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Brixmor Property Group

BRX
51
REIT - Retail · Real Estate
Price
$32.57
+0.17 (+0.52%)
Market Cap
$9.99B
Exchange
New York Stock Exchange
Winston Score
51
Winston is curious
Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+3.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 298.8M (2021) → 307.9M (2025)

Brixmor Property Group owns and operates a large portfolio of open-air shopping centers across the United States. Its tenants are mostly everyday retailers like grocery stores, discount chains, and service businesses — the kinds of shops people visit regularly for necessities. Brixmor is one of the largest owners of open-air retail real estate in the country, with roughly 360 shopping centers spread across major metro areas and suburban markets.

As a real estate investment trust, Brixmor makes money by collecting rent from the retailers that lease space in its centers. The company operates entirely within the U.S. and generates stable, recurring income because grocery-anchored and necessity-based tenants tend to hold up even when the economy slows. Its main competitive advantage is the scale and location of its portfolio, which attracts reliable anchor tenants. The key risk is rising interest rates, which increase borrowing costs and can pressure property valuations for REITs that carry significant debt.

Winston Score History

Growth Profile

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

Revenue Growth

+5.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+82.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

1.1%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$344M cash & investments

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

Growth context

Brixmor Property Group is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

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Quality

Gross Margin
16.1%
Thin — 16.1% gross margin
Operating Margin
37.8%
Excellent — 37.8% operating margin
ROCE
1.6%
Weak — 1.6% 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 YoY
+6.6%
Slow sales growth (6.6% YoY)
EPS YoY
+39.0%
Earnings growing fast (39.0% YoY)

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

EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion
149%
Turns 149% of profit into real cash
FCF Margin
47.7%
Converts sales into free cash efficiently (47.7%)

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

Debt / Equity
1.81
Elevated debt (1.81)
Interest Cover
2.25x
Tight — interest eats into profit (2.3x)

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

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Valuation

P/E Ratio (TTM)
22.3x
Growth-priced — P/E 22.3

P/E above the market average. People are paying up for expected growth.

P/E vs Forward
-3.5
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield
3.88%
Moderate income — 3.88% yield

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

Dividend Growth
+6.6%
Dividend growing modestly (6.6% YoY)

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