FRANKLIN STREET PROPERTIES CORP /MA/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FRANKLIN STREET PROPERTIES CORP /MA/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	250	273	269	269	246	209	166	146	120	107
Cost of revenue		71.2	70.7	72.3	66.9	60.9	52.8	50.7	45	42
Gross profit		201	198	197	179	148	113	95	75.1	65.1
Selling, general and administrative	14.1
General and administrative	14.1	13.5	13.1	14.5	15	15.9	13.9	14	13.9	12.4
Operating income	10.7	8.42	6.64
Interest expense	26.5	32.4	38.4	36.8	36	32.3	22.8	24.3
Other non-operating income	1.88	-1.88
Pre-tax income	8.8	-15.5	13.4	6.74	32.9	92.9	1.3	-47.8	-52.5	-44.8
Income tax	0.42	0.4	0.36	0.27	0.25	0.64	0.2	0.28	0.22	0.19
Income from continuing operations	8.38
Net income	8.38	-15.9	13.1	6.48	32.6	92.7	1.09	-48.1	-52.7	-45
EBITDA	106	112	104
EPS, basic	0.08	-0.15	0.12	0.06	0.30	0.87	0.01	-0.47	-0.51	-0.43
EPS, diluted	0.08	-0.15	0.12	0.06	0.30	0.87	0.01	-0.47	-0.51	-0.43
Shares, basic (weighted)	103	107	107	107	107	107	103	103	104	104
Shares, diluted (weighted)	103	107	107	107	107	107	103	103	104	104
Dividend per share	0.76	0.76	0.46	0.36	0.36	0.68	0.20	0.04	0.04	0.04

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	9.34	9.77	11.2	9.79	2.65	34.3	3.74	126	41.1	30.6
Property, plant and equipment	0.31	0.29	0.2	0.18	0.16	0.2	0.15	0.12	0.07	0.14
Lease right-of-use assets				1.8	1.4	1.1	0.7	0.3	0.7	0.3
Intangible assets	125	86.5	59.6	40.7	28.2	14.9	10.2	6.69	4.21	2.49
Total assets	2,088	1,991	1,898	1,843	1,793	1,364	1,242	1,169	947	893
Total liabilities	1,126	1,119	1,060	1,056	1,025	581	473	457	291	286
Paid-in capital	1,356	1,356	1,356	1,357	1,357	1,339	1,335	1,335	1,335	1,336
Other comprehensive income	5.48	12.2	14.8	-4.68	-17.3	-5.24	4.36	0.36
Shareholders' equity	962	871	838	786	768	783	769	713	656	607
Total equity	962	871	838	786	768	783	769	713	656	607
Total liabilities and equity	2,088	1,991	1,898	1,843	1,793	1,364	1,242	1,169	947	893
Shares outstanding	107	107	107	107	107	104	103	103	104	104

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	8.38	-15.9	13.1	6.48	32.6	92.7	1.09	-48.1	-52.7	-45
Depreciation and amortization	95.2	104	97.2	93.8	91.6	81	65.7	57.2	47.7	45.3
Stock-based compensation				0.34	0.34	0.34	0.39	0.32	0.27	0.23
Deferred income tax	0	0	0	0	0	0	0	0	0	0
Change in receivables	-0.19	-0.16	-0.77	0.16	-3.79	5.7	-0.25	0.01	0.91	0.81
Change in payables	5.75	3.87	-4.08	3.91	7.79	-11.1	-5.98	-2.71	-3.71	-3.98
Cash from operations	94.4	95.9	80.2	81.9	68.4	36.4	15.2	17.9	8.99	3.75
Capital expenditures	-37.4	-54.2	-51.1	-70.7	-77.9	-64.8	-54.9	-31.6	-25.2	-16.4
Cash from investing	-245	-5.09	25.6	-19.6	11	505	74	114	70.3	-10.3
Debt repaid									-76.4	-0.7
Stock issued	83.5
Share buybacks						-18.2	-4.84
Dividends paid	-77.5	-81.5	-49.3	-38.6	-38.6	-38.5	-54	-4.13	-4.14	-4.15
Cash from financing	142	-90.4	-104	-63.7	-85.1	-505	-123	-10.3	-164	-5.56
Net change in cash	-8.82	0.45	1.36	-1.39	-5.64	36.6	-34.1	121	-85.2	-12.1
Free cash flow	57	41.8	29.1	11.2	-9.47	-28.5	-39.7	-13.8	-16.2	-12.7
Interest paid	23.9	30	35.9	34.5	33.1	30.1	21.1	25.7	24.1	21.9
Income taxes paid	0.49	0.58	0.49	0.51	0.48	0.45	0.67	0.34	0.39	0.24

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $0.35 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	60.3%	Gross profit / revenue.
Pre-tax margin	-30.9%	Pre-tax income / revenue.
Net margin	-31.1%	Net income / revenue.
FCF margin	-10.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.8%	Cash from operations / revenue.
Return on equity (ROE)	-5.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-3.7%	Net income / average total assets.
Capex / revenue	13.8%	Capital expenditures / revenue.
D&A / revenue	41.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-10.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-13.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-15.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-13.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-16.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-18.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-58.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-37.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-44.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-41.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-35.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-7.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-7.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-4.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-5.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-10.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-13.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	32.4%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$594.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.12x	Revenue / average total assets.
Fixed asset turnover	857x	Revenue / average property, plant and equipment.
Capex / operating cash flow	359.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.32	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$1.02	Revenue / diluted weighted shares.
FCF per share	-$0.10	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.04	Cash from operations / diluted weighted shares.
Book value per share	$5.75	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.73	Tangible book value / shares outstanding.
Cash per share	$0.23	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$36.4M	Share price x shares outstanding.
Enterprise value	$12.7M	Market cap + total debt - cash - short-term investments.
P/S	0.34x	Market cap / revenue.
P/B	0.06x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.06x	Market cap / tangible book value, when positive.
P/OCF	8.92x	Market cap / cash from operations, when positive.
EV/Sales	0.12x	Enterprise value / revenue.
FCF yield	-29.0%	Free cash flow / market cap.
Earnings yield	-90.8%	Net income / market cap (the inverse of P/E).
Dividend yield	11.4%	Dividends paid over the period / market cap.
Shareholder yield	11.4%	(Dividends paid + share buybacks) / market cap.

What was FRANKLIN STREET PROPERTIES CORP /MA/'s revenue in fiscal 2025?

FRANKLIN STREET PROPERTIES CORP /MA/ reported revenue of $107.2M for fiscal 2025, 10.8% lower than the year before.

Was FRANKLIN STREET PROPERTIES CORP /MA/ profitable in fiscal 2025?

No. It reported a net loss of $45.0M.

How much free cash flow did FRANKLIN STREET PROPERTIES CORP /MA/ generate in fiscal 2025?

Cash from operations of $3.8M minus capital expenditures of $16.4M left free cash flow of -$12.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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