Merchants' National Properties (MNPP) Stock Analysis & Winston Score

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.

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

+14.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+113.5% 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

23.8%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$5M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Merchants' National Properties is a rare growth stock that's already generating positive cash flow while growing at 14%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

−0.8% over 4y

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

Diluted shares outstanding: 92K (2021) → 91K (2025)

Score breakdown

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Quality

Gross Margin

64.2%

Premium pricing power — 64.2% gross margin

Operating Margin

18.4%

Healthy — 18.4% operating margin

ROCE

0.4%

Weak — 0.4% 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

+16.2%

Fast-growing sales (16.2% YoY)

EPS YoY

-7.1%

Earnings shrinking (-7.1% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

56%

Weak — only 56% of profit becomes cash

FCF Margin

18.3%

Converts sales into free cash efficiently (18.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.23

Conservative — low debt load (0.23)

Interest Cover

19.51x

Comfortably covers interest (19.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

21.1x

Growth-priced — P/E 21.1

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

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

3.95%

Moderate income — 3.95% yield

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

Dividend Growth

+10.0%

Dividend growing fast (10.0% YoY)

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