash flow it threw off
—
Debt you’d be carrying
$625.87

10 shares is a claim on $9.53 of net worth that earned you $5.97 last year, against $625.87 of debt.

iii. Is this a good business?
Moat signal · return on equity
32% avg · 5y
FY21 17%FY22 24%FY23 33%FY24 23%FY25 63%

It earned an average 32% 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
+117% shares · 5y

Share count is up 117% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 74% 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
$2.04
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$2.5M
  • growthAssumed0.0%
Graham Number
$3.59
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 0001493152-23-009013 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-010409 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001493152-25-010144 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-011682 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-009013 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-010409 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001493152-25-010144 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-011682 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-009013 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-010409 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-25-010144 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-011682 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-23-009013 (LongTermDebt)
  14. 10-K · period ending 2023-12-31 · accession 0001493152-24-010409 (LongTermDebt)
  15. 10-K · period ending 2024-12-31 · accession 0001493152-25-010144 (LongTermDebt)
  16. 10-K · period ending 2025-12-31 · accession 0001493152-26-011682 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-23-009013 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001493152-24-010409 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001493152-25-010144 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001493152-26-011682 (CashAndCashEquivalentsAtCarryingValue)