EPRT · Real estate(real estate investment trusts) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Essential Properties Realty Trust, Inc. reported revenue of $561.2 million in fiscal 2025, after growing 29.6% a year over the previous 9 years. Its operating margin widened from 11.8% in 2017 to 64.1%, and it earned 5.3% on its invested capital in the latest year. Of the $1.6 billion its operations generated over 10 years, 64.6% went to dividends. On the accounting screens, it passes 5 of 7 Piotroski tests; 2 of the six cross-checks between its statements fire.
Revenue, fiscal 2025561.2M+29.6% a year over 9 years
Operating margin64.1%gross margin —
Return on invested capital5.3%4.8% on average over 5 years
Free cash flow—
Net debt ÷ EBITDA4.9×net debt 2.5B
Piotroski F-score5/7tests of improvement passed
Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units:
2-for-1 before fiscal 2019.
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
0200.0M400.0M600.0M
2017Revenue 54.4MOperating income 6.4M
2018
2018Revenue 96.2MOperating income 50.1M
2019Revenue 139.4MOperating income 79.8M
2020Revenue 164.0MOperating income 72.8M
2021Revenue 230.2MOperating income 134.4M
2022Revenue 286.5MOperating income 175.4M
2023Revenue 359.6MOperating income 242.8M
2024Revenue 449.6MOperating income 278.2M
2025Revenue 561.2MOperating income 359.9M
2017201820182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+25.1%
+27.9%
+29.6%
Operating income
+27.1%
+37.7%
+56.5%
Net income
+23.6%
+43.0%
+50.7%
Earnings per share
+9.0%
+23.8%
—
Dividend per share
+4.2%
+5.6%
—
Shares
+13.4%
+15.5%
—
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
GrossOperatingNetFree cash flow
0.0%20.0%40.0%60.0%80.0%
2017Operating 11.8%Net 11.6%Free cash flow 41.2%
2018
2018Operating 52.0%Net 16.2%Free cash flow 46.0%
2019Operating 57.3%Net 30.0%
2020Operating 44.4%Net 25.8%
2021Operating 58.4%Net 41.6%
2022Operating 61.2%Net 46.8%
2023Operating 67.5%Net 53.0%
2024Operating 61.9%Net 45.2%
2025Operating 64.1%Net 45.1%
2017201820182019202020212022202320242025
Return on invested capital
Return on invested capital
0.0%2.0%4.0%6.0%
2017
2018
2018Return on invested capital 4.6%
2019Return on invested capital 5.5%
2020Return on invested capital 3.0%
2021Return on invested capital 4.2%
2022Return on invested capital 4.4%
2023Return on invested capital 5.2%
2024Return on invested capital 4.9%
2025Return on invested capital 5.3%
2017201820182019202020212022202320242025
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
6.0%
Return on assets
3.7%
Asset turnover
0.08×
Overheads (SG&A)
7.3% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
0100.0M200.0M300.0M
2017Net income 6.3MFree cash flow 22.4M
2018
2018Net income 15.6MFree cash flow 44.2MAfter stock-based pay 41.8M
2019Net income 41.8M
2020Net income 42.3M
2021Net income 95.7M
2022Net income 134.1M
2023Net income 190.7M
2024Net income 203.0M
2025Net income 253.0M
2017201820182019202020212022202320242025
Where 10 years of operating cash went, 2017–2025
1.6B generated by the business. Each band is its share of that total.
Reinvested in the business 0%1.7M
Acquisitions 0%0
Dividends 65%1.0B
Share buybacks 0%0
Kept, or used to pay down debt 35%556.9M
Over the same years it paid 63.0M in stock.
Per share
Earnings per shareFree cash flow per shareDividend per share
$0.00$0.50$1.00$1.50
2017
2018
2018Earnings per share $0.18Free cash flow per share $0.51Dividend per share $0.16
2019Earnings per share $0.56Dividend per share $0.85
2020Earnings per share $0.44Dividend per share $0.90
2021Earnings per share $0.81Dividend per share $0.96
2022Earnings per share $0.99Dividend per share $1.04
2023Earnings per share $1.24Dividend per share $1.10
2024Earnings per share $1.15Dividend per share $1.13
2025Earnings per share $1.28Dividend per share $1.18
2017201820182019202020212022202320242025
Shares outstanding
Diluted shares
50.0M100.0M150.0M200.0M
2017
2018
2018Diluted shares 87.5M
2019Diluted shares 75.3M
2020Diluted shares 96.2M
2021Diluted shares 117.5M
2022Diluted shares 135.9M
2023Diluted shares 153.5M
2024Diluted shares 177.1M
2025Diluted shares 198.1M
2017201820182019202020212022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
01.0B2.0B3.0B
2017
2018
2018Net debt 510.9M
2019Net debt 230.8M
2020Net debt 794.6M
2021Net debt 1.1B
2022Net debt 1.4B
2023Net debt 1.6B
2024Net debt 2.1B
2025Net debt 2.5B
2017201820182019202020212022202320242025
Net debt ÷ EBITDA
4.9×
Interest coverage
3× operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
5of 7 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✕Less long-term debtLong-term debt as a share of assets fellfailed
–More liquidCurrent ratio higher than a year before — not reportedno data
✕No new sharesShare count did not growfailed
–Better gross marginGross margin higher than a year before — not reportedno data
✓Sells more per assetAsset turnover higher than a year beforepassed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
The effective tax rate is 0.3%.
Benign
A favourable geographic mix, or legitimate tax credits.
Worrying
Not sustainable; projecting it forward inflates the valuation.
Net debt is 4.9 times EBITDA.
Benign
A stable sector with predictable cash flows and comfortable maturities.
Worrying
Little room if earnings fall; the maturity schedule is what to check.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 4 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$708,8401 sale(s) by 1 insider(s)
Under pre-arranged plans0%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
