FRT · 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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Federal Realty Investment Trust reported revenue of $1.3 billion in fiscal 2025, after growing 5.3% a year over the previous 9 years. Its operating margin widened from 40.0% in 2016 to 47.1%. Of the $5.0 billion its operations generated over 10 years, 5.7% went back into the business; the share count rose 21.6%. On the accounting screens, it passes 4 of 7 Piotroski tests; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 20251.3B+5.3% a year over 9 years
Operating margin47.1%gross margin —
Return on invested capital—
Free cash flow—
Net debt ÷ EBITDA5.0×net debt 4.9B
Piotroski F-score4/7tests 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
0500.0M1.0B1.5B
2016Revenue 801.6MOperating income 321.0M
2017Revenue 857.3MOperating income 410.2M
2018Revenue 915.4MOperating income 361.6M
2019Revenue 935.8MOperating income 470.9M
2020Revenue 835.5MOperating income 289.5M
2021Revenue 951.2MOperating income 394.7M
2022Revenue 1.1BOperating income 526.4M
2023Revenue 1.1BOperating income 406.5M
2024Revenue 1.2BOperating income 472.4M
2025Revenue 1.3BOperating income 602.2M
2016201720182019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+6.0%
+8.9%
+5.3%
Operating income
+4.6%
+15.8%
+7.2%
Net income
+2.2%
+25.6%
+5.7%
Earnings per share
-0.2%
+22.2%
+3.4%
Shares
+2.4%
+2.7%
+2.2%
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%
2016Operating 40.0%Net 31.2%Free cash flow 46.2%
2017Operating 47.8%Net 33.8%Free cash flow 44.5%
2018Operating 39.5%Net 26.4%Free cash flow 49.2%
2019Operating 50.3%Net 37.8%Free cash flow 40.5%
2020Operating 34.7%Net 15.8%
2021Operating 41.5%Net 27.5%
2022Operating 49.0%Net 35.9%
2023Operating 35.9%Net 20.9%
2024Operating 39.3%Net 24.6%
2025Operating 47.1%Net 32.1%
2016201720182019202020212022202320242025
Return on invested capital
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
12.7%
Return on assets
4.5%
Asset turnover
0.14×
Overheads (SG&A)
3.7% 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
0200.0M400.0M600.0M
2016Net income 249.9MFree cash flow 370.1MAfter stock-based pay 360.2M
2017Net income 289.9MFree cash flow 381.9MAfter stock-based pay 370.9M
2018Net income 241.9MFree cash flow 450.6MAfter stock-based pay 438.8M
2019Net income 353.9MFree cash flow 379.1MAfter stock-based pay 366.8M
2020Net income 131.7M
2021Net income 261.5M
2022Net income 385.5M
2023Net income 237.0M
2024Net income 295.2M
2025Net income 411.1M
2016201720182019202020212022202320242025
Where 10 years of operating cash went, 2016–2025
5.0B generated by the business. Each band is its share of that total.
Reinvested in the business 6%283.5M
Acquisitions 0%0
Dividends 0%0
Share buybacks 0%0
Kept, or used to pay down debt 94%4.7B
Over the same years it paid 128.8M in stock. The share count rose 21.6%.
Per share
Earnings per shareFree cash flow per shareDividend per share
$0.00$2.00$4.00$6.00$8.00
2016Earnings per share $3.52Free cash flow per share $5.21
2017Earnings per share $4.01Free cash flow per share $5.29
2018Earnings per share $3.30Free cash flow per share $6.15
2019Earnings per share $4.73Free cash flow per share $5.07
2020Earnings per share $1.74
2021Earnings per share $3.38
2022Earnings per share $4.79
2023Earnings per share $2.91
2024Earnings per share $3.53
2025Earnings per share $4.76
2016201720182019202020212022202320242025
Shares outstanding
Diluted shares
70.0M75.0M80.0M85.0M90.0M
2016Diluted shares 71.0M
2017Diluted shares 72.2M
2018Diluted shares 73.3M
2019Diluted shares 74.8M
2020Diluted shares 75.5M
2021Diluted shares 77.4M
2022Diluted shares 80.5M
2023Diluted shares 81.3M
2024Diluted shares 83.6M
2025Diluted shares 86.4M
2016201720182019202020212022202320242025
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
02.0B4.0B6.0B
2016Net debt 2.7B
2017Net debt 3.2B
2018Net debt 3.1B
2019Net debt 3.2B
2020Net debt 3.5B
2021Net debt 3.9B
2022Net debt 4.3B
2023Net debt 4.4B
2024Net debt 4.4B
2025Net debt 4.9B
2016201720182019202020212022202320242025
Net debt ÷ EBITDA
5.0×
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.
4of 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 beforefailed
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.
Net debt is 5.0 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—none in the period
Under pre-arranged plans—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.
