Curbline Properties (CURB) Stock Analysis & Winston Score

Curbline Properties Corp. is a real estate investment trust (REIT) that owns and operates convenience retail properties across the United States. These are small, open-air shopping centers located along busy roads and in high-traffic areas, designed for quick, easy stops. Tenants typically include service-oriented businesses like nail salons, urgent care clinics, fast-casual restaurants, and other everyday retailers.

The company makes money by collecting rent from its tenants under long-term lease agreements. Curbline was spun off from SITE Centers in 2024, making it a relatively new standalone public company focused specifically on this convenience retail niche. Its properties are spread across suburban markets nationwide, and its competitive edge comes from owning well-located, hard-to-replicate sites with strong daily traffic. The key growth driver is its ability to acquire additional convenience retail properties in a fragmented market, though rising interest rates and higher borrowing costs remain a meaningful risk for any acquisition-focused REIT.

Winston Score History

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

+49.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-70.0% 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

15.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$306M cash & investments

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

Revenue accelerating

Curbline Properties grew revenue 50% 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.

Share count broadly stable

+0.5% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 104.8M (2021) → 105.3M (2025)

Score breakdown

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Quality

Gross Margin

74.0%

Premium pricing power — 74.0% gross margin

Operating Margin

13.1%

Healthy — 13.1% operating margin

ROCE

0.3%

Weak — 0.3% 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 YoY

+53.7%

Fast-growing sales (53.7% YoY)

EPS YoY

+159.2%

Earnings growing fast (159.2% YoY)

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

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

367%

Turns 367% of profit into real cash

FCF Margin

59.6%

Converts sales into free cash efficiently (59.6%)

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

0.31

Conservative — low debt load (0.31)

Interest Cover

1.70x

Dangerous — barely covers interest (1.7x)

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

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Valuation

P/E Ratio (TTM)

101.0x

Expensive — P/E 101.0

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

-151.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

2.21%

Moderate income — 2.21% yield

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

Dividend Growth

N/A

Data not available

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