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Franklin Street Properties Corp.

FSP Real Estate Reit Office

Franklin Street Properties Corp.’s revenue for fiscal 2025 (year ended December 2025) was $107.2 million, down 10.8% from fiscal 2024.

Revenue
−8.67%
EPS
−9.37%
Free cash flow
+598.4%
Total debt
−0.11%

Quarter to September 2026, against a year earlier

0.42 0.01 −2.33%
Market cap
$44.3M
P/E
0.0×
Fwd P/E
−2.6×
Dividend yield
2.38%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 18.62%

Capital & Financial Ratios $m

Size
Market Cap 44.26
Revenue ttm 103.55
Net income ttm (42.56)
Free cash flow ttm 12.99
Net debt Q 212.45
Valuation
P/E 0.00
Forward P/E (2.63) (negative: loss-making)
Price / sales 0.42
Forward P/S Powerpack
Price / FCF 3.36
Price / book 0.08
Financial health
Current ratio Q 2.56
Debt / equity Q 0.43
Interest coverage Q —
Growth
Revenue growth Q −8.67% (below 0%: shrinking)
Operating income growth Q +3.35% (above 0%: growing)
EPS, this year +11.76%
EPS, next year A +28.89% (at or above 15%: strong)
Revenue, next year A +16.74% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +15.29% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.5×, against a ten-year median of 5.5×; over the ten years it ranged from 2.4× in 2026 to 9.4× in 2017.
P/S against its own 10 years 1.65%
10-year low 10-year high
P/B against its own 10 years 1.61%
10-year low 10-year high
EV/Sales against its own 10 years 0.73%
10-year low 10-year high
EV/FCF against its own 10 years 61.33%
10-year low 10-year high

Dividends

Yield
2.38%
Annual rate
0.01
Payout ratio
—
Growth, 2017–25
−30.8%/yr
  1. 0.76 ’17
  2. 0.46 ’18 −39
  3. 0.36 ’19 −22
  4. 0.36 ’20 +0
  5. 0.36 ’21 +0
  6. 0.20 ’22 −44
  7. 0.04 ’23 −80
  8. 0.04 ’24 +0
  9. 0.04 ’25 +0
  10. 0.04 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 128 43 31 35
Receivables 43 39 39 38
Inventory — — — —
Other — — — —
170 82 70 73
2023 2024 2025 Q'26
Payables 42 34 29 28
ST’ Debt — — — —
Other — — — —
136 37 31 28

Compound Annual Growth %

10y 5y 3y
Sales (7.89%) (15.30%) (13.51%)
Cash Flow (28.19%) (44.05%) (37.31%)
Earnings 0.00% 0.00% 0.00%
Book Value (4.24%) (4.60%) (7.57%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY25 Estimate 0.02 Actual 0.02

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY24 0.03 0.03 Met by 0.00
Q1 FY25 0.02 0.03 Beat by 0.01
Q2 FY25 0.02 0.02 Met by 0.00
Q3 FY25 0.02 0.02 Met by 0.00

EPS $

Mar Jun Sep Dec Year
’26 (0.09) (0.16) (0.09) — —
’25 (0.21) (0.08) (0.08) (0.07) (0.43)
’24 (0.07) (0.20) (0.15) (0.08) (0.51)
’23 0.02 (0.08) (0.44) 0.03 (0.47)
’22 (0.04) (0.09) 0.17 (0.03) 0.01
’21 (0.06) 0.15 0.04 0.75 0.87
’20 (0.01) (0.02) (0.02) 0.35 0.30
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 26 26 25 — —
’25 27 27 27 26 107
’24 31 31 30 28 120
’23 38 36 37 35 146
’22 42 41 41 41 166
’21 59 56 51 43 209
’20 63 61 62 60 246
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (5) 3 7 — —
’25 (5) (3) 8 4 4
’24 (7) (1) 14 2 9
’23 (1) 2 11 6 18
’22 (10) 0 20 6 15
’21 2 4 21 9 36
’20 7 18 30 12 68
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (8) 0 21 — —
’25 (10) 0 3 0 (7)
’24 18 (5) 37 29 79
’23 16 (5) 12 106 128
’22 (20) (12) 105 16 89
’21 (14) 212 93 254 545
’20 (13) (5) 12 85 79
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 250 273 269 269 246 209 166 146 120 107 104 (9.0%) 125 — — +16.7%
Gross margin, % 57.79 57.06 56.65 55.33 53.09 51.31 47.20 46.51 43.59 43.78 46.13 (14.0) pt
EBT 9 (12) 7 7 33 93 1 (48) (53) (45) (42) n/m
EBT margin, % 3.52 (4.38) 2.47 2.51 13.37 44.39 0.78 (32.83) (43.72) (41.78) (40.89) (45.3) pt
Net income 8 (16) 13 6 33 93 1 (48) (53) (45) (43) n/m
Per share, $
Per share, $ Revenue 2.43 2.54 2.51 2.51 2.29 1.96 1.60 1.41 1.16 1.03 1.00 (9.1%)
Earnings 0.08 (0.15) 0.12 0.06 0.30 0.87 0.01 (0.47) (0.51) (0.43) (0.41) n/m
Cash flow 0.92 0.89 0.75 0.76 0.64 0.34 0.15 0.17 0.09 0.04 0.08 (30.2%)
Capex (2.25) (0.15) (0.48) (0.66) 0.10 4.77 0.72 1.07 0.68 (0.10) 0.04 (29.3%)
Free cash flow (1.33) 0.74 0.27 0.10 0.74 5.11 0.86 1.24 0.77 (0.06) 0.12 (28.7%)
Book value 9.35 8.13 7.81 7.33 7.16 7.34 7.44 6.90 6.34 5.86 5.49 (5.1%)
Shares, m 103 107 107 107 107 107 103 103 104 104 104 +0.1%
Valuation, ×
Valuation, × P/E 144.67 0.00 53.61 155.07 14.36 6.76 277.00 0.00 0.00 0.00 0.00 65.1
P/S 5.36 4.23 2.48 3.41 1.91 3.03 1.73 1.84 1.58 0.92 0.42 2.6
P/B 1.39 1.32 0.80 1.17 0.61 0.81 0.37 0.38 0.29 0.16 0.08 0.7
EV/Sales 9.50 8.01 6.12 6.96 5.62 5.10 3.89 3.12 3.28 2.95 2.47 5.5
EV/FCF (17.34) 27.51 56.44 167.68 17.38 1.96 7.21 3.54 4.97 (48.24) 19.71 22.1
Cash, $m
Cash, $m Operating cash flow 94 96 80 82 68 36 15 18 9 4 9 (30.1%)
Capex (231) (17) (51) (71) 11 508 74 111 70 (10) 4 (29.2%)
Free cash flow (137) 79 29 11 79 545 89 128 79 (7) 13 (28.7%)
Balance, $m
Balance, $m Working capital 84 73 78 31 21 22 (21) 35 45 39 44 (8.3%)
Net debt 1,036 1,032 977 955 912 433 358 186 204 218 212 (15.9%)
Shareholders’ equity 962 871 838 786 768 783 769 713 656 607 571 (5.0%)
Returns, %
Returns, % ROA 0.42 (0.78) 0.67 0.35 1.79 5.87 0.08 (3.99) (4.98) (4.89) (4.85) (5.3) pt
ROIC 0.33 0.28 0.23 0.24 (0.34) (0.99) (1.24) (1.76) (2.38) (2.49) (2.65) (2.8) pt
ROE 0.88 (1.74) 1.53 0.80 4.20 11.95 0.14 (6.49) (7.70) (7.12) (7.18) (8.0) pt
People
People Employees 39 39 38 37 37 32 28 28 28 28 — (3.6%)
Revenue/emp, $m 6.41 6.99 7.08 7.27 6.64 6.54 5.91 5.20 4.29 3.83 — (5.6%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Franklin Street Properties Corp. vs peers in Reit Office (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DEA Easterly Government Properties, Inc. $1.1B 72.3× 78.4× +8.66% (above 0%: growing) +337.82% (above 0%: growing) −79.62% (below 0%: shrinking) 65.93% 25.59% Compare
PSTL Postal Realty Trust, Inc. $847.0M 34.6× 31.0× +24.47% (above 0%: growing) +77.00% (above 0%: growing) +36.44% (above 0%: growing) 79.22% 39.31% Compare
BDN Brandywine Realty Trust $540.7M — (loss-making) — (loss-making) +3.48% (above 0%: growing) n/m +526.19% (above 0%: growing) 58.53% 37.51% Compare
HPP Hudson Pacific Properties, Inc. $486.0M — (loss-making) — (loss-making) −3.07% (below 0%: shrinking) n/m +817.27% (above 0%: growing) 45.56% (4.30%) Compare
OPI OFFIC PPTYS IT $283.0M — (loss-making) — +2.04% (above 0%: growing) n/m −358.26% (below 0%: shrinking) 84.14% (0.02%) Compare
ONL Orion Office REIT Inc. $134.1M — (loss-making) 119× −4.55% (below 0%: shrinking) n/m +0.08% (above 0%: growing) 59.69% 10.66% Compare
NLOP Net Lease Office Properties $133.6M 7.5× — −80.18% (below 0%: shrinking) n/m −98.66% (below 0%: shrinking) 80.28% (89.99%) Compare
FSP Franklin Street Properties Corp. $44.3M — (loss-making) — (loss-making) −8.67% (below 0%: shrinking) n/m +598.40% (above 0%: growing) 48.93% (33.20%)
CMCT Creative Media & Community Trust Corporation $10.6M — (loss-making) — (loss-making) −0.02% (below 0%: shrinking) n/m +123.64% (above 0%: growing) 10.61% (22.79%) Compare
Median of peers $384.5M 34.6× 78.4× +1.01% — +18.26% 62.81% 5.32%

All 19 Reit Office stocks →

Pay and ownership Proxy statement filed 2 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 306.00k 306.00k 27.33
2024 306.00k 306.00k 51.57
2023 306.00k 306.00k 70.63
2022 306.00k 306.00k 73.59
2021 806.00k 806.00k 154.22

Ownership

Directors and executive officers, together 4.89%
Private Management Group, Inc. 8.90%
Newtyn Management, LLC 6.90%
BlackRock, Inc. 6.60%
Converium Capital Inc. 6.27%
Bank of America Corporation 5.01%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Franklin Street Properties Corp. (FSP) Latest News

27 Oct

Impact 3 · · Business Wire

28 Jul

Impact 3 ·

28 Apr

Impact 4 · · Business Wire

23 Apr

Impact 4 · · Business Wire

10 Mar

Impact 4 · · GuruFocus.com

9 Mar

Impact 4 · · Business Wire
Impact 3 · · Associated Press Finance

27 Feb

Impact 4 · · Business WireMobyStockStoryMobyMotley FoolSimply Wall St.

5 Feb

Impact 4 · · Business Wire

21 Nov

Impact 4 · · Business Wire

30 Oct

Impact 4 · · Simply Wall St.

28 Oct

Impact 4 · · Business Wire
Impact 3 · · Associated Press Finance

29 Jul

Impact 3 ·
Impact 3 · · Business Wire

14 May

Impact 4 · · Business Wire

1 May

Impact 3 · · GuruFocus.com
Impact 3 · transcript

29 Apr

Impact 3 · · Associated Press Finance
Impact 3 ·

13 Feb

Impact 3 · transcript
Impact 3 · · GuruFocus.com

11 Feb

Impact 4 ·

27 Nov

Impact 4 · · Business Wire

7 Nov

Impact 4 · · Investing.com

31 Oct

Impact 3 · · Thomson Reuters StreetEvents transcript
Impact 3 · · GuruFocus.com

29 Oct

Impact 4 · · Business Wire

21 Oct

Impact 3 · · Business Wire

20 Oct

Impact 3 · · Insider Monkey
stockrow.com/FSP · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com