Merchants' National Properties

MNPP

Real Estate - Diversified · Real Estate

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Strong

Stability

Strong

Valuation

Mixed

Dividends

Strong

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Winston Score History

The full picture

Merchants' National Properties, Inc. is a real estate company that owns and manages commercial properties across the United States. Its portfolio focuses on retail and mixed-use properties, with tenants that include retail businesses and other commercial operators. The company has operated for decades, giving it a long track record in the commercial real estate space.

The company makes money by collecting rent from tenants who lease space in its properties, which is a straightforward landlord-style revenue model. With a market cap of around $200 million, it is a small player in the broader real estate sector, and its properties are concentrated in the northeastern United States. Its low ROIC of 1.3% suggests the business is not generating strong returns on its invested capital, and the main risk it faces is tenant turnover and pressure on retail real estate demand as more shopping moves online.

Score breakdown

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Quality

Profit per sale

Gross Margin

64.0%

Premium pricing power — 64.0% gross margin

Profit after running costs

Operating Margin

15.4%

Healthy — 15.4% operating margin

Return on the money invested

ROCE

1.3%

Weak — 1.3% 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

-5.1%

Shrinking sales (-5.1% YoY)

Profit growth

EPS YoY

+53.9%

Earnings growing fast (+53.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

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

79%

Modest — 79% of profit becomes cash

Spare cash per sale

FCF Margin

38.0%

Converts sales into free cash efficiently (38.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.24

Conservative — low debt load (0.24)

Covers its interest

Interest Cover

2.19x

Tight — interest eats into profit (2.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

18.2x

no trend

Fair value — P/E 18.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

2.22%

no trend

Moderate income — 2.22% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+10.0%

no trend

Dividend growing fast (10.0% YoY)

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