MeritValue

Strategic Student & Senior Housing Trust, Inc.

STSRdata completeness 88%9 fiscal years on file

Data notes: no data for concept 'dilutedShares'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'

The thesis, from the filings

Strategic Student & Senior Housing Trust, Inc. earns about -1% on invested capital. 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$34.3M1$30.1M2$32.6M3$34.9M3$37.7M3
Net income−$9.33M4$725,3515−$11.1M6$17.8M6−$5.76M6
Operating cash flow$718,5507−$88,2678$939,7729−$5.26M9$3.16M9
Capital expenditure$1.11M10$3.83M11$2.37M12$1.18M12$3.6M12
Free cash flow (derived)−$387,6477−$3.92M8−$1.43M9−$6.44M9−$441,2869
Total debt$204.5M13$162.8M14$160.9M15$104.1M16$102.4M16
Cash & equivalents$7.85M17$10.3M18$5.59M19$10.7M20$3.01M20
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
-1% avg · 5y
FY21 5%FY22 3%FY23 -3%FY24 -4%FY25 -3%

It earned an average -1% 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
— shares · 5y

Total debt has fallen 50% — deleveraging.

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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
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 0000950170-24-035186 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-043115 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-117409 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-035186 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-043115 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-117409 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-035186 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-043115 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-117409 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-035186 (PaymentsForCapitalImprovements)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-043115 (PaymentsForCapitalImprovements)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-117409 (PaymentsForCapitalImprovements)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-009674 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-035186 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-043115 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-117409 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-009674 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-035186 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-043115 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-117409 (CashAndCashEquivalentsAtCarryingValue)