Loading institutional data...
Loading institutional data...
Insufficient data to determine institutional momentum.
Data as of Q2 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading analysis...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
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.
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.
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.
Top 40 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
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $4.1M dividends + $0 buybacks = $4.1M returned on -$12.7M 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 balanced mix of reinvestment and shareholder returns.
Insufficient data. Current ROIC on all capital: -7%. 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 2026-10-08
Where each multiple sits in its own 14-yr range · 0th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-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 -7% against ROIC -7% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
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 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 26.3 | 26.9 | 27.2 | 29.1 | 31.9 | 34.8 | 37.5 | 39.2 |
| SG&A | 4.9 | 5.4 | 6.1 | 7.6 | 8.4 | 9.6 | 11.6 | 11.6 |
| Operating Income | 2.5 | — | — | — | — | — | — | — |
| Income Tax | 0.1 | 0.1 | 0.1 | 0.3 | 0.1 | 0.2 | 0.2 | 0.2 |
| Net Income | 4.9 | 2.4 | 13.3 | 44.3 | 0.7 | -33.0 | -43.9 | -42.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on FSP: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
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.
Interest expense isn't separately reported — often netted into “other income (expense), net.” Interest last disclosed in FY2023 (no longer broken out).
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-10-08
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.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $107.2M 100.0% | $120.1M 100.0% | $145.7M 100.0% | $165.6M 100.0% | $209.4M 100.0% | $245.8M 100.0% | $269.1M 100.0% | $268.9M 100.0% | $272.6M 100.0% | $249.9M 100.0% |
| Cost of Revenue | $42.0M 39.2% | $45.0M 37.5% | $50.7M 34.8% | $52.8M 31.9% | $60.9M 29.1% | $66.9M 27.2% | $72.3M 26.9% | $70.7M 26.3% | $71.2M 26.1% | — |
| Selling, General & Admin | $12.4M 11.6% | $13.9M 11.6% | $14.0M 9.6% | $13.9M 8.4% | $15.9M 7.6% | $15.0M 6.1% | $14.5M 5.4% | $13.1M 4.9% | $13.5M 4.9% | $14.1M 5.7% |
| Total Operating Expenses | $140.0M 130.6% | $152.8M 127.2% | $171.0M 117.4% | $187.9M 113.5% | $228.7M 109.2% | $254.9M 103.7% | $262.3M 97.5% | $262.2M 97.5% | $264.2M 96.9% | $239.2M 95.7% |
| Operating Income | — | — | — | — | — | — | — | $6.6M 2.5% | $8.4M 3.1% | $10.7M 4.3% |
| Interest Expense | — | — | $24.3M 16.7% | $22.8M 13.8% | $32.3M 15.4% | $36.0M 14.7% | $36.8M 13.7% | $38.4M 14.3% | $32.4M 11.9% | $26.5M 10.6% |
| Other Income (Expense), net | — | — | — | — | — | — | — | — | -$1.9M -0.7% | $1.9M 0.8% |
| Pretax Income | -$44.8M -41.8% | -$52.5M -43.7% | -$47.8M -32.8% | $1.3M 0.8% | $92.9M 44.4% | $32.9M 13.4% | $6.7M 2.5% | $13.4M 5.0% | -$15.5M -5.7% | $8.8M 3.5% |
| Income Tax Expense | $189K 0.2% | $216K 0.2% | $279K 0.2% | $204K 0.1% | $638K 0.3% | $250K 0.1% | $269K 0.1% | $360K 0.1% | $400K 0.1% | $418K 0.2% |
| Net Income | -$45.0M -42.0% | -$52.7M -43.9% | -$48.1M -33.0% | $1.1M 0.7% | $92.7M 44.3% | $32.6M 13.3% | $6.5M 2.4% | $13.1M 4.9% | -$15.9M -5.8% | $8.4M 3.4% |
| Per Share | ||||||||||
| EPS (Basic) | -$0.43 | -$0.51 | -$0.47 | $0.01 | $0.87 | $0.30 | $0.06 | — | — | — |
| EPS (Diluted) | -$0.43 | -$0.51 | -$0.47 | $0.01 | $0.87 | $0.30 | $0.06 | — | — | — |
| Weighted Avg Shares (Basic) | 103.6M | 103.5M | 103.4M | 103.3M | 106.7M | 107.3M | 107.2M | — | — | — |
| Weighted Avg Shares (Diluted) | 103.6M | 103.5M | 103.4M | 103.3M | 106.7M | 107.3M | 107.2M | — | — | — |
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.
Ranked against 22 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PSTL | $678M | 47.7× | 17.8× | 7.1× | 25.5% | — | 14.8% | 5.0% | 2.2% | 6.2× | 220 |
| JBGS | $646M | — | 3.0× | 1.3× | -8.9% | — | -27.9% | -12.0% | -12.0% | -0.4× | 200 |
| CLDT | $636M | 97.5× | 9.4× | 2.1× | -7.0% | — | 5.1% | 2.0% | 1.4% | 3.1× | 176 |
| UHT | $522M | 29.6× | 14.0× | 5.3× | 0.2% | — | 17.8% | 11.6% | 3.3% | 5.8× | 182 |
| FBRT | $520M | 9.8× | — | 1.9× | 20.9% | — | 30.5% | 5.7% | 5.7% | — | 240 |
| NXRT | $502M | — | 16.9× | 2.0× | -3.2% | — | -12.7% | -10.8% | -1.7% | 12.8× | 224 |
| BDN | $472M | — | — | 1.0× | -4.2% | 61.8% | -36.8% | -22.5% | -5.3% | — | 231 |
| FPI | $458M | 17.2× | 65.9× | 8.8× | -10.4% | — | 60.5% | 6.7% | 5.0% | 17.2× | 179 |
| LAND | $411M | — | — | 4.7× | 3.7% | 89.1% | 15.3% | 2.0% | 1.2% | — | 178 |
| FVR | $407M | — | 25.7× | 6.1× | 39.1% | — | -5.7% | -1.0% | -0.5% | 10.9× | 123 |
| TCI | $403M | 28.7× | 95.3× | 8.2× | 4.2% | — | 28.1% | 1.6% | 1.3% | — | 47 |
| CHCT | $392M | 171.0× | — | 3.2× | 4.7% | — | 4.2% | 1.2% | 0.5% | — | 169 |
| PINE | $321M | — | 19.6× | 5.3× | 15.9% | 86.0% | -4.4% | -0.9% | -0.4% | 11.7× | 144 |
| NLCP | $283M | 10.7× | 6.1× | 5.5× | 1.9% | — | 51.5% | 6.8% | 6.8% | -0.6× | 3 |
| NXDT | $273M | — | 16.2× | 3.2× | 3.3% | — | -151% | -18.6% | -18.6% | -0.5× | 124 |
| BRT | $254M | — | 16.5× | 2.6× | 1.5% | 99.8% | -12.3% | -6.7% | -6.7% | -1.8× | 112 |
| STRW | $181M | 21.3× | 7.9× | 1.2× | 32.4% | — | 4.9% | 62.6% | 0.9% | 6.3× | 77 |
| FREVS | $163M | 46.5× | 14.7× | 5.6× | 2.2% | — | 12.0% | 10.3% | 2.3% | 5.7× | — |
| ACR | $160M | 340.3× | — | 2.0× | -4.2% | — | 35.0% | 6.6% | 1.4% | — | 67 |
| SEVN | $157M | 6.9× | — | 5.3× | -16.7% | — | 52.5% | 4.7% | 4.7% | — | 93 |
| ELME | $156M | — | 1.3× | 0.6× | 6.2% | 63.3% | -5.4% | -1.2% | -1.2% | -0.1× | 157 |
| BHR | $102M | — | 6.6× | 0.1× | -3.3% | — | -3.2% | -16.1% | -1.8% | 6.0× | 124 |
| FSP | $34M | — | — | 0.3× | -10.8% | 60.8% | -42.0% | -7.4% | -7.4% | — | 112 |
Peers = companies sharing FSP'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.
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 | 4.3% | 3.4% |
| FY2017 | 73.9% | 3.1% | -5.8% |
| FY2018 | 73.7% | 2.5% | 4.9% |
| FY2019 | 73.1% | not reported | 2.4% |
| FY2020 | 72.8% | not reported | 13.3% |
| FY2021 | 70.9% | not reported | 44.3% |
| FY2022 | 68.1% | not reported | 0.7% |
| FY2023 | 65.2% | not reported | -33.0% |
| FY2024 | 62.5% | not reported | -43.9% |
| FY2025 | 60.8% | not reported | -42.0% |
Return on equity (-7%) and return on invested capital (-7%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
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: positive EBIT.
Free cash flow has fallen short of reported profit in 3 of the last three years.
Reported free cash flow is -$13M; after share-based compensation it is -$13M. The difference is a real cost that the cash flow statement adds back.
Leverage is not measurable this way for a reit.
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.
No positive free cash flow to discount, so the price cannot be expressed as a growth requirement.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: free_cash_flow.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$45M | −$45M |
| Share-based comp | $225,000 | −$45M |
| Other non-cash & working capital | $48M | $4M |
| Operating cash flow | $4M | $4M |
| Capex | −$16M | −$13M |
| Free cash flow | −$13M | −$13M |
| FCF after SBC | −$13M | −$13M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -8.6% | 98.8% | 107.4 points |
| FY2021 | -14.8% | -74.5% | -59.6 points |
| FY2022 | -20.9% | 12.6% | 33.5 points |
| FY2023 | -12.0% | -0.5% | 11.6 points |
| FY2024 | -17.6% | -41.4% | -23.9 points |
| FY2025 | -10.8% | -63.3% | -52.5 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 5.2 days | not reported | 336.5 days | -331.2 days |
| FY2020 | 11.4 days | not reported | 392.9 days | -381.5 days |
| FY2021 | 3.4 days | not reported | 536.5 days | -533.1 days |
| FY2022 | 4.9 days | not reported | 348 days | -343.2 days |
| FY2023 | 5.5 days | not reported | 301.3 days | -295.8 days |
| FY2024 | 3.9 days | not reported | 276.1 days | -272.2 days |
| FY2025 | 1.6 days | not reported | 249.4 days | -247.8 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.1 percent |
| FY2020 | -2.0 percent |
| FY2021 | 4.1 percent |
| FY2022 | -1.1 percent |
| FY2023 | -5.6 percent |
| FY2024 | -6.5 percent |
| FY2025 | -5.5 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.