FRMI · Real estate(real estate investment trusts) · 4 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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On the accounting screens, it passes 2 of 3 Piotroski tests; none of the six cross-checks between its statements fires.
Revenue, fiscal 2025—
Operating margin—gross margin —
Return on invested capital—
Free cash flow-603.5M
Net debt ÷ EBITDANet cash149.7M more cash than debt
Piotroski F-score2/3tests of improvement passed
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
-200M-150M-100M-50M0
2025
2025
2025
2025Operating income -177.8M
2025202520252025
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.
Return on invested capital
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
-44.4%
Return on assets
-34.4%
Asset turnover
—
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
-800M-600M-400M-200M0
2025
2025
2025
2025Net income -486.4MFree cash flow -603.5M
2025202520252025
Per share
Earnings per shareFree cash flow per shareDividend per share
-$1.50-$1.00-$0.50$0.00
2025
2025
2025
2025Earnings per share $-1.04Free cash flow per share $-1.29
2025202520252025
Shares outstanding
Diluted shares
450M500M550M600M
2025
2025
2025Diluted shares 575.0M
2025Diluted shares 468.0M
2025202520252025
Debt and liquidity
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
-150M-100M-50M0
2025
2025
2025
2025Net debt -149.7M
2025202520252025
Net debt ÷ EBITDA
—
Interest coverage
-273× 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.
2of 3 tests passed
–ProfitableReturn on assets above zero — not reportedno data
✕Cash from operationsOperating cash flow above zerofailed
–Profitability improvedReturn on assets higher than a year before — not reportedno data
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
–More liquidCurrent ratio higher than a year before — not reportedno data
✓No new sharesShare count did not growpassed
–Better gross marginGross margin higher than a year before — not reportedno data
–Sells more per assetAsset turnover higher than a year before — not reportedno data
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.
None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.
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 6 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$7.3M3 sale(s) by 2 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.
Companies like this one
Same SEC industry (real estate investment trusts) first, then the rest of real estate.
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.
