ValueScreener company report

Global Net Lease, Inc. (GNL)

Name: Global Net Lease, Inc. (GNL) filed financial figures
Creator: ValueScreener

NYSE / Real Estate / REIT - Diversified

Share price

7.44 USD Market dataClose of Oct 15, 2026

Market capitalisation

1.72B USD Market dataClose of Oct 15, 2026

Market data: Oct 15, 2026
Filed accounts: FY2025, filed Feb 25, 2026
Ratios computed: Oct 15, 2026
Filed years: 14, FY2012 to FY2025

Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means

SEC filingFiled with the SEC: Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement: What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data: Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener: Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.

Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Quality

Return on equity

-13.6% Computed

From the FY2025 filing

Read quality

Financial strength

Debt to equity

n/a Computed

From the FY2025 filing

Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

Read financial strength

Valuation

Price to book

1.00x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

11.4% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.

Named tests met: 1 of 30 Which tests

The business, and the score behind its five axes

The reading, in brief

Is it good

Return on equity was -13.6% in FY2025, in the band labelled "Likely below the cost of equity" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on shareholders' money below the usual cost of equity.

Today, against the Real Estate sector (221 companies), -13.6% sits at the 17th percentile; the middle half of that group runs from -4.0% to 9.5%.

Is it safe

Interest coverage was 0.57x in FY2025, in the band labelled "Distress territory" (below 1.50x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers: Whether Global Net Lease, Inc.'s return on equity stayed above the median of the Real Estate sector, year by year. (FY2016 to FY2025, 10 fiscal years of Global Net Lease, Inc. with a comparable figure)
The direction: Which way Global Net Lease, Inc.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Global Net Lease, Inc.)
What could explain it: What in Global Net Lease, Inc.'s filed statements could explain the movements. (5 readings drawn from the statement lines Global Net Lease, Inc. filed)
What to check next: What to check next on Global Net Lease, Inc., and where in its filings. (3 questions for Global Net Lease, Inc.)
In one paragraph: One paragraph on Global Net Lease, Inc.'s returns, cash, balance sheet and price. (7 of sixteen figures read for Global Net Lease, Inc.)

These are GNL’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research GNLPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 25, 2026, accession 0001628280-26-011696.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Global Net Lease, Inc: returns on capital and margins, each with its source
Figure	Value, source and document
Return on invested capital, after tax Why n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.	n/a ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
Return on equity	-13.6% ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
Return on capital employed, pre-tax Why n/a We do not hold this figure for this company, so there is nothing to show.	n/a ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
Return on assets	-5.2% ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
Gross margin Why n/a No gross profit line is filed for this year.	n/a ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
Operating margin	22.4% ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
Net margin	-45.5% ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696

GNL -45.5%

-45.5%16.4%

Net margin: GNL against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Global Net Lease, Inc: leverage, liquidity and distress, each with its source
Figure	Value, source and document
Debt to equity Why n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.	n/a ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
Current ratio Why n/m A property trust presents an unclassified balance sheet: buildings are long-lived assets and mortgage debt is drawn against them, so there is no split between current and non-current for a current ratio to divide. Look at net debt to EBITDA and interest coverage instead.	n/m ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
Quick ratio Why n/m A property trust presents an unclassified balance sheet: buildings are long-lived assets and mortgage debt is drawn against them, so there is no split between current and non-current for a current ratio to divide. Look at net debt to EBITDA and interest coverage instead.	n/m ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
Interest coverage	0.57x ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
Altman Z-score Why n/m Altman's Z-Score rewards working capital and asset turnover, neither of which a property trust has. It reads distress for healthy REITs by construction, so we do not show it.	n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
Net debt Why n/a The FY2025 balance sheet carries no net debt we could read.	n/a ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696

Total assets Total liabilities Shareholders’ equity

The balance sheet, line by line

Financial health

What Global Net Lease, Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 25, 2026, 0001628280-26-011696).

Global Net Lease, Inc: balance sheet position
Total assets	4.35B FiledFY2025 10-K, filed Feb 25, 2026
Total liabilities	2.68B FiledFY2025 10-K, filed Feb 25, 2026
Shareholders' equity	1.66B FiledFY2025 10-K, filed Feb 25, 2026
Cash	180.1M FiledFY2025 10-K, filed Feb 25, 2026
Total debt	n/a FiledFY2025 10-K, filed Feb 25, 2026
Net debt	n/a
Current ratio	n/m
Debt to equity	n/a

Debt to equity: FY2025: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
Current ratio: FY2025: A property trust presents an unclassified balance sheet: buildings are long-lived assets and mortgage debt is drawn against them, so there is no split between current and non-current for a current ratio to divide. Look at net debt to EBITDA and interest coverage instead.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Global Net Lease, Inc: what the market charges, each with its source
Figure	Value, source and document
Price to earnings Why n/m GAAP earnings for a property trust are charged with depreciation on buildings that are generally appreciating, so a P/E built on them overstates how expensive the trust is. Use price to FFO.	n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
P/E on trailing twelve months	1394.00x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book	1.00x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
Price to sales	3.35x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
Enterprise value to EBIT Why n/a We do not hold this figure for this company, so there is nothing to show.	n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
Enterprise value to EBITDA Why n/a We do not hold this figure for this company, so there is nothing to show.	n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
Price to earnings over growth Why n/m GAAP earnings for a property trust are charged with depreciation on buildings that are generally appreciating, so a P/E built on them overstates how expensive the trust is. Use price to FFO.	n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
Diluted earnings per share	-1.21 USD FiledFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
Graham number Why n/m Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.	n/m ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696

We publish no fair value or price target of our own. Value GNL on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Global Net Lease, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Global Net Lease, Inc: valuation
Share price	7.44 USD
Market capitalisation	1.72B USD
Enterprise value to EBITDA	n/a
Graham number	n/m
Diluted earnings per share, FY2025	-1.21 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 23.13x, median 87.82x, high 1929.00x, latest 1394.00x. 1,182 trading days with a meaningful ratio, 1,340 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Global Net Lease, Inc

Same industry (REIT - Diversified) and size band (Small, 300M to 2B), nearest in market value and net margin. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Global Net Lease, Inc: cash generation and what is paid out, each with its source
Figure	Value, source and document
Free cash flow yield	11.4% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
Free cash flow	189.4M USD ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
Free cash flow margin	38.2% ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
Dividend yield	10.2% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
Payout ratio Why n/m A REIT pays out of funds from operations, not GAAP earnings. A payout ratio on earnings reads far above 100% for a perfectly safe distribution. Use the FFO payout ratio.	n/m ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696

Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Global Net Lease, Inc.: the eight ratios, with the fiscal year and filing date behind each.
Figure	Value	Year	As of
	n/m	FY2025	Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaShare price / earnings per share. Where the filing states no earnings per share this listing can be priced on, which is every 20-F and 40-F filer because theirs is stated per ordinary share, it is market capitalisation / net income: the same multiple, undiluted. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001628280-26-011696What we read from itIncome statementFY2025Open on SEC.gov, accession 0001628280-26-011696, leaves this page and opens in a new tab
	1.00x	FY2025	Oct 15, 2026
FormulaMarket capitalisation / shareholders equity As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001628280-26-011696What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001628280-26-011696, leaves this page and opens in a new tab
	n/a	FY2025	Oct 15, 2026
n/a Enterprise value is the market value plus total debt less cash, and the filed balance sheet reports no debt total or no cash.
Formula(Market capitalisation + total debt - cash) / operating income, or over the filing's own EBIT (income before tax + interest expense) where the filer tags no operating line, as Johnson & Johnson does not in any of its ten filed years. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001628280-26-011696What we read from itIncome statementFY2025Open on SEC.gov, accession 0001628280-26-011696, leaves this page and opens in a new tabForm10-KFiledFeb 25, 2026PeriodFY2025Accession0001628280-26-011696What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001628280-26-011696, leaves this page and opens in a new tab
	11.4%	FY2025	Oct 15, 2026
FormulaFree cash flow per share / share price x 100 As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001628280-26-011696What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001628280-26-011696, leaves this page and opens in a new tab
	n/a	FY2025	Feb 25, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
FormulaVendor trailing-twelve-month return on invested capital where one is published, which uses after-tax operating profit over total assets less current liabilities. Otherwise our own recompute: NOPAT / (shareholders equity + total debt - cash) x 100, where NOPAT is the filed operating profit after tax, or the filing's own EBIT after tax where the filer tags no operating line. As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001628280-26-011696What we read from itIncome statementFY2025Open on SEC.gov, accession 0001628280-26-011696, leaves this page and opens in a new tabForm10-KFiledFeb 25, 2026PeriodFY2025Accession0001628280-26-011696What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001628280-26-011696, leaves this page and opens in a new tab
	10.2%	FY2025	Oct 15, 2026
FormulaCommon dividends paid in the latest filed year / market capitalisation x 100. n/a where the filing cannot support it: a special or first-year payment, a total that mixes preferred dividends, or a cash-flow statement over 15 months old. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001628280-26-011696What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001628280-26-011696, leaves this page and opens in a new tab
	n/a	FY2025	Feb 25, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
FormulaTotal debt / shareholders equity As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001628280-26-011696What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001628280-26-011696, leaves this page and opens in a new tab
	n/m	FY2025	Feb 25, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaCurrent assets / current liabilities As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001628280-26-011696What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001628280-26-011696, leaves this page and opens in a new tab
	3.35x	FY2025	Oct 15, 2026
FormulaMarket capitalisation / revenue As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001628280-26-011696What we read from itIncome statementFY2025Open on SEC.gov, accession 0001628280-26-011696, leaves this page and opens in a new tab
	n/m	FY2025	Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaPrice to earnings / the annual earnings growth rate, in percentage points As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001628280-26-011696What we read from itIncome statementFY2025Open on SEC.gov, accession 0001628280-26-011696, leaves this page and opens in a new tab
	n/m	FY2025	Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
Formula1.2 x working capital/assets + 1.4 x retained earnings/assets + 3.3 x EBIT/assets + 0.6 x market value of equity/total liabilities + 1.0 x revenue/assets As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001628280-26-011696What we read from itIncome statementFY2025Open on SEC.gov, accession 0001628280-26-011696, leaves this page and opens in a new tabForm10-KFiledFeb 25, 2026PeriodFY2025Accession0001628280-26-011696What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001628280-26-011696, leaves this page and opens in a new tab
	n/m	FY2025	Feb 25, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaAn eight-variable index of year-on-year changes in receivables, gross margin, asset quality, revenue, depreciation, overheads, leverage and accruals As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001628280-26-011696What we read from itIncome statementFY2025Open on SEC.gov, accession 0001628280-26-011696, leaves this page and opens in a new tabForm10-KFiledFeb 25, 2026PeriodFY2025Accession0001628280-26-011696What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001628280-26-011696, leaves this page and opens in a new tabForm10-KFiledFeb 25, 2026PeriodFY2025Accession0001628280-26-011696What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001628280-26-011696, leaves this page and opens in a new tab
	n/m	FY2025	Feb 25, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaOne point each for: positive return on assets, positive operating cash flow, rising return on assets, operating cash flow above net income, falling leverage, rising current ratio, no new shares issued, rising gross margin, rising asset turnover. As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 25, 2026PeriodFY2025Accession0001628280-26-011696What we read from itIncome statementFY2025Open on SEC.gov, accession 0001628280-26-011696, leaves this page and opens in a new tabForm10-KFiledFeb 25, 2026PeriodFY2025Accession0001628280-26-011696What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001628280-26-011696, leaves this page and opens in a new tabForm10-KFiledFeb 25, 2026PeriodFY2025Accession0001628280-26-011696What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001628280-26-011696, leaves this page and opens in a new tab

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 14 filed fiscal years on record, FY2012 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Global Net Lease, Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Global Net Lease, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
Year	Revenue	Operating income	Net income	EPS, diluted	Free cash flow	Operating margin	Return on equity	Filing
FY2025	495.3M	111.0M	-225.5M	-1.21	189.4M	22.4%	-13.6%	10-K, Feb 25, 20260001628280-26-011696
FY2024	569.8M	188.1M	-131.6M	-0.76	253.8M	33.0%	-6.0%	10-K, Feb 27, 20250001526113-25-000007
FY2023	445.8M	-15.3M	-211.9M	-1.71	96.4M	-3.4%	-8.0%	10-K, Feb 27, 20240001526113-24-000007
FY2022	378.9M	100.5M	12.0M	-0.09	151.9M	26.5%	0.8%	10-K, Feb 23, 20230001526113-23-000006
FY2021	391.2M	111.9M	11.4M	-0.20	184.6M	28.6%	0.7%	10-K, Feb 24, 20220001526113-22-000005
FY2020	330.1M	99.2M	10.8M	-0.09	170.5M	30.1%	0.7%	10-K, Feb 26, 20210001526113-21-000007
FY2019	306.2M	114.9M	46.5M	0.39	128.7M	37.5%	2.7%	10-K, Feb 28, 20200001526113-20-000006
FY2018	282.2M	68.0M	10.9M	0.01	143.1M	24.1%	0.8%	10-K, Feb 28, 20190001526113-19-000006
FY2017	259.3M	87.1M	23.6M	0.30	127.8M	33.6%	1.7%	10-K, Feb 28, 20180001526113-18-000004
FY2016	214.2M	73.6M	47.1M	0.82	114.2M	34.4%	3.5%	10-K, Feb 28, 20170001526113-17-000005

Revenue, compound annual growth FY2016 to FY2025: 9.8%
Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
Earnings per share: Earnings per share was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
Free cash flow, compound annual growth FY2016 to FY2025: 5.8%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Global Net Lease, Inc: accounting screens and published tests, each with its source
Figure	Value, source and document
Beneish M-score Why n/m The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.	n/m ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
Piotroski F-score Why n/m 2 of the nine Piotroski signals are undefined for an equity REIT: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name.	n/m ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011696
Named tests met	1 of 30 Computed
Beta	0.28 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 1 met, 13 not met, 16 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)

Meets: Dividends and buybacks
Does not: Defensive investor (Benjamin Graham); Large cap, low P/E; High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; Low beta, profitable; Z-score and coverage (Edward Altman); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Tangible book or below; Cheapest quarter on P/B (David Dreman)
Not measured: Deep value; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High yield, low payout; ROIC at or above WACC; Near the 52-week low; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); Book or below, low debt (Walter Schloss); Cash-covered dividend; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.

Figures we could not read(18)

Current Ratio: A property trust presents an unclassified balance sheet: buildings are long-lived assets and mortgage debt is drawn against them, so there is no split between current and non-current for a current ratio to divide. Look at net debt to EBITDA and interest coverage instead.
Debt to Equity: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
Piotroski F-Score: 2 of the nine Piotroski signals are undefined for an equity REIT: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name.
P/E Ratio: GAAP earnings for a property trust are charged with depreciation on buildings that are generally appreciating, so a P/E built on them overstates how expensive the trust is. Use price to FFO.
EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
Return on Invested Capital: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
Altman Z-Score: Altman's Z-Score rewards working capital and asset turnover, neither of which a property trust has. It reads distress for healthy REITs by construction, so we do not show it.
Beneish M-Score: The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.
PEG Ratio: GAAP earnings for a property trust are charged with depreciation on buildings that are generally appreciating, so a P/E built on them overstates how expensive the trust is. Use price to FFO.
Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
Gross Margin: No gross profit line is filed for this year.
EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
Payout Ratio: A REIT pays out of funds from operations, not GAAP earnings. A payout ratio on earnings reads far above 100% for a perfectly safe distribution. Use the FFO payout ratio.
ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
Price To Ncav: Net current asset value needs current assets, which an unclassified balance sheet does not report.
Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
Dividend Coverage Ratio: Distribution coverage for a REIT is measured against funds from operations, not against free cash flow computed after acquisition capital expenditure.
Dividend Streak: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

Value it in the DCF workbench

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

What this cannot tell you

18 figures could not be read on this company, among them Current Ratio, Debt to Equity, Piotroski F-Score. Each blank in the table above names the rest, with its reason. 16 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Four questions, at a glance

Quality

Financial strength

Valuation

Cash generation

Revenue and net income, as filed

The reading, in brief

Financial health

Valuation

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The filed figures

Ten years of filed figures

The named tests

What this cannot tell you

Margin Notes