First Hartford Corporation (FHRT) Stock Analysis & Winston Score

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.

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

+81.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-104.5% 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

80.1%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~3 months

$4M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

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.

Share count broadly stable

−0.0% over 4y

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

Diluted shares outstanding: 2.3M (2021) → 2.3M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

17.9%

Thin — 17.9% gross margin

Operating Margin

12.5%

Healthy — 12.5% operating margin

ROCE

1.5%

Weak — 1.5% 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

-16.6%

Shrinking sales (-16.6% YoY)

EPS YoY

-138.7%

Earnings shrinking (-138.7% YoY)

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

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-15.5%

Burning cash (-15.5%)

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

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Stability

Debt / Equity

11.25

Heavy debt load (11.25)

Interest Cover

1.40x

Dangerous — barely covers interest (1.4x)

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

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

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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