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Franklin Street Properties

FSP
24
REIT - Office · Real Estate
Price
$0.43
-0.01 (-2.90%)
Market Cap
$44.8M
Exchange
New York Stock Exchange American
Winston Score
24
Winston is worried
Weak fundamentals across most pillars.
Data as of Jul 26, 2026 · filings through Mar 31, 2026

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)

Franklin Street Properties Corp. (FSP), a company based in Wakefield, Massachusetts, specializes in acquiring and developing office real estate. Its investment focus centers on properties within central business districts (CBDs) and other dense urban "infill" locations across the U.S. Sunbelt and Mountain West areas, as well as carefully selected emerging markets. FSP adopts a value-oriented investment approach, aiming to secure assets that promise both significant long-term growth and capital appreciation, alongside reliable current income. As a Maryland corporation, the firm is structured and managed to meet the necessary criteria for classification as a Real Estate Investment Trust (REIT) under federal income tax law.

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

-3.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+57.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Cash Runway

~9 months

$24M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Franklin Street Properties has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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.

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Quality

Gross Margin
44.6%
Healthy — 44.6% gross margin
Operating Margin
-31.9%
Losing money on operations — -31.9%
ROCE
-1.0%
Weak — -1.0% return on capital

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

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Growth

Sales YoY
-8.4%
Shrinking sales (-8.4% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
N/A
Data not available
FCF Margin
-11.9%
Burning cash (-11.9%)

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

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Stability

Debt / Equity
0.42
Conservative — low debt load (0.42)
Interest Cover
0.26x
Dangerous — barely covers interest (0.3x)

Interest coverage below 1. Their profits don't cover the interest bill.

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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

Dividend Yield
9.26%
Healthy income — 9.26% yield

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

Dividend Growth
+0.0%
Dividend flat

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