MeritValue

Trinity Place Holdings Inc.

TPHSdata completeness 75%11 fiscal years on file
The thesis, from the filings

Trinity Place Holdings Inc. earns about 50% on invested capital, but has diluted owners by 190515% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$1.83M1$27.3M2$43M3$33.6M3$3.54M3
Net income$4.33M4−$20.8M5−$20.7M6−$39M6$5.6M6
Operating cash flow−$55.9M7−$21.2M8$1.35M9−$5.47M9−$7.94M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$6.52M10$4.31M11$1.55M11$264,00011$277,00011
Diluted shares32,86033.3M37.2M38.4M62.6M

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
$0.35
your share of equity
Profit it earned you last year
$0.89
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.35 of net worth that earned you $0.89 last year.

iii. Is this a good business?
Moat signal · return on invested capital
50% avg · 5y
FY20 8%FY21 -36%FY22 -62%FY23 —FY24 291%

It earned an average 50% 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
+190515% shares · 5y

Share count is up 190515% 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
$0.27
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2020-12-31 · accession 0001558370-23-005313 (Revenues)
  2. 10-K · period ending 2021-12-31 · accession 0001558370-24-004371 (Revenues)
  3. 10-K · period ending 2022-12-31 · accession 0001558370-25-003553 (Revenues)
  4. 10-K · period ending 2020-12-31 · accession 0001558370-23-005313 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-24-004371 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-25-003553 (NetIncomeLoss)
  7. 10-K · period ending 2020-12-31 · accession 0001558370-23-005313 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2021-12-31 · accession 0001558370-24-004371 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001558370-25-003553 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2020-12-31 · accession 0001558370-24-004371 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2021-12-31 · accession 0001558370-25-003553 (CashAndCashEquivalentsAtCarryingValue)