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Data as of Q2 2026
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What the company returns to shareholders — and whether it's covered by cash.
The dividend takes 89% of free cash flow — sustainable but with limited headroom. Last year: $121.3M dividends + $37.1M buybacks = $158.3M returned on $136.0M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 2%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-13
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $416.0M 100.0% | $483.9M 100.0% | $568.9M 100.0% | $452.1M 100.0% | $365.7M 100.0% | $290.9M 100.0% | $413.4M 100.0% | $431.3M 100.0% | $424.1M 100.0% | $407.5M 100.0% |
| Selling, General & Admin | $26.0M 6.2% | $25.5M 5.3% | $17.6M 3.1% | $15.4M 3.4% | $15.1M 4.1% | $12.0M 4.1% | $10.2M 2.5% | $14.1M 3.3% | $13.7M 3.2% | $12.5M 3.1% |
| Total Operating Expenses | $395.0M 94.9% | $778.4M 160.9% | $576.3M 101.3% | $416.0M 92.0% | $356.7M 97.5% | $278.5M 95.7% | $304.8M 73.7% | $302.2M 70.1% | $270.9M 63.9% | $258.3M 63.4% |
| Operating Income | — | — | — | $323.2M 71.5% | $174.7M 47.8% | $45.4M 15.6% | $289.2M 70.0% | $135.3M 31.4% | $170.2M 40.1% | $152.1M 37.3% |
| Interest Expense | — | — | — | $156.5M 34.6% | $83.9M 22.9% | $64.1M 22.0% | $98.9M 23.9% | $97.9M 22.7% | $89.8M 21.2% | $79.5M 19.5% |
| Other Income (Expense), net | $31.3M 7.5% | $2.2M 0.5% | $35.6M 6.3% | $107.8M 23.8% | $77.5M 21.2% | -$69.0M -23.7% | -$106.2M -25.7% | -$97.9M -22.7% | -$90.7M -21.4% | -$80.1M -19.7% |
| Income Tax Expense | — | $750K 0.2% | — | — | — | — | — | — | — | — |
| Net Income | $52.4M 12.6% | -$292.3M -60.4% | $28.1M 4.9% | $143.8M 31.8% | $86.5M 23.6% | -$23.5M -8.1% | $182.9M 44.2% | $37.3M 8.6% | $79.4M 18.7% | $71.8M 17.6% |
| Per Share | ||||||||||
| EPS (Basic) | $0.12 | -$0.67 | $0.06 | $0.33 | $0.24 | -$0.08 | $0.59 | — | — | — |
| EPS (Diluted) | $0.12 | -$0.67 | $0.06 | $0.33 | $0.24 | -$0.08 | $0.59 | — | — | — |
| Weighted Avg Shares (Basic) | 436.8M | 437.2M | 437.4M | 437.3M | 365.7M | 311.8M | 311.3M | — | — | — |
| Weighted Avg Shares (Diluted) | 436.8M | 437.2M | 437.4M | 437.3M | 365.7M | 311.8M | 311.3M | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
A reverse discounted cash flow is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
Leverage ratios is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $87.9M is below the $1.73B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Coverage is adequate but not comfortable. Effective rate ~3.5% on $4.42B of debt. Interest last disclosed in FY2022 (no longer broken out).
Cash of $87.9M is below short-term debt of $1.70B — relies on refinancing/operations.
Mostly short-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 32 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AKR | $2.5B | 180.9× | 20.8× | 6.0× | 14.2% | — | 4.1% | 0.8% | 0.4% | 8.8× | 248 |
| FCPT | $2.3B | 19.6× | — | 8.0× | 9.7% | — | 38.2% | 6.9% | 4.0% | — | 336 |
| LTC | $2.3B | 17.1× | 13.0× | 8.9× | 25.3% | — | 44.9% | 11.0% | 6.2% | 3.4× | 277 |
| IVT | $2.3B | 20.8× | 16.6× | 7.7× | 9.2% | — | 37.2% | 6.2% | 4.3% | 4.4× | 331 |
| SMA | $1.9B | — | 14.8× | 6.7× | 18.6% | 61.3% | -3.1% | -0.7% | -0.7% | -0.4× | 252 |
| MPT | $1.8B | — | — | 1.9× | -2.4% | 90.7% | -28.5% | -6.0% | -1.9% | — | — |
| NTST | $1.7B | 214.9× | 20.8× | 8.9× | 19.8% | — | 3.6% | 0.5% | 0.3% | 8.0× | 260 |
| GNL | $1.7B | — | 6.4× | 3.5× | -13.1% | — | -45.5% | -13.6% | -13.6% | -0.7× | 335 |
| RLJ | $1.7B | — | 16.6× | 1.3× | -1.4% | — | 2.1% | 1.3% | 0.7% | 8.4× | 219 |
| DEI | $1.6B | 103.2× | — | 1.6× | 1.8% | 63.4% | 1.6% | 0.9% | 0.2% | — | 275 |
| CBL | $1.5B | 11.0× | — | 2.6× | 12.2% | — | 23.5% | 36.3% | 5.3% | — | 219 |
| AAT | $1.3B | 23.0× | 10.5× | 3.0× | -4.7% | 61.1% | 16.4% | 6.2% | 2.5% | 5.8× | 233 |
| UMH | $1.3B | 214.7× | — | 4.9× | 8.8% | — | 10.0% | 2.9% | 2.9% | — | 251 |
| ALX | $1.2B | 42.9× | — | 5.7× | -5.8% | — | 13.2% | 25.9% | 25.9% | — | 151 |
| NHP | $1.1B | — | 12.4× | 3.1× | -3.3% | 36.0% | -16.9% | -9.6% | -9.6% | -0.7× | — |
| DEA | $1.0B | 82.0× | — | 3.1× | 11.3% | 76.9% | 3.9% | 1.0% | 0.4% | — | 250 |
| CSR | $932M | 54.4× | 10.8× | 3.4× | 4.9% | 96.5% | 6.2% | 2.4% | 1.0% | 5.6× | 214 |
| ESRT | $828M | 19.1× | 2.1× | 1.1× | 0.0% | — | 9.5% | 6.9% | 6.9% | -0.4× | 221 |
| SAFE | $818M | 7.3× | — | 2.1× | 5.4% | 98.8% | 29.7% | 4.8% | 1.6% | — | 211 |
| ARI | $811M | 7.8× | — | 3.0× | -10.6% | — | 46.7% | 6.8% | 6.8% | — | 276 |
| CMRF | $796M | 15.2× | — | 1.9× | -14.0% | — | 12.6% | 8.3% | 2.0% | — | 6 |
| CTO | $767M | 255.8× | 14.6× | 5.1× | 20.1% | 74.6% | 6.7% | 1.8% | 0.9% | 6.5× | 213 |
| BFS | $727M | 27.0× | 4.7× | 2.5× | 7.8% | — | 12.9% | 12.2% | 4.8% | 1.8× | 189 |
| PSTL | $666M | 46.9× | 17.6× | 7.0× | 25.5% | — | 14.8% | 5.0% | 2.2% | 6.2× | 220 |
| CLDT | $644M | 98.8× | 9.5× | 2.2× | -7.0% | — | 5.1% | 2.0% | 1.4% | 3.1× | 176 |
Peers = companies sharing CMRF's sector (Real Estate Investment Trusts) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
EOD close · as of 2026-10-13
Where each multiple sits in its own 11-yr range · 41th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 11-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 8% against ROIC 2% — 6% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 4.3% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 3.3 | 2.5 | 4.1 | 4.1 | 3.4 | 3.1 | 5.3 | 6.2 |
| Operating Income | 31.4 | 70.0 | 15.6 | 47.8 | 71.5 | — | — | — |
| Income Tax | — | — | — | — | — | — | 0.2 | — |
| Net Income | 8.6 | 44.2 | -8.1 | 23.6 | 31.8 | 4.9 | -60.4 | 12.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CMRF: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Top 8 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 37.3% | 17.6% |
| FY2017 | not reported | 40.1% | 18.7% |
| FY2018 | not reported | 31.4% | 8.6% |
| FY2019 | not reported | 70.0% | 44.2% |
| FY2020 | not reported | 15.6% | -8.1% |
| FY2021 | not reported | 47.8% | 23.6% |
| FY2022 | not reported | 71.5% | 31.8% |
| FY2023 | not reported | not reported | 4.9% |
| FY2024 | not reported | not reported | -60.4% |
| FY2025 | not reported | not reported | 12.6% |
Leverage and buybacks account for 6 points of the 8% return on equity in FY2025. The business earns 2% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: tax_rate.
Converts 2.90x of reported profit into free cash flow over 5 years, with accruals negative.
Shares outstanding are up 40% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Leverage is not measurable this way for a reit.
Ladder as of 2026-06-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $1.82, free cash flow must compound 4.49%/yr for 10 years. It has done -4.19%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −37.1% | 4.5% |
| FY2021 | 34.0% | 4.5% |
| FY2022 | 20.6% | 4.5% |
| FY2023 | 25.2% | 4.5% |
| FY2024 | −27.9% | 4.5% |
| FY2025 | −15.6% | 4.5% |
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $52M | $52M |
| Share-based comp | $5M | $57M |
| Other non-cash & working capital | $79M | $136M |
| Operating cash flow | $136M | $136M |
| Capex | $0 | $136M |
| Free cash flow | $136M | $136M |
| FCF after SBC | $131M | $131M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -29.6% | not reported | not reported |
| FY2021 | 25.7% | not reported | not reported |
| FY2022 | 23.6% | not reported | not reported |
| FY2023 | 25.8% | not reported | not reported |
| FY2024 | -14.9% | not reported | not reported |
| FY2025 | -14.0% | not reported | not reported |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 51.5 days | not reported | not reported | not reported |
| FY2020 | not reported | not reported | not reported | not reported |
| FY2021 | not reported | not reported | not reported | not reported |
| FY2022 | not reported | not reported | not reported | not reported |
| FY2023 | not reported | not reported | not reported | not reported |
| FY2024 | not reported | not reported | not reported | not reported |
| FY2025 | 0 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -0.3 percent |
| FY2020 | -3.0 percent |
| FY2021 | -0.9 percent |
| FY2022 | -0.5 percent |
| FY2023 | -3.0 percent |
| FY2024 | -8.7 percent |
| FY2025 | -7.3 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.