First Hartford Corporation

FHRT

Real Estate - Development · Real Estate

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jan 31, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Winston Score History

The full picture

First Hartford Corporation is a small real estate company based in the United States. It develops and manages properties, primarily focusing on shopping centers and retail-anchored real estate projects. The company works with retail tenants — stores and businesses that lease space in its properties.

First Hartford makes money by collecting rent from tenants who lease space in its shopping centers, and by developing new properties to sell or hold for income. It operates mainly in the northeastern United States and is a very small player in the real estate industry, with a market cap of around $100 million. Its low ROIC of 3.5% suggests the business does not generate strong returns on the capital it invests, which is a meaningful concern for long-term investors. The biggest risk the company faces is the continued decline of physical retail, as more shopping shifts online and demand for traditional retail space weakens over time.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+81.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-104.5% YoY

YoY Growth Rate

Earnings declining

Insider Activity

80.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$272M cash & investments at current burn rate

Revenue accelerating

First Hartford Corporation grew revenue 81% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

17.9%

Thin — 17.9% gross margin

Profit after running costs

Operating Margin

12.5%

Healthy — 12.5% operating margin

Return on the money invested

ROCE

4.1%

Weak — 4.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-30.1%

Shrinking sales (-30.1% YoY)

Profit growth

EPS YoY

-151.4%

Earnings shrinking (-151.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-15.2%

Burning cash (-15.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

11.25

Heavy debt load (11.25)

Covers its interest

Interest Cover

0.79x

Dangerous — barely covers interest (0.8x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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