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Firm Capital Property Trust (FRMUF) fair value: what the stock is really worth
We calculate from audited financials what Firm Capital Property Trust is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Broad data
Sep 13, 2026
Broad data
Sep 13, 2026
Firm Capital Property Trust
FRMUF · USUndervaluedThe stock appears undervalued with acceptable quality.
✓Fair value $6.36 · Undervalued (+28%)
!Quality 59/100
!Mixed Growth (revenue 5y +6.8 %/yr)
✓Highly profitable · 41.0% net margin (TTM)
✓Moderate debt · generates free cash flow
·10.44% dividend yield
!Moderate moat 62/100
!The models disagree: range $2.41 to $14.43
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.
How to read this chart
60‑month range $0.0083 – $5.17 · fair‑value band $2.41 – $14.43 · the $4.98 price screens below the $6.36 fair value. Dashed = 300-day average. As of Sep 13, 2026.
Company profile
Firm Capital Property Trust is focused on creating long-term value for Unitholders, through capital preservation and disciplined investing to achieve stable distributable income. In partnership with management and industry leaders.
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Firm Capital Property Trust is focused on creating long-term value for Unitholders, through capital preservation and disciplined investing to achieve stable distributable income. In partnership with management and industry leaders. The Trust's plan is to own as well as to co-own a diversified property portfolio of multi-residential, flex industrial, and net lease convenience retail. In addition to stand alone accretive acquisitions, the Trust will make joint acquisitions with strong financial partners and acquisitions of partial interests from existing ownership groups, in a manner that provides liquidity to those selling owners and professional management for those remaining as partners. Firm Capital Realty Partners Inc., through a structure focused on an alignment of interests with the Trust sources, syndicates and property and asset manages investments on behalf of the Trust. Firm Capital Property Trust was established on August 30, 2012 and incorporated in Ontario, Canada.
Stock analysis
Firm Capital Property Trust (FRMUF) currently trades at $4.98, while our model-based Fair Value estimate is $6.36, implying the stock looks roughly 21.7% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $10.88 per share, and 15 of the 16 models we run sit above the $4.98 price.
Bear case: the Asset-Based group reads lowest at $5.67, and 1 of the 16 models stay below the price. Evidence for this calculation is high.
Scenario range: $2.41 (bear) to $14.43 (bull), the price of $4.98 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Firm Capital Property Trust reported revenue of C$61.8M in FY2025 versus C$46.4M in FY2021, a compound +7.4%/yr. Reported net income was C$25.7M in FY2025, compounding −18.6%/yr from FY2021.
Key figures
Market cap $186M · P/E ratio 10.2 · P/S ratio 4.23 · EPS (TTM) $0.4900 · Dividend yield 10.4% · Net margin 41.6% · Return on equity 8.2% · Return on assets (EBIT) 4.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades near its 52-week high and 27% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −43% fair-value upside, at 28%, FRMUF screens cheaper than that median.
Fair Value models
Bear $2.41
Fair Value $6.36
Bull $14.43
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income
$6.47
$6.77
$6.89
76
Growth DCF
$1.65
$6.46
$15.01
70
FCF DCF
$2.23
$5.86
$16.48
69
All 16 models by family
DCF Models
FCF DCF
$2.23
$5.86
$16.48
69
5Y Revenue Exit
$1.71
$8.00
$20.83
63
5Y EBITDA Exit
$3.53
$11.76
$27.49
67
10Y Revenue Exit
$1.50
$10.12
$16.77
62
10Y EBITDA Exit
$2.88
$13.32
$32.48
60
Dividend Discount
Gordon GGM
$3.62
$6.06
$7.87
68
DDM Multi-Stage
$3.62
$5.75
$6.52
67
Multiples
P/S Multiple
$8.16
$10.88
$13.60
58
P/B Multiple
$8.87
$11.83
$14.79
55
EV/EBIT
$7.53
$12.32
$17.11
64
EV/EBITDA
$4.53
$8.32
$12.11
65
EV/Revenue
$1.09
$4.49
$7.88
48
Asset-Based
NCAV (Graham)
$4.23
$5.67
$8.47
54
Growth DCF
Growth DCF
$1.65
$6.46
$15.01
70
Rev-Margin DCF
$1.71
$10.13
$23.67
64
Economic Profit
Residual Income
$6.47
$6.77
$6.89
76
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Set up alert →Quality Score breakdown
Overall quality
59/100
Of which business quality 56 · Market factors (momentum, volatility) 74
Profitability
37
Margins and returns on capital today
Quality Growth
25
Are margins and returns improving?
Cashflow
70
Earnings quality: real cash, not paper profit
Fin. Strength
34
Balance sheet, leverage, solvency risk
Investment
85
Disciplined investing over empire-building
Low Volatility
98
Calm price path (market factor)
Momentum
56
Price trend over the last 3–12 months (market factor)
52W Momentum
79
Distance to the 52-week high (market factor)
Net Issuance
100
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
78/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+2.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.8%
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+51.1%
’14
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’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+6.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.9%
Dividend (yield on the price)10.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−4% vs 4%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.56% → 52%
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+8.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Retail · 94 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation Multiplesvs REIT - Retail median · lower = cheaper
Context: sector, industry, market
- Is the Real Estate sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Real Estate
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more REIT - Retail stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Simon Property Group SPG | $204.83 | $84.26 | −59% |
| Realty Income Corporation O | $59.50 | $82.78 | +39% |
| Unibail-Rodamco-Westfield SE URW | €92.90 | €89.06 | −4% |
| Kimco Realty Corporation KIM | $23.19 | $12.49 | −46% |
| CapitaLand Integrated Commercial Trust (CICT or the Trust) C38U | 2.28 SGD | 1.31 SGD | −43% |
| Scentre Group SCG | A$3.46 | A$2.37 | −32% |
| Regency Centers Corporation REG | $74.62 | $20.56 | −72% |
| Link Real Estate Investment Trust (Link REIT) 0823 | HK$37.84 | HK$28.78 | −24% |
| Federal Realty Investment Trust FRT | $114.36 | $41.47 | −64% |
| Brixmor Property Group BRX | $28.73 | $12.34 | −57% |
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Frequently asked questions
Is Firm Capital Property Trust (FRMUF) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of $6.36 versus a price of $4.98, about +28% upside (undervalued).
What is the fair value of FRMUF?
Our model-based fair value for Firm Capital Property Trust is $6.36 (as of Sep 13, 2026), built from audited fundamentals. The current price: $4.98.
What is the quality score of FRMUF?
Firm Capital Property Trust has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Firm Capital Property Trust (FRMUF)?
Our model-based price target is the fair value of $6.36 (as of Sep 13, 2026) from 16 valuation models. Cautious scenario $2.41, optimistic scenario $14.43. It is a calculation from audited fundamentals, not an analyst target.
What is the Firm Capital Property Trust stock forecast for 2026?
Our models put fair value at $6.36, about +28% upside versus a price of $4.98 (undervalued). Cautious scenario $2.41, optimistic scenario $14.43. The calculation is refreshed regularly with new filings.
What is the revenue of Firm Capital Property Trust (FRMUF)?
Firm Capital Property Trust reported trailing-twelve-month revenue of about $62.1M (latest available figure, as of Sep 13, 2026).
Does Firm Capital Property Trust pay a dividend?
Firm Capital Property Trust currently shows a dividend yield of about 10.44% relative to its recent price (as of Sep 13, 2026).
What growth is priced into Firm Capital Property Trust (FRMUF)?
For today's price to be fair in a discounted-cash-flow model, Firm Capital Property Trust would have to grow free cash flow by +8.8 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.8 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of FRMUF use?
Our models discount Firm Capital Property Trust at 11.2 %: a base by market capitalisation (micro), damped by beta 0.46, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Firm Capital Property Trust that is +8.8 % per year a year over ten years, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has Firm Capital Property Trust (FRMUF) delivered so far?
Over the past 5 years revenue at Firm Capital Property Trust grew +6.8 % a year. The price currently implies +8.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Firm Capital Property Trust (FRMUF) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into Firm Capital Property Trust (+8.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Firm Capital Property Trust (FRMUF)?
The free-cash-flow yield on the price is 21.07 %: that much free cash flow Firm Capital Property Trust produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Firm Capital Property Trust (FRMUF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Firm Capital Property Trust it is $6.36 per share (as of Sep 13, 2026), against a price of $4.98. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Firm Capital Property Trust stock overvalued or undervalued in 2026?
As of Sep 13, 2026, FRMUF trades below its calculated fair value: price $4.98, fair value $6.36, a gap of about +28% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FRMUF?
No. The price is what the market pays today ($4.98); the fair value is what the company's own numbers justify ($6.36). For Firm Capital Property Trust the two are $1.38 per share apart. That gap is exactly why we show both numbers side by side.
How much is Firm Capital Property Trust worth?
The market values Firm Capital Property Trust at about $186M (market capitalisation, as of Sep 13, 2026). Per share that is $4.98; our models calculate a fair value of $6.36 per share.
What do the bullish and bearish scenarios say about FRMUF?
Our models span a range for Firm Capital Property Trust: cautious scenario $2.41, base $6.36, optimistic $14.43 per share (as of Sep 13, 2026, price $4.98). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FRMUF?
Firm Capital Property Trust trades at a price-to-earnings ratio of 10.2 (as of Sep 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $6.36 is built from several models across several years. Other multiples: P/B 0.6, P/S 3.0, EV/EBITDA 10.9.
How solid is the balance sheet of Firm Capital Property Trust (FRMUF)?
Balance-sheet figures for Firm Capital Property Trust (as of Sep 13, 2026): return on equity 8.2%, debt of 0.83 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is FRMUF from its 52-week high?
Firm Capital Property Trust trades at $4.98, about 0% below its 52-week high of $4.97 and 27% above the low of $3.92 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of $6.36 is for.
Which stocks are comparable to Firm Capital Property Trust?
From the same area (Real Estate) we also value Simon Property Group, Realty Income Corporation, Unibail-Rodamco-Westfield SE, Kimco Realty Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Firm Capital Property Trust stock attractive at the current price?
The data as of Sep 13, 2026: price $4.98, calculated fair value $6.36 (+28%), Quality Score 59/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FRMUF calculated?
We run Firm Capital Property Trust through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $6.36, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.8 % above its aggregate fair value. Firm Capital Property Trust currently trades 28 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What should I pay attention to with Firm Capital Property Trust right now?
The model range is unusually wide ($2.41 to $14.43). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Firm Capital Property Trust (FRMUF) come from?
Earnings per share at Firm Capital Property Trust grew +9.3 % a year from 2012 to 2023. Broken into its drivers: revenue per share +6.7 %, EBIT margin +0.6 %, tax rate −3.5 %, residual (interest, one-offs) +5.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Firm Capital Property Trust
How large is the market capitalisation of Firm Capital Property Trust (FRMUF)?
The market capitalisation of Firm Capital Property Trust is $186M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Firm Capital Property Trust (FRMUF)?
The price-to-sales ratio of Firm Capital Property Trust is 4.23 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Firm Capital Property Trust (FRMUF)?
Earnings per share at Firm Capital Property Trust are $0.4900 (price ÷ EPS = P/E 10.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Firm Capital Property Trust (FRMUF)?
The dividend yield of Firm Capital Property Trust is 10.4% (payout 106%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Firm Capital Property Trust (FRMUF)?
The net margin of Firm Capital Property Trust is 41.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Firm Capital Property Trust (FRMUF)?
The return on equity (ROE) of Firm Capital Property Trust is 8.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Firm Capital Property Trust (FRMUF)?
On an EBIT basis the return on assets of Firm Capital Property Trust is 4.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Firm Capital Property Trust (FRMUF)?
The operating margin of Firm Capital Property Trust is 53.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Firm Capital Property Trust (FRMUF)?
Revenue at Firm Capital Property Trust is growing +1.8% versus a year earlier (3y avg +4.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Firm Capital Property Trust (FRMUF)?
Earnings per share at Firm Capital Property Trust are growing −5.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Firm Capital Property Trust (FRMUF) carry?
The net debt of Firm Capital Property Trust is $313M (fiscal year 2025, ≈ 11.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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