Four Corners Property Trust

FCPT · NYSE · Real Estate · Financials, fiscal 2016 to 2025

FCPT · Last close · November 6, 2026

$23.41

Value Four Corners Property Trust yourself

Four Corners Property Trust's revenue rose 9.7% to $294 million in fiscal 2025. Its net margin was 38.2%, up from 37.5% a year earlier. It paid out $144 million in dividends and buybacks. The diluted share count rose 9.4%.

Four Corners Property Trust, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 12, 2026 · 0001193125-26-048898 Updated November 5, 2026

Revenue

$294M

9.7%

Net margin

38.2%

0.7 pts

Net income

$112M

11.8%

Free cash flow

—

Return on capital

6.1%

0.0 pts

Market cap

$2.6B

Nov 6 close

P/E

21.5x

On $1.09 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Four Corners Property Trust does

Four Corners Property Trust is a real estate investment trust, or REIT, that owns, buys and leases properties used by restaurants and other retailers. Most of its revenue comes from leasing properties to tenants under net leases, in which the tenant pays most of the costs of running the property, such as utilities, property taxes, insurance and repairs. It also runs seven LongHorn Steakhouse restaurants near San Antonio, Texas, under franchise agreements with Darden.

The company began as a subsidiary of Darden Restaurants and became independent in November 2015. At December 31, 2025, it leased 1,303 properties in 48 states, with 99.6% occupancy. In 2025 it bought 105 properties and ground leaseholds across 35 brands, including Chuy's, Crash Champions, Hawaiian Bros, Little Caesar's, Mission Pet Health and United Rentals.

Four Corners says it plans to keep buying restaurant and retail properties to diversify, which it expects will reduce its reliance on Darden over time.

Its biggest risks, as it describes them

Tenants failing to pay rent because their finances worsen.
Reliance on Darden, which also affects its ability to do business with other restaurant operators.
Some geographic concentration that leaves it open to local events.
New property purchases that do not work out as expected.
Uninsured or underinsured losses at its properties.

From Four Corners Property Trust's annual report on Form 10-K, filed February 12, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share fell 9.3% a year and net income 3.6% a year, as new shares raised the share count by 73% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	6	26	16	4	12
Debt incl. finance leases	—	—	1,113	1,138	1,204
Net debt (negative means net cash)	—	—	1,096	1,134	1,192
Net debt to EBITDA	—	—	5.8x	5.5x	5.3x
Debt to equity	—	—	0.9x	0.8x	0.7x
Interest coverage	3.6x	3.7x	3.1x	3.0x	3.2x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Four Corners Property Trust's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Four Corners Property Trust's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 1 insider bought $875,631 of Four Corners Property Trust shares on the open market, and 2 insiders sold $82,988.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 2, 2026	William H LenehanPresident and CEO, Director	Bought	10,000	$22.61	$226,072	Form 4
May 5, 2026	William H LenehanPresident and CEO, Director	Bought	3,961	$25.23	$99,936	Form 4
Mar 13, 2026	Niccole StewartChief Accounting Officer	Sold	2,427	$25.97	$63,029	Form 4
Mar 11, 2026	William H LenehanPresident and CEO, Director	Bought	3,924	$25.45	$99,866	Form 4
Mar 6, 2026	William H LenehanPresident and CEO, Director	Bought	7,865	$25.49	$200,479	Form 4
Feb 18, 2026	William H LenehanPresident and CEO, Director	Bought	10,080	$24.73	$249,278	Form 4
Feb 17, 2026	Toni S SteeleDirector	Sold	815	$24.49	$19,959	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	—	—	—
Altman Z''	—	—	—
Accruals ratio	−3.0%	−1.7%	−2.9%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	Pass	Pass
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Four Corners Property Trust side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Four Corners Property Trust	FY25	9.7%	—	—	6.1%	5.3x	—
Safehold	FY25	5.4%	26.2%	—	1.4%	41.7x	—	Compare
EPR Properties	FY25	2.9%	57.7%	37.5%	8.0%	4.9x	—	Compare
Gaming and Leisure Properties	FY25	4.1%	75.3%	51.7%	10.2%	4.7x	—	Compare
Outfront Media	FY25	0.0%	16.0%	11.9%	9.2%	5.5x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	124	133	144	160	171	199	223	251	268	294
Revenue growth	270.7%	7.4%	7.8%	11.6%	6.7%	16.6%	11.9%	12.3%	7.0%	9.7%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	157	71	82	73	77	86	98	95	100	112
Diluted EPS (US$)	2.63	1.18	1.28	1.06	1.08	1.11	1.20	1.07	1.07	1.09
Diluted shares (millions)	60	61	64	69	72	77	82	89	94	103
Cash flow
Cash from operations	71	79	81	105	92	122	142	165	144	192
Capital expenditure	83	95	268	205	230	268	296	—	—	—
Free cash flow	−12	−16	−187	−100	−139	−146	−154	—	—	—
Dividends paid	122	59	70	78	86	97	108	120	128	144
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	2	3	4	4	3	4	5	6	7	9
Balance sheet at fiscal year end
Cash and short-term investments	27	64	92	5	11	6	26	16	4	12
Debt incl. finance leases	—	—	—	—	—	—	—	1,113	1,138	1,204
Total assets	937	1,069	1,343	1,446	1,668	1,903	2,199	2,452	2,653	2,921
Total liabilities	467	546	644	719	824	939	1,060	1,192	1,202	1,291
Shareholders' equity	470	522	699	727	844	964	1,138	1,260	1,451	1,630
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	126.4%	53.6%	57.4%	45.3%	45.2%	42.9%	43.8%	38.0%	37.5%	38.2%
Free cash flow margin	−9.9%	−12.1%	−130.5%	−62.7%	−81.4%	−73.2%	−69.1%	—	—	—
Rule of 40 (growth + FCF margin)	260.8%	−4.7%	−122.6%	−51.1%	−74.7%	−56.6%	−57.2%	—	—	—
Return on capital	—	—	—	—	—	—	—	—	6.0%	6.1%
Return on equity	34.4%	14.4%	13.5%	10.2%	9.8%	9.5%	9.3%	8.0%	7.4%	7.3%
Return on assets	16.8%	7.1%	6.8%	5.2%	5.0%	4.8%	4.8%	4.1%	3.9%	4.0%
Net debt to EBITDA	—	—	—	—	—	—	—	5.8x	5.5x	5.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Four Corners Property Trust's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Four Corners Property Trust.