MeritValue

UNIVERSAL HEALTH REALTY INCOME TRUST

UHTdata completeness 88%17 fiscal years on file

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

The thesis, from the filings

UNIVERSAL HEALTH REALTY INCOME TRUST earns about 17% on equity, comfortably above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $6.55 and $14.38 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$84.2M1$90.6M2$95.6M3$99M3$99.2M3
Net income$109.2M4$21.1M5$15.4M6$19.2M6$17.6M6
Operating cash flow$47.7M7$46.8M8$42.9M9$46.9M9$49.1M9
Capital expenditure$13M10$13.6M11$7.62M12——
Free cash flow (derived)$34.7M7$33.2M8$35.3M9——
Total debt$329.1M13$343.1M14$359.7M15$368.4M16$374.8M17
Cash & equivalents$22.5M18$7.61M19$8.21M20$7.1M21$6.69M21
Diluted shares13.8M13.8M13.8M13.8M13.9M

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
$109.91
your share of equity
Profit it earned you last year
$12.7
Free cash flow it threw off
—
Debt you’d be carrying
$270.32

10 shares is a claim on $109.91 of net worth that earned you $12.7 last year, against $270.32 of debt.

iii. Is this a good business?
Moat signal · return on equity
17% avg · 5y
FY21 46%FY22 9%FY23 8%FY24 11%FY25 12%

It earned about 17% on equity against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 14% 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

The 3 estimate methods that apply put fair value between $6.55 and $14.38 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$6.55
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$34.7M
DCF · Growth Exit 5Y
$9.25
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$34.7M
Earnings Power Value
$14.38
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$19.2M
  • growthAssumed0.0%
Graham Number
$17.72
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $9.25
The three cases
Bear0.0%$9.25
Base0.0%$9.25
Bull5.0%$17.91

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-021191 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-027861 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-071594 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-021191 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-027861 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-071594 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-021191 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-027861 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-071594 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-021191 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-027861 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-071594 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001564590-22-006745 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-23-004655 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-24-021191 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0000950170-25-027861 (LongTermDebt)
  17. 10-K · period ending 2025-12-31 · accession 0001193125-26-071594 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0000950170-23-004655 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0000950170-24-021191 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0000950170-25-027861 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001193125-26-071594 (CashAndCashEquivalentsAtCarryingValue)