Deep Value: cash covers about 99% of the stock price

This company holds roughly $45M in cash and investments — about 99% of its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Franklin Street Properties

FSP

REIT - Office · Real Estate

Price

$0.43

-0.01 (-2.49%)

Market Cap

$45.2M

Exchange

New York Stock Exchange American

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

Dividends

Good

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Share count falling — buybacks

−2.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 106.7M (2021) → 103.6M (2025)

Winston Score History

The full picture

Franklin Street Properties Corp. is a real estate investment trust (REIT) that owns and manages office buildings. It rents space in those buildings to businesses — things like law firms, financial companies, and government tenants. The company focuses on office properties located mainly in Sun Belt and select U.S. markets, particularly in states like Texas.

FSP makes money by collecting rent from tenants who sign multi-year leases on office space. The company is relatively small, with a market cap that has shrunk significantly in recent years as office demand has weakened. Its competitive position is limited — it lacks the scale of larger office REITs and owns a concentrated portfolio that is hard to diversify quickly. The biggest risk FSP faces is the continued shift toward remote and hybrid work, which has kept office vacancy rates high across the U.S. and put pressure on rental income and property values.

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

-1.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-110.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

11.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$780M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Franklin Street Properties's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

44.8%

Healthy — 44.8% gross margin

Profit after running costs

Operating Margin

-34.2%

Losing money on operations — -34.2%

Return on the money invested

ROCE

-0.2%

Weak — -0.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-5.3%

Shrinking sales (-5.3% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-6.2%

Burning cash (-6.2%)

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

0.87

Moderate — manageable debt (0.87)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

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

Dividend

Dividend Yield

9.26%

Healthy income — 9.26% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+0.0%

Dividend flat

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